UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-21977
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Brian Hartigan, President
3500 Lacey Road
Downers Grove, IL 60515
Registrant's telephone number, including area code:
(800) 983-0903
Date of fiscal year end:
August 31
Date of reporting period:
August 31, 2024
Item 1. Reports to Stockholders
(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
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Invesco California AMT-Free Municipal Bond ETF
PWZ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco California AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco California AMT-Free Municipal Bond ETF $29 0.28%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade California municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in California municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA California Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.14%, differed from the return of the Index, 6.81%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  California bonds.
Positions | California (State of), Series 2023, 5.00% coupon, due 9/1/2043, followed by California (State of) Health Facilities Financing Authority, 4.00% coupon, due 3/1/2043.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | Regents of the University of California Medical Center, 3.50% coupon, due 5/15/2054, followed by Irvine Facilities Financing Authority, 4.00% coupon, due 9/1/2058.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco California AMT-Free Municipal Bond ETF — NAV Return 6.14% 0.49% 2.56%
Invesco California AMT-Free Municipal Bond ETF — Market Price Return 5.79% 0.49% 2.49%
ICE BofA California Long-Term Core Plus Municipal Securities Index 6.81% 0.91% 2.81%
Bloomberg Municipal Bond Index 6.09% 1.02% 2.43%
Bloomberg Municipal Bond 20 Year Index 7.22% 1.12% 3.01%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $641,297,367
Total number of portfolio holdings 559
Total advisory fees paid $2,250,916
Portfolio turnover rate 4%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 5.00%, 11/01/2047 1.14%
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 4.00%, 11/01/2044 1.07%
Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 0.88%
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB, 5.00%, 05/01/2049 0.83%
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB, 5.00%, 10/01/2047 0.80%
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 4.00%, 07/01/2044 0.79%
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds, 4.00%, 07/01/2049 0.71%
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 0.68%
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB, 5.00%, 08/15/2050 0.67%
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds, 3.00%, 08/01/2043 0.67%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco CEF Income Composite ETF
PCEF | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco CEF Income Composite ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco CEF Income Composite ETF $55 0.50%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market and high yield corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads, while equity the options market benefited from strong economic activity. The Fund benefited from this market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index. The Fund is a “fund of funds,” meaning that it invests its assets in the common shares of funds included in the Index rather than in individual securities (each, an “Underlying Fund” and collectively, the “Underlying Funds”).
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.43%, differed from the return of the Index, 18.73%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Asset Class Allocations |  Taxable options, followed by taxable investment grade fixed-income securities and taxable high yield fixed-income securities, respectively.
Positions | Eaton Vance Tax-Managed Global Diversified Equity Income Fund, followed by the BlackRock ESG Capital Allocation Term Trust and Eaton Vance Tax-Managed Diversified Equity Income Fund, respectively.
What detracted from performance?
Asset Class Allocations |  No asset classes detracted from the Fund's performance during the period.
Positions | Highland Opportunities and Income Fund, followed by the Nuveen Preferred & Income Opportunities Fund and the Flaherty & Crumrine Preferred & Income Securities Fund, Inc., respectively
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco CEF Income Composite ETF — NAV Return 18.43% 5.65% 5.58%
Invesco CEF Income Composite ETF — Market Price Return 18.17% 5.63% 5.56%
S-Network Composite Closed-End Fund Index℠ 18.73% 5.78% 5.88%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $798,621,140
Total number of portfolio holdings 115
Total advisory fees paid $3,589,413
Portfolio turnover rate 24%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Eaton Vance Tax-Managed Global Diversified Equity Income Fund 4.28%
Nuveen Preferred & Income Opportunities Fund 3.94%
BlackRock Innovation and Growth Term Trust 3.18%
BlackRock Health Sciences Term Trust 3.14%
BlackRock Science & Technology Term Trust 2.71%
BlackRock Enhanced Equity Dividend Trust 2.63%
BlackRock Capital Allocation Trust 2.62%
BlackRock ESG Capital Allocation Term Trust 2.60%
Eaton Vance Tax-Managed Diversified Equity Income Fund 2.57%
Nuveen S&P 500 Buy-Write Income Fund 2.31%
* Excluding money market fund holdings, if any.
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Dorsey Wright SmallCap Momentum ETF
DWAS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Dorsey Wright SmallCap Momentum ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Dorsey Wright SmallCap Momentum ETF $65 0.60%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.55%, differed from the return of the Index, 17.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Industrials sector, followed by the financials and consumer discretionary sectors, respectively.
Positions | Modine Manufacturing Co., a consumer discretionary company and ADMA Biologics, Inc., a healthcare company.
What detracted from performance?
Sector Allocations |  Information technology sector, followed by the energy sector.
Positions | Immunome, Inc., a healthcare company (no longer held at fiscal year-end) and Hallador Energy Co., an energy company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Dorsey Wright SmallCap Momentum ETF — NAV Return 16.55% 12.28% 9.61%
Invesco Dorsey Wright SmallCap Momentum ETF — Market Price Return 16.49% 12.26% 9.61%
Dorsey Wright® SmallCap Technical Leaders Index 17.16% 12.82% 10.19%
Russell 3000® Index 26.14% 15.19% 12.36%
Russell 2000® Index 18.47% 9.68% 8.03%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Dorsey Wright® SmallCap Technical Leaders Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $965,398,683
Total number of portfolio holdings 202
Total advisory fees paid $4,918,308
Portfolio turnover rate 178%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
ADMA Biologics, Inc. 2.19%
Modine Manufacturing Co. 1.93%
AST SpaceMobile, Inc. 1.71%
Leonardo DRS, Inc. 1.64%
Limbach Holdings, Inc. 1.40%
UFP Technologies, Inc. 1.35%
SPX Technologies, Inc. 1.30%
Sterling Infrastructure, Inc. 1.27%
Mr. Cooper Group, Inc. 1.16%
Transcat, Inc. 1.15%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Equal Weight 0-30 Year Treasury ETF
GOVI | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Equal Weight 0-30 Year Treasury ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Equal Weight 0-30 Year Treasury ETF $15 0.15%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the U.S. Treasury bond market benefited from relatively lower longer-term interest rates. As a Fund tracking U.S. Treasury bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE 1-30 Year Laddered Maturity US Treasury Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.46%, differed from the return of the Index, 5.58%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Duration Allocations |  Bonds with maturities of 12 years, followed by bonds with maturities of 10 years.
Positions | U.S. Treasury Bond, 4.50% coupon, due 2/15/2036, followed by U.S. Treasury Note, 4.00% coupon, due 2/15/2034.
What detracted from performance?
Duration Allocations |  No duration of maturities detracted from the Fund's performance during the period.
Positions | U.S. Treasury Note, 3.88% coupon, due 8/15/2033 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Equal Weight 0-30 Year Treasury ETF — NAV Return 5.46% (2.64)% 0.97%
Invesco Equal Weight 0-30 Year Treasury ETF — Market Price Return 5.38% (2.66)% 0.96%
Blended - Invesco Equal Weight 0-30 Year Treasury Benchmark 5.58% (2.43)% 1.20%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
Bloomberg U.S. Treasury Index 6.02% (0.61)% 1.17%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended-Invesco Equal Weight 0-30 Year Treasury Benchmark performance is comprised of the performance of the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index, the former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $830,388,874
Total number of portfolio holdings 33
Total advisory fees paid $1,065,684
Portfolio turnover rate 19%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
U.S. Treasury Notes, 1.88%, 02/15/2032 3.39%
U.S. Treasury Notes, 1.50%, 02/15/2030 3.39%
U.S. Treasury Bonds, 3.13%, 02/15/2042 3.39%
U.S. Treasury Bonds, 2.50%, 02/15/2045 3.38%
U.S. Treasury Bonds, 4.75%, 02/15/2041 3.38%
U.S. Treasury Bonds, 3.50%, 02/15/2039 3.37%
U.S. Treasury Bonds, 2.50%, 02/15/2046 3.37%
U.S. Treasury Bonds, 3.13%, 02/15/2043 3.37%
U.S. Treasury Bonds, 4.63%, 02/15/2040 3.36%
U.S. Treasury Bonds, 3.63%, 02/15/2044 3.36%
* Excluding money market fund holdings, if any.
Duration allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on June 26, 2023.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco ESG NASDAQ 100 ETF
QQMG | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG NASDAQ 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco ESG NASDAQ 100 ETF $23 0.20%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund slightly outperformed the broader markets due to its focus on information technology securities, which were some of the best performers in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq-100® ESG Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.00%, differed from the return of the Index, 28.27%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the communication services and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations |  Real estate sector, followed by the utilities sector.
Positions | Tesla, Inc., a consumer discretionary company, and Cisco Systems, Inc., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(10/27/21)
Invesco ESG NASDAQ 100 ETF — NAV Return 28.00% 10.53%
Invesco ESG NASDAQ 100 ETF — Market Price Return 27.82% 10.42%
Nasdaq-100® ESG Index 28.27% 10.74%
NASDAQ® Composite Index 27.15% 6.30%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $51,002,137
Total number of portfolio holdings 95
Total advisory fees paid $67,888
Portfolio turnover rate 17%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Apple, Inc. 10.89%
NVIDIA Corp. 10.39%
Microsoft Corp. 10.17%
Broadcom, Inc. 5.41%
Netflix, Inc. 2.49%
Amazon.com, Inc. 2.45%
Linde PLC 2.27%
Adobe, Inc. 2.22%
Tesla, Inc. 2.07%
Advanced Micro Devices, Inc. 2.07%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco ESG NASDAQ Next Gen 100 ETF
QQJG | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG NASDAQ Next Gen 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco ESG NASDAQ Next Gen 100 ETF $21 0.20%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite focusing on information technology securities, the Fund underperformed due to its lack of exposure to some large-cap information technology and communication services securities that drove a large portion of market returns in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Next Generation 100 ESG Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.67%, differed from the return of the Index, 14.85%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the health care and industrials sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations |  Consumer discretionary sector.
Positions | Hasbro, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Rivian Automotive, Inc., Class A, a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(10/27/21)
Invesco ESG NASDAQ Next Gen 100 ETF — NAV Return 14.67% (1.97)%
Invesco ESG NASDAQ Next Gen 100 ETF — Market Price Return 14.56% (2.01)%
Nasdaq Next Generation 100 ESG Index® 14.85% (1.79)%
NASDAQ® Composite Index 27.15% 6.30%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $5,691,617
Total number of portfolio holdings 92
Total advisory fees paid $9,249
Portfolio turnover rate 30%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Monolithic Power Systems, Inc. 3.51%
Tractor Supply Co. 2.70%
eBay, Inc. 2.46%
Western Digital Corp. 2.27%
NetApp, Inc. 2.25%
ICON PLC 2.23%
Seagate Technology Holdings PLC 2.11%
First Solar, Inc. 2.01%
AppLovin Corp., Class A 1.97%
Zebra Technologies Corp., Class A 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco ESG S&P 500 Equal Weight ETF
RSPE | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG S&P 500 Equal Weight ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco ESG S&P 500 Equal Weight ETF $22 0.20%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Mega caps outperformed smaller stocks and growth outpaced value. The Fund's equal weighting methodology leads to lower exposure to mega cap stocks within the S&P 500 which created a performance headwind compared to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500 Equal Weight ESG Leaders Select Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.43%, differed from the return of the Index, 19.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the information technology and industrials sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Allstate Corp. (The), a financials company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Albermarle Corp., a materials company (no longer held at fiscal year-end), and Walgreens Boots Alliance, Inc., a consumer staples company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(11/17/21)
Invesco ESG S&P 500 Equal Weight ETF — NAV Return 19.43% 4.72%
Invesco ESG S&P 500 Equal Weight ETF — Market Price Return 19.38% 4.70%
S&P 500 Equal Weight ESG Leaders Select Index 19.68% 4.93%
S&P 500® Index 27.14% 8.60%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $12,128,329
Total number of portfolio holdings 186
Total advisory fees paid $18,824
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Kellanova 0.71%
D.R. Horton, Inc. 0.68%
Newmont Corp. 0.67%
Globe Life, Inc. 0.67%
CBRE Group, Inc., Class A 0.67%
BXP, Inc. 0.65%
Kimco Realty Corp. 0.65%
Ventas, Inc. 0.64%
Aflac, Inc. 0.64%
Adobe, Inc. 0.64%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Floating Rate Municipal Income ETF
PVI | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Floating Rate Municipal Income ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Floating Rate Municipal Income ETF $25 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the non-taxable variable rate demand obligation market benefited from relatively elevated short-term interest rates in recent history. Because the Fund holds the vast majority of its portfolio in non-taxable variable rate demand obligations, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE US Municipal AMT-Free VRDO Constrained Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 2.94%, differed from the return of the Index, 3.38%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
State Allocations |  Minnesota bonds, followed by New York bonds.
Positions | Hennepin (County of), MN, 2.85% coupon, due 12/1/2038, followed by Chelan County Public Utility District No. 1, 2.80% coupon, due 7/1/2032.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Floating Rate Municipal Income ETF — NAV Return 2.94% 1.21% 0.85%
Invesco Floating Rate Municipal Income ETF — Market Price Return 2.82% 1.18% 0.85%
Blended - ICE US Municipal AMT-Free VRDO Constrained Index 3.38% 1.48% 1.09%
Bloomberg Municipal Bond Index 6.09% 1.02% 2.43%
Bloomberg Municipal 1-Year Bond Index 4.21% 1.39% 1.26%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal 1-Year Bond Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE US Municipal AMT-Free VRDO Constrained Index performance is comprised of the performance of the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index, the former underlying index, through March 24, 2021, followed by the performance of the Index thereafter.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $37,241,813
Total number of portfolio holdings 30
Total advisory fees paid $96,805
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB, 2.80%, 07/01/2032 5.37%
Raleigh & Durham (Cities of), NC Airport Authority, Series 2008 C, Ref. VRD RB, 2.80%, 05/01/2036 5.10%
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, 2.15%, 04/01/2039 4.83%
West Palm Beach (City of), FL, Series 2008 C, VRD RB, 2.50%, 10/01/2038 4.03%
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB, 2.00%, 07/01/2034 4.03%
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, 3.10%, 12/01/2028 3.76%
New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB, 2.80%, 06/15/2046 3.69%
Texas (State of), Series 2015 B, VRD GO Bonds, 2.45%, 06/01/2046 3.25%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, 2.85%, 09/01/2035 3.22%
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB, 2.70%, 07/01/2039 3.22%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Fundamental High Yield® Corporate Bond ETF
PHB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Fundamental High Yield® Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Fundamental High Yield® Corporate Bond ETF $53 0.50%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. High Yield 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.63%, differed from the return of the Index, 12.08%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Consumer finance industry, followed by the broadline retail industry.
Positions | QVC, Inc., 4.38% coupon, due 9/1/2028, a broadline retail company (no longer held at fiscal year-end), followed by Synchrony Financial, 7.25% coupon, due 2/2/2033, a consumer finance company.
What detracted from performance?
Industry Allocations |  Diversified telecommunication industry, followed by the media industry.
Positions | Hughes Satellite Systems Corp., 6.63% coupon, due 8/1/2026, a communications equipment company (no longer held at fiscal year-end), followed by Walgreens Boots Alliance, Inc., 3.20% coupon, due 4/15/2030, a consumer staples distribution & retail company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Fundamental High Yield® Corporate Bond ETF — NAV Return 11.63% 3.53% 3.75%
Invesco Fundamental High Yield® Corporate Bond ETF — Market Price Return 11.61% 3.55% 3.78%
RAFI® Bonds U.S. High Yield 1-10 Index 12.08% 4.20% 4.54%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
Bloomberg U.S. Corporate High Yield Index 12.55% 4.46% 4.65%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $566,956,667
Total number of portfolio holdings 244
Total advisory fees paid $3,042,064
Portfolio turnover rate 75%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Synchrony Financial, 7.25%, 02/02/2033 1.22%
United AirLines, Inc., 4.63%, 04/15/2029 1.13%
Windsor Holdings III LLC, 8.50%, 06/15/2030 1.05%
Ford Motor Co., 3.25%, 02/12/2032 1.04%
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 1.01%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030 0.97%
PG&E Corp., 5.25%, 07/01/2030 0.93%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 0.86%
Tenet Healthcare Corp., 6.13%, 06/15/2030 0.86%
DPL, Inc., 4.13%, 07/01/2025 0.82%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Fundamental Investment Grade Corporate Bond ETF
PFIG | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Fundamental Investment Grade Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Fundamental Investment Grade Corporate Bond ETF $23 0.22%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. Investment Grade 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.20%, differed from the return of the Index, 8.42%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Specialty retail industry, followed by the consumer staples distribution & retail industry.
Positions | JPMorgan Chase & Co., 2.95% coupon, due 10/1/2026, a banks company, followed by Bank of America Corp. 3.25% coupon, due 10/21/27, a banks company.
What detracted from performance?
Industry Allocations |  Banks industry, followed by the electric utilities industry.
Positions | Verizon Communication, Inc., 4.13% coupon, due 3/16/2027, a diversified telecommunication services company (no longer held at fiscal year-end), followed by Intuit, Inc., 1.65% coupon, due 7/15/2030, a software company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Fundamental Investment Grade Corporate Bond ETF — NAV Return 8.20% 1.27% 2.27%
Invesco Fundamental Investment Grade Corporate Bond ETF — Market Price Return 8.52% 1.34% 2.29%
RAFI® Bonds U.S. Investment Grade 1-10 Index 8.42% 1.50% 2.52%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
Bloomberg U.S. Corporate Index 9.29% 0.67% 2.60%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $66,991,292
Total number of portfolio holdings 772
Total advisory fees paid $105,911
Portfolio turnover rate 23%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
JPMorgan Chase & Co., 2.95%, 10/01/2026 1.00%
Bank of America Corp., 3.25%, 10/21/2027 0.80%
Wells Fargo & Co., 4.15%, 01/24/2029 0.72%
Apple, Inc., 3.25%, 02/23/2026 0.46%
Apple, Inc., 1.65%, 02/08/2031 0.46%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 0.45%
Microsoft Corp., 3.50%, 02/12/2035 0.42%
Exxon Mobil Corp., 3.04%, 03/01/2026 0.41%
Capital One Financial Corp., 3.80%, 01/31/2028 0.41%
Microsoft Corp., 3.30%, 02/06/2027 0.40%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco KBW Bank ETF
KBWB | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Bank ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco KBW Bank ETF $43 0.35%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, bank industry securities benefited from normalizing net-interest income, a steeper treasury curve, and strong economic activity. Because the Fund holds a large proportion of bank securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq BankTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 46.89%, differed from the return of the Index, 47.46%, primarily due to the daily compounding of fees and the drag of cash positions during a period of high returns.
What contributed to performance?
Sub-Industry Allocations |  Diversified banks sub-industry, followed by the regional banks sub-industry.
Positions | Goldman Sachs Group, Inc. (The), an investment banking & brokerage company and JPMorgan Chase & Co., a diversified banks company.
What detracted from performance?
Sub-Industry Allocations |  No sub-industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco KBW Bank ETF — NAV Return 46.89% 7.63% 7.54%
Invesco KBW Bank ETF — Market Price Return 46.83% 7.60% 7.54%
KBW Nasdaq BankTM Index 47.46% 7.98% 7.91%
S&P 500® Index 27.14% 15.92% 12.98%
S&P 500® Financials Index 35.39% 13.55% 11.47%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Financials Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,745,891,975
Total number of portfolio holdings 26
Total advisory fees paid $5,288,057
Portfolio turnover rate 11%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Goldman Sachs Group, Inc. (The) 8.09%
JPMorgan Chase & Co. 8.03%
Morgan Stanley 7.66%
Bank of America Corp. 7.37%
Wells Fargo & Co. 7.06%
Truist Financial Corp. 4.26%
PNC Financial Services Group, Inc. (The) 4.25%
U.S. Bancorp 4.21%
State Street Corp. 4.16%
Bank of New York Mellon Corp. (The) 4.14%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco KBW High Dividend Yield Financial ETF
KBWD | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW High Dividend Yield Financial ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco KBW High Dividend Yield Financial ETF $37 0.35%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. While the Fund invests in financial sector securities, because it is a high dividend yield strategy, its more value-oriented investments did not keep up with the broader financial sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Financial Sector Dividend YieldTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.68%, differed from the return of the Index, 7.37%, primarily due to income earned from the securities lending program in which the Fund participates partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sub-Industry Allocations |  Asset management & custody banks sub-industry, followed by the mortgage REITs sub-industry.
Positions | Jackson Financial, Inc., Class A, a diversified financial services company and TPG RE Finance Trust, Inc., a mortgage REITs company.
What detracted from performance?
Sub-Industry Allocations |  Investment banking & brokerage sub-industry, followed by the regional banks sub-industry.
Positions | B. Riley Financial, Inc., an investment banking & brokerage company and New York Community Bancorp, Inc., a regional banks company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURN
1 Year
5 Years
10 Years
Invesco KBW High Dividend Yield Financial ETF — NAV Return 8.68% 5.47% 4.28%
Invesco KBW High Dividend Yield Financial ETF — Market Price Return 8.75% 5.49% 4.28%
KBW Nasdaq Financial Sector Dividend YieldTM Index 7.37% 5.33% 4.26%
S&P 500® Index 27.14% 15.92% 12.98%
S&P 500® Financials Index 35.39% 13.55% 11.47%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Financials Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $395,405,547
Total number of portfolio holdings 43
Total advisory fees paid $1,292,284
Portfolio turnover rate 71%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
AGNC Investment Corp. 3.85%
ARMOUR Residential REIT, Inc. 3.79%
Two Harbors Investment Corp. 3.71%
MFA Financial, Inc. 3.68%
New York Mortgage Trust, Inc. 3.63%
Ares Commercial Real Estate Corp. 3.51%
Apollo Commercial Real Estate Finance, Inc. 3.50%
Ready Capital Corp. 3.47%
Ellington Financial, Inc. 3.36%
Annaly Capital Management, Inc. 3.25%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco KBW Premium Yield Equity REIT ETF
KBWY | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Premium Yield Equity REIT ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco KBW Premium Yield Equity REIT ETF $38 0.35%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. While the Fund invests in financial sector securities, because it is a high yield real estate strategy, its more value-oriented investments did not keep up with the broader financial sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Premium Yield Equity REITTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.18%, differed from the return of the Index, 16.67%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sub-Industry Allocations |  Other specialized REITs sub-industry, followed by the health care REITs sub-industry.
Positions | Outfront Media, Inc., an other specialized REITs company, and SL Green Realty Corp., an office REITs company.
What detracted from performance?
Sub-Industry Allocations |  Hotel & resort REITs sub-industry, followed by the office REITs sub-industry.
Positions | Office Properties Income Trust, an office REITs company, and Service Properties Trust, a hotel & resort REITs company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco KBW Premium Yield Equity REIT ETF — NAV Return 16.18% 0.81% 2.39%
Invesco KBW Premium Yield Equity REIT ETF — Market Price Return 16.24% 0.80% 2.37%
KBW Nasdaq Premium Yield Equity REITTM Index 16.67% 0.85% 2.57%
S&P 500® Index 27.14% 15.92% 12.98%
Dow Jones U.S. Real Estate Index 20.50% 4.57% 6.76%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Dow Jones U.S. Real Estate Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $234,520,991
Total number of portfolio holdings 32
Total advisory fees paid $723,137
Portfolio turnover rate 86%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Uniti Group, Inc. 9.54%
Global Net Lease, Inc. 6.51%
Service Properties Trust 4.98%
Omega Healthcare Investors, Inc. 3.90%
Easterly Government Properties, Inc. 3.82%
Outfront Media, Inc. 3.77%
EPR Properties 3.70%
Sabra Health Care REIT, Inc. 3.70%
Highwoods Properties, Inc. 3.67%
Piedmont Office Realty Trust, Inc., Class A 3.53%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco KBW Property & Casualty Insurance ETF
KBWP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Property & Casualty Insurance ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco KBW Property & Casualty Insurance ETF $42 0.35%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. Because the Fund holds a large proportion of property & casualty insurance companies within the financial sector, it benefited from this broad market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Property & CasualtyTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 41.85%, differed from the return of the Index, 42.40%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sub-Industry Allocations |  Property & casualty insurance sub-industry, followed by the multi-line insurance sub-industry.
Positions | Progressive Corp. (The), a property & casualty insurance company, and Allstate Corp. (The), a property & casualty insurance company.
What detracted from performance?
Sub-Industry Allocations |  No sub-industries detracted from the Fund's performance during the period.
Positions | ProAssurance Corp., a property & casualty insurance company, and James River Group Holdings Ltd., a property & casualty insurance company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco KBW Property & Casualty Insurance ETF — NAV Return 41.85% 12.78% 13.70%
Invesco KBW Property & Casualty Insurance ETF — Market Price Return 41.76% 12.75% 13.70%
KBW Nasdaq Property & CasualtyTM Index 42.40% 13.13% 14.08%
S&P 500® Index 27.14% 15.92% 12.98%
S&P 500® Property & Casualty Index 60.39% 18.45% 17.05%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Property & Casualty Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $336,146,067
Total number of portfolio holdings 27
Total advisory fees paid $849,605
Portfolio turnover rate 14%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Progressive Corp. (The) 8.82%
Allstate Corp. (The) 8.33%
Travelers Cos., Inc. (The) 7.81%
Chubb Ltd. 7.75%
American International Group, Inc. 7.22%
Cincinnati Financial Corp. 4.31%
Assurant, Inc. 4.18%
Hartford Financial Services Group, Inc. (The) 4.15%
RenaissanceRe Holdings Ltd. 4.13%
Hanover Insurance Group, Inc. (The) 4.12%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco KBW Regional Banking ETF
KBWR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Regional Banking ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco KBW Regional Banking ETF $40 0.35%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, bank industry securities benefited from normalizing net-interest income, a steeper treasury curve, and strong economic activity. Because the Fund holds a large proportion of bank securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Regional BankingTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.18%, differed from the return of the Index, 28.63%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sub-Industry Allocations |  Regional banks sub-industry.
Positions | Commerce Bancshares, Inc., a regional banks company, and Popular, Inc., a regional banks company.
What detracted from performance?
Sub-Industry Allocations |  No sub-industries detracted from the Fund's performance during the period.
Positions | New York Community Bancorp, Inc., a regional banks company, and PacWest Bancorp, a regional banks company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco KBW Regional Banking ETF — NAV Return 28.18% 7.23% 7.06%
Invesco KBW Regional Banking ETF — Market Price Return 28.42% 7.26% 7.08%
KBW Nasdaq Regional BankingTM Index 28.63% 7.56% 7.42%
S&P 500® Index 27.14% 15.92% 12.98%
S&P Composite 1500® Commercial Banks Index 48.56% 10.14% 9.54%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Commercial Banks Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $54,582,002
Total number of portfolio holdings 53
Total advisory fees paid $194,237
Portfolio turnover rate 17%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Commerce Bancshares, Inc. 3.78%
Webster Financial Corp. 3.59%
Pinnacle Financial Partners, Inc. 3.51%
Popular, Inc. 3.38%
Cullen/Frost Bankers, Inc. 3.29%
New York Community Bancorp, Inc. 2.36%
Eastern Bankshares, Inc. 2.30%
Columbia Banking System, Inc. 2.19%
Glacier Bancorp, Inc. 2.12%
UMB Financial Corp. 2.11%
* Excluding money market fund holdings, if any.
Sub-industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco MSCI USA ETF
PBUS | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco MSCI USA ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco MSCI USA ETF $5 0.04%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's market-like exposure allowed the fund to capture the broader secular trends driving market performance and benefit from the mega cap leadership.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 27.06%, differed from the return of the Index, 27.10%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the financials and communication services sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Tesla, Inc., a consumer discretionary company, and Pfizer, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(09/22/17)
Invesco MSCI USA ETF — NAV Return 27.06% 15.81% 14.25%
Invesco MSCI USA ETF — Market Price Return 27.02% 15.80% 14.26%
MSCI USA Index 27.10% 15.85% 14.34%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $5,192,859,372
Total number of portfolio holdings 595
Total advisory fees paid $1,660,014
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Apple, Inc. 6.77%
Microsoft Corp. 5.97%
NVIDIA Corp. 5.96%
Amazon.com, Inc. 3.39%
Meta Platforms, Inc., Class A 2.32%
Alphabet, Inc., Class A 1.95%
Alphabet, Inc., Class C 1.69%
Eli Lilly and Co. 1.57%
Broadcom, Inc. 1.46%
JPMorgan Chase & Co. 1.31%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco NASDAQ 100 ETF
QQQM | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco NASDAQ 100 ETF $17 0.15%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund slightly outperformed the broader markets due to its focus on information technology securities, which were some of the best performers in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ-100 Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 27.14%, differed from the return of the Index, 27.30%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the communication services and consumer discretionary sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations |  Real estate sector.
Positions | Tesla, Inc., a consumer discretionary company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(10/13/20)
Invesco NASDAQ 100 ETF — NAV Return 27.14% 13.99%
Invesco NASDAQ 100 ETF — Market Price Return 27.07% 13.95%
Nasdaq-100® Index 27.30% 14.15%
NASDAQ® Composite Index 27.15% 11.73%
Russell 3000® Index 26.14% 13.77%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $31,895,391,676
Total number of portfolio holdings 104
Total advisory fees paid $32,824,515
Portfolio turnover rate 8%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Apple, Inc. 9.16%
Microsoft Corp. 8.08%
NVIDIA Corp. 7.66%
Broadcom, Inc. 5.08%
Amazon.com, Inc. 4.84%
Meta Platforms, Inc., Class A 4.74%
Tesla, Inc. 2.70%
Costco Wholesale Corp. 2.67%
Alphabet, Inc., Class A 2.50%
Alphabet, Inc., Class C 2.42%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund modified its principal investment strategies to reflect changes made to the Index methodology.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Nasdaq Biotechnology ETF
IBBQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Nasdaq Biotechnology ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Nasdaq Biotechnology ETF $21 0.19%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, biotechnology securities benefited from an environment of falling interest rates and stabilizing economic growth. The biotechnology industry outperformed the healthcare sector, but underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Biotechnology Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.56%, differed from the return of the Index, 19.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Biotechnology industry, followed by the pharmaceuticals industry.
Positions | Vertex Pharmaceuticals, Inc., a biotechnology company and Regeneron Pharmaceuticals, Inc., a biotechnology company.
What detracted from performance?
Industry Allocations |  Life sciences tools & services industry, followed by the health care providers & services and health care equipment & supplies industries, respectively.
Positions | Moderna, Inc., a biotechnology company and Biogen, Inc. a biotechnology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(06/11/21)
Invesco Nasdaq Biotechnology ETF — NAV Return 19.56% (0.58)%
Invesco Nasdaq Biotechnology ETF — Market Price Return 19.50% (0.58)%
Nasdaq Biotechnology Index® 19.62% (0.50)%
NASDAQ® Composite Index 27.15% 8.26%
S&P Composite 1500® Biotechnology Index 27.37% 10.82%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Biotechnology Index to the NASDAQ® Composite Index to reflect that the NASDAQ® Composite Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $38,386,208
Total number of portfolio holdings 219
Total advisory fees paid $49,152
Portfolio turnover rate 19%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Gilead Sciences, Inc. 8.88%
Regeneron Pharmaceuticals, Inc. 8.73%
Amgen, Inc. 7.89%
Vertex Pharmaceuticals, Inc. 7.87%
AstraZeneca PLC, ADR 4.06%
Alnylam Pharmaceuticals, Inc. 3.24%
Biogen, Inc. 2.91%
Moderna, Inc. 2.85%
Illumina, Inc. 2.04%
BioMarin Pharmaceutical, Inc. 1.69%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Nasdaq Free Cash Flow Achievers ETF
QOWZ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Nasdaq Free Cash Flow Achievers ETF (the “Fund”) for the period December 4, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco Nasdaq Free Cash Flow Achievers ETF $33 0.39%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund outperformed the broader market due to its overweight allocation to information technology holdings, as the information technology sector was the best-performing sector in the benchmark during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq US Free Cash Flow AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 33.20%, differed from the return of the Index, 33.44%, primarily due to fees and expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.
What contributed to performance?
Industry Allocations |  Semiconductors & semiconductor equipment industry, followed by the software and commercial services & supplies industries, respectively.
Positions | NVIDIA Corp., a semiconductors & semiconductor equipment company and Broadcom, Inc., a semiconductors & semiconductor equipment company.
What detracted from performance?
Industry Allocations |  Entertainment industry, followed by the IT services and specialty retail industries, respectively.
Positions | Warner Bros. Discovery, Inc., an entertainment company, and Ulta Beauty Inc., a specialty retail company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(12/06/23)
Invesco Nasdaq Free Cash Flow Achievers ETF — NAV Return 33.20%
Invesco Nasdaq Free Cash Flow Achievers ETF — Market Price Return 33.09%
Nasdaq US Free Cash Flow AchieversTM Index 33.44%
Russell 3000® Index 24.58%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $7,570,050
Total number of portfolio holdings 53
Total advisory fees paid $11,022
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
NVIDIA Corp. 9.91%
Meta Platforms, Inc., Class A 6.75%
Broadcom, Inc. 5.99%
UnitedHealth Group, Inc. 5.13%
Mastercard, Inc., Class A 4.46%
Adobe, Inc. 3.92%
Salesforce, Inc. 3.46%
Thermo Fisher Scientific, Inc. 3.40%
ServiceNow, Inc. 3.35%
Intuit, Inc. 3.02%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco NASDAQ Future Gen 200 ETF
QQQS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ Future Gen 200 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco NASDAQ Future Gen 200 ETF $20 0.20%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund underperformed the broader market due to its underweight exposure to information technology securities and large overweight allocation to health care securities in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Innovators Completion Cap IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.20%, differed from the return of the Index, 4.15%, primarily due to income from securities lending in which the Fund participates, partially offset by trading commissions and brokerage fees, as well as fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Health care sector, followed by the materials sector.
Positions | Altimmune, Inc., a health care company, and G1 Therapeutics, Inc., a health care company.
What detracted from performance?
Sector Allocations |  Consumer discretionary sector, followed by the information technology and energy sectors, respectively.
Positions | Aclaris Therapeutics, Inc., a health care company (no longer held at fiscal year-end), and bluebird bio, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since  
Inception  
(10/13/22)
Invesco NASDAQ Future Gen 200 ETF — NAV Return 4.20% 4.41%
Invesco NASDAQ Future Gen 200 ETF — Market Price Return 4.16% 4.35%
Nasdaq Innovators Completion Cap IndexTM 4.15% 4.39%
NASDAQ® Composite Index 27.15% 32.14%
Russell 2000® Index 18.47% 15.91%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $8,711,293
Total number of portfolio holdings 205
Total advisory fees paid $14,445
Portfolio turnover rate 72%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
CommScope Holding Co., Inc. 1.30%
ClearPoint Neuro, Inc. 1.16%
Revance Therapeutics, Inc. 1.12%
G1 Therapeutics, Inc. 1.04%
Axogen, Inc. 0.93%
iHeartMedia, Inc., Class A 0.82%
Pulse Biosciences, Inc. 0.78%
Aquestive Therapeutics, Inc. 0.76%
Delcath Systems, Inc. 0.75%
ICU Medical, Inc. 0.75%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco NASDAQ Next Gen 100 ETF
QQQJ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ Next Gen 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco NASDAQ Next Gen 100 ETF $16 0.15%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund underperformed the broader market due to its lack of exposure to large-cap information technology and communication services securities that drove a large portion of market returns in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Next Generation 100 Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 12.04%, differed from the return of the Index, 12.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the health care and industrials sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations |  Consumer discretionary sector, followed by the communication services and energy sectors, respectively.
Positions | Baidu, Inc., ADR, a communication services company, and Rivian Automotive, Inc., Class A, a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(10/13/20)
Invesco NASDAQ Next Gen 100 ETF — NAV Return 12.04% 2.99%
Invesco NASDAQ Next Gen 100 ETF — Market Price Return 12.04% 2.92%
Nasdaq Next Generation 100 Index® 12.14% 3.13%
NASDAQ Composite® Index 27.15% 11.73%
Russell 3000® Index 26.14% 13.77%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $657,622,706
Total number of portfolio holdings 105
Total advisory fees paid $999,110
Portfolio turnover rate 30%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Monolithic Power Systems, Inc. 3.09%
Alnylam Pharmaceuticals, Inc. 2.26%
eBay, Inc. 2.02%
Tractor Supply Co. 1.96%
Axon Enterprise, Inc. 1.87%
ICON PLC 1.81%
AppLovin Corp., Class A 1.73%
NetApp, Inc. 1.69%
First Solar, Inc. 1.65%
Check Point Software Technologies Ltd. 1.48%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco National AMT-Free Municipal Bond ETF
PZA | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco National AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco National AMT-Free Municipal Bond ETF $29 0.28%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade national municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.11%, differed from the return of the Index, 7.45%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds, followed by California bonds.
Positions | Pennsylvania (commonwealth of) Economic Development Financing Authority, 3.00% coupon, due 10/15/2046, followed by Colorado (State of) Health Facilities Authority (Advent Health Obligated Group), 4.00% coupon, due 11/15/2050.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | San Antonio (City of), TX, 5.00% coupon, due 2/1/2044, followed by Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), 4.00% coupon, due 2/1/2051.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco National AMT-Free Municipal Bond ETF — NAV Return 7.11% 0.48% 2.59%
Invesco National AMT-Free Municipal Bond ETF — Market Price Return 6.75% 0.37% 2.50%
ICE BofA National Long-Term Core Plus Municipal Securities Index 7.45% 0.95% 2.90%
Bloomberg Municipal Bond Index 6.09% 1.02% 2.43%
Bloomberg Municipal Bond 20 Year Index 7.22% 1.12% 3.01%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,906,784,790
Total number of portfolio holdings 2,283
Total advisory fees paid $7,405,940
Portfolio turnover rate 4%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds, 5.00%, 11/01/2048 0.65%
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 4.00%, 11/15/2050 0.50%
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds, 4.00%, 07/01/2050 0.49%
California (State of), Series 2023, Ref. GO Bonds, 5.00%, 09/01/2043 0.39%
Licking Heights Local School District, Series 2022, GO Bonds, 5.50%, 10/01/2059 0.37%
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB, 5.00%, 10/01/2043 0.36%
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB, 5.00%, 11/15/2042 0.35%
Jurupa Unified School District, Series 2017 B, GO Bonds, 4.00%, 08/01/2041 0.35%
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB, 5.00%, 06/15/2044 0.34%
Baltimore (City of), MD (Water), Series 2017 A, RB, 5.00%, 07/01/2046 0.34%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco New York AMT-Free Municipal Bond ETF
PZT | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco New York AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco New York AMT-Free Municipal Bond ETF $29 0.28%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade New York municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in New York municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA New York Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.14%, differed from the return of the Index, 7.35%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  New York bonds.
Positions | New York (State of) Power Authority (Green Transmission), 4.00% coupon, due 11/15/2052, followed by New York (State of) Dormitory Authority, 4.00% coupon, due 7/1/2050.
What detracted from performance?
State Allocations |  No states detracted from the Fund's performance during the period.
Positions | New York (State of) Thruway Authority (Group 5), 4.00% coupon, due 3/15/2057, followed by Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), 5.25% coupon, due 5/15/2062.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco New York AMT-Free Municipal Bond ETF — NAV Return 7.14% 0.62% 2.56%
Invesco New York AMT-Free Municipal Bond ETF — Market Price Return 7.48% 0.62% 2.60%
ICE BofA New York Long-Term Core Plus Municipal Securities Index 7.35% 0.80% 2.76%
Bloomberg Municipal Bond Index 6.09% 1.02% 2.43%
Bloomberg Municipal Bond 20 Year Index 7.22% 1.12% 3.01%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $128,135,515
Total number of portfolio holdings 387
Total advisory fees paid $280,815
Portfolio turnover rate 6%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, 4.00%, 11/15/2052 3.07%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB, 5.00%, 11/01/2049 2.09%
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 2.08%
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB, 4.00%, 02/15/2044 1.93%
New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2039 1.68%
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 5.00%, 06/15/2048 1.67%
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB, 5.00%, 09/01/2041 1.61%
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2045 1.57%
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB, 4.00%, 03/15/2044 1.55%
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB, 4.13%, 06/15/2047 1.55%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco PHLX Semiconductor ETF
SOXQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco PHLX Semiconductor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco PHLX Semiconductor ETF $23 0.19%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. semiconductor equities benefited from the global demand for semiconductors, driven by themes like artificial intelligence, cybersecurity & cloud computing. The semiconductor industry outperformed the information technology sector and the broader market, which contributed to the Fund's strong returns.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the PHLX Semiconductor Sector Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 41.58%, differed from the return of the Index, 41.95%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Semiconductors & semiconductor equipment industry, followed by the electronic equipment instruments & components industry.
Positions | NVIDIA Corp., a semiconductors & semiconductor equipment company and Broadcom, Inc., a semiconductors & semiconductor equipment company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | ON Semiconductor Corp., a semiconductors & semiconductor equipment company and Lattice Semiconductor Corp., a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(06/11/21)
Invesco PHLX Semiconductor ETF — NAV Return 41.58% 17.11%
Invesco PHLX Semiconductor ETF — Market Price Return 41.57% 17.15%
PHLX Semiconductor Sector Index® 41.95% 17.32%
NASDAQ® Composite Index 27.15% 8.26%
S&P Composite 1500® Semiconductor Index 84.96% 38.71%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Semiconductor Index to the NASDAQ® Composite Index to reflect that the NASDAQ® Composite Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $511,392,437
Total number of portfolio holdings 33
Total advisory fees paid $564,355
Portfolio turnover rate 22%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
NVIDIA Corp. 13.01%
Broadcom, Inc. 12.20%
Advanced Micro Devices, Inc. 7.09%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 4.52%
Marvell Technology, Inc. 4.41%
Texas Instruments, Inc. 4.38%
KLA Corp. 4.30%
Analog Devices, Inc. 3.99%
Monolithic Power Systems, Inc. 3.98%
ASML Holding N.V., New York Shares 3.75%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Preferred ETF
PGX | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Preferred ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Preferred ETF $53 0.50%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the preferred stock market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in preferred stocks, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.65%, differed from the return of the Index, 13.98%, primarily due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the sampling approach employed by the portfolio management team, as well as income received from the securities lending program in which the Fund participates.
What contributed to performance?
Industry Allocations |  Insurance industry, followed by the electric utilities industry.
Positions | Wells Fargo & Co., Series Z, Pfd., 4.75%, a banks company, followed by JPMorgan Chase & Co., Series LL, Pfd. 4.63%, a banks company.
What detracted from performance?
Industry Allocations |  Banks industry, followed by the financial services industry.
Positions | New York Community Bancorp, Inc. Series A, Pfd., 6.38%, a banks company, followed by Regions Financial Corp., Series B, Pfd., 6.38%, a banks company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Preferred ETF — NAV Return 13.65% 1.16% 3.74%
Invesco Preferred ETF — Market Price Return 13.85% 1.13% 3.72%
ICE BofA Core Plus Fixed Rate Preferred Securities Index 13.98% 1.40% 4.00%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
S&P U.S. Preferred Stock Index 14.00% 3.23% 4.29%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P U.S. Preferred Stock Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $4,376,200,704
Total number of portfolio holdings 267
Total advisory fees paid $21,950,310
Portfolio turnover rate 7%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
JPMorgan Chase & Co., Series EE, Pfd., 6.00% 1.71%
JPMorgan Chase & Co., Series DD, Pfd., 5.75% 1.55%
Wells Fargo & Co., Series Z, Pfd., 4.75% 1.53%
JPMorgan Chase & Co., Series LL, Pfd., 4.63% 1.50%
JPMorgan Chase & Co., Series MM, Pfd., 4.20% 1.48%
AT&T, Inc., Series C, Pfd., 4.75% 1.33%
Bank of America Corp., Series KK, Pfd., 5.38% 1.29%
Bank of America Corp., Series GG, Pfd., 6.00% 1.25%
JPMorgan Chase & Co., Series JJ, Pfd., 4.55% 1.18%
AT&T, Inc., Pfd., 5.35%11/01/2066 1.16%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Russell 1000 Equal Weight ETF
EQAL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 1000 Equal Weight ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Russell 1000 Equal Weight ETF $21 0.20%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Mega caps outperformed smaller stocks and growth outpaced value. The Fund's equal weighting methodology leads to lower mega cap exposure and higher value exposure which created a performance headwind compared to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.89%, differed from the return of the Index, 15.04%, primarily due to fees and expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the information technology and real estate sectors, respectively.
Positions | Frontier Communications Parent, Inc., a communication services company, and Arista Networks, Inc., an information technology company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | ViaSat, Inc., an information technology company (no longer held at fiscal year-end) and ChargePoint Holdings, Inc., an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(12/22/14)
Invesco Russell 1000 Equal Weight ETF — NAV Return 14.89% 10.68% 8.59%
Invesco Russell 1000 Equal Weight ETF — Market Price Return 14.80% 10.67% 8.58%
Russell 1000® Equal Weight Index 15.04% 10.79% 8.74%
Russell 3000® Index 26.14% 15.19% 12.33%
Russell 1000® Index 26.60% 15.55% 12.63%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $607,869,237
Total number of portfolio holdings 998
Total advisory fees paid $1,193,765
Portfolio turnover rate 30%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Ubiquiti, Inc. 0.69%
Roku, Inc., Class A 0.63%
Ciena Corp. 0.62%
Liberty Broadband Corp., Class C 0.62%
Charter Communications, Inc., Class A 0.61%
Lumentum Holdings, Inc. 0.60%
Frontier Communications Parent, Inc. 0.58%
Motorola Solutions, Inc. 0.58%
T-Mobile US, Inc. 0.57%
Liberty Global Ltd., Class C 0.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500® Enhanced Value ETF
SPVU | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Enhanced Value ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® Enhanced Value ETF $15 0.13%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's overweight allocation to energy and underweight allocation to technology contributed to the Fund slightly lagging its benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Enhanced Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 26.01%, differed from the return of the Index, 26.22%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the consumer discretionary and health care sectors, respectively.
Positions | JPMorgan Chase & Co., a financials company, and Bank of America Corp., a financials company.
What detracted from performance?
Sector Allocations |  Consumer staples sector.
Positions | Chevron Corp., an energy company, and Archer-Daniels-Midland Co., a consumer staples company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(10/09/15)
Invesco S&P 500® Enhanced Value ETF — NAV Return 26.01% 11.70% 10.69%
Invesco S&P 500® Enhanced Value ETF — Market Price Return 25.95% 11.68% 10.67%
S&P 500® Enhanced Value Index 26.22% 11.81% 10.85%
S&P 500® Index 27.14% 15.92% 14.34%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Enhanced Value Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $106,257,754
Total number of portfolio holdings 102
Total advisory fees paid $130,836
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
JPMorgan Chase & Co. 5.51%
Berkshire Hathaway, Inc., Class B 5.46%
Exxon Mobil Corp. 4.99%
Bank of America Corp. 4.84%
Chevron Corp. 4.31%
Wells Fargo & Co. 4.12%
AT&T, Inc. 3.65%
Comcast Corp., Class A 3.21%
Verizon Communications, Inc. 3.03%
CVS Health Corp. 2.66%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
XRLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF $27 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Strong market performance and muted volatility throughout the period caused the Fund to lag the broad S&P 500 Index.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility Rate Response Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.40%, differed from the return of the Index, 18.73%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the utilities and consumer staples sectors, respectively.
Positions | Colgate-Palmolive Co., a consumer staples company, and Republic Services, Inc., an industrials company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end), and Hormel Foods Corp., a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(04/09/15)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF — NAV Return 18.40% 8.92% 10.44%
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF — Market Price Return 18.34% 8.89% 10.42%
S&P 500® Low Volatility Rate Response Index 18.73% 9.20% 10.73%
S&P 500® Index 27.14% 15.92% 13.21%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility Rate Response Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $40,901,664
Total number of portfolio holdings 102
Total advisory fees paid $105,584
Portfolio turnover rate 66%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Berkshire Hathaway, Inc., Class B 1.47%
Coca-Cola Co. (The) 1.34%
T-Mobile US, Inc. 1.25%
Loews Corp. 1.24%
Republic Services, Inc. 1.24%
Visa, Inc., Class A 1.22%
Colgate-Palmolive Co. 1.20%
Marsh & McLennan Cos., Inc. 1.19%
Procter & Gamble Co. (The) 1.16%
Linde PLC 1.13%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500® High Beta ETF
SPHB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® High Beta ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® High Beta ETF $27 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's exposure to higher beta stocks and more volatile stocks underperformed the broader market during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Beta Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.92%, differed from the return of the Index, 14.20%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the financials and industrials sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations |  Health care sector, followed by the materials and consumer staples sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company, and Albemarle Corp., a materials company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P 500® High Beta ETF — NAV Return 13.92% 17.85% 11.18%
Invesco S&P 500® High Beta ETF — Market Price Return 13.90% 17.83% 11.18%
S&P 500® High Beta Index 14.20% 18.14% 11.47%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® High Beta Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $450,461,382
Total number of portfolio holdings 103
Total advisory fees paid $1,366,188
Portfolio turnover rate 91%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Super Micro Computer, Inc. 2.02%
Monolithic Power Systems, Inc. 1.82%
NVIDIA Corp. 1.73%
Advanced Micro Devices, Inc. 1.66%
Teradyne, Inc. 1.55%
Broadcom, Inc. 1.53%
KLA Corp. 1.42%
Albemarle Corp. 1.37%
ON Semiconductor Corp. 1.37%
Builders FirstSource, Inc. 1.36%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500 High Dividend Growers ETF
DIVG | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 High Dividend Growers ETF (the “Fund”) for the period December 4, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco S&P 500 High Dividend Growers ETF $35 0.41%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividend growth characteristics that benefited from a falling interest rate environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Dividend Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.22%, differed from the return of the Index, 23.72%, primarily due to benefits to the Fund related to dividend tax treatment relative to the Index and income from securities lending in which the Fund participated, partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the utilities and real estate sectors, respectively.
Positions | Altria Group, Inc., a consumer staples company, and NRG Energy, Inc., a utilities company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Crown Castle, Inc., a real estate company (no longer held at fiscal year-end), and CVS Health Corp., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS		 Since  
Inception  
(12/06/23)
Invesco S&P 500 High Dividend Growers ETF — NAV Return 25.22%
Invesco S&P 500 High Dividend Growers ETF — Market Price Return 25.06%
S&P 500® High Dividend Growth Index 23.72%
S&P Composite 1500® Index 24.99%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,817,358
Total number of portfolio holdings 101
Total advisory fees paid $7,903
Portfolio turnover rate 40%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Altria Group, Inc. 3.18%
Philip Morris International, Inc. 2.11%
VICI Properties, Inc. 1.88%
Pfizer, Inc. 1.82%
KeyCorp 1.65%
Regions Financial Corp. 1.58%
ONEOK, Inc. 1.55%
Williams Cos., Inc. (The) 1.54%
Mid-America Apartment Communities, Inc. 1.51%
Evergy, Inc. 1.51%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco S&P 500® High Dividend Low Volatility ETF
SPHD | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® High Dividend Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® High Dividend Low Volatility ETF $34 0.30%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividend and low volatility characteristics that benefited from a falling interest rate environment.
• The Fund seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.52%, differed from the return of the Index, 25.94%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Utilities sector, followed by the energy and real estate sectors, respectively.
Positions | Simon Property Group, Inc., a real estate company, and AT&T, Inc., a communication services company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Organon & Co., a health care company (no longer held at fiscal year-end), and Whirlpool Corp., a consumer discretionary company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P 500® High Dividend Low Volatility ETF — NAV Return 25.52% 8.65% 9.02%
Invesco S&P 500® High Dividend Low Volatility ETF — Market Price Return 25.58% 8.64% 9.02%
S&P 500® Low Volatility High Dividend Index 25.94% 8.99% 9.36%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility High Dividend Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $3,765,477,824
Total number of portfolio holdings 52
Total advisory fees paid $8,940,821
Portfolio turnover rate 49%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Altria Group, Inc. 3.03%
Crown Castle, Inc. 2.76%
Verizon Communications, Inc. 2.74%
VICI Properties, Inc. 2.60%
Bristol-Myers Squibb Co. 2.55%
AT&T, Inc. 2.44%
Kinder Morgan, Inc. 2.37%
Dominion Energy, Inc. 2.37%
Realty Income Corp. 2.35%
Amcor PLC 2.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500® Low Volatility ETF
SPLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® Low Volatility ETF $27 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Strong market performance and muted volatility throughout the period caused the Fund to lag the broad S&P 500 Index.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.81%, differed from the return of the Index, 19.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the consumer staples and industrials sectors, respectively.
Positions | Costco Wholesale Corp., a consumer staples company, and Colgate-Palmolive Co., a consumer staples company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end), and Hormel Foods Corp., a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P 500® Low Volatility ETF — NAV Return 18.81% 6.88% 9.60%
Invesco S&P 500® Low Volatility ETF — Market Price Return 18.86% 6.88% 9.61%
S&P 500® Low Volatility Index 19.14% 7.17% 9.89%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $7,515,084,298
Total number of portfolio holdings 102
Total advisory fees paid $19,212,816
Portfolio turnover rate 68%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Berkshire Hathaway, Inc., Class B 1.47%
Coca-Cola Co. (The) 1.34%
T-Mobile US, Inc. 1.25%
Loews Corp. 1.24%
Republic Services, Inc. 1.23%
Visa, Inc., Class A 1.21%
Colgate-Palmolive Co. 1.19%
Marsh & McLennan Cos., Inc. 1.19%
Procter & Gamble Co. (The) 1.16%
Linde PLC 1.13%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500 Minimum Variance ETF
SPMV | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 Minimum Variance ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500 Minimum Variance ETF $11 0.10%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's lower exposure to the momentum factor provided a headwind as momentum was the best performing factor over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Minimum Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 24.35%, differed from the return of the Index, 24.49%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the financials and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Progressive Corp. (The), a financials company.
What detracted from performance?
Sector Allocations |  Consumer staples sector.
Positions | Tesla, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Pfizer, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(07/13/17)
Invesco S&P 500 Minimum Variance ETF — NAV Return 24.35% 11.23% 11.60%
Invesco S&P 500 Minimum Variance ETF — Market Price Return 24.41% 11.21% 11.59%
S&P 500® Minimum Volatility Index 24.49% 11.34% 11.77%
S&P 500® Index 27.14% 15.92% 14.40%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Minimum Volatility Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $5,082,821
Total number of portfolio holdings 82
Total advisory fees paid $9,931
Portfolio turnover rate 79%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
NextEra Energy, Inc. 3.94%
Progressive Corp. (The) 3.50%
NVIDIA Corp. 3.25%
Berkshire Hathaway, Inc., Class B 3.20%
Marsh & McLennan Cos., Inc. 3.04%
Procter & Gamble Co. (The) 2.92%
Eli Lilly and Co. 2.91%
Oracle Corp. 2.86%
Microsoft Corp. 2.82%
Chubb Ltd. 2.82%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500® Momentum ETF
SPMO | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Momentum ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500® Momentum ETF $17 0.13%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund was able to pick up on secular trends driving market performance which proved to be a tailwind for the fund.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 54.58%, differed from the return of the Index, 54.85%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the communication services and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Meta Platforms, Inc., Class A, a communication services company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Advanced Micro Devices, Inc., an information technology company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(10/9/15)
Invesco S&P 500® Momentum ETF — NAV Return 54.58% 18.68% 16.82%
Invesco S&P 500® Momentum ETF — Market Price Return 54.41% 18.66% 16.81%
S&P 500® Momentum Index 54.85% 18.84% 17.02%
S&P 500® Index 27.14% 15.92% 14.34%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,350,986,891
Total number of portfolio holdings 102
Total advisory fees paid $1,179,305
Portfolio turnover rate 72%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
NVIDIA Corp. 11.96%
Apple, Inc. 10.04%
Meta Platforms, Inc., Class A 8.43%
Microsoft Corp. 8.00%
Amazon.com, Inc. 6.91%
Eli Lilly and Co. 4.93%
Broadcom, Inc. 4.92%
Berkshire Hathaway, Inc., Class B 3.88%
JPMorgan Chase & Co. 2.49%
Costco Wholesale Corp. 2.23%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500 QVM Multi-factor ETF
QVML | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500 QVM Multi-factor ETF $13 0.11%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's exposure to the quality and momentum factor provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.61%, differed from the return of the Index, 28.77%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Information technology sector, followed by the financials and communication services sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Pfizer, Inc., a health care company (no longer held at fiscal year-end), and Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(06/30/21)
Invesco S&P 500 QVM Multi-factor ETF — NAV Return 28.61% 11.16%
Invesco S&P 500 QVM Multi-factor ETF — Market Price Return 28.56% 11.15%
S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index 28.77% 11.29%
S&P 500® Index 27.14% 10.72%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,034,181,654
Total number of portfolio holdings 453
Total advisory fees paid $1,003,744
Portfolio turnover rate 15%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Apple, Inc. 6.95%
Microsoft Corp. 6.76%
NVIDIA Corp. 5.99%
Alphabet, Inc., Class C 4.00%
Amazon.com, Inc. 3.57%
Meta Platforms, Inc., Class A 2.44%
Berkshire Hathaway, Inc., Class B 2.03%
Eli Lilly and Co. 1.68%
JPMorgan Chase & Co. 1.59%
Broadcom, Inc. 1.47%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P 500 Revenue ETF
RWL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P 500 Revenue ETF $43 0.39%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Growth outperformed value providing some performance headwind. The Fund's higher value exposure created some performance drag relative to the Fund's benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.81%, differed from the return of the Index, 23.34%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the health care and information technology sectors, respectively.
Positions | Walmart Inc., a consumer staples company and Amazon.com, a consumer discretionary company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | Walgreens Boots Alliance, Inc., a consumer staples company and CVS Health Corp., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P 500 Revenue ETF — NAV Return 22.81% 15.14% 11.44%
Invesco S&P 500 Revenue ETF — Market Price Return 22.75% 15.13% 11.44%
S&P 500® Revenue-Weighted Index 23.34% 15.57% 11.85%
S&P 500® Index 27.14% 15.92% 12.98%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Revenue-Weighted Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P 500 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P 500 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $3,685,013,361
Total number of portfolio holdings 505
Total advisory fees paid $10,676,439
Portfolio turnover rate 15%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Walmart, Inc. 4.20%
Amazon.com, Inc. 3.18%
UnitedHealth Group, Inc. 2.50%
Berkshire Hathaway, Inc., Class B 2.40%
Apple, Inc. 2.28%
Exxon Mobil Corp. 1.99%
CVS Health Corp. 1.91%
McKesson Corp. 1.63%
JPMorgan Chase & Co. 1.63%
Cencora, Inc. 1.58%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P MidCap 400 QVM Multi-factor ETF
QVMM | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap 400 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P MidCap 400 QVM Multi-factor ETF $16 0.15%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund's exposure to the quality and momentum factor provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.89%, differed from the return of the Index, 19.03%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the industrials and consumer discretionary sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Vistra Corp., a utilities company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  Energy sector.
Positions | Lattice Semiconductor Corp., an information technology company, and New York Community Bancorp, Inc., a financials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(06/30/21)
Invesco S&P MidCap 400 QVM Multi-factor ETF — NAV Return 18.89% 5.88%
Invesco S&P MidCap 400 QVM Multi-factor ETF — Market Price Return 18.97% 5.86%
S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index 19.03% 5.99%
S&P Composite 1500® Index 26.42% 10.24%
S&P MidCap 400® Index 18.75% 6.08%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $320,898,080
Total number of portfolio holdings 361
Total advisory fees paid $426,837
Portfolio turnover rate 30%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Carlisle Cos., Inc. 0.81%
EMCOR Group, Inc. 0.74%
Lennox International, Inc. 0.70%
Reliance, Inc. 0.69%
United Therapeutics Corp. 0.65%
Williams-Sonoma, Inc. 0.64%
Tenet Healthcare Corp. 0.64%
Fidelity National Financial, Inc. 0.61%
Manhattan Associates, Inc. 0.61%
Toll Brothers, Inc. 0.60%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P MidCap 400 Revenue ETF
RWK | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap 400 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P MidCap 400 Revenue ETF $43 0.39%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund outperformed primarily due to security selection as stocks of high revenue producing companies within the S&P MidCap 400 were more rewarded than stocks of lower revenue producing companies.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.00%, differed from the return of the Index, 19.47%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Consumer discretionary sector, followed by the financials and consumer staples sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end) and Vistra Corp., a utilities company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  Energy sector.
Positions | Hertz Global Holdings Inc., an industrials company (no longer held at fiscal year-end) and Avis Budget Group, Inc., an industrials company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P MidCap 400 Revenue ETF — NAV Return 19.00% 16.84% 10.42%
Invesco S&P MidCap 400 Revenue ETF — Market Price Return 19.00% 16.86% 10.42%
S&P MidCap 400® Revenue-Weighted Index 19.47% 17.23% 10.84%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P MidCap 400® Index 18.75% 12.20% 9.68%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Revenue-Weighted Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P MidCap 400 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P MidCap 400 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $879,549,253
Total number of portfolio holdings 401
Total advisory fees paid $2,656,947
Portfolio turnover rate 30%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Performance Food Group Co. 2.82%
TD SYNNEX Corp. 2.33%
US Foods Holding Corp. 1.82%
Lithia Motors, Inc., Class A 1.73%
Penske Automotive Group, Inc. 1.54%
Arrow Electronics, Inc. 1.45%
HF Sinclair Corp. 1.31%
AutoNation, Inc. 1.30%
PBF Energy, Inc., Class A 1.29%
Jones Lang LaSalle, Inc. 1.17%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P MidCap Low Volatility ETF
XMLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P MidCap Low Volatility ETF $27 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund's exposure the low volatility factor as well as security selection within the energy sector proved to be beneficial.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.83%, differed from the return of the Index, 20.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the real estate and industrials sectors, respectively.
Positions | Texas Roadhouse, Inc., a consumer discretionary company, and Murphy USA, Inc., a consumer discretionary company.
What detracted from performance?
Sector Allocations |  No sectors detracted from the Fund's performance during the period.
Positions | MSC Industrial Direct Co., Inc., Class A, an industrials company (no longer held at fiscal year-end), and Toro Co. (The), an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P MidCap Low Volatility ETF — NAV Return 19.83% 5.28% 9.04%
Invesco S&P MidCap Low Volatility ETF — Market Price Return 19.73% 5.26% 9.02%
S&P MidCap 400® Low Volatility Index 20.16% 5.53% 9.32%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P MidCap 400® Index 18.75% 12.20% 9.68%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Low Volatility Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $849,855,818
Total number of portfolio holdings 83
Total advisory fees paid $2,059,873
Portfolio turnover rate 70%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
AptarGroup, Inc. 1.64%
Curtiss-Wright Corp. 1.62%
SEI Investments Co. 1.54%
DT Midstream, Inc. 1.53%
Old Republic International Corp. 1.43%
CACI International, Inc., Class A 1.43%
Reinsurance Group of America, Inc. 1.42%
Sonoco Products Co. 1.42%
Ingredion, Inc. 1.39%
Donaldson Co., Inc. 1.38%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap 600® GARP ETF
GRPZ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600® GARP ETF (the “Fund”) for the period March 25, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment* Costs paid as a percentage
of a $10,000 investment**
Invesco S&P SmallCap 600® GARP ETF $16 0.35%
*
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
**
Annualized.
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund holds stocks with growth characteristics that are trading at more reasonable valuation levels. Overweight exposure towards more cyclical sectors created some drag during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® GARP Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.03%, matched the return of the Index, 5.03%, primarily due to benefits to the Fund related to dividend tax treatment relative to the Index, offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the information technology sector and the health care sectors, respectively.
Positions | Boot Barn Holdings, Inc., a consumer discretionary company, and Bancorp, Inc. (The), a financials company.
What detracted from performance?
Sector Allocations |  Energy sector, followed by the industrials and materials sectors, respectively.
Positions | Myers Industries, Inc., a materials company (no longer held at fiscal year-end), and Alpha Metallurgical Resources, Inc., a materials company.
How Has The Fund Historically Performed?


AVERAGE ANNUAL TOTAL RETURNS		 Since
Inception
(03/27/24)
Invesco S&P SmallCap 600® GARP ETF — NAV Return 5.03%
Invesco S&P SmallCap 600® GARP ETF — Market Price Return 4.99%
S&P SmallCap 600® GARP Index 5.03%
S&P Composite 1500® Index 7.87%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $2,109,973
Total number of portfolio holdings 90
Total advisory fees paid $3,443
Portfolio turnover rate 66%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Cal-Maine Foods, Inc. 2.02%
Catalyst Pharmaceuticals, Inc. 1.79%
Palomar Holdings, Inc. 1.75%
S&T Bancorp, Inc. 1.69%
Amphastar Pharmaceuticals, Inc. 1.66%
CONSOL Energy, Inc. 1.65%
Cogent Communications Holdings, Inc. 1.60%
Monarch Casino & Resort, Inc. 1.59%
Cross Country Healthcare, Inc. 1.56%
Green Brick Partners, Inc. 1.54%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap 600 QVM Multi-factor ETF
QVMS | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap 600 QVM Multi-factor ETF $16 0.15%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's exposure to the quality and momentum factors provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi- Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.62%, differed from the return of the Index, 18.75%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the industrials and consumer discretionary sectors, respectively.
Positions | Abercrombie & Fitch Co., Class A, a consumer discretionary company (no longer held at fiscal year-end), and Mueller Industries, Inc., an industrials company.
What detracted from performance?
Sector Allocations |  Energy sector.
Positions | Axcelis Technologies, Inc., an information technology company, and Extreme Networks, Inc., an information technology company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year		 Since
Inception
(06/30/21)
Invesco S&P SmallCap 600 QVM Multi-factor ETF — NAV Return 18.62% 4.20%
Invesco S&P SmallCap 600 QVM Multi-factor ETF — Market Price Return 18.46% 4.13%
S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index 18.75% 4.34%
S&P Composite 1500® Index 26.42% 10.24%
S&P SmallCap 600® Index 17.31% 2.56%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $198,617,670
Total number of portfolio holdings 539
Total advisory fees paid $294,137
Portfolio turnover rate 38%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Fabrinet 0.75%
Mueller Industries, Inc. 0.74%
Ensign Group, Inc. (The) 0.72%
ATI, Inc. 0.72%
Carpenter Technology Corp. 0.63%
Meritage Homes Corp. 0.63%
SPX Technologies, Inc. 0.63%
SPS Commerce, Inc. 0.62%
Jackson Financial, Inc., Class A 0.56%
Glaukos Corp. 0.55%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap 600 Revenue ETF
RWJ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap 600 Revenue ETF $42 0.39%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's underweight exposure towards financials created slight underperformance to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.62%, differed from the return of the Index, 17.02%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the communication services and consumer discretionary sectors, respectively.
Positions | Lumen Technologies, Inc., a communication services company and World Kinect Corp., an energy company.
What detracted from performance?
Sector Allocations |  Consumer staples sector.
Positions | United Natural Foods, Inc., a consumer staples company and Kohl's Corp., a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap 600 Revenue ETF — NAV Return 16.62% 19.37% 10.38%
Invesco S&P SmallCap 600 Revenue ETF — Market Price Return 16.51% 19.36% 10.38%
S&P SmallCap 600® Revenue-Weighted Index 17.02% 19.61% 10.71%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Revenue-Weighted Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P SmallCap 600 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P SmallCap 600 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,600,643,605
Total number of portfolio holdings 602
Total advisory fees paid $5,585,381
Portfolio turnover rate 46%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Lumen Technologies, Inc. 4.42%
World Kinect Corp. 3.51%
United Natural Foods, Inc. 2.34%
Group 1 Automotive, Inc. 1.52%
EchoStar Corp., Class A 1.47%
Lincoln National Corp. 1.19%
Asbury Automotive Group, Inc. 1.11%
DXC Technology Co. 1.07%
Sonic Automotive, Inc., Class A 1.07%
Kohl's Corp. 1.05%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Consumer Discretionary ETF
PSCD | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Consumer Discretionary ETF $32 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the consumer discretionary sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 17.66%, differed from the return of the Index, 17.98%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Specialty retail industry, followed by the household durables and diversified consumer services industries, respectively.
Positions | Abercrombie & Fitch Co., Class A, a specialty retail company (no longer held at fiscal year-end) and Meritage Homes Corp., a household durables company.
What detracted from performance?
Industry Allocations |  Hotels restaurants & leisure industry, followed by the automobile components and leisure products industries, respectively.
Positions | Advance Auto Parts, Inc., a specialty retail company, and Newell Brands, Inc., a household durables company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Consumer Discretionary ETF — NAV Return 17.66% 14.56% 9.86%
Invesco S&P SmallCap Consumer Discretionary ETF — Market Price Return 17.51% 14.53% 9.85%
S&P SmallCap 600® Capped Consumer Discretionary Index 17.98% 14.67% 10.01%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $25,684,982
Total number of portfolio holdings 86
Total advisory fees paid $93,131
Portfolio turnover rate 22%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Meritage Homes Corp. 4.14%
V.F. Corp. 3.46%
Installed Building Products, Inc. 3.00%
Group 1 Automotive, Inc. 2.86%
Asbury Automotive Group, Inc. 2.85%
M/I Homes, Inc. 2.54%
Tri Pointe Homes, Inc. 2.42%
Academy Sports & Outdoors, Inc. 2.35%
Boot Barn Holdings, Inc. 2.34%
Six Flags Entertainment Corp. 2.34%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Consumer Staples ETF
PSCC | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Consumer Staples ETF $30 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the consumer staples sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.47%, differed from the return of the Index, 3.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Food products industry, followed by the tobacco and household products industries, respectively.
Positions | Cal-Maine Foods, Inc., a food products company, and e.l.f. Beauty, Inc., a personal care products company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations |  Personal care products industry, followed by the beverages industry.
Positions | Nu Skin Enterprises, Inc., Class A, a personal care products company, and Medifast, Inc., a personal care products company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Consumer Staples ETF — NAV Return 3.47% 11.42% 10.03%
Invesco S&P SmallCap Consumer Staples ETF — Market Price Return 3.48% 11.47% 10.03%
S&P SmallCap 600® Capped Consumer Staples Index 3.62% 11.64% 10.31%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $55,017,748
Total number of portfolio holdings 32
Total advisory fees paid $222,680
Portfolio turnover rate 26%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
WD-40 Co. 8.16%
Cal-Maine Foods, Inc. 6.71%
Simply Good Foods Co. (The) 6.58%
J&J Snack Foods Corp. 6.04%
PriceSmart, Inc. 5.16%
Inter Parfums, Inc. 4.87%
Energizer Holdings, Inc. 4.75%
Vector Group Ltd. 4.68%
TreeHouse Foods, Inc. 4.59%
Edgewell Personal Care Co. 4.34%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Energy ETF
PSCE | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Energy ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Energy ETF $28 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the energy sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (4.60)%, differed from the return of the Index, (4.31)%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Metals & mining industry.
Positions | Archrock Inc., an energy equipment & services company, and SM Energy Co., an oil, gas & consumable fuels company.
What detracted from performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the energy equipment & services industry.
Positions | Patterson-UTI Energy, Inc., an energy equipment & services company and Green Plains Inc., an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Energy ETF — NAV Return (4.60)% 10.12% (13.65)%
Invesco S&P SmallCap Energy ETF — Market Price Return (4.61)% 10.07% (13.66)%
S&P SmallCap 600® Capped Energy Index (4.31)% 10.40% (13.44)%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $94,249,707
Total number of portfolio holdings 31
Total advisory fees paid $610,974
Portfolio turnover rate 62%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
SM Energy Co. 8.54%
Magnolia Oil & Gas Corp., Class A 7.54%
Tidewater, Inc. 7.01%
Cactus, Inc., Class A 6.36%
Northern Oil and Gas, Inc. 5.93%
Helmerich & Payne, Inc. 5.24%
Archrock, Inc. 5.11%
California Resources Corp. 4.74%
Oceaneering International, Inc. 4.64%
CONSOL Energy, Inc. 4.59%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Financials ETF
PSCF | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Financials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Financials ETF $33 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the financials sector, which outperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.61%, differed from the return of the Index, 28.80%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Banks industry, followed by the financial services and insurance industries, respectively.
Positions | Jackson Financial Inc., Class A, a financial services company, and Mr. Cooper Group, Inc., a financial services company.
What detracted from performance?
Industry Allocations |  Real estate management & development industry, followed by the mortgage REITs industry.
Positions | B. Riley Financial, Inc., a capital markets company, and eXp World Holdings, Inc., a real estate management & development company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Financials ETF — NAV Return 28.61% 4.57% 6.84%
Invesco S&P SmallCap Financials ETF — Market Price Return 28.62% 4.59% 6.83%
S&P SmallCap 600® Capped Financials & Real Estate Index 28.80% 4.77% 7.07%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $20,526,739
Total number of portfolio holdings 173
Total advisory fees paid $55,928
Portfolio turnover rate 21%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Comerica, Inc. 2.13%
Jackson Financial, Inc., Class A 1.72%
Mr. Cooper Group, Inc. 1.71%
Essential Properties Realty Trust, Inc. 1.57%
Lincoln National Corp. 1.54%
Radian Group, Inc. 1.53%
Moelis & Co., Class A 1.32%
Phillips Edison & Co., Inc. 1.27%
SL Green Realty Corp. 1.22%
Piper Sandler Cos. 1.19%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Health Care ETF
PSCH | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Health Care ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Health Care ETF $31 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the health care sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.19%, differed from the return of the Index, 14.41%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Health care equipment & supplies industry, followed by the health care providers & services and biotechnology industries, respectively.
Positions | Cytokinetics, Inc., a biotechnology company (no longer held at fiscal year-end), and Ensign Group, Inc., a health care providers & services company.
What detracted from performance?
Industry Allocations |  Health care technology industry, followed by the life sciences tools & services industry.
Positions | AMN Healthcare Services, Inc., a health care providers & services company, and CONMED Corp., a health care equipment & supplies company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Health Care ETF — NAV Return 14.19% 4.31% 9.85%
Invesco S&P SmallCap Health Care ETF — Market Price Return 14.22% 4.30% 9.84%
S&P SmallCap 600® Capped Health Care Index 14.41% 4.51% 10.10%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $205,095,249
Total number of portfolio holdings 73
Total advisory fees paid $617,681
Portfolio turnover rate 32%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Ensign Group, Inc. (The) 6.06%
Glaukos Corp. 4.78%
Organon & Co. 4.08%
Merit Medical Systems, Inc. 3.98%
Krystal Biotech, Inc. 3.44%
Alkermes PLC 3.41%
RadNet, Inc. 3.12%
Integer Holdings Corp. 3.09%
Select Medical Holdings Corp. 2.73%
Prestige Consumer Healthcare, Inc. 2.64%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap High Dividend Low Volatility ETF
XSHD | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap High Dividend Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap High Dividend Low Volatility ETF $31 0.30%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's higher exposure to cyclicals contributed to the fund's underperformance against the benchmark for the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.39%, differed from the return of the Index, 5.77%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Real estate sector, followed by the utilities and health care sectors, respectively.
Positions | Highwoods Properties, Inc., a real estate company, and Cal-Maine Foods, Inc., a consumer staples company.
What detracted from performance?
Sector Allocations |  Consumer discretionary sector, followed by the consumer staples and information technology sectors, respectively.
Positions | Medifast, Inc., a consumer staples company (no longer held at fiscal year-end) and Nu Skin Enterprises, Inc., Class A, a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(12/01/16)
Invesco S&P SmallCap High Dividend Low Volatility ETF — NAV Return 5.39% (1.07)% (0.22)%
Invesco S&P SmallCap High Dividend Low Volatility ETF — Market Price Return 5.38% (1.02)% (0.22)%
S&P SmallCap 600® Low Volatility High Dividend Index 5.77% (0.79)% 0.09%
S&P Composite 1500® Index 26.42% 15.58% 14.55%
S&P SmallCap 600® Index 17.31% 10.75% 9.13%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Low Volatility High Dividend Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $42,914,374
Total number of portfolio holdings 62
Total advisory fees paid $80,274
Portfolio turnover rate 79%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Blackstone Mortgage Trust, Inc., Class A 3.14%
KKR Real Estate Finance Trust, Inc. 3.13%
Two Harbors Investment Corp. 3.09%
Vector Group Ltd. 3.08%
Ellington Financial, Inc. 3.06%
New York Mortgage Trust, Inc. 3.04%
Kennedy-Wilson Holdings, Inc. 3.04%
Apollo Commercial Real Estate Finance, Inc. 2.96%
Global Net Lease, Inc. 2.94%
ARMOUR Residential REIT, Inc. 2.91%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Industrials ETF
PSCI | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Industrials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Industrials ETF $33 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the industrials sector, which outperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.86%, differed from the return of the Index, 26.22%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Machinery industry, followed by the aerospace & defense and building products industries, respectively.
Positions | SPX Technologies, Inc., a machinery company, and Mueller Industries, Inc., a machinery company.
What detracted from performance?
Industry Allocations |  Air freight & logistics industry.
Positions | Forward Air Corp., an air freight & logistics company, and Hillenbrand, Inc., a machinery company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Industrials ETF — NAV Return 25.86% 16.03% 12.28%
Invesco S&P SmallCap Industrials ETF — Market Price Return 25.83% 16.00% 12.29%
S&P SmallCap 600® Capped Industrials Index 26.22% 16.35% 12.58%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $195,922,867
Total number of portfolio holdings 96
Total advisory fees paid $484,880
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Mueller Industries, Inc. 3.68%
SPX Technologies, Inc. 3.36%
Robert Half, Inc. 2.89%
Federal Signal Corp. 2.57%
AeroVironment, Inc. 2.54%
Moog, Inc., Class A 2.53%
Armstrong World Industries, Inc. 2.47%
Boise Cascade Co. 2.38%
Dycom Industries, Inc. 2.28%
Air Lease Corp., Class A 2.14%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Information Technology ETF
PSCT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Information Technology ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Information Technology ETF $29 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the information technology sector, which underperformed the broader market within small-caps.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (0.10)%, differed from the return of the Index, 0.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Electronic manufacturing services industry, followed by the technology distributors and electronic equipment & instruments industries, respectively.
Positions | Fabrinet, an electronic equipment instruments & components company, and ACI Worldwide, Inc., a software company.
What detracted from performance?
Industry Allocations |  Semiconductor materials & equipment industry, followed by the communications equipment and technology hardware storage & peripherals industries, respectively.
Positions | SolarEdge Technologies Inc., a semiconductors & semiconductor equipment company, and Axcelis Technologies, Inc., a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Information Technology ETF — NAV Return (0.10)% 11.64% 12.01%
Invesco S&P SmallCap Information Technology ETF — Market Price Return (0.19)% 11.65% 11.99%
S&P SmallCap 600® Capped Information Technology Index 0.16% 11.92% 12.29%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $322,973,996
Total number of portfolio holdings 67
Total advisory fees paid $918,337
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Fabrinet 5.59%
SPS Commerce, Inc. 4.70%
Badger Meter, Inc. 3.86%
Insight Enterprises, Inc. 3.82%
ACI Worldwide, Inc. 3.37%
Box, Inc., Class A 2.99%
Itron, Inc. 2.98%
Marathon Digital Holdings, Inc. 2.90%
Advanced Energy Industries, Inc. 2.52%
Sanmina Corp. 2.44%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Low Volatility ETF
XSLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Low Volatility ETF $27 0.25%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.11%, differed from the return of the Index, 19.45%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the real estate and industrials sectors, respectively.
Positions | CareTrust REIT, Inc., a real estate company, and Benchmark Electronics, Inc., an information technology company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  Communication services sector, followed by the energy sector.
Positions | Community Healthcare Trust, Inc., a real estate company (no longer held at fiscal year-end), and Barnes Group Inc., an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Low Volatility ETF — NAV Return 19.11% 2.72% 6.79%
Invesco S&P SmallCap Low Volatility ETF — Market Price Return 18.91% 2.69% 6.78%
S&P SmallCap 600® Low Volatility Index 19.45% 2.99% 7.07%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Low Volatility Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $348,332,951
Total number of portfolio holdings 122
Total advisory fees paid $895,964
Portfolio turnover rate 76%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
CareTrust REIT, Inc. 1.11%
LTC Properties, Inc. 1.08%
Employers Holdings, Inc. 1.06%
Essential Properties Realty Trust, Inc. 1.04%
Safety Insurance Group, Inc. 1.01%
Phillips Edison & Co., Inc. 1.00%
Getty Realty Corp. 1.00%
Ensign Group, Inc. (The) 1.00%
Four Corners Property Trust, Inc. 0.98%
Franklin Electric Co., Inc. 0.98%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Materials ETF
PSCM | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Materials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Materials ETF $31 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the materials sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.01%, differed from the return of the Index, 16.34%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Metals & mining industry, followed by the chemicals and paper & forest products industries, respectively.
Positions | Carpenter Technology Corp., a metals & mining company, and ATI, Inc., a metals & mining company.
What detracted from performance?
Industry Allocations |  Containers & packaging industry.
Positions | O-I Glass, Inc., a containers & packaging company, and Livent Corp. (no longer held at fiscal year-end), a chemicals company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Materials ETF — NAV Return 16.01% 15.34% 6.31%
Invesco S&P SmallCap Materials ETF — Market Price Return 15.94% 15.33% 6.30%
S&P SmallCap 600® Capped Materials Index 16.34% 15.54% 6.54%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $18,131,157
Total number of portfolio holdings 35
Total advisory fees paid $47,343
Portfolio turnover rate 36%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
ATI, Inc. 10.95%
Carpenter Technology Corp. 9.89%
Balchem Corp. 7.90%
Sealed Air Corp. 7.01%
H.B. Fuller Co. 6.43%
Sensient Technologies Corp. 4.39%
Warrior Met Coal, Inc. 4.07%
Innospec, Inc. 3.99%
Sylvamo Corp. 3.85%
Alpha Metallurgical Resources, Inc. 3.81%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Quality ETF
XSHQ | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Quality ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Quality ETF $31 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 15.78%, differed from the return of the Index, 16.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations |  Industrials sector, followed by the financials and consumer discretionary sectors, respectively.
Positions | Mueller Industries, Inc., an industrials company, and Encore Wire Corp., an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  Energy sector, followed by the communication services and health care sectors, respectively.
Positions | Extreme Networks, Inc., an information technology company (no longer held at fiscal year-end) and AMN Healthcare Services, Inc., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(04/06/17)
Invesco S&P SmallCap Quality ETF — NAV Return 15.78% 11.60% 9.20%
Invesco S&P SmallCap Quality ETF — Market Price Return 15.63% 11.60% 9.21%
S&P SmallCap 600® Quality Index 16.14% 11.93% 9.57%
S&P Composite 1500® Index 26.42% 15.58% 14.09%
S&P SmallCap 600® Index 17.31% 10.75% 9.16%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Quality Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $319,851,398
Total number of portfolio holdings 120
Total advisory fees paid $397,015
Portfolio turnover rate 86%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Mueller Industries, Inc. 3.69%
Jackson Financial, Inc., Class A 2.88%
Armstrong World Industries, Inc. 2.31%
Alkermes PLC 2.04%
Installed Building Products, Inc. 2.03%
Badger Meter, Inc. 1.99%
Artisan Partners Asset Management, Inc., Class A 1.99%
Kontoor Brands, Inc. 1.93%
Federal Signal Corp. 1.78%
Lincoln National Corp. 1.70%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P SmallCap Utilities & Communication Services ETF
PSCU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Utilities & Communication Services ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P SmallCap Utilities & Communication Services ETF $31 0.29%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the utilities and communication services sectors, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Utilities & Communication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.65%, differed from the return of the Index, 11.96%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Diversified telecommunication services industry, followed by the entertainment and multi-utilities industries, respectively.
Positions | Lumen Technologies, Inc., a diversified telecommunication services company, and Cinemark Holdings, Inc., an entertainment company.
What detracted from performance?
Industry Allocations |  Media industry, followed by the water utilities and wireless telecommunication services industries, respectively.
Positions | Yelp, Inc., an interactive media & services company, and Shenandoah Telecommunications Co., a diversified telecommunication services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P SmallCap Utilities & Communication Services ETF — NAV Return 11.65% 3.72% 7.59%
Invesco S&P SmallCap Utilities & Communication Services ETF — Market Price Return 11.71% 3.75% 7.59%
S&P SmallCap 600® Capped Utilities & Communication Services Index 11.96% 4.01% 7.85%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P SmallCap 600® Index 17.31% 10.75% 9.35%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $19,157,349
Total number of portfolio holdings 36
Total advisory fees paid $46,195
Portfolio turnover rate 32%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Lumen Technologies, Inc. 7.95%
IAC, Inc. 5.50%
Otter Tail Corp. 5.27%
Madison Square Garden Sports Corp., Class A 5.21%
California Water Service Group 4.77%
MGE Energy, Inc. 4.68%
American States Water Co. 4.52%
Avista Corp. 4.51%
Cogent Communications Holdings, Inc. 4.40%
Cinemark Holdings, Inc. 4.36%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco S&P Ultra Dividend Revenue ETF
RDIV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco S&P Ultra Dividend Revenue ETF $45 0.39%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividends and characteristics that benefited from a falling interest rate environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 900® Dividend Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 31.66%, differed from the return of the Index, 32.26%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sector Allocations |  Financials sector, followed by the utilities and consumer discretionary sectors, respectively.
Positions | PNC Financial Services Group, Inc., a financials company, and Citigroup Inc., a financials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations |  Industrials sector.
Positions | 3M Co., an industrials company (no longer held at fiscal year-end) and Whirlpool Corp., a consumer discretionary company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco S&P Ultra Dividend Revenue ETF — NAV Return 31.66% 11.77% 10.08%
Invesco S&P Ultra Dividend Revenue ETF — Market Price Return 31.60% 11.75% 10.08%
S&P 900® Dividend Revenue-Weighted Index 32.26% 12.09% 10.55%
S&P Composite 1500® Index 26.42% 15.58% 12.68%
S&P 900® Index 26.65% 15.70% 12.77%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 900® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P Ultra Dividend Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P Ultra Dividend Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $823,939,496
Total number of portfolio holdings 62
Total advisory fees paid $2,879,691
Portfolio turnover rate 101%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Best Buy Co., Inc. 5.43%
Bristol-Myers Squibb Co. 5.31%
Philip Morris International, Inc. 5.25%
U.S. Bancorp 5.01%
Duke Energy Corp. 4.98%
PNC Financial Services Group, Inc. (The) 4.95%
LyondellBasell Industries N.V., Class A 4.92%
Kraft Heinz Co. (The) 4.80%
Prudential Financial, Inc. 4.66%
Ford Motor Co. 3.89%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Senior Loan ETF
BKLN | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Senior Loan ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Senior Loan ETF $66 0.63%†
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the senior loan market benefited from a continuation of the historically elevated base rates, along with a relatively low credit default environment. Because the Fund holds the vast majority of its portfolio in senior loans, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.99%, differed from the return of the Index, 9.71%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Electronics & electrical industry, followed by the business equipment & services and food service industries, respectively.
Positions | Whatabrands LLC, Term Loan B, due 8/3/2028, a food service company, followed by Zayo Group Holdings, Inc., Term Loan, due 3/9/2027, a telecommunications company.
What detracted from performance?
Industry Allocations |  No industries detracted from the Fund's performance during the period.
Positions | McAfee LLC, Term Loan B, due 3/1/2029, an electronics & electrical company, followed by SFR-Numericable (YPSO, Altice France), Term Loan B-14, due 8/15/28, a cable & satellite television company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Senior Loan ETF — NAV Return 8.99% 4.17% 3.30%
Invesco Senior Loan ETF — Market Price Return 8.94% 4.19% 3.32%
Morningstar LSTA US Leveraged Loan 100 Index (USD) 9.71% 5.37% 4.30%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
Morningstar LSTA US Leveraged Loan Index (USD) 9.86% 5.69% 4.72%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.  Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Morningstar LSTA US Leveraged Loan Index (USD) to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $6,766,935,643
Total number of portfolio holdings 154
Total advisory fees paid $40,784,931
Portfolio turnover rate 199%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Ultimate Software Group, Inc., Term Loan B, 8.55%, 02/10/2031 1.86%
athenahealth Group, Inc., Term Loan, 8.50%, 02/15/2029 1.81%
Peraton Corp., First Lien Term Loan B, 9.10%, 02/01/2028 1.72%
Cloud Software Group, Inc., Term Loan B, 9.33%, 03/30/2029 1.67%
McAfee LLC, Term Loan B, 8.59%, 03/01/2029 1.57%
AssuredPartners, Inc., Term Loan, 8.75%, 02/14/2031 1.51%
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B, 8.00%, 10/23/2028 1.43%
Micro Holding L.P., Term Loan, 9.50%, 05/03/2028 1.37%
AI Aqua Merger Sub, Inc., Term Loan B, 8.84%, 07/31/2028 1.36%
Bass Pro Group LLC, Term Loan B-2, 9.11%, 03/06/2028 1.36%
* Excluding money market fund holdings, if any.
Credit quality rating breakdown**
(% of net assets)
Baa2 0.7%
Baa3 1.3%
Ba1 8.5%
Ba2 3.5%
Ba3 12.6%
B1 15.7%
B2 38.3%
B3 8.3%
Caa1 2.4%
Caa2 0.1%
NR 3.2%
Money Market Funds Plus Other Assets Less Liabilities 5.4%
** Source: Moody's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to changes without notices. "NR" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody's rating methodology, please visit moodys.com and select "Methodologies & Frameworks" under "Ratings & Assessments" on the homepage.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Short Term Treasury ETF
TBLL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Short Term Treasury ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Short Term Treasury ETF $8 0.08%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the U.S. Treasury bond market benefited from relatively lower short-term interest rates. As a Fund tracking U.S. Treasury bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.46%, differed from the return of the Index, 5.55%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Duration Allocations |  Bonds with maturities of 1-2 months, followed by bonds with maturities of 3-4 months.
Positions | U.S. Treasury Bill, due 8/8/2024 (no longer held at fiscal year-end), followed by U.S. Treasury Note, 0.38% coupon, due 7/15/2024 (no longer held at fiscal year-end).
What detracted from performance?
Duration Allocations |  Bonds with maturities of 11-12 months.
Positions | U.S. Treasury Note, 2.00% coupon, due 8/15/2025, followed by U.S. Treasury Note, 2.75% coupon, due 5/15/2025.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years		 Since
Inception
(01/12/17)
Invesco Short Term Treasury ETF — NAV Return 5.46% 2.21% 2.00%
Invesco Short Term Treasury ETF — Market Price Return 5.42% 2.21% 2.00%
ICE U.S. Treasury Short Bond Index 5.55% 2.26% 2.06%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.52%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the ICE U.S. Treasury Short Bond Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,807,700,315
Total number of portfolio holdings 72
Total advisory fees paid $1,271,786
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
U.S. Treasury Bills, 4.56%-5.15%, 11/29/2024 3.05%
U.S. Treasury Bills, 5.01%-5.17%, 11/07/2024 2.79%
U.S. Treasury Bills, 4.67%-5.19%, 10/03/2024 2.62%
U.S. Treasury Bills, 4.76%-5.12%, 12/19/2024 2.40%
U.S. Treasury Bills, 4.94%-5.17%, 11/21/2024 2.34%
U.S. Treasury Bills, 4.95%-5.17%, 11/14/2024 2.32%
U.S. Treasury Bills, 4.30%-4.93%, 05/15/2025 2.27%
U.S. Treasury Bills, 4.61%-5.17%, 10/31/2024 2.23%
U.S. Treasury Bills, 5.04%-5.21%, 10/22/2024 2.13%
U.S. Treasury Bills, 4.70%-4.95%, 01/02/2025 1.98%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Solar ETF
TAN | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Solar ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Solar ETF $66 0.77%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, global solar energy companies struggled due to prolonged head winds from inflation and ongoing tariffs on Chinese solar companies. Additionally, global solar energy companies have been hampered by oversupply issues and headwinds from residential solar.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (28.80)%, differed from the return of the Index, (28.41)%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Independent power and renewable electricity producers industry, followed by the financial services and construction & engineering industries, respectively.
Positions | First Solar, Inc., a semiconductors & semiconductor equipment company and Sunrun, Inc., an electrical equipment company.
What detracted from performance?
Industry Allocations |  Semiconductors & semiconductor equipment industry, followed by the electrical equipment and chemicals industries, respectively.
Positions | SolarEdge Technologies, Inc., a semiconductors & semiconductor equipment company and Meyer Burger Technology AG, a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Solar ETF — NAV Return (28.80)% 6.30% 0.62%
Invesco Solar ETF — Market Price Return (28.97)% 6.35% 0.65%
MAC Global Solar Energy Index (Net) (28.41)% 6.35% (0.76)%
MSCI ACWI (Net) 23.44% 12.14% 8.78%
MSCI World Growth Index (Net) 27.21% 15.58% 12.18%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Growth Index (Net) to the MSCI ACWI (Net) to reflect that the MSCI ACWI (Net) can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 18, 2018, Guggenheim Solar ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Solar ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,013,270,503
Total number of portfolio holdings 40
Total advisory fees paid $6,262,123
Portfolio turnover rate 43%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Enphase Energy, Inc. 10.82%
First Solar, Inc. 9.26%
Sunrun, Inc. 8.46%
Nextracker, Inc., Class A 6.47%
GCL Technology Holdings Ltd. 5.39%
Encavis AG 4.35%
HA Sustainable Infrastructure Capital, Inc. 3.74%
Xinyi Solar Holdings Ltd. 3.73%
Neoen S.A. 3.51%
Sunnova Energy International, Inc. 3.16%
* Excluding money market fund holdings, if any.
Industry allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund added ESG investing strategy risk to its principal risks to reflect factors that were added to the Index's eligibility criteria.
The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Taxable Municipal Bond ETF
BAB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Taxable Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Taxable Municipal Bond ETF $29 0.28%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the taxable municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in taxable municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Taxable Municipal Securities Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.64%, differed from the return of the Index, 8.45%, primarily due to positive effects of the sampling approach employed by the portfolio management team, which were partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations |  California bonds, followed by New York bonds.
Positions | California (State of), 7.55% coupon, due 4/1/2039, followed by Golden State Tobacco Securitization Corp., 3.12% coupon, due 6/1/2038.
What detracted from performance?
State Allocations |  Virgin Islands bonds.
Positions | New York (State of) Dormitory Authority, 3.19% coupon, due 2/15/2043, followed by Fulton (County of), GA Development Authority (Georgia Tech Foundation), 3.13% coupon, due 11/1/2049.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Taxable Municipal Bond ETF — NAV Return 8.64% (0.43)% 2.86%
Invesco Taxable Municipal Bond ETF — Market Price Return 8.80% (0.47)% 2.85%
Blended - ICE BofA US Taxable Municipal Securities Plus Index 8.45% 0.05% 3.06%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
ICE BofA U.S. Corporate Master Index 9.48% 0.84% 2.66%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the ICE BofA U.S. Corporate Master Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE BofA US Taxable Municipal Securities Plus Index performance is comprised of the performance of the ICE BofA Build America Bond Index, the former underlying index, through May 31, 2017, followed by the performance of the Index thereafter.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,192,615,279
Total number of portfolio holdings 636
Total advisory fees paid $3,871,637
Portfolio turnover rate 4%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 1.75%
Illinois (State of), Series 2010 2, GO Bonds, 6.90%, 03/01/2035 0.85%
California (State of), Series 2009, GO Bonds, 7.35%, 11/01/2039 0.84%
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB, 4.64%, 08/15/2030 0.84%
University of California, Series 2019 BD, RB, 3.35%, 07/01/2029 0.81%
Metro, Series 2019, GO Bonds, 3.25%, 06/01/2028 0.81%
New York (City of), NY, Subseries 2019 A-2, GO Bonds, 2.63%, 08/01/2028 0.79%
California (State of), Series 2010, GO Bonds, 7.60%, 11/01/2040 0.77%
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB, 3.60%, 12/01/2035 0.76%
New York (City of), NY, Series 2010 G-1, GO Bonds, 5.97%, 03/01/2036 0.75%
Revenue type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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Invesco Variable Rate Preferred ETF
VRP | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Variable Rate Preferred ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
Invesco Variable Rate Preferred ETF $53 0.50%
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the preferred stock market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in preferred stocks, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Variable Rate Preferred & Hybrid Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index, as well as American depositary receipts ("ADRs") that represent securities in the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.79%, differed from the return of the Index, 14.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations |  Oil, gas & consumable fuels industry, followed by the electric utilities industry.
Positions | Wells Fargo & Co., Series BB, 3.90%, a banks company, followed by Charles Schwab Corp. (The), Series I, 4.00%, a capital markets company.
What detracted from performance?
Industry Allocations |  Insurance industry, followed by the financial services industry.
Positions | New York Community Bancorp, Inc., Series A, Pfd., 6.38%, a banks company, followed by Enstar Group Ltd., Series D, Pfd., 7.00%, an insurance company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
Fund Performance - Growth of 10K

AVERAGE ANNUAL TOTAL RETURNS
1 Year
5 Years
10 Years
Invesco Variable Rate Preferred ETF — NAV Return 13.79% 4.37% 4.77%
Invesco Variable Rate Preferred ETF — Market Price Return 14.11% 4.39% 4.79%
Blended - ICE Variable Rate Preferred & Hybrid Securities Index 14.16% 4.67% 5.05%
Bloomberg U.S. Aggregate Bond Index 7.30% (0.04)% 1.64%
S&P U.S. Preferred Stock Index 14.00% 3.23% 4.29%
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P U.S. Preferred Stock Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE Variable Rate Preferred & Hybrid Securities Index performance is comprised of the performance of the WeIls Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index, the former underlying index, through June 30, 2021, followed by the performance of the Index thereafter.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
Fund net assets $1,740,628,215
Total number of portfolio holdings 310
Total advisory fees paid $7,840,316
Portfolio turnover rate 16%
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
Wells Fargo & Co., Series BB, 3.90% 1.50%
JPMorgan Chase & Co., Series HH, 4.60% 1.31%
JPMorgan Chase & Co., Series NN, 6.88% 1.17%
Citigroup Capital XIII, Pfd., 11.89% 1.17%
BP Capital Markets PLC, 4.88% 1.08%
Charles Schwab Corp. (The), Series G, 5.38% 1.07%
Goldman Sachs Group, Inc. (The), Series X, 7.50% 1.04%
Bank of America Corp., Series FF, 5.88% 0.99%
Citigroup, Inc., Series X, 3.88% 0.97%
Vodafone Group PLC, 7.00%, 04/04/2079 0.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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(b) Not applicable.



 

Item 2. Code of Ethics

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. Administration of the Code was transferred from the Chief Legal Officer to the Chief Compliance Officer during the reporting period. There were no waivers for the fiscal year ended August 31, 2024.

 
 

 

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees (the "Board") has determined that the Registrant has four "audit committee financial experts" serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is "independent," meaning that he/she is not an "interested person" of the Registrant (as that term is defined in Section 2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

 
 

 

Item 4. Principal Accountant Fees and Services.

 
 

 

 

 

(a)

to (d) 

  

Fees Billed by PwC to the Registrant 

  

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table.  The Audit Committee pre-approved all audit and non-audit services provided to the Registrant. 

  

  

     

  

Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2024 

Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023 

Audit Fees 

$   978,270 

$     876,390 

Audit-Related Fees(1) 

$              0 

$       11,000 

Tax Fees(2) 

$     723,600 

$     763,800 

All Other Fees 

$              0 

$              0 

Total Fees 

$ 1,701,870 

$   1,651,190 

  

(1)

Audit-Related Fees for the fiscal year ended August 31, 2023 includes fees billed for reviewing regulatory filings. 

(2)

Tax Fees for the fiscal years ended August 31, 2024 and 2023 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. 

  

Fees Billed by PwC Related to Invesco and Affiliates 

  

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved. 

  

  

   Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2024 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

  Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees(1)

$  1,121,000

$  957,000

Tax Fees

$                0

$               0

All Other Fees

$                0

$               0

Total Fees

$  1,121,000

$  957,000

  

(1)

Audit-Related Fees for the fiscal years ended 2024 and 2023 include fees billed related to reviewing controls at a service organization.  

  

  

(e)(1)Audit Committee Pre-Approval Policies and Procedures 

Pre-Approval of Audit and Non-Audit Services Policies and Procedures  

As Adopted by the Audit Committee of the Invesco ETFs 

  

   

 Applicable to 

Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) 

Risk Addressed by Policy 

Approval of Audit and Non-Audit Services 

Relevant Law and Other Sources 

Sarbanes-Oxley Act of 2002; Regulation S-X. 

Last Reviewed by Compliance for Accuracy 

June 15, 2018 

Effective Date 

June 26, 2009 

Amended Dates 

March 12, 2015 and June 15, 2018 

Statement of Principles 

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations. 

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services. 

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations. 

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities. 

Delegation 

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting. 

  

Audit Services 

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence. 

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings. 

Non-Audit Services 

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein. 

Audit-Related Services 

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities. 

Tax Services 

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy. 

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims. 

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall: 

   

1. 

Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: 

   

a. 

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and 

   

b. 

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; 

   

2. 

Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and 

   

3. 

Document the substance of its discussion with the Audit Committee. 

All Other Auditor Services 

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy. 

Pre-Approval Fee Levels or Established Amounts 

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services. 

Procedures 

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request. 

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.  

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules. 

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion. 

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied. 

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services. 

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management. 

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures  

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)  

  

  

• 

  

Bookkeeping or other services related to the accounting records or financial statements of the audit client  

  

• 

  

Financial information systems design and implementation  

  

• 

  

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports  

  

• 

  

Actuarial services  

  

• 

  

Internal audit outsourcing services  

  

Categorically Prohibited Non-Audit Services  

  

  

• 

  

Management functions  

  

• 

  

Human resources  

  

• 

  

Broker-dealer, investment adviser, or investment banking services  

  

• 

  

Legal services  

  

• 

  

Expert services unrelated to the audit  

  

• 

  

Any service or product provided for a contingent fee or a commission  

  

• 

  

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance  

  

• 

  

Tax services for persons in financial reporting oversight roles at the Fund  

  

• 

  

Any other service that the Public Company Oversight Board determines by regulation is impermissible.  

  (e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. 

(f)

Not applicable.  

(g)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,608,000 for the fiscal year ended August 31, 2024 and $ 6,721,000 for the fiscal year ended August 31, 2023 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee.  In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,452,600 for the fiscal year ended August 31, 2024 and $8,441,800 for the fiscal year ended August 31, 2023. 

(h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $34 million and non-audit services of approximately $26 million for the fiscal year ended 2024. The Audit Committee considered this information in evaluating PwC’s independence. 

(i)

Not applicable  

(j)

Not applicable 
 
 

 

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

 
 

 

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

 
 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 
 

Annual Financial Statements and Other Information
August 31, 2024
PWZ Invesco California AMT-Free Municipal Bond ETF
PCEF Invesco CEF Income Composite ETF
GOVI Invesco Equal Weight 0-30 Year Treasury ETF
PVI Invesco Floating Rate Municipal Income ETF
PHB Invesco Fundamental High Yield® Corporate Bond ETF
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF
PZA Invesco National AMT-Free Municipal Bond ETF
PZT Invesco New York AMT-Free Municipal Bond ETF
PGX Invesco Preferred ETF
TBLL Invesco Short Term Treasury ETF
BAB Invesco Taxable Municipal Bond ETF
VRP Invesco Variable Rate Preferred ETF
Table of Contents
Schedules of Investments  
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15
18
20
22
28
41
92
100
105
106
122
128
130
132
136
145
160
161
162
169
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Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.20%                
California-98.20%                
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)
5.00%   10/01/2052   $ 1,000   $  1,078,097
Alameda (County of), CA Transportation Commission, Series 2022, RB
5.00%   03/01/2045     750        834,648
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
5.00%   08/01/2049     55         61,613
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
4.00%   08/01/2052     225        222,298
Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)(a)
5.00%   08/01/2052     1,500     1,669,237
Bay Area Toll Authority, Series 2024 F-2, RB
5.00%   04/01/2043     5          5,551
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
4.00%   04/01/2042     1,000     1,003,698
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
4.00%   04/01/2047     1,300     1,291,068
Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB
2.60%   04/01/2056     3,600     2,471,187
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2054     1,000     1,098,395
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.25%   04/01/2054     500        560,285
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-2, RB
4.13%   04/01/2054     1,200     1,203,053
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
5.00%   09/01/2049     220        227,450
Burbank (City of), CA, Series 2023, RB
5.00%   06/01/2048     520        564,978
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
4.00%   07/01/2054     830        808,349
California (State of), Series 2013, GO Bonds
4.00%   04/01/2043     105        103,280
California (State of), Series 2014, GO Bonds(b)(c)
5.00%   12/04/2024     305        305,537
California (State of), Series 2014, GO Bonds(b)
5.00%   10/01/2044     2,030     2,031,834
California (State of), Series 2014, Ref. GO Bonds
4.00%   11/01/2044     1,500     1,474,180
California (State of), Series 2015, GO Bonds
4.00%   03/01/2045     195        191,503
California (State of), Series 2015, GO Bonds
5.00%   03/01/2045     2,000     2,018,926
California (State of), Series 2015, GO Bonds
5.00%   08/01/2045     2,100     2,136,010
California (State of), Series 2016, GO Bonds
4.00%   09/01/2045     1,250     1,228,960
California (State of), Series 2016, GO Bonds
5.00%   09/01/2045     1,100     1,134,078
California (State of), Series 2016, GO Bonds
3.00%   09/01/2046     530        442,004
California (State of), Series 2016, GO Bonds
5.00%   09/01/2046     900        927,184
California (State of), Series 2017, GO Bonds
5.00%   08/01/2046     1,000     1,028,954
California (State of), Series 2017, GO Bonds
5.00%   11/01/2047     2,370     2,468,334
California (State of), Series 2018, GO Bonds
4.00%   10/01/2039     70         69,643
California (State of), Series 2018, GO Bonds
5.00%   10/01/2047     1,720     1,760,871
California (State of), Series 2019, GO Bonds
5.00%   04/01/2049     1,200     1,270,667
California (State of), Series 2019, Ref. GO Bonds
4.00%   10/01/2039     1,000     1,024,209
California (State of), Series 2019, Ref. GO Bonds
5.00%   11/01/2039     1,100     1,175,401
California (State of), Series 2020, GO Bonds
3.00%   11/01/2041     140        122,983
California (State of), Series 2020, GO Bonds
4.00%   11/01/2041     1,000        985,105
California (State of), Series 2020, GO Bonds
4.00%   11/01/2045     175        171,790
California (State of), Series 2020, GO Bonds
3.00%   03/01/2046     1,400     1,168,214
California (State of), Series 2020, GO Bonds
4.00%   03/01/2046     1,260     1,266,776
California (State of), Series 2020, GO Bonds
4.00%   03/01/2046     165        165,887
California (State of), Series 2020, GO Bonds
3.00%   03/01/2050     400        325,683
California (State of), Series 2020, GO Bonds
3.00%   03/01/2050     2,890     2,353,059
California (State of), Series 2020, GO Bonds
4.00%   03/01/2050     25         25,020
California (State of), Series 2020, GO Bonds
3.00%   11/01/2050     1,050        852,726
California (State of), Series 2020, Ref. GO Bonds
4.00%   03/01/2040     1,000     1,023,566
California (State of), Series 2020, Ref. GO Bonds
4.00%   11/01/2040     175        179,566
California (State of), Series 2021, GO Bonds
4.00%   10/01/2039     990     1,023,821
California (State of), Series 2021, GO Bonds
2.38%   12/01/2043     500        367,660
California (State of), Series 2021, GO Bonds
3.00%   12/01/2043     400        342,658
California (State of), Series 2021, GO Bonds
5.00%   12/01/2043     1,200     1,308,771
California (State of), Series 2021, GO Bonds
3.00%   12/01/2046     750        623,733
California (State of), Series 2021, GO Bonds
5.00%   12/01/2046     500        541,999
California (State of), Series 2021, GO Bonds
2.50%   12/01/2049     550        378,461
California (State of), Series 2021, GO Bonds
3.00%   12/01/2049     225        183,736
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2041     2,445     2,712,134
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2021, Ref. GO Bonds
4.00%   10/01/2041   $ 1,500   $  1,535,575
California (State of), Series 2022 CU, GO Bonds
4.75%   12/01/2042     3,000     3,140,450
California (State of), Series 2022 CU, GO Bonds
4.85%   12/01/2046     700        738,757
California (State of), Series 2022 CU, GO Bonds
5.50%   12/01/2052     865        950,596
California (State of), Series 2022, GO Bonds
5.00%   04/01/2047     1,100     1,206,816
California (State of), Series 2022, GO Bonds
5.25%   09/01/2047     1,350     1,515,709
California (State of), Series 2022, GO Bonds
4.00%   04/01/2049     1,900     1,903,315
California (State of), Series 2022, GO Bonds
3.00%   04/01/2052     2,245     1,814,967
California (State of), Series 2022, Ref. GO Bonds
4.00%   04/01/2042     1,700     1,736,567
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2042     2,320     2,432,952
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2042     1,045     1,163,083
California (State of), Series 2022, Ref. GO Bonds
4.00%   09/01/2042     2,600     2,658,636
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2042     3,000     3,355,384
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2042     300        315,670
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2042     125        140,072
California (State of), Series 2023, GO Bonds
5.00%   10/01/2045     1,600     1,782,676
California (State of), Series 2023, GO Bonds
5.25%   10/01/2045     2,100     2,386,803
California (State of), Series 2023, GO Bonds
4.00%   10/01/2050     1,900     1,902,227
California (State of), Series 2023, GO Bonds
5.25%   10/01/2050     1,600     1,797,896
California (State of), Series 2023, GO Bonds
5.25%   09/01/2053     3,200     3,596,441
California (State of), Series 2023, Ref. GO Bonds
4.00%   10/01/2042     2,500     2,559,834
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2042     1,200     1,283,782
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2042     2,065     2,325,038
California (State of), Series 2023, Ref. GO Bonds
4.00%   09/01/2043     3,615     3,684,310
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2043     2,000     2,249,998
California (State of), Series 2024, GO Bonds
5.00%   09/01/2044     510        576,347
California (State of), Series 2024, GO Bonds
5.00%   09/01/2044     2,000     2,260,185
California (State of), Series 2024, GO Bonds
4.00%   09/01/2047     600        604,343
California (State of), Series 2024, GO Bonds
5.00%   09/01/2048     2,625     2,926,147
California (State of), Series 2024, GO Bonds
5.00%   09/01/2053     1,095     1,210,529
California (State of), Series 2024, GO Bonds(d)
5.25%   08/01/2054     100        113,258
California (State of), Series 2024, Ref. GO Bonds
5.00%   09/01/2043     2,620     2,962,969
California (State of) Educational Facilities Authority (Art Center College of Design), Series 2018 A, Ref. RB
5.00%   12/01/2044     1,000     1,028,147
California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB
5.00%   06/01/2043     3,000     3,724,369
California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB
5.00%   05/01/2045     3,200     3,976,828
California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB
5.00%   06/01/2046     1,900     2,364,365
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
5.00%   05/01/2049     4,300     5,340,880
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
5.00%   04/01/2051     2,000     2,483,042
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB
2.25%   04/01/2051     400        261,437
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB
5.00%   10/01/2053     1,000     1,036,732
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
5.25%   11/01/2049     800        907,619
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
5.25%   11/01/2054     1,250     1,406,808
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
5.50%   11/01/2059     1,400     1,604,964
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB
4.00%   03/01/2043     230        216,026
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB
5.00%   08/15/2041     1,000     1,104,896
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
4.00%   08/15/2040     715        734,207
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
5.00%   08/15/2051     1,515     1,631,580
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB
3.00%   08/15/2051     1,920     1,536,329
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
3.25%   08/15/2039   $ 1,000   $    950,758
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
4.00%   08/15/2039     1,825     1,832,043
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB
4.00%   08/15/2048     4,330     4,331,401
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB
5.00%   08/15/2042     700        720,423
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
5.00%   11/15/2049     1,900     1,930,425
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
4.00%   04/01/2044     1,000        969,562
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
4.00%   04/01/2049     1,100     1,055,115
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
4.00%   02/01/2042     25         25,176
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
5.00%   02/01/2047     525        540,758
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
4.00%   11/01/2044     6,965     6,888,263
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
5.00%   11/01/2047     6,000     7,282,054
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB
5.00%   08/15/2055     1,000     1,014,188
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB
5.00%   11/15/2056     145        149,865
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022, Ref. RB
4.00%   05/15/2051     1,700     1,679,765
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB
4.00%   05/15/2046     500        495,144
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
3.00%   06/01/2047     1,000        834,181
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
4.00%   06/01/2050     1,000        945,583
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB
5.00%   10/01/2044     1,200     1,200,160
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
3.00%   10/01/2047     3,130     2,554,001
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
4.00%   10/01/2047     335        323,255
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016, Ref. RB
3.00%   10/01/2041     355        312,307
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%   11/15/2041     1,000     1,138,018
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%   11/15/2043     1,000     1,126,548
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
5.00%   11/15/2044     1,005     1,128,011
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
4.00%   11/15/2040     1,910     1,918,420
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
4.00%   08/15/2050     1,100     1,083,730
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
4.00%   11/15/2041     1,995     1,966,101
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
4.00%   11/15/2048     1,175     1,136,565
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
5.00%   11/15/2048     40         41,347
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
4.00%   11/15/2042     1,170     1,163,432
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB
4.00%   11/01/2045     1,395     1,371,343
California (State of) Infrastructure & Economic Development Bank (Adventist Health System), Series 2024 A, RB
5.25%   07/01/2054     955     1,026,628
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%   08/01/2044     495        529,072
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%   08/01/2049     1,250     1,324,555
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
4.00%   10/01/2040     150       158,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
4.00%   10/01/2047   $ 500   $    501,661
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
5.00%   10/01/2043     50         52,480
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
3.00%   07/01/2050     2,000     1,586,613
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
4.00%   07/01/2050     250        240,881
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
5.00%   05/15/2042     60         63,290
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
5.00%   05/15/2047     1,000     1,047,792
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
5.00%   05/15/2052     1,000     1,044,588
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB
5.00%   05/15/2043     1,000     1,035,634
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB
4.00%   03/01/2050     3,085     2,575,564
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
4.00%   02/01/2042     1,000        952,338
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
5.00%   02/01/2047     1,000     1,008,719
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB
5.00%   07/01/2042     1,000     1,014,883
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
4.00%   05/15/2046     500        492,814
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
3.00%   05/15/2051     1,000        775,624
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
3.00%   05/15/2054     1,000        755,111
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2021, RB
4.00%   10/01/2049     1,000        931,995
California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates), Series 2019, RB, (INS - Cal-Mortgage)(a)
5.00%   01/01/2049     685        717,426
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%   11/01/2041     610        611,910
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.00%   11/01/2047     1,000     1,000,987
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%   11/01/2047     500        500,185
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
5.00%   06/01/2042     1,000     1,033,785
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)(a)
5.25%   11/01/2052     1,900     2,033,291
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB
5.00%   05/15/2049     1,000     1,032,117
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB
5.00%   05/15/2052     1,000     1,029,713
California (State of) Pollution Control Financing Authority (San Diego County Water Authority), Series 2019, Ref. RB(e)
5.00%   11/21/2045     1,000     1,034,501
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
5.00%   07/15/2046     500        550,249
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
4.00%   07/15/2051     1,000        985,053
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2047     1,010        988,329
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
5.00%   08/01/2047     55         57,368
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%   11/01/2046     535        538,615
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%   11/01/2046     850        929,525
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%   04/01/2041     15         17,103
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%   04/01/2042     155        175,913
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%   04/01/2043     5          5,651
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
5.00%   04/01/2044     5          5,629
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%   04/01/2045     1,000     1,122,831
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%   04/01/2049     30         33,344
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
4.00%   05/01/2046     950        956,024
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
5.00%   09/01/2039     1,250     1,252,552
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
4.00%   04/01/2045     1,000       983,364
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
3.00%   04/01/2050   $ 1,000   $    791,144
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGM)(a)
5.25%   08/15/2052     1,000     1,082,693
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB
5.00%   04/01/2047     300        304,492
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
3.00%   04/01/2046     1,250     1,019,855
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
4.00%   04/01/2051     300        277,171
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB
4.00%   07/01/2048     1,000        980,030
California (State of) Statewide Communities Development Authority (Jewish Home of San Francisco), Series 2016, RB, (INS - Cal-Mortgage)(a)
4.00%   11/01/2046     600        597,789
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
4.00%   08/15/2046     650        636,956
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
4.00%   08/15/2051     490        470,995
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
5.00%   08/15/2051     1,000     1,016,823
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
4.00%   12/01/2057     705        667,368
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
5.00%   12/01/2057     275        282,236
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB
4.00%   08/01/2045     1,000        908,581
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
5.00%   01/01/2048     475        494,521
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB
5.00%   05/15/2040     1,000     1,015,652
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB
5.00%   05/15/2047     500        507,679
California State University, Series 2015 A, Ref. RB
4.00%   11/01/2043     25         25,012
California State University, Series 2015 A, Ref. RB
5.00%   11/01/2047     1,600     1,623,604
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2041     1,610     1,655,350
California State University, Series 2016 A, Ref. RB
4.00%   11/01/2045     1,000        996,574
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2045     700        716,894
California State University, Series 2018 A, Ref. RB
5.00%   11/01/2048     1,000     1,057,252
California State University, Series 2019 A, RB
5.00%   11/01/2049     1,000     1,064,571
California State University, Series 2020 C, RB
4.00%   11/01/2045     1,720     1,725,936
California State University, Series 2023 A, RB
5.25%   11/01/2048     800        911,908
California State University, Series 2023 A, RB
5.25%   11/01/2053     750        848,080
Cerritos Community College District (Election of 2012), Series 2014 A, GO Bonds
4.00%   08/01/2044     100         99,412
Cerritos Community College District (Election of 2012), Series 2019 C, GO Bonds
3.00%   08/01/2044     65         55,422
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2047     1,090     1,077,746
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
4.00%   06/01/2043     165        167,021
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%   06/01/2048     1,000     1,052,851
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds
5.00%   08/01/2044     2,000     2,013,174
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds
4.00%   08/01/2052     175        172,898
Chino Valley Unified School District, Series 2020 B, GO Bonds
5.00%   08/01/2055     1,000     1,067,162
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds
4.00%   08/01/2055     2,835     2,823,414
Coachella Valley Unified School District (Election of 2005), Series 2016 E, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2045     1,500     1,498,144
College of the Sequoias Visalia Area Improvement District No. 2, Series 2024, GO Bonds
5.00%   08/01/2054     1,000     1,104,123
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
4.00%   06/01/2049     115        114,131
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds
4.00%   08/01/2039     100         99,999
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
4.00%   08/01/2049     1,450     1,442,869
Desert Community College District, Series 2017, Ref. GO Bonds
4.00%   08/01/2039     940        945,704
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds
4.00%   08/01/2051     500       493,295
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Desert Community College District (Election of 2016), Series 2024, GO Bonds
4.00%   08/01/2051   $ 1,000   $    989,815
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds
4.13%   08/01/2049     1,000     1,006,928
East Bay Municipal Utility District, Series 2024 A, RB
5.00%   06/01/2049     1,000     1,118,280
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%   06/01/2042     500        523,785
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
5.00%   06/01/2045     1,000     1,043,949
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
5.00%   06/01/2049     5          5,319
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
5.00%   07/01/2047     1,000     1,043,793
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
3.13%   02/01/2040     120        106,701
Elk Grove Unified School District, Series 2023, RB, (INS - AGM)(a)
4.00%   12/01/2042     100        102,217
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
4.00%   10/01/2044     975        975,006
Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds
4.00%   10/01/2043     475        473,085
Foothill-De Anza Community College District, Series 2016, Ref. GO Bonds
4.00%   08/01/2040     2,000     2,001,896
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB
4.00%   01/15/2046     1,500     1,459,902
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
4.00%   01/15/2043     1,336     1,319,351
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
3.95%   01/15/2053     2,000     1,862,976
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-2, Ref. RB
3.50%   01/15/2053     1,500     1,285,957
Fremont Union High School District, Series 2015, GO Bonds
4.00%   08/01/2044     1,000        994,116
Fremont Union High School District, Series 2019 A, GO Bonds
4.00%   08/01/2046     3,110     3,097,718
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%   08/01/2052     2,000     1,972,692
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%   08/01/2055     500        495,334
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
4.00%   04/01/2054     1,000        979,708
Glendale Community College District, Series 2020 B, GO Bonds
3.00%   08/01/2047     300        246,780
Glendale Community College District, Series 2020 B, GO Bonds
4.00%   08/01/2050     2,400     2,376,024
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
5.00%   08/01/2044     1,000     1,059,522
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
4.00%   08/01/2047     120        119,181
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds
4.00%   08/01/2046     1,295     1,289,886
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)
4.00%   08/01/2050     1,000        993,182
Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, (INS - AGM)(a)
5.00%   08/01/2054     300        331,761
Imperial Irrigation District, Series 2016 B-1, RB
5.00%   11/01/2046     1,200     1,234,908
Inland Valley Development Agency, Series 2014 A, Ref. RB
5.00%   09/01/2044     1,000     1,003,600
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2044     1,000     1,003,638
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), Series 2023, RB, (INS - BAM)(a)
5.25%   09/01/2053     370        412,531
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), Series 2023, RB, (INS - BAM)(a)
4.00%   09/01/2058     550        552,766
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
4.25%   05/01/2053     3,500     3,506,487
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
5.25%   09/01/2053     500        559,500
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
4.00%   09/01/2058     1,900     1,860,857
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)(a)
5.00%   09/01/2048     1,000     1,108,781
Jurupa Unified School District, Series 2017 B, GO Bonds
4.00%   08/01/2041     2,000     2,010,029
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
4.00%   08/01/2046     20         19,916
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
4.00%   08/01/2047     200        199,228
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds
3.00%   08/01/2043     5,000     4,285,361
Long Beach (City of), CA, Series 2017 C, Ref. RB
5.00%   05/15/2047     420        433,262
Long Beach (City of), CA, Series 2019 A, RB
7.15%   05/15/2044     600        641,563
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
5.00%   05/15/2040     500        501,690
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
5.00%   05/15/2045     500        500,882
Long Beach (City of), CA Bond Finance Authority, Series 2023, RB
4.00%   08/01/2053     300        294,755
Long Beach Community College District, Series 2019 C, GO Bonds
4.00%   08/01/2049     1,500     1,476,386
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
3.00%   08/01/2050     100         80,543
Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds
4.00%   08/01/2050     2,000     1,986,364
Los Angeles (City of), CA, Series 2013 A, RB
5.00%   06/01/2043     1,860     1,860,550
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
5.00%   06/01/2045     700        707,369
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
5.25%   06/01/2047     700        732,524
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
5.00%   06/01/2047     1,000     1,101,917
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB
5.00%   05/15/2048   $ 20   $     21,231
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
5.00%   05/15/2044     610        648,699
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
5.00%   05/15/2049     1,000     1,051,967
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
5.00%   05/15/2040     1,185     1,293,235
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB
4.00%   05/15/2040     645        663,376
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
5.00%   05/15/2045     925     1,014,676
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
5.00%   05/15/2048     600        653,868
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
4.00%   05/15/2048     1,000        994,642
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds), Series 2022 I, RB
5.00%   05/15/2048     600        659,416
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB(b)(c)
5.00%   09/25/2024     30         30,032
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2040     1,000     1,022,722
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2046     2,200     2,241,475
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2046     2,500     2,546,478
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB
5.00%   07/01/2042     1,500     1,531,579
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2042     2,700     2,799,953
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.00%   07/01/2041     1,000     1,037,710
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
5.00%   07/01/2044     1,205     1,247,299
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
4.00%   07/01/2047     1,075     1,064,149
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB
5.00%   07/01/2048     2,000     2,085,381
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%   07/01/2043     1,285     1,357,824
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%   07/01/2048     1,000     1,048,682
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2043     1,000     1,056,673
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2048     680        713,104
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
5.00%   07/01/2042     40         43,062
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
5.00%   07/01/2049     1,000     1,060,452
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2044     350        375,106
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2049     2,235     2,370,110
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2041     40         43,907
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%   07/01/2040     1,210     1,335,436
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2051     1,100     1,186,839
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2040     1,000     1,104,790
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2041     1,000     1,097,665
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%   07/01/2045     750        822,510
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
5.00%   07/01/2051     1,250     1,355,575
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2046     560        612,365
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2047     1,000     1,102,748
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2052     1,000     1,092,297
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2047     1,000     1,098,338
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
4.00%   07/01/2049     965        952,574
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2041     500        559,338
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2042     500        556,561
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2043     1,500     1,676,019
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2043     1,000     1,109,335
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2047     1,100     1,214,609
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2052     1,200     1,312,467
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.25%   07/01/2053     1,235     1,389,503
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB
5.25%   07/01/2053     10         11,175
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%   07/01/2053     750        825,573
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%   07/01/2044     20         22,613
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%   07/01/2044     20        22,613
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%   07/01/2046   $ 550   $    617,460
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
5.00%   07/01/2049     500        557,004
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
5.00%   07/01/2042     1,030     1,076,849
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2040     85         89,172
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   07/01/2041     415        434,579
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2044     1,200     1,270,677
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)(c)
5.00%   12/01/2024     2,000     2,006,704
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
4.00%   12/01/2040     585        585,085
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
5.00%   12/01/2045     850        863,135
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%   12/01/2044     200        213,608
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
5.00%   12/01/2049     1,095     1,157,529
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
4.00%   12/01/2043     400        405,517
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
5.00%   12/01/2045     350        380,212
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
3.00%   12/01/2050     585        475,629
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
4.00%   12/01/2046     100        100,575
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds
4.00%   08/01/2041     250        252,284
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
3.00%   08/01/2039     3,800     3,523,564
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
4.00%   08/01/2039     100        100,494
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
5.00%   12/01/2043     1,000     1,059,469
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, RB
4.00%   12/01/2048     1,025     1,017,162
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2040     1,000     1,022,943
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2044     100        100,981
Los Angeles Unified School District, Series 2020 C, GO Bonds
3.00%   07/01/2045     1,000        844,814
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
4.00%   07/01/2044     5,005     5,054,117
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
5.25%   07/01/2040     10         11,788
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
5.25%   07/01/2048     1,030     1,176,305
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
5.00%   07/01/2040     905        916,198
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.25%   07/01/2042     965     1,023,214
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.25%   07/01/2047     1,100     1,245,780
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
5.00%   07/01/2041     15         17,225
Los Rios Community College District, Series 2019 D, GO Bonds
3.00%   08/01/2044     100         84,801
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
4.00%   08/01/2046     3,000     2,965,919
Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds
5.25%   08/01/2053     300        334,687
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds
4.00%   08/01/2040     190        189,134
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
5.00%   08/01/2041     880        914,115
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
4.00%   08/01/2047     150        148,977
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2045     1,000     1,075,797
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2049     45         48,148
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
5.00%   07/01/2040     1,205     1,336,709
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%   10/01/2046     1,000     1,099,737
Metropolitan Water District of Southern California, Series 2021 A, RB
5.00%   10/01/2051     1,000     1,086,618
Metropolitan Water District of Southern California, Series 2023 A, RB
5.00%   04/01/2048     15         16,755
Modesto High School District (Election of 2022), Series 2022 A, GO Bonds
4.00%   08/01/2052     300        296,397
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
4.00%   08/01/2046     60         59,311
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
3.00%   08/01/2050     400        328,353
Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGM)(a)
5.25%   08/01/2052     80         88,542
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
4.00%   08/01/2047     3,000     2,979,535
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)
5.00%   08/01/2048     200        209,427
M-S-R Energy Authority, Series 2009 A, RB
6.50%   11/01/2039     1,100     1,427,124
M-S-R Energy Authority, Series 2009 B, RB
6.50%   11/01/2039     1,800     2,335,294
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
4.00%   08/01/2049     2,400     2,380,735
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%   08/01/2044     70         74,919
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
4.00%   08/01/2043     795        799,750
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2044     1,245     1,241,051
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(a)
4.00%   08/01/2042     1,000     1,000,770
Norwalk-La Mirada Unified School District (Election of 2014), Series 2021 E, GO Bonds
3.00%   08/01/2050     45        36,940
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds
4.00%   08/01/2049   $ 2,700   $  2,678,327
Oakland (City of), CA, Series 2020 B-1, GO Bonds
3.00%   01/15/2050     300        245,439
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
5.25%   08/01/2048     1,000     1,125,444
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
4.00%   08/01/2046     1,000        993,054
Ohlone Community College District, Series 2016 C, GO Bonds
4.00%   08/01/2045     500        491,038
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022 A, RB, (INS - AGM)(a)
5.00%   11/01/2052     2,500     2,705,855
Orange (County of), CA Local Transportation Authority, Series 2019, RB
5.00%   02/15/2041     300        321,650
Orange (County of), CA Water District, Series 2017 A, Ref. RB
4.00%   08/15/2041     500        503,609
Oxnard Union High School District, Series 2020 B, GO Bonds
5.00%   08/01/2045     480        505,412
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
4.00%   08/01/2047     3,000     3,003,712
Palo Alto Unified School District, Series 2022, GO Bonds
3.25%   08/01/2042     710        667,126
Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds
5.25%   08/01/2045     2,000     2,096,698
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
5.00%   08/01/2048     2,000     2,212,673
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
4.00%   08/01/2052     400        395,196
Peralta Community College District, Series 2016 A, Ref. GO Bonds
4.00%   08/01/2039     50         49,999
Peralta Community College District, Series 2022 B, GO Bonds
5.50%   08/01/2052     1,000     1,132,596
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds
4.00%   08/01/2039     830        829,981
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2041     1,300     1,336,571
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2047     2,605     2,661,151
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2041     1,000     1,119,101
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2042     1,000     1,114,608
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2047     5,150     5,632,964
Regents of the University of California Medical Center, Series 2022 P, RB
4.00%   05/15/2053     1,300     1,294,720
Regents of the University of California Medical Center, Series 2022 P, RB
3.50%   05/15/2054     1,400     1,292,595
River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2042     500        544,240
Riverside (City of), CA, Series 2024 A, Ref. RB
5.00%   10/01/2049     2,000     2,241,549
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
4.00%   06/01/2040     750        757,727
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
4.00%   06/01/2046     1,630     1,611,167
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
3.00%   06/01/2049     2,000     1,577,061
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds
4.00%   08/01/2042     225        225,933
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
5.00%   06/01/2048     2,700     2,791,126
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
5.00%   10/01/2047     5,000     5,141,616
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2040     5          5,421
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
5.00%   08/15/2050     4,000     4,325,820
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2048     500        559,844
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2053     500        555,423
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
5.00%   11/15/2049     1,000     1,125,693
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2054     1,500     1,473,654
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)
5.50%   08/01/2047     1,500     1,655,946
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)
5.50%   08/01/2052     1,000     1,097,964
Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2049     1,000        990,423
Sacramento (County of), CA, Series 2016 B, Ref. RB
5.00%   07/01/2041     1,000     1,021,094
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%   12/01/2050     1,000     1,080,031
Salinas Union High School District, Series 2022 A, GO Bonds
4.00%   08/01/2047     500        493,645
San Bernardino City Unified School District, Series 2020 F, GO Bonds, (INS - AGM)(a)
3.00%   08/01/2044     355        300,350
San Bernardino Community College District (Election of 2008), Series 2023 E, GO Bonds
4.13%   08/01/2049     50         50,279
San Diego (City of), CA, Series 2023, COP
5.00%   10/01/2053     10         10,999
San Diego (City of), CA Association of Governments, Series 2017 A, RB
5.00%   07/01/2042     400        415,524
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.00%   08/01/2043     1,000     1,058,011
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.25%   08/01/2047     520        552,489
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB
4.00%   08/01/2045     300        300,013
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%   05/15/2052     1,050     1,152,850
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
5.00%   05/15/2049     1,000     1,123,063
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
5.00%   05/15/2054   $ 1,000   $  1,117,795
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB
5.00%   10/15/2044     1,000     1,016,544
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
5.00%   10/15/2046     535        577,102
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
4.00%   10/15/2050     400        397,124
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. RB
5.00%   10/15/2049     1,000     1,113,061
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. RB
5.00%   10/15/2054     1,000     1,108,565
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2044     1,500     1,603,459
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
5.00%   07/01/2049     1,000     1,059,088
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%   07/01/2046     500        497,073
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
5.00%   07/01/2046     750        815,375
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%   07/01/2051     1,000        980,073
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%   07/01/2056     1,000        973,061
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%   04/01/2048     1,000     1,023,981
San Diego (County of), CA Water Authority, Series 2022 A, RB
5.00%   05/01/2047     500        557,264
San Diego Unified School District, Series 2020 M-2, GO Bonds
3.00%   07/01/2050     1,500     1,227,541
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds
4.00%   07/01/2045     115        114,567
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
3.13%   07/01/2042     50         44,665
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
4.00%   07/01/2047     2,770     2,771,091
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds
4.00%   07/01/2049     4,560     4,545,690
San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds
4.00%   07/01/2046     1,200     1,213,152
San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds
3.25%   07/01/2048     60         52,221
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
4.00%   07/01/2050     1,000     1,000,903
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds
4.00%   07/01/2053     2,700     2,689,033
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
5.00%   07/01/2048     130        144,954
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
4.00%   07/01/2053     1,700     1,693,095
San Dieguito Union High School District (Election of 2012), Series 2016 C-2, GO Bonds
3.00%   02/01/2041     15         13,151
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB
5.00%   05/01/2046     1,570     1,600,726
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB
5.00%   05/01/2047     2,735     2,831,350
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB
5.00%   05/01/2048     1,625     1,700,317
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB
5.00%   05/01/2050     1,040     1,099,017
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB
5.00%   05/01/2049     900        951,890
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%   11/01/2039     1,200     1,203,228
San Francisco (City & County of), CA Public Utilities Commission, Series 2024 D, RB
5.00%   10/01/2054     1,000     1,107,344
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
4.00%   10/01/2043     950        952,796
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB
5.00%   11/01/2050     1,000     1,074,787
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%   10/01/2045     110        120,475
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%   10/01/2050     950        941,731
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB
4.00%   11/01/2041     1,200     1,248,051
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
5.00%   10/01/2049     1,000     1,116,286
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
5.00%   10/01/2054     1,000     1,107,344
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB
3.00%   11/01/2050     500        406,713
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB
4.00%   11/01/2050     385        381,586
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.25%   11/01/2048     1,100     1,246,482
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.25%   11/01/2052     2,000     2,251,508
San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, RB
5.00%   11/01/2050     500        520,057
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB
4.00%   03/01/2046     520        515,518
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
4.00%   03/01/2051     1,000       992,191
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
5.00%   08/01/2047   $ 100   $    103,710
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2020 C-1, GO Bonds
3.00%   08/01/2050     2,500     2,052,523
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
3.00%   08/01/2042     1,000        896,267
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
4.00%   08/01/2047     1,500     1,500,438
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
4.25%   08/01/2052     3,000     3,031,813
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds
4.00%   08/01/2044     15         14,954
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
4.00%   06/15/2045     3,000     3,002,074
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
4.00%   01/15/2050     2,700     2,668,745
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%   01/15/2044     1,600     1,607,848
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
5.25%   01/15/2049     2,600     2,612,882
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%   03/01/2042     500        518,227
San Jose (City of), CA Financing Authority (Green Bonds), Series 2022 B, RB
5.00%   11/01/2052     1,100     1,223,034
San Juan Unified School District (Election of 2016), Series 2024, GO Bonds
4.00%   08/01/2049     2,000     1,977,754
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.25%   08/01/2048     1,000     1,108,904
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds
4.00%   08/01/2043     300        303,424
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
4.00%   08/01/2044     1,000     1,004,709
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
5.00%   08/01/2049     500        533,993
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
5.00%   07/15/2043     495        523,816
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds
5.00%   09/01/2045     1,655     1,756,897
San Mateo Foster City School District, Series 2021 A, GO Bonds
2.50%   08/01/2046     1,000        718,341
San Mateo Foster City School District, Series 2021 A, GO Bonds
2.50%   08/01/2051     1,000        674,104
San Mateo Union High School District, Series 2021 B, GO Bonds
2.00%   09/01/2045     1,000        648,084
San Mateo Union High School District, Series 2021 B, GO Bonds
2.13%   09/01/2048     300        189,827
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds
4.00%   08/01/2047     1,000        997,625
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds
3.25%   08/01/2039     50         48,001
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
3.13%   05/01/2047     200        167,313
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
3.50%   07/01/2042     50         47,816
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
3.25%   07/01/2044     1,000        890,626
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
4.00%   07/01/2048     100         98,625
Santa Clara Valley Water District, Series 2016 A, Ref. RB
5.00%   06/01/2046     390        397,482
Santa Clarita Community College District, Series 2019, GO Bonds
3.00%   08/01/2049     5          4,097
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
5.00%   08/01/2043     15         15,961
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2046     1,000        994,377
South San Francisco Unified School District, Series 2023, GO Bonds
4.00%   09/01/2052     550        543,247
South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds
4.00%   09/01/2048     125        124,711
Southern California Public Power Authority, Series 2023-1A, RB
5.00%   07/01/2048     1,905     2,124,137
Southern California Public Power Authority, Series 2023-1A, RB
5.25%   07/01/2053     2,200     2,478,777
Southern California Public Power Authority, Series 2024, RB
5.00%   07/01/2049     20         22,453
Southern California Public Power Authority, Series 2024, RB
5.00%   07/01/2053     1,600     1,782,046
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2047     1,300     1,291,132
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
4.00%   04/01/2045     2,000     2,005,856
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
4.00%   08/01/2042     1,000        991,200
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%   10/01/2049     1,200     1,230,293
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
4.00%   08/01/2039     2,000     2,038,259
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2041     700        720,395
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2046     1,135     1,163,259
University of California, Series 2017 AV, RB
5.25%   05/15/2042     1,000     1,046,977
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2043     1,915     2,024,216
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2048     1,500     1,574,449
University of California, Series 2018 AZ, Ref. RB
5.25%   05/15/2058     1,000     1,054,036
University of California, Series 2019 BB, Ref. RB
5.00%   05/15/2049     1,705     1,815,811
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2047   $ 1,750   $  1,765,923
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2050     2,000     2,010,013
University of California, Series 2021 BH, Ref. RB
4.00%   05/15/2046     1,000     1,011,589
University of California, Series 2021 BH, Ref. RB
4.00%   05/15/2051     355        356,012
University of California, Series 2022 BK, RB
5.00%   05/15/2052     2,980     3,246,958
University of California, Series 2023 BN, Ref. RB
5.50%   05/15/2040     1,000     1,183,040
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2041     1,000     1,139,650
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2041     1,000     1,153,406
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2042     1,000     1,148,870
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2044     1,150     1,308,409
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2041     500        576,703
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2042     500        574,435
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2044     1,000     1,137,747
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2045     1,000     1,132,933
University of California, Series 2024 BW, Ref. RB
5.00%   05/15/2054     1,000     1,103,971
University of California (Limited), Series 2016 K, RB
4.00%   05/15/2046     1,650     1,634,655
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2042     2,225     2,311,216
University of California (Limited), Series 2017 M, RB
4.00%   05/15/2047     125        124,073
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2048     3,000     3,145,714
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2058     1,500     1,567,138
University of California (Limited), Series 2021 Q, Ref. RB
5.00%   05/15/2046     2,000     2,183,895
University of California (Limited), Series 2021 Q, Ref. RB
3.00%   05/15/2051     2,000     1,634,653
University of California (Limited), Series 2021 Q, Ref. RB
4.00%   05/15/2051     1,250     1,221,754
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
5.00%   01/01/2047     400        408,100
Vacaville Unified School District, Series 2020 D, GO Bonds
4.00%   08/01/2045     1,000        998,762
Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds
4.00%   08/01/2052     415        407,297
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
5.25%   08/01/2048     1,500     1,681,961
Washington Township Health Care District, Series 2015 B, GO Bonds
4.00%   08/01/2045     10          9,792
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds
5.00%   08/01/2043     20         20,000
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
4.00%   08/01/2040     1,225     1,225,764
TOTAL INVESTMENTS IN SECURITIES(f)-98.20%

(Cost $631,947,581)
  629,737,799
OTHER ASSETS LESS LIABILITIES-1.80%
  11,559,568
NET ASSETS-100.00%
  $641,297,367
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d) All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco CEF Income Composite ETF (PCEF)
August 31, 2024
Schedule of Investments
  Shares   Value
Closed-End Funds-99.79%
Bonds-30.73%
Aberdeen Asia-Pacific Income Fund, Inc.(a)
  3,235,606   $  9,156,765
BlackRock Core Bond Trust(a)
  370,753     4,319,272
BlackRock Credit Allocation Income Trust
  1,073,352    11,817,606
BlackRock Limited Duration Income Trust(a)
  283,578     4,097,702
BlackRock Multi-Sector Income Trust
  259,652     3,899,973
BlackRock Taxable Municipal Bond Trust(a)
  727,295    12,924,032
Blackstone Long-Short Credit Income Fund(a)
  145,118     1,883,632
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)
  338,190     6,888,930
Cohen & Steers Select Preferred and Income Fund, Inc.
  139,307     2,850,221
DoubleLine Income Solutions Fund
  720,819     9,327,398
DoubleLine Opportunistic Credit Fund(a)
  138,983     2,194,542
Eaton Vance Limited Duration Income Fund(a)
  1,354,711    13,858,694
Eaton Vance Short Duration Diversified Income Fund(a)
  120,747     1,341,499
First Trust Intermediate Duration Preferred & Income Fund
  691,527    13,000,708
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)
  270,851     5,530,777
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)
  637,163    10,086,290
Flaherty & Crumrine Total Return Fund, Inc.(a)
  152,717     2,559,537
Franklin Limited Duration Income Trust(a)
  529,138     3,555,807
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)
  166,407     2,975,357
Invesco Bond Fund(a)(b)
  89,556     1,494,690
Invesco Senior Income Trust(a)(b)
  979,251     4,210,779
John Hancock Preferred Income Fund(a)
  176,153     3,087,962
John Hancock Preferred Income Fund II(a)
  139,233     2,378,100
John Hancock Preferred Income Fund III(a)
  200,958     3,289,682
John Hancock Premium Dividend Fund(a)
  576,120     7,558,694
MFS Charter Income Trust
  491,436     3,145,190
MFS Intermediate Income Trust
  1,310,250     3,609,739
MFS Multimarket Income Trust(a)
  665,861     3,222,767
Nuveen Credit Strategies Income Fund(a)
  1,250,648     7,228,745
Nuveen Floating Rate Income Fund(a)
  1,236,978    10,947,255
Nuveen Global High Income Fund(a)
  210,887     2,749,967
Nuveen Preferred & Income Opportunities Fund(a)
  4,004,767    31,477,469
Nuveen Taxable Municipal Income Fund(a)
  341,917     5,675,822
PIMCO Dynamic Income Opportunities Fund(a)
  747,526    10,278,483
PIMCO Income Strategy Fund(a)
  263,818     2,205,518
PIMCO Income Strategy Fund II(a)
  576,256     4,241,244
Pioneer Floating Rate Fund, Inc.(a)
  113,987     1,123,912
Putnam Premier Income Trust
  1,103,314     4,071,229
Saba Capital Income & Opportunities Fund II
  401,601     3,425,657
Western Asset Inflation-Linked Opportunities & Income Fund(a)
  896,903     7,731,304
        245,422,950
Bonds/High Yield-16.80%
AllianceBernstein Global High Income Fund, Inc.(a)
  794,971     8,887,776
  Shares   Value
Bonds/High Yield-(continued)
Allspring Income Opportunities Fund(a)
  756,441   $  5,295,087
Allspring Multi-Sector Income Fund
  332,627     3,116,715
Barings Global Short Duration High Yield Fund(a)
  233,702     3,531,237
BlackRock Corporate High Yield Fund, Inc.(a)
  970,707     9,648,828
BlackRock Debt Strategies Fund, Inc.(a)
  315,585     3,424,097
BlackRock Floating Rate Income Strategies Fund, Inc.(a)
  273,636     3,570,950
BlackRock Floating Rate Income Trust(a)
  152,070     1,929,768
BNY Mellon High Yield Strategies Fund(a)
  949,463     2,449,615
Credit Suisse Asset Management Income Fund, Inc.
  417,223     1,295,477
Credit Suisse High Yield Bond Fund
  957,019     2,048,021
Eaton Vance Floating-Rate Income Trust(a)
  175,492     2,304,210
Eaton Vance Senior Floating-Rate Trust(a)
  195,813     2,500,532
First Trust Senior Floating Rate Income Fund II(a)
  245,990     2,573,055
High Income Securities Fund(a)
  231,124     1,541,597
Highland Opportunities and Income Fund(a)
  1,862,510    11,081,934
Morgan Stanley Emerging Markets Debt Fund, Inc.(a)
  226,623     1,738,198
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a)
  925,566     4,590,807
Neuberger Berman High Yield Strategies Fund, Inc.(a)
  174,859     1,444,335
New America High Income Fund, Inc. (The)
  158,815     1,310,224
Nuveen NASDAQ 100 Dynamic Overwrite Fund
  639,405    15,812,486
PGIM Global High Yield Fund, Inc.(a)
  474,455     6,006,600
PGIM High Yield Bond Fund, Inc.(a)
  382,969     5,304,121
PGIM Short Duration High Yield Opportunities Fund(a)
  331,923     5,362,216
PIMCO High Income Fund(a)
  1,021,675     4,955,124
Pioneer High Income Fund, Inc.
  342,152     2,696,158
Templeton Emerging Markets Income Fund(a)
  606,255     3,485,966
Western Asset Emerging Markets Debt Fund, Inc.(a)
  750,963     7,404,495
Western Asset Global High Income Fund, Inc.(a)
  178,239     1,263,715
Western Asset High Income Fund II, Inc.(a)
  713,612     3,139,893
Western Asset High Income Opportunity Fund, Inc.(a)
  1,116,612     4,444,116
        134,157,353
Domestic Equity-3.49%
John Hancock Tax-Advantaged Dividend Income Fund
  461,139     9,983,659
Virtus Dividend, Interest & Premium Strategy Fund(a)
  1,386,045    17,907,702
        27,891,361
Equities-9.46%
BlackRock Capital Allocation Trust(a)
  1,262,828    20,950,317
BlackRock Health Sciences Term Trust(a)
  1,561,258    25,073,803
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco CEF Income Composite ETF (PCEF)—(continued)
August 31, 2024
  Shares   Value
Equities-(continued)
BlackRock Innovation and Growth Term Trust(a)
  3,375,637   $ 25,351,034
BlackRock Utilities, Infrastructure & Power Opportunities Trust
  178,086     4,161,870
        75,537,024
Fixed Income-7.91%
Barings Corporate Investors(a)
  137,671     2,486,338
BlackRock ESG Capital Allocation Term Trust(a)
  1,187,492    20,781,110
BlackRock Income Trust, Inc.(a)
  190,728     2,353,583
BlackRock Science & Technology Term Trust
  1,118,210    21,659,728
Nuveen Variable Rate Preferred & Income Fund(a)
  314,634     5,968,607
PIMCO Corporate & Income Strategy Fund(a)
  339,743     4,572,941
Saba Capital Income & Opportunities Fund
  500,607     3,704,492
TCW Strategic Income Fund, Inc.(a)
  324,818     1,663,068
        63,189,867
Foreign Equity-0.39%
Allspring Global Dividend Opportunity Fund
  627,369     3,099,203
Option Income-31.01%
BlackRock Energy and Resources Trust
  396,347     5,231,741
BlackRock Enhanced Capital and Income Fund, Inc.
  506,902     9,935,279
BlackRock Enhanced Equity Dividend Trust(a)
  2,438,476    21,044,048
BlackRock Enhanced Global Dividend Trust(a)
  902,896    10,049,233
BlackRock Enhanced International Dividend Trust
  1,464,142     8,521,306
BlackRock Health Sciences Trust
  165,180     7,005,119
BlackRock Resources & Commodities Strategy Trust
  1,218,848    11,310,909
BlackRock Science & Technology Trust(a)
  286,592    10,090,904
Columbia Seligman Premium Technology Growth Fund, Inc.(a)
  110,116     3,622,816
Eaton Vance Enhanced Equity Income Fund
  321,177     6,189,081
Eaton Vance Enhanced Equity Income Fund II(a)
  479,498    10,285,232
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)
  777,960     7,048,318
Eaton Vance Tax-Managed Buy-Write Income Fund(a)
  340,361     4,822,915
Eaton Vance Tax-Managed Buy-Write Opportunities Fund
  1,337,834    18,221,299
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)
  1,442,726    20,529,991
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund(a)
  1,580,066    13,225,152
  Shares   Value
Option Income-(continued)
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
  4,013,932   $ 34,158,561
First Trust Enhanced Equity Income Fund(a)
  182,985     3,698,127
John Hancock Hedged Equity & Income Fund(a)
  176,163     1,928,985
Madison Covered Call & Equity Strategy Fund(a)
  136,999     1,002,833
Nuveen Dow 30sm Dynamic Overwrite Fund(a)
  531,231     7,787,847
Nuveen S&P 500 Buy-Write Income Fund
  1,363,528    18,448,534
Nuveen S&P 500 Dynamic Overwrite Fund(a)
  210,570     3,516,519
Voya Global Advantage and Premium Opportunity Fund(a)
  199,745     1,895,580
Voya Global Equity Dividend and Premium Opportunity Fund(a)
  1,051,335     5,929,529
Voya Infrastructure Industrials and Materials Fund(a)
  196,227     2,131,025
        247,630,883
Total Closed-End Funds

(Cost $758,106,649)
  796,928,641
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)

(Cost $669,620)
  669,620       669,620
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $758,776,269)
  797,598,261
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.30%
Invesco Private Government Fund, 5.28%(b)(c)(d)
  5,109,502     5,109,502
Invesco Private Prime Fund, 5.46%(b)(c)(d)
  13,271,394    13,276,703
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $18,385,417)
  18,386,205
TOTAL INVESTMENTS IN SECURITIES-102.17%

(Cost $777,161,686)
  815,984,466
OTHER ASSETS LESS LIABILITIES-(2.17)%
  (17,363,326)
NET ASSETS-100.00%
  $798,621,140
 
Notes to Schedule of Investments:
(a) All or a portion of this security was out on loan at August 31, 2024.
(b) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Bond Fund $1,512,275   $553,596   $(777,752)   $345,916   $(139,345)   $1,494,690   $92,472
Invesco Senior Income Trust 6,565,748   950,449   (3,924,471)   239,912   379,141   4,210,779   641,740
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco CEF Income Composite ETF (PCEF)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $29,461,898   $(28,792,278)   $-   $-   $669,620   $21,210
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 5,215,197   83,702,240   (83,807,935)   -   -   5,109,502   297,726*
Invesco Private Prime Fund 13,410,509   196,304,553   (196,444,559)   1,012   5,188   13,276,703   798,845*
Total $26,703,729   $310,972,736   $(313,746,995)   $586,840   $244,984   $24,761,294   $1,851,993
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)
August 31, 2024
Schedule of Investments
  Principal
Amount 		  Value
U.S. Treasury Securities-99.81%
U.S. Treasury Bonds-79.65%
7.63%, 02/15/2025
$ 26,275,500   $ 26,637,674
6.00%, 02/15/2026
  26,331,700    27,116,508
6.63%, 02/15/2027
  25,428,300    27,189,408
5.25%, 02/15/2029
  25,888,800    27,578,651
5.38%, 02/15/2031
  25,255,700    27,620,462
4.50%, 02/15/2036(a)
  21,783,500    23,092,212
4.75%, 02/15/2037
  25,603,700    27,666,998
4.38%, 02/15/2038
  26,732,700    27,826,026
3.50%, 02/15/2039
  29,733,300    28,010,859
4.63%, 02/15/2040
  26,328,100    27,933,497
4.75%, 02/15/2041
  26,078,300    28,043,341
3.13%, 02/15/2042
  32,624,600    28,111,955
3.13%, 02/15/2043
  32,966,000    27,979,893
3.63%, 02/15/2044
  30,775,200    27,927,292
2.50%, 02/15/2045
  37,327,600    28,045,276
2.50%, 02/15/2046
  37,694,700    27,998,622
3.00%, 02/15/2047
  34,631,300    27,918,780
3.00%, 02/15/2048
  34,822,900    27,854,239
3.00%, 02/15/2049
  34,920,200    27,790,204
2.00%, 02/15/2050
  43,470,700    27,845,021
1.88%, 02/15/2051
  45,205,800    27,892,508
2.25%, 02/15/2052
  41,364,600    27,841,123
3.63%, 02/15/2053
  30,944,500    27,767,854
4.25%, 02/15/2054
  27,570,300    27,684,458
        661,372,861
U.S. Treasury Notes-20.16%
2.75%, 02/15/2028
  28,707,600    27,749,932
1.50%, 02/15/2030
  31,650,300    28,134,768
1.88%, 02/15/2032
  32,238,600    28,169,106
3.50%, 02/15/2033
  28,681,400    27,906,666
4.00%, 02/15/2034
  27,578,800    27,757,632
3.88%, 08/15/2034
  27,830,000    27,732,160
        167,450,264
Total U.S. Treasury Securities

(Cost $902,132,239)
  828,823,125
  Shares   Value
Money Market Funds-1.97%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)

(Cost $16,348,308)
  16,348,308   $ 16,348,308
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-101.78%

(Cost $918,480,547)
  845,171,433
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.23%
Invesco Private Government Fund, 5.28%(b)(c)(d)
  477,789        477,789
Invesco Private Prime Fund, 5.46%(b)(c)(d)
  1,398,258     1,398,817
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,876,606)
  1,876,606
TOTAL INVESTMENTS IN SECURITIES-102.01%

(Cost $920,357,153)
  847,048,039
OTHER ASSETS LESS LIABILITIES-(2.01)%
  (16,659,165)
NET ASSETS-100.00%
  $830,388,874
 
Notes to Schedule of Investments:
(a) All or a portion of this security was out on loan at August 31, 2024.
(b) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $12,918,811   $82,370,030   $(78,940,533)   $-   $-   $16,348,308   $144,131
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $-   $761,903,965   $(761,426,176)   $-   $-   $477,789   $401,200*
Invesco Private Prime Fund -   832,150,096   (830,755,626)   -   4,347   1,398,817   695,611*
Total $12,918,811   $1,676,424,091   $(1,671,122,335)   $-   $4,347   $18,224,914   $1,240,942
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Invesco Floating Rate Municipal Income ETF (PVI)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-90.18%                
California-13.96%                
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB(a)
2.00%   07/01/2034   $ 1,500   $ 1,500,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)(a)(b)
2.15%   09/01/2033     900       900,000
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2018 B, VRD RB, (LOC - Barclays Bank PLC)(a)(b)
1.95%   05/01/2058     1,000    1,000,000
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b)
2.15%   04/01/2039     1,800    1,800,000
                5,200,000
Connecticut-3.22%                
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a)
2.65%   11/15/2050     1,200    1,200,000
District of Columbia-2.69%                
District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)
2.87%   08/15/2038     1,000    1,000,000
Florida-13.16%                
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
2.85%   09/01/2035     1,200    1,200,000
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
2.80%   06/01/2048     500       500,000
JEA Electric System, Series 2008 3C-2, VRD RB(a)
2.70%   10/01/2034     500       500,000
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB(a)
3.02%   10/01/2039     1,200    1,200,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)
2.50%   10/01/2038     1,500    1,500,000
                4,900,000
Illinois-3.22%                
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 F, Ref. VRD RB(a)
2.60%   08/15/2057     1,200    1,200,000
Louisiana-2.15%                
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
2.50%   09/01/2033     800      800,000
Minnesota-3.22%                
Hennepin (County of), MN, Series 2018 B, Ref. VRD GO Bonds(a)
2.85%   12/01/2038     1,200    1,200,000
Missouri-0.54%                
Kansas City (City of), MO (H Roe Bartle Convention Center), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)
3.11%   04/15/2025     200      200,000
New York-24.10%                
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)
2.70%   11/01/2038     800       800,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
2.77%   11/01/2026     1,200    1,200,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a)
2.40%   08/01/2044     1,000    1,000,000
New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB(a)
2.80%   06/15/2046     1,375    1,375,000
New York (City of), NY Transitional Finance Authority, Subseries 2012 C-4, VRD RB(a)
2.40%   11/01/2036     1,200    1,200,000
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB(a)
2.70%   07/01/2039     1,200    1,200,000
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)(a)(b)
3.00%   11/01/2044     1,000    1,000,000
New York City Housing Development Corp., Series 2006 A, VRD RB, (LOC - Fannie Mae)(a)(b)
2.91%   10/15/2041     1,200    1,200,000
                8,975,000
North Carolina-5.10%                
Raleigh & Durham (Cities of), NC Airport Authority, Series 2008 C, Ref. VRD RB, (LOC - TD Bank N.A.)(a)(b)
2.80%   05/01/2036     1,900    1,900,000
Pennsylvania-3.76%                
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c)
3.10%   12/01/2028     1,400    1,400,000
Texas-5.93%                
Board of Regents of the University of Texas System, Series 2008 B, VRD RB(a)
2.80%   08/01/2039     1,000    1,000,000
Texas (State of), Series 2015 B, VRD GO Bonds(a)
3.40%   06/01/2046     1,210    1,210,000
                2,210,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Invesco Floating Rate Municipal Income ETF (PVI)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-5.37%                
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(a)
2.93%   07/01/2032   $ 2,000   $ 2,000,000
Wisconsin-3.76%                
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
2.93%   08/15/2034     200       200,000
Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB(a)
2.87%   03/01/2031     1,200    1,200,000
                1,400,000
TOTAL INVESTMENTS IN SECURITIES-90.18%

(Cost $33,585,000)
  33,585,000
OTHER ASSETS LESS LIABILITIES-9.82%
  3,656,813
NET ASSETS-100.00%
  $37,241,813
    
Investment Abbreviations:
AGC -Assured Guaranty Corp.
AGM -Assured Guaranty Municipal Corp.
GO -General Obligation
INS -Insurer
LOC -Letter of Credit
RB -Revenue Bonds
Ref. -Refunding
VRD -Variable Rate Demand
    
Notes to Schedule of Investments:
(a) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024.
(b) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(c) Principal and/or interest payments are secured by the bond insurance company listed.
(d) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
    
Entities Percentage
TD Bank, N.A
12.8%
Wells Fargo Bank, N.A
5.4%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-98.31%
Aerospace & Defense-1.44%
Hexcel Corp., 4.20%, 02/15/2027
$ 1,592,000   $   1,555,370
Spirit AeroSystems, Inc., 9.75%, 11/15/2030(b)
  1,744,000       1,953,965
TransDigm, Inc.                   
5.50%, 11/15/2027
  2,293,000      2,281,077
6.63%, 03/01/2032(b)(c)
  2,252,000      2,344,828
        8,135,240
Air Freight & Logistics-0.69%
GN Bondco LLC, 9.50%, 10/15/2031(b)(c)
  1,192,000       1,214,359
GXO Logistics, Inc.                   
1.65%, 07/15/2026
  1,422,000      1,341,626
2.65%, 07/15/2031
  1,592,000      1,339,516
        3,895,501
Automobile Components-2.78%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031(b)(c)
  4,564,000       4,542,165
Dana, Inc.                   
5.63%, 06/15/2028(c)
  1,317,000      1,299,225
4.25%, 09/01/2030(c)
  1,488,000      1,341,810
Goodyear Tire & Rubber Co. (The)                   
5.00%, 07/15/2029(c)
  1,993,000      1,852,722
5.25%, 07/15/2031(c)
  2,007,000      1,822,159
United Rentals (North America), Inc.                   
4.88%, 01/15/2028(c)
  2,449,000      2,417,580
3.88%, 02/15/2031(c)
  2,680,000      2,476,296
        15,751,957
Automobiles-2.05%
Ford Motor Co., 3.25%, 02/12/2032(c)
  6,905,000       5,883,991
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025
  5,889,000      5,755,003
        11,638,994
Broadline Retail-2.08%
Kohl’s Corp.                   
4.25%, 07/17/2025(c)
  2,090,000      2,072,293
4.63%, 05/01/2031(c)
  2,478,000      2,050,221
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)(c)
  4,501,000       4,309,450
Nordstrom, Inc.                   
4.00%, 03/15/2027
  1,762,000      1,702,868
4.38%, 04/01/2030
  1,812,000      1,670,703
        11,805,535
Building Products-0.94%
Builders FirstSource, Inc., 4.25%, 02/01/2032(b)(c)
  4,335,000       3,964,257
Griffon Corp., 5.75%, 03/01/2028(c)
  1,400,000      1,373,853
        5,338,110
Capital Markets-1.03%
Coinbase Global, Inc., 3.63%, 10/01/2031(b)
  4,602,000       3,795,944
StoneX Group, Inc., 7.88%, 03/01/2031(b)
  1,956,000      2,058,403
        5,854,347
  Principal
Amount 		  Value
Chemicals-2.19%
Ashland, Inc., 3.38%, 09/01/2031(b)
$ 2,116,000   $   1,855,587
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(b)(c)
  2,308,000       2,447,105
Chemours Co. (The), 5.38%, 05/15/2027(c)
  2,834,000       2,756,196
Olin Corp., 5.63%, 08/01/2029(c)
  3,014,000       3,007,755
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(c)
  2,646,000      2,373,166
        12,439,809
Commercial Services & Supplies-1.97%
ADT Security Corp. (The)                   
4.13%, 08/01/2029(b)(c)
  1,893,000      1,799,493
4.88%, 07/15/2032(b)(c)
  1,934,000      1,840,170
Brink’s Co. (The), 6.75%, 06/15/2032(b)
  1,974,000       2,054,981
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026
  1,707,000       1,677,593
GEO Group, Inc. (The), 10.25%, 04/15/2031
  1,965,000       2,077,874
Steelcase, Inc., 5.13%, 01/18/2029
  1,769,000      1,734,287
        11,184,398
Construction & Engineering-1.29%
AECOM, 5.13%, 03/15/2027
  3,604,000       3,610,895
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(b)
  841,000         880,671
Fluor Corp., 4.25%, 09/15/2028
  2,910,000      2,825,024
        7,316,590
Consumer Finance-4.45%
Ally Financial, Inc.                   
5.75%, 11/20/2025(c)
  3,070,000      3,079,143
6.70%, 02/14/2033(c)
  3,074,000      3,167,087
FirstCash, Inc., 6.88%, 03/01/2032(b)
  1,659,000       1,706,386
Navient Corp.                   
5.50%, 03/15/2029(c)
  1,918,000      1,823,186
5.63%, 08/01/2033
  2,137,000      1,845,157
OneMain Finance Corp.                   
7.13%, 03/15/2026
  1,902,000      1,939,656
4.00%, 09/15/2030(c)
  2,284,000      2,023,287
SLM Corp., 4.20%, 10/29/2025(c)
  2,736,000       2,712,696
Synchrony Financial, 7.25%, 02/02/2033(c)
  6,705,000      6,918,804
        25,215,402
Consumer Staples Distribution & Retail-1.99%
Ingles Markets, Inc., 4.00%, 06/15/2031(b)
  2,074,000       1,869,360
Walgreens Boots Alliance, Inc.                   
3.45%, 06/01/2026(c)
  5,121,000      4,877,060
3.20%, 04/15/2030(c)
  5,597,000      4,510,381
        11,256,801
Containers & Packaging-3.42%
Ball Corp., 2.88%, 08/15/2030
  4,452,000       3,938,404
Berry Global, Inc.                   
1.57%, 01/15/2026
  1,788,000      1,710,153
5.65%, 01/15/2034(b)(c)
  1,683,000      1,713,527
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Containers & Packaging-(continued)
Crown Americas LLC, 5.25%, 04/01/2030
$ 1,702,000   $   1,702,408
Graphic Packaging International LLC                   
3.50%, 03/15/2028(b)
  1,516,000      1,434,623
6.38%, 07/15/2032(b)(c)
  1,406,000      1,439,293
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b)(c)
  2,471,000       2,503,429
Sealed Air Corp.                   
4.00%, 12/01/2027(b)
  1,345,000      1,298,153
6.88%, 07/15/2033(b)(c)
  1,222,000      1,309,053
Silgan Holdings, Inc., 4.13%, 02/01/2028(c)
  2,429,000      2,348,748
        19,397,791
Distributors-1.05%
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)(c)
  5,550,000      5,951,914
Diversified Consumer Services-0.49%
Service Corp. International, 5.13%, 06/01/2029(c)
  2,805,000      2,778,923
Diversified REITs-1.98%
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P., 3.75%, 12/15/2027(b)(c)
  1,731,000       1,579,489
Hudson Pacific Properties L.P.                   
3.95%, 11/01/2027
  1,160,000      1,031,784
3.25%, 01/15/2030
  1,325,000        980,402
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)(c)
  4,378,000       4,169,538
VICI Properties L.P.                   
4.75%, 02/15/2028
  1,727,000      1,721,819
5.13%, 05/15/2032
  1,739,000      1,720,092
        11,203,124
Diversified Telecommunication Services-1.12%
Level 3 Financing, Inc.                   
10.50%, 04/15/2029(b)
  2,905,000      3,128,598
10.50%, 05/15/2030(b)
  2,989,000      3,217,569
        6,346,167
Electric Utilities-3.22%
DPL, Inc., 4.13%, 07/01/2025
  4,738,000       4,665,836
NRG Energy, Inc., 6.63%, 01/15/2027(c)
  4,318,000       4,334,685
PG&E Corp., 5.25%, 07/01/2030
  5,372,000       5,262,994
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)
  3,770,000      4,014,126
        18,277,641
Electrical Equipment-1.40%
Atkore, Inc., 4.25%, 06/01/2031(b)(c)
  2,193,000       1,992,301
Regal Rexnord Corp.                   
6.05%, 02/15/2026
  1,163,000      1,177,894
6.40%, 04/15/2033(c)
  1,113,000      1,181,933
WESCO Distribution, Inc., 6.63%, 03/15/2032(b)(c)
  3,492,000      3,601,803
        7,953,931
Electronic Equipment, Instruments & Components-1.70%
Insight Enterprises, Inc., 6.63%, 05/15/2032(b)
  2,586,000      2,678,783
  Principal
Amount 		  Value
Electronic Equipment, Instruments & Components-(continued)
Sensata Technologies, Inc., 6.63%, 07/15/2032(b)
$ 2,130,000   $   2,205,279
Vontier Corp.                   
1.80%, 04/01/2026
  1,116,000      1,062,338
2.95%, 04/01/2031
  1,239,000      1,072,823
Zebra Technologies Corp., 6.50%, 06/01/2032(b)
  2,554,000      2,641,224
        9,660,447
Energy Equipment & Services-0.67%
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/2030(b)
  772,000         815,070
Permian Resources Operating LLC, 7.00%, 01/15/2032(b)(c)
  1,787,000       1,876,093
Valaris Ltd., 8.38%, 04/30/2030(b)
  1,065,000      1,111,965
        3,803,128
Entertainment-0.71%
Cinemark USA, Inc., 7.00%, 08/01/2032(b)
  1,749,000       1,816,574
Light and Wonder International, Inc., 7.50%, 09/01/2031(b)(c)
  2,075,000      2,186,314
        4,002,888
Financial Services-2.77%
Adient Global Holdings Ltd., 8.25%, 04/15/2031(b)(c)
  2,625,000       2,792,559
Block, Inc.                   
2.75%, 06/01/2026(c)
  1,692,000      1,626,617
3.50%, 06/01/2031(c)
  1,828,000      1,651,659
HAT Holdings I LLC/HAT Holdings II LLC                   
8.00%, 06/15/2027(b)(c)
  541,000        567,528
3.75%, 09/15/2030(b)
  686,000        610,662
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)(c)
  2,366,000       2,453,090
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)(c)
  2,628,000       2,536,406
Radian Group, Inc., 4.50%, 10/01/2024
  420             420
Vornado Realty L.P.                   
2.15%, 06/01/2026
  1,783,000      1,687,665
3.40%, 06/01/2031
  2,082,000      1,769,407
        15,696,013
Food Products-1.53%
Lamb Weston Holdings, Inc.                   
4.88%, 05/15/2028(b)(c)
  1,250,000      1,231,383
4.38%, 01/31/2032(b)
  1,369,000      1,261,912
Pilgrim’s Pride Corp., 3.50%, 03/01/2032
  4,112,000       3,639,337
Post Holdings, Inc., 4.50%, 09/15/2031(b)(c)
  2,738,000      2,549,484
        8,682,116
Gas Utilities-0.62%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026
  3,551,000      3,514,691
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Ground Transportation-1.13%
Hertz Corp. (The), 12.63%, 07/15/2029(b)(c)
$ 3,849,000   $   4,103,188
XPO, Inc., 7.13%, 02/01/2032(b)(c)
  2,216,000      2,319,904
        6,423,092
Health Care Equipment & Supplies-0.56%
Neogen Food Safety Corp., 8.63%, 07/20/2030(b)(c)
  1,008,000       1,100,804
Teleflex, Inc., 4.63%, 11/15/2027(c)
  2,131,000      2,092,200
        3,193,004
Health Care Providers & Services-4.03%
Centene Corp.                   
2.45%, 07/15/2028
  5,036,000      4,611,716
4.63%, 12/15/2029
  4,653,000      4,529,985
DaVita, Inc., 6.88%, 09/01/2032(b)
  2,000,000       2,047,396
Encompass Health Corp., 4.75%, 02/01/2030(c)
  2,400,000       2,328,590
Molina Healthcare, Inc., 3.88%, 05/15/2032(b)(c)
  4,976,000       4,468,867
Tenet Healthcare Corp., 6.13%, 06/15/2030
  4,773,000      4,851,478
        22,838,032
Health Care REITs-0.87%
MPT Operating Partnership L.P./MPT Finance Corp.                   
5.00%, 10/15/2027
  1,719,000      1,460,528
3.50%, 03/15/2031(c)
  2,139,000      1,463,168
Sabra Health Care L.P.                   
5.13%, 08/15/2026
  997,000        999,681
3.20%, 12/01/2031
  1,192,000      1,034,473
        4,957,850
Hotel & Resort REITs-0.68%
RHP Hotel Properties L.P./RHP Finance Corp.                   
4.75%, 10/15/2027
  840,000        823,464
6.50%, 04/01/2032(b)
  813,000        837,913
Service Properties Trust                   
5.50%, 12/15/2027
  1,172,000      1,103,664
8.63%, 11/15/2031(b)(c)
  1,044,000      1,117,699
        3,882,740
Hotels, Restaurants & Leisure-7.69%
Boyd Gaming Corp., 4.75%, 06/15/2031(b)(c)
  2,213,000       2,083,686
Brinker International, Inc., 8.25%, 07/15/2030(b)
  1,614,000       1,716,894
Caesars Entertainment, Inc., 6.50%, 02/15/2032(b)(c)
  3,442,000       3,539,257
Carnival Corp., 5.75%, 03/01/2027(b)
  4,069,000       4,085,020
Churchill Downs, Inc.                   
5.50%, 04/01/2027(b)
  748,000        746,458
6.75%, 05/01/2031(b)
  729,000        750,046
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(c)
  3,231,000       3,172,556
International Game Technology PLC, 6.25%, 01/15/2027(b)
  2,500,000      2,542,870
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-(continued)
Las Vegas Sands Corp.                   
3.90%, 08/08/2029(c)
$ 2,688,000      $2,524,541
6.20%, 08/15/2034
  2,410,000      2,470,215
MGM Resorts International                   
4.75%, 10/15/2028(c)
  2,249,000      2,190,739
6.50%, 04/15/2032(c)
  2,164,000      2,181,039
Royal Caribbean Cruises Ltd.                   
5.50%, 04/01/2028(b)(c)
  1,559,000      1,572,015
6.25%, 03/15/2032(b)(c)
  1,565,000      1,617,182
Six Flags Entertainment Corp., 7.25%, 05/15/2031(b)(c)
  1,721,000       1,785,992
Station Casinos LLC, 6.63%, 03/15/2032(b)
  1,787,000       1,823,989
Travel + Leisure Co., Series J, 6.00%, 04/01/2027
  2,295,000       2,302,663
Vail Resorts, Inc., 6.50%, 05/15/2032(b)(c)
  2,290,000       2,381,886
Yum! Brands, Inc., 3.63%, 03/15/2031(c)
  4,471,000      4,107,024
        43,594,072
Household Durables-3.61%
Century Communities, Inc., 6.75%, 06/01/2027
  1,662,000       1,678,081
KB Home, 4.00%, 06/15/2031(c)
  2,448,000       2,263,706
M/I Homes, Inc., 4.95%, 02/01/2028
  1,964,000       1,931,188
MDC Holdings, Inc., 2.50%, 01/15/2031(c)
  2,601,000       2,286,486
Newell Brands, Inc.                   
5.70%, 04/01/2026(c)
  1,620,000      1,615,986
6.63%, 09/15/2029(c)
  1,677,000      1,677,567
Taylor Morrison Communities, Inc.                   
5.88%, 06/15/2027(b)
  1,321,000      1,338,036
5.13%, 08/01/2030(b)(c)
  1,396,000      1,380,797
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)(c)
  2,339,000       2,059,368
TopBuild Corp., 4.13%, 02/15/2032(b)
  2,306,000       2,100,329
Tri Pointe Homes, Inc., 5.70%, 06/15/2028
  2,097,000      2,120,486
        20,452,030
Independent Power and Renewable Electricity Producers-0.25%
Sunnova Energy Corp., 11.75%, 10/01/2028(b)
  1,497,000      1,391,297
IT Services-0.51%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032(b)
  1,105,000       1,140,724
Twilio, Inc., 3.63%, 03/15/2029
  1,864,000      1,723,548
        2,864,272
Life Sciences Tools & Services-0.88%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)(c)
  704,000         718,634
IQVIA, Inc., 6.50%, 05/15/2030(b)(c)
  4,084,000      4,248,630
        4,967,264
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Machinery-0.29%
Hillenbrand, Inc.                   
5.00%, 09/15/2026
$ 832,000        $829,570
3.75%, 03/01/2031(c)
  940,000        835,791
        1,665,361
Media-4.57%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(b)(c)
  6,019,000       5,491,999
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025
  2,085,000       2,078,627
Lamar Media Corp.                   
3.75%, 02/15/2028
  1,515,000      1,452,962
3.63%, 01/15/2031
  1,607,000      1,456,424
News Corp., 5.13%, 02/15/2032(b)(c)
  3,221,000       3,134,117
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031(b)(c)
  1,776,000       1,890,398
Paramount Global                   
2.90%, 01/15/2027(c)
  3,334,000      3,163,765
4.95%, 01/15/2031(c)
  3,451,000      3,207,334
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)(c)
  4,705,000      4,041,905
        25,917,531
Metals & Mining-2.74%
Alcoa Nederland Holding B.V., 7.13%, 03/15/2031(b)
  3,534,000       3,719,189
ATI, Inc.                   
5.88%, 12/01/2027(c)
  869,000        871,508
5.13%, 10/01/2031
  917,000        882,840
Carpenter Technology Corp., 6.38%, 07/15/2028
  1,415,000       1,417,671
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027
  760             761
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)(c)
  3,284,000       3,333,529
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)(c)
  1,619,000       1,456,541
United States Steel Corp., 6.88%, 03/01/2029
  3,807,000      3,842,622
        15,524,661
Mortgage REITs-1.01%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 07/15/2031(b)
  1,611,000       1,676,157
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c)
  4,088,000      4,070,268
        5,746,425
Oil, Gas & Consumable Fuels-7.96%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b)
  1,983,000       2,044,917
Apache Corp., 4.25%, 01/15/2030(c)
  3,917,000       3,742,409
Civitas Resources, Inc., 8.75%, 07/01/2031(b)
  1,833,000       1,980,423
CNX Resources Corp., 7.25%, 03/01/2032(b)
  1,853,000      1,941,501
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
EQM Midstream Partners L.P.                   
5.50%, 07/15/2028
$ 1,276,000      $1,285,543
4.75%, 01/15/2031(b)(c)
  1,355,000      1,302,827
Matador Resources Co., 6.50%, 04/15/2032(b)
  1,773,000       1,800,774
Murphy Oil Corp., 5.88%, 12/01/2027(c)
  2,374,000       2,386,148
Murphy Oil USA, Inc., 4.75%, 09/15/2029(c)
  3,128,000       3,037,675
Northern Oil and Gas, Inc., 8.75%, 06/15/2031(b)
  1,139,000       1,218,016
Occidental Petroleum Corp.                   
5.55%, 03/15/2026
  3,687,000      3,720,349
6.63%, 09/01/2030(c)
  3,453,000      3,722,058
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)(c)
  4,073,000       4,238,702
Range Resources Corp., 4.88%, 05/15/2025
  1,531,000       1,523,782
SM Energy Co.                   
6.50%, 07/15/2028
  1,004,000      1,010,401
7.00%, 08/01/2032(b)
  980,000      1,004,668
Southwestern Energy Co.                   
5.70%, 01/23/2025
  1,786,000      1,783,610
5.38%, 03/15/2030
  1,864,000      1,848,942
Talos Production, Inc., 9.38%, 02/01/2031(b)
  1,569,000       1,676,822
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031(b)
  2,274,000       2,363,056
Vital Energy, Inc., 7.88%, 04/15/2032(b)(c)
  1,478,000      1,514,292
        45,146,915
Passenger Airlines-2.81%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)(c)
  3,551,333       3,535,765
Delta Air Lines, Inc.                   
7.38%, 01/15/2026(c)
  2,873,000      2,942,998
3.75%, 10/28/2029(c)
  3,276,000      3,060,271
United AirLines, Inc., 4.63%, 04/15/2029(b)(c)
  6,721,000      6,402,296
        15,941,330
Personal Care Products-0.82%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/2030(b)(c)
  2,465,000       2,555,399
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032(c)
  2,049,000      2,092,084
        4,647,483
Pharmaceuticals-1.08%
Elanco Animal Health, Inc., 6.65%, 08/28/2028(c)
  2,308,000       2,395,759
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031(b)(c)
  4,003,000      3,752,447
        6,148,206
Professional Services-0.37%
TriNet Group, Inc., 7.13%, 08/15/2031(b)
  2,016,000      2,092,412
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Real Estate Management & Development-1.49%
CoStar Group, Inc., 2.80%, 07/15/2030(b)
$ 2,228,000   $   1,960,175
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)(c)
  2,632,000       2,852,580
Kennedy-Wilson, Inc.                   
4.75%, 03/01/2029
  1,101,000        995,039
5.00%, 03/01/2031(c)
  1,168,000      1,017,045
Newmark Group, Inc., 7.50%, 01/12/2029
  1,525,000      1,623,522
        8,448,361
Semiconductors & Semiconductor Equipment-1.84%
Amkor Technology, Inc., 6.63%, 09/15/2027(b)
  2,397,000       2,412,545
Entegris, Inc., 4.75%, 04/15/2029(b)
  2,075,000       2,037,955
Qorvo, Inc., 4.38%, 10/15/2029(c)
  2,678,000       2,581,362
Skyworks Solutions, Inc.                   
1.80%, 06/01/2026
  1,764,000      1,673,922
3.00%, 06/01/2031(c)
  1,947,000      1,701,590
        10,407,374
Software-0.93%
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029
  1,260,000       1,155,689
RingCentral, Inc., 8.50%, 08/15/2030(b)(c)
  955,000       1,021,164
SS&C Technologies, Inc., 6.50%, 06/01/2032(b)
  2,982,000      3,080,327
        5,257,180
Specialized REITs-0.97%
GLP Capital L.P./GLP Financing II, Inc.                   
5.30%, 01/15/2029
  1,381,000      1,393,574
3.25%, 01/15/2032
  1,623,000      1,417,923
SBA Communications Corp., 3.88%, 02/15/2027(c)
  2,752,000      2,665,491
        5,476,988
Specialty Retail-3.85%
Advance Auto Parts, Inc.                   
1.75%, 10/01/2027(c)
  1,772,000      1,585,979
3.90%, 04/15/2030(c)
  1,693,000      1,556,786
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(c)
  3,210,000       3,070,975
Bath & Body Works, Inc., 5.25%, 02/01/2028
  3,282,000       3,238,066
Gap, Inc. (The), 3.88%, 10/01/2031(b)(c)
  4,274,000       3,696,075
Penske Automotive Group, Inc., 3.75%, 06/15/2029(c)
  4,471,000       4,165,102
Sonic Automotive, Inc., 4.88%, 11/15/2031(b)(c)
  2,898,000       2,655,956
Valvoline, Inc., 3.63%, 06/15/2031(b)
  2,083,000      1,861,243
        21,830,182
  Principal
Amount 		  Value
Technology Hardware, Storage & Peripherals-2.12%
Seagate HDD Cayman                   
4.75%, 01/01/2025
$ 2,200,000      $2,193,224
9.63%, 12/01/2032
  1,884,168      2,174,064
Western Digital Corp.                   
4.75%, 02/15/2026
  2,400,000      2,379,850
3.10%, 02/01/2032(c)
  2,970,000      2,501,254
Xerox Holdings Corp., 5.50%, 08/15/2028(b)(c)
  3,208,000      2,749,653
        11,998,045
Textiles, Apparel & Luxury Goods-0.71%
Crocs, Inc., 4.13%, 08/15/2031(b)
  2,033,000       1,834,593
Under Armour, Inc., 3.25%, 06/15/2026(c)
  2,235,000      2,167,775
        4,002,368
Trading Companies & Distributors-0.46%
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030(b)(c)
  2,520,000      2,590,361
Wireless Telecommunication Services-0.50%
United States Cellular Corp., 6.70%, 12/15/2033(c)
  2,578,000      2,842,810
Total U.S. Dollar Denominated Bonds & Notes

(Cost $553,439,802)
  557,349,104
  Shares    
Money Market Funds-0.21%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $1,209,436)
  1,209,436      1,209,436
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.52%

(Cost $554,649,238)
  558,558,540
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-32.82%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  50,797,037     50,797,037
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  135,235,588    135,289,682
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $186,084,201)
  186,086,719
TOTAL INVESTMENTS IN SECURITIES-131.34%

(Cost $740,733,439)
  744,645,259
OTHER ASSETS LESS LIABILITIES-(31.34)%
  (177,688,592)
NET ASSETS-100.00%
  $566,956,667
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Table of Contents
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $253,264,526, which represented 44.67% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $7,839,414   $81,093,893   $(87,723,871)   $-   $-   $1,209,436   $145,988
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 48,562,324   188,277,754   (186,043,041)   -   -   50,797,037   2,805,176*
Invesco Private Prime Fund 124,868,654   333,447,702   (323,073,610)   1,192   45,744   135,289,682   7,568,305*
Total $181,270,392   $602,819,349   $(596,840,522)   $1,192   $45,744   $187,296,155   $10,519,469
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-99.01%
Aerospace & Defense-2.48%
Boeing Co. (The)                 
4.88%, 05/01/2025
$ 95,000       $94,623
5.15%, 05/01/2030
  130,000      129,715
General Dynamics Corp.                 
3.75%, 05/15/2028
  91,000       89,735
3.63%, 04/01/2030
  110,000      106,607
General Electric Co., 6.75%, 03/15/2032
  170,000       192,430
Howmet Aerospace, Inc., 3.00%, 01/15/2029
  60,000        56,412
Huntington Ingalls Industries, Inc.                 
3.48%, 12/01/2027
  45,000       43,461
4.20%, 05/01/2030
  40,000       38,771
L3Harris Technologies, Inc.                 
4.40%, 06/15/2028
  63,000       62,752
5.40%, 07/31/2033
  50,000       51,571
Lockheed Martin Corp.                 
3.55%, 01/15/2026
  112,000      110,687
3.90%, 06/15/2032
  147,000      142,288
Northrop Grumman Corp.                 
3.25%, 01/15/2028
  76,000       73,349
4.40%, 05/01/2030
  85,000       84,774
RTX Corp.                 
4.13%, 11/16/2028
  168,000      165,912
6.10%, 03/15/2034
  115,000      125,261
Textron, Inc., 3.00%, 06/01/2030
  105,000       96,044
        1,664,392
Air Freight & Logistics-0.88%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028
  85,000        84,152
FedEx Corp.                 
3.10%, 08/05/2029
  108,000      101,599
2.40%, 05/15/2031
  130,000      114,275
United Parcel Service, Inc.                 
3.05%, 11/15/2027
  144,000      138,959
4.45%, 04/01/2030
  150,000      151,540
        590,525
Automobile Components-0.26%
BorgWarner, Inc.                 
2.65%, 07/01/2027
  25,000       23,823
5.40%, 08/15/2034
  40,000       40,211
Lear Corp., 3.80%, 09/15/2027
  110,000      107,083
        171,117
Automobiles-0.45%
General Motors Co., 6.13%, 10/01/2025
  150,000       151,633
PACCAR Financial Corp., 3.55%, 08/11/2025
  150,000      148,674
        300,307
Banks-6.22%
Bank of America Corp., 3.25%, 10/21/2027(b)
  555,000       538,245
Citigroup, Inc.                 
4.45%, 09/29/2027
  270,000      268,774
6.63%, 06/15/2032
  240,000      263,341
Citizens Bank N.A., 3.75%, 02/18/2026
  70,000        68,739
Citizens Financial Group, Inc., 3.25%, 04/30/2030
  90,000       82,631
  Principal
Amount 		  Value
Banks-(continued)
Comerica, Inc., 4.00%, 02/01/2029
$ 143,000   $   136,427
Fifth Third Bancorp, 2.55%, 05/05/2027
  190,000       180,352
Huntington Bancshares, Inc., 2.55%, 02/04/2030
  177,000       157,695
JPMorgan Chase & Co., 2.95%, 10/01/2026(b)
  686,000       667,231
KeyBank N.A., 4.15%, 08/08/2025
  91,000        90,165
KeyCorp, 2.55%, 10/01/2029
  80,000        71,662
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026
  170,000       169,007
PNC Bank N.A., 4.05%, 07/26/2028
  130,000       127,951
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030
  155,000       140,893
Regions Financial Corp., 1.80%, 08/12/2028
  190,000       169,961
Truist Bank, 3.63%, 09/16/2025
  126,000       124,154
Truist Financial Corp., 1.95%, 06/05/2030
  160,000       138,201
U.S. Bancorp                 
1.38%, 07/22/2030
  160,000      134,736
Series V, 2.38%, 07/22/2026
  156,000      150,727
Wells Fargo & Co., 4.15%, 01/24/2029(b)
  490,000      484,581
        4,165,473
Beverages-1.51%
Coca-Cola Co. (The)                 
1.45%, 06/01/2027
  140,000      130,841
2.25%, 01/05/2032(b)
  190,000      166,404
Coca-Cola Consolidated, Inc.                 
5.25%, 06/01/2029
  30,000       30,985
5.45%, 06/01/2034
  25,000       26,022
Constellation Brands, Inc.                 
4.35%, 05/09/2027
  40,000       39,861
2.25%, 08/01/2031
  90,000       76,750
Keurig Dr Pepper, Inc.                 
4.60%, 05/25/2028
  71,000       71,343
4.05%, 04/15/2032
  60,000       57,742
Molson Coors Beverage Co., 3.00%, 07/15/2026
  98,000        95,359
PepsiCo, Inc.                 
3.00%, 10/15/2027
  164,000      159,051
2.75%, 03/19/2030
  170,000      157,522
        1,011,880
Biotechnology-1.74%
AbbVie, Inc.                 
2.60%, 11/21/2024
  160,000      159,038
3.20%, 11/21/2029
  189,000      179,138
Amgen, Inc.                 
5.15%, 03/02/2028
  165,000      168,569
5.25%, 03/02/2033
  130,000      133,656
Biogen, Inc.                 
4.05%, 09/15/2025
  87,000       86,291
2.25%, 05/01/2030
  90,000       79,472
Gilead Sciences, Inc.                 
3.65%, 03/01/2026
  98,000       96,722
1.65%, 10/01/2030
  145,000      123,492
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030
  160,000      136,825
        1,163,203
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Broadline Retail-0.93%
Amazon.com, Inc.                 
3.15%, 08/22/2027(b)
$ 275,000      $268,361
2.10%, 05/12/2031(b)
  305,000      266,558
eBay, Inc.                 
3.60%, 06/05/2027
  45,000       44,095
2.70%, 03/11/2030
  50,000       45,742
        624,756
Building Products-0.85%
Carlisle Cos., Inc.                 
3.75%, 12/01/2027
  40,000       39,044
2.75%, 03/01/2030
  40,000       36,377
Carrier Global Corp.                 
2.24%, 02/15/2025
  50,000       49,272
2.72%, 02/15/2030
  60,000       54,937
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029
  63,000        58,842
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A.                 
5.50%, 04/19/2029
  80,000       83,221
1.75%, 09/15/2030
  70,000       60,174
Lennox International, Inc., 5.50%, 09/15/2028
  40,000        41,313
Masco Corp.                 
1.50%, 02/15/2028
  45,000       40,576
2.00%, 02/15/2031
  50,000       42,417
Owens Corning                 
5.50%, 06/15/2027
  30,000       30,756
5.70%, 06/15/2034
  30,000       31,327
        568,256
Capital Markets-3.94%
Ameriprise Financial, Inc.                 
2.88%, 09/15/2026
  75,000       72,778
4.50%, 05/13/2032
  70,000       69,428
Bank of New York Mellon Corp. (The)                 
3.30%, 08/23/2029
  136,000      128,456
1.80%, 07/28/2031
  130,000      108,959
BlackRock, Inc.                 
3.20%, 03/15/2027
  90,000       88,103
1.90%, 01/28/2031
  135,000      116,473
Charles Schwab Corp. (The)                 
2.00%, 03/20/2028
  130,000      119,813
2.90%, 03/03/2032
  165,000      146,032
CME Group, Inc.                 
3.00%, 03/15/2025
  131,000      129,727
2.65%, 03/15/2032
  85,000       75,827
Franklin Resources, Inc., 1.60%, 10/30/2030
  140,000       117,282
Goldman Sachs Group, Inc. (The)                 
3.50%, 04/01/2025
  175,000      173,335
3.80%, 03/15/2030(b)
  210,000      202,524
Jefferies Financial Group, Inc.                 
4.85%, 01/15/2027
  50,000       50,115
4.15%, 01/23/2030
  55,000       52,918
Morgan Stanley                 
3.63%, 01/20/2027
  187,000      184,146
7.25%, 04/01/2032
  160,000      187,780
MSCI, Inc., 3.25%, 08/15/2033(c)
  95,000        82,485
Nasdaq, Inc.                 
3.85%, 06/30/2026
  80,000       79,176
1.65%, 01/15/2031
  50,000       41,975
  Principal
Amount 		  Value
Capital Markets-(continued)
Northern Trust Corp.                 
4.00%, 05/10/2027
$ 60,000       $59,769
1.95%, 05/01/2030
  75,000       66,211
Raymond James Financial, Inc., 4.65%, 04/01/2030
  110,000       111,474
State Street Corp.                 
3.55%, 08/18/2025
  101,000       99,991
2.40%, 01/24/2030
  85,000       77,558
        2,642,335
Chemicals-3.09%
Air Products and Chemicals, Inc.                 
1.50%, 10/15/2025
  70,000       67,738
2.05%, 05/15/2030
  69,000       61,327
Albemarle Corp.                 
4.65%, 06/01/2027
  30,000       29,930
5.05%, 06/01/2032
  30,000       29,668
Celanese US Holdings LLC                 
6.17%, 07/15/2027
  30,000       30,967
6.38%, 07/15/2032
  45,000       47,601
CF Industries, Inc.                 
4.50%, 12/01/2026(c)
  40,000       39,742
5.15%, 03/15/2034
  40,000       39,907
Dow Chemical Co. (The)                 
4.80%, 11/30/2028
  105,000      106,501
2.10%, 11/15/2030
  110,000       96,497
DuPont de Nemours, Inc., 4.73%, 11/15/2028
  145,000       147,145
Eastman Chemical Co.                 
4.50%, 12/01/2028
  60,000       59,907
5.75%, 03/08/2033
  40,000       41,751
Ecolab, Inc.                 
2.70%, 11/01/2026
  50,000       48,329
4.80%, 03/24/2030
  45,000       46,052
EIDP, Inc.                 
1.70%, 07/15/2025
  50,000       48,679
2.30%, 07/15/2030
  65,000       58,196
FMC Corp.                 
3.20%, 10/01/2026
  48,000       46,568
3.45%, 10/01/2029
  22,000       20,612
Huntsman International LLC, 4.50%, 05/01/2029
  80,000        77,947
International Flavors & Fragrances, Inc.                 
1.83%, 10/15/2027(c)
  40,000       36,707
2.30%, 11/01/2030(c)
  40,000       34,704
Linde, Inc.                 
3.20%, 01/30/2026
  97,000       95,393
1.10%, 08/10/2030
  145,000      122,119
LYB International Finance II B.V., 3.50%, 03/02/2027
  110,000       107,310
LYB International Finance III LLC, 2.25%, 10/01/2030
  105,000        91,968
Mosaic Co. (The)                 
4.05%, 11/15/2027
  55,000       54,059
5.45%, 11/15/2033
  55,000       56,176
PPG Industries, Inc., 3.75%, 03/15/2028
  96,000       93,950
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Chemicals-(continued)
Sherwin-Williams Co. (The)                 
2.95%, 08/15/2029
$ 80,000       $74,518
2.20%, 03/15/2032
  60,000       50,920
Westlake Corp., 3.60%, 08/15/2026
  109,000      106,873
        2,069,761
Commercial Services & Supplies-0.65%
Cintas Corp. No. 2                 
3.70%, 04/01/2027
  28,000       27,608
4.00%, 05/01/2032
  55,000       53,270
Republic Services, Inc.                 
3.95%, 05/15/2028
  79,000       78,014
1.75%, 02/15/2032
  70,000       57,713
Veralto Corp.                 
5.35%, 09/18/2028(c)
  55,000       56,719
5.45%, 09/18/2033(c)
  20,000       20,681
Waste Management, Inc.                 
3.15%, 11/15/2027
  60,000       58,091
1.50%, 03/15/2031
  100,000       83,408
        435,504
Communications Equipment-0.77%
Cisco Systems, Inc.                 
2.50%, 09/20/2026
  170,000      164,662
5.05%, 02/26/2034
  160,000      165,825
Juniper Networks, Inc., 3.75%, 08/15/2029
  113,000       108,376
Motorola Solutions, Inc.                 
4.60%, 05/23/2029
  33,000       33,099
5.40%, 04/15/2034
  40,000       41,283
        513,245
Construction & Engineering-0.32%
MasTec, Inc., 5.90%, 06/15/2029
  90,000        93,150
Quanta Services, Inc.                 
4.75%, 08/09/2027
  50,000       50,237
2.90%, 10/01/2030
  80,000       72,687
        216,074
Construction Materials-0.27%
Eagle Materials, Inc., 2.50%, 07/01/2031
  60,000        52,178
Martin Marietta Materials, Inc., 2.40%, 07/15/2031
  70,000        60,252
Vulcan Materials Co., 3.50%, 06/01/2030
  75,000       71,039
        183,469
Consumer Finance-1.47%
Ally Financial, Inc.                 
2.20%, 11/02/2028
  105,000       94,209
8.00%, 11/01/2031
  60,000       68,518
American Express Co., 4.05%, 05/03/2029(b)
  210,000       209,146
Capital One Financial Corp., 3.80%, 01/31/2028(b)
  280,000       271,742
Discover Bank, 4.65%, 09/13/2028
  80,000        79,755
Discover Financial Services, 6.70%, 11/29/2032
  75,000        81,772
General Motors Financial Co., Inc., 3.10%, 01/12/2032
  210,000      183,098
        988,240
  Principal
Amount 		  Value
Consumer Staples Distribution & Retail-2.55%
Costco Wholesale Corp.                 
1.38%, 06/20/2027
$ 155,000      $144,263
1.60%, 04/20/2030
  180,000      157,010
Dollar General Corp.                 
3.88%, 04/15/2027
  55,000       53,755
3.50%, 04/03/2030
  60,000       55,457
Dollar Tree, Inc.                 
4.20%, 05/15/2028
  67,000       65,780
2.65%, 12/01/2031
  60,000       51,222
Kroger Co. (The)                 
4.50%, 01/15/2029
  105,000      105,372
1.70%, 01/15/2031
  125,000      104,428
Sysco Corp.                 
3.30%, 07/15/2026
  125,000      122,307
5.95%, 04/01/2030
  60,000       64,062
Target Corp.                 
3.38%, 04/15/2029
  140,000      136,001
4.50%, 09/15/2032
  130,000      130,823
Walmart, Inc.                 
3.90%, 09/09/2025
  260,000      258,759
1.80%, 09/22/2031(b)
  305,000      261,853
        1,711,092
Containers & Packaging-0.53%
Amcor Finance (USA), Inc., 3.63%, 04/28/2026
  40,000        39,220
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031
  50,000        43,604
Avery Dennison Corp.                 
4.88%, 12/06/2028
  31,000       31,389
2.25%, 02/15/2032
  55,000       46,085
Packaging Corp. of America                 
3.40%, 12/15/2027
  40,000       38,698
3.00%, 12/15/2029
  40,000       37,221
Sealed Air Corp., 1.57%, 10/15/2026(c)
  60,000        55,800
Sonoco Products Co., 3.13%, 05/01/2030
  70,000       64,815
        356,832
Distributors-0.28%
Genuine Parts Co.                 
4.95%, 08/15/2029
  50,000       50,323
1.88%, 11/01/2030
  60,000       50,788
LKQ Corp.                 
5.75%, 06/15/2028
  40,000       41,207
6.25%, 06/15/2033
  40,000       42,038
        184,356
Diversified REITs-0.50%
American Assets Trust L.P., 3.38%, 02/01/2031
  30,000        25,528
COPT Defense Properties L.P., 2.75%, 04/15/2031
  55,000        47,208
CubeSmart L.P.                 
2.25%, 12/15/2028
  40,000       36,343
2.50%, 02/15/2032
  30,000       25,615
Digital Realty Trust L.P., 3.60%, 07/01/2029
  140,000       133,899
W.P. Carey, Inc., 2.40%, 02/01/2031
  80,000       68,787
        337,380
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Diversified Telecommunication Services-1.32%
AT&T, Inc.                 
4.35%, 03/01/2029
$ 225,000      $224,265
4.30%, 02/15/2030
  206,000      203,961
Verizon Communications, Inc.                 
4.33%, 09/21/2028
  235,000      234,552
2.36%, 03/15/2032(b)
  260,000      220,997
        883,775
Electric Utilities-4.92%
AEP Texas, Inc., Series I, 2.10%, 07/01/2030
  90,000        78,253
Alexander Funding Trust II, 7.47%, 07/31/2028(c)
  35,000        37,614
American Electric Power Co., Inc., 3.20%, 11/13/2027
  81,000        77,734
American Transmission Systems, Inc., 2.65%, 01/15/2032(c)
  75,000        64,953
Avangrid, Inc., 3.80%, 06/01/2029
  58,000        55,891
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030
  280,000       269,680
Consolidated Edison Co. of New York, Inc.                 
2.40%, 06/15/2031
  70,000       61,534
Series D, 4.00%, 12/01/2028
  100,000       99,197
Constellation Energy Generation LLC                 
5.60%, 03/01/2028
  70,000       72,568
5.80%, 03/01/2033
  55,000       57,790
Duke Energy Corp.                 
2.65%, 09/01/2026
  116,000      111,927
2.55%, 06/15/2031
  155,000      134,594
Entergy Corp., 1.90%, 06/15/2028
  75,000        68,188
Entergy Louisiana LLC, 4.00%, 03/15/2033
  80,000        74,946
Evergy, Inc., 2.90%, 09/15/2029
  105,000        96,515
Eversource Energy, 3.38%, 03/01/2032
  80,000        71,567
Exelon Corp.                 
3.95%, 06/15/2025
  100,000       99,212
4.05%, 04/15/2030
  100,000       97,515
Interstate Power and Light Co., 4.10%, 09/26/2028
  53,000        52,269
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028(c)
  80,000        78,950
New York State Electric & Gas Corp., 5.30%, 08/15/2034(c)
  50,000        50,501
NextEra Energy Capital Holdings, Inc.                 
3.55%, 05/01/2027
  110,000      107,472
2.25%, 06/01/2030
  106,000       93,635
NRG Energy, Inc., 7.00%, 03/15/2033(c)
  50,000        55,046
Pacific Gas and Electric Co.                 
3.15%, 01/01/2026
  70,000       68,363
4.55%, 07/01/2030
  65,000       63,594
Pinnacle West Capital Corp., 1.30%, 06/15/2025
  35,000        33,959
PPL Capital Funding, Inc., 3.10%, 05/15/2026
  60,000        58,440
PPL Electric Utilities Corp., 5.00%, 05/15/2033
  55,000        55,848
Public Service Co. of Colorado, 1.88%, 06/15/2031
  70,000        58,576
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030
  100,000       85,453
  Principal
Amount 		  Value
Electric Utilities-(continued)
Southern California Edison Co.                 
5.95%, 11/01/2032
$ 90,000       $96,468
Series E, 3.70%, 08/01/2025
  80,000       79,173
Southern Co. (The)                 
3.25%, 07/01/2026
  128,000      124,991
Series A, 3.70%, 04/30/2030
  147,000      140,469
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027
  100,000        97,979
Vistra Operations Co. LLC                 
3.70%, 01/30/2027(c)
  40,000       38,937
6.95%, 10/15/2033(c)
  60,000       66,698
Wisconsin Electric Power Co., 4.75%, 09/30/2032
  50,000        50,824
Wisconsin Power and Light Co., 3.95%, 09/01/2032
  40,000        37,731
Xcel Energy, Inc., 4.00%, 06/15/2028
  70,000       68,594
        3,293,648
Electrical Equipment-0.30%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030
  55,000        47,251
Emerson Electric Co.                 
0.88%, 10/15/2026
  85,000       79,271
2.20%, 12/21/2031
  90,000       77,846
        204,368
Electronic Equipment, Instruments & Components-1.66%
Amphenol Corp.                 
4.35%, 06/01/2029
  40,000       40,006
2.80%, 02/15/2030
  50,000       45,963
Arrow Electronics, Inc.                 
3.88%, 01/12/2028
  58,000       56,262
2.95%, 02/15/2032
  80,000       69,424
Avnet, Inc., 4.63%, 04/15/2026
  83,000        82,539
CDW LLC/CDW Finance Corp.                 
2.67%, 12/01/2026
  40,000       38,190
3.57%, 12/01/2031
  50,000       45,091
Eaton Corp.                 
3.10%, 09/15/2027
  59,000       57,204
4.00%, 11/02/2032
  85,000       82,129
Flex Ltd.                 
4.88%, 06/15/2029
  40,000       39,865
5.25%, 01/15/2032
  50,000       50,032
Jabil, Inc.                 
3.95%, 01/12/2028
  53,000       51,517
3.00%, 01/15/2031
  50,000       44,030
Keysight Technologies, Inc.                 
4.60%, 04/06/2027
  18,000       17,982
3.00%, 10/30/2029
  40,000       37,301
TD SYNNEX Corp.                 
1.75%, 08/09/2026
  40,000       37,698
6.10%, 04/12/2034
  40,000       41,615
Teledyne Technologies, Inc.                 
2.25%, 04/01/2028
  40,000       37,002
2.75%, 04/01/2031
  40,000       35,430
Trimble, Inc.                 
4.90%, 06/15/2028
  30,000       30,193
6.10%, 03/15/2033
  40,000       42,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Electronic Equipment, Instruments & Components-(continued)
Tyco Electronics Group S.A.                 
4.50%, 02/13/2026
$ 70,000       $70,152
2.50%, 02/04/2032
  65,000       57,071
        1,109,470
Energy Equipment & Services-0.58%
Halliburton Co., 2.92%, 03/01/2030
  140,000       128,635
Helmerich & Payne, Inc., 2.90%, 09/29/2031
  80,000        68,885
NOV, Inc., 3.60%, 12/01/2029
  63,000        59,787
Schlumberger Investment S.A.                 
4.50%, 05/15/2028
  60,000       60,311
2.65%, 06/26/2030
  75,000       68,441
        386,059
Entertainment-1.08%
Electronic Arts, Inc., 1.85%, 02/15/2031
  115,000        97,525
Netflix, Inc.                 
4.88%, 04/15/2028
  90,000       91,810
4.88%, 06/15/2030(c)
  95,000       97,199
Take-Two Interactive Software, Inc.                 
3.55%, 04/14/2025
  35,000       34,645
4.00%, 04/14/2032
  30,000       28,487
Walt Disney Co. (The)                 
2.20%, 01/13/2028
  125,000      117,388
2.65%, 01/13/2031
  120,000      108,149
Warnermedia Holdings, Inc.                 
3.76%, 03/15/2027
  90,000       86,241
4.28%, 03/15/2032
  70,000       61,220
        722,664
Financial Services-3.22%
Apollo Global Management, Inc., 6.38%, 11/15/2033
  140,000       154,193
Berkshire Hathaway, Inc., 3.13%, 03/15/2026
  303,000       298,822
Block Financial LLC                 
2.50%, 07/15/2028
  30,000       27,574
3.88%, 08/15/2030
  40,000       37,964
Corebridge Financial, Inc.                 
3.65%, 04/05/2027
  90,000       88,148
3.90%, 04/05/2032
  150,000      138,950
Enact Holdings, Inc., 6.25%, 05/28/2029
  50,000        51,590
Equitable Holdings, Inc.                 
4.35%, 04/20/2028
  91,000       89,894
5.59%, 01/11/2033
  60,000       62,086
Essent Group Ltd., 6.25%, 07/01/2029
  25,000        25,912
Fidelity National Information Services, Inc.                 
1.15%, 03/01/2026
  50,000       47,463
2.25%, 03/01/2031
  65,000       56,273
Fiserv, Inc.                 
3.50%, 07/01/2029
  108,000      103,451
5.63%, 08/21/2033
  55,000       57,579
Global Payments, Inc.                 
3.20%, 08/15/2029
  63,000       58,452
5.40%, 08/15/2032
  50,000       51,019
LPL Holdings, Inc.                 
6.75%, 11/17/2028
  25,000       26,672
6.00%, 05/20/2034
  30,000       30,852
Mastercard, Inc.                 
3.30%, 03/26/2027
  100,000       98,054
3.35%, 03/26/2030
  85,000       81,410
  Principal
Amount 		  Value
Financial Services-(continued)
PayPal Holdings, Inc.                 
3.90%, 06/01/2027
$ 80,000       $79,384
2.85%, 10/01/2029
  95,000       88,480
Radian Group, Inc., 6.20%, 05/15/2029
  40,000        41,679
TPG Operating Group II, L.P., 5.88%, 03/05/2034
  60,000        63,122
Visa, Inc.                 
3.15%, 12/14/2025
  131,000      129,005
2.05%, 04/15/2030
  115,000      103,113
Western Union Co. (The), 1.35%, 03/15/2026
  70,000       66,374
        2,157,515
Food Products-2.52%
Archer-Daniels-Midland Co.                 
2.50%, 08/11/2026
  90,000       86,897
3.25%, 03/27/2030
  95,000       89,762
Bunge Ltd. Finance Corp.                 
1.63%, 08/17/2025
  90,000       87,184
2.75%, 05/14/2031
  70,000       62,016
Campbell Soup Co.                 
4.15%, 03/15/2028
  33,000       32,722
2.38%, 04/24/2030
  40,000       35,785
Conagra Brands, Inc., 4.85%, 11/01/2028
  80,000        80,669
Flowers Foods, Inc., 2.40%, 03/15/2031
  80,000        68,936
General Mills, Inc.                 
4.20%, 04/17/2028
  76,000       75,564
4.95%, 03/29/2033
  75,000       75,676
Hershey Co. (The), 2.30%, 08/15/2026
  88,000        84,829
Hormel Foods Corp.                 
1.70%, 06/03/2028
  50,000       45,722
1.80%, 06/11/2030
  50,000       43,684
Ingredion, Inc.                 
3.20%, 10/01/2026
  28,000       27,261
2.90%, 06/01/2030
  40,000       36,794
JM Smucker Co. (The)                 
3.50%, 03/15/2025
  33,000       32,699
2.38%, 03/15/2030
  40,000       35,742
Kraft Heinz Foods Co. (The)                 
3.00%, 06/01/2026
  105,000      102,289
3.75%, 04/01/2030
  85,000       81,836
McCormick & Co., Inc.                 
3.40%, 08/15/2027
  48,000       46,795
1.85%, 02/15/2031
  70,000       59,248
Mondelez International, Inc.                 
1.50%, 05/04/2025
  100,000       97,685
2.75%, 04/13/2030
  95,000       87,156
Tyson Foods, Inc.                 
4.35%, 03/01/2029
  115,000      113,723
4.88%, 08/15/2034
  100,000       99,125
        1,689,799
Gas Utilities-0.27%
Atmos Energy Corp.                 
3.00%, 06/15/2027
  51,000       49,338
1.50%, 01/15/2031
  45,000       37,549
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Gas Utilities-(continued)
National Fuel Gas Co.                 
5.50%, 01/15/2026
$ 20,000       $20,134
2.95%, 03/01/2031
  20,000       17,435
Southwest Gas Corp., 4.05%, 03/15/2032
  60,000       56,334
        180,790
Ground Transportation-1.10%
CSX Corp.                 
4.25%, 03/15/2029
  70,000       69,904
4.10%, 11/15/2032
  90,000       87,237
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026
  90,000        88,922
Norfolk Southern Corp.                 
3.80%, 08/01/2028
  60,000       59,062
5.05%, 08/01/2030
  95,000       98,011
Ryder System, Inc.                 
5.25%, 06/01/2028
  70,000       71,479
6.60%, 12/01/2033
  30,000       33,168
Union Pacific Corp.                 
3.95%, 09/10/2028
  124,000      123,048
2.80%, 02/14/2032
  115,000      103,111
        733,942
Health Care Equipment & Supplies-1.92%
Abbott Laboratories                 
3.75%, 11/30/2026
  117,000      115,993
1.40%, 06/30/2030
  120,000      103,944
Baxter International, Inc.                 
1.92%, 02/01/2027
  110,000      103,288
2.54%, 02/01/2032
  50,000       42,718
Becton, Dickinson and Co.                 
3.70%, 06/06/2027
  90,000       88,208
1.96%, 02/11/2031
  80,000       68,003
Boston Scientific Corp., 2.65%, 06/01/2030
  140,000       127,596
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
  55,000        50,002
DH Europe Finance II S.a.r.l.                 
2.20%, 11/15/2024
  68,000       67,570
2.60%, 11/15/2029
  76,000       70,106
Edwards Lifesciences Corp., 4.30%, 06/15/2028
  57,000        56,345
GE HealthCare Technologies, Inc.                 
5.65%, 11/15/2027
  65,000       67,135
5.91%, 11/22/2032
  70,000       74,618
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031
  60,000        52,640
Stryker Corp.                 
3.50%, 03/15/2026
  74,000       72,792
1.95%, 06/15/2030
  70,000       61,144
Zimmer Biomet Holdings, Inc.                 
3.55%, 04/01/2025
  35,000       34,661
2.60%, 11/24/2031
  35,000       30,345
        1,287,108
Health Care Providers & Services-4.00%
Cardinal Health, Inc.                 
3.41%, 06/15/2027
  124,000      120,661
5.45%, 02/15/2034
  120,000      124,066
Cencora, Inc.                 
3.45%, 12/15/2027
  164,000      159,028
2.70%, 03/15/2031
  135,000      119,730
  Principal
Amount 		  Value
Health Care Providers & Services-(continued)
Cigna Group (The)                 
4.38%, 10/15/2028
$ 144,000      $143,243
2.38%, 03/15/2031
  145,000      126,104
CVS Health Corp.                 
4.30%, 03/25/2028
  180,000      177,881
5.25%, 02/21/2033
  190,000      191,218
Elevance Health, Inc.                 
3.65%, 12/01/2027
  115,000      112,537
2.25%, 05/15/2030
  125,000      110,876
HCA, Inc.                 
5.38%, 02/01/2025
  95,000       94,883
3.50%, 09/01/2030
  135,000      125,919
Humana, Inc.                 
1.35%, 02/03/2027
  110,000      101,915
2.15%, 02/03/2032
  95,000       78,820
Laboratory Corp. of America Holdings                 
3.60%, 02/01/2025
  43,000       42,714
2.95%, 12/01/2029
  40,000       36,862
McKesson Corp.                 
1.30%, 08/15/2026
  150,000      141,188
5.10%, 07/15/2033
  135,000      138,705
Quest Diagnostics, Inc.                 
3.50%, 03/30/2025
  70,000       69,371
2.95%, 06/30/2030
  35,000       32,108
UnitedHealth Group, Inc.                 
3.75%, 07/15/2025
  169,000      168,015
5.35%, 02/15/2033
  185,000      193,700
Universal Health Services, Inc.                 
1.65%, 09/01/2026
  40,000       37,575
2.65%, 10/15/2030
  35,000       30,942
        2,678,061
Health Care REITs-0.86%
Alexandria Real Estate Equities, Inc.                 
3.45%, 04/30/2025
  53,000       52,487
2.00%, 05/18/2032
  75,000       60,968
Healthcare Realty Holdings L.P.                 
3.50%, 08/01/2026
  66,000       64,534
2.00%, 03/15/2031
  20,000       16,454
Healthpeak OP LLC                 
3.25%, 07/15/2026
  50,000       48,818
5.25%, 12/15/2032
  40,000       40,711
Omega Healthcare Investors, Inc.                 
5.25%, 01/15/2026
  18,000       18,007
3.38%, 02/01/2031
  30,000       26,758
Ventas Realty L.P.                 
4.40%, 01/15/2029
  44,000       43,568
2.50%, 09/01/2031
  65,000       55,577
Welltower OP LLC                 
4.00%, 06/01/2025
  76,000       75,342
3.10%, 01/15/2030
  80,000       74,115
        577,339
Hotel & Resort REITs-0.10%
Host Hotels & Resorts L.P.                 
Series E, 4.00%, 06/15/2025
  30,000       29,716
Series H, 3.38%, 12/15/2029
  39,000       35,938
        65,654
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Hotels, Restaurants & Leisure-1.54%
Booking Holdings, Inc.                 
3.60%, 06/01/2026
$ 55,000       $54,290
4.63%, 04/13/2030
  80,000       80,890
Choice Hotels International, Inc., 5.85%, 08/01/2034
  40,000        40,907
Darden Restaurants, Inc.                 
3.85%, 05/01/2027
  64,000       62,833
6.30%, 10/10/2033
  60,000       64,351
Expedia Group, Inc., 3.80%, 02/15/2028
  68,000        66,173
Harley-Davidson Financial Services, Inc., 6.50%, 03/10/2028(c)
  50,000        52,027
Hyatt Hotels Corp., 5.75%, 01/30/2027
  60,000        61,195
Marriott International, Inc.                 
5.00%, 10/15/2027
  75,000       76,188
Series FF, 4.63%, 06/15/2030
  40,000       40,064
McDonald’s Corp.                 
3.80%, 04/01/2028
  125,000      123,078
3.60%, 07/01/2030
  130,000      124,797
Starbucks Corp.                 
3.80%, 08/15/2025
  106,000      104,954
2.55%, 11/15/2030
  90,000       80,670
        1,032,417
Household Durables-0.83%
D.R. Horton, Inc.                 
1.40%, 10/15/2027
  70,000       64,013
5.00%, 10/15/2034
  70,000       69,881
Leggett & Platt, Inc., 4.40%, 03/15/2029
  60,000        57,047
Lennar Corp., 4.75%, 11/29/2027
  115,000       116,050
Mohawk Industries, Inc.                 
5.85%, 09/18/2028
  30,000       31,403
3.63%, 05/15/2030
  45,000       42,748
NVR, Inc., 3.00%, 05/15/2030
  80,000        73,414
Whirlpool Corp., 4.75%, 02/26/2029
  99,000       99,645
        554,201
Household Products-1.24%
Church & Dwight Co., Inc., 5.60%, 11/15/2032
  90,000        95,859
Clorox Co. (The)                 
3.90%, 05/15/2028
  35,000       34,306
4.60%, 05/01/2032
  40,000       39,890
Colgate-Palmolive Co.                 
4.80%, 03/02/2026
  60,000       60,554
3.25%, 08/15/2032
  105,000       97,590
Kimberly-Clark Corp.                 
3.20%, 04/25/2029
  67,000       64,406
2.00%, 11/02/2031
  100,000       86,323
Procter & Gamble Co. (The)                 
1.90%, 02/01/2027
  165,000      156,872
3.00%, 03/25/2030(b)
  205,000      194,532
        830,332
Independent Power and Renewable Electricity Producers-0.33%
AES Corp. (The)                 
1.38%, 01/15/2026
  55,000       52,406
2.45%, 01/15/2031
  100,000       85,338
NSTAR Electric Co., 3.20%, 05/15/2027
  83,000       80,519
        218,263
  Principal
Amount 		  Value
Industrial Conglomerates-0.66%
3M Co., 2.38%, 08/26/2029
$ 265,000   $   240,212
Honeywell International, Inc.                 
2.50%, 11/01/2026
  103,000       99,449
1.75%, 09/01/2031
  125,000      105,589
        445,250
Industrial REITs-0.23%
Prologis L.P.                 
2.13%, 04/15/2027
  75,000       71,017
2.25%, 04/15/2030
  92,000       82,294
        153,311
Insurance-6.04%
Aflac, Inc., 3.60%, 04/01/2030
  185,000       176,763
Allstate Corp. (The)                 
3.28%, 12/15/2026
  76,000       74,142
1.45%, 12/15/2030
  130,000      107,833
American International Group, Inc., 5.13%, 03/27/2033(b)
  260,000       265,310
Aon Corp., 2.80%, 05/15/2030
  60,000        54,698
Aon Global Ltd., 3.88%, 12/15/2025
  95,000        94,230
Arthur J. Gallagher & Co., 5.45%, 07/15/2034
  110,000       113,125
Brighthouse Financial, Inc.                 
3.70%, 06/22/2027
  97,000       93,863
5.63%, 05/15/2030(b)
  75,000       76,581
Brown & Brown, Inc., 2.38%, 03/15/2031
  30,000        25,601
Chubb INA Holdings LLC                 
3.35%, 05/03/2026
  95,000       93,343
1.38%, 09/15/2030
  120,000      101,886
CNA Financial Corp.                 
3.90%, 05/01/2029
  93,000       90,555
5.13%, 02/15/2034
  50,000       50,471
CNO Financial Group, Inc.                 
5.25%, 05/30/2029
  43,000       43,177
6.45%, 06/15/2034
  40,000       41,760
Fidelity National Financial, Inc., 3.40%, 06/15/2030
  160,000       147,269
First American Financial Corp., 2.40%, 08/15/2031
  110,000        91,382
Five Corners Funding Trust II, 2.85%, 05/15/2030(c)
  160,000       146,145
Globe Life, Inc., 4.55%, 09/15/2028
  106,000       104,754
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029
  174,000       160,272
Jackson National Life Global Funding, 3.05%, 04/29/2026(c)
  180,000       174,995
Lincoln National Corp.                 
3.80%, 03/01/2028
  76,000       73,950
3.40%, 01/15/2031
  80,000       73,054
Loews Corp.                 
3.75%, 04/01/2026
  38,000       37,582
3.20%, 05/15/2030
  60,000       56,120
Marsh & McLennan Cos., Inc.                 
4.38%, 03/15/2029
  68,000       68,288
2.25%, 11/15/2030
  110,000       97,389
MetLife, Inc., 4.55%, 03/23/2030
  125,000       126,830
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(c)
  160,000       156,873
Old Republic International Corp., 3.88%, 08/26/2026
  94,000       92,469
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Insurance-(continued)
Primerica, Inc., 2.80%, 11/19/2031
$ 55,000   $    47,544
Principal Financial Group, Inc.                 
3.70%, 05/15/2029
  82,000       79,270
2.13%, 06/15/2030
  120,000      104,445
Progressive Corp. (The)                 
4.00%, 03/01/2029
  75,000       74,309
3.00%, 03/15/2032
  105,000       95,281
Prudential Financial, Inc., 1.50%, 03/10/2026
  130,000       124,627
Reinsurance Group of America, Inc., 3.90%, 05/15/2029
  49,000        47,467
RGA Global Funding, 5.50%, 01/11/2031(c)
  40,000        41,373
Travelers Property Casualty Corp., 6.38%, 03/15/2033
  195,000       219,803
Willis North America, Inc.                 
4.65%, 06/15/2027
  55,000       55,107
2.95%, 09/15/2029
  50,000       46,232
        4,046,168
Interactive Media & Services-1.30%
Alphabet, Inc.                 
2.00%, 08/15/2026(b)
  252,000      242,491
1.10%, 08/15/2030(b)
  310,000      262,713
Meta Platforms, Inc.                 
3.50%, 08/15/2027
  170,000      167,501
3.85%, 08/15/2032
  210,000      201,255
        873,960
IT Services-0.65%
Amdocs Ltd., 2.54%, 06/15/2030
  75,000        66,224
DXC Technology Co., 2.38%, 09/15/2028
  93,000        83,465
International Business Machines Corp., 3.50%, 05/15/2029
  135,000       130,204
Kyndryl Holdings, Inc.                 
2.05%, 10/15/2026
  85,000       79,876
3.15%, 10/15/2031
  55,000       47,673
VeriSign, Inc.                 
5.25%, 04/01/2025
  10,000        9,998
2.70%, 06/15/2031
  20,000       17,361
        434,801
Leisure Products-0.31%
Brunswick Corp., 2.40%, 08/18/2031
  80,000        66,233
Hasbro, Inc.                 
3.55%, 11/19/2026
  30,000       29,190
3.90%, 11/19/2029
  28,000       26,777
Polaris, Inc., 6.95%, 03/15/2029
  80,000       85,834
        208,034
Life Sciences Tools & Services-0.83%
Agilent Technologies, Inc., 2.30%, 03/12/2031
  110,000        95,422
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
  55,000        50,445
Illumina, Inc.                 
5.75%, 12/13/2027
  30,000       30,934
2.55%, 03/23/2031(b)
  20,000       17,138
IQVIA, Inc., 6.25%, 02/01/2029
  120,000       126,864
Revvity, Inc.                 
1.90%, 09/15/2028
  25,000       22,509
3.30%, 09/15/2029
  33,000       30,901
  Principal
Amount 		  Value
Life Sciences Tools & Services-(continued)
Thermo Fisher Scientific, Inc.                 
4.80%, 11/21/2027
$ 75,000       $76,390
2.00%, 10/15/2031(b)
  125,000      106,835
        557,438
Machinery-2.47%
AGCO Corp., 5.80%, 03/21/2034
  70,000        72,043
Caterpillar Financial Services Corp., 3.40%, 05/13/2025
  125,000       123,928
Caterpillar, Inc., 2.60%, 04/09/2030
  115,000       105,704
Cummins, Inc.                 
4.90%, 02/20/2029
  80,000       81,996
1.50%, 09/01/2030
  80,000       68,462
Flowserve Corp., 3.50%, 10/01/2030
  75,000        69,323
Fortive Corp., 3.15%, 06/15/2026
  78,000        75,941
IDEX Corp., 3.00%, 05/01/2030
  50,000        45,878
Illinois Tool Works, Inc., 2.65%, 11/15/2026
  153,000       148,408
Ingersoll Rand, Inc.                 
5.40%, 08/14/2028
  30,000       30,925
5.70%, 08/14/2033
  30,000       31,661
John Deere Capital Corp.                 
4.95%, 07/14/2028
  100,000      102,618
5.10%, 04/11/2034
  110,000      113,724
Nordson Corp., 5.80%, 09/15/2033
  50,000        53,331
Otis Worldwide Corp.                 
2.06%, 04/05/2025
  85,000       83,518
2.57%, 02/15/2030
  40,000       36,137
Parker-Hannifin Corp.                 
3.25%, 06/14/2029
  77,000       73,099
4.20%, 11/21/2034
  50,000       47,791
Stanley Black & Decker, Inc.                 
3.40%, 03/01/2026
  60,000       58,890
2.30%, 03/15/2030
  55,000       48,556
Wabtec Corp.                 
3.45%, 11/15/2026
  30,000       29,268
5.61%, 03/11/2034
  40,000       41,678
Xylem, Inc.                 
3.25%, 11/01/2026
  45,000       43,797
2.25%, 01/30/2031
  75,000       65,376
        1,652,052
Marine Transportation-0.05%
Kirby Corp., 4.20%, 03/01/2028
  33,000       32,437
Media-1.04%
Comcast Corp.                 
4.15%, 10/15/2028
  166,000      164,840
1.50%, 02/15/2031(b)
  250,000      207,941
Fox Corp.                 
4.71%, 01/25/2029
  55,000       55,400
6.50%, 10/13/2033
  45,000       48,774
Interpublic Group of Cos., Inc. (The)                 
4.65%, 10/01/2028
  40,000       40,129
4.75%, 03/30/2030
  80,000       80,523
Omnicom Group, Inc., 2.60%, 08/01/2031
  60,000        52,328
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026
  48,000       47,163
        697,098
Metals & Mining-1.09%
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
  175,000      178,561
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Metals & Mining-(continued)
Newmont Corp., 2.25%, 10/01/2030
$ 196,000   $   173,926
Nucor Corp.                 
3.95%, 05/01/2028
  69,000       68,231
3.13%, 04/01/2032
  110,000       99,335
Reliance, Inc., 2.15%, 08/15/2030
  100,000        87,189
Steel Dynamics, Inc., 3.45%, 04/15/2030
  131,000      122,489
        729,731
Multi-Utilities-1.44%
Ameren Corp.                 
1.95%, 03/15/2027
  60,000       56,250
3.50%, 01/15/2031
  55,000       51,157
Arizona Public Service Co., 5.55%, 08/01/2033
  40,000        41,153
CenterPoint Energy, Inc.                 
1.45%, 06/01/2026
  55,000       51,957
2.65%, 06/01/2031
  60,000       52,473
Consumers Energy Co.                 
4.90%, 02/15/2029
  40,000       40,961
4.63%, 05/15/2033
  50,000       49,710
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030
  115,000       107,703
DTE Electric Co., Series C, 2.63%, 03/01/2031
  75,000        67,023
DTE Energy Co., Series F, 1.05%, 06/01/2025
  60,000        58,246
NiSource, Inc.                 
0.95%, 08/15/2025
  50,000       48,155
3.60%, 05/01/2030
  40,000       37,944
Public Service Enterprise Group, Inc.                 
5.20%, 04/01/2029
  55,000       56,469
2.45%, 11/15/2031
  100,000       85,873
Sempra, 3.40%, 02/01/2028
  81,000        78,118
WEC Energy Group, Inc., 4.75%, 01/09/2026
  80,000       80,056
        963,248
Office REITs-0.26%
Boston Properties L.P.                 
3.65%, 02/01/2026
  60,000       58,702
3.25%, 01/30/2031
  75,000       66,062
Kilroy Realty L.P., 3.05%, 02/15/2030
  58,000       50,847
        175,611
Oil, Gas & Consumable Fuels-5.49%
Cheniere Corpus Christi Holdings LLC                 
5.13%, 06/30/2027
  55,000       55,566
3.70%, 11/15/2029(b)
  50,000       47,608
Chevron Corp.                 
2.95%, 05/16/2026
  232,000      227,212
2.24%, 05/11/2030(b)
  270,000      242,315
ConocoPhillips Co.                 
6.95%, 04/15/2029
  110,000      122,178
5.05%, 09/15/2033
  110,000      112,874
Coterra Energy, Inc.                 
3.90%, 05/15/2027
  50,000       49,019
5.60%, 03/15/2034
  40,000       40,970
Devon Energy Corp., 7.88%, 09/30/2031
  110,000       127,657
Diamondback Energy, Inc.                 
3.25%, 12/01/2026
  40,000       38,932
3.50%, 12/01/2029
  55,000       52,002
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
EOG Resources, Inc.                 
4.15%, 01/15/2026
$ 90,000       $89,785
4.38%, 04/15/2030
  80,000       80,153
EQT Corp.                 
3.90%, 10/01/2027
  40,000       39,110
7.00%, 02/01/2030
  30,000       32,703
Exxon Mobil Corp.                 
3.04%, 03/01/2026
  281,000      276,099
2.61%, 10/15/2030(b)
  265,000      241,874
Hess Corp.                 
4.30%, 04/01/2027
  50,000       49,670
7.30%, 08/15/2031
  70,000       79,914
HF Sinclair Corp., 5.88%, 04/01/2026
  120,000       121,290
Kinder Morgan, Inc.                 
4.30%, 03/01/2028
  105,000      104,481
5.20%, 06/01/2033
  100,000      100,285
Marathon Oil Corp.                 
4.40%, 07/15/2027
  58,000       57,795
6.80%, 03/15/2032
  35,000       39,085
Marathon Petroleum Corp., 4.70%, 05/01/2025
  235,000       234,126
ONEOK, Inc.                 
4.55%, 07/15/2028
  61,000       60,908
3.10%, 03/15/2030
  110,000      101,572
Ovintiv, Inc.                 
5.65%, 05/15/2028
  40,000       41,178
7.38%, 11/01/2031
  30,000       33,579
Phillips 66                 
3.90%, 03/15/2028
  109,000      106,903
2.15%, 12/15/2030
  155,000      134,855
Targa Resources Corp., 5.20%, 07/01/2027
  60,000        60,900
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030
  60,000        60,863
Valero Energy Corp.                 
2.15%, 09/15/2027
  140,000      131,096
7.50%, 04/15/2032
  115,000      133,480
Williams Cos., Inc. (The)                 
3.75%, 06/15/2027
  85,000       83,262
2.60%, 03/15/2031
  75,000       65,591
        3,676,890
Passenger Airlines-0.19%
Southwest Airlines Co.                 
5.13%, 06/15/2027
  70,000       70,610
2.63%, 02/10/2030
  60,000       53,696
        124,306
Personal Care Products-0.40%
Estee Lauder Cos., Inc. (The)                 
2.00%, 12/01/2024
  80,000       79,345
2.38%, 12/01/2029
  93,000       84,546
Kenvue, Inc.                 
5.05%, 03/22/2028
  50,000       51,398
4.90%, 03/22/2033
  50,000       51,183
        266,472
Pharmaceuticals-2.68%
Bristol-Myers Squibb Co.                 
3.40%, 07/26/2029
  119,000      114,387
5.20%, 02/22/2034
  120,000      124,516
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Pharmaceuticals-(continued)
Eli Lilly and Co.                 
3.38%, 03/15/2029
$ 96,000       $93,305
4.70%, 02/09/2034
  90,000       91,187
Johnson & Johnson                 
2.45%, 03/01/2026
  183,000      178,586
1.30%, 09/01/2030(b)
  265,000      227,385
Merck & Co., Inc.                 
3.40%, 03/07/2029
  140,000      135,486
2.15%, 12/10/2031
  165,000      142,113
Pfizer Investment Enterprises Pte. Ltd.                 
4.45%, 05/19/2028
  180,000      180,929
4.75%, 05/19/2033
  165,000      165,966
Royalty Pharma PLC                 
1.20%, 09/02/2025
  30,000       28,918
2.20%, 09/02/2030
  40,000       34,667
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026
  98,000        96,646
Viatris, Inc., 2.70%, 06/22/2030
  80,000        70,452
Zoetis, Inc.                 
3.00%, 09/12/2027
  45,000       43,212
2.00%, 05/15/2030
  75,000       65,488
        1,793,243
Professional Services-0.72%
Automatic Data Processing, Inc.                 
3.38%, 09/15/2025
  76,000       75,136
1.25%, 09/01/2030
  100,000       84,932
Broadridge Financial Solutions, Inc.                 
3.40%, 06/27/2026
  25,000       24,450
2.60%, 05/01/2031
  30,000       26,078
Concentrix Corp.                 
6.60%, 08/02/2028
  30,000       31,464
6.85%, 08/02/2033
  30,000       31,357
Equifax, Inc.                 
2.60%, 12/01/2024
  43,000       42,699
2.35%, 09/15/2031
  50,000       42,796
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028
  70,000        74,049
Verisk Analytics, Inc.                 
4.13%, 03/15/2029
  20,000       19,749
5.75%, 04/01/2033
  30,000       31,876
        484,586
Real Estate Management & Development-0.17%
CBRE Services, Inc.                 
4.88%, 03/01/2026
  65,000       65,096
2.50%, 04/01/2031
  60,000       51,741
        116,837
Residential REITs-1.11%
American Homes 4 Rent L.P.                 
4.25%, 02/15/2028
  28,000       27,530
3.63%, 04/15/2032
  50,000       45,494
AvalonBay Communities, Inc.                 
3.45%, 06/01/2025
  40,000       39,553
2.30%, 03/01/2030
  60,000       53,796
Camden Property Trust                 
5.85%, 11/03/2026
  30,000       30,950
2.80%, 05/15/2030
  30,000       27,478
  Principal
Amount 		  Value
Residential REITs-(continued)
ERP Operating L.P.                 
2.85%, 11/01/2026
$ 68,000       $65,872
2.50%, 02/15/2030
  80,000       72,509
Essex Portfolio L.P.                 
3.50%, 04/01/2025
  40,000       39,638
3.00%, 01/15/2030
  30,000       27,640
Invitation Homes Operating Partnership L.P.                 
2.30%, 11/15/2028
  30,000       27,253
2.00%, 08/15/2031
  45,000       37,174
Mid-America Apartments L.P., 3.95%, 03/15/2029
  75,000        73,547
Sun Communities Operating L.P.                 
5.50%, 01/15/2029
  50,000       51,125
2.70%, 07/15/2031
  55,000       47,128
UDR, Inc., 3.20%, 01/15/2030
  82,000       76,184
        742,871
Retail REITs-0.70%
Brixmor Operating Partnership L.P.                 
4.13%, 05/15/2029
  50,000       48,527
4.05%, 07/01/2030
  30,000       28,750
Kimco Realty OP LLC                 
2.80%, 10/01/2026
  30,000       28,920
4.60%, 02/01/2033
  30,000       29,339
NNN REIT, Inc., 5.60%, 10/15/2033
  40,000        41,154
Realty Income Corp.                 
4.13%, 10/15/2026
  55,000       54,551
3.25%, 01/15/2031
  40,000       36,759
Regency Centers L.P.                 
3.60%, 02/01/2027
  22,000       21,523
3.70%, 06/15/2030
  40,000       38,129
Simon Property Group L.P.                 
1.75%, 02/01/2028
  80,000       73,370
2.45%, 09/13/2029
  76,000       69,161
        470,183
Semiconductors & Semiconductor Equipment-3.12%
Analog Devices, Inc.                 
3.50%, 12/05/2026
  50,000       49,200
2.10%, 10/01/2031
  60,000       51,578
Applied Materials, Inc.                 
3.30%, 04/01/2027
  65,000       63,552
1.75%, 06/01/2030
  100,000       87,014
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027
  133,000       131,193
Broadcom, Inc., 2.45%, 02/15/2031(c)
  150,000       130,938
Intel Corp.                 
3.70%, 07/29/2025
  185,000      182,539
2.45%, 11/15/2029
  222,000      196,891
KLA Corp.                 
4.65%, 11/01/2024
  43,000       42,945
4.65%, 07/15/2032
  55,000       55,566
Lam Research Corp.                 
4.00%, 03/15/2029
  68,000       67,234
1.90%, 06/15/2030
  60,000       52,474
Marvell Technology, Inc.                 
1.65%, 04/15/2026
  45,000       42,875
2.95%, 04/15/2031
  45,000       40,224
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Semiconductors & Semiconductor Equipment-(continued)
Micron Technology, Inc.                 
4.19%, 02/15/2027
$ 101,000      $100,015
4.66%, 02/15/2030
  120,000      119,824
NVIDIA Corp.                 
3.20%, 09/16/2026
  62,000       60,931
2.85%, 04/01/2030
  67,000       62,848
QUALCOMM, Inc.                 
3.25%, 05/20/2027
  108,000      105,365
1.65%, 05/20/2032
  180,000      147,515
Texas Instruments, Inc.                 
1.38%, 03/12/2025
  95,000       93,263
2.25%, 09/04/2029
  96,000       87,906
Xilinx, Inc., 2.38%, 06/01/2030
  130,000      116,737
        2,088,627
Software-2.39%
Adobe, Inc.                 
3.25%, 02/01/2025
  63,000       62,579
2.30%, 02/01/2030
  60,000       54,538
Autodesk, Inc.                 
3.50%, 06/15/2027
  23,000       22,456
2.85%, 01/15/2030
  30,000       27,672
Fortinet, Inc.                 
1.00%, 03/15/2026
  56,000       53,006
2.20%, 03/15/2031
  16,000       13,719
Intuit, Inc.                 
0.95%, 07/15/2025
  80,000       77,442
5.20%, 09/15/2033
  55,000       57,335
Microsoft Corp.                 
3.30%, 02/06/2027
  275,000      270,787
3.50%, 02/12/2035
  300,000      282,869
Oracle Corp.                 
2.50%, 04/01/2025
  180,000      177,267
2.88%, 03/25/2031
  150,000      134,287
Roper Technologies, Inc.                 
1.00%, 09/15/2025
  55,000       52,930
1.75%, 02/15/2031
  60,000       50,062
Salesforce, Inc.                 
3.70%, 04/11/2028
  72,000       70,940
1.95%, 07/15/2031
  124,000      105,936
ServiceNow, Inc., 1.40%, 09/01/2030
  55,000        46,759
Workday, Inc.                 
3.50%, 04/01/2027
  20,000       19,571
3.80%, 04/01/2032
  20,000       18,772
        1,598,927
Specialized REITs-1.19%
American Tower Corp.                 
3.80%, 08/15/2029
  103,000       98,904
5.55%, 07/15/2033
  80,000       82,973
Crown Castle, Inc.                 
3.65%, 09/01/2027
  86,000       83,633
2.25%, 01/15/2031
  80,000       68,332
EPR Properties, 3.75%, 08/15/2029
  40,000        37,091
Equinix, Inc.                 
2.63%, 11/18/2024
  60,000       59,621
3.20%, 11/18/2029
  60,000       56,040
Extra Space Storage L.P.                 
5.70%, 04/01/2028
  30,000       30,985
2.35%, 03/15/2032
  35,000       29,042
  Principal
Amount 		  Value
Specialized REITs-(continued)
Public Storage Operating Co.                 
1.85%, 05/01/2028
$ 70,000       $63,944
2.30%, 05/01/2031
  60,000       52,517
Weyerhaeuser Co.                 
4.75%, 05/15/2026
  90,000       90,131
7.38%, 03/15/2032
  40,000       46,008
        799,221
Specialty Retail-2.86%
AutoNation, Inc., 3.85%, 03/01/2032
  110,000       100,634
AutoZone, Inc.                 
3.75%, 06/01/2027
  50,000       49,087
4.00%, 04/15/2030
  60,000       58,306
Best Buy Co., Inc.                 
4.45%, 10/01/2028
  75,000       74,980
1.95%, 10/01/2030
  130,000      112,454
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033
  50,000        52,992
Dell International LLC/EMC Corp.                 
6.02%, 06/15/2026
  103,000      105,240
5.30%, 10/01/2029
  95,000       98,123
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032
  95,000        84,074
Home Depot, Inc. (The)                 
2.95%, 06/15/2029
  168,000      158,923
4.50%, 09/15/2032
  165,000      166,100
Leidos, Inc.                 
3.63%, 05/15/2025
  30,000       29,654
2.30%, 02/15/2031
  85,000       72,732
Lowe’s Cos., Inc.                 
2.50%, 04/15/2026
  139,000      134,746
2.63%, 04/01/2031
  140,000      124,156
O’Reilly Automotive, Inc.                 
3.60%, 09/01/2027
  59,000       57,641
4.70%, 06/15/2032
  70,000       69,851
Ross Stores, Inc.                 
4.60%, 04/15/2025
  37,000       36,865
1.88%, 04/15/2031
  65,000       54,584
TJX Cos., Inc. (The)                 
2.25%, 09/15/2026
  100,000       96,107
1.60%, 05/15/2031
  100,000       83,622
Tractor Supply Co., 1.75%, 11/01/2030
  115,000       97,530
        1,918,401
Technology Hardware, Storage & Peripherals-1.82%
Apple, Inc.                 
3.25%, 02/23/2026(b)
  315,000      310,802
1.65%, 02/08/2031(b)
  355,000      305,982
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
  138,000       137,945
HP, Inc.                 
3.00%, 06/17/2027
  130,000      124,823
4.20%, 04/15/2032
  100,000       95,391
IBM International Capital Pte. Ltd., 4.90%, 02/05/2034
  160,000       161,309
NetApp, Inc.                 
1.88%, 06/22/2025
  35,000       34,099
2.70%, 06/22/2030
  55,000       49,435
        1,219,786
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Textiles, Apparel & Luxury Goods-0.67%
NIKE, Inc.                 
2.40%, 03/27/2025
$ 95,000       $93,824
2.85%, 03/27/2030
  80,000       74,544
Ralph Lauren Corp., 2.95%, 06/15/2030
  85,000        78,755
Tapestry, Inc.                 
7.35%, 11/27/2028
  30,000       31,484
7.85%, 11/27/2033
  30,000       32,122
VF Corp.                 
2.40%, 04/23/2025
  65,000       63,709
2.95%, 04/23/2030
  85,000       73,418
        447,856
Tobacco-0.89%
Altria Group, Inc.                 
4.80%, 02/14/2029
  160,000      160,997
2.45%, 02/04/2032
  150,000      126,253
Philip Morris International, Inc.                 
5.13%, 11/17/2027
  155,000      158,500
5.75%, 11/17/2032
  140,000      148,202
        593,952
Trading Companies & Distributors-0.13%
WW Grainger, Inc., 1.85%, 02/15/2025
  92,000       90,538
Water Utilities-0.25%
American Water Capital Corp.                 
3.40%, 03/01/2025
  62,000       61,474
4.45%, 06/01/2032
  40,000       39,676
Essential Utilities, Inc., 2.70%, 04/15/2030
  70,000       63,261
        164,411
Wireless Telecommunication Services-0.38%
T-Mobile USA, Inc.                 
3.75%, 04/15/2027
  145,000      142,390
3.88%, 04/15/2030
  120,000      115,482
        257,872
Total U.S. Dollar Denominated Bonds & Notes

(Cost $66,653,802)
  66,327,720
  Shares   Value
Money Market Funds-0.27%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $182,485)
  182,485   $   182,485
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.28%

(Cost $66,836,287)
  66,510,205
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.37%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  1,368,978    1,368,978
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  3,564,678    3,566,104
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,935,006)
  4,935,082
TOTAL INVESTMENTS IN SECURITIES-106.65%

(Cost $71,771,293)
  71,445,287
OTHER ASSETS LESS LIABILITIES-(6.65)%
  (4,453,995)
NET ASSETS-100.00%
  $66,991,292
    
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $1,519,087, which represented 2.27% of the Fund’s Net Assets.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $87,574   $3,590,020   $(3,495,109)   $-   $-   $182,485   $5,373
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39
Table of Contents
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $757,492   $11,291,701   $(10,680,215)   $-   $-   $1,368,978   $48,328*
Invesco Private Prime Fund 1,947,839   25,144,346   (23,526,339)   130   128   3,566,104   130,041*
Total $2,792,905   $40,026,067   $(37,701,663)   $130   $128   $5,117,567   $183,742
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.81%                
Alabama-0.75%                
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.25%   07/01/2047   $ 3,000   $    3,262,766
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
5.25%   07/01/2052     3,000        3,236,365
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
4.00%   11/01/2040     540          542,485
Alhambra Unified School District, Series 2016 B, RB
4.00%   10/01/2043     500          493,395
Auburn University, Series 2018 A, RB
5.00%   06/01/2048     500          520,715
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB
5.00%   07/01/2048     3,000        3,092,973
Huntsville (City of), AL Health Care Authority, Series 2020 B-1, RB, (INS - AGM)(a)
3.00%   06/01/2050     110           88,035
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%   10/01/2044     55           60,161
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
5.25%   10/01/2049     65           70,244
Lower Alabama Gas District (The), Series 2016 A, RB
5.00%   09/01/2046     2,000        2,200,774
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB
4.00%   02/01/2046     5,000        4,502,636
Montgomery (City of), AL, Series 2023, RB
5.00%   09/01/2048     1,000        1,092,873
Pike Road (Town of), AL, Series 2023, GO Wts.
5.00%   03/01/2052     1,175        1,262,075
University of Alabama (The), Series 2012 A, Ref. RB
3.50%   07/01/2042     160          147,716
University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)(a)
5.25%   04/01/2054     1,000       1,094,865
                21,668,078
Alaska-0.01%                
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.), Series 2019, RB
4.00%   10/01/2049     200          185,541
Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene), Series 2019, RB
4.00%   10/01/2044     30          28,532
                214,073
Arizona-1.60%                
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB(b)
5.00%   12/01/2024     65           65,292
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A, RB
3.00%   02/01/2045     2,000        1,648,880
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A, RB
4.00%   02/01/2050     1,000          957,900
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB
4.00%   11/01/2050     2,000        1,914,290
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
4.00%   07/15/2047     750          745,151
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB
4.00%   01/01/2041     2,000        1,985,601
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB
3.00%   01/01/2049     3,355        2,674,423
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB
3.00%   01/01/2049     2,000        1,594,291
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2019 E, RB
4.00%   01/01/2045     1,000          980,243
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
3.00%   09/01/2051     4,250        3,313,558
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
4.00%   09/01/2051     2,625        2,462,738
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB
5.00%   07/01/2042     1,000        1,021,505
Phoenix Civic Improvement Corp., Series 2015 A, RB
5.00%   07/01/2045     2,000        2,014,219
Phoenix Civic Improvement Corp., Series 2019 A, RB
5.00%   07/01/2045     5,000        5,234,050
Phoenix Civic Improvement Corp., Series 2019, RB
5.00%   07/01/2049     4,000        4,211,011
Phoenix Civic Improvement Corp., Series 2021 A, RB
5.00%   07/01/2045     750          816,182
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
5.00%   07/01/2044     5,000        5,335,933
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(b)
5.00%   12/01/2041     5            5,082
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(b)
5.00%   12/01/2045     5            5,082
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%   01/01/2043     1,000        1,121,248
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%   01/01/2044     1,000        1,112,871
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.00%   01/01/2048     1,000       1,099,639
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Arizona-(continued)                
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
5.25%   01/01/2053   $ 2,000   $    2,226,926
University of Arizona (The) (Stimulus Plan for Economic and Educational Development), Series 2020, Ref. RB
4.00%   08/01/2044     4,000       3,987,313
                46,533,428
Arkansas-0.19%                
Fayetteville School District No. 1, Series 2020, Ref. GO Bonds
2.75%   06/01/2046     100           75,425
University of Arkansas, Series 2021 A, RB
5.00%   12/01/2045     5,000       5,332,101
                5,407,526
California-16.11%                
Antelope Valley Healthcare District, Series 2016 A, Ref. RB
5.00%   03/01/2041     1,000          996,487
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB
4.00%   04/01/2056     5,000        4,926,542
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
4.00%   04/01/2042     2,590        2,599,577
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
5.00%   04/01/2054     2,000        2,196,789
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
5.00%   09/01/2049     1,000        1,033,863
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
4.00%   07/01/2054     575          560,001
California (State of), Series 2014, GO Bonds(b)
5.00%   12/04/2024     5,000        5,008,801
California (State of), Series 2015, GO Bonds
5.00%   08/01/2045     2,200        2,237,724
California (State of), Series 2016, GO Bonds
4.00%   09/01/2046     200          196,257
California (State of), Series 2016, GO Bonds
5.00%   09/01/2046     3,000        3,090,613
California (State of), Series 2018, GO Bonds
5.00%   10/01/2039     1,000        1,025,819
California (State of), Series 2018, GO Bonds
3.63%   10/01/2047     195          184,382
California (State of), Series 2018, GO Bonds
5.00%   10/01/2047     3,400        3,480,791
California (State of), Series 2019, GO Bonds
4.00%   10/01/2044     185          186,636
California (State of), Series 2019, GO Bonds
3.25%   04/01/2045     325          287,735
California (State of), Series 2019, GO Bonds
5.00%   04/01/2045     4,000        4,255,040
California (State of), Series 2019, GO Bonds
5.00%   04/01/2049     1,000        1,058,889
California (State of), Series 2019, Ref. GO Bonds
4.00%   10/01/2039     1,390        1,423,650
California (State of), Series 2019, Ref. GO Bonds
5.00%   10/01/2039     4,500        4,884,354
California (State of), Series 2020, GO Bonds
4.00%   11/01/2041     55           54,181
California (State of), Series 2020, GO Bonds
4.00%   11/01/2045     1,100        1,079,821
California (State of), Series 2020, GO Bonds
4.00%   03/01/2046     1,000        1,005,378
California (State of), Series 2020, GO Bonds
4.00%   03/01/2046     1,000        1,005,378
California (State of), Series 2020, GO Bonds
3.00%   03/01/2050     10            8,142
California (State of), Series 2020, GO Bonds
4.00%   03/01/2050     40           40,032
California (State of), Series 2020, GO Bonds
3.00%   11/01/2050     40           32,485
California (State of), Series 2020, Ref. GO Bonds
4.00%   03/01/2040     1,145        1,171,983
California (State of), Series 2021, GO Bonds
5.00%   12/01/2043     15           16,360
California (State of), Series 2021, GO Bonds
3.00%   12/01/2049     50           40,830
California (State of), Series 2021, Ref. GO Bonds
5.00%   09/01/2041     2,055        2,279,524
California (State of), Series 2021, Ref. GO Bonds
4.00%   10/01/2041     520          532,333
California (State of), Series 2021, Ref. GO Bonds
5.00%   10/01/2041     5,555        6,129,331
California (State of), Series 2022, GO Bonds
3.00%   04/01/2052     1,400        1,131,828
California (State of), Series 2022, Ref. GO Bonds
5.00%   04/01/2042     1,555        1,730,712
California (State of), Series 2022, Ref. GO Bonds
5.00%   09/01/2042     10           11,185
California (State of), Series 2022, Ref. GO Bonds
5.00%   11/01/2042     1,170        1,311,071
California (State of), Series 2023, GO Bonds
5.00%   10/01/2039     65           74,053
California (State of), Series 2023, GO Bonds
5.00%   10/01/2045     1,025        1,142,027
California (State of), Series 2023, GO Bonds
5.25%   10/01/2045     1,035        1,176,353
California (State of), Series 2023, GO Bonds
4.00%   10/01/2050     1,355        1,356,588
California (State of), Series 2023, Ref. GO Bonds
4.00%   10/01/2042     1,200        1,228,720
California (State of), Series 2023, Ref. GO Bonds
5.00%   10/01/2042     15           16,889
California (State of), Series 2023, Ref. GO Bonds
4.00%   09/01/2043     7,500        7,643,797
California (State of), Series 2023, Ref. GO Bonds
5.00%   09/01/2043     10,020       11,272,489
California (State of), Series 2024, GO Bonds
5.00%   09/01/2041     430          491,369
California (State of), Series 2024, GO Bonds
5.00%   09/01/2044     2,005        2,265,836
California (State of), Series 2024, GO Bonds
4.00%   09/01/2047     110          110,796
California (State of), Series 2024, GO Bonds
5.00%   09/01/2048     2,000       2,229,445
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of), Series 2024, GO Bonds
5.00%   09/01/2053   $ 1,000   $    1,105,506
California (State of), Series 2024, GO Bonds(c)
4.00%   08/01/2054     1,000        1,001,346
California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB
4.00%   04/01/2047     50           48,706
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
5.00%   05/01/2049     4,000        4,968,260
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
5.00%   04/01/2051     1,100        1,365,673
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB
4.00%   03/01/2043     345          324,039
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
4.00%   08/15/2040     400          410,745
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB
3.00%   08/15/2051     215          172,037
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
3.25%   08/15/2039     100           95,076
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB
4.00%   08/15/2048     3,200        3,201,035
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange), Series 2021, Ref. RB
2.13%   11/01/2041     5,000        3,551,123
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange), Series 2024, RB
5.00%   11/01/2054     750          825,801
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
4.00%   11/15/2045     360          347,361
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
4.00%   02/01/2042     3,000        3,021,115
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
5.00%   02/01/2042     2,250        2,337,525
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
4.00%   11/01/2044     4,600        4,549,319
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
5.00%   11/01/2047     3,500        4,247,865
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB
5.00%   11/15/2056     800          826,844
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
4.00%   06/01/2050     3,860        3,649,951
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB
5.00%   10/01/2044     1,100        1,100,147
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
3.00%   10/01/2047     145          118,316
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016, Ref. RB
3.00%   10/01/2041     140          123,163
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
4.00%   11/15/2040     3,000        3,013,225
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
4.00%   08/15/2050     7,360        7,251,137
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
4.00%   11/15/2041     175          172,465
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
5.00%   11/15/2046     1,185        1,216,033
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
4.00%   11/15/2042     500          497,193
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB
4.00%   11/01/2045     965          948,635
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
5.00%   08/01/2044     2,740        2,928,602
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
4.00%   10/01/2042     750          781,533
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
5.00%   10/01/2043     1,000        1,049,592
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
4.00%   07/01/2050     1,000          963,526
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
4.00%   02/01/2042     4,000        3,809,354
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
5.00%   02/01/2042     1,715        1,741,262
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
5.00%   02/01/2047     2,500        2,521,797
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
5.25%   11/01/2041     1,000       1,003,132
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
5.00%   06/01/2042   $ 6,000   $    6,202,709
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)(a)
5.25%   11/01/2052     2,000        2,140,306
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB
5.00%   06/01/2043     1,750        1,798,763
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
4.00%   07/15/2051     1,000          985,053
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2047     215          210,387
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
5.00%   08/01/2047     1,000        1,043,063
California (State of) Public Works Board, Series 2014 B, RB
5.00%   10/01/2039     1,500        1,501,843
California (State of) Public Works Board (Green Bonds), Series 2021, RB
4.00%   11/01/2046     45           45,304
California (State of) Public Works Board (Green Bonds), Series 2021, RB
5.00%   11/01/2046     555          606,925
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%   04/01/2045     1,000        1,122,831
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
5.00%   04/01/2049     1,000        1,111,451
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
4.00%   05/01/2046     185          186,173
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
4.00%   04/01/2045     25           24,584
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
3.00%   04/01/2050     1,000          791,144
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB
5.00%   04/01/2047     1,100        1,116,469
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
2.50%   04/01/2051     100           69,256
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
4.00%   08/15/2046     130          127,391
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
4.00%   12/01/2057     500          473,311
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
4.25%   01/01/2043     115          116,358
California State University, Series 2016 A, Ref. RB
5.00%   11/01/2041     10           10,282
California State University, Series 2016 A, Ref. RB
4.00%   11/01/2045     400          398,630
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2042     6,080        6,364,524
California State University, Series 2017 A, Ref. RB
5.00%   11/01/2047     2,310        2,406,113
California State University, Series 2018 A, Ref. RB
5.00%   11/01/2043     30           31,936
California State University, Series 2023 A, RB
5.25%   11/01/2048     275          313,468
California State University, Series 2023 A, RB
5.25%   11/01/2053     245          277,040
Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGM)(a)
4.00%   08/01/2050     125          122,588
Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds
5.25%   08/01/2048     20           22,700
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
4.00%   06/01/2043     335          339,103
Chino Valley Unified School District, Series 2020 B, GO Bonds
4.00%   08/01/2045     2,500        2,527,688
Chino Valley Unified School District, Series 2020 B, GO Bonds
3.38%   08/01/2050     7,500        6,605,332
Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds
5.00%   08/01/2047     10           10,797
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
4.00%   06/01/2049     100           99,244
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
4.00%   08/01/2049     60           59,705
Desert Sands Unified School District (Election Of 2014), Series 2019, GO Bonds
4.00%   08/01/2044     500          502,401
East Bay Municipal Utility District, Series 2015 B, RB
4.00%   06/01/2045     1,020        1,018,227
East Bay Municipal Utility District, Series 2019 A, RB
5.00%   06/01/2044     735          788,368
East Bay Municipal Utility District, Series 2024 A, RB
5.00%   06/01/2049     500          559,140
East Bay Municipal Utility District, Series 2024 A, RB
5.00%   06/01/2054     1,100        1,222,171
El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)(a)
5.75%   08/01/2048     1,500        1,774,961
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
3.13%   02/01/2040     195          173,389
Elk Grove Unified School District, Series 2023, RB, (INS - AGM)(a)
4.00%   12/01/2042     110          112,438
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
4.00%   10/01/2044     1,000        1,000,007
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
4.00%   01/15/2043     640          632,024
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
3.95%   01/15/2053     3,090        2,878,299
Fresno Unified School District, Series 2022 B, GO Bonds
4.00%   08/01/2052     135          133,157
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
5.00%   04/01/2049     10           11,175
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
4.00%   04/01/2054     1,000          979,708
Grossmont Healthcare District, Series 2015 D, Ref. GO Bonds
4.00%   07/15/2040     500          497,892
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
4.00%   08/01/2042   $ 60   $       60,035
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
3.00%   08/01/2045     100           82,109
Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds
5.00%   08/01/2047     425          462,349
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2042     30           30,018
Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)(a)
5.00%   08/01/2044     5            5,269
Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)(a)
4.00%   08/01/2043     2,090        2,097,961
Hayward Unified School District, Series 2020, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2050     20           19,927
Hayward Unified School District (Election of 2018), Series 2019 A, GO Bonds, (INS - BAM)(a)
4.00%   08/01/2048     475          474,722
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)
5.00%   09/01/2044     1,000        1,003,638
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
5.25%   05/01/2048     2,200        2,249,359
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
5.25%   09/01/2053     600          671,401
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
4.00%   09/01/2058     1,615        1,581,728
Irvine Ranch Water District, Series 2016, RB
5.25%   02/01/2046     750          773,232
Jurupa Unified School District, Series 2017 B, GO Bonds
4.00%   08/01/2041     10,000       10,050,146
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
4.00%   08/01/2046     7,000        6,970,729
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
4.00%   08/01/2047     3,000        2,988,419
Long Beach (City of), CA, Series 2019 A, RB
7.15%   05/15/2044     1,000        1,069,271
Long Beach (City of), CA, Series 2019 A, RB
5.00%   05/15/2049     120          127,853
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
3.00%   08/01/2050     1,270        1,022,892
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB
5.00%   06/01/2044     750          758,105
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
5.00%   06/01/2045     400          404,211
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
5.25%   06/01/2047     1,500        1,569,693
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
5.00%   06/01/2047     75           82,644
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
4.00%   06/01/2052     5,000        4,942,867
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
5.00%   05/15/2045     1,260        1,382,154
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
4.00%   05/15/2048     5,000        4,973,208
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
5.00%   07/01/2046     1,100        1,120,737
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2042     140          145,183
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
5.00%   07/01/2047     1,100        1,135,082
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
5.00%   07/01/2043     480          507,203
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
5.00%   07/01/2043     135          142,651
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
5.25%   07/01/2049     80           85,365
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
5.00%   07/01/2044     2,360        2,529,287
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
5.00%   07/01/2040     45           49,716
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
5.00%   07/01/2040     25           27,592
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
5.00%   07/01/2046     1,000        1,087,374
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
5.00%   07/01/2040     95          104,955
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2046     4,000        4,374,034
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
5.00%   07/01/2047     2,120        2,337,827
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
5.00%   07/01/2042     45           50,153
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2041     95          106,274
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2042     50           56,069
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
5.00%   07/01/2043     10           11,093
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2047     25           27,605
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
5.00%   07/01/2052     1,065        1,164,814
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
5.25%   07/01/2053     270          303,778
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2041     10           11,398
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2042     10           11,332
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
5.00%   07/01/2043     10           11,287
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%   07/01/2048     20           22,220
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
5.00%   07/01/2053     500          550,382
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
5.00%   07/01/2044     330          373,120
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
5.00%   07/01/2044     70           74,123
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)
5.00%   12/01/2024   $ 750   $      752,514
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)
5.00%   12/01/2024     2,250        2,259,094
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
4.00%   12/01/2040     200          200,029
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
5.00%   12/01/2045     1,400        1,421,633
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
5.00%   12/01/2045     40           43,453
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
4.00%   12/01/2046     15           15,086
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2016 A, Ref. RB
4.00%   10/01/2042     700          699,467
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
3.00%   08/01/2039     800          741,803
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
5.00%   12/01/2051     2,680        2,811,413
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2040     1,015        1,038,287
Los Angeles Unified School District, Series 2020 C, GO Bonds
4.00%   07/01/2044     1,000        1,009,814
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
4.00%   07/01/2040     20           20,002
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
5.00%   07/01/2040     2,195        2,222,160
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
5.25%   07/01/2042     150          159,049
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
5.25%   07/01/2047     15           16,988
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
5.00%   07/01/2043     15           17,075
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
4.00%   08/01/2046     5,055        4,997,573
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds
4.00%   09/01/2045     5,635        5,700,749
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
4.00%   08/01/2047     3,000        2,979,535
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2045     1,080        1,161,861
Metropolitan Water District of Southern California, Series 2020 A, RB
5.00%   10/01/2049     1,050        1,123,444
Modesto Irrigation District, Series 2023 A, RB
5.25%   10/01/2048     50           56,605
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
4.00%   08/01/2046     150          148,279
Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds
4.00%   08/01/2051     1,000          989,815
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
3.00%   08/01/2050     35           28,731
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
4.00%   08/01/2047     2,000        1,986,357
Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), Series 2022 B, GO Bonds
4.25%   09/01/2045     5,750        5,946,555
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
4.00%   08/01/2049     540          535,665
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
5.00%   08/01/2044     270          288,973
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
4.00%   08/01/2043     175          176,046
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2044     3,000        2,990,485
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2049     3,885        3,847,795
North Orange County Community College District, Series 2022 C, GO Bonds
4.00%   08/01/2047     2,500        2,497,782
Oak Grove School District, Series 2023 A-2, GO Bonds
5.00%   08/01/2052     3,500        3,833,171
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
5.25%   08/01/2048     500          562,722
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
4.00%   08/01/2046     50           49,653
Ohlone Community College District, Series 2016 C, GO Bonds
4.00%   08/01/2041     20           19,930
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(a)
5.00%   08/01/2045     5,000        5,203,213
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
4.00%   08/01/2047     845          846,045
Palo Alto Unified School District, Series 2022, GO Bonds
3.25%   08/01/2042     1,000          939,614
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB
5.00%   06/01/2051     1,230        1,331,601
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds
4.00%   08/01/2039     55           54,999
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(a)
4.00%   09/01/2048     7,500        7,437,012
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
5.00%   05/15/2041     40           41,125
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2041     1,000        1,119,101
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2042     1,015        1,131,327
Regents of the University of California Medical Center, Series 2022 P, RB
4.00%   05/15/2043     1,000        1,008,670
Regents of the University of California Medical Center, Series 2022 P, RB
5.00%   05/15/2047     5,000        5,468,897
Regents of the University of California Medical Center, Series 2022 P, RB
3.50%   05/15/2054     1,110        1,024,843
Riverside (City of), CA, Series 2024 A, Ref. RB
5.00%   10/01/2049     1,000        1,120,775
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
3.00%   06/01/2049     70           55,197
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
5.00%   06/01/2043     1,100        1,145,475
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
5.00%   10/01/2047     5,000        5,141,616
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2039     75           81,594
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
5.00%   08/15/2040   $ 5   $        5,421
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2048     50           55,984
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
5.00%   08/15/2053     2,300        2,554,947
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
5.00%   11/15/2054     205          228,970
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
4.00%   08/01/2054     500          491,218
Sacramento (County of), CA, Series 2016 A, Ref. RB
5.00%   07/01/2041     2,400        2,459,593
Sacramento (County of), CA, Series 2016 B, Ref. RB
5.00%   07/01/2041     2,250        2,297,461
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
5.00%   12/01/2050     2,400        2,592,076
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds
5.00%   08/01/2049     275          299,583
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
5.25%   08/01/2047     40           42,499
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%   05/15/2047     125          138,139
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
5.00%   05/15/2052     550          603,874
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
5.00%   10/15/2046     1,010        1,089,483
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
4.00%   10/15/2050     150          148,921
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A, RB
5.25%   10/15/2052     1,135        1,269,613
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
4.00%   07/01/2056     1,000          973,061
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
5.00%   04/01/2048     6,620        6,778,757
San Diego (County of), CA Water Authority, Series 2022 A, RB
5.00%   05/01/2047     20           22,291
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
4.00%   07/01/2047     5,000        5,001,970
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds
4.00%   07/01/2050     14,300       14,312,910
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
5.00%   07/01/2048     2,010        2,241,215
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB
5.00%   05/01/2043     5,000        5,620,797
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB
5.25%   05/01/2048     2,750        3,094,729
San Francisco (City & County of), CA Public Utilities Commission, Series 2013 B, RB
4.00%   10/01/2042     355          349,959
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
4.00%   11/01/2039     1,000        1,002,690
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
4.00%   10/01/2043     610          611,795
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
5.00%   10/01/2044     115          126,818
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%   10/01/2050     920          911,992
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
4.00%   10/01/2051     1,000          989,366
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
4.00%   11/01/2040     1,000        1,051,612
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB
3.00%   11/01/2050     710          577,532
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.25%   11/01/2048     50           56,658
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
5.25%   11/01/2052     25           28,144
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
4.00%   03/01/2051     250          248,048
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB
3.00%   07/01/2044     270          229,070
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
5.00%   08/01/2047     2,000        2,074,193
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
3.00%   08/01/2041     3,000        2,736,368
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
4.00%   06/15/2045     150          150,104
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%   03/01/2042     1,300        1,347,390
San Jose (City of), CA, Series 2017 B, Ref. RB
5.00%   03/01/2047     1,500        1,545,406
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB
5.00%   11/01/2047     1,035        1,159,606
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds
4.00%   08/01/2042     100          101,242
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds
4.00%   08/01/2043     60           60,685
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
4.00%   08/01/2044     15           15,071
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
5.00%   07/15/2043     665          703,713
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB
3.00%   06/15/2046   $ 1,500   $    1,260,296
San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds
4.00%   09/01/2043     760          783,052
San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds
4.00%   08/01/2053     1,500        1,488,855
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
3.13%   05/01/2047     35           29,280
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
3.50%   07/01/2042     685          655,078
Santa Clarita Community College District, Series 2019, GO Bonds
3.00%   08/01/2049     30           24,583
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds
5.25%   08/01/2048     1,005        1,124,702
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2046     4,000        3,977,509
South San Francisco Unified School District, Series 2023, GO Bonds
4.00%   09/01/2052     90           88,895
Southern California Public Power Authority, Series 2023-1A, RB
5.00%   07/01/2048     1,150        1,282,287
Southern California Public Power Authority, Series 2024, RB
5.00%   07/01/2053     450          501,200
Southern California Water Replenishment District, Series 2015, Ref. RB
5.00%   08/01/2041     80           81,305
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
4.00%   08/01/2047     100           99,318
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
4.00%   04/01/2045     70           70,205
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
4.00%   08/01/2042     230          227,976
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%   10/01/2045     2,000        2,065,649
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
5.00%   10/01/2049     1,000        1,025,244
University of California, Series 2016 AR, Ref. RB
5.00%   05/15/2046     9,500        9,736,532
University of California, Series 2018 AZ, Ref. RB
5.00%   05/15/2043     1,200        1,268,438
University of California, Series 2020 BE, Ref. RB
4.00%   05/15/2047     70           70,637
University of California, Series 2021 BH, Ref. RB
4.00%   05/15/2046     40           40,464
University of California, Series 2021 BH, Ref. RB
4.00%   05/15/2051     1,000        1,002,851
University of California, Series 2022 BK, RB
5.00%   05/15/2052     4,525        4,930,364
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2041     2,000        2,279,300
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2042     2,010        2,282,458
University of California, Series 2023 BN, Ref. RB
5.00%   05/15/2043     2,075        2,345,329
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2040     440          510,176
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2042     135          155,097
University of California, Series 2024 BS, Ref. RB
5.00%   05/15/2044     220          250,304
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2040     35           40,582
University of California, Series 2024 BV, Ref. RB
5.00%   05/15/2044     60           68,265
University of California (Limited), Series 2015 I, Ref. RB
5.00%   05/15/2040     825          834,862
University of California (Limited), Series 2016 K, RB
4.00%   05/15/2046     590          584,513
University of California (Limited), Series 2017 M, RB
5.00%   05/15/2042     1,325        1,376,342
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2043     1,575        1,663,139
University of California (Limited), Series 2018 O, Ref. RB
4.00%   05/15/2048     115          115,151
University of California (Limited), Series 2018 O, Ref. RB
5.00%   05/15/2058     700          731,331
University of California (Limited), Series 2018 O, Ref. RB
5.50%   05/15/2058     750          796,423
University of California (Limited), Series 2021 Q, Ref. RB
4.00%   05/15/2051     1,000          977,404
Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB
4.00%   08/01/2050     200          198,662
Vacaville Unified School District, Series 2020 D, GO Bonds
4.00%   08/01/2045     575          574,288
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
5.25%   08/01/2048     20           22,426
West Valley-Mission Community College District, Series 2019 A, GO Bonds
4.00%   08/01/2044     25           25,085
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
4.00%   08/01/2040     345         345,215
                468,244,490
Colorado-2.40%                
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds
5.00%   12/01/2040     40           40,848
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
5.00%   03/01/2047     2,000        2,047,543
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
4.00%   11/15/2046     4,570        4,493,016
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
4.00%   11/15/2050     15,000       14,489,605
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
3.00%   11/15/2051     9,000        6,979,584
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
3.25%   08/01/2049     360          286,413
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
4.00%   08/01/2049     105           97,894
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Colorado-(continued)                
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
5.50%   11/01/2047   $ 1,500   $    1,671,557
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
5.25%   11/01/2052     900          975,850
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
2.00%   11/01/2041     1,000          706,200
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
2.25%   11/01/2045     1,000          682,332
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%   08/01/2042     1,000        1,028,394
Denver (City & County of), CO, Series 2016 A, Ref. RB
5.00%   08/01/2044     770          789,565
Denver (City & County of), CO, Series 2021 A, RB
4.00%   08/01/2051     1,050        1,017,558
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB
5.00%   09/15/2047     5,000        5,221,379
Denver City & County School District No. 1, Series 2021, GO Bonds
3.00%   12/01/2043     3,970        3,354,220
Denver City & County School District No. 1, Series 2021, GO Bonds
4.00%   12/01/2045     2,000        2,004,502
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2042     1,000        1,101,766
Denver City & County School District No. 1, Series 2022 A, GO Bonds
5.00%   12/01/2045     700          763,677
E-470 Public Highway Authority, Series 2020 A, Ref. RB(b)
5.00%   09/01/2024     2,725        2,725,000
Ebert Metropolitan District, Series 2018 A-1, GO Bonds, (INS - BAM)(a)
5.00%   12/01/2043     5            5,229
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB
5.00%   12/01/2044     5,000        5,239,870
Weld County School District No. 6 Greeley, Series 2021, GO Bonds
4.00%   12/01/2045     750          748,039
Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds
5.00%   12/01/2044     3,550        3,775,816
Weld County School District No. RE-4, Series 2023, GO Bonds
5.25%   12/01/2047     5,000        5,550,824
Weld County School District No. RE-5J, Series 2021, GO Bonds
4.00%   12/01/2045     4,000       3,983,874
                69,780,555
Connecticut-0.44%                
Connecticut (State of), Series 2020 A, GO Bonds
5.00%   01/15/2040     3,000        3,243,561
Connecticut (State of), Series 2020 A, RB
3.13%   05/01/2040     1,000          898,487
Connecticut (State of), Series 2020, RB
5.00%   05/01/2040     70           75,966
Connecticut (State of), Series 2021 A, RB
4.00%   05/01/2040     600          607,389
Connecticut (State of), Series 2021 A, RB
5.00%   05/01/2041     1,000        1,092,362
Connecticut (State of), Series 2021 D, RB
4.00%   11/01/2039     1,200        1,226,681
Connecticut (State of), Series 2021 D, RB
4.00%   11/01/2040     750          759,724
Connecticut (State of), Series 2021 D, RB
5.00%   11/01/2041     250          275,332
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.25%   07/01/2040     750          859,553
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.00%   07/01/2041     770          860,348
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
5.25%   07/01/2042     600          680,266
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
4.13%   07/01/2041     5            5,003
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
5.00%   07/01/2045     10           10,063
Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB
4.00%   07/01/2052     10            9,358
Connecticut (State of) Health & Educational Facilities Authority (Connecticut Children’s Medical Center), Series 2023, RB
4.25%   07/15/2053     500          498,952
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University), Series 2017 R, Ref. RB
4.00%   07/01/2042     100           99,697
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2021 A, RB
4.00%   07/01/2051     5            4,618
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
5.00%   12/01/2045     25           25,318
University of Connecticut, Series 2018 A, RB
5.00%   11/15/2043     1,450       1,521,053
                12,753,731
Delaware-0.09%                
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB
4.00%   07/01/2043     500          489,635
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB
4.00%   10/01/2049     1,050        1,021,793
Delaware (State of) Transportation Authority, Series 2015, RB
5.00%   06/01/2055     1,000       1,009,027
                2,520,455
District of Columbia-1.64%                
District of Columbia, Series 2015 A, GO Bonds
4.00%   06/01/2040     500          500,230
District of Columbia, Series 2016 A, GO Bonds
5.00%   06/01/2041     1,000        1,025,866
District of Columbia, Series 2017 D, GO Bonds
5.00%   06/01/2042     1,100       1,134,480
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
District of Columbia-(continued)                
District of Columbia, Series 2018 A, GO Bonds
5.00%   06/01/2043   $ 3,810   $    3,982,403
District of Columbia, Series 2019 A, GO Bonds
5.00%   10/15/2044     45           47,593
District of Columbia, Series 2019 A, RB
4.00%   03/01/2040     250          251,743
District of Columbia, Series 2019 A, RB
4.00%   03/01/2044     1,100        1,096,791
District of Columbia, Series 2020 A, RB
2.63%   03/01/2045     1,000          746,299
District of Columbia, Series 2020 A, RB
4.00%   03/01/2045     500          497,678
District of Columbia, Series 2020 C, RB
4.00%   05/01/2045     1,200        1,195,063
District of Columbia, Series 2020 C, RB
5.00%   05/01/2045     1,000        1,065,491
District of Columbia, Series 2021 D, GO Bonds
4.00%   02/01/2046     1,000          984,209
District of Columbia, Series 2021 D, GO Bonds
5.00%   02/01/2046     1,000        1,079,055
District of Columbia, Series 2022 A, RB
5.00%   07/01/2040     1,035        1,159,139
District of Columbia, Series 2022 A, RB
5.00%   07/01/2041     1,025        1,143,384
District of Columbia, Series 2022 A, RB
5.00%   07/01/2042     1,065        1,181,819
District of Columbia, Series 2022 A, RB
5.00%   07/01/2047     605          659,209
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2040     15           16,911
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2042     25           27,818
District of Columbia, Series 2023 A, GO Bonds
5.00%   01/01/2043     20           22,180
District of Columbia, Series 2023 A, GO Bonds
5.25%   01/01/2048     185          206,357
District of Columbia, Series 2023 A, RB
5.00%   05/01/2040     10           11,300
District of Columbia, Series 2023 A, RB
5.00%   05/01/2042     15           16,749
District of Columbia, Series 2023 A, RB
5.25%   05/01/2048     2,535        2,832,740
District of Columbia Water & Sewer Authority, Series 2018 B, RB
5.00%   10/01/2049     1,800        1,867,632
District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB
5.00%   10/01/2044     35           37,172
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB
4.00%   10/01/2051     320          312,994
Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB
5.00%   10/01/2044     1,515        1,579,008
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
4.00%   10/01/2044     1,000          966,924
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
4.00%   10/01/2049     1,025          968,627
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
3.00%   10/01/2050     5,755        4,430,022
Metropolitan Washington Airports Authority, Series 2019, Ref. RB
5.00%   10/01/2047     515          533,219
Metropolitan Washington Airports Authority, Series 2022, Ref. RB, (INS - AGM)(a)
4.00%   10/01/2052     3,100        2,942,401
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
4.00%   07/15/2045     475          469,181
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
5.00%   07/15/2045     3,035        3,231,954
Washington Metropolitan Area Transit Authority, Series 2024 A, RB
4.38%   07/15/2056     1,500        1,492,759
Washington Metropolitan Area Transit Authority, Series 2024 A, RB
4.38%   07/15/2059     1,000          994,978
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
3.00%   07/15/2040     250          220,605
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2041     1,600        1,743,056
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
3.00%   07/15/2043     200          168,479
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
4.00%   07/15/2043     510          507,380
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
4.00%   07/15/2046     1,970        1,912,094
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
5.00%   07/15/2046     1,275        1,366,224
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
4.13%   07/15/2047     1,000          982,747
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.00%   07/15/2048     20           21,689
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.50%   07/15/2051     40           44,810
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
5.25%   07/15/2053     10          10,969
                47,689,431
Florida-4.48%                
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB
4.00%   12/01/2044     185          176,817
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
3.00%   12/01/2046     285          225,726
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
4.00%   12/01/2049     1,300        1,228,174
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)
4.25%   07/01/2047     300          302,703
Broward (County of), FL, Series 2012 Q-1, RB
4.00%   10/01/2042     390          383,973
Broward (County of), FL, Series 2019 A, RB
5.00%   10/01/2039     10           10,782
Broward (County of), FL, Series 2019 A, RB
4.00%   10/01/2042     215          218,197
Broward (County of), FL, Series 2019 A, RB
4.00%   10/01/2043     95           96,041
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Broward (County of), FL (Convention Center Expansion), Series 2021, RB
4.00%   09/01/2047   $ 1,000   $      970,971
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
5.60%   03/01/2048     765          863,281
Central Florida Expressway Authority, Series 2016 B, Ref. RB
4.00%   07/01/2040     120          120,072
Central Florida Expressway Authority, Series 2017, Ref. RB
4.00%   07/01/2041     30           29,712
Central Florida Expressway Authority, Series 2017, Ref. RB
5.00%   07/01/2042     25           25,861
Central Florida Expressway Authority, Series 2018, RB
5.00%   07/01/2048     1,030        1,069,046
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
2.50%   07/01/2040     1,500        1,171,531
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB
5.00%   04/01/2048     2,150        2,211,997
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   08/15/2050     5,000        3,811,829
Florida (State of) Department of Transportation, Series 2019 B, RB
3.00%   07/01/2049     50           39,787
Florida (State of) Department of Transportation, Series 2021 C, RB
3.00%   07/01/2046     100           82,214
Florida (State of) Department of Transportation, Series 2021 C, RB
3.00%   07/01/2051     20           15,686
Florida (State of) Department of Transportation, Series 2022, RB
5.00%   07/01/2047     25           27,190
Florida (State of) Department of Transportation, Series 2024 B, RB
4.00%   07/01/2051     465          457,337
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2020, Ref. RB
3.00%   12/01/2048     370          284,952
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
4.00%   02/01/2046     2,500        2,421,854
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%   09/01/2048     4,000        4,551,520
Fort Lauderdale (City of), FL, Series 2023 A, RB
5.50%   09/01/2053     2,000        2,256,392
Fort Lauderdale (City of), FL, Series 2023, RB
5.50%   09/01/2048     1,500        1,706,820
Fort Lauderdale (City of), FL, Series 2023, RB
5.50%   09/01/2053     800          902,557
Fort Myers (City of), FL, Series 2019 A, Ref. RB
4.00%   10/01/2044     250          248,003
Fort Myers (City of), FL, Series 2023, Ref. RB
5.50%   10/01/2049     1,000        1,130,876
Fort Myers (City of), FL, Series 2023, Ref. RB
5.25%   10/01/2053     1,000        1,102,856
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(a)
4.00%   10/01/2052     2,500        2,349,643
Halifax Hospital Medical Center, Series 2016, Ref. RB
3.75%   06/01/2041     200          182,359
Halifax Hospital Medical Center, Series 2016, Ref. RB
4.00%   06/01/2046     380          358,950
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB
5.00%   10/01/2044     150          150,051
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
5.00%   10/01/2048     1,745        1,815,665
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020 A, RB
4.00%   08/01/2045     200          189,377
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020 A, RB
3.50%   08/01/2055     90           72,823
Jacksonville (City of), FL, Series 2023 A, Ref. RB
5.25%   10/01/2048     3,000        3,317,899
JEA Water & Sewer System, Series 2024 A, Ref. RB
5.25%   10/01/2049     1,020        1,126,630
JEA Water & Sewer System, Series 2024 A, Ref. RB
5.50%   10/01/2054     1,100        1,234,945
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(b)
5.00%   11/15/2024     1,050        1,053,869
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(b)
5.00%   11/15/2024     500          501,842
Manatee (County of), FL, Series 2023, RB
5.25%   10/01/2048     300          337,415
Martin (County of), FL Health Facilities Authority, Series 2019, Ref. RB
4.00%   01/01/2046     1,265        1,231,757
Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB
4.00%   08/01/2047     645          602,093
Miami (City of) & Dade (County of), FL School Board, Series 2022 A, GO Bonds, (INS - BAM)(a)
5.00%   03/15/2052     315          336,580
Miami (City of), FL, Series 2023 A, RB
5.00%   03/01/2048     2,000        2,181,182
Miami (City of), FL, Series 2023 A, RB
5.25%   03/01/2053     1,000        1,100,339
Miami Beach (City of), FL, Series 2015, RB
5.00%   09/01/2040     3,515        3,563,636
Miami Beach (City of), FL, Series 2015, RB
5.00%   09/01/2045     2,000        2,014,039
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds
4.00%   05/01/2049     6,000        5,846,359
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
4.00%   11/15/2046     2,190        2,056,484
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
4.00%   11/15/2051     2,045        1,883,753
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(a)
5.00%   02/01/2040     4,000        4,002,689
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
3.75%   07/01/2042     210          201,007
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
4.00%   07/01/2042     370          369,499
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
5.00%   07/01/2043     75           77,012
Miami-Dade (County of), FL, Series 2016 A, GO Bonds
4.00%   07/01/2042     335          335,906
Miami-Dade (County of), FL, Series 2016, Ref. RB
4.00%   10/01/2040     45           44,896
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%   10/01/2044     1,180       1,164,191
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Miami-Dade (County of), FL, Series 2017 A, RB
3.38%   10/01/2047   $ 5,000   $    4,263,261
Miami-Dade (County of), FL, Series 2017 A, RB
4.00%   10/01/2047     50           48,969
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
3.13%   10/01/2039     65           59,167
Miami-Dade (County of), FL, Series 2019 B, RB
4.00%   10/01/2044     1,105        1,090,196
Miami-Dade (County of), FL, Series 2019 B, RB
4.00%   10/01/2049     2,500        2,421,494
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2039     150          152,473
Miami-Dade (County of), FL, Series 2021, RB
3.00%   10/01/2040     175          154,016
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2041     200          199,073
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2042     200          199,294
Miami-Dade (County of), FL, Series 2021, RB
3.00%   10/01/2043     250          208,560
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2044     175          171,950
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2046     530          519,114
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2048     250          245,945
Miami-Dade (County of), FL, Series 2021, RB
4.00%   10/01/2051     300          288,698
Miami-Dade (County of), FL, Series 2024 A, RB
4.13%   10/01/2050     245          241,173
Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGM)(a)
3.00%   10/01/2050     780          616,866
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
5.00%   04/01/2040     1,000        1,006,240
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, RB
4.00%   04/01/2053     30           29,008
Miami-Dade (County of), FL Transit System, Series 2018, RB
4.00%   07/01/2045     20           19,981
Miami-Dade (County of), FL Transit System, Series 2022, RB
5.00%   07/01/2049     15           16,231
Mid-Bay Bridge Authority, Series 2015 A, Ref. RB
5.00%   10/01/2040     125          126,059
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB
5.00%   10/01/2047     50           52,049
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
5.00%   10/01/2053     1,000        1,064,108
Orlando (City of), FL, Series 2018 B, RB
5.00%   10/01/2048     5,685        5,947,610
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
5.00%   11/01/2047     1,250        1,284,654
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
5.00%   11/01/2052     1,500        1,535,847
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB
5.00%   05/15/2053     1,000          963,064
Palm Beach County School District, Series 2023 A, COP
5.00%   08/01/2040     15           16,924
Pasco (City of), FL, Series 2014 B, RB
4.00%   10/01/2044     1,000          986,603
Pasco (City of), FL, Series 2023, RB, (INS - AGM)(a)
5.00%   09/01/2048     300          318,647
Pompano Beach (City of), FL (John Knox Village), Series 2021 A, RB
4.00%   09/01/2056     85           71,859
Port St. Lucie (City of), FL, Series 2016, Ref. RB
3.25%   07/01/2045     165          140,784
Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 B, Ref. PCR
5.00%   03/15/2042     725          747,459
Putnam County School District, Series 2023, GO Bonds, (INS - AGM)(a)
4.25%   07/01/2052     55           55,116
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB
4.00%   07/01/2048     350          333,811
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
4.00%   08/15/2042     1,000          962,791
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
4.00%   08/15/2047     1,000          944,369
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
5.00%   07/01/2048     4,855        5,218,449
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
5.25%   07/01/2053     5,000        5,455,427
St. Petersburg (City of), FL, Series 2016 B, Ref. RB
3.00%   10/01/2039     355          313,275
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB
5.00%   12/01/2055     280          277,657
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB
4.00%   07/01/2042     800          777,710
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB
5.00%   07/01/2048     2,000        2,070,181
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB
5.00%   07/01/2047     5,000        5,118,474
Tampa (City of), FL, Series 2016 A, RB
5.00%   11/15/2046     1,750        1,774,692
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.00%   10/01/2047     1,500        1,646,995
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
5.00%   10/01/2052     1,000        1,090,349
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
4.00%   07/01/2045     2,500        2,388,553
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
5.00%   07/01/2050     3,250        3,384,411
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
5.25%   10/01/2047     1,400       1,540,924
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Florida-(continued)                
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
5.00%   10/01/2052   $ 1,500   $    1,610,684
Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)(a)
5.00%   10/01/2052     2,010       2,111,936
                130,130,827
Georgia-2.04%                
Atlanta (City of), GA, Series 2015, Ref. RB
5.00%   11/01/2040     2,800        2,822,422
Atlanta (City of), GA, Series 2018 B, RB
5.00%   11/01/2047     5,000        5,183,223
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2039     1,000        1,136,834
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2040     1,000        1,129,142
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2041     1,000        1,123,967
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
5.00%   12/01/2042     1,000        1,119,342
Atlanta Development Authority (The), Series 2015 A-1, RB
5.25%   07/01/2040     415          420,397
Augusta (City of), GA, Series 2012, Ref. RB, (INS - AGM)(a)
3.50%   10/01/2042     165          149,634
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB
3.00%   07/01/2046     15           12,136
Burke (County of), GA Development Authority (Georgia Transmission Corporation Vogtle), Series 2012, Ref. RB
2.75%   01/01/2052     2,000        1,375,247
Burke (County of), GA Development Authority (Oglethorpe Power Corp.), Series 2017, Ref. RB
4.13%   11/01/2045     70           66,986
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB
5.00%   04/01/2050     850          885,664
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RAC
4.00%   04/01/2052     1,000          951,869
Coweta County Water & Sewage Authority, Series 2024, RB
4.25%   06/01/2057     450          451,293
Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System), Series 2017, RB
4.00%   08/15/2048     410          393,829
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2040     1,000        1,126,875
DeKalb (County of), GA, Series 2022, Ref. RB
5.00%   10/01/2041     1,050        1,177,889
Fulton (County of), GA, Series 2020 A, RB
2.25%   01/01/2042     500          367,278
Fulton (County of), GA, Series 2020 A, RB
2.25%   01/01/2043     115           82,919
Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center), Series 2019, Ref. RB
5.00%   03/15/2044     10           10,395
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB
4.00%   04/01/2050     1,000          957,733
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB
5.50%   02/15/2042     2,000        2,105,621
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
2.50%   02/15/2051     1,000          658,242
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
3.00%   02/15/2051     1,000          757,464
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
4.00%   02/15/2051     4,000        3,767,226
George L Smith II Congress Center Authority (Convention Center Hotel), Series 2021, RB
4.00%   01/01/2054     1,100          985,621
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB
5.00%   01/01/2044     750          780,513
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2062     2,305        2,391,739
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)
5.00%   01/01/2062     4,500        4,669,338
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
4.50%   07/01/2063     3,000        3,018,916
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)
5.00%   07/01/2055     2,000        2,118,115
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)
5.00%   07/01/2064     5,000        5,277,265
Georgia (State of) Ports Authority, Series 2021, RB
4.00%   07/01/2051     1,000          973,733
Georgia (State of) Ports Authority, Series 2022, RB
4.00%   07/01/2047     1,000          991,376
Georgia (State of) Ports Authority, Series 2022, RB
4.00%   07/01/2052     1,410        1,369,796
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC
5.00%   08/01/2047     3,000        3,000,027
Griffin-Spalding County Hospital Authority, Series 2017, RAC
4.00%   04/01/2042     55           54,307
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Griffin-Spalding County Hospital Authority, Series 2017, RAC
3.75%   04/01/2047   $ 1,135   $    1,036,671
Gwinnett County School District, Series 2019, GO Bonds
5.00%   02/01/2040     50           53,707
Main Street Natural Gas, Inc., Series 2019 A, RB
5.00%   05/15/2043     800          827,788
Main Street Natural Gas, Inc., Series 2019 A, RB
5.00%   05/15/2049     1,965        2,148,404
Private Colleges & Universities Authority (Emory University), Series 2013 A, RB
5.00%   10/01/2043     15           15,028
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
4.00%   10/01/2046     525          520,219
Private Colleges & Universities Authority (Mercer University), Series 2015, RB
5.00%   10/01/2045     25           25,186
Private Colleges & Universities Authority (Mercer University), Series 2021, Ref. RB
4.00%   10/01/2050     20           19,390
Private Colleges & Universities Authority (The Savannah College of Art and Design), Series 2021, RB
4.00%   04/01/2044     695         677,838
                59,188,604
Hawaii-0.17%                
Honolulu (City & County of), HI, Series 2018 A, RB
5.00%   07/01/2047     500          518,694
Honolulu (City & County of), HI, Series 2019 A, RB
5.00%   07/01/2049     1,500        1,578,649
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB
4.13%   07/01/2047     3,000       2,996,133
                5,093,476
Idaho-0.13%                
Idaho (State of) Housing & Finance Association, Series 2022, RB
5.00%   08/15/2047     2,860        3,104,553
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
5.25%   08/15/2048     15           16,727
Idaho (State of) Housing & Finance Association, Series 2024, RB
5.00%   08/15/2048     65           71,553
Idaho (State of) Housing & Finance Association, Series 2024, RB
4.00%   08/15/2049     525         515,905
                3,708,738
Illinois-4.08%                
Chicago (City of), IL, Series 2014, RB
5.00%   11/01/2039     200          200,240
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
5.25%   01/01/2042     2,500        2,578,101
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
4.00%   01/01/2052     7,000        6,696,381
Chicago (City of), IL, Series 2019 A, GO Bonds
5.00%   01/01/2044     2,000        2,058,723
Chicago (City of), IL, Series 2019 A, GO Bonds
5.50%   01/01/2049     1,500        1,562,022
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%   01/01/2048     1,000        1,086,014
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%   11/01/2048     1,000        1,101,067
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.25%   01/01/2053     1,500        1,631,976
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
5.50%   11/01/2062     200          220,642
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.00%   11/01/2039     250          276,081
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%   01/01/2040     200          219,725
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%   01/01/2041     225          240,967
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
5.50%   01/01/2043     250          266,299
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB
4.13%   01/01/2040     170          167,344
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB
5.00%   01/01/2046     1,250        1,252,677
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB
5.00%   01/01/2041     1,000        1,012,731
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
5.00%   01/01/2047     55           56,149
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2048     1,030        1,074,038
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
5.00%   01/01/2053     185          191,134
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(a)
4.00%   01/01/2053     6,610        6,420,050
Chicago (City of), IL Board of Education, Series 2016, RB
6.00%   04/01/2046     2,000        2,090,983
Chicago (City of), IL Board of Education, Series 2023, RB
5.00%   04/01/2045     100          106,450
Chicago (City of), IL Board of Education, Series 2023, RB
5.75%   04/01/2048     1,000        1,113,687
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB
5.00%   01/01/2046     20           20,185
Chicago (City of), IL Transit Authority, Series 2014, RB
5.00%   12/01/2044     5,000        5,008,416
Chicago (City of), IL Transit Authority, Series 2014, RB
5.25%   12/01/2049     5,560        5,569,026
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(a)
5.00%   12/01/2051     1,000        1,017,472
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
4.00%   12/01/2049     575          543,018
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
5.00%   12/01/2052     600          632,499
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
5.00%   12/01/2057     815          851,010
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB
3.00%   05/15/2047     2,850        2,288,503
Illinois (State of), Series 2021 A, GO Bonds
4.00%   03/01/2040     965          947,161
Illinois (State of), Series 2021 A, GO Bonds
5.00%   03/01/2046     1,000       1,056,461
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Illinois (State of), Series 2022 A, GO Bonds
5.50%   03/01/2042   $ 2,050   $    2,282,425
Illinois (State of), Series 2022 A, GO Bonds
5.50%   03/01/2047     1,500        1,645,133
Illinois (State of), Series 2023 B, GO Bonds
5.25%   05/01/2040     250          275,716
Illinois (State of), Series 2023 B, GO Bonds
5.25%   05/01/2041     300          329,370
Illinois (State of), Series 2023 B, GO Bonds
5.25%   05/01/2042     250          273,350
Illinois (State of), Series 2023 B, GO Bonds
5.25%   05/01/2043     200          217,875
Illinois (State of), Series 2023 B, GO Bonds
5.50%   05/01/2047     1,000        1,098,104
Illinois (State of), Series 2024 B, GO Bonds
5.00%   05/01/2040     15           16,577
Illinois (State of), Series 2024 B, GO Bonds
5.25%   05/01/2047     110          120,372
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
4.00%   11/01/2039     10            9,822
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB
5.00%   02/15/2041     1,000        1,028,612
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%   08/15/2039     2,250        2,263,502
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%   08/15/2040     1,350        1,350,786
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%   08/15/2041     1,350        1,337,242
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
3.00%   08/15/2048     1,015          792,700
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
4.00%   08/15/2048     1,400        1,342,752
Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB
5.00%   12/01/2046     100          100,844
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB
5.00%   07/15/2042     1,000        1,035,560
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
5.00%   08/15/2047     35           37,250
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
5.00%   08/15/2051     340          359,336
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB
4.00%   07/15/2047     1,600        1,547,580
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
5.00%   11/15/2045     245          246,614
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
3.00%   05/15/2050     4,165        3,298,210
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
4.00%   05/15/2050     4,575        4,169,694
Illinois (State of) Finance Authority (Presence Health Network), Series 2016, RB(b)
4.00%   02/15/2041     1,570        1,562,166
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB
5.00%   08/15/2044     125          125,635
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
5.25%   05/15/2048     3,040        3,372,096
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
5.25%   05/15/2054     10           10,985
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2016 B, Ref. RB
4.00%   08/15/2041     250          249,382
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%   08/15/2047     145          153,210
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
5.00%   08/15/2052     110          114,440
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
4.00%   10/01/2050     1,500        1,384,780
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
4.00%   10/01/2055     1,450        1,319,541
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
5.00%   06/15/2042     1,000        1,060,040
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
4.00%   06/15/2050     60           56,288
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
5.00%   06/15/2050     125          129,546
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB
4.00%   12/15/2042     1,000          988,203
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB
4.00%   12/15/2047     1,000          953,541
Illinois (State of) Regional Transportation Authority, Series 2016 A, RB
4.00%   06/01/2046     130          126,574
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
5.00%   01/01/2040     200          203,471
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
5.00%   01/01/2042     5,315        5,531,141
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
5.00%   01/01/2041     4,080        4,426,812
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
5.00%   01/01/2045     2,690        2,849,548
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
5.00%   01/01/2046     1,045        1,124,919
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.00%   01/01/2042     1,500        1,676,555
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.25%   01/01/2043     1,500        1,692,101
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.00%   01/01/2044     1,000        1,102,935
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
5.25%   01/01/2045     2,000        2,236,252
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB
4.00%   12/01/2041     310          305,077
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
5.00%   01/01/2040     5,200        5,382,462
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(a)
4.00%   01/01/2040     2,000       2,020,542
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Sangamon (County of), IL School District No. 186 (Springfield), Series 2023, GO Bonds, (INS - AGM)(a)
4.50%   06/01/2063   $ 750   $      753,021
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB
4.00%   10/15/2040     85           83,297
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(a)
5.00%   03/01/2040     3,000       3,016,708
                118,747,926
Indiana-0.90%                
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.63%   07/15/2053     1,000        1,131,398
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.75%   07/15/2058     2,000        2,282,319
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
5.75%   01/15/2063     2,000        2,319,721
Indiana (State of) Finance Authority (CWA Authority), Series 2012 A, RB
4.00%   10/01/2042     15           15,000
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB
4.00%   11/01/2051     1,475        1,400,640
Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB
5.25%   10/01/2047     1,500        1,617,747
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB
4.00%   12/01/2049     1,000          972,740
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB
5.00%   11/15/2046     3,000        3,056,811
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
5.00%   01/01/2042     60           61,456
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%   02/01/2044     5,000        5,243,968
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
5.00%   02/01/2049     6,500        6,788,997
Northern Indiana Commuter Transportation District, Series 2016, RB
5.00%   07/01/2041     1,250       1,276,636
                26,167,433
Iowa-0.27%                
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022 B, RB
3.00%   09/01/2056     125           96,661
Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB
4.75%   08/01/2042     2,000        2,004,656
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(b)
5.00%   12/01/2032     1,700        1,977,146
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(b)(d)
5.00%   12/01/2032     2,900        3,372,779
Iowa (State of) Finance Authority (Lifespace Communities, Inc.), Series 2018 A, RB
5.00%   05/15/2048     30           29,386
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB
5.00%   12/01/2046     500         516,076
                7,996,704
Kansas-0.19%                
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
5.00%   09/01/2042     1,515        1,635,197
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
5.00%   09/01/2047     1,250        1,329,679
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
5.00%   09/01/2040     1,000        1,014,913
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
5.00%   09/01/2045     1,500       1,518,261
                5,498,050
Kentucky-0.31%                
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB
5.00%   08/15/2041     1,000        1,022,535
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
5.00%   12/01/2045     1,000        1,033,914
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
5.00%   12/01/2047     470          470,122
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017, Ref. RB, (INS - AGM)(a)
4.00%   12/01/2041     250          247,320
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
5.00%   07/01/2040     810          812,707
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
5.00%   01/01/2045     1,000        1,001,674
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
5.25%   06/01/2041     1,000        1,020,342
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%   06/01/2045     65           62,471
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(a)
4.00%   09/01/2039     250          246,790
Kentucky Bond Development Corp., Series 2018, RB
4.00%   09/01/2048     795          758,940
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Kentucky-(continued)                
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)
5.00%   09/01/2049   $ 200   $      210,253
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)
5.00%   05/15/2047     1,015        1,066,242
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB
5.00%   05/15/2053     500          541,198
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, RB
3.13%   06/01/2041     300          259,679
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, RB, (INS - AGM)(a)
3.13%   06/01/2046     405          332,751
University of Kentucky, Series 2014 A, RB, (CEP - Colorado Higher Education Intercept Program)
4.00%   04/01/2044     5           4,896
                9,091,834
Louisiana-0.88%                
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)
5.00%   11/01/2047     2,000        2,025,479
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(a)
5.00%   12/01/2042     2,750        2,837,313
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(a)
5.00%   10/01/2048     3,500        3,558,198
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB
5.00%   10/01/2041     3,285        3,358,512
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB
5.00%   07/01/2047     1,000        1,020,480
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)
3.00%   06/01/2050     6,550        5,198,474
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
3.00%   05/15/2047     2,790        2,236,159
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
4.00%   05/15/2049     1,235        1,164,450
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
5.00%   10/15/2048     1,000        1,084,116
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
5.25%   07/01/2053     705          774,893
New Orleans (City of), LA, Series 2021 A, GO Bonds
5.00%   12/01/2046     1,000        1,066,247
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(a)
4.00%   12/01/2049     1,250       1,184,140
                25,508,461
Maine-0.22%                
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
4.00%   07/01/2045     2,000        1,908,197
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
4.00%   07/01/2050     4,500        4,201,700
Maine (State of) Turnpike Authority, Series 2020, RB
4.00%   07/01/2045     300         300,504
                6,410,401
Maryland-0.88%                
Baltimore (City of), MD (Water), Series 2017 A, RB
5.00%   07/01/2046     9,510        9,750,714
Baltimore (City of), MD (Water), Series 2020 A, RB
5.00%   07/01/2050     600          635,252
Baltimore (County of), MD (Riderwood Village, Inc.), Series 2020, Ref. RB
4.00%   01/01/2045     1,000          955,572
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), Series 2015, Ref. RB
4.13%   07/01/2047     25           24,852
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), Series 2015, Ref. RB
5.00%   07/01/2047     1,000        1,005,950
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2015, Ref. RB
5.00%   08/15/2042     1,000        1,004,600
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
5.00%   05/15/2042     2,000        2,056,924
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
5.00%   05/15/2045     1,100        1,126,957
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
3.75%   05/15/2047     195          181,420
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Health), Series 2020, RB
4.00%   07/01/2048     50           46,489
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017, RB
4.00%   07/01/2048     1,000          962,402
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Maryland-(continued)                
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   05/01/2042   $ 1,050   $    1,090,382
Maryland (State of) Stadium Authority, Series 2022 A, RB
4.00%   06/01/2047     1,175        1,159,725
Maryland (State of) Stadium Authority, Series 2022 A, RB
4.00%   06/01/2052     1,000          968,330
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB
4.00%   06/01/2046     300          297,817
Maryland (State of) Transportation Authority, Series 2020, RB
4.00%   07/01/2045     500          495,749
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2046     1,000        1,074,613
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
5.00%   07/01/2051     1,000        1,065,749
Montgomery (County of), MD (Trinity Health Credit Group), Series 2015, RB
5.00%   12/01/2044     1,650       1,658,144
                25,561,641
Massachusetts-4.38%                
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds
5.00%   07/01/2040     1,000        1,011,395
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
3.25%   09/01/2040     30           27,634
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
4.00%   09/01/2042     1,100        1,091,368
Massachusetts (Commonwealth of), Series 2015, GO Bonds
4.00%   05/01/2045     1,600        1,582,055
Massachusetts (Commonwealth of), Series 2016 B, RB
4.00%   06/01/2046     800          779,488
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
3.00%   04/01/2041     460          402,519
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%   04/01/2042     300          297,676
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
4.00%   04/01/2046     1,000          982,886
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
4.00%   09/01/2042     1,725        1,722,388
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
4.00%   12/01/2044     2,900        2,865,627
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
5.00%   04/01/2042     4,210        4,352,496
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
5.00%   06/01/2043     5,000        5,209,641
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
3.50%   02/01/2040     500          482,928
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
4.00%   02/01/2044     300          297,341
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
5.00%   11/01/2041     8,000        8,343,220
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
5.25%   09/01/2043     10           10,660
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.25%   01/01/2044     1,675        1,790,559
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
5.00%   01/01/2049     5,000        5,236,554
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
5.00%   05/01/2044     120          127,111
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds
3.00%   03/01/2049     135          109,340
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
5.00%   07/01/2045     1,000        1,070,216
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2045     2,500        2,690,230
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
5.00%   11/01/2050     3,500        3,723,981
Massachusetts (Commonwealth of), Series 2021 A, GO Bonds
2.00%   03/01/2040     70           52,412
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
5.00%   06/01/2042     750          821,181
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
5.00%   09/01/2051     1,000        1,070,360
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
4.00%   02/01/2042     1,000        1,008,801
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
3.00%   02/01/2043     50           43,213
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
5.00%   11/01/2048     17,345       18,888,140
Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds
5.00%   08/01/2042     60           67,562
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
5.00%   10/01/2052     1,025        1,117,516
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
5.00%   10/01/2053     1,100        1,197,549
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
5.00%   01/01/2049     2,170        2,383,042
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
5.00%   01/01/2054     2,500        2,722,760
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB
5.25%   06/01/2043     5,000        5,301,258
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB
5.00%   06/01/2045     3,000        3,025,331
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB
5.00%   07/01/2045     460          464,280
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
5.00%   07/01/2050     5,580        5,801,360
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
4.00%   07/01/2053     1,000          969,367
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2022 A, Ref. RB
5.00%   07/01/2052     730          787,570
Massachusetts (Commonwealth of) Development Finance Agency, Series 2015 F, Ref. RB
5.00%   08/15/2040     330          333,404
Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, Ref. RB
4.00%   04/01/2041     165          163,032
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB
5.00%   07/01/2044     1,035       1,038,671
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 1999 P, RB
5.45%   05/15/2059   $ 280   $      309,835
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2021, RB
4.00%   06/01/2056     590          493,043
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB
5.25%   07/01/2048     1,000        1,097,994
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
5.00%   07/01/2044     130          130,466
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
4.00%   07/01/2045     115          110,885
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bopnds), Series 2023, Ref. RB
5.25%   07/01/2052     1,500        1,636,595
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB
4.00%   10/01/2046     145          142,640
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB
5.00%   10/01/2046     4,500        4,651,056
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
5.00%   12/01/2041     2,665        2,725,858
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
5.00%   12/01/2046     2,000        2,035,205
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2016 A, RB
5.00%   01/01/2047     150          151,406
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
5.00%   10/01/2043     125          125,835
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
4.00%   10/01/2046     200          176,113
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB
5.00%   10/01/2044     1,605        1,779,134
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
5.00%   07/01/2041     45           45,982
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2013, RB
4.00%   07/01/2043     355          344,597
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 I, Ref. RB
5.00%   07/01/2041     1,015        1,023,541
Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System Obligated Group), Series 2021 G, Ref. RB
5.00%   07/01/2050     1,050        1,092,185
Massachusetts (Commonwealth of) Development Finance Agency (SpringField College), Series 2021 B, Ref. RB
4.00%   06/01/2050     500          430,389
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)
3.00%   10/01/2045     3,500        2,752,088
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)
4.00%   10/01/2045     1,500        1,445,432
Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017 S, RB
4.00%   07/01/2046     145          145,043
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
5.00%   11/15/2046     3,075        3,147,413
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
4.00%   02/15/2043     140          139,691
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB
5.25%   02/15/2048     1,000        1,052,565
Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB
5.00%   08/01/2043     3,155        3,319,776
University of Massachusetts Building Authority, Series 2020 1, RB
5.00%   11/01/2050     5,000       5,284,131
                127,253,020
Michigan-1.95%                
Eastern Michigan University, Series 2018 A, RB
4.00%   03/01/2047     15           14,253
Great Lakes Water Authority, Series 2023 C, RB
5.25%   07/01/2053     500          550,538
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2014 A, RB
5.00%   11/01/2043     120          120,309
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
5.00%   07/01/2044     25           26,426
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB
5.00%   07/01/2051     750          798,999
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
5.00%   07/01/2049     1,000       1,093,075
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Michigan-(continued)                
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
5.00%   07/01/2054   $ 1,000   $    1,083,675
Michigan (State of), Series 2020 B, RB
4.00%   11/15/2045     1,300        1,278,595
Michigan (State of), Series 2020, RB
4.00%   11/15/2040     300          303,522
Michigan (State of), Series 2020, RB
5.00%   11/15/2045     120          129,262
Michigan (State of), Series 2021 A, RB
4.00%   11/15/2044     1,000          990,185
Michigan (State of), Series 2021, RB
4.00%   11/15/2041     1,045        1,052,998
Michigan (State of), Series 2021, RB
4.00%   11/15/2046     2,390        2,336,117
Michigan (State of), Series 2023, RB
5.00%   11/15/2040     100          114,033
Michigan (State of), Series 2023, RB
5.00%   11/15/2042     1,000        1,125,287
Michigan (State of), Series 2023, RB
5.50%   11/15/2044     1,000        1,154,719
Michigan (State of), Series 2023, RB
5.00%   11/15/2046     640          709,594
Michigan (State of), Series 2023, RB
5.25%   11/15/2049     1,020        1,142,047
Michigan (State of), Series 2023, RB
5.50%   11/15/2049     1,100        1,252,892
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   10/15/2045     800          808,208
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
5.00%   10/15/2050     600          605,199
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
5.00%   04/15/2041     750          770,314
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
5.00%   10/15/2047     1,000        1,077,834
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
4.00%   10/15/2052     1,000          963,325
Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB
4.00%   10/15/2047     750          732,247
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB
5.00%   12/01/2041     150          157,372
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
5.00%   11/01/2044     1,000        1,008,178
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
4.00%   11/01/2046     365          347,181
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB
5.00%   11/01/2043     155          160,968
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
5.00%   11/15/2041     1,000        1,019,699
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
4.00%   11/15/2046     1,410        1,329,750
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB
4.00%   11/15/2050     1,175        1,072,329
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2024, RB
4.38%   02/28/2054     870          866,654
Michigan (State of) Finance Authority (Local Government Loan Program), Series 2014, RB
5.00%   07/01/2044     500          500,210
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
4.00%   02/15/2044     1,000          979,427
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
4.00%   02/15/2047     115          110,727
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, RB
4.00%   12/01/2040     25           25,029
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB
5.00%   12/01/2045     1,000        1,012,701
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
5.00%   12/01/2042     1,500        1,545,320
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
4.00%   12/01/2040     1,510        1,511,113
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
4.00%   12/01/2046     540          523,903
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
3.00%   12/01/2049     2,610        2,080,782
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
4.00%   12/01/2049     540          513,138
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
4.00%   12/01/2048     2,500        2,395,085
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB
4.00%   12/01/2047     1,100        1,059,220
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB
5.00%   11/15/2047     3,000        3,148,018
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB
4.00%   10/15/2047     335          321,714
Michigan State University Board of Trustees, Series 2019 B, RB
5.00%   02/15/2044     1,250        1,316,100
Michigan State University Board of Trustees, Series 2019 B, RB
5.00%   02/15/2048     250          261,797
Michigan State University Board of Trustees, Series 2024 A, RB
5.25%   08/15/2054     1,000        1,105,818
Pontiac School District, Series 2020, GO Bonds
4.00%   05/01/2050     200          194,670
Troy School District, Series 2023, GO Bonds
5.00%   05/01/2047     5,000        5,428,277
University of Michigan, Series 2018 A, RB
5.00%   04/01/2048     1,005        1,051,879
Walled Lake Consolidated School District, Series 2020, GO Bonds
5.00%   05/01/2050     2,500        2,628,431
Wayne (County of), MI Airport Authority, Series 2015 D, RB
5.00%   12/01/2045     1,000        1,010,015
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB
5.00%   12/01/2046     220          237,577
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB
5.00%   12/01/2040     500          506,683
Wayne State University, Series 2018 A, RB
4.00%   11/15/2048     1,200       1,151,574
                56,814,992
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Minnesota-0.30%                
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
5.25%   02/15/2053   $ 1,190   $    1,222,849
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
5.25%   02/15/2058     1,000        1,026,810
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB
4.25%   02/15/2048     25           23,939
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB
5.25%   06/15/2047     2,000        2,175,685
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB
5.25%   06/15/2052     1,000        1,081,612
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
5.00%   01/01/2041     1,000        1,031,360
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
5.00%   01/01/2046     15           15,373
Minneapolis (City of), MN (Fairview Health Services), Series 2015 A, Ref. RB
5.00%   11/15/2044     100          100,089
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
4.00%   11/15/2048     55           50,023
Minnesota (State of), Series 2023, COP
5.00%   11/01/2042     505          566,354
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas), Series 2024 A, RB
4.13%   10/01/2053     75           73,890
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB
5.25%   01/01/2047     10           11,039
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB
5.25%   01/01/2054     55           60,126
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
5.00%   11/15/2057     50           53,742
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB
5.00%   05/01/2048     1,070        1,111,524
Western Minnesota Municipal Power Agency (Red Rock Hydroelectric), Series 2018, RB
5.00%   01/01/2049     10          10,329
                8,614,744
Mississippi-0.06%                
Medical Center Educational Building Corp., Series 2017, Ref. RB
4.00%   06/01/2047     340          325,220
Mississippi (State of) Development Bank, Series 2015, Ref. RB, (INS - AGM)(a)
4.00%   03/01/2041     295          291,434
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB
5.00%   09/01/2041     1,000       1,008,455
                1,625,109
Missouri-0.84%                
Kansas (City of), MO, Series 2024 A, RB
5.00%   12/01/2048     200          218,795
Kansas (City of), MO, Series 2024 A, RB
4.00%   01/01/2049     250          244,243
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB
5.00%   04/01/2040     2,190        2,199,312
Metropolitan St. Louis Sewer District, Series 2015 B, Ref. RB(b)
5.00%   05/01/2045     35           35,376
Metropolitan St. Louis Sewer District, Series 2016 C, RB(b)
5.00%   05/01/2046     1,025        1,061,636
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
5.00%   05/01/2047     750          769,054
Missouri (State of) Health & Educational Facilities Authority, Series 2020, RB
3.00%   06/01/2053     640          478,529
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2013 C, RB(d)
4.00%   01/01/2046     50           48,532
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, RB
4.00%   01/01/2045     550          533,978
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2017 D, RB(d)
4.00%   01/01/2048     60           58,024
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB
3.00%   07/01/2051     2,500        1,931,629
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2019, RB
4.00%   11/15/2049     20           18,984
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2012, RB
4.00%   11/15/2042     1,910        1,858,819
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
4.00%   11/15/2045     730          695,534
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
4.25%   11/15/2048     140          139,434
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
3.63%   11/15/2047     65           59,548
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
4.00%   11/15/2047     1,500        1,419,173
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
4.00%   11/15/2049     40           37,444
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB
5.00%   12/01/2052     500          539,942
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB
4.00%   02/15/2044     925          905,970
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Missouri-(continued)                
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB
4.00%   02/15/2049   $ 5,065   $    4,867,120
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB
4.00%   06/01/2052     5,000        4,749,293
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB
4.00%   10/01/2042     20           19,983
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
4.00%   11/15/2042     115          114,092
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB
4.00%   05/15/2048     1,500        1,434,062
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
5.00%   12/01/2040     40          40,862
                24,479,368
Montana-0.09%                
Missoula (City of), MT, Series 2019 A, RB
4.00%   07/01/2044     2,400        2,377,242
Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2021, Ref. RB
3.00%   06/01/2050     390         315,543
                2,692,785
Nebraska-0.52%                
Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB
5.00%   09/01/2042     1,300        1,435,295
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(a)
4.00%   12/15/2047     750          726,409
Gretna Public Schools, Series 2022, GO Bonds
4.00%   12/15/2047     10            9,831
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB
5.00%   02/01/2043     150          150,951
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
5.00%   02/01/2042     600          624,068
Omaha (City of), NE Public Power District, Series 2021 A, RB
5.00%   02/01/2046     700          744,120
Omaha (City of), NE Public Power District, Series 2022 A, RB
4.25%   02/01/2047     1,805        1,823,027
Omaha (City of), NE Public Power District, Series 2022 A, RB
5.00%   02/01/2047     1,250        1,349,380
Omaha (City of), NE Public Power District, Series 2023 A, RB
5.25%   02/01/2048     2,000        2,215,620
Omaha (City of), NE Public Power District, Series 2023 A, RB
5.25%   02/01/2053     2,000        2,199,792
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB
5.25%   02/01/2053     2,000        2,199,792
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
3.00%   05/15/2046     40           30,907
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
4.00%   05/15/2051     75           70,340
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
4.00%   07/15/2059     500          484,157
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
4.00%   07/15/2062     1,000         963,484
                15,027,173
Nevada-0.40%                
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB
5.00%   09/01/2047     130          132,063
Clark (County of), NV, Series 2018 A, GO Bonds
5.00%   06/01/2043     1,100        1,152,773
Clark (County of), NV, Series 2022, RB, (INS - AGM)(a)
4.00%   07/01/2040     475          484,052
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds
5.00%   05/01/2048     1,400        1,459,283
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB
5.00%   07/01/2040     1,035        1,074,016
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
5.00%   07/01/2043     1,725        1,800,014
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
4.00%   07/01/2049     2,250        2,147,567
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB
5.00%   07/01/2049     930        1,001,939
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2041     1,000        1,026,849
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
5.00%   06/01/2046     155          158,501
Las Vegas Valley Water District, Series 2022 A, GO Bonds
4.00%   06/01/2046     1,000          993,776
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB
5.00%   02/01/2042     75          79,260
                11,510,093
New Hampshire-0.11%                
New Hampshire (State of) Business Finance Authority, Series 2021 A, RB
4.00%   07/01/2051     1,000          959,920
New Hampshire (State of) Business Finance Authority (NCCD - Unr Properties LLC - University of Nevada, Reno Project), Series 2023 A, RB, (INS - BAM)(a)
5.25%   06/01/2051     300          326,656
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Hampshire-(continued)                
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)
3.00%   08/15/2046   $ 2,210   $    1,796,483
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)
3.00%   08/15/2051     200         161,696
                3,244,755
New Jersey-3.01%                
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB
5.00%   08/15/2053     1,200        1,316,608
New Brunswick Parking Authority, Series 2016 A, Ref. RB, (INS - BAM)(a)
5.00%   09/01/2039     185          189,886
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
5.25%   11/01/2047     5,000        5,434,434
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
5.00%   11/01/2052     2,500        2,654,529
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
4.00%   06/15/2046     500          488,026
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
4.00%   06/15/2050     500          481,105
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB
5.00%   06/15/2043     750          780,225
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
4.00%   11/01/2044     60           58,729
New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB
5.00%   03/01/2043     250          284,468
New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB
5.00%   03/01/2044     90          102,099
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
4.63%   09/01/2048     1,500        1,546,771
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
5.25%   09/01/2053     750          821,837
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
4.00%   03/01/2053     1,610        1,604,891
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
5.25%   03/01/2054     2,200        2,483,496
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB
3.00%   07/01/2050     1,000          764,192
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB
4.00%   07/01/2050     2,800        2,602,129
New Jersey (State of) Health Care Facilities Financing Authority, Series 2016, Ref. RB
4.00%   07/01/2048     1,200        1,098,815
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, RB
4.25%   07/01/2054     500          503,515
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB
3.00%   07/01/2046     730          588,822
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB
3.00%   07/01/2051     225          175,030
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2016, Ref. RB
4.00%   07/01/2041     420          415,304
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB
5.00%   07/01/2042     1,000        1,028,221
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
5.00%   07/01/2043     1,400        1,429,166
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
4.00%   07/01/2045     360          356,639
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
3.00%   07/01/2051     1,000          781,888
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
4.00%   07/01/2051     610          598,973
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(a)
5.00%   07/01/2046     3,000        3,015,747
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group), Series 2019, RB
3.00%   07/01/2049     45           35,813
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
4.25%   06/15/2044     1,420        1,419,946
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
5.00%   06/15/2044     830          830,367
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
5.25%   06/15/2041     1,000        1,009,709
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
4.00%   06/15/2044     1,200        1,172,076
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
5.00%   06/15/2044     1,500        1,555,218
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
3.50%   06/15/2046     500          438,100
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
4.00%   06/15/2050     1,300        1,250,873
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
4.00%   12/15/2039     25           25,118
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2040     1,000       1,003,115
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2040   $ 1,050   $    1,133,011
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2045     2,200        2,142,736
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2045     1,000        1,058,523
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
3.00%   06/15/2050     1,000          783,788
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
4.00%   06/15/2050     3,200        3,079,072
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
5.00%   06/15/2050     1,000        1,051,420
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%   06/15/2040     215          215,809
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
4.00%   06/15/2042     710          701,694
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
4.00%   06/15/2046     1,325        1,280,367
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%   06/15/2040     1,475        1,480,236
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%   06/15/2041     1,250        1,246,811
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
4.00%   06/15/2042     1,000          988,302
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2042     435          475,237
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.25%   06/15/2043     520          576,391
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2044     500          540,929
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.25%   06/15/2046     285          312,248
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
5.00%   06/15/2048     340          363,381
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
4.25%   06/15/2040     250          257,518
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
5.25%   06/15/2041     1,000        1,125,603
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
5.25%   06/15/2042     70           78,388
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
5.00%   06/15/2040     20           22,182
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2043     115          126,016
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.00%   06/15/2046     80           86,533
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
5.25%   06/15/2050     2,100        2,299,695
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
5.00%   01/01/2040     600          627,334
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
4.00%   01/01/2042     5,000        5,034,504
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
4.00%   01/01/2051     5,450        5,313,867
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%   01/01/2042     1,500        1,662,945
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
4.25%   01/01/2043     1,500        1,539,065
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.00%   01/01/2046     5,400        5,933,873
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
4.50%   01/01/2048     1,795        1,856,184
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
5.25%   01/01/2052     3,500       3,887,299
                87,626,841
New Mexico-0.03%                
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
4.00%   08/01/2046     1,000         967,505
New York-21.98%                
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2048     90           99,791
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2053     2,000        2,198,144
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   04/01/2045     3,000        2,355,394
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   04/01/2050     8,750        6,512,399
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
4.00%   04/01/2050     3,000        2,888,641
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds), Series 2023, RB
5.25%   07/01/2052     45           46,950
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
5.00%   07/01/2041     1,000        1,001,692
Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB
5.00%   07/01/2051     1,000        1,016,951
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
4.00%   07/01/2041     195          192,367
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
5.00%   07/01/2042     1,500        1,548,617
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
4.00%   07/01/2046     130          128,555
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A, Ref. RB
5.25%   12/01/2052     800          835,068
Hempstead Town Local Development Corp., Series 2017, Ref. RB
5.00%   07/01/2047     285          292,059
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2042     5,000        5,164,807
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
4.00%   02/15/2044     1,075        1,065,634
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%   02/15/2047     2,500       2,451,562
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(b)
4.00%   11/19/2024   $ 165   $      165,303
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(b)
5.00%   11/19/2024     1,350        1,355,282
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%   09/01/2041     155          159,679
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%   09/01/2046     25           25,667
Long Island (City of), NY Power Authority, Series 2017, RB
5.00%   09/01/2042     1,300        1,357,165
Long Island (City of), NY Power Authority, Series 2017, RB
5.00%   09/01/2047     600          623,159
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.00%   09/01/2049     2,000        2,201,050
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.00%   09/01/2054     2,000        2,188,787
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
5.25%   09/01/2054     1,000        1,117,609
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGM)(a)
5.00%   09/01/2053     2,500        2,730,007
Metropolitan Transportation Authority, Series 2013 B, RB
4.00%   11/15/2043     575          560,351
Metropolitan Transportation Authority, Series 2015 B, RB
5.00%   11/15/2040     45           45,364
Metropolitan Transportation Authority, Series 2016 A-1, RB
3.50%   11/15/2041     320          279,851
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%   11/15/2041     605          599,882
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%   11/15/2046     25           24,089
Metropolitan Transportation Authority, Series 2017 A-1, RB
4.00%   11/15/2043     50           49,059
Metropolitan Transportation Authority, Series 2017 B-1, RB
5.00%   11/15/2047     1,000        1,033,812
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%   11/15/2042     2,280        2,251,104
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%   11/15/2046     80           77,414
Metropolitan Transportation Authority, Series 2019 C, RB
5.00%   11/15/2039     80           85,185
Metropolitan Transportation Authority, Series 2019 C, RB
5.00%   11/15/2042     55           58,108
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - AGM)(a)
4.00%   11/15/2047     370          362,776
Metropolitan Transportation Authority, Series 2020 A-1, RB, (INS - AGM)(a)
4.00%   11/15/2044     25           24,771
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%   11/15/2042     65           64,423
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%   11/15/2043     225          221,630
Metropolitan Transportation Authority, Series 2024 A, RB
4.00%   11/15/2051     515          502,989
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
5.00%   11/15/2043     25           27,345
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
5.00%   11/15/2039     325          325,736
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
5.25%   11/15/2044     1,050        1,052,892
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
5.00%   11/15/2040     1,295        1,305,489
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
5.00%   11/15/2045     320          322,058
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%   11/15/2045     500          487,001
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
4.00%   11/15/2051     1,380        1,347,814
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
4.00%   11/15/2052     1,000          974,258
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
5.25%   11/15/2056     1,040        1,055,189
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   11/15/2047     1,300        1,336,630
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB
5.25%   11/15/2057     750          775,167
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB
5.00%   11/15/2052     3,525        3,636,646
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
4.00%   11/15/2051     2,900        2,769,949
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%   11/15/2041     500          501,373
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%   11/15/2050     5,000        4,876,734
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
4.75%   11/15/2045     1,000        1,025,738
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.25%   11/15/2055     6,000        6,309,816
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
5.00%   11/15/2044     95          100,765
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
4.00%   11/15/2045     1,005          978,573
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
5.00%   11/15/2046     2,355        2,412,442
Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB
5.00%   12/01/2046     65           65,543
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB
4.00%   07/01/2043     480          480,876
Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB
4.00%   07/01/2043     100          100,183
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
4.00%   07/01/2050     2,060        2,007,512
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB
5.00%   11/15/2051     1,700        1,702,310
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(a)
5.00%   04/01/2049     5,000        5,329,228
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
5.00%   09/01/2039     1,500        1,502,046
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
5.00%   05/01/2045     3,500        3,533,367
New York & New Jersey (States of) Port Authority, One Hundred Eighty Ninth Series 2015, Ref. RB
5.00%   05/01/2040     1,000        1,011,172
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.00%   10/15/2041     250          254,551
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
4.00%   10/15/2045   $ 425   $      425,247
New York & New Jersey (States of) Port Authority, Series 2019 217, RB
4.00%   11/01/2049     1,000        1,000,210
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB
4.00%   07/15/2040     2,070        2,079,235
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%   07/15/2049     1,050        1,158,942
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%   07/15/2054     1,000        1,097,662
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%   09/01/2048     5,590        5,829,046
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%   07/15/2048     1,000        1,097,859
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%   07/15/2053     1,000        1,090,071
New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB
5.00%   07/15/2043     85           95,215
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
4.00%   09/01/2049     20           20,006
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB
4.00%   07/15/2061     500          489,300
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2040     100          100,828
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2041     100          100,417
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB
5.25%   10/15/2057     2,400        2,490,465
New York (City of), NY, Series 2016 B-1, GO Bonds
5.00%   12/01/2041     4,955        5,109,708
New York (City of), NY, Series 2017 B-1, GO Bonds
4.00%   10/01/2041     950          946,299
New York (City of), NY, Series 2019 B-1, GO Bonds
4.00%   10/01/2039     500          505,596
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%   10/01/2043     90           95,682
New York (City of), NY, Series 2020 C, GO Bonds
4.00%   08/01/2039     1,000        1,013,365
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2043     35           37,535
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2047     3,700        3,958,706
New York (City of), NY, Series 2021 F-1, GO Bonds
3.00%   03/01/2041     100           86,106
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2042     15           16,223
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2040     5            5,592
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2041     30           33,415
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2046     40           43,629
New York (City of), NY, Series 2024 A, GO Bonds
4.13%   08/01/2053     3,100        3,059,339
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2042     115          128,028
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2044     25           27,590
New York (City of), NY, Series 2024 C, GO Bonds
5.25%   03/01/2049     15           16,616
New York (City of), NY, Series 2024 C, GO Bonds
4.13%   03/01/2054     230          225,835
New York (City of), NY, Series 2024 D, GO Bonds
5.00%   04/01/2043     75           83,268
New York (City of), NY, Series 2024 D, GO Bonds
4.00%   04/01/2045     230          227,115
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2039     560          595,441
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2040     125          132,560
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2044     10           10,523
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2045     10           10,431
New York (City of), NY, Subseries 2018 F-1, GO Bonds
3.50%   04/01/2046     100           89,299
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%   08/01/2040     55           55,329
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%   08/01/2042     1,000        1,000,330
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2043     460          488,166
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%   08/01/2044     50           49,348
New York (City of), NY, Subseries 2020 B-1, GO Bonds
3.00%   10/01/2044     55           45,143
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2039     500          568,805
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2040     500          564,301
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2041     500          562,156
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2042     520          581,909
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2043     285          317,554
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2047     2,250        2,473,723
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2043     1,605        1,798,032
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2044     3,080        3,436,144
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2047     1,590        1,756,393
New York (City of), NY, Subseries 2023 E-1, GO Bonds
4.00%   04/01/2050     1,575        1,539,549
New York (City of), NY Educational Construction Fund, Series 2021 B, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   04/01/2052     2,000       2,118,024
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.00%   01/01/2040   $ 1,750   $    1,544,632
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.00%   01/01/2046     5,000        4,074,010
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   03/01/2049     5,000        3,891,221
New York (City of), NY Municipal Water Finance Authority, Series 2012, RB
4.00%   06/15/2047     1,520        1,480,411
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB
4.25%   06/15/2047     305          303,309
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC, RB
4.00%   06/15/2045     1,500        1,468,683
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
4.00%   06/15/2046     10            9,976
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
3.00%   06/15/2046     435          354,684
New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB
4.00%   06/15/2046     200          200,003
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB, RB
3.38%   06/15/2045     380          345,762
New York (City of), NY Municipal Water Finance Authority, Series 2018 CC-1, RB
4.00%   06/15/2048     140          137,014
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB
3.63%   06/15/2048     410          378,517
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2040     1,315        1,389,702
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
5.00%   06/15/2044     5,000        5,342,167
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-2, Ref. RB
4.00%   06/15/2041     25           25,039
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
5.00%   06/15/2049     1,000        1,044,045
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%   06/15/2040     855          923,419
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
4.00%   06/15/2042     700          701,610
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
3.00%   06/15/2050     1,000          792,266
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
4.00%   06/15/2050     2,000        1,964,754
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
5.00%   06/15/2050     1,000        1,065,114
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
4.00%   06/15/2042     1,455        1,458,346
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-3, Ref. RB
4.00%   06/15/2042     55           55,140
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
4.00%   06/15/2042     55           55,140
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
5.00%   06/15/2048     3,000        3,215,655
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
4.00%   06/15/2051     5,000        4,902,039
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
5.00%   06/15/2044     9,150        9,979,695
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
4.00%   06/15/2051     1,000          980,408
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
5.00%   06/15/2047     1,010        1,100,027
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB
5.00%   06/15/2052     2,395        2,570,300
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
4.13%   06/15/2046     5,000        4,980,416
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
5.00%   06/15/2047     5,000        5,468,467
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
5.25%   06/15/2047     2,500        2,786,600
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE, Ref. RB
4.00%   06/15/2040     50           50,179
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
4.00%   06/15/2049     2,500        2,446,306
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
5.00%   06/15/2049     6,165        6,510,557
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
4.00%   06/15/2041     1,000        1,001,433
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.00%   06/15/2043     1,000        1,117,386
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.25%   06/15/2048     1,500        1,675,558
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.00%   06/15/2053     1,500        1,633,049
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.25%   06/15/2053     1,000        1,111,352
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB
5.25%   06/15/2054     2,200        2,454,097
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB
5.00%   06/15/2046     475          525,262
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%   02/01/2041     1,050        1,056,226
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%   07/15/2040     1,000        1,006,222
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%   07/15/2043     105          105,596
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
4.00%   07/15/2040     225          225,419
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
4.00%   08/01/2042     105          104,515
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
3.25%   05/01/2043     1,065          954,427
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
5.00%   07/15/2045     40           41,876
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
3.50%   07/15/2047     425          377,924
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
3.63%   07/15/2047     335          304,857
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%   05/01/2041     315          316,370
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%   05/01/2042     1,000        1,001,280
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
4.00%   11/01/2045     435          427,217
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
3.00%   11/01/2047   $ 100   $       81,436
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%   11/01/2040     5,000        5,034,168
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%   11/01/2042     90           90,105
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2045     1,690        1,679,112
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2040     50           50,584
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
3.00%   11/01/2039     4,000        3,641,619
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%   08/01/2040     50           44,976
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%   08/01/2041     65           57,417
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2040     750          759,497
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2041     200          201,465
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2042     1,580        1,586,736
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2043     1,000        1,000,996
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2046     930          921,855
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2049     2,000        1,967,262
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
2.25%   02/01/2051     300          186,517
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
3.00%   02/01/2051     635          495,117
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2039     1,185        1,325,510
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2041     30           33,279
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.25%   08/01/2042     750          842,091
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2044     785          859,131
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
4.00%   08/01/2048     1,250        1,236,286
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2043     630          688,837
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2044     15           16,337
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2047     155          166,951
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2040     3,000        3,043,146
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2041     3,000        3,024,957
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2042     3,000        3,014,524
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2044     2,230        2,428,765
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2047     3,000        2,970,925
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2047     3,000        3,231,310
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2040     230          258,786
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2041     1,000        1,118,202
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2042     1,720        1,912,358
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2043     300          332,014
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2044     740          815,525
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2045     200          219,565
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2046     545          596,210
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2047     300          326,389
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2048     300          325,765
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
4.00%   05/01/2053     1,600        1,557,190
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2053     2,010        2,170,530
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2040     5,000        5,617,783
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2041     5,000        5,591,011
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2041     2,000        2,231,026
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2042     2,000        2,218,140
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2043     1,275        1,407,705
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2044     2,000        2,199,105
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2045     2,000        2,190,858
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%   02/01/2047     2,385        2,638,032
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2048     355          394,637
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2050     215          238,507
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
4.38%   05/01/2053     5,000        5,080,795
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2039     105          119,796
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2040     520          590,550
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2041     235          265,493
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2040     80           90,754
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2041     80           90,154
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2043     330          367,795
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2046   $ 500   $      550,398
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2047     315          344,716
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2049     500          544,907
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.25%   02/01/2053     3,720        4,120,455
New York (City of), NY Transitional Finance Authority, Subseries 2013 F-1, RB
4.00%   02/01/2040     20           19,876
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB(b)
5.00%   10/28/2024     655          656,904
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
4.00%   08/01/2041     1,850        1,846,484
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
3.00%   08/01/2042     35           30,142
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
3.25%   02/01/2042     70           63,234
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2042     20           20,985
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
4.00%   08/01/2039     15           15,147
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2039     1,035        1,181,076
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2040     400          454,946
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2041     1,005        1,137,898
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2042     1,000        1,126,136
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2043     1,000        1,121,225
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.50%   11/01/2045     1,000        1,132,479
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.00%   11/01/2046     1,000        1,089,313
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2048     1,400        1,541,741
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB
5.00%   02/15/2044     140          140,783
New York (State of) Dormitory Authority, Series 2015 B, RB
5.00%   02/15/2042     370          372,492
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2040     1,000        1,034,467
New York (State of) Dormitory Authority, Series 2017 A, RB
4.00%   03/15/2046     1,000          984,189
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
4.00%   02/15/2046     645          634,911
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2040     1,000        1,055,812
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
4.00%   03/15/2043     400          397,595
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
4.00%   03/15/2048     120          117,891
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2048     1,200        1,256,334
New York (State of) Dormitory Authority, Series 2019 A, RB
4.00%   07/01/2045     1,505        1,493,038
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2041     1,000        1,059,706
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2042     665          702,610
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2043     1,215        1,280,258
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2047     1,000        1,046,950
New York (State of) Dormitory Authority, Series 2020 A, RB
3.00%   07/01/2048     4,000        3,229,062
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%   07/01/2050     1,315        1,277,104
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%   07/01/2053     4,000        3,878,507
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2041     1,050          911,625
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2042     75           64,449
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2043     1,015        1,010,133
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2049     40           31,622
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2040     1,305        1,319,221
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2041     265          285,359
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2047     3,475        3,422,677
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2049     500          491,353
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2041     65           65,381
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2042     540          540,925
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
5.00%   03/15/2044     50           54,024
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%   03/15/2044     1,680        1,665,644
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%   03/15/2048     230          226,640
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2041     2,175        2,398,225
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2042     230          230,446
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   03/15/2046     1,055        1,144,418
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
3.50%   03/15/2052     755          665,084
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
5.00%   05/01/2052     1,750        1,867,527
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2042     10           11,083
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
4.00%   03/15/2049     1,000          976,341
New York (State of) Dormitory Authority, Series 2024 A, RB
5.50%   05/01/2049     100          110,041
New York (State of) Dormitory Authority, Series 2024 A, RB
5.50%   05/01/2056     100          109,457
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2041   $ 250   $      281,433
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2042     175          195,942
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2043     460          512,875
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2045     30           33,209
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2046     25           27,590
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%   03/15/2052     3,700        4,108,808
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
4.00%   03/15/2054     1,305        1,269,941
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.50%   07/01/2054     2,000        2,290,155
New York (State of) Dormitory Authority, Series 2024, RB
5.25%   07/01/2054     375          403,503
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB
5.00%   03/15/2040     25           26,577
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB
4.00%   03/15/2048     500          490,473
New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB
3.00%   03/15/2050     5,100        4,005,228
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
5.00%   03/15/2040     275          291,190
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
5.00%   03/15/2040     45           47,357
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
3.00%   03/15/2041     25           21,905
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
5.00%   03/15/2044     1,010        1,055,272
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
4.00%   03/15/2047     1,635        1,607,455
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
4.00%   03/15/2042     1,500        1,502,911
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
4.00%   03/15/2046     225          222,857
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB
5.00%   10/01/2046     500          512,231
New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB
5.00%   10/01/2047     625          762,689
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
5.00%   07/01/2050     6,500        6,923,791
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB
5.00%   07/01/2041     750          765,945
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%   07/01/2046     1,040        1,017,887
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%   07/01/2050     2,000        1,933,157
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
5.00%   02/15/2048     5,300        5,617,014
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
4.00%   07/01/2040     90           84,896
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
5.00%   07/01/2040     1,000        1,003,194
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
3.00%   02/01/2050     2,000        1,555,760
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB
5.00%   07/01/2042     40           41,558
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB
4.00%   09/01/2050     30           27,230
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, (INS - AGM)(a)
3.00%   09/01/2050     40           31,152
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
4.00%   07/01/2043     1,420        1,410,734
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
5.00%   07/01/2046     1,000        1,016,241
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
4.00%   07/01/2043     125          123,561
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
5.00%   07/01/2042     2,510        2,678,233
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
3.00%   07/01/2041     225          198,451
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
4.00%   07/01/2046     1,775        1,745,596
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
5.00%   07/01/2051     5,000        5,329,746
New York (State of) Dormitory Authority (North Shore-Long Island Jewish Obligated Group), Series 2015 A, Ref. RB
4.13%   05/01/2042     5            4,952
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB
4.25%   05/01/2052     6,000        5,922,394
New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB
4.00%   07/01/2042     190          191,386
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB
4.00%   07/01/2048     1,750        1,671,979
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB
4.00%   07/01/2049     1,000          972,338
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB
5.00%   07/01/2057     2,000        1,945,462
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
5.00%   07/15/2042     2,500        2,586,620
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
5.00%   07/15/2050     3,000        3,051,859
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
4.00%   11/15/2050     1,220        1,197,487
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
4.00%   11/15/2055     2,500        2,463,435
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
3.25%   11/15/2060     3,620        2,808,033
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
4.00%   11/15/2047     1,500       1,488,361
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)(a)
5.13%   11/15/2058   $ 1,200   $    1,330,959
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2046     1,000        1,016,539
New York (State of) Thruway Authority, Series 2016 A, RB
4.00%   01/01/2056     165          156,706
New York (State of) Thruway Authority, Series 2016 A, RB
5.25%   01/01/2056     4,000        4,072,739
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%   01/01/2045     1,000          977,553
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%   01/01/2046     550          443,679
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%   01/01/2053     410          309,347
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%   01/01/2040     5,000        5,024,756
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%   01/01/2045     1,325        1,316,835
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
4.00%   01/01/2050     1,000          984,864
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
3.00%   01/01/2053     290          220,756
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%   01/01/2049     3,400        2,665,094
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%   01/01/2050     215          166,537
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
3.00%   03/15/2049     8,315        6,577,637
New York (State of) Thruway Authority, Series 2022 A, Ref. RB
4.00%   03/15/2050     375          366,276
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.00%   01/01/2049     225          248,678
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
4.00%   03/15/2049     60           58,761
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
5.00%   03/15/2040     1,010        1,132,221
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%   03/15/2053     925          995,666
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
4.13%   03/15/2057     475          465,972
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB
4.00%   01/01/2042     700          694,910
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB
4.13%   03/15/2056     240          235,916
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2041     130          144,982
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2042     50           55,427
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2046     1,130        1,229,606
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     1,025        1,108,347
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2045     385          380,241
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2058     3,000        2,896,188
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2059     495          476,766
New York (State of) Thruway Authority (Bidding Group 5), Series 2022 A, Ref. RB
4.00%   03/15/2051     1,000          974,629
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
4.00%   01/01/2041     25           25,028
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
4.00%   03/15/2044     5            4,951
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
5.00%   12/15/2039     1,000        1,051,315
New York (State of) Utility Debt Securitization Authority, Series 2022 TE-1, Ref. RB
5.00%   12/15/2039     75           86,132
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
5.00%   12/15/2050     1,000        1,110,753
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
5.00%   06/15/2053     1,000        1,106,393
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2040     2,000        2,022,468
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
4.00%   11/15/2045     65           62,895
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2045     3,000        3,025,000
New York Liberty Development Corp., Series 2021 1, Ref. RB
3.00%   02/15/2042     2,000        1,701,477
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB
2.75%   02/15/2044     1,000          765,990
New York Liberty Development Corp., Series 2021-1, Ref. RB
4.00%   02/15/2043     2,000        1,978,652
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB
2.80%   09/15/2069     1,500        1,381,608
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
2.75%   11/15/2041     2,000        1,581,383
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
2.88%   11/15/2046     5,000        3,748,064
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
3.00%   11/15/2051     1,000          744,892
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB
4.00%   06/15/2045     2,000        2,002,192
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB
4.00%   06/15/2049     5,500        5,476,569
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
4.00%   06/15/2047     5,000        5,022,955
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
5.00%   06/15/2051     5,000        5,443,201
New York State Urban Development Corp., Series 2017 C, Ref. RB
4.00%   03/15/2045     1,055        1,041,960
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2042     20           20,977
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Urban Development Corp., Series 2019 A, RB
5.00%   03/15/2043   $ 40   $       41,883
New York State Urban Development Corp., Series 2019 A, RB
4.00%   03/15/2048     750          736,819
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2040     20           21,551
New York State Urban Development Corp., Series 2019 A, Ref. RB
4.00%   03/15/2043     625          622,857
New York State Urban Development Corp., Series 2019, RB
4.00%   03/15/2046     700          688,933
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2041     1,000        1,088,219
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2042     110          119,265
New York State Urban Development Corp., Series 2020 A, RB
4.00%   03/15/2045     1,900        1,884,342
New York State Urban Development Corp., Series 2020 A, RB
4.00%   03/15/2049     2,300        2,259,488
New York State Urban Development Corp., Series 2020 A, RB
3.00%   03/15/2050     2,000        1,585,460
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%   03/15/2041     3,010        3,028,209
New York State Urban Development Corp., Series 2020 C, Ref. RB
5.00%   03/15/2047     1,000        1,067,034
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%   03/15/2049     1,000          980,870
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%   03/15/2050     50           39,637
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%   03/15/2040     1,060          948,807
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2044     1,055        1,135,260
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%   03/15/2048     150          121,004
New York State Urban Development Corp., Series 2022, Ref. RB
5.00%   03/15/2041     1,000        1,113,753
New York State Urban Development Corp., Series 2023, Ref. RB
5.00%   03/15/2063     1,000        1,077,294
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
3.00%   03/15/2040     900          807,915
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%   03/15/2044     300          298,455
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%   03/15/2045     730          720,977
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%   03/15/2046     1,500        1,476,284
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%   03/15/2043     445          444,001
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%   03/15/2045     1,000          990,384
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%   03/15/2044     1,000          995,461
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%   03/15/2046     1,000          986,239
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
4.00%   03/15/2047     1,000          983,153
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%   03/15/2041     1,000        1,005,599
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%   03/15/2046     1,000          988,416
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
3.00%   03/15/2050     1,000          799,539
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     25           27,069
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2050     55           59,400
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%   03/15/2052     280          304,504
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
4.00%   12/01/2039     2,500        2,506,004
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
4.00%   12/01/2040     4,550        4,531,233
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
4.00%   12/01/2041     1,000          991,144
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)(a)
3.00%   12/01/2044     1,555        1,197,350
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
4.00%   12/01/2047     775          766,593
Suffolk (County of), NY Water Authority, Series 2018 A, RB
3.25%   06/01/2043     565          512,944
Suffolk (County of), NY Water Authority, Series 2020 B, RB
3.00%   06/01/2044     500          428,894
Suffolk (County of), NY Water Authority, Series 2020 B, RB
3.00%   06/01/2045     200          169,331
Triborough Bridge & Tunnel Authority, Series 2014 A, RB(b)
5.00%   11/19/2024     25           25,098
Triborough Bridge & Tunnel Authority, Series 2015 A, RB
5.00%   11/15/2040     225          227,285
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2041     4,000        4,102,769
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2046     3,000        3,068,591
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
5.00%   05/15/2051     3,000        3,196,867
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%   05/15/2042     5,000        5,501,624
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%   05/15/2052     2,560        2,790,484
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%   05/15/2049     2,000        2,194,329
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.00%   05/15/2054     2,000        1,958,893
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%   05/15/2059     2,000        2,208,884
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.13%   05/15/2064     2,000        1,954,758
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%   05/15/2064     2,000       2,200,414
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB
5.00%   05/15/2056   $ 5,000   $    5,159,137
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB
5.00%   11/15/2042     9,675       10,073,947
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
4.00%   11/15/2048     2,500        2,462,211
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
5.00%   11/15/2054     1,250        1,324,087
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
4.00%   11/15/2056     1,500        1,449,016
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%   11/15/2056     1,500        1,593,375
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB
5.00%   05/15/2051     3,000        3,209,638
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
4.00%   05/15/2052     5,775        5,662,839
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.25%   05/15/2052     175          192,544
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2043     1,000        1,097,111
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2044     1,000        1,092,928
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2047     500          541,508
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
5.00%   05/15/2047     1,000        1,083,283
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
4.00%   05/15/2057     10,000        9,727,073
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%   05/15/2048     1,375        1,500,977
Westchester County Local Development Corp., Series 2014 A, RB(b)
5.50%   11/25/2024     1,000       1,005,347
                638,869,657
North Carolina-0.82%                
Brunswick (City of), NC, Series 2020, RB
3.00%   04/01/2046     500          408,338
Charlotte (City of), NC, Series 2022 A, Ref. RB
5.00%   07/01/2045     2,000        2,209,455
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB
5.00%   07/01/2047     2,000        2,061,612
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB
5.00%   07/01/2049     1,750        1,842,317
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
3.00%   07/01/2046     500          407,827
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
4.00%   07/01/2051     750          724,414
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB
4.00%   07/01/2052     3,500        3,366,731
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP
3.00%   06/01/2048     1,000          812,145
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB
4.00%   01/15/2043     10            9,979
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB
4.00%   01/15/2045     155          150,254
Fayetteville (City of), NC, Series 2023, RB
4.50%   03/01/2049     750          782,122
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB
4.00%   11/01/2046     1,265        1,239,363
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019 A, RB
4.00%   11/01/2049     1,200        1,169,345
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019, RB
4.00%   11/01/2052     1,000          963,288
North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB
3.00%   07/01/2045     1,000          819,074
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
5.00%   06/01/2045     500          502,378
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB
5.00%   07/01/2047     2,500        2,536,539
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(a)
4.00%   01/01/2041     50           49,339
North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, (INS - AGM)(a)
5.00%   01/01/2058     2,000        2,129,779
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)
5.00%   01/01/2049     1,075        1,123,299
University of North Carolina at Chapel Hill, Series 2019, RB
5.00%   02/01/2049     430         500,838
                23,808,436
North Dakota-0.17%                
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
4.00%   12/01/2046     45           39,325
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
4.00%   12/01/2051     90           76,882
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
3.00%   12/01/2046     1,515        1,221,491
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
3.00%   12/01/2051     500          384,647
University of North Dakota, Series 2021 A, COP, (INS - AGM)(a)
3.00%   06/01/2061     4,500       3,175,761
                4,898,106
Ohio-1.94%                
Allen (County of), OH, Series 2017 A, Ref. RB
4.00%   08/01/2047     110          106,834
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
5.00%   11/01/2043     35           35,048
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
4.00%   11/01/2044     1,365       1,350,275
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Ohio-(continued)                
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
4.25%   11/01/2045   $ 85   $       84,994
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
4.00%   12/01/2040     370          370,284
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
5.00%   02/15/2041     2,000        2,041,896
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
5.00%   02/15/2046     2,000        2,037,635
Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)(a)
5.50%   12/01/2060     175          190,554
Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB
4.00%   12/01/2042     1,015          937,246
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.00%   02/15/2042     25           25,424
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
5.00%   02/15/2057     1,000        1,008,381
Dublin City School District (Construction and Improvement), Series 2019, GO Bonds
3.63%   12/01/2048     45           40,930
Franklin (County of), OH, Series 2018 A, RB
4.00%   05/15/2047     990          951,347
Franklin (County of), OH, Series 2018, RB
5.00%   06/01/2048     505          526,639
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB
4.00%   12/01/2046     115          111,572
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB
5.00%   12/01/2051     750          751,204
Greater Cincinnati (Port of), OH Development Authority, Series 2024, Ref. RB, (INS - AGM)(a)
4.25%   12/01/2048     1,000          989,565
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB
5.00%   11/15/2049     5,900        6,932,184
Hamilton (County of), OH (Trihealth, Inc. Obligated), Series 2020, Ref. RB
3.75%   08/15/2050     175          157,166
Licking Heights Local School District, Series 2022, GO Bonds
5.50%   10/01/2059     10,000       10,805,611
Miami University, Series 2020 A, Ref. RB
4.00%   09/01/2045     3,500        3,470,218
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
4.00%   08/01/2046     300          287,732
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
4.00%   08/01/2051     1,000          961,169
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
3.00%   08/01/2051     2,070        1,587,416
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
4.00%   08/01/2051     2,280        2,122,200
North Ridgeville City School District, Series 2024, GO Bonds
4.50%   12/01/2061     2,000        1,988,037
North Royalton City School District, Series 2017, GO Bonds
5.00%   12/01/2047     5,000        5,052,489
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
4.00%   11/15/2043     100           99,396
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
3.00%   11/15/2040     20           17,516
Ohio (State of), Series 2014 A, Ref. RB
4.00%   01/15/2044     55           53,254
Ohio (State of), Series 2019, RB
4.00%   01/01/2041     95           95,144
Ohio (State of), Series 2019, RB
4.00%   01/01/2043     200          198,271
Ohio (State of), Series 2020 A, Ref. RB
3.00%   01/15/2045     105           83,905
Ohio (State of), Series 2020 A, Ref. RB
5.00%   01/15/2050     5            5,191
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016, Ref. RB
4.00%   01/15/2046     175          167,132
Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB
4.00%   01/15/2050     2,250        2,089,453
Ohio (State of) (University Hospitals Health System, Inc.), Series 2021 A, Ref. RB
3.00%   01/15/2046     35           27,384
Ohio (State of) Higher Educational Facility Commission (John Carroll University 2022), Series 2022, Ref. RB
4.00%   10/01/2052     35           31,789
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2016, Ref. RB
4.00%   07/01/2044     500          484,657
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%   02/15/2046     500          537,312
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
5.00%   02/15/2051     1,000        1,063,198
Ohio (State of) Water Development Authority, Series 2021, RB
5.00%   06/01/2046     1,000        1,086,499
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
5.00%   12/01/2044     1,000        1,065,944
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
5.00%   12/01/2046     250          271,635
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
5.00%   12/01/2039     10           11,400
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
5.00%   12/01/2040     75           85,012
Ohio State University (The), Series 2023, RB
5.25%   12/01/2046     825          928,253
Ohio State University (The) (Green Bonds), Series 2021 A, RB
4.00%   12/01/2048     460          449,527
Worthington City School District, Series 2023, GO Bonds
5.00%   12/01/2048     2,540       2,760,979
                56,536,901
Oklahoma-0.44%                
Creek (County of), OK Educational Facilities Authority (Sapulpa Public Schools), Series 2024, RB, (INS - BAM)(a)
4.00%   09/01/2044     420          419,067
Grand River Dam Authority, Series 2024 A, Ref. RB
5.00%   06/01/2042     1,000       1,123,608
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Oklahoma-(continued)                
Oklahoma (State of) Municipal Power Authority, Series 2016 A, Ref. RB, (INS - AGM)(a)
3.13%   01/01/2041   $ 225   $      199,334
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
4.00%   01/01/2042     15           15,047
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
5.00%   01/01/2047     1,690        1,740,656
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
5.00%   01/01/2042     1,000        1,019,973
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
4.00%   01/01/2047     370          359,872
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
5.00%   01/01/2043     2,000        2,071,228
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
4.00%   01/01/2048     1,030        1,030,701
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB
4.00%   04/01/2048     1,000          993,976
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2024, RB
5.00%   04/01/2049     1,000        1,100,391
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(a)
5.00%   07/01/2046     2,520        2,693,386
University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)(a)
5.00%   07/01/2049     20          21,915
                12,789,154
Oregon-1.20%                
Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB
5.00%   01/01/2048     2,265        2,279,673
Deschutes County Hospital Facilities Authority, Series 2020, RB
3.00%   01/01/2051     25           19,929
Deschutes Public Library District, Series 2021, GO Bonds
3.00%   12/01/2041     10            8,646
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
4.00%   08/15/2045     7,000        6,816,015
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
3.00%   08/15/2050     5,000        3,901,994
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds
5.00%   08/01/2042     5,000        5,237,035
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds
5.00%   05/01/2042     2,500        2,609,506
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB
5.00%   06/01/2052     2,500        2,650,183
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB
4.00%   10/01/2051     2,000        1,733,463
Salem Hospital Facility Authority, Series 2019, Ref. RB
3.00%   05/15/2049     40           31,752
University of Oregon, Series 2015 A, RB
5.00%   04/01/2045     7,515        7,567,494
University of Oregon, Series 2020 A, RB
5.00%   04/01/2050     2,000       2,109,798
                34,965,488
Pennsylvania-3.89%                
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
4.00%   11/01/2045     3,875        3,769,209
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
4.00%   11/01/2049     5,000        4,745,068
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
4.00%   04/01/2044     2,110        1,991,994
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
5.00%   04/01/2047     2,780        2,840,806
Allegheny (County of), PA Sanitary Authority, Series 2022, RB
5.75%   06/01/2047     2,000        2,290,254
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB
3.00%   08/15/2053     1,110          824,094
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB
4.00%   09/01/2050     5,000        4,660,234
Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB
4.00%   11/01/2049     150          141,730
Delaware (State of) River Port Authority, Series 2013, RB
5.00%   01/01/2040     2,200        2,202,507
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
5.00%   07/01/2042     1,000        1,037,446
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB
4.00%   07/15/2048     240          211,239
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB
4.00%   02/15/2047     2,000        1,938,461
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
4.00%   04/01/2050     1,130        1,079,551
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
5.00%   04/01/2050     2,500        2,607,946
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)
5.00%   03/15/2048     1,000        1,071,995
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
5.00%   11/01/2046     2,000        2,087,899
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
5.00%   11/01/2051     2,000        2,068,120
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB
5.00%   08/15/2046     1,500        1,522,819
Lancaster School District, Series 2023, GO Bonds, (INS - BAM)(a)
4.00%   04/01/2040     2,880        2,935,149
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB
4.00%   07/01/2043     10            9,669
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
4.13%   07/01/2040     485          482,293
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
4.25%   07/01/2045     70           69,440
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB
5.00%   07/01/2044     25           25,887
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB
4.00%   07/01/2049     1,000          933,953
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018 A, Ref. RB
4.00%   09/01/2049     165          154,040
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
75
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
4.00%   09/01/2044   $ 1,000   $      957,915
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
4.00%   09/01/2049     1,000          932,146
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
5.00%   05/01/2057     1,000        1,044,355
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
5.00%   11/01/2047     850          875,447
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP
5.00%   07/01/2043     250          258,786
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
4.00%   11/15/2042     50           48,962
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB
3.50%   04/15/2050     10            8,625
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB
3.00%   10/15/2046     10,090        8,264,311
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB
4.00%   10/15/2051     8,555        8,074,713
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB
4.00%   02/15/2042     3,500        3,454,503
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), Series 2024, RB
5.00%   08/01/2049     900          996,096
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), Series 2024, RB
4.00%   08/01/2054     500          487,011
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2016 AT-1, RB
3.00%   06/15/2045     30           23,810
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB
5.00%   09/01/2045     955          958,367
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB
5.25%   09/01/2050     1,000        1,003,410
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB
5.00%   08/15/2046     2,000        2,057,098
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
4.00%   02/15/2043     300          300,064
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
5.00%   02/15/2048     1,160        1,204,747
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB
5.00%   08/15/2040     90           91,264
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
4.00%   08/15/2042     470          464,683
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
4.00%   08/15/2041     140          140,549
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
5.00%   08/15/2049     1,435        1,493,473
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB
5.00%   08/15/2044     1,000        1,086,422
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB
5.00%   12/01/2044     1,375        1,378,530
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB
5.00%   12/01/2044     1,200        1,203,081
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
5.00%   12/01/2040     1,000        1,008,144
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
4.00%   12/01/2041     870          871,223
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%   12/01/2040     370          373,713
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%   12/01/2040     270          273,651
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
5.00%   12/01/2045     25           25,301
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2041     85           86,922
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
5.00%   12/01/2046     10           10,114
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
5.00%   12/01/2040     255          264,568
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%   12/01/2043     115          121,004
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
5.00%   12/01/2048     1,465        1,527,421
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
5.25%   12/01/2048     5,000        5,243,538
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
5.00%   12/01/2044     10           10,524
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
4.00%   12/01/2049     670          632,982
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB, (INS - AGM)(a)
4.00%   12/01/2049     90           87,410
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Pennsylvania-(continued)                
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
5.00%   12/01/2045   $ 30   $       32,189
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
3.00%   12/01/2042     15           12,928
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2043     100           98,289
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2044     100           97,520
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2045     100           96,887
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2046     100           96,076
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
4.00%   12/01/2050     185          174,272
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
5.00%   12/01/2047     1,055        1,131,757
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
4.00%   12/01/2051     1,000          958,515
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
4.00%   12/01/2051     445          426,539
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB
4.00%   12/01/2046     1,120        1,076,047
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
5.00%   12/01/2046     435          466,131
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
5.00%   12/01/2046     60           64,865
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
4.00%   12/01/2051     935          896,212
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%   12/01/2047     500          549,116
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
5.25%   12/01/2052     500          543,994
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
5.00%   12/01/2048     1,000        1,083,419
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
5.25%   12/01/2053     445          489,280
Pennsylvania State University (The), Series 2023, RB
5.25%   09/01/2048     500          557,418
Pennsylvania State University (The), Series 2023, RB
5.25%   09/01/2053     500          554,652
Philadelphia (City of), PA, Series 2020 A, RB
5.00%   11/01/2045     1,500        1,605,152
Philadelphia (City of), PA, Series 2020 A, RB
5.00%   11/01/2050     2,400        2,537,162
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
4.50%   09/01/2048     2,000        2,042,290
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
5.50%   09/01/2053     2,000        2,280,910
Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGM)(a)
4.00%   08/01/2045     210          208,271
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
5.00%   09/01/2042     1,950        1,984,171
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
4.00%   09/01/2047     10            9,428
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
5.00%   09/01/2047     1,500        1,517,222
Philadelphia School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
4.00%   09/01/2043     130          129,879
Philadelphia School District (The), Series 2021 A, GO Bonds
4.00%   09/01/2046     190          181,154
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2015 A, RB
4.00%   08/15/2045     1,350        1,267,755
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB
5.00%   06/01/2049     750         772,321
                112,988,507
Rhode Island-0.10%                
Rhode Island Health & Educational Building Corp., Series 2017 A, RB
4.00%   09/15/2047     945          897,337
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB
5.00%   11/01/2047     2,000       2,032,508
                2,929,845
South Carolina-1.07%                
Charleston (City of), SC, Series 2022, RB
5.00%   01/01/2047     1,000        1,100,590
Greenville (City of), SC Health System, Series 2014 B, RB
4.00%   05/01/2044     35           33,541
Rock Hill (City of), SC, Series 2024 A, RB
5.00%   01/01/2064     500          535,642
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2020, Ref. RB
4.00%   12/01/2044     920          900,881
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2022 A, RB
4.00%   04/01/2052     275          265,646
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB
5.00%   11/01/2043     1,000        1,032,821
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. RB
4.25%   11/01/2054     1,000          986,043
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB
4.50%   11/01/2054     1,595        1,605,727
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
5.00%   05/01/2043     1,000       1,025,169
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
77
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
South Carolina-(continued)                
South Carolina (State of) Jobs-Economic Development Authority (Anmed Health), Series 2023, RB
4.25%   02/01/2048   $ 1,405   $    1,409,382
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB(b)
5.00%   10/23/2024     4,660        4,671,584
South Carolina (State of) Public Service Authority, Series 2014 A, RB(b)
5.50%   10/23/2024     1,000        1,003,169
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
4.00%   12/01/2045     15           14,538
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
5.00%   12/01/2050     25           25,056
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB
5.25%   12/01/2055     2,500        2,512,548
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
4.00%   12/01/2040     500          492,661
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
3.00%   12/01/2041     1,095          908,655
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
4.00%   12/01/2042     500          491,583
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
5.00%   12/01/2043     500          526,033
South Carolina (State of) Public Service Authority, Series 2021 B, RB
5.00%   12/01/2043     120          127,577
South Carolina (State of) Public Service Authority, Series 2021 B, RB
5.00%   12/01/2051     1,250        1,306,804
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
5.00%   12/01/2044     2,000        2,139,336
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
4.00%   12/01/2047     6,600        6,340,516
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB
5.25%   12/01/2054     100          108,376
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
4.00%   04/15/2043     200          192,448
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
5.00%   04/15/2048     300          307,912
University of South Carolina (Campus Village), Series 2021 A, RB
5.00%   05/01/2046     1,000       1,074,420
                31,138,658
South Dakota-0.13%                
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB
5.00%   07/01/2046     1,500        1,527,706
South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2020 A, Ref. RB
3.00%   09/01/2045     100           79,989
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB
5.00%   09/01/2040     1,300        1,340,987
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
4.00%   11/01/2040     980         960,044
                3,908,726
Tennessee-0.93%                
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-1, Ref. RB
4.00%   08/01/2044     85           80,810
Clarksville (City of), TN, Series 2021 A, RB
5.00%   02/01/2045     1,550        1,673,150
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB
5.00%   07/01/2045     1,500        1,510,055
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB
5.00%   07/01/2052     770          823,198
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB
5.00%   05/15/2046     1,000        1,076,448
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB
5.25%   05/15/2049     1,000        1,125,073
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
5.00%   10/01/2045     130          130,783
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2040     3,000        3,046,305
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
5.00%   07/01/2046     2,750        2,776,242
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
4.00%   07/01/2047     1,000          940,628
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
5.00%   07/01/2048     2,000        2,034,622
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB
4.00%   10/01/2054     1,000          970,477
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
5.25%   07/01/2048     2,000        2,200,285
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
5.25%   07/01/2053     500          545,643
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
5.25%   07/01/2056     2,000       2,174,567
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Tennessee-(continued)                
Tennessee (State of) School Bond Authority, Series 2017 A, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2047   $ 3,000   $    3,088,915
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)
5.00%   11/01/2047     2,500       2,722,556
                26,919,757
Texas-11.76%                
Aldine Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     175          171,073
Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     370          354,656
Alvin Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     25           24,439
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
5.00%   02/15/2048     1,000        1,029,766
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, (CEP - Texas Permanent School Fund)
4.00%   02/15/2049     100           96,251
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     500          475,232
Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2044     1,025        1,016,038
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, (CEP - Texas Permanent School Fund)
4.50%   08/15/2053     10           10,330
Austin (City of), TX, Series 2016, Ref. RB
5.00%   11/15/2045     1,000        1,020,356
Austin (City of), TX, Series 2017 A, RB
5.00%   11/15/2041     2,320        2,370,637
Austin (City of), TX, Series 2019 B, RB
5.00%   11/15/2044     25           26,434
Austin (City of), TX, Series 2020 A, Ref. RB
5.00%   11/15/2045     515          547,977
Austin (City of), TX, Series 2020 A, Ref. RB
5.00%   11/15/2050     730          768,972
Austin (City of), TX, Series 2023, Ref. RB
5.00%   11/15/2048     35           37,852
Austin (City of), TX, Series 2023, Ref. RB
5.25%   11/15/2053     1,000        1,094,266
Austin (City of), TX, Series 2024, Ref. RB
5.00%   11/15/2053     600          652,772
Austin Community College District, Series 2015, GO Bonds
4.00%   08/01/2040     1,030        1,018,152
Austin Community College District, Series 2023, GO Bonds
5.00%   08/01/2048     40           43,646
Austin Community College District, Series 2023, GO Bonds
5.25%   08/01/2053     65           71,840
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2043     2,000        2,210,374
Austin Independent School District, Series 2023, GO Bonds
5.00%   08/01/2048     1,540        1,626,287
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2040     40           44,746
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2043     105          106,464
Azle Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     285          272,258
Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2041     40           41,317
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     1,100        1,188,588
Belton Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2052     125          120,695
Bexar (County of), TX, Series 2016, Ctfs. Of Obligation
3.00%   06/15/2041     55           47,842
Bexar (County of), TX, Series 2018, Ctfs. of Obligations
4.00%   06/15/2045     25           24,366
Bexar (County of), TX, Series 2019, Ctfs. of Obligations
4.00%   06/15/2046     70           67,990
Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligation
4.00%   02/15/2043     25           24,307
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations
5.00%   02/15/2047     10           10,330
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB
4.00%   10/15/2048     20           19,583
Board of Regents of the University of Texas System, Series 2019 B, RB
5.00%   08/15/2049     5,550        6,614,628
Board of Regents of the University of Texas System, Series 2023 A, RB
5.00%   08/15/2043     25           27,647
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
4.13%   08/15/2054     500          488,408
Brazoria (County of), TX, Series 2021, Ctfs. Of Obligation
4.00%   03/01/2046     35           34,698
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     185          175,692
Cedar Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2050     1,000          976,904
Central Texas Regional Mobility Authority, Series 2016, Ref. RB
3.38%   01/01/2041     105           94,469
Central Texas Regional Mobility Authority, Series 2020 E, RB
5.00%   01/01/2045     1,000        1,049,433
Central Texas Regional Mobility Authority, Series 2020 E, RB
4.00%   01/01/2050     1,295       1,242,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
79
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Central Texas Regional Mobility Authority, Series 2021 B, RB
5.00%   01/01/2046   $ 1,010   $    1,069,954
Central Texas Regional Mobility Authority, Series 2021 B, RB
4.00%   01/01/2051     1,055        1,008,052
Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     3,000        2,877,571
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2042     7,000        7,003,924
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2018, RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2043     500          499,682
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2049     450          438,695
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2054     570          551,319
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2022, RB, (CEP - Texas Permanent School Fund)
4.25%   08/15/2052     5            4,957
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
4.00%   08/15/2044     35           34,466
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     1,500        1,480,745
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2049     1,000          969,915
Corpus Christi (City of), TX, Series 2015 A, RB
5.00%   07/15/2045     10           10,081
Corpus Christi (City of), TX, Series 2015, RB
4.13%   07/15/2045     105          102,799
Corpus Christi (City of), TX, Series 2024, Ref. RB
4.25%   07/15/2054     645          640,322
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2048     340          367,512
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/01/2053     3,000        2,971,552
Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   02/15/2041     110           97,274
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2043     775          786,326
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
4.00%   11/01/2045     2,000        1,955,022
Dallas (City of), TX, Series 2016 A, Ref. RB
4.00%   10/01/2041     500          488,623
Dallas (City of), TX, Series 2017, RB
5.00%   10/01/2046     1,000        1,031,160
Dallas (City of), TX, Series 2018 C, RB
4.00%   10/01/2043     685          685,208
Dallas (City of), TX, Series 2021 C, RB
3.00%   10/01/2046     165          134,822
Dallas (City of), TX, Series 2023 A, RB
5.00%   10/01/2047     6,000        6,578,188
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB
5.00%   12/01/2047     1,700        1,810,669
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     3,500        3,804,502
Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     200          193,010
Del Valle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   06/15/2047     1,000          979,393
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2041     500          562,035
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2042     750          839,345
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2043     1,350        1,503,665
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2048     600          654,895
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2053     1,070        1,158,718
Eagle Mountain & Saginaw Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2052     20           19,400
El Paso (City of), TX, Series 2022, RB
5.00%   03/01/2046     5,000        5,327,466
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation(b)
5.00%   11/26/2024     470          471,945
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2045     1,300        1,304,664
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2048     25           24,456
Elgin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2049     1,000          960,222
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2047     1,000          982,794
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2052   $ 1,000   $      961,998
Fort Bend County Industrial Development Corp. (NRG Energy, Inc.), Series 2012 B, RB
4.75%   11/01/2042     10           10,002
Fort Worth (City of), TX, Series 2023, RB
4.25%   02/15/2053     50           49,479
Fort Worth Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2049     25           24,548
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)
2.00%   02/15/2051     1,000          576,410
Frisco Independent School District, Series 2012 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   08/15/2042     425          363,860
Frisco Independent School District, Series 2014, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2044     945          921,533
Garland (City of), TX, Series 2019, Ref. RB
5.00%   03/01/2044     395          413,472
Garland (City of), TX, Series 2019, Ref. RB
4.00%   03/01/2049     590          563,451
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     1,360        1,471,366
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
5.00%   08/15/2042     15           16,205
Georgetown Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2054     1,000          987,065
Grand Parkway Transportation Corp., Series 2020, Ref. RB
4.00%   10/01/2045     35           34,115
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2043     10,000       10,414,198
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
5.00%   10/01/2048     95           98,788
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
5.25%   06/01/2049     490          521,376
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
5.25%   06/01/2054     305          323,035
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB
5.00%   11/15/2053     3,950        3,951,132
Harris (County of), TX, Series 2023 A, GO Bonds
4.25%   09/15/2048     4,500        4,504,545
Harris (County of), TX, Series 2024, Ctfs. of Obligations
4.00%   09/15/2049     1,000          959,727
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds
4.00%   10/01/2045     1,030        1,000,790
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds
4.25%   10/01/2047     235          237,539
Harris (County of), TX Flood Control District, Series 2023 A, GO Bonds
4.00%   09/15/2048     910          893,943
Harris (County of), TX Port Authority of Houston, Series 2021, RB
5.00%   10/01/2051     30           32,033
Harris (County of), TX Port Authority of Houston, Series 2023, RB
5.00%   10/01/2048     1,765        1,914,281
Harris (County of), TX Port Authority of Houston, Series 2023, RB
5.00%   10/01/2053     2,000        2,159,845
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
4.00%   08/15/2048     800          769,610
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%   08/15/2045     1,350        1,325,609
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
3.00%   08/15/2050     1,000          793,034
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
4.00%   08/15/2050     1,000          960,461
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
5.25%   08/15/2049     1,010        1,127,475
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
5.25%   08/15/2054     1,000        1,111,035
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB
4.13%   07/01/2052     8,100        7,793,825
Hidalgo (County of), TX, Series 2018 A, Ctfs. of Obligation
4.00%   08/15/2043     215          212,320
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%   11/15/2043     3,500        3,464,036
Houston (City of), TX, Series 2020 C, Ref. RB
5.00%   11/15/2045     3,500        3,738,053
Houston (City of), TX, Series 2020 C, Ref. RB
4.00%   11/15/2049     3,000        2,886,796
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2040     25           25,024
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     2,565        2,766,866
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2052     2,000        1,934,276
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2041     1,200        1,237,061
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2042     870          889,550
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2050     800          780,661
Hutto (City of), TX, Series 2017, Ctfs. Of Obligation, (INS - AGM)(a)
5.00%   08/01/2057     5,000        5,127,222
Hutto (City of), TX, Series 2024, Ctfs. of Obligations, (INS - BAM)(a)
4.13%   08/01/2049     1,000          974,675
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2048     1,500        1,628,441
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/01/2053     1,500       1,614,534
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
81
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2043   $ 55   $       60,611
Judson Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/01/2041     1,235        1,222,239
Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/01/2053     1,000          956,095
Katy Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042     30           30,912
Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     25           24,100
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2044     205          204,454
Klein Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/01/2040     1,000        1,001,334
Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   08/15/2054     1,000          989,498
Lake Travis Independent School District, Series 2023, GO Bonds
4.00%   02/15/2048     700          684,768
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2043     5,000        5,171,276
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     1,000          977,760
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     3,000        2,926,251
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     3,000        3,239,360
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2058     2,000        2,155,092
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     1,000          958,530
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2059     1,000          986,953
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2045     1,000        1,002,654
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2039     195          220,258
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.38%   02/01/2047     1,000        1,010,625
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2052     5,000        5,370,222
Little Elm Independent School District, Series 2023, GO Bonds
4.25%   08/15/2053     25           24,738
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%   05/15/2040     570          575,157
Lower Colorado River Authority, Series 2015, Ref. RB
5.00%   05/15/2045     560          564,022
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%   05/15/2043     105          108,788
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
5.00%   05/15/2048     25           25,740
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
5.00%   05/15/2044     2,025        2,077,534
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB
5.00%   05/15/2046     70           74,831
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2046     1,250        1,317,718
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
5.00%   05/15/2051     1,250        1,311,755
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
5.00%   05/15/2047     35           37,377
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB
5.25%   05/15/2048     30           33,038
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.50%   05/15/2048     30           33,282
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.25%   05/15/2053     25           27,461
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
5.50%   05/15/2053     50           55,236
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGC)(a)
5.00%   05/15/2049     1,000        1,091,225
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGC)(a)
5.00%   05/15/2054     1,000        1,086,135
Lubbock (City of), TX, Series 2021, RB
4.00%   04/15/2046     1,445        1,392,869
Lubbock Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2050     10            9,769
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Mansfield Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054   $ 500   $      478,855
Melissa Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2052     310          333,625
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2048     5,000        5,128,716
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2045     2,000        2,000,928
Midland (City of), TX, Series 2022 B, Ref. GO Bonds
5.00%   03/01/2047     2,500        2,700,103
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2042     820          835,199
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     90           97,552
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2050     500          518,018
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     2,000        1,905,731
Midlothian Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   02/15/2045     150          123,816
Montgomery (County of), TX, Series 2018, RB
5.00%   09/15/2048     1,000        1,006,432
Montgomery Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2045     1,375        1,353,783
Montgomery Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2047     25           24,463
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     150          146,752
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     75           72,059
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     1,000        1,091,492
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     1,000        1,082,914
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)(a)
5.00%   04/01/2046     1,250        1,250,078
Newark High Education Finance Corp. (Abilene Christian University Project), Series 2022, Ref. RB
4.00%   04/01/2057     1,000          886,653
North East Texas Regional Mobility Authority, Series 2016, RB
5.00%   01/01/2046     85           86,007
North Texas Tollway Authority, Series 2017 A, Ref. RB
4.00%   01/01/2043     1,000          968,715
North Texas Tollway Authority, Series 2017 A, Ref. RB
5.00%   01/01/2043     85           88,074
North Texas Tollway Authority, Series 2018, Ref. RB
5.00%   01/01/2048     5,000        5,152,960
North Texas Tollway Authority, Series 2019 A, Ref. RB
4.00%   01/01/2044     155          149,125
North Texas Tollway Authority, Series 2021 B, RB
3.00%   01/01/2046     360          285,344
North Texas Tollway Authority, Series 2022 A, Ref. RB
4.13%   01/01/2040     1,000        1,007,067
Northside Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2049     1,215        1,186,531
Northside Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)
4.13%   08/15/2054     1,000          985,142
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     1,000          984,250
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     1,015        1,088,930
Permanent University Fund - University of Texas System, Series 2022 A, RB
5.00%   07/01/2042     375          416,951
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%   07/01/2040     30           34,013
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
5.00%   07/01/2041     55           62,056
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation
5.00%   08/01/2053     235          250,256
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2041     2,750        3,054,021
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2042     4,000        4,425,008
Plano Independent School District, Series 2023, GO Bonds
5.00%   02/15/2043     1,500        1,654,132
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2047     1,000        1,023,852
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2049     2,000        2,081,753
Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2052     40           38,496
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2048     40           38,958
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     155          149,170
Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2054     1,150       1,100,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
83
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2042   $ 2,285   $    2,329,097
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     115          123,913
Sabine-Neches Navigation District, Series 2022, GO Bonds
4.63%   02/15/2047     40           40,967
Salado Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2054     1,000        1,014,182
San Antonio (City of), TX, Series 2017, RB
5.00%   02/01/2047     5,000        5,139,248
San Antonio (City of), TX, Series 2020, RB
5.00%   02/01/2049     4,000        4,210,167
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2046     1,500        1,595,617
San Antonio (City of), TX, Series 2021 A, RB
5.00%   02/01/2049     500          528,979
San Antonio (City of), TX, Series 2024 B, Ref. RB
5.00%   02/01/2054     1,000        1,080,868
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
5.00%   05/15/2043     2,500        2,598,918
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
5.00%   05/15/2050     3,000        3,162,741
San Antonio (City of), TX Water System, Series 2020 C, RB
5.00%   05/15/2046     5,000        5,298,168
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
4.00%   04/01/2046     750          640,998
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
4.00%   04/01/2051     750          618,015
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2047     1,060        1,154,409
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2052     85           91,499
San Antonio Municipal Facilities Corp. (City Tower Renovation), Series 2021, RB
4.00%   08/01/2048     25           24,273
San Antonio Public Facilities Corp., Series 2012, Ref. RB
4.00%   09/15/2042     1,495        1,447,889
San Jacinto Community College District, Series 2016 A, GO Bonds
4.00%   02/15/2041     80           78,750
San Jacinto Community College District, Series 2019 A, GO Bonds
5.00%   02/15/2049     2,025        2,105,651
Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2053     1,000        1,079,039
Smith (County of), TX, Series 2023, GO Bonds
5.00%   08/15/2043     130          141,133
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2044     1,000          995,319
Southwest Higher Education Authority, Inc. (Southern Methodist University), Series 2013 A, RB
4.00%   10/01/2042     60           59,999
Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/01/2046     505          549,340
Splendora Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.10%   02/15/2048     30           29,576
Spring Branch Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   02/01/2043     40           34,075
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2042     2,000        2,058,311
Spring Independent School District, Series 2023, GO Bonds
5.00%   08/15/2047     5,000        5,452,312
Tarrant (County of), TX, Series 2022, GO Bonds
4.00%   07/15/2047     515          503,394
Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB
4.00%   03/01/2054     500          479,659
Tarrant County College District, Series 2022, GO Bonds
5.00%   08/15/2040     65           72,280
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
4.00%   11/15/2042     75           73,819
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
5.00%   11/15/2045     750          759,440
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
5.00%   07/01/2043     10           10,398
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB
4.00%   07/01/2053     1,600        1,512,526
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
4.00%   10/01/2042     330          324,256
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
4.00%   10/01/2047     335          322,777
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
4.00%   10/01/2052     425          406,731
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
5.00%   02/15/2041     1,000        1,022,980
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB
4.00%   02/15/2047     275          264,220
Temple College, Series 2021, GO Bonds
3.00%   07/01/2046     10            8,036
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%   08/01/2039     2,000       2,029,110
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%   08/01/2040   $ 2,000   $    2,027,130
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
5.00%   08/01/2041     2,000        2,026,051
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB(b)
5.00%   11/04/2024     2,500        2,507,576
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB
3.00%   08/15/2040     395          349,045
Texas (State of) Water Development Board, Series 2015 A, RB
4.00%   10/15/2040     1,200        1,190,914
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%   10/15/2040     500          508,435
Texas (State of) Water Development Board, Series 2015 A, RB
4.00%   10/15/2045     305          295,855
Texas (State of) Water Development Board, Series 2015 A, RB
5.00%   10/15/2045     3,910        3,964,361
Texas (State of) Water Development Board, Series 2016, RB
4.00%   10/15/2041     405          401,492
Texas (State of) Water Development Board, Series 2016, RB
5.00%   10/15/2046     1,000        1,032,512
Texas (State of) Water Development Board, Series 2017 A, RB
5.00%   10/15/2047     5,065        5,229,790
Texas (State of) Water Development Board, Series 2018 A, RB
5.00%   10/15/2043     550          574,839
Texas (State of) Water Development Board, Series 2018 B, RB
4.00%   10/15/2043     1,205        1,194,910
Texas (State of) Water Development Board, Series 2018 B, RB
5.00%   04/15/2049     4,000        4,183,897
Texas (State of) Water Development Board, Series 2019 A, RB
3.00%   10/15/2039     70           62,698
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%   10/15/2044     50           49,045
Texas (State of) Water Development Board, Series 2019 A, RB
4.00%   10/15/2049     195          188,269
Texas (State of) Water Development Board, Series 2020, RB
4.00%   10/15/2045     1,135        1,121,106
Texas (State of) Water Development Board, Series 2022, RB
4.65%   10/15/2040     500          538,311
Texas (State of) Water Development Board, Series 2022, RB
4.70%   10/15/2041     60           64,382
Texas (State of) Water Development Board, Series 2022, RB
4.75%   10/15/2042     1,065        1,141,830
Texas (State of) Water Development Board, Series 2022, RB
4.80%   10/15/2052     25           26,384
Texas (State of) Water Development Board, Series 2023 A, RB
4.88%   10/15/2048     1,000        1,072,176
Texas (State of) Water Development Board, Series 2023 A, RB
5.25%   10/15/2051     1,000        1,107,292
Texas (State of) Water Development Board, Series 2023 A, RB
5.00%   10/15/2058     1,000        1,076,273
Texas City Industrial Development Corp. (NRG Energy), Series 2012, RB
4.13%   12/01/2045     160          147,296
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
4.00%   06/30/2040     60           59,827
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
4.00%   12/31/2039     1,000        1,003,037
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)
5.50%   08/01/2042     2,160        2,450,425
Texas State University Board of Regents, Series 2024, Ref. RB
4.00%   03/15/2049     450          438,677
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   02/15/2048     5,000        5,428,171
University of Houston, Series 2022 A, Ref. RB
5.00%   02/15/2042     85           92,400
Waco Educational Finance Corp. (Baylor University), Series 2021, RB
4.00%   03/01/2051     500          468,648
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2047     15           14,676
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
3.00%   08/15/2052     150          118,135
Waller Consolidated Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2046     20           19,413
Waller Consolidated Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2044     60           60,409
Waxahachie Independent School District, Series 2015, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2045     260          253,180
Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   02/15/2053     1,000          998,600
Waxahachie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2053     5            4,748
Weslaco Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.13%   02/15/2049     250          243,495
White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2052     10            9,620
Willis Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2045     20           19,691
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   02/15/2049     1,350        1,315,434
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
5.25%   08/15/2049     605          672,827
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2047     15           14,611
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
85
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
5.00%   08/15/2047   $ 2,500   $    2,558,646
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
4.25%   08/15/2056     1,500       1,493,973
                341,972,468
Utah-0.64%                
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2042     1,000        1,087,163
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2043     1,000        1,084,268
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2044     1,000        1,081,105
Intermountain Power Agency, Series 2022 A, Ref. RB
5.00%   07/01/2045     625          674,250
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2041     1,000        1,107,736
Intermountain Power Agency, Series 2023 A, RB
5.00%   07/01/2042     1,000        1,100,420
Intermountain Power Agency, Series 2023 A, RB
5.25%   07/01/2043     1,155        1,290,095
Intermountain Power Agency, Series 2023 A, RB
5.25%   07/01/2044     750          835,538
Intermountain Power Agency, Series 2023 A, RB
5.25%   07/01/2045     1,000        1,110,678
Salt Lake City (City of), UT, Series 2017 B, RB
5.00%   07/01/2042     2,000        2,060,319
Salt Lake City (City of), UT, Series 2017 B, RB
5.00%   07/01/2047     300          307,623
Salt Lake City (City of), UT, Series 2018 B, RB
5.00%   07/01/2048     3,000        3,109,106
University of Utah (The), Series 2023 B, RB
5.25%   08/01/2053     40           44,305
University of Utah (The) (Green Bonds), Series 2022 A, RB
5.00%   08/01/2046     1,135        1,232,356
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2039     80           89,946
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2040     45           50,360
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2041     1,000        1,114,149
University of Utah (The) (Green Bonds), Series 2022 B, RB
5.00%   08/01/2042     130          144,259
University of Utah (The) (Green Bonds), Series 2023 B, RB
5.25%   08/01/2048     325          363,849
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB
3.00%   05/15/2047     290          234,085
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
5.00%   05/15/2041     400         408,987
                18,530,597
Vermont-0.05%                
University of Vermont and State Agricultural College, Series 2015, Ref. RB
4.00%   10/01/2040     1,215        1,215,253
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016, RB
4.00%   12/01/2042     230         221,233
                1,436,486
Virginia-1.04%                
Arlington (County of), VA Industrial Development Authority (Virginia Hospital Center), Series 2020, Ref. RB
3.75%   07/01/2050     10            8,941
Chesapeake (City of), VA Expressway, Series 2024, Ref. RB, (INS - AGM)(a)
4.00%   07/15/2047     250          242,210
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB
5.00%   07/01/2051     3,395        3,416,958
Fairfax (County of), VA, Series 2024 A, RB
5.00%   07/15/2049     1,525        1,688,536
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
4.00%   05/15/2042     3,000        3,019,358
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB
5.00%   07/01/2048     1,000        1,035,792
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%   07/01/2045     110          110,071
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%   07/01/2055     580          566,592
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
4.00%   07/01/2060     1,000          969,736
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
5.00%   07/01/2060     1,000        1,057,167
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
4.00%   07/01/2052     1,200        1,170,301
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
4.00%   07/01/2057     1,250        1,213,642
Isle Wight (County of) VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGM)(a)
4.75%   07/01/2053     300          316,343
Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical Institute, Inc), Series 2022, Ref. RB
4.00%   10/01/2052     1,000        1,005,141
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB
5.00%   01/01/2047     1,000        1,010,695
Lynchburg Economic Development Authority, Series 2021, Ref. RB
3.00%   01/01/2051     105           81,341
Norfolk (City of), VA Economic Development Authority, Series 2018 B, Ref. RB
4.00%   11/01/2048     820          801,555
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
5.00%   06/01/2052     1,000        1,081,449
Richmond (City of), VA, Series 2024 C, GO Bonds
4.00%   03/01/2054     500          496,710
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
86
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Virginia-(continued)                
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020 A, Ref. RB
5.00%   07/01/2047   $ 505   $      581,094
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB
3.00%   07/01/2045     1,930        1,616,096
Rockingham (County of), VA Economic Development Authority (Sentara RHM Medical Center), Series 2021, Ref. RB
3.00%   11/01/2046     60           49,426
University of Virginia, Series 2015 A-1, RB
4.00%   04/01/2045     1,440        1,424,745
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
5.00%   02/01/2040     1,015        1,126,290
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
5.00%   02/01/2042     1,005        1,104,622
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
5.00%   02/01/2040     10           11,283
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2024, RB
4.00%   02/01/2043     500          502,523
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
4.00%   08/01/2042     1,000        1,013,787
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
4.00%   11/01/2039     125          127,624
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
4.00%   01/01/2045     1,025          963,593
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB
4.00%   12/01/2049     540          522,211
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2022, RB
5.00%   10/01/2041     1,000        1,094,651
Virginia Commonwealth University Health System Authority, Series 2024 A, RB
4.00%   07/01/2054     725          693,124
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)
4.13%   07/01/2058     250         246,482
                30,370,089
Washington-1.96%                
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
5.00%   11/01/2041     4,500        4,644,412
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
5.00%   11/01/2046     3,000        3,560,736
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
4.00%   11/01/2040     50           51,306
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
5.00%   11/01/2043     2,000        2,186,460
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
5.25%   12/01/2040     100          113,088
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
5.00%   07/01/2040     1,050        1,155,482
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
5.00%   07/01/2041     1,025        1,122,895
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2039     120          135,274
King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
5.00%   12/01/2041     50           56,579
King (County of), WA, Series 2015, Ref. RB
4.00%   07/01/2045     55           54,258
King (County of), WA, Series 2016 A, Ref. RB
4.00%   07/01/2040     500          500,278
King (County of), WA, Series 2016 A, Ref. RB
4.00%   07/01/2041     500          500,007
King (County of), WA, Series 2024 A, Ref. RB
5.25%   01/01/2055     1,000        1,111,605
Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
4.00%   12/01/2041     1,000        1,013,372
Seattle (City of), WA, Series 2015 A, RB
4.00%   05/01/2045     500          493,569
Seattle (City of), WA, Series 2017 C, Ref. RB
4.00%   09/01/2047     100           98,402
Seattle (City of), WA, Series 2021 A, Ref. RB
4.00%   07/01/2043     135          133,825
Seattle (City of), WA, Series 2023 A, Ref. RB
5.00%   03/01/2053     15           16,140
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
5.00%   12/01/2040     1,000        1,019,974
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB
5.00%   12/01/2051     1,000        1,064,174
Tacoma (City of), WA, Series 2024 A, Ref. RB
5.00%   01/01/2049     250          272,283
Tacoma (City of), WA, Series 2024 A, Ref. RB
5.00%   01/01/2054     150          162,022
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB
5.00%   01/01/2046     1,150        1,235,546
University of Washington, Series 2012 C, Ref. RB
3.13%   07/01/2042     975          838,657
Washington (State of), Series 2015 A-1, GO Bonds
5.00%   08/01/2040     500          506,513
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
87
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of), Series 2017 D, GO Bonds
5.00%   02/01/2041   $ 4,905   $    5,086,381
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2042     500          525,753
Washington (State of), Series 2018 A, GO Bonds
5.00%   08/01/2043     105          110,227
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2040     305          319,954
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2041     500          523,464
Washington (State of), Series 2018 C, GO Bonds
5.00%   02/01/2042     185          193,353
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2039     75           80,811
Washington (State of), Series 2019 A, GO Bonds
5.00%   08/01/2044     500          531,666
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2040     30           32,143
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2040     35           38,000
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2041     10           10,825
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2042     80           86,372
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2043     10           10,765
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2043     60           63,825
Washington (State of), Series 2020 A, GO Bonds
5.00%   08/01/2044     20           21,477
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2041     200          215,210
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2042     40           42,931
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2043     35           37,469
Washington (State of), Series 2020 C, GO Bonds
5.00%   02/01/2044     10           10,682
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2040     1,030        1,116,272
Washington (State of), Series 2021 A, Ref. GO Bonds
5.00%   06/01/2041     45           48,623
Washington (State of), Series 2021 C, GO Bonds
5.00%   02/01/2045     1,055        1,137,926
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%   08/01/2039     20           23,027
Washington (State of), Series R-2024C, Ref. GO Bonds
5.00%   08/01/2040     10           11,441
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2040     60           66,107
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2042     835          913,578
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2044     1,000        1,087,359
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2045     1,455        1,577,961
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2046     1,000        1,078,791
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2039     1,010        1,135,447
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2040     290          323,259
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2041     200          222,072
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2042     1,210        1,338,227
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
5.00%   08/01/2043     1,080        1,190,093
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
5.00%   02/01/2041     185          204,263
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
5.00%   02/01/2040     1,000        1,124,061
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
5.00%   08/01/2044     85           94,231
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%   02/01/2042     65           73,248
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%   02/01/2043     705          788,136
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
5.00%   02/01/2047     205          225,361
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2044     155          170,241
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2045     290          317,580
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2046     65           70,761
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
5.00%   08/01/2047     500          542,963
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2040     1,035        1,147,049
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2042     100          110,010
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
5.00%   02/01/2044     1,020        1,114,381
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2043     55           60,901
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2044     35           38,614
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2045     10           11,004
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2046     125          136,676
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2047     65           70,881
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
5.00%   02/01/2048     45           48,945
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2041     80           87,838
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
5.00%   08/01/2043     70           76,338
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%   07/01/2048     170          173,457
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
3.00%   07/01/2058     75           53,276
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
4.00%   07/01/2058     105           94,854
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Washington-(continued)                
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
4.00%   07/01/2058   $ 45   $       39,667
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%   07/01/2058     1,250        1,263,656
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A-1, Ref. RB
4.00%   08/01/2044     305          292,711
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
4.13%   08/15/2043     180          172,669
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. RB
4.00%   08/15/2041     1,000          960,822
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB
4.25%   10/01/2040     85           81,044
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB
5.00%   10/01/2042     275          275,002
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
4.00%   09/01/2045     20           18,727
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
5.00%   09/01/2055     3,000        3,123,911
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
4.00%   08/15/2042     1,000          908,729
Washington (State of) Higher Education Facilities Authority (Gonzaga University), Series 2019 A, RB
3.00%   04/01/2049     310          246,188
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB
4.00%   05/01/2050     1,200        1,099,049
Washington Biomedical Research Properties 3.2, Series 2015 A, RB
4.00%   01/01/2048     480          464,603
Washington State University, Series 2015, Ref. RB
5.00%   04/01/2040     25          25,202
                57,065,397
West Virginia-0.13%                
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
4.00%   12/01/2042     740          735,860
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
4.00%   06/01/2043     15           14,871
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
5.00%   12/01/2043     10           10,565
West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB
6.00%   09/01/2048     125          143,070
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB
5.00%   01/01/2043     1,000        1,016,771
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2017 A, RB
4.25%   06/01/2047     5            4,876
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2017, RB
5.00%   06/01/2042     480          490,832
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
4.25%   06/01/2047     360          356,682
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
4.38%   06/01/2053     70           68,912
West Virginia (State of) Parkways Authority, Series 2018, RB
5.00%   06/01/2043     200          208,268
West Virginia (State of) Parkways Authority, Series 2018, RB
4.00%   06/01/2047     80           78,343
West Virginia (State of) Parkways Authority, Series 2021, RB
5.00%   06/01/2047     70           74,625
West Virginia (State of) Parkways Authority, Series 2021, RB
4.00%   06/01/2051     605         582,739
                3,786,414
Wisconsin-0.97%                
University of Wisconsin Hospitals & Clinics, Series 2021, Ref. RB
4.00%   04/01/2046     50           47,985
University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB
4.00%   04/01/2051     25           23,975
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Covenant Communities, Inc.), Series 2018 A, RB
4.00%   07/01/2048     170          138,494
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic Health System), Series 2016, RB
3.50%   02/15/2046     165          127,024
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic Health System), Series 2017, Ref. RB
4.00%   02/15/2042     495          452,832
Wisconsin (State of) Health & Educational Facilities Authority (​​​​​​​​​​​Marshfield Clinic Health System), Series 2017, Ref. RB
5.00%   02/15/2047     1,000        1,002,301
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
4.50%   11/15/2039     500          500,863
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
89
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Wisconsin-(continued)                
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
4.00%   11/15/2046   $ 430   $      410,687
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
4.00%   11/15/2039     1,000        1,001,258
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB
4.00%   08/15/2046     1,075        1,052,033
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB
3.00%   08/15/2051     500          384,679
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB
4.00%   08/15/2047     3,210        3,085,363
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016 B, RB
5.00%   02/15/2042     70           70,346
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB
4.00%   12/01/2046     1,360        1,319,460
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB
4.00%   12/01/2051     2,500        2,369,244
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB
4.13%   04/01/2046     275          267,880
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group), Series 2015, Ref. RB(b)
5.00%   11/12/2024     1,500        1,505,294
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref. RB
3.13%   12/15/2049     55           43,556
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.), Series 2015, Ref. RB
5.00%   12/15/2044     500          500,329
Wisconsin (State of) Public Finance Authority, Series 2023 A, RB(e)
5.75%   07/01/2063     800          864,685
Wisconsin (State of) Public Finance Authority, Series 2023, RB
5.75%   07/01/2062     354          379,862
Wisconsin (State of) Public Finance Authority (Bayhealth Medical Center Project), Series 2021 A, RB
3.00%   07/01/2050     1,000          747,017
Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020 A, Ref. RB
3.00%   01/01/2050     275          212,569
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB
4.00%   10/01/2052     1,010          955,507
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)
5.50%   07/01/2052     800          870,729
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
5.00%   03/01/2041     5,000        5,123,969
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
5.00%   03/01/2046     20           20,449
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB
4.25%   06/01/2041     1,215        1,191,033
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB
4.00%   06/01/2045     1,000          927,294
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   06/01/2045     3,100       2,533,837
                28,130,554
Wyoming-0.12%                
University of Wyoming, Series 2021 C, RB, (INS - AGM)(a)
4.00%   06/01/2051     3,600       3,467,541
TOTAL INVESTMENTS IN SECURITIES-98.81%

(Cost $2,960,334,694)
  2,872,285,028
OTHER ASSETS LESS LIABILITIES-1.19%
  34,499,762
NET ASSETS-100.00%
  $2,906,784,790
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90
Table of Contents
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
Investment Abbreviations:
AGC -Assured Guaranty Corp.
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
PCR -Pollution Control Revenue Bonds
RAC -Revenue Anticipation Certificates
RB -Revenue Bonds
Ref. -Refunding
Wts. -Warrants
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c) All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.
(d) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
    
Entities Percentage
Assured Guaranty Municipal Corp
7.83%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
91
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.77%                
Guam-0.16%                
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
5.00%   01/01/2050   $ 200   $    206,790
New York-98.61%                
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
4.00%   11/01/2044     1,000        995,559
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
5.00%   11/01/2049     2,500     2,674,002
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
5.00%   11/01/2048     500        554,396
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   04/01/2045     1,000        785,131
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
5.00%   07/01/2041     1,000     1,001,692
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
5.00%   07/01/2046     500        503,433
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
5.00%   02/15/2042     450        464,833
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
4.00%   02/15/2044     500        495,644
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
4.00%   02/15/2047     20         19,613
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
5.00%   09/01/2041     2,000     2,060,374
Metropolitan Transportation Authority, Series 2013 B, RB
4.00%   11/15/2043     65         63,344
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%   11/15/2041     50         49,577
Metropolitan Transportation Authority, Series 2016 C-1, RB
4.00%   11/15/2046     50         48,178
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
4.00%   11/15/2046     30         29,030
Metropolitan Transportation Authority, Series 2020 A-1, RB
4.00%   11/15/2040     5          5,009
Metropolitan Transportation Authority, Series 2020 A-1, RB, (INS - AGM)(a)
4.00%   11/15/2054     110        106,297
Metropolitan Transportation Authority, Series 2020 D-1, RB
5.00%   11/15/2043     55         58,512
Metropolitan Transportation Authority, Series 2020 D-2, RB
4.00%   11/15/2048     65         62,643
Metropolitan Transportation Authority, Series 2021 A-2, RB
4.00%   11/15/2041     100         99,761
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
5.00%   11/15/2044     80         87,127
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
5.00%   11/15/2047     100        107,767
Metropolitan Transportation Authority, Series 2024 A, Ref. RB, (INS - BAM)(a)
4.00%   11/15/2048     200        195,886
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
5.00%   11/15/2039     100        100,226
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%   11/15/2045     25         24,350
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
4.00%   11/15/2046     100         97,049
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
5.25%   11/15/2056     1,000     1,014,605
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
5.00%   11/15/2047     25         25,704
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(a)
5.00%   11/15/2044     800        842,357
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)
4.00%   11/15/2049     500        487,088
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
4.00%   11/15/2043     50         49,811
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
4.75%   11/15/2045     400        410,295
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
5.25%   11/15/2055     1,000     1,051,636
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
4.00%   11/15/2045     20         19,474
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
4.00%   07/01/2050     500        487,260
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB
5.00%   11/15/2051     1,240     1,241,685
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
5.00%   09/01/2039     100        100,136
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
5.25%   10/15/2055     1,000     1,019,817
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
3.25%   12/01/2042     30         25,715
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%   07/15/2049     25         27,594
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
5.00%   07/15/2054     200        219,532
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
4.00%   09/01/2043     115        114,137
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
5.00%   09/01/2048     5          5,214
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
5.00%   11/15/2047     1,000     1,037,676
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
5.00%   07/15/2053     100        109,007
New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB
5.00%   07/15/2042     40         45,606
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
4.00%   09/01/2049     100        100,032
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2040     500        504,140
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
4.00%   07/15/2041     750        753,124
New York (City of), NY, Series 2017 B-1, GO Bonds
3.25%   10/01/2042     100         88,205
New York (City of), NY, Series 2018 E-1, GO Bonds
3.63%   03/01/2045     55        50,521
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY, Series 2019 B-1, GO Bonds
5.00%   10/01/2039   $ 2,000   $  2,151,380
New York (City of), NY, Series 2019 B-1, GO Bonds
3.00%   10/01/2041     20         17,139
New York (City of), NY, Series 2020 C, GO Bonds
4.00%   08/01/2041     100        100,250
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2042     20         21,498
New York (City of), NY, Series 2020 C, GO Bonds
5.00%   08/01/2043     1,000     1,072,434
New York (City of), NY, Series 2020 D-1, GO Bonds
3.00%   03/01/2045     90         73,279
New York (City of), NY, Series 2020 D-1, GO Bonds
4.00%   03/01/2050     400        391,023
New York (City of), NY, Series 2021 A-1, GO Bonds
5.00%   08/01/2047     85         90,943
New York (City of), NY, Series 2021 A-1, GO Bonds
4.00%   08/01/2050     105        102,619
New York (City of), NY, Series 2021 F-1, GO Bonds
3.00%   03/01/2041     30         25,832
New York (City of), NY, Series 2021 F-1, GO Bonds
5.00%   03/01/2044     75         80,600
New York (City of), NY, Series 2021 F-1, GO Bonds
4.00%   03/01/2047     175        171,738
New York (City of), NY, Series 2022 A-1, GO Bonds
5.25%   09/01/2043     45         50,096
New York (City of), NY, Series 2022 A-1, GO Bonds
4.00%   09/01/2046     200        197,111
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2042     45         49,830
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2047     15         16,304
New York (City of), NY, Series 2023 A, GO Bonds
5.00%   08/01/2048     15         16,249
New York (City of), NY, Series 2024 A, GO Bonds
5.00%   08/01/2051     1,000     1,079,506
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2042     80         89,063
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2043     50         55,473
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2044     35         38,626
New York (City of), NY, Series 2024 C, GO Bonds
5.00%   03/01/2045     100        109,987
New York (City of), NY, Series 2024 C, GO Bonds
4.00%   03/01/2046     100         98,576
New York (City of), NY, Series 2024 C, GO Bonds
5.25%   03/01/2047     100        111,399
New York (City of), NY, Series 2024 C, GO Bonds
5.25%   03/01/2053     280        309,202
New York (City of), NY, Series 2024 D, GO Bonds
5.50%   04/01/2048     100        113,667
New York (City of), NY, Series 2024 D, GO Bonds
5.25%   04/01/2054     300        331,267
New York (City of), NY, Subseries 2016 A-1, GO Bonds
4.00%   08/01/2039     50         50,030
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2040     100        106,048
New York (City of), NY, Subseries 2018 D-1, GO Bonds
5.00%   12/01/2042     1,000     1,056,133
New York (City of), NY, Subseries 2018 F-1, GO Bonds
5.00%   04/01/2043     210        219,660
New York (City of), NY, Subseries 2019 A-1, GO Bonds
5.00%   08/01/2039     25         26,835
New York (City of), NY, Subseries 2019 A-1, GO Bonds
4.00%   08/01/2040     5          5,030
New York (City of), NY, Subseries 2019 A-1, GO Bonds
3.00%   08/01/2045     35         28,384
New York (City of), NY, Subseries 2020 B-1, GO Bonds
3.00%   10/01/2044     15         12,312
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2039     500        568,805
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2040     50         56,430
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2041     190        213,619
New York (City of), NY, Subseries 2022 B-1, GO Bonds
5.25%   10/01/2042     30         33,572
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%   05/01/2042     10         11,137
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.25%   05/01/2043     20         22,182
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%   05/01/2045     55         61,703
New York (City of), NY, Subseries 2022 D-1, GO Bonds
5.50%   05/01/2046     125        139,881
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.00%   04/01/2040     10         11,147
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2043     100        112,027
New York (City of), NY, Subseries 2023 E-1, GO Bonds
5.25%   04/01/2047     200        220,930
New York (City of), NY, Subseries 2023 E-1, GO Bonds
4.00%   04/01/2050     500        488,746
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.00%   01/01/2046     100         81,480
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
3.00%   03/01/2049     2,000     1,556,488
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB
5.25%   06/15/2052     100        110,187
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
4.00%   06/15/2046     200        199,522
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
3.00%   06/15/2046     200        163,073
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB
5.00%   06/15/2048     5          5,163
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
3.50%   06/15/2040     25         24,294
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
5.00%   06/15/2040     100        104,912
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
5.00%   06/15/2040     200       209,824
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2039   $ 10   $     10,608
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
5.00%   06/15/2040     200        211,362
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
4.00%   06/15/2049     1,000        978,523
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
4.00%   06/15/2049     100         97,852
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
5.00%   06/15/2040     20         21,600
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
4.00%   06/15/2043     200        200,392
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
3.00%   06/15/2050     1,000        792,266
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
4.00%   06/15/2050     1,000        982,377
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
4.00%   06/15/2042     75         75,173
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
4.00%   06/15/2042     65         65,165
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
5.00%   06/15/2041     100        108,651
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
5.00%   06/15/2050     1,000     1,060,476
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
5.00%   06/15/2048     2,000     2,143,770
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
3.00%   06/15/2044     5          4,252
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
4.00%   06/15/2051     1,000        980,408
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
5.00%   06/15/2051     1,000     1,069,310
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
5.00%   06/15/2047     60         65,348
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
5.00%   06/15/2045     50         54,565
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
4.13%   06/15/2047     2,000     1,989,584
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB
5.00%   06/15/2040     115        123,442
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.00%   06/15/2043     100        111,739
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
5.25%   06/15/2048     10         11,170
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
5.25%   06/15/2053     200        222,270
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB
5.25%   06/15/2054     300        333,172
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.00%   06/15/2044     100        111,158
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
5.25%   06/15/2047     310        347,238
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(b)(c)
5.00%   10/28/2024     200        200,581
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
5.00%   02/01/2041     300        301,779
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
5.00%   07/15/2040     100        100,622
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
5.00%   05/01/2040     200        205,070
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
5.00%   07/15/2043     1,000     1,017,596
New York (City of), NY Transitional Finance Authority, Series 2016, RB
4.00%   05/01/2042     35         34,654
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
5.00%   08/01/2039     15         15,674
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
5.00%   08/01/2040     5          5,214
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
4.00%   08/01/2042     100         99,538
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
4.00%   08/01/2042     300        298,615
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
5.00%   08/01/2045     1,000     1,035,239
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
5.00%   02/01/2043     1,500     1,547,094
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%   05/01/2042     230        238,257
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
3.25%   05/01/2043     45         40,328
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
5.00%   05/01/2043     25         25,862
New York (City of), NY Transitional Finance Authority, Series 2017, RB
5.00%   02/01/2040     15         15,528
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
4.00%   05/01/2044     75         74,492
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
4.00%   07/15/2046     1,000        985,916
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
4.00%   05/01/2043     100         99,492
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
3.00%   05/01/2045     50         41,432
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
3.00%   11/01/2047     2,000     1,628,720
New York (City of), NY Transitional Finance Authority, Series 2019, RB
4.00%   11/01/2040     50         50,342
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2039     25         25,449
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2040     50         50,584
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
4.00%   05/01/2045     10          9,936
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%   11/01/2040     50         50,563
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
4.00%   11/01/2042     35         35,135
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2040     100        101,167
New York (City of), NY Transitional Finance Authority, Series 2020, RB
5.00%   05/01/2041     25         27,189
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2045     25         24,839
New York (City of), NY Transitional Finance Authority, Series 2020, RB
3.00%   05/01/2046     90         74,165
New York (City of), NY Transitional Finance Authority, Series 2020, RB
4.00%   05/01/2046     10          9,908
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2020, RB
3.00%   05/01/2048   $ 1,000   $    801,004
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
3.00%   08/01/2040     40         35,981
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%   08/01/2045     5          4,962
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
5.00%   08/01/2045     95        102,666
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
4.00%   08/01/2048     5          4,945
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2046     190        188,336
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
4.00%   02/01/2049     145        142,626
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2041     20         22,186
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2043     55         60,430
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2044     20         21,889
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
5.00%   08/01/2045     100        109,053
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
4.00%   08/01/2048     75         74,177
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2042     20         21,947
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2043     35         38,269
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
5.00%   02/01/2044     65         70,794
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2040     15         15,216
New York (City of), NY Transitional Finance Authority, Series 2022, RB
4.00%   02/01/2041     125        126,040
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2044     100        108,913
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2047     390        420,070
New York (City of), NY Transitional Finance Authority, Series 2022, RB
5.00%   02/01/2051     15         16,071
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2044     30         33,062
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2046     100        109,396
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2047     10         10,880
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2048     100        108,588
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
5.00%   05/01/2053     250        269,966
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
5.50%   05/01/2053     200        225,367
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
5.00%   11/01/2041     40         44,728
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%   02/01/2040     45         51,368
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2042     70         77,635
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2043     40         44,163
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.00%   02/01/2045     100        109,543
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
5.25%   02/01/2047     145        160,383
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
4.00%   02/01/2051     400        390,939
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.50%   05/01/2041     90        105,140
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.00%   05/01/2042     30         33,520
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.50%   05/01/2044     100        114,994
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2048     180        200,097
New York (City of), NY Transitional Finance Authority, Series 2023, RB
5.25%   05/01/2050     200        221,867
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
5.00%   05/01/2046     100        109,853
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
4.38%   05/01/2053     200        203,232
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2039     100        114,092
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2040     30         34,070
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
5.00%   11/01/2041     1,000     1,129,756
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2040     35         39,705
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2041     25         28,173
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2042     50         56,003
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2043     100        111,453
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2044     25         27,738
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2046     60         66,048
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2047     100        109,434
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2048     80         87,368
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.00%   02/01/2049     1,050     1,144,304
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
5.25%   02/01/2053     300        332,295
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2042     500        561,362
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2043     5          5,585
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2044     20         22,239
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2046     15         16,545
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.00%   05/01/2047     100       109,640
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
5.25%   05/01/2048   $ 100   $    111,671
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.00%   05/01/2045     150        166,090
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.25%   05/01/2049     100        111,519
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.25%   05/01/2051     200        222,689
New York (City of), NY Transitional Finance Authority, Series 2024, RB
5.00%   05/01/2052     100        108,830
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
5.00%   08/01/2040     20         20,579
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
3.00%   08/01/2042     20         17,224
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
5.00%   08/01/2040     10         10,545
New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB
4.00%   05/01/2044     65         64,299
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2040     30         34,121
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.25%   11/01/2041     20         22,645
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
5.50%   11/01/2045     300        339,744
New York (State of) Dormitory Authority, Series 2017 A, RB
5.00%   03/15/2042     190        196,002
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
5.00%   02/15/2043     5          5,226
New York (State of) Dormitory Authority, Series 2018 A, RB
5.00%   03/15/2043     10         10,463
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
5.00%   03/15/2045     10         10,428
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
5.00%   03/15/2048     200        209,389
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
5.00%   03/15/2041     20         21,194
New York (State of) Dormitory Authority, Series 2020 A, RB
4.00%   07/01/2050     2,000     1,942,363
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2041     85         73,798
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2042     35         30,076
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2045     20         19,808
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2046     30         29,695
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
4.00%   03/15/2048     85         83,758
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
3.00%   03/15/2049     1,000        790,545
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
5.00%   02/15/2041     100        107,683
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2047     600        590,966
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
3.00%   02/15/2049     100         79,222
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
4.00%   02/15/2049     100         98,271
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2040     500        505,022
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
4.00%   03/15/2047     100         98,460
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%   03/15/2044     100         99,145
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
4.00%   03/15/2047     100         98,460
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
4.25%   10/01/2051     500        498,790
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2042     200        200,388
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2043     40         39,858
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
4.00%   03/15/2049     20         19,709
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
5.25%   10/01/2050     1,000     1,084,368
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
5.00%   03/15/2053     100        107,849
New York (State of) Dormitory Authority, Series 2024 A, RB
5.00%   03/15/2051     1,000     1,092,929
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2041     80         90,059
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2042     5          5,598
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2043     105        117,069
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2044     25         27,790
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2045     100        110,696
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.00%   03/15/2046     115        126,914
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
4.00%   03/15/2047     100         98,526
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%   03/15/2048     100        111,801
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%   03/15/2049     100        111,481
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
5.25%   03/15/2052     355        394,223
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB
4.00%   02/15/2044     2,500     2,471,590
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
3.00%   03/15/2041     75         65,714
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
5.00%   03/15/2043     1,000     1,046,327
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB
4.00%   07/01/2045     500        406,047
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
5.00%   07/01/2050     1,000     1,065,199
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
4.00%   07/01/2050     500        483,289
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
5.00%   02/15/2048     15        15,897
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority (Group 4), Series 2020 A, Ref. RB
4.00%   03/15/2044   $ 10   $      9,922
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
3.00%   02/01/2050     1,110        863,447
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB
4.00%   07/01/2047     2,000     1,966,522
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
5.00%   07/01/2046     500        508,120
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)
5.50%   07/01/2040     500        594,395
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB
5.00%   07/01/2050     500        525,762
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB
4.00%   07/01/2049     1,785     1,735,623
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
4.00%   11/15/2052     4,000     3,930,777
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
4.00%   11/15/2061     1,490     1,441,431
New York (State of) Thruway Authority, Series 2016 A, RB
5.00%   01/01/2046     1,000     1,016,539
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%   01/01/2041     100         99,991
New York (State of) Thruway Authority, Series 2019 B, RB
3.00%   01/01/2046     130        104,869
New York (State of) Thruway Authority, Series 2019 B, RB
4.00%   01/01/2050     250        242,887
New York (State of) Thruway Authority, Series 2020 N, RB
3.00%   01/01/2049     2,000     1,567,703
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
3.00%   03/15/2049     1,000        791,057
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.00%   01/01/2049     500        552,617
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
5.25%   01/01/2054     250        280,736
New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB
4.00%   03/15/2056     100         96,639
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
4.00%   03/15/2049     20         19,587
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
5.00%   03/15/2040     35         39,235
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%   03/15/2053     65         69,966
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
5.00%   03/15/2055     200        215,001
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
4.13%   03/15/2057     100         98,099
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2041     15         16,729
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
5.00%   03/15/2042     100        110,853
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
4.00%   03/15/2043     10          9,965
New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB
4.00%   03/15/2055     100         96,859
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2045     45         49,129
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2046     95        103,374
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     205        221,669
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2045     55         54,320
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
3.00%   03/15/2048     100         80,007
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2058     150        144,809
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
4.00%   03/15/2044     20         19,802
New York (State of) Thruway Authority (Group 5), Series 2021 A-1, Ref. RB
4.00%   03/15/2057     1,000        965,881
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
5.00%   12/15/2040     25         29,086
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
5.00%   12/15/2041     10         11,554
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2040     1,885     1,906,176
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
5.00%   11/15/2045     2,000     2,016,667
New York Liberty Development Corp., Series 2021 1, Ref. RB
3.00%   02/15/2042     1,075        914,544
New York Liberty Development Corp., Series 2021-1, Ref. RB
4.00%   02/15/2043     1,000        989,326
New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB
3.00%   09/15/2043     445        373,274
New York State Environmental Facilities Corp., Series 2024, Ref. RB
5.00%   06/15/2049     1,000     1,109,941
New York State Environmental Facilities Corp., Series 2024, Ref. RB
5.25%   06/15/2053     1,000     1,125,886
New York State Urban Development Corp., Series 2019 A, Ref. RB
5.00%   03/15/2041     100        107,384
New York State Urban Development Corp., Series 2019 A, Ref. RB
3.00%   03/15/2049     10          8,065
New York State Urban Development Corp., Series 2020 A, RB
5.00%   03/15/2041     1,000     1,088,219
New York State Urban Development Corp., Series 2020 A, RB
4.00%   03/15/2045     250        247,940
New York State Urban Development Corp., Series 2020 A, RB
4.00%   03/15/2049     565        555,048
New York State Urban Development Corp., Series 2020 C, Ref. RB
4.00%   03/15/2045     20         19,835
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%   03/15/2047     100         81,431
New York State Urban Development Corp., Series 2020 E, Ref. RB
3.00%   03/15/2049     10          8,020
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%   03/15/2040     50         44,755
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2043     100       107,998
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York State Urban Development Corp., Series 2020, Ref. RB
5.00%   03/15/2044   $ 10   $     10,761
New York State Urban Development Corp., Series 2020, Ref. RB
3.00%   03/15/2048     145        116,970
New York State Urban Development Corp., Series 2023, Ref. RB
5.00%   03/15/2063     200        215,459
New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB
5.00%   03/15/2043     85         94,892
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
4.00%   03/15/2044     2,000     1,989,699
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
4.00%   03/15/2043     100         99,776
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2045     50         54,991
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2046     75         82,234
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2047     75         81,969
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
5.00%   03/15/2048     25         27,239
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
4.00%   03/15/2046     15         14,826
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
3.00%   03/15/2050     1,000        799,539
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2048     15         16,241
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2049     20         21,615
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
5.00%   03/15/2050     15         16,200
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%   03/15/2049     45         49,086
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%   03/15/2050     25         27,249
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
5.00%   03/15/2052     30         32,625
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
4.00%   12/01/2039     500        501,201
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
4.00%   12/01/2042     1,000        989,488
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
5.00%   12/01/2043     500        532,678
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
5.00%   11/15/2046     1,470     1,503,610
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
4.00%   05/15/2046     1,000        991,114
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
3.00%   05/15/2051     40         31,396
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
4.00%   05/15/2051     100         98,376
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.00%   05/15/2040     60         66,747
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%   05/15/2041     10         11,244
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
5.25%   05/15/2052     1,000     1,090,033
Triborough Bridge & Tunnel Authority, Series 2022 D-2, RB
4.50%   05/15/2047     10         10,264
Triborough Bridge & Tunnel Authority, Series 2023 A, RB
5.00%   05/15/2053     35         37,940
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2041     5          5,627
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
5.00%   11/15/2043     5          5,566
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%   05/15/2049     100        109,716
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.00%   05/15/2054     1,000     1,091,196
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
4.13%   05/15/2064     425        415,386
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
5.25%   05/15/2064     500        550,104
Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB
5.25%   05/15/2054     300        332,865
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.00%   11/15/2048     500        545,175
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
5.25%   11/15/2053     1,000     1,104,797
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB
5.00%   11/15/2039     5          5,631
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, RB
5.50%   05/15/2052     200        222,946
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%   11/15/2051     2,500     2,663,183
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
5.00%   11/15/2056     15         15,934
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
5.25%   05/15/2052     90         99,023
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
5.00%   05/15/2047     30         32,490
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
5.00%   05/15/2047     35         37,915
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
4.00%   05/15/2057     100         97,271
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
5.25%   05/15/2062     200        217,712
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
4.00%   05/15/2048     100         98,487
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
5.00%   05/15/2048     20         21,832
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
4.50%   05/15/2063     300       305,323
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
98
Table of Contents
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB
5.25%   05/15/2064   $ 100   $    109,156
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-3 RB
5.25%   05/15/2064     100       108,710
                126,356,425
TOTAL INVESTMENTS IN SECURITIES(d)-98.77%

(Cost $131,680,683)
  126,563,215
OTHER ASSETS LESS LIABILITIES-1.23%
  1,572,300
NET ASSETS-100.00%
  $128,135,515
    
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
AMBAC -American Municipal Bond Assurance Corp.
BAM -Build America Mutual Assurance Co.
CEP -Credit Enhancement Provider
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
    
Entities Percentage
Assured Guaranty Municipal Corp
8.21%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
99
Table of Contents
Invesco Preferred ETF (PGX)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Preferred Stocks-99.87%
Automobiles-1.99%
Ford Motor Co.                    
Pfd., 6.00%
  1,284,784   $   32,170,992
Pfd., 6.20%
  1,208,796       30,437,483
Pfd., 6.50%(b)
  968,126      24,687,213
        87,295,688
Banks-32.98%
Associated Banc-Corp                    
Series F, Pfd., 5.63%(b)
  170,587        3,739,267
Series E, Pfd., 5.88%(b)
  154,293        3,524,052
Pfd., 6.63%(b)(c)
  494,430       11,772,378
Bank of America Corp.                    
Series PP, Pfd., 4.13%(b)
  1,572,467       30,144,192
Series QQ, Pfd., 4.25%(b)
  2,094,107       41,170,144
Series NN, Pfd., 4.38%(b)
  1,759,761       35,617,563
Series SS, Pfd., 4.75%
  1,090,286       23,659,206
Series LL, Pfd., 5.00%(b)
  2,121,474       47,945,312
Series KK, Pfd., 5.38%(b)
  2,363,576       56,418,559
Series HH, Pfd., 5.88%
  1,394,997       34,847,025
Series GG, Pfd., 6.00%(b)
  2,170,090       54,664,567
Series K, Pfd., 6.45%(b)
  1,348,966       34,816,812
Bank of Hawaii Corp.                    
Series A, Pfd., 4.38%(b)
  293,691        5,210,078
Pfd., 8.00%
  260,961        6,818,911
Bank OZK, Series A, Pfd., 4.63%(b)
  564,704        9,808,909
Cadence Bank, Series A, Pfd., 5.50%(b)
  297,352        6,360,359
Citizens Financial Group, Inc.                    
Series E, Pfd., 5.00%
  727,723       15,602,381
Pfd., 7.38%(b)
  638,396       16,879,190
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b)
  232,071        4,859,567
Fifth Third Bancorp                    
Series K, Pfd., 4.95%(b)
  401,010        8,461,311
Series A, Pfd., 6.00%(b)
  318,743        8,029,136
First Citizens BancShares, Inc.                    
Series A, Pfd., 5.38%(b)
  580,626       12,982,797
Series C, Pfd., 5.63%(b)
  308,468        7,107,103
First Horizon Corp.                    
Series F, Pfd., 4.70%
  231,978        4,479,495
Series E, Pfd., 6.50%(b)
  246,129        6,099,077
Fulton Financial Corp., Series A, Pfd., 5.13%(b)
  314,359        5,821,929
Hancock Whitney Corp., Pfd., 6.25%(b)
  278,365        6,833,861
Huntington Bancshares, Inc.                    
Series H, Pfd., 4.50%(b)
  794,367       14,910,269
Series C, Pfd., 5.70%(b)
  294,993        7,038,533
Series J, Pfd., 6.88%(b)(c)
  527,937       13,383,203
JPMorgan Chase & Co.                    
Series MM, Pfd., 4.20%(b)
  3,194,748       64,789,489
Series JJ, Pfd., 4.55%(b)
  2,394,734       51,558,623
Series LL, Pfd., 4.63%(b)
  2,969,638       65,718,089
Series GG, Pfd., 4.75%(b)
  1,438,180       32,718,595
Series DD, Pfd., 5.75%
  2,724,407       68,028,443
Series EE, Pfd., 6.00%
  2,971,226      74,934,320
  Shares   Value
Banks-(continued)
KeyCorp                    
Series G, Pfd., 5.63%
  722,119   $   16,204,350
Series F, Pfd., 5.65%(b)
  684,430       15,550,250
Series E, Pfd., 6.13%(b)(c)
  810,078       20,008,927
Pfd., 6.20%(b)(c)
  959,048       23,266,505
M&T Bank Corp.                    
Series H, Pfd., 5.63%(b)(c)
  413,237       10,463,161
Series J, Pfd., 7.50%(b)
  1,209,907       32,776,381
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(b)(c)
  81,174        1,647,832
Old National Bancorp                    
Series A, Pfd., 7.00%(b)
  177,842        4,465,613
Series C, Pfd., 7.00%
  192,853        4,825,182
Popular Capital Trust II, Pfd., 6.13%
  51,491        1,302,722
Regions Financial Corp.                    
Series E, Pfd., 4.45%
  641,806       11,892,665
Series C, Pfd., 5.70%(c)
  802,389       19,080,810
Pfd., 6.95%(c)
  605,839       15,436,778
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%
  488,839       10,094,525
Truist Financial Corp.                    
Series R, Pfd., 4.75%(b)
  1,491,111       31,641,375
Series O, Pfd., 5.25%(b)
  924,520       21,772,446
U.S. Bancorp                    
Series L, Pfd., 3.75%(b)
  808,635       14,207,717
Series M, Pfd., 4.00%(b)
  1,238,845       23,228,344
Series O, Pfd., 4.50%(b)
  672,853       14,264,484
Series K, Pfd., 5.50%
  948,989       23,487,478
Valley National Bancorp, Series C, Pfd., 8.25%(c)
  48,606        1,243,342
WaFd, Inc., Series A, Pfd., 4.88%(b)
  470,563        8,178,385
Webster Financial Corp., Series F, Pfd., 5.25%(b)
  244,833        5,173,321
Wells Fargo & Co.                    
Series DD, Pfd., 4.25%(b)
  2,013,721       39,287,697
Series CC, Pfd., 4.38%(b)
  1,693,735       33,739,201
Series AA, Pfd., 4.70%(b)
  1,875,638       39,444,667
Series Z, Pfd., 4.75%(b)
  3,218,366       67,070,747
Series Y, Pfd., 5.63%
  1,113,000       26,567,310
Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)
  486,896        9,806,085
Wintrust Financial Corp., Series E, Pfd., 6.88%(b)(c)
  19,020         475,500
        1,443,356,545
Broadline Retail-0.33%
QVC, Inc.                    
Pfd., 6.25%
  797,504        9,897,025
Pfd., 6.38%(b)
  351,990       4,424,514
        14,321,539
Capital Markets-11.08%
Affiliated Managers Group, Inc.                    
Pfd., 4.20%(b)
  326,188        5,652,838
Pfd., 4.75%
  450,131        8,818,066
Pfd., 5.88%(b)
  485,235       11,495,217
Pfd., 6.75%(b)
  727,174       18,622,926
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)
  372,658       6,092,958
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100
Table of Contents
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
  Shares   Value
Capital Markets-(continued)
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)(b)
  625,854   $   11,265,372
Brookfield Oaktree Holdings LLC                    
Series B, Pfd., 6.55%
  375,259        8,424,565
Series A, Pfd., 6.63%
  300,930        6,963,520
Charles Schwab Corp. (The)                    
Series J, Pfd., 4.45%(b)
  963,897       20,579,201
Series D, Pfd., 5.95%(b)
  1,220,139       30,637,690
Morgan Stanley                    
Series O, Pfd., 4.25%(b)
  2,102,416       40,997,112
Series L, Pfd., 4.88%(b)
  869,104       19,580,913
Series K, Pfd., 5.85% (3 mo. USD LIBOR + 3.49%)(b)(d)
  1,809,771       44,846,125
Series I, Pfd., 6.38% (3 mo. USD LIBOR + 3.71%)(b)(d)
  1,756,229       44,151,597
Series P, Pfd., 6.50%(b)
  1,614,748       41,547,466
Series Q, Pfd., 6.63%(b)
  1,075,189       28,761,306
Series F, Pfd., 6.88%(b)
  1,316,866       33,329,879
Series E, Pfd., 7.13%(b)
  1,070,670       27,109,365
New Mountain Finance Corp., Pfd., 8.25%(b)
  185,094        4,693,984
Northern Trust Corp., Series E, Pfd., 4.70%(b)
  650,958       14,184,375
Prospect Capital Corp., Series A, Pfd., 5.35%(b)
  231,597        4,198,854
State Street Corp., Series G, Pfd., 5.35% (3 mo. Term SOFR + 3.97%)(b)(d)
  805,343       19,932,239
Stifel Financial Corp.                    
Series D, Pfd., 4.50%
  514,057        9,869,894
Pfd., 5.20%(b)
  366,362        8,514,253
Series C, Pfd., 6.13%(b)
  357,502        8,962,575
Series B, Pfd., 6.25%(b)
  226,459       5,643,358
        484,875,648
Chemicals-0.12%
EIDP, Inc., Series B, Pfd., 4.50%(b)
  71,134       5,381,287
Commercial Services & Supplies-0.30%
Pitney Bowes, Inc., Pfd., 6.70%(b)
  695,561      13,201,748
Consumer Finance-4.18%
Capital One Financial Corp.                    
Series N, Pfd., 4.25%
  682,407       12,481,224
Series L, Pfd., 4.38%(b)
  1,085,425       20,481,970
Series K, Pfd., 4.63%(b)
  203,934        4,099,073
Series J, Pfd., 4.80%(b)
  2,018,152       40,443,766
Series I, Pfd., 5.00%
  2,402,018       50,442,378
Navient Corp., Pfd., 6.00%(b)
  514,548       10,146,887
Synchrony Financial                    
Series A, Pfd., 5.63%
  1,201,554       23,610,536
Series B, Pfd., 8.25%(c)
  813,895      21,031,047
        182,736,881
Diversified REITs-0.25%
Global Net Lease, Inc.                    
Series B, Pfd., 6.88%
  218,268        4,858,646
Series A, Pfd., 7.25%(b)
  275,598       6,123,787
        10,982,433
  Shares   Value
Diversified Telecommunication Services-5.08%
AT&T, Inc.                    
Series C, Pfd., 4.75%(b)
  2,809,457   $   58,352,422
Series A, Pfd., 5.00%(b)
  1,940,482       42,418,936
Pfd., 5.35%(b)
  2,116,979       50,701,647
Pfd., 5.63%(b)
  1,325,862       33,053,740
Qwest Corp.                    
Pfd., 6.50%
  1,596,112       22,425,374
Pfd., 6.75%
  1,053,648      15,404,334
        222,356,453
Electric Utilities-7.41%
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)(b)
  479,675        8,921,955
Brookfield Infrastructure Finance ULC                    
Pfd., 5.00% (Canada)(b)
  402,807        7,339,144
Pfd., 7.25% (Canada)(b)
  251,761        6,356,965
Duke Energy Corp.                    
Pfd., 5.63%(b)
  798,949       19,973,725
Series A, Pfd., 5.75%(b)
  1,604,005       40,164,285
Entergy Arkansas LLC, Pfd., 4.88%(b)
  469,393       10,575,424
Entergy Louisiana LLC, Pfd., 4.88%(b)
  428,544        9,607,956
Entergy Mississippi LLC, Pfd., 4.90%(b)
  424,279        9,783,874
Entergy New Orleans LLC, Pfd., 5.50%(b)
  378,354        9,175,084
Georgia Power Co., Series 2017-A, Pfd., 5.00%(b)
  437,481       10,783,907
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b)
  400,343        9,928,506
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65%(b)
  1,111,565       27,466,771
Pacific Gas and Electric Co., Series A, Pfd., 6.00%(b)
  168,488        3,998,220
SCE Trust II, Pfd., 5.10%
  256,643        5,286,846
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)
  522,202       12,506,738
SCE Trust V, Series K, Pfd., 5.45%(b)(c)
  515,732       12,723,108
SCE Trust VI, Pfd., 5.00%(b)
  792,937       15,985,610
SCE Trust VII, Series M, Pfd., 7.50%(b)
  897,703       23,690,382
Southern Co. (The)                    
Series C, Pfd., 4.20%(b)
  1,211,954       25,305,600
Series 2020, Pfd., 4.95%(b)
  1,607,119       37,092,307
Pfd., 5.25%(b)
  724,322      17,499,620
        324,166,027
Financial Services-4.23%
Apollo Global Management, Inc., Pfd., 7.63%(b)(c)
  964,933       25,464,582
Brookfield BRP Holdings (Canada), Inc.                    
Pfd., 4.63% (Canada)
  566,493        9,216,841
Pfd., 4.88% (Canada)
  434,506        7,551,714
Pfd., 7.25% (Canada)(b)
  240,256        6,068,867
Carlyle Finance LLC, Pfd., 4.63%(b)
  811,217       16,021,536
Equitable Holdings, Inc.                    
Series C, Pfd., 4.30%(b)
  496,581        9,832,304
Series A, Pfd., 5.25%(b)
  1,290,201       29,700,427
Jackson Financial, Inc., Pfd., 8.00%(b)(c)
  887,888       23,440,243
KKR Group Finance Co. IX LLC, Pfd., 4.63%(b)
  800,924       16,394,914
Merchants Bancorp                    
Series C, Pfd., 6.00%(b)
  315,082        6,667,135
Pfd., 8.25%(b)(c)
  224,376       5,768,707
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
101
Table of Contents
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
  Shares   Value
Financial Services-(continued)
TPG Operating Group II L.P., Pfd., 6.95%(b)
  643,720   $   16,588,664
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)
  482,620      12,427,465
        185,143,399
Gas Utilities-0.34%
South Jersey Industries, Inc., Pfd., 5.63%
  336,923        4,841,873
Spire, Inc., Series A, Pfd., 5.90%(b)
  405,482       9,918,090
        14,759,963
Independent Power and Renewable Electricity Producers-0.15%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)
  312,569       6,370,156
Insurance-17.86%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)(b)
  1,503,754       33,127,701
Allstate Corp. (The)                    
Series I, Pfd., 4.75%
  493,465       10,954,923
Series H, Pfd., 5.10%(b)
  1,857,091       43,511,642
Series J, Pfd., 7.38%(b)
  954,878       25,829,450
American Financial Group, Inc.                    
Pfd., 4.50%(b)
  337,732        6,879,601
Pfd., 5.13%(b)
  330,751        7,233,524
Pfd., 5.63%
  241,756        5,722,364
Pfd., 5.88%(b)
  203,360        5,108,403
American National Group, Inc., Series B, Pfd., 6.63%(c)
  482,064       11,882,878
Arch Capital Group Ltd.                    
Series G, Pfd., 4.55%
  806,320       16,279,601
Series F, Pfd., 5.45%
  534,607       12,402,882
Argo Group International Holdings, Inc., Pfd., 7.00%(b)(c)
  239,824        5,892,476
Argo Group US, Inc., Pfd., 6.50%
  229,700        5,000,569
Aspen Insurance Holdings Ltd.                    
Pfd., 5.63% (Bermuda)(b)
  400,642        8,417,488
Pfd., 5.63% (Bermuda)
  403,644        8,250,483
Assurant, Inc., Pfd., 5.25%(b)
  405,119        8,892,362
Athene Holding Ltd.                    
Series D, Pfd., 4.88%(b)
  933,146       17,916,403
Series B, Pfd., 5.63%(b)
  552,759       12,387,329
Series A, Pfd., 6.35%(b)(c)
  1,393,643       34,632,029
Series C, Pfd., 6.38%(c)
  970,360       24,394,850
Pfd., 7.25%(c)
  928,985       23,484,741
Series E, Pfd., 7.75%(c)
  810,229       21,292,818
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%
  888,390       19,642,303
Brighthouse Financial, Inc.                    
Series D, Pfd., 4.63%(b)
  561,205        9,400,184
Series C, Pfd., 5.38%(b)
  924,400       17,563,600
Pfd., 6.25%(b)
  601,676       14,349,973
Series A, Pfd., 6.60%(b)
  693,128       16,759,835
Series B, Pfd., 6.75%
  643,819       16,172,733
CNO Financial Group, Inc., Pfd., 5.13%(b)
  251,761        5,417,897
Enstar Group Ltd.                    
Series D, Pfd., 7.00%(c)
  657,419       13,437,644
Series E, Pfd., 7.00%
  163,323        3,356,288
F&G Annuities & Life, Inc., Pfd., 7.95%(b)
  552,173       14,301,281
Globe Life, Inc., Pfd., 4.25%
  526,143        8,965,477
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)
  558,894      13,922,049
  Shares   Value
Insurance-(continued)
Kemper Corp., Pfd., 5.88%(b)(c)
  241,323   $    5,417,701
Lincoln National Corp., Series D, Pfd., 9.00%(b)
  821,387       22,497,790
MetLife, Inc.                    
Series F, Pfd., 4.75%(b)
  1,628,062       35,345,226
Series E, Pfd., 5.63%(b)
  1,275,686       31,458,417
Prudential Financial, Inc.                    
Pfd., 4.13%(b)
  806,726       16,190,991
Pfd., 5.63%(b)
  915,436       22,666,195
Pfd., 5.95%(b)
  494,856       12,915,742
Reinsurance Group of America, Inc.                    
Pfd., 5.75%(b)(c)
  630,558       15,593,699
Pfd., 7.13%(b)(c)
  1,142,062       29,762,136
RenaissanceRe Holdings Ltd.                    
Series G, Pfd., 4.20% (Bermuda)
  817,630       14,929,924
Series F, Pfd., 5.75% (Bermuda)
  401,710        9,882,066
Selective Insurance Group, Inc., Series B, Pfd., 4.60%(b)
  322,217        5,954,570
SiriusPoint Ltd., Series B, Pfd., 8.00% (Sweden)(b)(c)
  324,637        8,154,881
Unum Group, Pfd., 6.25%(b)
  486,991       12,116,336
W.R. Berkley Corp.                    
Pfd., 4.13%(b)
  489,178        9,367,759
Pfd., 4.25%(b)
  399,699        8,033,950
Pfd., 5.10%(b)
  482,624       10,912,129
Pfd., 5.70%(b)
  297,745       7,393,008
        781,376,301
Leisure Products-0.49%
Brunswick Corp.                    
Pfd., 6.38%(b)
  375,770        9,149,999
Pfd., 6.50%(b)
  298,098        7,312,344
Pfd., 6.63%(b)
  200,869       4,951,421
        21,413,764
Multi-Utilities-2.87%
Brookfield Infrastructure Partners L.P.                    
Series 14, Pfd., 5.00% (Canada)
  338,304        5,947,384
Series 13, Pfd., 5.13% (Canada)
  313,424        5,986,398
CMS Energy Corp.                    
Series C, Pfd., 4.20%(b)
  375,161        7,199,340
Pfd., 5.63%(b)
  327,349        8,170,631
Pfd., 5.88%(b)
  459,482       11,317,042
Pfd., 5.88%
  997,218       24,591,396
DTE Energy Co.                    
Pfd., 4.38%(b)
  450,600        9,223,782
Series G, Pfd., 4.38%
  369,531        7,556,909
Series E, Investment Units, 5.25%(b)
  646,427       15,359,106
Sempra, Pfd., 5.75%
  1,214,176      30,378,683
        125,730,671
Office REITs-1.17%
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%(b)
  678,990        8,623,173
SL Green Realty Corp., Series I, Pfd., 6.50%
  372,085       8,595,164
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
102
Table of Contents
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
  Shares   Value
Office REITs-(continued)
Vornado Realty Trust                    
Series O, Pfd., 4.45%(b)
  557,092   $    8,495,653
Series M, Pfd., 5.25%
  539,790        9,305,980
Series N, Pfd., 5.25%
  483,204        8,388,421
Series L, Pfd., 5.40%(b)
  422,005       7,591,870
        51,000,261
Oil, Gas & Consumable Fuels-0.34%
SCE Trust VIII, Series N, Pfd., 6.95%
  577,415      15,064,757
Real Estate Management & Development-0.76%
Brookfield Property Partners L.P.                    
Series A, Pfd., 5.75%
  468,182        6,062,957
Series A-2, Pfd., 6.38%
  412,781        5,655,099
Series A-1, Pfd., 6.50%
  306,618        4,645,263
Brookfield Property Preferred L.P., Pfd., 6.25%
  1,080,110      17,065,738
        33,429,057
Residential REITs-0.20%
American Homes 4 Rent                    
Series G, Pfd., 5.88%(b)
  191,353        4,521,671
Series H, Pfd., 6.25%
  176,799       4,416,439
        8,938,110
Retail REITs-0.97%
Agree Realty Corp., Series A, Pfd., 4.25%(b)
  278,243        5,587,120
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)
  241,143        5,290,677
Kimco Realty Corp.                    
Series L, Pfd., 5.13%(b)
  350,033        7,809,236
Series M, Pfd., 5.25%(b)
  422,678        9,666,646
Realty Income Corp., Series A, Pfd., 6.00%
  285,074        7,215,223
SITE Centers Corp., Series A, Pfd., 6.38%(b)
  284,704       6,719,014
        42,287,916
Specialized REITs-4.12%
Digital Realty Trust, Inc.                    
Series L, Pfd., 5.20%(b)
  542,252       12,520,599
Series J, Pfd., 5.25%(b)
  359,608        8,465,172
Series K, Pfd., 5.85%(b)
  322,189        8,028,950
EPR Properties, Series G, Pfd., 5.75%(b)
  266,975        6,143,095
Public Storage                    
Series N, Pfd., 3.88%(b)
  455,913        8,183,638
Series O, Pfd., 3.90%(b)
  299,833        5,370,009
Series Q, Pfd., 3.95%(b)
  232,040        4,213,846
Series P, Pfd., 4.00%(b)
  987,725       18,569,230
Series R, Pfd., 4.00%(b)
  696,348       12,979,927
Series S, Pfd., 4.10%(b)
  588,556       11,253,191
Series M, Pfd., 4.13%(b)
  360,076        6,935,064
Series L, Pfd., 4.63%(b)
  922,510       19,953,891
Series J, Pfd., 4.70%(b)
  236,665        5,116,697
Series K, Pfd., 4.75%
  305,841        6,676,509
Series I, Pfd., 4.88%(b)
  379,510        8,633,853
Series G, Pfd., 5.05%(b)
  669,135       15,778,203
Series F, Pfd., 5.15%(b)
  449,148       10,891,839
Series H, Pfd., 5.60%(b)
  420,007      10,474,975
        180,188,688
  Shares   Value
Trading Companies & Distributors-0.67%
FTAI Aviation Ltd., Series C, Pfd., 8.25%(b)(c)
  160,046   $    4,117,984
Triton International Ltd.                    
Series E, Pfd., 5.75% (Bermuda)(b)
  296,002        6,325,563
Pfd., 6.88% (Bermuda)
  227,389        5,634,699
Pfd., 7.38% (Bermuda)(b)
  283,012        7,174,354
Pfd., 8.00% (Bermuda)(b)
  235,410       5,960,581
        29,213,181
Wireless Telecommunication Services-1.98%
Telephone and Data Systems, Inc.                    
Series VV, Pfd., 6.00%
  1,097,250       20,375,933
Series UU, Pfd., 6.63%(b)
  684,641       14,308,997
United States Cellular Corp.                    
Pfd., 5.50%(b)
  813,255       17,078,355
Pfd., 5.50%(b)
  803,260       16,868,460
Pfd., 6.25%(b)
  796,690      17,997,227
        86,628,972
Total Preferred Stocks

(Cost $5,074,071,976)
  4,370,219,445
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $897,929)
  897,929         897,929
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.89%

(Cost $5,074,969,905)
  4,371,117,374
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.72%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  20,894,430       20,894,430
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  54,495,441      54,517,239
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $75,407,292)
  75,411,669
TOTAL INVESTMENTS IN SECURITIES-101.61%

(Cost $5,150,377,197)
  4,446,529,043
OTHER ASSETS LESS LIABILITIES-(1.61)%
  (70,328,339)
NET ASSETS-100.00%
  $4,376,200,704
    
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
103
Table of Contents
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
Investment Abbreviations:
LIBOR -London Interbank Offered Rate
Pfd. -Preferred
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
USD -U.S. Dollar
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $345,426,593   $(344,528,664)   $-   $-   $897,929   $575,259
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 27,945,644   170,480,346   (177,531,560)   -   -   20,894,430   1,510,662*
Invesco Private Prime Fund 71,785,655   369,639,089   (386,936,988)   1,787   27,696   54,517,239   4,055,831*
Total $99,731,299   $885,546,028   $(908,997,212)   $1,787   $27,696   $76,309,598   $6,141,752
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
104
Table of Contents
Invesco Short Term Treasury ETF (TBLL)
August 31, 2024
Schedule of Investments
  Principal
Amount 		  Value
U.S. Treasury Securities-99.99%
U.S. Treasury Bills-63.15%(a)
5.22%–5.25%, 09/03/2024
$ 3,243,600   $    3,243,600
5.15%–5.21%, 10/01/2024
  19,858,400       19,778,528
4.67%–5.19%, 10/03/2024
  47,556,200       47,352,501
5.12%–5.21%, 10/08/2024
  19,858,400       19,759,549
5.11%–5.22%, 10/10/2024
  31,397,600       31,232,056
5.08%–5.21%, 10/15/2024
  27,176,400       27,014,542
5.07%–5.21%, 10/17/2024
  22,166,200       22,028,302
5.04%–5.21%, 10/22/2024
  38,813,400       38,543,310
5.04%–5.21%, 10/24/2024
  22,166,200       22,005,840
4.61%–5.17%, 10/31/2024
  40,575,400       40,244,620
5.01%–5.13%, 11/05/2024
  28,569,200       28,318,220
5.01%–5.17%, 11/07/2024
  50,939,300       50,478,167
4.99%–5.11%, 11/12/2024
  31,205,700       30,903,221
4.95%–5.17%, 11/14/2024
  42,397,600       41,974,472
4.96%–5.11%, 11/19/2024
  31,205,700       30,873,307
4.94%–5.17%, 11/21/2024
  42,768,000       42,300,148
4.93%–5.10%, 11/26/2024
  31,205,700       30,844,409
4.56%–5.15%, 11/29/2024
  55,903,400       55,232,629
4.93%, 12/03/2024
  17,000,000       16,788,577
4.91%, 12/10/2024
  17,000,000       16,773,007
4.81%–5.12%, 12/12/2024
  21,948,400       21,653,316
4.92%, 12/17/2024
  18,000,000       17,742,127
4.76%–5.12%, 12/19/2024
  43,896,800       43,303,145
4.90%, 12/24/2024
  23,270,000       22,915,171
4.56%–5.11%, 12/26/2024
  25,118,000       24,732,309
4.70%–4.95%, 01/02/2025
  36,407,100       35,822,791
4.69%–4.94%, 01/09/2025
  36,407,100       35,792,645
4.69%–4.93%, 01/16/2025
  31,205,700       30,650,434
4.43%–4.96%, 01/23/2025
  30,733,700       30,159,688
4.66%–4.92%, 01/30/2025
  31,205,700       30,595,272
4.72%, 02/06/2025
  20,000,000       19,590,717
4.71%, 02/13/2025
  10,000,000        9,786,968
4.59%–5.01%, 02/20/2025
  28,383,900       27,754,605
4.68%, 02/27/2025
  10,000,000        9,769,777
4.39%–5.00%, 03/20/2025
  34,042,000       33,231,173
4.34%–4.99%, 04/17/2025
  22,166,200       21,556,703
4.30%–4.93%, 05/15/2025
  42,384,300      41,089,436
  Principal
Amount 		  Value
U.S. Treasury Bills-(continued)
4.22%–4.61%, 06/12/2025
$ 31,205,700   $   30,152,510
4.17%–4.57%, 07/10/2025
  31,205,700       30,057,410
4.23%, 08/07/2025
  10,000,000       9,603,476
        1,141,648,678
U.S. Treasury Notes-36.84%
0.63%, 10/15/2024
  30,791,100       30,626,794
1.50% - 4.38%, 10/31/2024
  56,700,300       56,473,954
0.75% - 2.25%, 11/15/2024
  58,099,300       57,684,204
1.50% - 4.50%, 11/30/2024
  87,026,100       86,556,247
1.00%, 12/15/2024
  30,659,400       30,329,765
1.75% - 4.25%, 12/31/2024
  30,201,600       30,000,503
1.13%, 01/15/2025
  27,326,400       26,958,948
1.38% - 4.13%, 01/31/2025
  54,257,000       53,737,228
1.50% - 2.00%, 02/15/2025
  53,145,600       52,423,493
2.75% - 4.63%, 02/28/2025
  38,022,900       37,844,681
1.75%, 03/15/2025
  22,166,200       21,830,945
0.50% - 3.88%, 03/31/2025
  93,617,100       92,381,121
2.88%, 04/30/2025
  31,205,700       30,847,840
2.13% - 2.75%, 05/15/2025
  23,306,000       22,952,315
2.00%, 08/15/2025
  16,000,000       15,643,070
0.25% - 5.00%, 08/31/2025
  20,000,000      19,659,552
        665,950,660
Total U.S. Treasury Securities

(Cost $1,805,733,738)
  1,807,599,338
  Shares    
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)

(Cost $6,884)
  6,884           6,884
TOTAL INVESTMENTS IN SECURITIES-99.99%

(Cost $1,805,740,622)
  1,807,606,222
OTHER ASSETS LESS LIABILITIES-0.01%
  94,093
NET ASSETS-100.00%
  $1,807,700,315
 
Notes to Schedule of Investments:
(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $357,133   $32,345,166   $(32,695,415)   $-   $-   $6,884   $11,276
    
(c) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
105
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Municipal Obligations-98.10%                
Alabama-0.65%                
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB
1.27%   09/01/2026   $ 1,000   $      945,934
Auburn University, Series 2020 C, RB
2.53%   06/01/2040     2,400        1,869,479
Auburn University, Series 2020 C, RB
2.68%   06/01/2050     5,000        3,438,741
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
2.61%   01/01/2037     1,000          816,076
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
2.71%   01/01/2038     900         728,094
                7,798,324
Arizona-1.19%                
Arizona (State of) Department of Transportation, Series 2020, Ref. RB
2.46%   07/01/2030     2,560        2,337,141
Chandler (City of), AZ, Series 2021, Ref. GO Bonds
1.75%   07/01/2028     3,000        2,765,585
Flagstaff (City of), AZ, Series 2020 A, COP
3.01%   05/01/2040     950          764,454
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB
2.97%   07/01/2044     105           80,038
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB
1.23%   07/01/2028     250          226,308
Tempe (City of), AZ, Series 2021, COP
2.59%   07/01/2037     2,950        2,325,020
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
1.31%   07/01/2027     850          782,278
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
1.70%   07/01/2029     450          399,477
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
2.86%   07/01/2047     1,750        1,284,844
Yuma (City of), AZ, Series 2021, RB
2.63%   07/15/2038     4,000       3,269,280
                14,234,425
Arkansas-0.01%                
University of Arkansas, Series 2021 B, RB
3.10%   12/01/2041     150         122,136
California-22.81%                
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a)
5.40%   10/01/2046     2,450        2,458,518
Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds
4.55%   08/01/2042     2,250        2,181,352
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB
7.04%   04/01/2050     3,455        4,303,033
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB
6.91%   10/01/2050     2,925        3,626,300
California (State of), Series 2009, GO Bonds
7.50%   04/01/2034     7,410        8,864,130
California (State of), Series 2009, GO Bonds
7.55%   04/01/2039     16,760       20,910,230
California (State of), Series 2009, GO Bonds
7.30%   10/01/2039     6,060        7,273,369
California (State of), Series 2009, GO Bonds
7.35%   11/01/2039     8,355       10,048,765
California (State of), Series 2010, GO Bonds
7.63%   03/01/2040     4,400        5,461,159
California (State of), Series 2010, GO Bonds
7.60%   11/01/2040     7,350        9,220,863
California (State of), Series 2018, Ref. GO Bonds
4.50%   04/01/2033     4,700        4,678,143
California (State of), Series 2023, GO Bonds
5.10%   03/01/2029     7,995        8,290,039
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
1.77%   12/01/2034     1,310        1,021,754
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
1.79%   12/01/2035     5,275        4,011,501
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
1.24%   10/01/2027     1,000          920,143
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
1.47%   10/01/2028     1,000          905,988
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
1.60%   10/01/2029     1,000          889,539
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
1.69%   10/01/2030     1,000          872,047
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
2.72%   10/01/2040     950          750,937
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB
6.49%   05/15/2049     950        1,064,903
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB
2.52%   10/01/2035     4,640        3,529,279
California (State of) Public Works Board (California State University), Series 2010 B-2, RB
7.80%   03/01/2035     750          870,524
California (State of) Statewide Communities Development Authority (California Independent System Operator Corp.) (Green Bonds), Series 2021, Ref. RB
2.68%   02/01/2039     1,850       1,460,996
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
106
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB
4.82%   08/01/2045   $ 2,000   $    1,693,741
California State University, Series 2010 B, RB
6.48%   11/01/2041     850          947,022
California State University, Series 2020 B, Ref. RB
2.98%   11/01/2051     2,900        2,158,964
California State University, Series 2021 B, Ref. RB
2.80%   11/01/2041     3,450        2,611,934
California State University, Series 2021 B, Ref. RB
2.72%   11/01/2052     1,150          784,105
California State University, Series 2023 B, RB
5.18%   11/01/2053     2,000        2,021,036
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB
3.70%   01/15/2044     2,950        2,404,839
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)
2.81%   06/01/2045     1,000          710,424
Coast Community College District, Series 2022, Ref. GO Bonds
2.98%   08/01/2039     1,000          819,117
Downey (City of), CA, Series 2021, RB
2.85%   06/01/2040     750          579,887
Downey (City of), CA, Series 2021, RB
3.00%   06/01/2044     550          400,472
East Bay Municipal Utility District, Series 2010, RB
5.03%   06/01/2032     1,000        1,011,578
East Bay Municipal Utility District, Series 2010, RB
5.87%   06/01/2040     2,900        3,136,139
El Segundo (City of), CA, Series 2021, RB
3.06%   07/01/2040     1,350        1,075,236
Fresno (City of), CA, Series 2010 A-2, Ref. RB
6.50%   06/01/2030     1,950        2,052,787
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
3.49%   06/01/2036     850          726,691
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
3.71%   06/01/2041     1,380        1,125,170
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB
3.12%   06/01/2038     6,400        5,377,719
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)
2.87%   08/01/2040     3,950        3,148,822
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)
3.92%   09/01/2050     4,000        3,185,102
Inglewood (City of), CA, Series 2023, RB, (INS - AGM)(a)
6.40%   09/01/2053     1,000        1,074,447
Jurupa Community Services District, Series 2010 B, COP
6.50%   09/01/2026     1,070        1,102,683
Jurupa Community Services District, Series 2010 B, COP
6.60%   09/01/2027     1,125        1,181,968
Jurupa Community Services District, Series 2010 B, COP
6.70%   09/01/2028     120          128,528
Jurupa Community Services District, Series 2010 B, COP
7.19%   09/01/2040     100          119,098
Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB
6.60%   07/01/2050     1,415        1,669,668
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB
6.57%   07/01/2045     6,000        6,984,990
Los Angeles Community College District, Series 2010, GO Bonds
6.60%   08/01/2042     2,950        3,402,104
Los Angeles Unified School District, Series 2010 J-05, GO Bonds
5.98%   05/01/2027     450          463,112
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)
4.06%   06/01/2039     6,000        5,450,290
Monterey Park (City of), CA, Series 2021 A, RB
3.02%   06/01/2043     2,500        1,898,373
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB
0.95%   11/01/2025     1,000          958,009
Napa Valley Unified School District, Series 2010 B, GO Bonds
6.51%   08/01/2043     2,950        3,373,746
Northern California Power Agency, Series 2010 B, RB
7.31%   06/01/2040     1,000        1,165,312
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.52%   05/01/2026     505          479,507
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.67%   05/01/2027     842          783,362
Oakland (Port of), CA, Series 2020 R, Ref. RB
1.95%   05/01/2028     584          535,459
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.05%   05/01/2029     972          876,001
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.10%   05/01/2030     486          429,107
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.20%   05/01/2031     368          319,168
Oakland (Port of), CA, Series 2020 R, Ref. RB
2.30%   05/01/2032     819          698,685
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
2.63%   08/01/2041     6,340        4,873,969
Pasadena (City of), CA, Series 2020 A, Ref. RB
3.24%   05/01/2045     5,000        3,799,688
Pomona (City of), CA, Series 2020 BJ, RB
3.72%   08/01/2040     3,250        2,800,314
Pomona (City of), CA, Series 2020 BJ, RB
3.82%   08/01/2046     1,500        1,235,079
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds
0.96%   09/01/2026     5,450        5,117,972
Regents of the University of California Medical Center, Series 2009 F, RB
6.46%   05/15/2029     370          386,007
Regents of the University of California Medical Center, Series 2009 F, RB
6.58%   05/15/2049     4,335        4,929,631
Regents of the University of California Medical Center, Series 2020 N, RB
3.71%   05/15/2120     850          594,715
Richmond (City of), CA, Series 2022, Ref. RB
5.79%   01/15/2044     4,950        5,022,634
Riverside (City of), CA, Series 2009 B, RB
6.35%   10/01/2039     500          566,332
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB
3.86%   06/01/2045     2,000        1,773,591
San Bernardino Community College District, Series 2021, Ref. GO Bonds
2.69%   08/01/2041     1,000          750,539
San Bernardino Community College District, Series 2021, Ref. GO Bonds
2.86%   08/01/2049     300          205,475
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB
4.23%   10/15/2038     2,000        1,889,002
San Francisco (City & County of), CA, Series 2010 C, GO Bonds
6.26%   06/15/2030     1,450        1,562,777
San Francisco (City & County of), CA, Series 2010 D, GO Bonds
6.26%   06/15/2030     3,800       4,095,553
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
107
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
California-(continued)                
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
2.83%   06/15/2050   $ 125   $       89,448
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
3.08%   06/15/2060     1,000          704,724
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP
6.49%   11/01/2041     500          556,344
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB
3.35%   05/01/2051     800          607,835
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 B, RB
6.00%   11/01/2040     1,245        1,326,696
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
5.70%   11/01/2027     2,900        2,996,462
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
6.00%   11/01/2040     980        1,042,492
San Francisco (City & County of), CA Public Utilities Commission, Series 2010, RB
6.95%   11/01/2050     1,600        1,893,434
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB
2.80%   03/01/2044     450          341,139
San Francisco Community College District, Series 2020 A-1, GO Bonds
3.17%   06/15/2041     4,000        3,236,219
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
4.76%   05/01/2042     1,000          962,025
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
4.86%   05/01/2052     1,000          946,116
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB
3.42%   06/01/2041     3,750        3,194,683
San Jose Unified School District, Series 2021, Ref. GO Bonds
2.31%   08/01/2039     7,000        5,354,816
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)
3.74%   09/01/2050     200          164,432
Santa Ana (City of), CA, Series 2021 A, RB
3.10%   08/01/2044     1,350        1,079,572
Santa Clara Valley Water District, Series 2016 B, Ref. RB
4.35%   06/01/2046     3,000        2,709,508
Santa Monica Community College District, Series 2020, Ref. GO Bonds
2.70%   08/01/2040     1,180          917,037
Tulare (County of), CA, Series 2018, RB
4.45%   06/01/2037     2,000        1,930,963
University of California, Series 2015 AQ, RB
4.77%   05/15/2115     1,477        1,336,777
University of California, Series 2016 AS, Ref. RB
3.55%   05/15/2039     500          439,333
University of California, Series 2019 BD, RB
3.35%   07/01/2029     10,000        9,694,250
University of California, Series 2020 BG, RB
1.32%   05/15/2027     4,910        4,564,592
University of California, Series 2020 BG, RB
1.61%   05/15/2030     7,500        6,560,251
University of California, Series 2021 BI, Ref. RB
0.87%   05/15/2026     1,000          945,041
University of California, Series 2021 BI, Ref. RB
1.27%   05/15/2027     1,000          929,508
University of California, Series 2021 BI, Ref. RB
1.37%   05/15/2028     100           91,059
University of California, Series 2021 BI, Ref. RB
1.70%   05/15/2029     450          405,850
University of California, Series 2021 BI, Ref. RB
1.90%   05/15/2030     1,000          888,010
University of California, Series 2021 BI, Ref. RB
2.00%   05/15/2031     1,000          871,753
University of California, Series 2021 BI, Ref. RB
2.05%   05/15/2032     950          809,982
University of California, Series 2021 BI, Ref. RB
2.15%   05/15/2033     1,000          837,980
University of California, Series 2021 BI, Ref. RB
2.25%   05/15/2034     250          206,149
University of California, Series 2021 BI, Ref. RB
2.35%   05/15/2035     150          122,068
University of California, Series 2021 BI, Ref. RB
2.45%   05/15/2036     200          160,837
University of California, Series 2021 BJ, RB
3.07%   05/15/2051     160          115,488
University of California, Series 2024 B, RB
4.93%   05/15/2034     700         723,626
                272,037,691
Colorado-1.53%                
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB
2.72%   08/01/2046     175          128,800
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP - Colorado Higher Education Intercept Program)
5.96%   03/01/2033     950          996,506
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB
3.70%   11/01/2039     1,100          966,688
Colorado (State of) Regional Transportation District, Series 2010 B, RB
5.84%   11/01/2050     4,025        4,364,314
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
5.54%   11/01/2038     1,000        1,015,751
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
6.50%   11/01/2053     2,000        2,113,978
Colorado Housing and Finance Authority, Series 2023 Q-1, RB, (CEP - GNMA)
6.07%   11/01/2038     1,500        1,572,245
Colorado Mesa University, Series 2009 B, RB, (CEP - Colorado Higher Education Intercept Program)
5.80%   05/15/2040     1,215        1,300,060
Denver (City & County of), CO, Series 2016 B, Ref. RB
3.82%   08/01/2032     950          913,440
Denver (City & County of), CO, Series 2020 C, Ref. RB
2.52%   11/15/2032     2,000        1,752,252
Denver (City & County of), CO, Series 2020 C, Ref. RB
2.62%   11/15/2033     1,450        1,254,809
Denver City & County School District No. 1, Series 2009 C, GO Bonds
5.66%   12/01/2033     450          470,097
Denver City & County School District No. 1, Series 2011, Ref. COP
7.02%   12/15/2037     1,220       1,421,850
                18,270,790
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
108
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Connecticut-1.51%                
Connecticut (State of), Series 2019 A, GO Bonds
3.48%   04/15/2029   $ 450   $      437,939
Connecticut (State of), Series 2021 A, GO Bonds
1.12%   06/01/2026     400          378,524
Connecticut (State of), Series 2021 A, GO Bonds
1.50%   06/01/2027     200          186,260
Connecticut (State of), Series 2021 A, GO Bonds
1.65%   06/01/2028     350          320,295
Connecticut (State of), Series 2021 A, GO Bonds
1.89%   06/01/2029     440          397,934
Connecticut (State of), Series 2021 A, GO Bonds
1.99%   06/01/2030     650          577,834
Connecticut (State of), Series 2021 A, GO Bonds
2.09%   06/01/2031     850          743,462
Connecticut (State of) (Transportation Infrastructure), Series 2010, RB
5.46%   11/01/2030     1,000        1,020,604
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB
3.54%   07/01/2051     2,610        1,876,040
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB
2.56%   04/01/2039     950          750,943
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)
4.35%   03/01/2039     4,765        4,527,169
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)
3.25%   09/01/2042     4,000        3,200,232
South Central Connecticut Regional Water Authority, Series 2010 A, RB
6.24%   08/01/2030     1,750        1,830,846
South Central Connecticut Regional Water Authority, Series 2010 A, RB
6.39%   08/01/2040     1,595       1,785,858
                18,033,940
Delaware-0.05%                
University of Delaware, Series 2018, RB
4.07%   11/01/2050     720         645,359
District of Columbia-0.78%                
District of Columbia, Series 2009 E, RB
5.59%   12/01/2034     2,200        2,283,976
District of Columbia, Series 2010 F, RB
5.58%   12/01/2035     1,300        1,351,377
District of Columbia, Series 2023 B, Ref. RB
5.20%   05/01/2032     1,200        1,270,527
District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB
4.81%   10/01/2114     1,450        1,388,144
Metropolitan Washington Airports Authority, Series 2009 D, RB
7.46%   10/01/2046     2,430       3,038,576
                9,332,600
Florida-3.63%                
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a)
2.84%   10/01/2050     3,000        2,097,916
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB, (INS - AGM)(a)
3.61%   08/15/2040     5,750        4,732,888
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
3.22%   02/01/2032     950          819,526
Gainesville (City of), FL, Series 2003 B, RB, (INS - NATL)(a)
5.42%   10/01/2033     1,000        1,035,350
Gainesville (City of), FL, Series 2020, RB
3.05%   10/01/2040     6,000        4,795,852
JEA Electric System, Series 2009 F, RB
6.41%   10/01/2034     450          483,706
JEA Water & Sewer System, Series 2010 A, RB
6.21%   10/01/2033     1,100        1,176,235
Lee Memorial Health System, Series 2010 A, RB
7.28%   04/01/2027     2,450        2,562,373
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.14%   10/01/2027     950          920,588
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.18%   10/01/2028     3,550        3,414,195
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
3.28%   10/01/2029     2,650        2,531,207
Miami-Dade (County of), FL, Series 2020 B, Ref. RB
3.27%   10/01/2041     2,250        1,820,389
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.29%   10/01/2031     500          433,573
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.44%   10/01/2032     450          385,640
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.54%   10/01/2033     450          380,496
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.74%   10/01/2036     1,000          805,344
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
2.79%   10/01/2037     450          356,964
Miami-Dade (County of), FL Transit System, Series 2010 B, RB
5.53%   07/01/2032     2,450        2,539,610
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB
2.60%   07/01/2042     1,050          802,910
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds
2.73%   06/01/2038     2,350        1,908,523
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)(a)
2.54%   10/01/2030     1,800        1,576,679
State Board of Administration Finance Corp., Series 2020 A, RB
1.71%   07/01/2027     4,505        4,189,884
State Board of Administration Finance Corp., Series 2020 A, RB
2.15%   07/01/2030     3,950       3,485,267
                43,255,115
Georgia-1.74%                
Atlanta (City of), GA, Series 2020, Ref. RB
2.26%   11/01/2035     900          740,769
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
109
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Georgia-(continued)                
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2019, Ref. RB
3.24%   10/01/2049   $ 1,080   $      806,614
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB
3.47%   10/01/2042     4,950        4,148,287
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB
3.13%   11/01/2049     100           75,581
Georgia (State of), Series 2010, GO Bonds
4.31%   10/01/2026     950          947,007
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB
6.66%   04/01/2057     4,214        4,762,662
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB
7.06%   04/01/2057     1,380        1,615,087
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
6.47%   07/01/2045     5,000        5,460,874
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB
6.70%   07/01/2056     1,900       2,157,499
                20,714,380
Hawaii-1.71%                
Hawaii (State of), Series 2010 DX, GO Bonds
5.53%   02/01/2030     950        1,001,937
Hawaii (State of), Series 2017 A, RB
3.89%   07/01/2037     1,200        1,111,707
Hawaii (State of), Series 2020 E, Ref. RB
2.23%   07/01/2029     2,200        2,018,254
Hawaii (State of), Series 2020 FZ, GO Bonds
0.89%   08/01/2026     1,000          941,196
Hawaii (State of), Series 2020 FZ, GO Bonds
2.00%   08/01/2027     4,850        4,589,536
Hawaii (State of), Series 2020 FZ, GO Bonds
1.70%   08/01/2032     5,000        4,148,294
Hawaii (State of), Series 2020 FZ, GO Bonds
1.87%   08/01/2033     1,000          818,900
Hawaii (State of), Series 2020 FZ, GO Bonds
2.29%   08/01/2040     900          653,307
Hawaii (State of), Series 2023 GM, GO Bonds
5.32%   10/01/2038     400          418,879
Hawaii (State of), Series 2023 GM, GO Bonds
5.30%   10/01/2039     800          833,798
Hawaii (State of), Series 2023 GM, GO Bonds
5.40%   10/01/2041     500          520,709
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
1.47%   07/01/2030     500          431,827
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
1.62%   07/01/2031     1,000          848,838
Kauai (County of), HI, Series 2010 A, GO Bonds
5.76%   08/01/2033     1,850       2,028,902
                20,366,084
Idaho-0.67%                
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
5.36%   01/01/2043     2,310        2,263,987
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
5.45%   01/01/2048     2,265        2,192,991
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.37%   01/01/2039     1,000          996,017
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.51%   01/01/2044     1,000          979,474
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
5.55%   07/01/2049     1,000          970,743
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB
6.35%   07/15/2028     540         569,626
                7,972,838
Illinois-7.53%                
Chicago (City of), IL, Series 2010 B, GO Bonds
7.52%   01/01/2040     2,000        2,303,802
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds
6.21%   01/01/2032     4,515        4,750,863
Chicago (City of), IL, Series 2010 C, GO Bonds
6.21%   01/01/2036     240          251,144
Chicago (City of), IL, Series 2010 D, GO Bonds
6.26%   01/01/2040     2,000        2,071,291
Chicago (City of), IL, Series 2011 C-1, GO Bonds
7.78%   01/01/2035     1,665        1,935,280
Chicago (City of), IL, Series 2015 B, GO Bonds
7.38%   01/01/2033     2,049        2,281,726
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB
6.40%   01/01/2040     1,200        1,359,066
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
4.47%   01/01/2049     4,950        4,621,837
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
4.57%   01/01/2054     4,580        4,334,752
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
1.70%   01/01/2026     4,815        4,635,350
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.35%   01/01/2030     2,950        2,681,257
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.45%   01/01/2031     2,000        1,791,648
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
2.55%   01/01/2032     2,000        1,768,970
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 E, Ref. GO Bonds
1.82%   12/01/2027     950          883,849
Chicago (City of), IL Transit Authority, Series 2010 B, RB
6.20%   12/01/2040     1,000        1,075,569
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
3.60%   12/01/2035     9,950        9,019,164
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
3.91%   12/01/2040     3,000        2,644,054
Du Page (County of), IL, Series 2010, GO Bonds
5.70%   01/01/2029     500          515,541
Illinois (State of), Series 2003, GO Bonds
5.10%   06/01/2033     3,812        3,837,100
Illinois (State of), Series 2010 2, GO Bonds
6.90%   03/01/2035     9,250      10,181,719
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
110
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Illinois-(continued)                
Illinois (State of), Series 2010, GO Bonds
6.75%   03/01/2028   $ 1,815   $    1,936,200
Illinois (State of), Series 2010, GO Bonds
6.63%   02/01/2035     1,692        1,793,834
Illinois (State of), Series 2010-3, GO Bonds
6.73%   04/01/2035     846          899,782
Illinois (State of), Series 2022 A, GO Bonds
5.50%   10/01/2025     950          955,512
Illinois (State of), Series 2023 A, GO Bonds
5.21%   05/01/2026     1,000        1,007,783
Illinois (State of), Series 2023 A, GO Bonds
5.11%   05/01/2027     950          963,920
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref. RB
3.94%   08/15/2047     900          744,512
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB
3.51%   05/15/2041     4,000        3,264,686
Illinois (State of) Housing Development Authority, Series 2023 I, Ref. RB, (CEP - FNMA)
5.76%   10/01/2053     1,000          994,396
Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 O, RB, (CEP - FNMA)
6.28%   10/01/2049     1,000        1,031,533
Illinois (State of) Municipal Electric Agency, Series 2009, RB
6.83%   02/01/2035     845          919,566
Illinois (State of) Regional Transportation Authority, Series 2010, RB
6.00%   07/01/2035     500          534,829
Northern Illinois Municipal Power Agency, Series 2010 A, RB
7.62%   01/01/2030     145          156,665
Sales Tax Securitization Corp., Series 2017 B, Ref. RB
3.59%   01/01/2043     850          736,595
Sales Tax Securitization Corp., Series 2019 A, Ref. RB
4.79%   01/01/2048     250          240,814
Sales Tax Securitization Corp., Series 2020 B, Ref. RB
2.96%   01/01/2032     2,500        2,274,873
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)
3.41%   01/01/2043     6,000        4,902,275
Sales Tax Securitization Corp., Series 2021 B, Ref. RB
3.24%   01/01/2042     1,995        1,625,377
Sales Tax Securitization Corp., Series 2023 B, Ref. RB
4.87%   01/01/2032     500          514,215
Sales Tax Securitization Corp. (Sustainable Bonds), Series 2023 B, RB
5.29%   01/01/2041     1,350       1,372,697
                89,814,046
Indiana-0.75%                
Indiana (State of) Finance Authority, Series 2009 B, RB
6.60%   02/01/2039     1,200        1,377,605
Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing), Series 2021, RB
3.05%   01/01/2051     450          346,071
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 B-3, RB, (CEP - GNMA)
5.43%   07/01/2048     1,300        1,260,549
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)
5.55%   07/01/2043     1,000        1,001,276
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)
5.60%   07/01/2047     1,000          992,885
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB
5.85%   01/15/2030     830          856,656
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB
5.97%   01/15/2030     2,970       3,061,827
                8,896,869
Iowa-0.31%                
Coralville (City of), IA, Series 2023 A, Ref. GO Bonds, (INS - AGM)(a)
6.22%   05/01/2043     3,000        3,117,048
Iowa Student Loan Liquidity Corp., Series 2022 A, RB
5.08%   12/01/2039     615         604,134
                3,721,182
Kansas-0.37%                
Kansas (State of) Development Finance Authority, Series 2015 H, RB
4.73%   04/15/2037     1,400        1,397,058
Kansas (State of) Development Finance Authority, Series 2015 H, RB
4.93%   04/15/2045     1,900        1,900,313
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a)
2.77%   05/01/2051     1,500       1,088,368
                4,385,739
Kentucky-0.33%                
Kenton (County of), KY Airport Board, Series 2019, RB
4.69%   01/01/2049     1,000          913,929
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.12%   07/01/2049     2,000        1,436,690
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.22%   07/01/2053     1,950        1,396,900
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds
5.45%   11/15/2027     150         155,531
                3,903,050
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
111
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Louisiana-2.10%                
Lafayette (Parish of), LA School Board, Series 2020, Ref. RB
2.83%   04/01/2048   $ 1,965   $    1,413,151
Louisiana (State of), Series 2020 A-2, Ref. RB
2.23%   05/01/2036     2,000        1,577,282
Louisiana (State of), Series 2020 A-2, Ref. RB
2.53%   05/01/2041     2,800        2,095,838
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds
1.86%   06/01/2032     3,000        2,542,450
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.17%   06/01/2040     1,450        1,140,555
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)
3.25%   06/01/2044     1,000          740,164
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2022, RB
5.20%   09/01/2039     957          982,213
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
2.59%   02/01/2043     3,225        2,314,463
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
2.64%   02/01/2048     950          631,601
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corp./ELL), Series 2022, RB
4.48%   08/01/2039     3,540        3,458,467
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corp./ELL), Series 2023, RB
5.05%   12/01/2034     1,250        1,287,804
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)
2.28%   06/01/2030     4,850        4,324,576
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB
3.08%   08/15/2043     100           77,520
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.84%   06/01/2041     1,400        1,048,337
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.89%   12/01/2041     1,500        1,186,708
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.94%   06/01/2045     170          118,972
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
2.99%   12/01/2045     150         113,722
                25,053,823
Maine-0.06%                
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)
3.12%   07/01/2043     1,000         776,775
Maryland-1.41%                
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.14%   07/01/2026     410          387,591
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.34%   07/01/2027     1,000          926,431
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
1.58%   07/01/2028     555          506,364
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
2.81%   07/01/2040     1,000          798,634
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
2.86%   07/01/2043     145          109,024
Baltimore (County of), MD, Series 2010 C, GO Bonds
4.45%   11/01/2026     1,000          996,521
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
0.91%   08/01/2026     715          670,653
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.25%   08/01/2027     950          874,257
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.30%   08/01/2028     1,000          898,622
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.64%   08/01/2029     1,000          889,044
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
1.69%   08/01/2030     450          390,630
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB
4.67%   07/01/2036     1,000          992,533
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
5.36%   09/01/2038     1,000        1,005,011
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
5.48%   09/01/2043     500          493,224
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
5.53%   03/01/2047     460          447,930
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)
6.15%   09/01/2038     1,000        1,056,075
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)
6.23%   09/01/2043     1,000        1,040,111
Maryland Economic Development Corp., Series 2024, RB
5.43%   05/31/2056     2,000        2,038,810
Maryland Economic Development Corp., Series 2024, RB
5.94%   05/31/2057     1,000        1,026,884
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB
4.75%   06/01/2042     1,400       1,275,162
                16,823,511
Massachusetts-3.35%                
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds
4.91%   05/01/2029     7,715        7,792,054
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds
4.50%   08/01/2031     1,650        1,635,438
Massachusetts (Commonwealth of), Series 2010, GO Bonds
4.68%   05/01/2026     2,400       2,391,325
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
112
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Massachusetts-(continued)                
Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds
2.81%   09/01/2043   $ 650   $      498,999
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
0.70%   11/01/2025     2,000        1,917,475
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
0.99%   11/01/2026     1,000          937,136
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.14%   11/01/2027     3,000        2,750,898
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.37%   11/01/2028     2,500        2,256,542
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
1.87%   11/01/2033     1,850        1,517,615
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds
3.28%   06/01/2046     1,500        1,246,899
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB
5.19%   08/01/2040     730          736,840
Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB, (CEP - Colorado Higher Education Intercept Program)
5.83%   05/01/2030     4,950        5,159,357
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
5.84%   12/01/2042     1,500        1,503,185
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
5.92%   12/01/2047     750          752,381
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
5.56%   12/01/2052     920          939,731
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
2.72%   07/01/2042     1,200          914,496
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
2.87%   07/01/2051     525          367,316
Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB
5.72%   08/15/2039     350          370,244
Massachusetts (Commonwealth of) School Building Authority, Series 2019 B, Ref. RB
3.40%   10/15/2040     550          469,388
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB
2.95%   05/15/2043     800          629,578
Massachusetts (Commonwealth of) School Building Authority, Series 2021 A, Ref. RB
2.40%   02/15/2036     675          549,453
University of Massachusetts Building Authority, Series 2010 2, RB
4.55%   11/01/2025     1,450        1,446,874
University of Massachusetts Building Authority, Series 2021 2, Ref. RB
2.65%   11/01/2036     3,805       3,123,083
                39,906,307
Michigan-2.10%                
Gerald R Ford International Airport Authority, Series 2023 A, RB
5.50%   01/01/2053     1,300        1,343,315
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)
2.62%   07/01/2036     1,800        1,518,496
Macomb (County of), MI, Series 2020, Ref. GO Bonds
1.67%   11/01/2029     2,850        2,540,718
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fifth Lien and LTGO Financial Recovery Refunding), Series 2018 D, RB
5.02%   11/01/2043     1,774        1,701,001
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C, Ref. RB
3.61%   11/01/2032     500          473,361
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C-1, Ref. RB
3.59%   11/01/2035     1,000          898,956
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.27%   09/01/2026     500          471,563
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.53%   09/01/2027     500          463,247
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.68%   09/01/2028     1,000          910,698
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
1.88%   09/01/2029     500          449,072
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
2.03%   09/01/2030     950          835,191
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
3.23%   09/01/2047     2,000        1,593,948
Michigan State University Board of Trustees, Series 2010, RB
6.17%   02/15/2050     955        1,001,791
University of Michigan, Series 2010 A, RB
5.51%   04/01/2030     250          256,559
University of Michigan, Series 2020 B, RB
1.67%   04/01/2030     1,050          922,108
University of Michigan, Series 2022 A, RB
3.50%   04/01/2052     1,800        1,449,913
University of Michigan, Series 2022 A, RB
4.45%   04/01/2122     3,450        3,026,979
University of Michigan, Series 2022 C, Ref. RB
3.60%   04/01/2047     4,950        4,304,167
University of Michigan (Green Bonds), Series 2022 B, RB
3.50%   04/01/2052     1,033          832,089
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)
2.88%   11/15/2043     100          77,684
                25,070,856
Minnesota-0.32%                
Minnesota (State of) Housing Finance Agency, Series 2023 S, RB, (CEP - GNMA)
6.33%   07/01/2049     1,000        1,043,708
Minnesota (State of) Housing Finance Agency, Series 2024 M, RB, (CEP - GNMA)
5.97%   07/01/2049     1,000        1,020,070
University of Minnesota, Series 2022, RB
4.05%   04/01/2052     1,950       1,728,558
                3,792,336
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
113
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Mississippi-1.49%                
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB
2.92%   06/01/2041   $ 500   $      393,734
Mississippi (State of), Series 2009 D, GO Bonds
5.54%   10/01/2029     2,460        2,541,056
Mississippi (State of), Series 2010 F, GO Bonds
5.25%   11/01/2034     950          967,886
Mississippi (State of), Series 2020 A, Ref. GO Bonds
0.94%   11/01/2026     4,500        4,203,846
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.04%   11/01/2027     5,000        4,556,468
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.63%   11/01/2031     500          421,987
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.73%   11/01/2032     3,750        3,103,639
Mississippi (State of), Series 2020 A, Ref. GO Bonds
1.78%   11/01/2033     1,900       1,535,924
                17,724,540
Missouri-1.01%                
Curators of the University of Missouri (The), Series 2020, Ref. RB
2.01%   11/01/2027     1,260        1,181,789
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB
4.20%   10/01/2049     4,900        4,265,068
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB
6.89%   01/01/2042     4,950        5,663,172
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB
7.60%   01/01/2032     835         922,611
                12,032,640
Montana-0.04%                
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB
3.25%   08/15/2051     250          189,329
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB
3.00%   08/15/2051     400         275,383
                464,712
Nebraska-0.20%                
Omaha Public Facilities Corp., Series 2017, RB
4.35%   02/01/2047     1,735        1,525,689
University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB
3.04%   10/01/2049     1,100         833,812
                2,359,501
Nevada-0.56%                
Clark (County of), NV, Series 2010 A, GO Bonds
6.55%   07/01/2030     1,130        1,190,911
Clark (County of), NV, Series 2010 A, GO Bonds
6.75%   07/01/2038     1,620        1,843,646
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB
7.45%   02/01/2040     3,000       3,623,699
                6,658,256
New Hampshire-0.61%                
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB
3.78%   01/01/2036     1,200        1,014,669
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB
3.28%   10/01/2037     2,860        2,147,074
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB
3.30%   04/01/2032     2,900        2,384,256
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB
3.18%   01/01/2036     1,910        1,484,462
New Hampshire (State of) Turnpike System, Series 2009 A, RB
6.01%   11/01/2039     200         216,774
                7,247,235
New Jersey-3.25%                
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB
6.18%   01/15/2027     185          189,069
New Jersey (State of) Economic Development Authority, Series 2007 A-2, RB, (INS - AGC)(a)
6.31%   07/01/2026     65           65,601
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)(a)
4.43%   07/01/2051     1,950        1,662,870
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)
3.96%   07/01/2048     1,400        1,172,913
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB
6.56%   12/15/2040     1,405        1,582,758
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB
5.75%   12/15/2028     1,940        1,973,759
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
4.13%   06/15/2042     1,000          874,036
New Jersey (State of) Turnpike Authority, Series 2009 F, RB
7.41%   01/01/2040     5,000        6,111,772
New Jersey (State of) Turnpike Authority, Series 2010 A, RB
7.10%   01/01/2041     900        1,068,976
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.05%   01/01/2026     7,675       7,331,278
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
114
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New Jersey-(continued)                
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.28%   01/01/2027   $ 350   $      326,805
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.48%   01/01/2028     80           73,268
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.71%   01/01/2029     200          180,462
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.81%   01/01/2030     500          442,481
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
1.86%   01/01/2031     500          432,851
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
2.78%   01/01/2040     1,000          774,356
New Jersey Institute of Technology, Series 2020 B, Ref. RB
3.42%   07/01/2042     4,000        3,313,371
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
7.57%   12/15/2029     500          542,912
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
7.82%   12/15/2039     450          554,092
Rutgers The State University of New Jersey, Series 2010 H, RB
5.55%   05/01/2029     685          699,350
Rutgers The State University of New Jersey, Series 2019 P, RB
3.92%   05/01/2119     1,100          811,206
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB
3.27%   05/01/2043     3,500        2,917,023
South Jersey Port Corp., Series 2009, RB
7.37%   01/01/2040     4,950       5,690,949
                38,792,158
New York-12.68%                
Metropolitan Transportation Authority, Series 2009, RB
7.34%   11/15/2039     1,725        2,101,824
Metropolitan Transportation Authority, Series 2010 E, RB
6.81%   11/15/2040     6,375        7,148,542
Metropolitan Transportation Authority, Series 2010, RB
6.65%   11/15/2039     1,750        1,932,822
Metropolitan Transportation Authority, Series 2010, RB
6.67%   11/15/2039     2,250        2,516,128
Metropolitan Transportation Authority, Series 2010, RB
6.69%   11/15/2040     3,745        4,168,841
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eighth Series 2011, RB
4.93%   10/01/2051     5,385        5,405,577
New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth Series 2012, RB
4.46%   10/01/2062     1,025          931,678
New York & New Jersey (States of) Port Authority, Series 2021, RB
3.14%   02/15/2051     2,000        1,538,656
New York & New Jersey (States of) Port Authority, Two Hundred First Series 2017, RB
4.23%   10/15/2057     2,675        2,364,298
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Ninth Series 2023, Ref. RB
5.07%   07/15/2053     5,500        5,611,629
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fifth Series 2021, RB
3.18%   07/15/2060     800          556,195
New York (City of), NY, Series 2009 D-1, GO Bonds
5.99%   12/01/2036     1,400        1,485,049
New York (City of), NY, Series 2009, GO Bonds
5.21%   10/01/2031     6,000        6,102,515
New York (City of), NY, Series 2010 F-1, GO Bonds
6.27%   12/01/2037     1,870        2,066,814
New York (City of), NY, Series 2010 G-1, GO Bonds
5.97%   03/01/2036     8,395        8,994,888
New York (City of), NY, Series 2010 H-1, GO Bonds
5.65%   06/01/2027     705          715,731
New York (City of), NY, Series 2010 H-1, GO Bonds
5.85%   06/01/2040     4,850        5,165,861
New York (City of), NY, Series 2020 D-3, GO Bonds
2.22%   03/01/2035     930          740,396
New York (City of), NY, Series 2023 B-1, GO Bonds
5.83%   10/01/2053     2,000        2,251,790
New York (City of), NY, Subseries 2019 A-2, GO Bonds
2.63%   08/01/2028     10,000        9,474,683
New York (City of), NY (Social Bonds), Series 2022, GO Bonds
5.26%   10/01/2052     1,550        1,629,934
New York (City of), NY Educational Construction Fund, Series 2010 A, RB
6.00%   04/01/2035     1,950        2,114,238
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
2.68%   03/01/2033     2,000        1,726,021
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
2.73%   03/01/2034     3,000        2,543,647
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
2.78%   03/01/2035     3,000        2,502,149
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB
5.72%   06/15/2042     4,460        4,722,773
New York (City of), NY Transitional Finance Authority, Series 2010 G-3, RB
5.27%   05/01/2027     4,000        4,083,082
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB
6.83%   07/15/2040     3,480        3,869,760
New York (City of), NY Transitional Finance Authority, Series 2010, RB
5.51%   08/01/2037     1,525        1,590,556
New York (City of), NY Transitional Finance Authority, Subseries 2017 A-3, RB
2.45%   05/01/2027     1,000          957,352
New York (State of) Dormitory Authority, Series 2010 D, RB
5.50%   03/15/2030     2,760        2,807,665
New York (State of) Dormitory Authority, Series 2010 H, RB
5.29%   03/15/2033     1,345        1,369,428
New York (State of) Dormitory Authority, Series 2010 H, RB
5.39%   03/15/2040     1,800        1,853,437
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB
3.14%   07/01/2043     900          754,704
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)
1.26%   03/15/2026     2,000        1,912,779
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.19%   03/15/2026     1,000          955,145
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.54%   03/15/2027     1,000          939,019
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
115
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
New York-(continued)                
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
1.75%   03/15/2028   $ 1,000   $      928,162
New York (State of) Dormitory Authority, Series 2021 C, RB
1.95%   03/15/2029     900          816,154
New York (State of) Dormitory Authority, Series 2021 C, RB
2.05%   03/15/2030     1,000          891,210
New York (State of) Dormitory Authority, Series 2021 C, RB
2.15%   03/15/2031     1,000          874,947
New York (State of) Dormitory Authority, Series 2021 C, RB
2.25%   03/15/2032     900          776,441
New York (State of) Dormitory Authority, Series 2021 C, RB
2.20%   03/15/2034     900          742,865
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB
5.97%   07/01/2042     3,000        3,087,061
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB
4.85%   07/01/2048     4,950        4,777,659
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2, RB
4.01%   07/01/2049     3,000        2,540,252
New York (State of) Thruway Authority, Series 2019 M, Ref. RB
2.90%   01/01/2035     4,950        4,341,410
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB
2.95%   11/01/2041     4,850        3,617,835
New York State Urban Development Corp., Series 2010 B, RB
5.84%   03/15/2040     1,900        1,990,666
New York State Urban Development Corp., Series 2020 F, Ref. RB
1.80%   03/15/2031     5,000        4,273,076
New York State Urban Development Corp., Series 2020 F, Ref. RB
1.90%   03/15/2032     4,350        3,645,572
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB
3.47%   07/01/2028     2,950        2,853,984
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB
3.57%   07/01/2029     1,950        1,873,971
Triborough Bridge & Tunnel Authority, Series 2009 B, RB
5.50%   11/15/2039     2,715        2,769,233
Triborough Bridge & Tunnel Authority, Series 2010, RB(b)
5.45%   09/23/2024     2,230        2,303,355
Western Nassau County Water Authority, Series 2010 B, RB
6.70%   04/01/2040     500         564,019
                151,273,478
North Carolina-0.06%                
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB
3.33%   12/01/2036     760         693,141
Ohio-2.54%                
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB
8.08%   02/15/2050     5,880        7,970,883
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB
7.50%   02/15/2050     3,245        4,004,046
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB
6.27%   02/15/2050     1,905        2,080,723
American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB
6.45%   02/15/2044     1,950        2,176,803
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB
6.05%   02/15/2043     1,005        1,095,944
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB
5.94%   02/15/2047     1,000        1,076,421
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB
1.95%   06/01/2026     950          907,242
Columbus (City of), OH Regional Airport Authority, Series 2019, RB
4.20%   12/15/2048     1,000          865,025
Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB
8.22%   02/15/2040     950        1,090,659
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB
6.39%   12/01/2030     1,000        1,065,342
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB
6.54%   12/01/2036     1,070        1,193,717
JobsOhio Beverage System, Series 2020 A, Ref. RB
2.83%   01/01/2038     1,850        1,527,346
JobsOhio Beverage System, Series 2023, RB
4.43%   01/01/2033     2,655        2,659,871
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB
3.70%   01/01/2043     1,000          871,355
Ohio State University (The), Series 2014, RB
5.59%   12/01/2114     950          947,958
Ohio State University (The), Series 2016 A, RB
3.80%   12/01/2046     950         814,283
                30,347,618
Oklahoma-0.91%                
Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB
4.64%   07/01/2042     950          919,027
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
4.38%   11/01/2045     3,350        3,185,907
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
4.71%   05/01/2052     2,000        1,943,307
Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahama), Series 2022, RB
4.62%   06/01/2044     4,900       4,801,239
                10,849,480
Oregon-1.71%                
Hillsboro Economic Development Council, Series 2024, RB, (INS - AGM)(a)
5.94%   06/01/2043     400          415,921
Metro, Series 2019, GO Bonds
3.25%   06/01/2028     9,950        9,684,629
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB
2.99%   09/01/2036     1,850        1,594,231
Oregon (State of), Series 2003, GO Bonds
5.89%   06/01/2027     1,497        1,532,666
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB
1.66%   11/15/2031     4,000       3,356,820
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
116
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Oregon-(continued)                
Oregon (State of) Housing & Community Services Department (Single Family Mortgage), Series 2023, Ref. RB
6.25%   07/01/2053   $ 990   $    1,038,365
Oregon State University, Series 2020, RB, (INS - BAM)(a)
3.42%   03/01/2060     2,620        2,031,531
Portland (Port of), OR (Portland International Airport), Series 2019, RB
4.24%   07/01/2049     950         804,670
                20,458,833
Pennsylvania-3.06%                
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds
2.09%   11/01/2033     900          737,801
Commonwealth Financing Authority, Series 2010 C-2, RB
5.59%   06/01/2030     2,000        2,062,680
Commonwealth Financing Authority, Series 2019 A, RB
3.81%   06/01/2041     4,950        4,360,023
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)
3.66%   06/01/2038     1,400        1,269,781
Commonwealth Financing Authority, Series 2020 C, Ref. RB
3.53%   06/01/2042     900          764,249
Commonwealth Financing Authority, Series 2021 A, RB
2.99%   06/01/2042     900          701,709
Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGM)(a)
3.46%   06/01/2060     3,140        2,381,210
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.23%   12/01/2050     600          433,897
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.48%   12/01/2055     1,000          746,380
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
3.63%   12/01/2059     2,450        1,850,422
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds
4.65%   02/15/2026     2,135        2,135,192
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB
2.85%   06/15/2036     1,000          836,665
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB
3.14%   06/15/2042     900          727,811
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB
6.14%   04/01/2030     950          993,064
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB
3.44%   12/01/2043     2,900        2,371,439
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB
6.11%   12/01/2039     1,393        1,530,406
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB
3.42%   12/01/2041     4,950        4,147,895
Philadelphia School District (The), Series 2010 B, GO Bonds
6.62%   06/01/2030     950        1,007,259
Pittsburgh (City of), PA, Series 2020 B, Ref. GO Bonds
1.19%   09/01/2026     4,000        3,765,214
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB
5.05%   08/15/2049     1,500        1,422,818
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB
3.01%   09/15/2041     2,750       2,231,760
                36,477,675
South Carolina-0.38%                
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref. RB
1.42%   12/01/2027     1,000          916,808
Columbia (City of), SC, Series 2021 B, Ref. RB
3.01%   02/01/2049     245          188,897
Greenville-Spartanburg Airport District, Series 2024 B, RB
5.59%   07/01/2048     100          100,762
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), Series 2020, RB, (INS - AGM)(a)
2.73%   07/01/2030     400          355,877
South Carolina (State of) Public Service Authority, Series 2010 C, RB
6.45%   01/01/2050     1,750        1,950,538
Spartanburg Stadium Facilities Corp., Series 2024, RB
6.11%   11/01/2054     1,000       1,043,064
                4,555,946
South Dakota-0.01%                
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB
3.69%   07/01/2042     150         125,375
Tennessee-0.74%                
Memphis (City of), TN, Series 2010, GO Bonds
6.04%   07/01/2034     1,000        1,103,630
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
1.39%   07/01/2030     100           86,202
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
1.49%   07/01/2031     100           84,399
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
1.59%   07/01/2032     125          103,341
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
1.79%   07/01/2034     200          158,931
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
117
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Tennessee-(continued)                
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 B, RB
4.05%   07/01/2026   $ 1,000   $      991,442
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB
3.44%   10/01/2046     950          798,180
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB
3.24%   07/01/2052     2,450        1,695,892
Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2010 B, RB
6.73%   07/01/2043     1,000        1,117,371
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB
5.45%   07/01/2043     1,000        1,064,030
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB
5.60%   07/01/2056     1,500       1,589,741
                8,793,159
Texas-10.35%                
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)
2.86%   11/15/2042     2,485        1,879,115
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB
4.64%   08/15/2030     10,000        9,999,038
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB
4.79%   08/15/2046     1,000          995,343
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 D, RB
5.13%   08/15/2042     850          882,964
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a)
4.88%   10/01/2047     950          909,843
Corpus Christi (City of), TX, Series 2020, Ref. RB
2.81%   07/15/2040     230          178,668
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB
1.65%   11/01/2026     2,200        2,082,864
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB
2.92%   11/01/2050     900          660,877
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.30%   11/01/2025     950          915,033
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.53%   11/01/2026     1,000          944,223
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.73%   11/01/2027     1,000          928,377
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
1.93%   11/01/2028     750          686,542
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.04%   11/01/2029     2,000        1,801,254
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.14%   11/01/2030     2,000        1,770,671
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.74%   11/01/2035     2,000        1,669,653
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.87%   11/01/2037     1,500        1,221,614
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
2.84%   11/01/2046     2,500        1,878,271
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
4.09%   11/01/2051     1,500        1,304,951
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
4.51%   11/01/2051     2,400        2,230,050
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB
5.00%   11/01/2042     800          810,339
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB
5.05%   11/01/2047     200          199,090
Dallas (City of), TX Area Rapid Transit, Series 2009 B, RB
6.00%   12/01/2044     2,000        2,157,669
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB
2.61%   12/01/2048     850          605,154
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2026     900          898,350
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2027     250          250,288
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2028     950          952,902
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
118
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
4.00%   08/15/2029   $ 400   $      400,942
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
1.94%   08/15/2030     1,000          890,810
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
2.01%   08/15/2031     1,000          875,860
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
2.09%   08/15/2032     250          214,476
Dallas Convention Center Hotel Development Corp., Series 2009, RB
7.09%   01/01/2042     2,730        3,131,753
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
2.74%   08/01/2041     5,500        4,293,752
Fort Worth (City of), TX, Series 2017 B, RB
4.09%   03/01/2037     1,035          974,784
Grand Parkway Transportation Corp., Series 2020, Ref. RB
3.22%   10/01/2049     740          564,329
Grand Parkway Transportation Corp., Series 2020, Ref. RB
3.24%   10/01/2052     1,000          756,334
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)
3.71%   11/15/2056     4,000        3,058,262
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a)
3.86%   11/15/2040     2,155        1,876,612
Houston (City of), TX, Series 2014 B, RB
3.83%   05/15/2028     1,200        1,190,638
Houston (City of), TX, Series 2017, GO Bonds
3.96%   03/01/2047     850          746,463
Houston (City of), TX, Series 2020 C, Ref. RB
1.82%   07/01/2027     1,000          935,015
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
4.52%   03/01/2042     3,000        2,931,058
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
4.67%   03/01/2050     2,950        2,861,947
North Texas Tollway Authority, Series 2009 B, RB
6.72%   01/01/2049     1,700        2,007,438
North Texas Tollway Authority, Series 2020, Ref. RB
3.08%   01/01/2042     500          392,618
North Texas Tollway Authority, Series 2021, Ref. RB
3.01%   01/01/2043     850          678,142
Permanent University Fund - University of Texas System, Series 2009, RB
5.26%   07/01/2039     300          308,541
San Antonio (City of), TX, Series 2016, Ctfs. Of Obligation
2.93%   02/01/2046     1,345        1,020,251
San Antonio (City of), TX, Series 2022, GO Bonds
4.53%   02/01/2042     2,000        1,901,065
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)
3.29%   09/01/2040     500          407,734
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)
3.42%   09/01/2050     900          672,488
Texas (State of), Series 2009, GO Bonds
5.52%   04/01/2039     2,580        2,760,821
Texas (State of), Series 2019, Ref. GO Bonds
3.21%   04/01/2044     1,000          830,896
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%   10/01/2025     700          703,606
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%   10/01/2026     1,450        1,476,882
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%   10/01/2027     3,175        3,271,640
Texas (State of), Series 2021 A, Ref. GO Bonds
5.00%   10/01/2028     3,250        3,382,658
Texas (State of), Series 2021 A, Ref. GO Bonds
4.00%   10/01/2029     1,790        1,794,510
Texas (State of), Series 2021 A, Ref. GO Bonds
1.84%   10/01/2030     1,780        1,573,442
Texas (State of), Series 2021 A, Ref. GO Bonds
1.94%   10/01/2031     1,345        1,170,026
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%   10/01/2025     1,000        1,005,152
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%   10/01/2026     1,570        1,599,107
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%   10/01/2027     2,730        2,813,095
Texas (State of), Series 2021 B, Ref. GO Bonds
5.00%   10/01/2028     1,585        1,649,696
Texas (State of), Series 2021 B, Ref. GO Bonds
3.00%   10/01/2029     3,655        3,497,523
Texas (State of), Series 2021 B, Ref. GO Bonds
1.84%   10/01/2030     200          176,791
Texas (State of), Series 2021 B, Ref. GO Bonds
1.94%   10/01/2031     850          739,421
Texas (State of), Series 2021 B, Ref. GO Bonds
2.04%   10/01/2032     1,570        1,344,369
Texas (State of), Series 2021 B, Ref. GO Bonds
2.14%   10/01/2033     1,000          843,425
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB
3.03%   08/15/2041     1,950        1,526,399
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
5.03%   04/01/2026     1,030        1,030,276
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
5.18%   04/01/2030     3,765        3,832,195
Texas A&M University, Series 2019 A, RB
4.20%   05/15/2048     2,450        2,170,736
Texas A&M University, Series 2019 B, Ref. RB
2.62%   05/15/2029     2,950        2,778,614
Texas A&M University, Series 2021 B, RB
2.81%   05/15/2041     1,000          766,688
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
119
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Texas-(continued)                
Texas Natural Gas Securitization Finance Corp., Series 2023 A-1, RB
5.10%   04/01/2035   $ 873   $      897,293
Texas Natural Gas Securitization Finance Corp., Series 2023 A-2, RB
5.17%   04/01/2041     3,000        3,101,503
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)
3.46%   09/01/2040     1,160          927,931
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB
2.84%   03/01/2040     4,900       3,856,476
                123,425,626
Utah-0.73%                
Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB
5.82%   12/01/2029     400          413,554
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.72%   12/15/2027     4,000        3,713,606
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.82%   12/15/2028     150          136,944
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
1.94%   12/15/2029     4,900       4,402,437
                8,666,541
Virgin Islands-0.07%                
Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB, (INS - AGM)(a)
6.85%   07/01/2035     745         804,831
Virginia-0.55%                
University of Virginia, Series 2017 C, RB
4.18%   09/01/2117     1,000          845,621
University of Virginia, Series 2019 A, RB
3.23%   09/01/2119     1,200          778,133
Virginia (Commonwealth of) Housing Development Authority, Series 2019 A, RB
2.95%   10/25/2049     1,574        1,423,545
Virginia (Commonwealth of) Housing Development Authority, Series 2020 B, RB
2.75%   10/25/2046     1,105          960,044
Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB
3.83%   04/01/2055     1,600        1,180,478
Virginia (Commonwealth of) Housing Development Authority, Series 2020 F, RB
3.28%   07/01/2050     1,990       1,368,761
                6,556,582
Washington-1.29%                
Benton (County of), WA Public Utility District No. 1, Series 2010, RB
6.55%   11/01/2030     650          699,873
Central Puget Sound Regional Transit Authority (Build America Bonds), Series 2009 S-2T, RB
5.49%   11/01/2039     1,805        1,891,653
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB
6.88%   09/01/2032     450          492,791
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB
5.25%   09/01/2030     1,380        1,399,202
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB(b)
5.73%   09/04/2024     2,450        2,515,571
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB(b)
5.83%   09/04/2024     2,750        2,897,090
Seattle (Port of), WA, Series 2017, Ref. RB
3.76%   05/01/2036     500          460,028
Tacoma (City of), WA, Series 2010 B, RB
5.37%   12/01/2030     1,000        1,033,382
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)
5.79%   01/01/2032     2,570        2,721,556
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB
6.42%   07/01/2030     1,260       1,315,987
                15,427,133
West Virginia-0.24%                
Ohio (County of), WV, Series 2019 A, Ref. RB
4.00%   03/01/2040     1,800        1,439,609
Tobacco Settlement Finance Authority, Series 2020, Ref. RB
4.31%   06/01/2049     1,650       1,395,163
                2,834,772
Wisconsin-0.71%                
Wisconsin (State of), Series 2016 B, Ref. RB
3.29%   05/01/2037     1,000          884,387
Wisconsin (State of), Series 2017 A, Ref. RB
3.95%   05/01/2036     2,950        2,843,267
Wisconsin (State of), Series 2020 A, Ref. RB
2.50%   05/01/2032     1,900        1,686,209
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)
4.17%   12/15/2050     1,950        1,616,207
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a)
3.09%   06/01/2050     2,000       1,421,961
                8,452,031
Total Municipal Obligations

(Cost $1,291,434,711)
  1,169,949,439
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
120
Table of Contents
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
      Shares   Value
Money Market Funds-0.89%            
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $10,657,047)
$ 10,657,047   $   10,657,047
TOTAL INVESTMENTS IN SECURITIES(e)-98.99%

(Cost $1,302,091,758)
  1,180,606,486
OTHER ASSETS LESS LIABILITIES-1.01%
  12,008,793
NET ASSETS-100.00%
  $1,192,615,279
    
Investment Abbreviations:
AGC -Assured Guaranty Corp.
AGM -Assured Guaranty Municipal Corp.
BAM -Build America Mutual Assurance Co.
BHAC -Berkshire Hathaway Assurance Corp.
CEP -Credit Enhancement Provider
COP -Certificates of Participation
Ctfs. -Certificates
FNMA -Federal National Mortgage Association
GNMA -Government National Mortgage Association
GO -General Obligation
INS -Insurer
NATL -National Public Finance Guarantee Corp.
RB -Revenue Bonds
Ref. -Refunding
    
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $11,750,804   $119,217,280   $(120,311,037)   $-   $-   $10,657,047   $500,081
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
    
Entities Percentage
Assured Guaranty Municipal Corp
6.58%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
121
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)
August 31, 2024
Schedule of Investments(a)
  Principal
Amount 		  Value
U.S. Dollar Denominated Bonds & Notes-77.19%
Banks-30.05%
BAC Capital Trust XIV, Series G, 6.00% (3 mo. Term SOFR + 0.66%)(b)(c)
$ 3,764,000   $    3,212,286
Bank of America Corp.                    
Series AA, 6.10%(b)(d)
  14,531,000      14,547,934
Series DD, 6.30%(b)(d)(e)
  7,651,000       7,739,856
Series FF, 5.88%(b)(d)(e)
  17,355,000      17,256,367
Series MM, 4.30%(b)(d)(e)
  5,881,000       5,818,446
Series RR, 4.38%(b)(d)(e)
  12,758,000      12,327,271
Series TT, 6.13%(b)(d)(e)
  15,296,000      15,487,934
Series X, 6.25%(b)(d)
  15,258,000      15,275,780
Bank of Montreal (Canada), 4.80%(b)(d)
  3,820,000        3,783,647
Bank of Nova Scotia (The) (Canada)                    
4.90%(b)(d)
  9,558,000       9,432,950
8.21% (3 mo. Term SOFR + 2.91%)(b)(c)
  9,563,000       9,405,359
Citigroup, Inc.                    
Series AA, 7.63%(b)(d)
  11,476,000      12,196,245
Series BB, 7.20%(b)(d)(e)
  4,236,000       4,438,557
Series CC, 7.13%(b)(d)
  13,386,000      13,726,071
Series DD, 7.00%(b)(d)
  11,510,000      12,057,531
Series P, 5.95%(b)(d)
  15,299,000      15,309,783
Series V, 4.70%(b)(d)
  11,483,000      11,415,181
Series X, 3.88%(b)(d)
  17,576,000      16,933,066
Series Y, 4.15%(b)(d)(e)
  7,662,000       7,257,361
Series Z, 7.38%(b)(d)(e)
  9,593,000      10,069,532
Citizens Financial Group, Inc., Series F, 5.65%(b)(d)
  3,150,000        3,108,548
CoBank, ACB                    
Series J, 4.25%(b)(d)
  3,150,000       2,909,588
Series K, 6.45%(b)(d)
  3,172,000       3,170,955
Comerica, Inc., 5.63%(b)(d)
  3,155,000        3,112,640
Fifth Third Bancorp                    
Series H, 8.63% (3 mo. Term SOFR + 3.29%)(b)(c)
  4,525,000       4,503,942
Series L, 4.50%(b)(d)
  2,760,000       2,711,343
Huntington Bancshares, Inc.                    
Series E, 8.44% (3 mo. Term SOFR + 3.14%)(b)(c)
  3,222,000       3,205,620
Series F, 5.63%(b)(d)
  3,821,000       3,802,147
Series G, 4.45%(b)(d)
  3,765,000       3,586,032
JPMorgan Chase & Co.                    
Series CC, 8.09% (3 mo. Term SOFR + 2.84%)(b)(c)(e)
  9,553,000       9,649,543
Series HH, 4.60%(b)(d)
  22,943,000      22,878,816
Series II, 4.00%(b)(d)
  11,470,000      11,296,841
Series KK, 3.65%(b)(d)(e)
  15,296,000      14,734,706
Series NN, 6.88%(b)(d)(e)
  19,128,000      20,320,918
Series W, 6.38% (3 mo. Term SOFR + 1.26%), 05/15/2047(c)
  2,774,000       2,528,742
Series X, 6.10%(b)(d)(e)
  12,277,000      12,282,590
KeyCorp, Series D, 5.00%(b)(d)
  4,017,000        3,830,534
M&T Bank Corp.                    
3.50%(b)(d)
  3,820,000       3,321,945
Series F, 5.13%(b)(d)(e)
  3,827,000       3,731,914
Series G, 7.01%(b)(d)
  3,057,000       3,053,158
  Principal
Amount 		  Value
Banks-(continued)
PNC Financial Services Group, Inc. (The)                    
Series R, 8.32% (3 mo. Term SOFR + 3.30%)(b)(c)
$ 3,825,000       $3,845,602
Series S, 5.00%(b)(d)(e)
  4,014,000       3,948,055
Series T, 3.40%(b)(d)
  11,477,000      10,144,972
Series U, 6.00%(b)(d)
  7,641,000       7,657,586
Series V, 6.20%(b)(d)
  9,556,000       9,621,401
Series W, 6.25%(b)(d)
  11,468,000      11,442,548
Regions Financial Corp., Series D, 5.75%(b)(d)(e)
  2,675,000        2,668,138
Truist Financial Corp.                    
Series A, 6.05% (3 mo. Term SOFR + 0.93%), 05/15/2027(c)
  2,777,000       2,714,943
Series L, 8.70% (3 mo. Term SOFR + 3.36%)(b)(c)(e)
  5,735,000       5,776,108
Series M, 5.13%(b)(d)(e)
  3,820,000       3,693,466
Series N, 6.67%(b)(d)
  13,005,000      12,873,422
Series P, 4.95%(b)(d)
  7,650,000       7,554,432
Series Q, 5.10%(b)(d)
  7,651,000       7,464,511
U.S. Bancorp                    
3.70%(b)(d)
  11,473,000      10,171,161
Series J, 5.30%(b)(d)(e)
  7,651,000       7,486,341
USB Capital IX, 6.58% (3 mo. Term SOFR + 1.28%)(b)(c)
  5,169,000        4,396,837
Wells Fargo & Co.                    
6.85%(b)(d)
  15,300,000      15,742,568
7.63%(b)(d)(e)
  13,196,000      14,216,064
Series BB, 3.90%(b)(d)
  26,843,000      26,123,015
        522,972,849
Capital Markets-9.38%
Bank of New York Mellon Corp. (The)                    
Series F, 4.63%(b)(d)(e)
  7,646,000       7,473,023
Series H, 3.70%(b)(d)
  4,456,000       4,305,610
Series I, 3.75%(b)(d)
  9,946,000       9,201,537
Charles Schwab Corp. (The)                    
Series F, 5.00%(b)(d)(e)
  3,737,000       3,499,495
Series G, 5.38%(b)(d)
  18,794,000      18,694,572
Series I, 4.00%(b)(d)
  15,729,000      14,815,582
Series K, 5.00%(b)(d)(e)
  5,740,000       5,547,098
Goldman Sachs Capital II, 6.05% (3 mo. Term SOFR + 1.03%)(b)(c)(e)
  5,869,000        4,977,005
Goldman Sachs Group, Inc. (The)                    
Series O, 5.30%(b)(d)(e)
  4,968,000       4,978,695
Series Q, 7.38%(b)(d)
  3,828,000       3,847,584
Series R, 4.95%(b)(d)
  4,594,000       4,568,483
Series S, 4.40%(b)(d)
  2,665,000       2,632,924
Series T, 3.80%(b)(d)(e)
  5,162,000       4,940,161
Series U, 3.65%(b)(d)(e)
  5,737,000       5,403,483
Series V, 4.13%(b)(d)
  5,737,000       5,446,214
Series W, 7.50%(b)(d)
  11,472,000      12,246,509
Series X, 7.50%(b)(d)
  17,206,000      18,093,675
Mellon Capital IV, Series 1, 6.17% (3 mo. Term SOFR + 0.83%)(b)(c)
  3,826,000        3,300,784
Northern Trust Corp., Series D, 4.60%(b)(d)(e)
  3,825,000       3,737,601
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
122
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Capital Markets-(continued)
State Street Corp.                    
6.60% (3 mo. Term SOFR + 1.26%), 06/15/2047(c)
$ 3,953,000       $3,367,301
Series H, 8.14% (3 mo. Term SOFR + 2.80%)(b)(c)(e)
  3,775,000       3,779,855
Series I, 6.70%(b)(d)
  11,475,000      11,777,137
Series J, 6.70%(b)(d)
  6,500,000       6,687,447
        163,321,775
Consumer Finance-3.28%
Ally Financial, Inc.                    
Series B, 4.70%(b)(d)
  10,329,000       9,419,379
Series C, 4.70%(b)(d)(e)
  7,647,000       6,385,587
American Express Co., 3.55%(b)(d)
  12,233,000       11,481,035
Capital One Financial Corp., Series M, 3.95%(b)(d)(e)
  7,650,000        7,105,857
Discover Financial Services                    
Series C, 5.50%(b)(d)(e)
  4,359,000       4,084,841
Series D, 6.13%(b)(d)
  3,825,000       3,815,218
General Motors Financial Co., Inc.                    
Series A, 5.75%(b)(d)
  7,645,000       7,286,887
Series B, 6.50%(b)(d)(e)
  3,828,000       3,778,686
Series C, 5.70%(b)(d)(e)
  3,824,000       3,680,719
        57,038,209
Electric Utilities-7.27%
American Electric Power Co., Inc.                    
6.95%, 12/15/2054(d)
  4,590,000       4,797,688
7.05%, 12/15/2054(d)(e)
  3,060,000       3,151,980
3.88%, 02/15/2062(d)
  5,740,000       5,351,212
Duke Energy Corp.                    
6.45%, 09/01/2054(d)
  7,750,000       7,943,672
3.25%, 01/15/2082(d)
  3,822,000       3,439,985
4.88%(b)(d)
  7,571,000       7,572,164
Edison International                    
8.13%, 06/15/2053(d)
  3,825,000       4,025,671
7.88%, 06/15/2054(d)
  3,442,000       3,620,475
Series A, 5.38%(b)(d)
  8,867,000       8,709,045
Series B, 5.00%(b)(d)(e)
  3,848,000       3,731,959
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076(d)
  9,178,000        9,242,521
Entergy Corp., 7.13%, 12/01/2054(d)
  9,182,000        9,372,710
National Rural Utilities Cooperative Finance Corp.                    
5.25%, 04/20/2046(d)
  2,682,000       2,673,669
7.13%, 09/15/2053(d)
  3,060,000       3,185,552
NextEra Energy Capital Holdings, Inc.                    
6.75%, 06/15/2054(d)
  9,175,000       9,616,336
6.70%, 09/01/2054(d)
  7,644,000       7,795,420
4.80%, 12/01/2077(d)
  4,284,000       3,992,941
5.65%, 05/01/2079(d)
  3,822,000       3,728,035
3.80%, 03/15/2082(d)
  4,586,000       4,273,611
PPL Capital Funding, Inc., Series A, 8.26% (3 mo. Term SOFR + 2.93%), 03/30/2067(c)
  3,672,000        3,575,979
Southern Co. (The)                    
Series 21-A, 3.75%, 09/15/2051(d)
  7,645,000       7,297,440
Series B, 4.00%, 01/15/2051(d)
  9,542,000       9,347,728
        126,445,793
  Principal
Amount 		  Value
Financial Services-0.79%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.95%, 03/10/2055(d)
$ 5,800,000   $    5,987,532
Corebridge Financial, Inc., 6.88%, 12/15/2052(d)
  7,650,000       7,819,958
        13,807,490
Independent Power and Renewable Electricity Producers-0.61%
AES Corp. (The), 7.60%, 01/15/2055(d)
  7,262,000        7,486,121
Tennessee Valley Authority                    
Series A, 2.22% (30 yr. U.S. Treasury Yield Curve Rate + 0.84%), 05/01/2025(c)(e)(f)
  62,782       1,410,712
Series D, 2.13% (30 yr. U.S. Treasury Yield Curve Rate + 0.94%), 06/01/2025(c)(e)(f)
  76,494       1,753,242
        10,650,075
Insurance-6.39%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(d)
  6,050,000        5,991,086
Allstate Corp. (The)                    
6.50%, 05/15/2057(d)
  3,824,000       3,978,643
Series B, 8.32% (3 mo. Term SOFR + 3.20%), 08/15/2053(c)
  6,029,000       6,051,609
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(d)
  5,732,000        5,694,694
Assurant, Inc., 7.00%, 03/27/2048(d)
  3,003,000        3,054,375
Enstar Finance LLC                    
5.75%, 09/01/2040(d)
  2,679,000       2,628,402
5.50%, 01/15/2042(d)
  3,911,000       3,603,443
Lincoln National Corp.                    
7.72% (3 mo. Term SOFR + 2.62%), 05/17/2066(c)
  4,300,000       3,378,373
7.58% (3 mo. Term SOFR + 2.30%), 04/20/2067(c)
  3,310,000       2,519,068
Series C, 9.25%(b)(d)(e)
  3,823,000       4,182,362
Markel Group, Inc., 6.00%(b)(d)
  4,587,000        4,576,417
MetLife, Inc., Series D, 5.88%(b)(d)(e)
  3,770,000        3,780,041
Nationwide Financial Services, Inc., 6.75%, 05/15/2037
  3,163,000        3,218,353
PartnerRe Finance B LLC, 4.50%, 10/01/2050(d)
  3,820,000        3,519,757
Prudential Financial, Inc.                    
5.38%, 05/15/2045(d)
  7,643,000       7,602,283
4.50%, 09/15/2047(d)
  5,735,000       5,495,713
5.70%, 09/15/2048(d)
  7,645,000       7,618,955
3.70%, 10/01/2050(d)
  6,118,000       5,489,353
5.13%, 03/01/2052(d)
  7,647,000       7,461,826
6.00%, 09/01/2052(d)
  9,176,000       9,426,340
6.75%, 03/01/2053(d)
  3,827,000       4,072,100
6.50%, 03/15/2054(d)
  7,646,000       7,926,616
        111,269,809
Machinery-0.31%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(d)
  5,736,000       5,365,733
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
123
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
  Principal
Amount 		  Value
Media-0.65%
Paramount Global                    
6.25%, 02/28/2057(d)
$ 4,968,000       $4,293,388
6.38%, 03/30/2062(d)
  7,650,000       7,000,168
        11,293,556
Multi-Utilities-4.39%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(d)
  5,735,000        5,336,626
CenterPoint Energy, Inc.                    
Series A, 7.00%, 02/15/2055(d)(e)
  3,100,000       3,129,276
Series B, 6.85%, 02/15/2055(d)
  3,100,000       3,119,710
CMS Energy Corp.                    
4.75%, 06/01/2050(d)
  3,820,000       3,617,480
3.75%, 12/01/2050(d)(e)
  3,141,000       2,697,024
Dominion Energy, Inc.                    
Series A, 5.75%, 10/01/2054(d)
  5,191,000       5,216,950
Series A, 6.88%, 02/01/2055(d)
  7,653,000       7,976,355
Series B, 7.00%, 06/01/2054(d)
  7,652,000       8,158,823
Series B, 4.65%(b)(d)(e)
  2,740,000       2,723,567
Series C, 4.35%(b)(d)
  5,732,000       5,506,635
NiSource, Inc., 6.95%, 11/30/2054(d)
  3,821,000        3,880,806
Sempra                    
4.13%, 04/01/2052(d)
  7,650,000       7,154,914
6.88%, 10/01/2054(d)
  8,415,000       8,520,760
4.88%(b)(d)
  6,883,000       6,760,018
WEC Energy Group, Inc., 7.49% (3 mo. Term SOFR + 2.37%), 05/15/2067(c)
  2,723,000       2,652,384
        76,451,328
Oil, Gas & Consumable Fuels-11.89%
BP Capital Markets PLC                    
4.38%(b)(d)
  9,179,000       9,052,751
4.88%(b)(d)
  19,123,000      18,792,958
6.45%(b)(d)(e)
  9,943,000      10,368,710
Enbridge, Inc. (Canada)                    
7.20%, 06/27/2054(d)
  5,350,000       5,528,268
7.38%, 03/15/2055(d)
  3,820,000       3,920,833
5.50%, 07/15/2077(d)
  7,651,000       7,385,840
6.25%, 03/01/2078(d)
  6,520,000       6,393,761
7.38%, 01/15/2083(d)
  3,933,000       3,985,061
7.63%, 01/15/2083(d)
  4,589,000       4,810,851
8.50%, 01/15/2084(d)
  9,561,000      10,502,854
Series 16-A, 6.00%, 01/15/2077(d)
  5,745,000       5,623,863
Series 20-A, Conv., 5.75%, 07/15/2080(d)
  7,652,000       7,326,994
Series NC5, 8.25%, 01/15/2084(d)
  5,739,000       6,018,920
Energy Transfer L.P.                    
8.00%, 05/15/2054(d)
  6,116,000       6,510,959
7.13%, 10/01/2054(d)(e)
  3,060,000       3,101,108
8.53% (3 mo. Term SOFR + 3.28%), 11/01/2066(c)(e)
  4,168,000       3,949,513
Series B, 6.63%(b)(d)
  4,209,000       4,109,276
Series F, 6.75%(b)(d)
  3,821,000       3,814,749
Series G, 7.13%(b)(d)
  8,416,000       8,438,488
Series H, 6.50%(b)(d)
  6,888,000       6,850,967
EnLink Midstream Partners L.P., Series C, 9.72% (3 mo. Term SOFR + 4.37%)(b)(c)
  2,895,000       2,889,875
  Principal
Amount 		  Value
Oil, Gas & Consumable Fuels-(continued)
Enterprise Products Operating LLC                    
5.38%, 02/15/2078(d)
$ 5,356,000       $5,043,189
Series D, 8.34% (3 mo. Term SOFR + 3.25%), 08/16/2077(c)
  2,741,000       2,711,182
Series E, 5.25%, 08/16/2077(d)
  7,649,000       7,476,212
Plains All American Pipeline L.P., Series B, 9.49% (3 mo. Term SOFR + 4.37%)(b)(c)
  6,121,000        6,120,987
TransCanada PipeLines Ltd. (Canada), 7.59% (3 mo. Term SOFR + 2.47%), 05/15/2067(c)(e)
  7,643,000        6,745,254
Transcanada Trust (Canada)                    
5.63%, 05/20/2075(d)
  5,739,000       5,664,216
5.30%, 03/15/2077(d)
  11,476,000      11,039,729
5.50%, 09/15/2079(d)
  8,410,000       7,919,895
5.60%, 03/07/2082(d)
  6,122,000       5,839,083
Series 16-A, 5.88%, 08/15/2076(d)
  9,178,000       9,050,173
        206,986,519
Trading Companies & Distributors-0.33%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(d)(e)
  5,760,000       5,756,209
Wireless Telecommunication Services-1.85%
Vodafone Group PLC (United Kingdom)                    
7.00%, 04/04/2079(d)
  15,301,000      16,040,023
3.25%, 06/04/2081(d)
  3,820,000       3,658,644
4.13%, 06/04/2081(d)
  7,653,000       6,890,481
5.13%, 06/04/2081(d)
  7,190,000       5,653,975
        32,243,123
Total U.S. Dollar Denominated Bonds & Notes

(Cost $1,364,618,849)
  1,343,602,468
  Shares    
Preferred Stocks-21.50%
Banks-7.29%
Associated Banc-Corp, Pfd., 6.63%(d)
  89,494        2,130,852
Banc of California, Inc., Series F, Pfd., 7.75%(d)(e)
  160,220        3,813,236
Bank of America Corp.                    
Series E, Pfd., 5.73% (3 mo. Term SOFR + 0.61%)(c)(e)
  92,980        2,216,643
Series 5, Pfd., 5.89% (3 mo. Term SOFR + 0.76%)(c)(e)
  126,834        2,866,448
Series 2, Pfd., 5.97% (3 mo. Term SOFR + 0.91%)(c)(e)
  91,442        2,016,296
Series 4, Pfd., 6.07% (3 mo. Term SOFR + 1.01%)(c)(e)
  63,450        1,447,295
Series K, Pfd., 6.45%
  326,184        8,418,809
Series Z, Pfd., 6.50%(d)(e)
  10,713,000       10,732,964
Citigroup, Inc.                    
Series W, Pfd., 4.00%(d)
  11,479,000       11,188,291
Series U, Pfd., 5.00%(d)
  11,454,000       11,435,920
Series T, Pfd., 6.25%(d)
  11,477,000       11,604,544
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%(d)(e)
  34,313          699,985
Fifth Third Bancorp, Series I, Pfd., 9.30%(d)(e)
  138,751        3,557,576
Heartland Financial USA, Inc., Series E, Pfd., 7.00%(d)(e)
  34,362          869,702
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
124
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
  Shares   Value
Banks-(continued)
Huntington Bancshares, Inc., Series J, Pfd., 6.88%(d)
  98,651   $    2,500,803
KeyCorp                    
Series E, Pfd., 6.13%(d)
  153,294        3,786,362
Pfd., 6.20%(d)
  181,096        4,393,389
M&T Bank Corp., Series H, Pfd., 5.63%(d)
  76,719        1,942,525
Midland States Bancorp, Inc., Pfd., 7.75%(d)(e)
  33,746          845,000
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(d)
  154,008        3,126,362
Regions Financial Corp.                    
Series C, Pfd., 5.70%(d)
  152,363        3,623,192
Series B, Pfd., 6.38%(d)
  155,170        3,935,111
Pfd., 6.95%(d)
  155,000        3,949,400
Synovus Financial Corp.                    
Series E, Pfd., 8.40%(d)(e)
  107,433        2,735,244
Series D, Pfd., 8.96% (3 mo. Term SOFR + 3.61%)(c)(e)
  59,673        1,514,501
Truist Financial Corp., Series I, Pfd., 5.79% (3 mo. Term SOFR + 0.79%)(c)(e)
  53,236        1,259,031
U.S. Bancorp                    
Series B, Pfd., 6.16% (3 mo. Term SOFR + 0.86%)(c)(e)
  306,486        6,623,163
Series A, Pfd., 6.58% (3 mo. Term SOFR + 1.28%)(c)
  4,307        3,648,072
Valley National Bancorp                    
Series A, Pfd., 6.25%(d)(e)
  34,315          813,609
Series C, Pfd., 8.25%(d)
  49,600        1,268,768
Series B, Pfd., 8.83% (3 mo. USD LIBOR + 3.58%)(c)(e)
  30,243          760,611
WesBanco, Inc., Series A, Pfd., 6.75%(d)(e)
  45,274        1,120,532
Western Alliance Bancorporation, Series A, Pfd., 4.25%(d)
  89,866        1,809,901
Wintrust Financial Corp.                    
Series D, Pfd., 6.50%(d)(e)
  37,285          924,668
Series E, Pfd., 6.88%(d)
  87,094        2,177,350
Zions Bancorporation N.A., Series G, Pfd., 9.84% (3 mo. USD LIBOR + 4.24%)(c)(e)
  42,915       1,099,053
        126,855,208
Capital Markets-3.30%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(d)
  7,651,000        7,560,802
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(d)
  17,033,000       14,845,668
Goldman Sachs Group, Inc. (The)                    
Series D, Pfd., 6.03% (3 mo. Term SOFR + 0.93%)(c)(e)
  414,591        9,448,529
Series A, Pfd., 6.11% (3 mo. Term SOFR + 1.01%)(c)(e)
  228,330        5,235,607
Series C, Pfd., 6.11% (3 mo. Term SOFR + 1.01%)(c)(e)
  61,225        1,425,318
Series P, Pfd., 8.24% (3 mo. Term SOFR + 3.14%)(c)
  11,471,000       11,501,226
Morgan Stanley, Series A, Pfd., 6.26% (3 mo. Term SOFR + 0.96%)(c)(e)
  336,682       7,477,707
        57,494,857
  Shares   Value
Consumer Finance-0.23%
Synchrony Financial, Series B, Pfd., 8.25%(d)
  153,448   $    3,965,096
Electric Utilities-0.38%
SCE Trust III, Series H, Pfd., 8.59% (3 mo. Term SOFR + 3.25%)(c)(e)
  83,234        2,120,802
SCE Trust IV, Series J, Pfd., 5.38%(d)
  97,840        2,343,268
SCE Trust V, Series K, Pfd., 5.45%(d)
  89,500       2,207,965
        6,672,035
Financial Services-2.23%
Apollo Global Management, Inc., Pfd., 7.63%(d)
  187,739        4,954,432
Citigroup Capital XIII, Pfd., 11.89% (3 mo. Term SOFR + 6.63%)(c)
  686,174       20,358,783
Compass Diversified Holdings, Series B, Pfd., 7.88%(d)
  29,831          738,317
Equitable Holdings, Inc., Series B, Pfd., 4.95%(d)(e)
  3,822,000        3,772,397
Jackson Financial, Inc., Pfd., 8.00%(d)
  171,016        4,514,822
Merchants Bancorp                    
Series B, Pfd., 6.00%(d)
  38,717          969,861
Pfd., 8.25%(d)
  43,433        1,116,662
Voya Financial, Inc., Series B, Pfd., 5.35%(d)
  91,872       2,365,704
        38,790,978
Food Products-0.41%
CHS, Inc.                    
Series 3, Pfd., 6.75% (3 mo. USD LIBOR + 4.16%)(c)(e)
  150,416        3,820,566
Series 2, Pfd., 7.10% (3 mo. USD LIBOR + 4.30%)(c)(e)
  127,101       3,255,057
        7,075,623
Insurance-3.32%
Allstate Corp. (The), Pfd., 8.42% (3 mo. Term SOFR + 3.43%)(c)
  153,502        3,954,211
American National Group, Inc.                    
Series A, Pfd., 5.95%(d)
  120,515        2,961,054
Series B, Pfd., 6.63%(d)
  90,653        2,234,596
Argo Group International Holdings, Inc., Pfd., 7.00%(d)
  44,767        1,099,925
Aspen Insurance Holdings Ltd., Pfd., 9.65% (3 mo. USD LIBOR + 4.06%), (Bermuda)(c)(e)
  83,852        2,222,916
Athene Holding Ltd.                    
Series A, Pfd., 6.35%(d)
  265,421        6,595,712
Series C, Pfd., 6.38%(d)
  183,991        4,625,534
Pfd., 7.25%(d)
  170,093        4,299,951
Series E, Pfd., 7.75%(d)
  153,494        4,033,822
Enstar Group Ltd., Series D, Pfd., 7.00%(d)
  122,368        2,501,202
Kemper Corp., Pfd., 5.88%(d)
  45,802        1,028,255
MetLife, Inc.                    
Series G, Pfd., 3.85%(d)(e)
  7,650,000        7,502,858
Series A, Pfd., 6.60% (3 mo. Term SOFR + 1.26%)(c)(e)
  187,785       4,518,107
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
125
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
  Shares   Value
Insurance-(continued)
Reinsurance Group of America, Inc.                    
Pfd., 5.75%(d)
  126,672   $    3,132,599
Pfd., 7.13%(d)
  217,611        5,670,943
SiriusPoint Ltd., Series B, Pfd., 8.00% (Sweden)(d)
  59,671       1,498,936
        57,880,621
Mortgage REITs-3.28%
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%(d)
  36,441          907,381
AGNC Investment Corp.                    
Series F, Pfd., 6.13%(d)
  174,010        4,200,601
Series E, Pfd., 6.50%(d)(e)
  123,304        3,071,503
Series G, Pfd., 7.75%(d)(e)
  45,571        1,095,983
Series D, Pfd., 9.90% (3 mo. Term SOFR + 4.59%)(c)(e)
  71,613        1,801,067
Series C, Pfd., 10.67% (3 mo. Term SOFR + 5.37%)(c)(e)
  98,392        2,510,964
Annaly Capital Management, Inc.                    
Series G, Pfd., 9.43% (3 mo. Term SOFR + 4.43%)(c)(e)
  130,558        3,265,256
Series I, Pfd., 10.58%(d)(e)
  137,208        3,453,525
Series F, Pfd., 10.59% (3 mo. Term SOFR + 5.25%)(c)(e)
  225,009        5,685,977
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%(d)(e)
  85,120        1,576,422
Chimera Investment Corp.                    
Series C, Pfd., 7.75%(d)(e)
  77,589        1,792,306
Series D, Pfd., 10.93% (3 mo. Term SOFR + 5.60%)(c)
  59,668        1,485,733
Series B, Pfd., 11.38% (3 mo. Term SOFR + 6.05%)(c)
  96,955        2,424,845
Dynex Capital, Inc., Series C, Pfd., 6.90%(d)(e)
  33,212          825,982
Ellington Financial, Inc.                    
Series B, Pfd., 6.25%(d)(e)
  36,927          804,639
Pfd., 6.75%(d)(e)
  34,586          874,334
Series C, Pfd., 8.63%(d)(e)
  30,975          792,650
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%(d)(e)
  62,609        1,001,744
MFA Financial, Inc., Series C, Pfd., 6.50%(d)(e)
  81,885        1,913,653
New York Mortgage Trust, Inc.                    
Series F, Pfd., 6.88%(d)(e)
  43,578          900,757
Series E, Pfd., 7.88%(d)(e)
  55,211        1,337,210
Series D, Pfd., 8.00%(d)(e)
  46,543        1,039,305
Rithm Capital Corp.                    
Series C, Pfd., 6.38%(d)(e)
  118,629        2,817,439
Series D, Pfd., 7.00%(d)
  139,211        3,279,811
Series B, Pfd., 11.02% (3 mo. USD LIBOR + 5.64%)(c)
  85,857        2,150,718
Series A, Pfd., 11.18% (3 mo. USD LIBOR + 5.80%)(c)(e)
  46,645        1,173,122
Two Harbors Investment Corp.                    
Series C, Pfd., 7.25%(d)(e)
  82,577        2,018,182
Series B, Pfd., 7.63%(d)(e)
  80,499        1,947,271
Series A, Pfd., 8.13%(d)(e)
  39,961         980,643
        57,129,023
  Shares   Value
Multi-Utilities-0.16%
Algonquin Power & Utilities Corp., Series 19-A, Pfd., 9.60% (3 mo. USD LIBOR + 4.01%), (Canada)(c)
  106,282   $    2,710,191
Oil, Gas & Consumable Fuels-0.39%
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)(d)
  39,853        1,012,732
NGL Energy Partners L.P., Series B, Pfd., 12.78% (3 mo. Term SOFR + 7.47%)(c)
  94,622        2,204,693
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)(d)
  50,715        1,285,118
Tsakos Energy Navigation Ltd.                    
Series E, Pfd., 9.25% (Greece)(d)
  36,558          951,605
Series F, Pfd., 9.50% (Greece)(d)
  51,620       1,376,189
        6,830,337
Trading Companies & Distributors-0.51%
Air Lease Corp., Series A, Pfd., 9.24%(d)(e)
  78,150        1,951,405
FTAI Aviation Ltd.                    
Series B, Pfd., 8.00%(d)(e)
  37,598          958,749
Series A, Pfd., 8.25%(d)(e)
  32,271          823,879
Series C, Pfd., 8.25%(d)
  32,338          832,057
WESCO International, Inc., Series A, Pfd., 10.63%(d)(e)
  164,124       4,300,049
        8,866,139
Total Preferred Stocks

(Cost $387,000,182)
  374,270,108
Money Market Funds-1.25%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)

(Cost $21,712,174)
  21,712,174      21,712,174
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $1,773,331,205)
  1,739,584,750
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-9.79%
Invesco Private Government Fund, 5.28%(g)(h)(i)
  47,189,112       47,189,112
Invesco Private Prime Fund, 5.46%(g)(h)(i)
  123,220,666     123,269,954
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $170,451,458)
  170,459,066
TOTAL INVESTMENTS IN SECURITIES-109.73%

(Cost $1,943,782,663)
  1,910,043,816
OTHER ASSETS LESS LIABILITIES-(9.73)%
  (169,415,601)
NET ASSETS-100.00%
  $1,740,628,215
    
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
126
Table of Contents
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
Investment Abbreviations:
Conv. -Convertible
LIBOR -London Interbank Offered Rate
Pfd. -Preferred
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
USD -U.S. Dollar
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Perpetual bond with no specified maturity date.
(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024.
(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e) All or a portion of this security was out on loan at August 31, 2024.
(f) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $337,388,228   $(315,676,054)   $-   $-   $21,712,174   $701,059
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 35,396,501   244,654,780   (232,862,169)   -   -   47,189,112   1,986,510*
Invesco Private Prime Fund 98,157,459   372,505,159   (347,423,273)   7,354   23,255   123,269,954   5,397,842*
Total $133,553,960   $954,548,167   $(895,961,496)   $7,354   $23,255   $192,171,240   $8,085,411
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(h) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco
California
AMT-Free
Municipal
Bond ETF
(PWZ) 		  Invesco
CEF Income
Composite
ETF (PCEF) 		  Invesco
Equal Weight
0-30 Treasury
ETF (GOVI) 		  Invesco
Floating Rate
Municipal Income
ETF (PVI) 		  Invesco
Fundamental
High Yield®
Corporate Bond
ETF (PHB)
Assets:                  
Unaffiliated investments in securities, at value(a)
$629,737,799   $791,223,172   $828,823,125   $33,585,000   $557,349,104
Affiliated investments in securities, at value
-   24,761,294   18,224,914   -   187,296,155
Cash
4,855,860   -   1,282   3,350,601   -
Deposits with brokers:                  
Cash segregated as collateral
-   -   -   -   -
Receivable for:                  
Dividends and interest
6,986,387   1,147,801   1,480,846   114,011   8,568,558
Securities lending
-   234,321   1,302   -   58,051
Investments sold
-   -   30,205,951   200,000   11,254
Fund shares sold
-   -   -   -   -
Foreign tax reclaims
-   -   -   -   -
Other assets
-   -   -   -   -
Total assets
641,580,046   817,366,588   878,737,420   37,249,612   753,283,122
Liabilities:                  
Due to custodian
-   34,705   -   -   1,663
Payable for:                  
Investments purchased
112,930   -   46,368,569   -   -
Collateral upon return of securities loaned
-   18,385,417   1,876,606   -   186,084,201
Collateral upon receipt of securities in-kind
-   -   -   -   -
Fund shares repurchased
-   -   -   -   -
Accrued unitary management fees
169,749   325,326   103,371   7,884   238,511
Accrued expenses
-   -   -   -   643
Accrued tax expenses
-   -   -   (85)   1,437
Other payables
-   -   -   -   -
Total liabilities
282,679   18,745,448   48,348,546   7,799   186,326,455
Net Assets
$641,297,367   $798,621,140   $830,388,874   $37,241,813   $566,956,667
Net assets consist of:                  
Shares of beneficial interest
$645,610,225   $880,097,606   $924,660,146   $37,241,813   $639,056,574
Distributable earnings (loss)
(4,312,858)   (81,476,466)   (94,271,272)   -   (72,099,907)
Net Assets
$641,297,367   $798,621,140   $830,388,874   $37,241,813   $566,956,667
Shares outstanding (unlimited amount authorized, $0.01 par value)
25,800,000   41,330,000   28,920,000   1,500,000   30,800,000
Net asset value
$24.86   $19.32   $28.71   $24.83   $18.41
Market price
$24.84   $19.30   $28.72   $24.83   $18.42
Unaffiliated investments in securities, at cost
$631,947,581   $753,111,672   $902,132,239   $33,585,000   $553,439,802
Affiliated investments in securities, at cost
$-   $24,050,014   $18,224,914   $-   $187,293,637
(a)Includes securities on loan with an aggregate value of:
$-   $17,903,269   $1,826,885   $-   $179,825,924
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
Fundamental
Investment
Grade Corporate
Bond ETF (PFIG) 		  Invesco
National
AMT-Free
Municipal Bond
ETF (PZA) 		  Invesco
New York
AMT-Free
Municipal Bond
ETF (PZT) 		  Invesco
Preferred
ETF (PGX) 		  Invesco
Short Term
Treasury
ETF (TBLL) 		  Invesco
Taxable
Municipal
Bond ETF
(BAB) 		  Invesco
Variable Rate
Preferred
ETF (VRP)
                         
$66,327,720   $2,872,285,028   $126,563,215   $4,370,219,445   $1,807,599,338   $1,169,949,439   $1,717,872,576
5,117,567   -   -   76,309,598   6,884   10,657,047   192,171,240
140   4,152,601   76,895   93,832   731,217   -   123,039
                         
-   -   -   6,639   -   -   228,702
                         
671,954   31,978,879   1,525,371   25,519,310   3,453,260   14,350,468   21,600,611
344   -   -   231,678   -   -   174,576
1,386,468   3,673,890   -   5,315,968   260,350,876   -   -
-   -   -   2,396,305   -   1,364,364   217,838
-   -   -   19,781   -   -   -
-   -   -   375   -   -   -
73,504,193   2,912,090,398   128,165,481   4,480,112,931   2,072,141,575   1,196,321,318   1,932,388,582
                         
-   -   -   -   -   33,369   -
                         
1,567,240   996,500   -   26,652,795   264,319,558   3,389,430   20,347,920
4,935,006   -   -   75,407,292   -   -   170,451,458
-   -   -   6,639   -   -   228,702
-   3,593,087   -   -   -   -   -
10,655   694,070   29,966   1,845,501   121,702   283,240   729,249
-   -   -   -   -   -   3,038
-   -   -   -   -   -   -
-   21,951   -   -   -   -   -
6,512,901   5,305,608   29,966   103,912,227   264,441,260   3,706,039   191,760,367
$66,991,292   $2,906,784,790   $128,135,515   $4,376,200,704   $1,807,700,315   $1,192,615,279   $1,740,628,215
                         
$68,418,861   $3,011,844,972   $133,848,377   $5,709,829,214   $1,806,467,962   $1,331,875,152   $1,880,091,588
(1,427,569)   (105,060,182)   (5,712,862)   (1,333,628,510)   1,232,353   (139,259,873)   (139,463,373)
$66,991,292   $2,906,784,790   $128,135,515   $4,376,200,704   $1,807,700,315   $1,192,615,279   $1,740,628,215
2,800,000   121,350,000   5,550,000   365,250,000   17,120,001   43,700,000   72,100,000
$23.93   $23.95   $23.09   $11.98   $105.59   $27.29   $24.14
$23.99   $23.85   $23.10   $11.99   $105.61   $27.33   $24.20
$66,653,802   $2,960,334,694   $131,680,683   $5,074,071,976   $1,805,733,738   $1,291,434,711   $1,751,619,031
$5,117,491   $-   $-   $76,305,221   $6,884   $10,657,047   $192,163,632
$4,767,619   $-   $-   $73,192,088   $-   $-   $164,777,695
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Table of Contents
Statements of Operations
For the year ended August 31, 2024
  Invesco
California
AMT-Free
Municipal
Bond ETF
(PWZ) 		  Invesco
CEF Income
Composite
ETF (PCEF) 		  Invesco
Equal Weight
0-30 Treasury
ETF (GOVI) 		  Invesco
Floating Rate
Municipal Income
ETF (PVI) 		  Invesco
Fundamental
High Yield®
Corporate Bond
ETF (PHB)
Investment income:                  
Unaffiliated interest income
$28,001,192   $-   $24,851,475   $1,215,365   $33,448,731
Unaffiliated dividend income
-   41,647,962   -   -   -
Affiliated dividend income
-   755,422   144,131   -   145,988
Securities lending income, net
-   2,054,984   63,120   -   949,841
Foreign withholding tax
-   -   -   -   -
Total investment income
28,001,192   44,458,368   25,058,726   1,215,365   34,544,560
Expenses:                  
Unitary management fees
2,250,916   3,589,796   1,068,473   96,805   3,044,829
Tax expenses
-   -   -   -   650
Total expenses
2,250,916   3,589,796   1,068,473   96,805   3,045,479
Less: Waivers
-   (383)   (2,789)   -   (2,765)
Net expenses
2,250,916   3,589,413   1,065,684   96,805   3,042,714
Net investment income
25,750,276   40,868,955   23,993,042   1,118,560   31,501,846
Realized and unrealized gain (loss) from:                  
Net realized gain (loss) from:                  
Unaffiliated investment securities
(1,604,929)   (27,215,635)   (15,136,246)   -   (13,089,474)
Affiliated investment securities
-   201,239   4,347   -   45,744
Unaffiliated in-kind redemptions
(10,195,808)   5,189,843   1,344,290   -   1,679,312
Affiliated in-kind redemptions
-   43,745   -   -   -
Distributions of underlying fund shares
-   279,104   -   -   -
Net realized gain (loss)
(11,800,737)   (21,501,704)   (13,787,609)   -   (11,364,418)
Change in net unrealized appreciation of:                  
Unaffiliated investment securities
38,997,597   104,818,766   29,670,039   -   44,590,846
Affiliated investment securities
-   586,840   -   -   1,192
Change in net unrealized appreciation
38,997,597   105,405,606   29,670,039   -   44,592,038
Net realized and unrealized gain
27,196,860   83,903,902   15,882,430   -   33,227,620
Net increase in net assets resulting from operations
$52,947,136   $124,772,857   $39,875,472   $1,118,560   $64,729,466
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco
Fundamental
Investment
Grade Corporate
Bond ETF (PFIG) 		  Invesco
National
AMT-Free
Municipal Bond
ETF (PZA) 		  Invesco
New York
AMT-Free
Municipal Bond
ETF (PZT) 		  Invesco
Preferred
ETF (PGX) 		  Invesco
Short Term
Treasury
ETF (TBLL) 		  Invesco
Taxable
Municipal
Bond ETF
(BAB) 		  Invesco
Variable Rate
Preferred
ETF (VRP)
                         
$2,017,093   $91,364,755   $3,273,481   $-   $82,524,049   $56,732,060   $69,713,264
-   -   -   270,267,270   -   -   22,665,430
5,373   -   -   575,259   11,276   500,081   701,059
5,171   -   -   5,709,874   -   -   2,406,350
-   -   -   (315,867)   -   -   -
2,027,637   91,364,755   3,273,481   276,236,536   82,535,325   57,232,141   95,486,103
                         
106,010   7,405,940   280,815   21,960,868   1,271,975   3,880,766   7,852,756
-   -   -   -   -   -   650
106,010   7,405,940   280,815   21,960,868   1,271,975   3,880,766   7,853,406
(99)   -   -   (10,558)   (189)   (9,129)   (12,440)
105,911   7,405,940   280,815   21,950,310   1,271,786   3,871,637   7,840,966
1,921,726   83,958,815   2,992,666   254,286,226   81,263,539   53,360,504   87,645,137
                         
                         
(463,444)   (5,587,747)   (111,682)   (47,802,450)   403,470   (3,615,703)   (6,170,047)
128   -   -   27,696   -   -   23,255
(156,513)   (10,949,974)   -   (32,534,889)   -   (54,795,813)   1,215,624
-   -   -   -   -   -   -
-   -   -   -   -   -   -
(619,829)   (16,537,721)   (111,682)   (80,309,643)   403,470   (58,411,516)   (4,931,168)
                         
2,420,116   119,171,127   4,063,975   388,242,967   2,849,337   113,782,067   117,325,855
130   -   -   1,787   -   -   7,354
2,420,246   119,171,127   4,063,975   388,244,754   2,849,337   113,782,067   117,333,209
1,800,417   102,633,406   3,952,293   307,935,111   3,252,807   55,370,551   112,402,041
$3,722,143   $186,592,221   $6,944,959   $562,221,337   $84,516,346   $108,731,055   $200,047,178
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Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco California AMT-Free
Municipal Bond ETF (PWZ) 		  Invesco CEF Income Composite
ETF (PCEF)
  2024   2023   2024   2023
Operations:              
Net investment income
$25,750,276   $16,110,528   $40,868,955   $45,080,854
Net realized gain (loss)
(11,800,737)   (4,252,621)   (21,501,704)   (43,322,100)
Change in net unrealized appreciation (depreciation)
38,997,597   1,646,959   105,405,606   (982,509)
Net increase (decrease) in net assets resulting from operations
52,947,136   13,504,866   124,772,857   776,245
Distributions to Shareholders from:              
Distributable earnings
(25,554,449)   (16,284,639)   (42,849,699)   (59,586,125)
Return of capital
-   -   (23,474,004)   (6,893,411)
Total distributions to shareholders
(25,554,449)   (16,284,639)   (66,323,703)   (66,479,536)
Shareholder Transactions:              
Proceeds from shares sold
383,615,750   179,426,529   117,552,245   83,555,227
Value of shares repurchased
(429,859,188)   (83,590,164)   (38,578,444)   (84,512,777)
Transaction fees
9,049   425,964   -   -
Net increase (decrease) in net assets resulting from share transactions
(46,234,389)   96,262,329   78,973,801   (957,550)
Net increase (decrease) in net assets
(18,841,702)   93,482,556   137,422,955   (66,660,841)
Net assets:              
Beginning of year
660,139,069   566,656,513   661,198,185   727,859,026
End of year
$641,297,367   $660,139,069   $798,621,140   $661,198,185
Changes in Shares Outstanding:              
Shares sold
16,100,000   7,500,000   6,500,000   4,510,000
Shares repurchased
(17,600,000)   (3,500,000)   (2,130,000)   (4,610,000)
Shares outstanding, beginning of year
27,300,000   23,300,000   36,960,000   37,060,000
Shares outstanding, end of year
25,800,000   27,300,000   41,330,000   36,960,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco Equal Weight
0-30 Treasury ETF (GOVI) 		  Invesco Floating Rate
Municipal Income ETF (PVI) 		  Invesco Fundamental High Yield®
Corporate Bond (PHB) 		  Invesco Fundamental Investment Grade
Corporate Bond ETF (PFIG)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$23,993,042   $14,730,166   $1,118,560   $1,530,443   $31,501,846   $28,594,928   $1,921,726   $1,270,104
(13,787,609)   (16,998,261)   -   -   (11,364,418)   (32,534,021)   (619,829)   (725,725)
29,670,039   (33,566,759)   -   -   44,592,038   41,235,389   2,420,246   (63,447)
39,875,472   (35,834,854)   1,118,560   1,530,443   64,729,466   37,296,296   3,722,143   480,932
                             
(24,669,103)   (14,136,883)   (1,132,916)   (1,548,995)   (34,198,767)   (26,774,161)   (1,938,366)   (1,254,740)
-   -   -   -   -   -   -   -
(24,669,103)   (14,136,883)   (1,132,916)   (1,548,995)   (34,198,767)   (26,774,161)   (1,938,366)   (1,254,740)
                             
420,800,792   298,877,088   12,418,845   19,925,844   174,743,827   80,931,815   30,689,392   37,168,025
(265,942,447)   (113,567,760)   (14,895,577)   (43,643,574)   (182,735,865)   (289,516,428)   (10,373,056)   (20,872,110)
-   -   -   -   -   -   -   -
154,858,345   185,309,328   (2,476,732)   (23,717,730)   (7,992,038)   (208,584,613)   20,316,336   16,295,915
170,064,714   135,337,591   (2,491,088)   (23,736,282)   22,538,661   (198,062,478)   22,100,113   15,522,107
                             
660,324,160   524,986,569   39,732,901   63,469,183   544,418,006   742,480,484   44,891,179   29,369,072
$830,388,874   $660,324,160   $37,241,813   $39,732,901   $566,956,667   $544,418,006   $66,991,292   $44,891,179
                             
15,200,000   10,230,000   500,000   800,000   9,800,000   4,700,000   1,300,000   1,600,000
(9,700,000)   (3,880,000)   (600,000)   (1,750,000)   (10,200,000)   (16,800,000)   (450,000)   (900,000)
23,420,000   17,070,000   1,600,000   2,550,000   31,200,000   43,300,000   1,950,000   1,250,000
28,920,000   23,420,000   1,500,000   1,600,000   30,800,000   31,200,000   2,800,000   1,950,000
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco National AMT-Free
Municipal Bond ETF (PZA) 		  Invesco New York AMT-Free
Municipal Bond ETF (PZT)
  2024   2023   2024   2023
Operations:              
Net investment income
$83,958,815   $61,227,240   $2,992,666   $2,589,734
Net realized gain (loss)
(16,537,721)   (19,317,339)   (111,682)   (2,290,832)
Change in net unrealized appreciation (depreciation)
119,171,127   (4,698,574)   4,063,975   1,426,211
Net increase (decrease) in net assets resulting from operations
186,592,221   37,211,327   6,944,959   1,725,113
Distributions to Shareholders from:              
Distributable earnings
(84,176,275)   (62,219,731)   (2,983,770)   (2,613,885)
Shareholder Transactions:              
Proceeds from shares sold
679,552,475   560,353,606   35,388,839   -
Value of shares repurchased
(185,288,286)   (210,179,980)   -   (25,464,373)
Transaction fees
37,792   975,482   -   -
Net increase (decrease) in net assets resulting from share transactions
494,301,981   351,149,108   35,388,839   (25,464,373)
Net increase (decrease) in net assets
596,717,927   326,140,704   39,350,028   (26,353,145)
Net assets:              
Beginning of year
2,310,066,863   1,983,926,159   88,785,487   115,138,632
End of year
$2,906,784,790   $2,310,066,863   $128,135,515   $88,785,487
Changes in Shares Outstanding:              
Shares sold
29,200,000   24,100,000   1,550,000   -
Shares repurchased
(7,950,000)   (9,150,000)   -   (1,150,000)
Shares outstanding, beginning of year
100,100,000   85,150,000   4,000,000   5,150,000
Shares outstanding, end of year
121,350,000   100,100,000   5,550,000   4,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Invesco Preferred
ETF (PGX) 		  Invesco Short Term
Treasury ETF (TBLL) 		  Invesco Taxable Municipal Bond
ETF (BAB) 		  Invesco Variable Rate Preferred
ETF (VRP)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$254,286,226   $287,608,631   $81,263,539   $46,251,465   $53,360,504   $55,628,135   $87,645,137   $89,032,652
(80,309,643)   (411,193,374)   403,470   (595,206)   (58,411,516)   (58,270,516)   (4,931,168)   (65,379,463)
388,244,754   (70,068,988)   2,849,337   226,424   113,782,067   (21,088,846)   117,333,209   44,975,586
562,221,337   (193,653,731)   84,516,346   45,882,683   108,731,055   (23,731,227)   200,047,178   68,628,775
                             
(270,122,596)   (300,697,738)   (82,099,833)   (46,034,156)   (53,884,418)   (55,177,900)   (98,166,534)   (97,311,997)
                             
352,702,335   694,326,613   974,189,169   885,649,046   35,501,530   69,175,867   325,646,372   60,346,521
(853,277,404)   (1,042,915,111)   (579,722,648)   (299,542,591)   (414,293,908)   (310,464,455)   (178,181,393)   (431,589,853)
-   -   -   -   9,666   83,015   -   -
(500,575,069)   (348,588,498)   394,466,521   586,106,455   (378,782,712)   (241,205,573)   147,464,979   (371,243,332)
(208,476,328)   (842,939,967)   396,883,034   585,954,982   (323,936,075)   (320,114,700)   249,345,623   (399,926,554)
                             
4,584,677,032   5,427,616,999   1,410,817,281   824,862,299   1,516,551,354   1,836,666,054   1,491,282,592   1,891,209,146
$4,376,200,704   $4,584,677,032   $1,807,700,315   $1,410,817,281   $1,192,615,279   $1,516,551,354   $1,740,628,215   $1,491,282,592
                             
31,100,000   59,800,000   9,230,000   8,400,000   1,350,000   2,600,000   13,800,000   2,700,000
(74,700,000)   (89,750,000)   (5,490,000)   (2,840,000)   (15,700,000)   (11,900,000)   (7,700,000)   (19,300,000)
408,850,000   438,800,000   13,380,001   7,820,001   58,050,000   67,350,000   66,000,000   82,600,000
365,250,000   408,850,000   17,120,001   13,380,001   43,700,000   58,050,000   72,100,000   66,000,000
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Financial Highlights
Invesco California AMT-Free Municipal Bond ETF (PWZ)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$24.18   $24.32   $28.03   $27.64   $27.62
Net investment income(a)
0.78   0.67   0.59   0.64   0.67
Net realized and unrealized gain (loss) on investments
0.68   (0.14)   (3.72)   0.40   0.02
Total from investment operations
1.46   0.53   (3.13)   1.04   0.69
Distributions to shareholders from:                  
Net investment income
(0.78)   (0.69)   (0.59)   (0.65)   (0.67)
Transaction fees(a)
0.00(b)   0.02   0.01   -   0.00(b)
Net asset value at end of year
$24.86   $24.18   $24.32   $28.03   $27.64
Market price at end of year(c)
$24.84   $24.24   $24.23   $28.05   $27.58
Net Asset Value Total Return(d)
6.14%   2.27%   (11.28)%   3.80%   2.56%
Market Price Total Return(d)
5.79%   2.91%   (11.66)%   4.10%   2.34%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$641,297   $660,139   $566,657   $520,028   $451,918
Ratio to average net assets of:                  
Expenses
0.28%   0.28%   0.28%   0.28%   0.28%
Net investment income
3.20%   2.78%   2.25%   2.31%   2.46%
Portfolio turnover rate(e)
4%   5%   3%   7%   12%
    
(a) Based on average shares outstanding.
(b) Amount represents less than $0.005.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco CEF Income Composite ETF (PCEF)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$17.89   $19.64   $24.61   $20.92   $22.35
Net investment income(a)(b)
1.03   1.21   1.11   0.98   1.35
Net realized and unrealized gain (loss) on investments
2.07   (1.17)   (4.48)   4.33   (1.05)
Total from investment operations
3.10   0.04   (3.37)   5.31   0.30
Distributions to shareholders from:                  
Net investment income
(1.08)   (1.60)   (1.60)   (1.62)   (1.73)
Return of capital
(0.59)   (0.19)   -   -   -
Total distributions
(1.67)   (1.79)   (1.60)   (1.62)   (1.73)
Net asset value at end of year
$19.32   $17.89   $19.64   $24.61   $20.92
Market price at end of year(c)
$19.30   $17.91   $19.63   $24.64   $20.91
Net Asset Value Total Return(d)
18.43%   0.49%   (14.04)%   26.36%   1.84%
Market Price Total Return(d)
18.17%   0.65%   (14.18)%   26.58%   1.80%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$798,621   $661,198   $727,859   $955,554   $756,106
Ratio to average net assets of:                  
Expenses(e)
0.50%   0.50%   0.50%   0.50%   0.50%
Net investment income(b)
5.69%   6.62%   5.03%   4.30%   6.36%
Portfolio turnover rate(f)
24%   30%   21%   25%   21%
    
(a) Based on average shares outstanding.
(b) Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$28.19   $30.75   $37.04   $39.21   $36.19
Net investment income(a)
0.93   0.75   0.53   0.41   0.47
Net realized and unrealized gain (loss) on investments
0.56   (2.60)   (6.31)   (2.21)   3.04
Total from investment operations
1.49   (1.85)   (5.78)   (1.80)   3.51
Distributions to shareholders from:                  
Net investment income
(0.97)   (0.71)   (0.51)   (0.37)   (0.49)
Net asset value at end of year
$28.71   $28.19   $30.75   $37.04   $39.21
Market price at end of year(b)
$28.72   $28.22   $30.65   $37.04   $39.14
Net Asset Value Total Return(c)
5.46%   (6.07)%   (15.71)%   (4.60)%   9.82%
Market Price Total Return(c)
5.38%   (5.66)%   (15.99)%   (4.43)%   9.50%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$830,389   $660,324   $524,987   $414,835   $203,903
Ratio to average net assets of:                  
Expenses
0.15%   0.23%   0.25%   0.25%   0.25%
Net investment income
3.37%   2.56%   1.57%   1.12%   1.25%
Portfolio turnover rate(d)
19%   19%   5%   3%   9%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.
Invesco Floating Rate Municipal Income ETF (PVI)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$24.83   $24.89   $24.88   $24.93   $24.93
Net investment income (loss)(a)
0.72   0.59   0.05   (0.05)   0.17
Net realized and unrealized gain (loss) on investments
-   0.01   (0.01)(b)   0.00(c)   (0.00)(c)
Total from investment operations
0.72   0.60   0.04   (0.05)   0.17
Distributions to shareholders from:                  
Net investment income
(0.72)   (0.66)   (0.03)   (0.00)(c)   (0.17)
Net asset value at end of year
$24.83   $24.83   $24.89   $24.88   $24.93
Market price at end of year(d)
$24.83   $24.86   $24.89   $24.88   $24.93
Net Asset Value Total Return(e)
2.94%   2.45%   0.17%   (0.20)%   0.69%
Market Price Total Return(e)
2.82%   2.57%   0.17%   (0.20)%   0.58%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$37,242   $39,733   $63,469   $48,518   $49,855
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income (loss)
2.89%   2.38%   0.22%   (0.19)%   0.70%
    
(a) Based on average shares outstanding.
(b) Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c) Amount represents less than $0.005.
(d) The mean between the last bid and ask prices.
(e) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$17.45   $17.15   $19.59   $18.90   $19.06
Net investment income(a)
0.92   0.76   0.61   0.68   0.76
Net realized and unrealized gain (loss) on investments
1.05   0.26   (2.45)   0.71   (0.15)
Total from investment operations
1.97   1.02   (1.84)   1.39   0.61
Distributions to shareholders from:                  
Net investment income
(1.01)   (0.72)   (0.60)   (0.70)   (0.77)
Net asset value at end of year
$18.41   $17.45   $17.15   $19.59   $18.90
Market price at end of year(b)
$18.42   $17.46   $17.07   $19.61   $18.89
Net Asset Value Total Return(c)
11.63%   6.09%   (9.55)%   7.49%   3.38%
Market Price Total Return(c)
11.61%   6.64%   (10.06)%   7.66%   3.28%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$566,957   $544,418   $742,480   $834,635   $757,811
Ratio to average net assets of:                  
Expenses
0.50%   0.50%   0.50%   0.50%   0.50%
Net investment income
5.17%   4.40%   3.29%   3.55%   4.09%
Portfolio turnover rate(d)
75%   31%   44%   32%   35%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$23.02   $23.50   $27.03   $27.40   $26.33
Net investment income(a)
0.93   0.78   0.57   0.60   0.71
Net realized and unrealized gain (loss) on investments
0.91   (0.51)   (3.25)   (0.26)   1.07
Total from investment operations
1.84   0.27   (2.68)   0.34   1.78
Distributions to shareholders from:                  
Net investment income
(0.93)   (0.75)   (0.56)   (0.61)   (0.71)
Net realized gains
-   -   (0.29)   (0.10)   -
Total distributions
(0.93)   (0.75)   (0.85)   (0.71)   (0.71)
Net asset value at end of year
$23.93   $23.02   $23.50   $27.03   $27.40
Market price at end of year(b)
$23.99   $23.01   $23.43   $27.04   $27.39
Net Asset Value Total Return(c)
8.20%   1.20%   (10.10)%   1.25%   6.91%
Market Price Total Return(c)
8.52%   1.46%   (10.39)%   1.34%   6.95%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$66,991   $44,891   $29,369   $52,706   $63,030
Ratio to average net assets of:                  
Expenses
0.22%   0.22%   0.22%   0.22%   0.22%
Net investment income
3.99%   3.38%   2.23%   2.21%   2.68%
Portfolio turnover rate(d)
23%   20%   30%   34%   36%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco National AMT-Free Municipal Bond ETF (PZA)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$23.08   $23.30   $27.19   $26.74   $26.76
Net investment income(a)
0.75   0.67   0.62   0.63   0.68
Net realized and unrealized gain (loss) on investments
0.86   (0.22)   (3.90)   0.46   (0.02)
Total from investment operations
1.61   0.45   (3.28)   1.09   0.66
Distributions to shareholders from:                  
Net investment income
(0.74)   (0.68)   (0.61)   (0.64)   (0.69)
Transaction fees(a)
0.00(b)   0.01   0.00(b)   0.00(b)   0.01
Net asset value at end of year
$23.95   $23.08   $23.30   $27.19   $26.74
Market price at end of year(c)
$23.85   $23.06   $23.26   $27.21   $26.73
Net Asset Value Total Return(d)
7.11%   2.00%   (12.21)%   4.11%   2.60%
Market Price Total Return(d)
6.75%   2.08%   (12.42)%   4.23%   2.42%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$2,906,785   $2,310,067   $1,983,926   $2,470,368   $2,677,153
Ratio to average net assets of:                  
Expenses
0.28%   0.28%   0.28%   0.28%   0.28%
Net investment income
3.17%   2.89%   2.42%   2.32%   2.59%
Portfolio turnover rate(e)
4%   3%   4%   10%   15%
    
(a) Based on average shares outstanding.
(b) Amount represents less than $0.005.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco New York AMT-Free Municipal Bond ETF (PZT)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$22.20   $22.36   $26.31   $25.67   $25.68
Net investment income(a)
0.67   0.62   0.58   0.61   0.67
Net realized and unrealized gain (loss) on investments
0.89   (0.14)   (3.83)   0.66   (0.01)
Total from investment operations
1.56   0.48   (3.25)   1.27   0.66
Distributions to shareholders from:                  
Net investment income
(0.67)   (0.64)   (0.58)   (0.63)   (0.67)
Net realized gains
-   -   (0.12)   -   -
Total distributions
(0.67)   (0.64)   (0.70)   (0.63)   (0.67)
Net asset value at end of year
$23.09   $22.20   $22.36   $26.31   $25.67
Market price at end of year(b)
$23.10   $22.14   $22.36   $26.29   $25.73
Net Asset Value Total Return(c)
7.14%   2.15%   (12.55)%   5.00%   2.66%
Market Price Total Return(c)
7.48%   1.88%   (12.49)%   4.66%   2.83%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$128,136   $88,785   $115,139   $121,015   $98,829
Ratio to average net assets of:                  
Expenses
0.28%   0.28%   0.28%   0.28%   0.28%
Net investment income
2.98%   2.78%   2.37%   2.35%   2.64%
Portfolio turnover rate(d)
6%   10%   6%   15%   12%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Preferred ETF (PGX)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$11.21   $12.37   $15.11   $14.86   $14.93
Net investment income(a)
0.66   0.70   0.69   0.73   0.75
Net realized and unrealized gain (loss) on investments
0.81   (1.13)   (2.74)   0.26   (0.06)
Total from investment operations
1.47   (0.43)   (2.05)   0.99   0.69
Distributions to shareholders from:                  
Net investment income
(0.70)   (0.73)   (0.69)   (0.74)   (0.76)
Net asset value at end of year
$11.98   $11.21   $12.37   $15.11   $14.86
Market price at end of year(b)
$11.99   $11.20   $12.37   $15.12   $14.91
Net Asset Value Total Return(c)
13.65%   (3.48)%   (13.85)%   6.81%   4.98%
Market Price Total Return(c)
13.85%   (3.56)%   (13.91)%   6.52%   5.04%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$4,376,201   $4,584,677   $5,427,617   $7,459,245   $6,260,956
Ratio to average net assets of:                  
Expenses
0.50%   0.50%   0.50%(d)   0.50%(d)   0.50%(d)
Net investment income
5.79%   5.98%   5.01%(d)   4.89%(d)   5.20%(d)
Portfolio turnover rate(e)
7%   15%   11%   25%   18%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco Short Term Treasury ETF (TBLL)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$105.44   $105.48   $105.67   $105.77   $105.60
Net investment income(a)
5.39   4.29   0.50   0.09   1.27
Net realized and unrealized gain (loss) on investments
0.21   (0.18)   (0.33)   (0.06)   0.37
Total from investment operations
5.60   4.11   0.17   0.03   1.64
Distributions to shareholders from:                  
Net investment income
(5.45)   (4.15)   (0.34)   (0.09)   (1.45)
Net realized gains
-   -   (0.02)   (0.04)   (0.02)
Total distributions
(5.45)   (4.15)   (0.36)   (0.13)   (1.47)
Net asset value at end of year
$105.59   $105.44   $105.48   $105.67   $105.77
Market price at end of year(b)
$105.61   $105.51   $105.51   $105.68   $105.78
Net Asset Value Total Return(c)
5.46%   3.98%   0.15%   0.03%   1.56%
Market Price Total Return(c)
5.42%   4.03%   0.18%   0.04%   1.55%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,807,700   $1,410,817   $824,862   $667,805   $938,170
Ratio to average net assets of:                  
Expenses
0.08%   0.08%   0.08%   0.08%   0.08%
Net investment income
5.11%   4.08%   0.48%   0.09%   1.20%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Taxable Municipal Bond ETF (BAB)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$26.12   $27.27   $33.55   $33.40   $32.83
Net investment income(a)
1.01   0.95   0.85   0.85   1.07
Net realized and unrealized gain (loss) on investments
1.18   (1.15)   (6.28)   0.16   0.58
Total from investment operations
2.19   (0.20)   (5.43)   1.01   1.65
Distributions to shareholders from:                  
Net investment income
(1.02)   (0.95)   (0.86)   (0.86)   (1.10)
Transaction fees(a)
0.00(b)   0.00(b)   0.01   -   0.02
Net asset value at end of year
$27.29   $26.12   $27.27   $33.55   $33.40
Market price at end of year(c)
$27.33   $26.12   $27.24   $33.46   $33.41
Net Asset Value Total Return(d)
8.64%   (0.70)%   (16.38)%   3.08%   5.28%
Market Price Total Return(d)
8.80%   (0.59)%   (16.23)%   2.78%   4.88%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,192,615   $1,516,551   $1,836,666   $2,365,476   $2,005,861
Ratio to average net assets of:                  
Expenses, after Waivers
0.28%   0.28%   0.28%   0.28%(e)   0.27%
Expenses, prior to Waivers
0.28%   0.28%   0.28%   0.28%(e)   0.28%
Net investment income
3.85%   3.61%   2.78%   2.58%(e)   3.32%
Portfolio turnover rate(f)
4%   4%   3%   5%   18%
    
(a) Based on average shares outstanding.
(b) Amount represents less than $0.005.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Variable Rate Preferred ETF (VRP)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$22.60   $22.90   $26.30   $24.96   $25.28
Net investment income(a)
1.30   1.20   1.03   1.07   1.13
Net realized and unrealized gain (loss) on investments
1.71   (0.18)   (3.26)   1.38   (0.31)
Total from investment operations
3.01   1.02   (2.23)   2.45   0.82
Distributions to shareholders from:                  
Net investment income
(1.47)   (1.32)   (1.17)   (1.11)   (1.14)
Net asset value at end of year
$24.14   $22.60   $22.90   $26.30   $24.96
Market price at end of year(b)
$24.20   $22.59   $22.86   $26.38   $25.01
Net Asset Value Total Return(c)
13.79%   4.68%   (8.63)%   10.00%   3.48%
Market Price Total Return(c)
14.11%   4.83%   (9.06)%   10.11%   3.51%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,740,628   $1,491,283   $1,891,209   $1,930,424   $1,472,807
Ratio to average net assets of:                  
Expenses
0.50%   0.50%   0.50%   0.50%   0.50%
Net investment income
5.58%   5.32%   4.21%   4.14%   4.61%
Portfolio turnover rate(d)
16%   14%   9%   15%   22%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco California AMT-Free Municipal Bond ETF (PWZ)   "California AMT-Free Municipal Bond ETF"
Invesco CEF Income Composite ETF (PCEF)   "CEF Income Composite ETF"
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)   "Equal Weight 0-30 Year Treasury ETF"
Invesco Floating Rate Municipal Income ETF (PVI)   "Floating Rate Municipal Income ETF"
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)   "Fundamental High Yield® Corporate Bond ETF"
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)   "Fundamental Investment Grade Corporate Bond ETF"
Invesco National AMT-Free Municipal Bond ETF (PZA)   "National AMT-Free Municipal Bond ETF"
Invesco New York AMT-Free Municipal Bond ETF (PZT)   "New York AMT-Free Municipal Bond ETF"
Invesco Preferred ETF (PGX)   "Preferred ETF"
Invesco Short Term Treasury ETF (TBLL)   "Short Term Treasury ETF"
Invesco Taxable Municipal Bond ETF (BAB)   "Taxable Municipal Bond ETF"
Invesco Variable Rate Preferred ETF (VRP)   "Variable Rate Preferred ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Equal Weight 0-30 Year Treasury ETF, which are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Creation Units of California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Creation Units of Short Term Treasury ETF are issued principally in exchange for Deposit Securities and redeemed principally in exchange for cash, though it also reserves the right to issue Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds. 
To provide enhanced daily liquidity, Short Term Treasury ETF determines its NAV twice each day, at 12:00 p.m. ET and at the regularly scheduled close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. ET). The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.
CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.
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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
California AMT-Free Municipal Bond ETF   ICE BofA California Long-Term Core Plus Municipal Securities Index
CEF Income Composite ETF   S-Network Composite Closed-End Fund IndexSM
Equal Weight 0-30 Year Treasury ETF   ICE 1-30 Year Laddered Matuirty US Treasury Index
Floating Rate Municipal Income ETF   ICE US Municipal AMT-Free VRDO Constrained Index
Fundamental High Yield® Corporate Bond ETF   RAFI® Bonds U.S. High Yield 1-10 Index
Fundamental Investment Grade Corporate Bond ETF   RAFI® Bonds U.S. Investment Grade 1-10 Index
National AMT-Free Municipal Bond ETF   ICE BofA National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF   ICE BofA New York Long-Term Core Plus Municipal Securities Index
Preferred ETF   ICE BofA Core Plus Fixed Rate Preferred Securities Index
Short Term Treasury ETF   ICE U.S. Treasury Short Bond Index
Taxable Municipal Bond ETF   ICE BofA US Taxable Municipal Securities Plus Index
Variable Rate Preferred ETF   ICE Variable Rate Preferred & Hybrid Securities Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting
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the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the
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Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Short Term Treasury ETF and, for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers
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  that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:
  Amount
CEF Income Composite ETF $204,808
Preferred ETF 520,150
Variable Rate Preferred ETF 133,931
 
J. Other Risks
ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
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Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds. An investment in the Fund is subject to the risks associated with the Underlying Funds. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already will pay to the Adviser.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be
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lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Transition Risk. Certain Funds may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.
The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates ("ARRs") to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.
While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which a Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact a Fund. Certain Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect a Fund’s performance or NAV.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.
Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration
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premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.
Municipal Securities Risk.  Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints. 
Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Not a Money Market Fund. Short Term Treasury ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable
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to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services, and for Short Term Treasury ETF, the oversight of the Sub-Adviser.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
California AMT-Free Municipal Bond ETF 0.28%
CEF Income Composite ETF 0.50%
Equal Weight 0-30 Year Treasury ETF 0.15%
Floating Rate Municipal Income ETF 0.25%
Fundamental High Yield® Corporate Bond ETF 0.50%
Fundamental Investment Grade Corporate Bond ETF 0.22%
National AMT-Free Municipal Bond ETF 0.28%
New York AMT-Free Municipal Bond ETF 0.28%
Preferred ETF 0.50%
Short Term Treasury ETF 0.08%
Taxable Municipal Bond ETF 0.28%
Variable Rate Preferred ETF 0.50%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
California AMT-Free Municipal Bond ETF $-
CEF Income Composite ETF 383
Equal Weight 0-30 Year Treasury ETF 2,789
Floating Rate Municipal Income ETF -
Fundamental High Yield® Corporate Bond ETF 2,765
Fundamental Investment Grade Corporate Bond ETF 99
National AMT-Free Municipal Bond ETF -
New York AMT-Free Municipal Bond ETF -
Preferred ETF 10,558
Short Term Treasury ETF 189
Taxable Municipal Bond ETF 9,129
Variable Rate Preferred ETF 12,440
For Short Term Treasury ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
California AMT-Free Municipal Bond ETF   ICE Data Indices, LLC
CEF Income Composite ETF   S-Network Global Indexes, LLC
Equal Weight 0-30 Year Treasury ETF   Nasdaq, Inc.
Floating Rate Municipal Income ETF   ICE Data Indices, LLC
Fundamental High Yield® Corporate Bond ETF   Research Affiliates®
Fundamental Investment Grade Corporate Bond ETF   Research Affiliates®
National AMT-Free Municipal Bond ETF   ICE Data Indices, LLC
New York AMT-Free Municipal Bond ETF   ICE Data Indices, LLC
Preferred ETF   ICE Data Indices, LLC
Short Term Treasury ETF   ICE Data Indices, LLC
Taxable Municipal Bond ETF   ICE Data Indices, LLC
Variable Rate Preferred ETF   ICE Data Indices, LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
CEF Income Composite ETF $9,120
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
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Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024, for each Fund (except for California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF). As of August 31, 2024, all of the securities in California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
CEF Income Composite ETF              
Investments in Securities              
Closed-End Funds $796,928,641   $-   $-   $796,928,641
Money Market Funds 669,620   18,386,205   -   19,055,825
Total Investments $797,598,261   $18,386,205   $-   $815,984,466
Equal Weight 0-30 Year Treasury ETF              
Investments in Securities              
U.S. Treasury Securities $-   $828,823,125   $-   $828,823,125
Money Market Funds 16,348,308   1,876,606   -   18,224,914
Total Investments $16,348,308   $830,699,731   $-   $847,048,039
Fundamental High Yield® Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $557,349,104   $-   $557,349,104
Money Market Funds 1,209,436   186,086,719   -   187,296,155
Total Investments $1,209,436   $743,435,823   $-   $744,645,259
Fundamental Investment Grade Corporate Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $66,327,720   $-   $66,327,720
Money Market Funds 182,485   4,935,082   -   5,117,567
Total Investments $182,485   $71,262,802   $-   $71,445,287
Preferred ETF              
Investments in Securities              
Preferred Stocks $4,365,377,572   $4,841,873   $-   $4,370,219,445
Money Market Funds 897,929   75,411,669   -   76,309,598
Total Investments $4,366,275,501   $80,253,542   $-   $4,446,529,043
Short Term Treasury ETF              
Investments in Securities              
U.S. Treasury Securities $-   $1,807,599,338   $-   $1,807,599,338
Money Market Funds 6,884   -   -   6,884
Total Investments $6,884   $1,807,599,338   $-   $1,807,606,222
Taxable Municipal Bond ETF              
Investments in Securities              
Municipal Obligations $-   $1,169,949,439   $-   $1,169,949,439
Money Market Funds 10,657,047   -   -   10,657,047
Total Investments $10,657,047   $1,169,949,439   $-   $1,180,606,486
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  Level 1   Level 2   Level 3   Total
Variable Rate Preferred ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $3,163,954   $1,340,438,514   $-   $1,343,602,468
Preferred Stocks 284,125,438   90,144,670   -   374,270,108
Money Market Funds 21,712,174   170,459,066   -   192,171,240
Total Investments $309,001,566   $1,601,042,250   $-   $1,910,043,816
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income-Tax-
Exempt 		  Return of
Capital 		  Ordinary
Income* 		  Ordinary
Income-Tax-
Exempt 		  Return of
Capital
California AMT-Free Municipal Bond ETF $176,877   $25,377,572   $-   $22,284   $16,262,355   $-
CEF Income Composite ETF 42,849,699   -   23,474,004   59,586,125   -   6,893,411
Equal Weight 0-30 Year Treasury ETF 24,669,103   -   -   14,136,883   -   -
Floating Rate Municipal Income ETF -   1,132,916   -   -   1,548,995   -
Fundamental High Yield® Corporate Bond ETF 34,198,767   -   -   26,774,161   -   -
Fundamental Investment Grade Corporate Bond ETF 1,938,366   -   -   1,254,740   -   -
National AMT-Free Municipal Bond ETF 623,892   83,552,383   -   96,024   62,123,707   -
New York AMT-Free Municipal Bond ETF 23,741   2,960,029   -   4,356   2,609,529   -
Preferred ETF 270,122,596   -   -   300,697,738   -   -
Short Term Treasury ETF 82,099,833   -   -   46,034,156   -   -
Taxable Municipal Bond ETF 53,884,418   -   -   55,177,900   -   -
Variable Rate Preferred ETF 98,166,534   -   -   97,311,997   -   -
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Undistributed
Tax-Exempt
Income 		  Temporary
Book/Tax
Differences 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
California AMT-Free Municipal Bond ETF $-   $195,827   $-   $(2,209,782)   $(2,298,903)   $645,610,225   $641,297,367
CEF Income Composite ETF -   -   -   18,839,032   (100,315,498)   880,097,606   798,621,140
Equal Weight 0-30 Year Treasury ETF 166,177   -   -   (84,616,124)   (9,821,325)   924,660,146   830,388,874
Floating Rate Municipal Income ETF -   -   -   -   -   37,241,813   37,241,813
Fundamental High Yield® Corporate Bond ETF -   -   -   2,122,171   (74,222,078)   639,056,574   566,956,667
Fundamental Investment Grade Corporate Bond ETF 6,273   -   -   (496,302)   (937,540)   68,418,861   66,991,292
National AMT-Free Municipal Bond ETF -   -   -   (88,049,666)   (17,010,516)   3,011,844,972   2,906,784,790
New York AMT-Free Municipal Bond ETF -   8,896   -   (5,117,468)   (604,290)   133,848,377   128,135,515
Preferred ETF -   -   (431,546)   (720,776,245)   (612,420,719)   5,709,829,214   4,376,200,704
Short Term Treasury ETF 73,516   -   -   1,865,600   (706,763)   1,806,467,962   1,807,700,315
Taxable Municipal Bond ETF -   -   -   (121,485,272)   (17,774,601)   1,331,875,152   1,192,615,279
Variable Rate Preferred ETF 6,668,214   -   (997,597)   (52,931,159)   (92,202,831)   1,880,091,588   1,740,628,215
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
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The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
California AMT-Free Municipal Bond ETF $91,221   $2,207,682   $2,298,903
CEF Income Composite ETF 17,729,269   82,586,229   100,315,498
Equal Weight 0-30 Year Treasury ETF 947,011   8,874,314   9,821,325
Floating Rate Municipal Income ETF -   -   -
Fundamental High Yield® Corporate Bond ETF 17,711,150   56,510,928   74,222,078
Fundamental Investment Grade Corporate Bond ETF 165,502   772,038   937,540
National AMT-Free Municipal Bond ETF 9,272,663   7,737,853   17,010,516
New York AMT-Free Municipal Bond ETF 106,794   497,496   604,290
Preferred ETF 46,156,653   566,264,066   612,420,719
Short Term Treasury ETF 706,763   -   706,763
Taxable Municipal Bond ETF 3,765,398   14,009,203   17,774,601
Variable Rate Preferred ETF 8,432,725   83,770,106   92,202,831
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
California AMT-Free Municipal Bond ETF $46,224,749   $29,870,975
CEF Income Composite ETF 171,032,077   172,674,614
Equal Weight 0-30 Year Treasury ETF -   4,061
Floating Rate Municipal Income ETF -   -
Fundamental High Yield® Corporate Bond ETF 449,731,763   447,514,592
Fundamental Investment Grade Corporate Bond ETF 12,549,572   11,011,857
National AMT-Free Municipal Bond ETF 164,728,197   110,029,625
New York AMT-Free Municipal Bond ETF 6,992,717   5,939,976
Preferred ETF 315,329,670   310,353,439
Short Term Treasury ETF -   -
Taxable Municipal Bond ETF 50,225,235   63,978,710
Variable Rate Preferred ETF 276,961,384   256,299,544
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:
  Purchases   Sales
Equal Weight 0-30 Year Treasury ETF $150,325,204   $134,069,096
Short Term Treasury ETF -   -
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
California AMT-Free Municipal Bond ETF $367,080,625   $417,013,410
CEF Income Composite ETF 117,348,625   38,541,565
Equal Weight 0-30 Year Treasury ETF 401,677,466   259,552,900
Floating Rate Municipal Income ETF -   -
Fundamental High Yield® Corporate Bond ETF 161,843,367   177,220,479
Fundamental Investment Grade Corporate Bond ETF 28,111,000   10,052,110
National AMT-Free Municipal Bond ETF 645,615,543   187,319,446
New York AMT-Free Municipal Bond ETF 34,953,957   -
Preferred ETF 339,644,224   839,032,568
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  In-kind
Purchases 		  In-kind
Sales
Short Term Treasury ETF $-   $-
Taxable Municipal Bond ETF 30,784,527   384,980,944
Variable Rate Preferred ETF 276,327,312   165,813,110
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
California AMT-Free Municipal Bond ETF $13,947,031   $(16,156,813)   $(2,209,782)   $631,947,581
CEF Income Composite ETF 57,602,311   (38,763,279)   18,839,032   797,145,434
Equal Weight 0-30 Year Treasury ETF 1,340,277   (85,956,401)   (84,616,124)   931,664,163
Floating Rate Municipal Income ETF -   -   -   33,585,000
Fundamental High Yield® Corporate Bond ETF 10,466,073   (8,343,902)   2,122,171   742,523,088
Fundamental Investment Grade Corporate Bond ETF 571,585   (1,067,887)   (496,302)   71,941,589
National AMT-Free Municipal Bond ETF 38,427,762   (126,477,428)   (88,049,666)   2,960,334,694
New York AMT-Free Municipal Bond ETF 782,151   (5,899,619)   (5,117,468)   131,680,683
Preferred ETF 13,915,204   (734,691,449)   (720,776,245)   5,167,305,288
Short Term Treasury ETF 1,875,426   (9,826)   1,865,600   1,805,740,622
Taxable Municipal Bond ETF 11,628,726   (133,113,998)   (121,485,272)   1,302,091,758
Variable Rate Preferred ETF 18,665,850   (71,597,009)   (52,931,159)   1,962,974,975
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, registered investment company adjustments, taxable overdistributions, partnerships, hybrid securities and return of capital distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
California AMT-Free Municipal Bond ETF $-   $10,279,575   $(10,279,575)
CEF Income Composite ETF 1,980,744   (1,876,908)   (103,836)
Equal Weight 0-30 Year Treasury ETF -   8,369,063   (8,369,063)
Floating Rate Municipal Income ETF 102   -   (102)
Fundamental High Yield® Corporate Bond ETF 212,993   (460,596)   247,603
Fundamental Investment Grade Corporate Bond ETF -   162,734   (162,734)
National AMT-Free Municipal Bond ETF 378,572   10,949,891   (11,328,463)
New York AMT-Free Municipal Bond ETF -   -   -
Preferred ETF 13,886,073   36,976,725   (50,862,798)
Short Term Treasury ETF -   (-)   -
Taxable Municipal Bond ETF 60,710   54,762,124   (54,822,834)
Variable Rate Preferred ETF 10,612,352   (10,031,335)   (581,017)
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF, such transactions are principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. For Short Term Treasury ETF, Creation Units are issued principally in exchange for Deposit Securities and redeemed principally in exchange for cash, though it also reserves the right to issue Creation Units in exchange for cash. 
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Equal Weight 0-30 Year Treasury ETF, Invesco Floating Rate Municipal Income ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Short Term Treasury ETF, Invesco Taxable Municipal Bond ETF and Invesco Variable Rate Preferred ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Equal Weight 0-30 Year Treasury ETF, Invesco Floating Rate Municipal Income ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Short Term Treasury ETF, Invesco Taxable Municipal Bond ETF and Invesco Variable Rate Preferred ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income* 		  Qualified
Interest
Income* 		  Tax-Exempt
Income*
Invesco California AMT-Free Municipal Bond ETF 0%   0%   0%   0%   100%   100%   99%
Invesco CEF Income Composite ETF 0%   8%   0%   0%   0%   0%   0%
Invesco Equal Weight 0-30 Year Treasury ETF 0%   0%   0%   100%   100%   100%   0%
Invesco Floating Rate Municipal Income ETF 0%   0%   0%   0%   0%   0%   100%
Invesco Fundamental High Yield® Corporate Bond ETF 0%   0%   0%   0%   96%   94%   0%
Invesco Fundamental Investment Grade Corporate Bond ETF 0%   0%   0%   0%   100%   98%   0%
Invesco National AMT-Free Municipal Bond ETF 0%   0%   0%   0%   100%   100%   99%
Invesco New York AMT-Free Municipal Bond ETF 0%   0%   0%   0%   100%   100%   99%
Invesco Preferred ETF 0%   62%   58%   0%   26%   26%   0%
Invesco Short Term Treasury ETF 0%   0%   0%   100%   100%   100%   0%
Invesco Taxable Municipal Bond ETF 0%   0%   0%   0%   100%   100%   0%
Invesco Variable Rate Preferred ETF 0%   60%   53%   0%   24%   19%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-FIA-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
RSPE Invesco ESG S&P 500 Equal Weight ETF
PBUS Invesco MSCI USA ETF
EQAL Invesco Russell 1000 Equal Weight ETF
SPVU Invesco S&P 500® Enhanced Value ETF
XRLV Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
SPHB Invesco S&P 500® High Beta ETF
DIVG Invesco S&P 500 High Dividend Growers ETF
SPHD Invesco S&P 500® High Dividend Low Volatility ETF
SPLV Invesco S&P 500® Low Volatility ETF
SPMV Invesco S&P 500 Minimum Variance ETF
SPMO Invesco S&P 500® Momentum ETF
QVML Invesco S&P 500 QVM Multi-factor ETF
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF
XMLV Invesco S&P MidCap Low Volatility ETF
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF
GRPZ Invesco S&P SmallCap 600® GARP ETF
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF
XSLV Invesco S&P SmallCap Low Volatility ETF
XSHQ Invesco S&P SmallCap Quality ETF
Table of Contents
Schedules of Investments  
3
6
13
23
25
27
29
31
33
35
37
39
44
49
51
57
59
61
64
68
72
76
83
97
113
115
116
125
2
Table of Contents
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-3.62%
Alphabet, Inc., Class A
  190   $    31,042
Alphabet, Inc., Class C
  159        26,253
AT&T, Inc.
  3,543        70,506
Comcast Corp., Class A
  1,647        65,172
Interpublic Group of Cos., Inc. (The)
  2,061        67,209
News Corp., Class A
  1,729        48,983
News Corp., Class B
  522        15,362
Paramount Global, Class B
  5,609        58,726
Walt Disney Co. (The)
  619       55,945
        439,198
Consumer Discretionary-11.22%
Aptiv PLC(b)(c)
  830        59,370
Best Buy Co., Inc.
  724        72,690
Carnival Corp.(b)
  3,727        61,495
D.R. Horton, Inc.
  434        81,922
Deckers Outdoor Corp.(b)
  60        57,557
eBay, Inc.
  1,176        69,502
Etsy, Inc.(b)
  989        54,484
General Motors Co.
  1,276        63,519
Hasbro, Inc.
  1,069        72,863
Hilton Worldwide Holdings, Inc.
  296        65,013
Home Depot, Inc. (The)
  181        66,698
Lowe’s Cos., Inc.
  277        68,834
Marriott International, Inc., Class A
  265        62,193
NIKE, Inc., Class B
  665        55,408
Norwegian Cruise Line Holdings Ltd.(b)
  3,466        62,007
Ralph Lauren Corp.
  335        57,372
Royal Caribbean Cruises Ltd.(b)
  396        65,190
Starbucks Corp.
  788        74,521
TJX Cos., Inc. (The)
  584        68,486
Tractor Supply Co.
  223        59,664
Yum! Brands, Inc.
  456       61,524
        1,360,312
Consumer Staples-8.16%
Archer-Daniels-Midland Co.
  1,034        63,064
Campbell Soup Co.
  1,461        72,641
Colgate-Palmolive Co.
  671        71,461
Estee Lauder Cos., Inc. (The), Class A
  547        50,138
General Mills, Inc.(c)
  958        69,254
Hershey Co. (The)
  333        64,289
Kellanova
  1,061        85,527
Kraft Heinz Co. (The)
  1,893        67,069
McCormick & Co., Inc.
  905        72,427
Mondelez International, Inc., Class A
  943        67,717
PepsiCo, Inc.
  382        66,040
Procter & Gamble Co. (The)
  378        64,842
Target Corp.
  426        65,442
Walgreens Boots Alliance, Inc.(c)
  4,016        37,148
Walmart, Inc.
  943       72,828
        989,887
Financials-17.11%
Aflac, Inc.(c)
  708        78,135
Allstate Corp. (The)
  390        73,687
American International Group, Inc.
  837        64,491
Assurant, Inc.
  371       72,846
  Shares   Value
Financials-(continued)
Bank of America Corp.
  1,582   $    64,466
Bank of New York Mellon Corp. (The)
  1,067        72,791
Cboe Global Markets, Inc.
  368        75,587
Citigroup, Inc.
  1,038        65,020
Fidelity National Information Services, Inc.
  810        66,784
Fifth Third Bancorp
  1,729        73,811
Globe Life, Inc.
  771        80,994
Hartford Financial Services Group, Inc. (The)
  629        73,027
Huntington Bancshares, Inc.
  5,015        75,075
Intercontinental Exchange, Inc.
  460        74,313
M&T Bank Corp.
  434        74,696
Mastercard, Inc., Class A
  141        68,151
MetLife, Inc.
  903        69,964
Moody’s Corp.
  152        74,136
Morgan Stanley
  654        67,761
MSCI, Inc.
  128        74,316
Nasdaq, Inc.
  1,050        75,684
Northern Trust Corp.
  746        68,043
PayPal Holdings, Inc.(b)
  986        71,416
Principal Financial Group, Inc.
  796        64,810
Prudential Financial, Inc.
  542        65,669
Regions Financial Corp.
  3,334        78,082
S&P Global, Inc.
  142        72,880
State Street Corp.
  864        75,254
Visa, Inc., Class A
  231       63,841
        2,075,730
Health Care-12.90%
Abbott Laboratories
  599        67,849
AbbVie, Inc.
  376        73,813
Agilent Technologies, Inc.
  470        67,172
Amgen, Inc.
  207        69,103
Baxter International, Inc.
  1,871        70,986
Becton, Dickinson and Co.
  267        64,723
Biogen, Inc.(b)(c)
  270        55,285
Boston Scientific Corp.(b)
  805        65,841
Centene Corp.(b)
  923        72,760
Cigna Group (The)
  186        67,297
CVS Health Corp.
  1,043        59,701
Danaher Corp.
  237        63,826
DaVita, Inc.(b)(c)
  438        66,103
Edwards Lifesciences Corp.(b)
  710        49,672
Elevance Health, Inc.
  117        65,156
Gilead Sciences, Inc.
  969        76,551
Humana, Inc.
  177        62,741
Medtronic PLC
  758        67,144
Merck & Co., Inc.
  480        56,856
Moderna, Inc.(b)(c)
  422        32,663
Quest Diagnostics, Inc.
  449        70,480
Regeneron Pharmaceuticals, Inc.(b)
  61        72,266
UnitedHealth Group, Inc.
  126        74,365
Waters Corp.(b)(c)
  207       71,694
        1,564,047
Industrials-16.46%
American Airlines Group, Inc.(b)(c)
  5,427        57,635
Automatic Data Processing, Inc.
  253        69,805
C.H. Robinson Worldwide, Inc.
  737        76,287
Carrier Global Corp.(c)
  971       70,669
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Caterpillar, Inc.(c)
  190   $    67,659
CSX Corp.
  1,902        65,182
Cummins, Inc.
  229        71,643
Dayforce, Inc.(b)(c)
  1,195        68,318
Deere & Co.
  169        65,190
Dover Corp.
  343        63,808
Emerson Electric Co.
  575        60,599
Hubbell, Inc.
  163        65,187
Illinois Tool Works, Inc.
  260        65,827
Ingersoll Rand, Inc.
  658        60,174
J.B. Hunt Transport Services, Inc.
  389        67,375
Johnson Controls International PLC
  879        64,035
Norfolk Southern Corp.
  278        71,213
Otis Worldwide Corp.
  641        60,696
PACCAR, Inc.
  584        56,169
Pentair PLC
  781        69,267
Republic Services, Inc.
  333        69,334
Rockwell Automation, Inc.
  239        65,015
Stanley Black & Decker, Inc.
  717        73,392
Trane Technologies PLC
  188        67,992
Union Pacific Corp.
  276        70,681
United Rentals, Inc.
  100        74,126
Verisk Analytics, Inc.
  238        64,931
W.W. Grainger, Inc.
  69        67,960
Waste Management, Inc.
  310        65,732
Xylem, Inc.
  443       60,926
        1,996,827
Information Technology-13.61%
Accenture PLC, Class A (Ireland)
  218        74,545
Adobe, Inc.(b)
  136        78,120
Akamai Technologies, Inc.(b)
  707        72,001
Apple, Inc.
  294        67,326
Applied Materials, Inc.
  262        51,682
Autodesk, Inc.(b)
  280        72,352
Cisco Systems, Inc.
  1,366        69,038
Cognizant Technology Solutions Corp., Class A
  943        73,337
Hewlett Packard Enterprise Co.
  2,985        57,819
HP, Inc.
  1,717        62,121
Intel Corp.
  2,026        44,653
International Business Machines Corp.(c)
  369        74,586
Juniper Networks, Inc.
  1,754        68,196
Keysight Technologies, Inc.(b)
  451        69,508
KLA Corp.
  75        61,457
Lam Research Corp.
  60        49,261
Micron Technology, Inc.
  443        42,634
Microsoft Corp.
  142        59,234
NVIDIA Corp.
  499        59,566
ON Semiconductor Corp.(b)
  818        63,698
Palo Alto Networks, Inc.(b)
  195        70,730
QUALCOMM, Inc.
  291        51,012
Salesforce, Inc.
  266        67,271
ServiceNow, Inc.(b)
  87        74,385
TE Connectivity Ltd.
  415        63,744
Western Digital Corp.(b)
  790       51,816
        1,650,092
Materials-5.70%
Air Products and Chemicals, Inc.(c)
  220       61,347
  Shares   Value
Materials-(continued)
Albemarle Corp.(c)
  555   $    50,089
Ball Corp.
  930        59,343
Dow, Inc.
  1,108        59,367
Ecolab, Inc.
  258        65,320
Freeport-McMoRan, Inc.
  1,267        56,103
Linde PLC
  144        68,868
LyondellBasell Industries N.V., Class A
  650        64,155
Mosaic Co. (The)
  2,220        63,425
Newmont Corp.
  1,525        81,420
PPG Industries, Inc.
  478       62,011
        691,448
Real Estate-7.62%
Alexandria Real Estate Equities, Inc.
  541        64,687
BXP, Inc.
  1,043        78,455
CBRE Group, Inc., Class A(b)
  701        80,713
Digital Realty Trust, Inc.
  417        63,221
Equinix, Inc.
  82        68,418
Federal Realty Investment Trust
  620        71,300
Healthpeak Properties, Inc.
  3,215        71,630
Host Hotels & Resorts, Inc.(c)
  3,404        60,251
Kimco Realty Corp.
  3,367        78,316
Prologis, Inc.
  554        70,812
Ventas, Inc.
  1,259        78,197
Welltower, Inc.(c)
  607        73,253
Weyerhaeuser Co.
  2,133       65,035
        924,288
Utilities-3.47%
American Water Works Co., Inc.(c)
  488        69,843
Consolidated Edison, Inc.
  684        69,467
Edison International
  850        73,976
Eversource Energy
  1,061        71,649
Exelon Corp.
  1,793        68,295
Sempra
  826       67,881
        421,111
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $10,835,190)
  12,112,940
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.96%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  257,617       257,617
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  707,069      707,352
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $964,926)
  964,969
TOTAL INVESTMENTS IN SECURITIES-107.83%

(Cost $11,800,116)
  13,077,909
OTHER ASSETS LESS LIABILITIES-(7.83)%
  (949,580)
NET ASSETS-100.00%
  $12,128,329
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $60,719   $13,797   $(66,435)   $12,444   $(20,525)   $-   $1,224
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   197,796   (197,796)   -   -   -   180
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 217,712   4,368,614   (4,328,709)   -   -   257,617   9,566*
Invesco Private Prime Fund 704,912   8,209,369   (8,207,164)   43   192   707,352   25,700*
Total $983,343   $12,789,576   $(12,800,104)   $12,487   $(20,333)   $964,969   $36,670
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco MSCI USA ETF (PBUS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-8.74%
Alphabet, Inc., Class A
  618,822   $  101,103,138
Alphabet, Inc., Class C
  532,581       87,934,449
AT&T, Inc.
  755,371       15,031,883
Charter Communications, Inc., Class A(b)(c)
  9,921        3,447,944
Comcast Corp., Class A
  412,358       16,317,006
Electronic Arts, Inc.
  26,707        4,054,657
Fox Corp., Class A
  25,137        1,039,918
Fox Corp., Class B
  14,736          566,304
Interpublic Group of Cos., Inc. (The)(c)
  40,164        1,309,748
Liberty Media Corp.-Liberty Formula One(b)(c)
  21,909        1,709,997
Live Nation Entertainment, Inc.(b)
  16,953        1,655,800
Match Group, Inc.(b)
  28,496        1,060,336
Meta Platforms, Inc., Class A
  230,874      120,356,925
Netflix, Inc.(b)
  45,388       31,832,874
News Corp., Class A
  39,765        1,126,542
Omnicom Group, Inc.(c)
  20,613        2,070,164
Paramount Global, Class B
  62,651          655,956
Pinterest, Inc., Class A(b)
  62,534        2,003,589
Roblox Corp., Class A(b)(c)
  49,614        2,182,520
Roku, Inc., Class A(b)(c)
  13,200          894,564
Snap, Inc., Class A(b)
  109,626        1,023,907
Take-Two Interactive Software, Inc.(b)
  17,520        2,833,159
T-Mobile US, Inc.
  56,065       11,141,237
Trade Desk, Inc. (The), Class A(b)
  46,724        4,884,060
Verizon Communications, Inc.
  443,642       18,535,363
Walt Disney Co. (The)
  192,054       17,357,841
Warner Bros. Discovery, Inc.(b)
  241,861       1,896,190
        454,026,071
Consumer Discretionary-9.81%
Airbnb, Inc., Class A(b)
  46,507        5,455,736
Amazon.com, Inc.(b)
  986,701      176,126,128
Aptiv PLC(b)(c)
  28,688        2,052,053
AutoZone, Inc.(b)
  1,789        5,691,668
Bath & Body Works, Inc.
  22,356          687,671
Best Buy Co., Inc.
  21,592        2,167,837
Booking Holdings, Inc.
  3,590       14,034,136
Burlington Stores, Inc.(b)
  6,785        1,820,008
CarMax, Inc.(b)
  16,302        1,378,334
Carnival Corp.(b)
  105,392        1,738,968
Chipotle Mexican Grill, Inc.(b)
  144,795        8,120,104
D.R. Horton, Inc.
  31,390        5,925,176
Darden Restaurants, Inc.(c)
  12,488        1,974,977
Deckers Outdoor Corp.(b)
  2,739        2,627,495
Dick’s Sporting Goods, Inc.
  6,155        1,458,489
Domino’s Pizza, Inc.
  3,640        1,507,724
DoorDash, Inc., Class A(b)
  32,174        4,141,116
DraftKings, Inc., Class A(b)
  46,405        1,600,973
eBay, Inc.
  52,878        3,125,090
Expedia Group, Inc.(b)
  13,763        1,914,296
Flutter Entertainment PLC (United Kingdom)(b)
  18,717        3,975,678
Ford Motor Co.
  413,997        4,632,626
Garmin Ltd.
  16,013        2,935,023
General Motors Co.
  121,293        6,037,966
Genuine Parts Co.
  14,623       2,094,891
  Shares   Value
Consumer Discretionary-(continued)
Hilton Worldwide Holdings, Inc.
  26,374   $    5,792,785
Home Depot, Inc. (The)
  104,458       38,492,773
Hyatt Hotels Corp., Class A
  4,636          704,301
Las Vegas Sands Corp.
  39,148        1,526,381
Lennar Corp., Class A
  25,744        4,686,953
LKQ Corp.
  28,183        1,172,131
Lowe’s Cos., Inc.
  60,050       14,922,425
lululemon athletica, inc.(b)
  12,032        3,121,943
Marriott International, Inc., Class A
  25,847        6,066,032
McDonald’s Corp.
  75,932       21,918,531
MercadoLibre, Inc. (Brazil)(b)
  4,793        9,881,536
MGM Resorts International(b)(c)
  25,019          940,464
NIKE, Inc., Class B
  127,797       10,648,046
NVR, Inc.(b)
  328        3,008,567
O’Reilly Automotive, Inc.(b)
  6,255        7,067,962
Pool Corp.
  4,020        1,413,512
PulteGroup, Inc.
  22,250        2,929,212
Rivian Automotive, Inc., Class A(b)(c)
  76,447        1,080,196
Ross Stores, Inc.
  35,252        5,309,304
Royal Caribbean Cruises Ltd.(b)(c)
  25,623        4,218,058
Starbucks Corp.
  119,362       11,288,064
Tesla, Inc.(b)
  302,380       64,742,582
TJX Cos., Inc. (The)
  118,965       13,951,026
Tractor Supply Co.
  11,340        3,034,017
Ulta Beauty, Inc.(b)
  5,041        1,778,666
Williams-Sonoma, Inc.(c)
  13,556        1,820,977
Wynn Resorts Ltd.
  10,603          815,159
Yum! Brands, Inc.
  29,792       4,019,537
        509,575,303
Consumer Staples-5.86%
Albertson’s Cos., Inc., Class A(c)
  39,659          778,110
Altria Group, Inc.
  180,447        9,702,635
Archer-Daniels-Midland Co.
  52,654        3,211,367
Brown-Forman Corp., Class B(c)
  19,089          870,268
Bunge Global S.A.
  15,036        1,524,350
Campbell Soup Co.
  20,084          998,576
Celsius Holdings, Inc.(b)(c)
  15,855          602,966
Church & Dwight Co., Inc.
  25,691        2,617,399
Clorox Co. (The)
  13,125        2,077,819
Coca-Cola Co. (The)
  431,226       31,250,948
Colgate-Palmolive Co.
  81,979        8,730,763
Conagra Brands, Inc.
  50,115        1,563,588
Constellation Brands, Inc., Class A
  17,312        4,167,172
Costco Wholesale Corp.
  46,712       41,684,855
Dollar General Corp.(c)
  23,001        1,908,393
Dollar Tree, Inc.(b)
  21,654        1,829,546
Estee Lauder Cos., Inc. (The), Class A
  24,375        2,234,212
General Mills, Inc.
  59,225        4,281,375
Hershey Co. (The)
  15,692        3,029,498
Hormel Foods Corp.
  31,616        1,029,101
J.M. Smucker Co. (The)
  11,069        1,269,393
Kellanova
  28,770        2,319,150
Kenvue, Inc.
  201,210        4,416,559
Keurig Dr Pepper, Inc.
  113,567        4,157,688
Kimberly-Clark Corp.
  35,490        5,133,983
Kraft Heinz Co. (The)
  95,591        3,386,789
Kroger Co. (The)
  72,005       3,831,386
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Shares   Value
Consumer Staples-(continued)
Lamb Weston Holdings, Inc.
  15,057   $      932,329
McCormick & Co., Inc.
  26,351        2,108,871
Molson Coors Beverage Co., Class B
  19,614        1,058,568
Mondelez International, Inc., Class A
  141,378       10,152,354
Monster Beverage Corp.(b)
  77,434        3,649,464
PepsiCo, Inc.
  144,699       25,015,563
Philip Morris International, Inc.
  163,762       20,190,217
Procter & Gamble Co. (The)
  248,666       42,656,166
Sysco Corp.
  52,209        4,070,736
Target Corp.
  48,776        7,492,969
Tyson Foods, Inc., Class A
  30,031        1,931,294
Walgreens Boots Alliance, Inc.
  76,397          706,672
Walmart, Inc.
  465,762      35,970,799
        304,543,891
Energy-3.60%
APA Corp.
  38,937        1,109,315
Baker Hughes Co., Class A
  105,464        3,709,169
Cheniere Energy, Inc.
  24,312        4,504,041
Chesapeake Energy Corp.(c)
  11,738          874,364
Chevron Corp.
  184,492       27,295,591
Chord Energy Corp.
  6,570          975,185
ConocoPhillips
  122,653       13,956,685
Coterra Energy, Inc.
  78,950        1,920,854
Devon Energy Corp.
  66,616        2,983,064
Diamondback Energy, Inc.
  18,786        3,665,336
EOG Resources, Inc.
  60,911        7,846,555
EQT Corp.
  58,579        1,962,982
Exxon Mobil Corp.
  472,583       55,736,439
Halliburton Co.
  93,669        2,912,169
Hess Corp.
  29,032        4,008,158
HF Sinclair Corp.
  16,759          823,537
Kinder Morgan, Inc.
  209,438        4,517,578
Marathon Oil Corp.
  60,495        1,733,182
Marathon Petroleum Corp.
  37,116        6,573,986
Occidental Petroleum Corp.
  69,853        3,980,224
ONEOK, Inc.
  61,630        5,692,147
Ovintiv, Inc.
  28,317        1,212,817
Phillips 66
  44,907        6,300,901
Schlumberger N.V.
  150,582        6,624,102
Targa Resources Corp.
  22,164        3,255,892
Texas Pacific Land Corp.
  2,138        1,857,687
Valero Energy Corp.
  34,536        5,067,467
Williams Cos., Inc. (The)
  128,831       5,896,595
        186,996,022
Financials-13.02%
Aflac, Inc.
  57,483        6,343,824
Allstate Corp. (The)
  27,799        5,252,343
Ally Financial, Inc.(c)
  28,598        1,235,148
American Express Co.
  60,726       15,706,780
American Financial Group, Inc.(c)
  7,449          995,335
American International Group, Inc.
  70,768        5,452,674
Ameriprise Financial, Inc.
  10,535        4,734,850
Annaly Capital Management, Inc.(c)
  51,980        1,047,917
Aon PLC, Class A
  20,624        7,088,881
Apollo Global Management, Inc.
  42,089        4,870,960
Arch Capital Group Ltd.(b)
  39,468        4,463,436
Ares Management Corp., Class A
  19,579        2,866,366
Arthur J. Gallagher & Co.
  23,014        6,733,206
Assurant, Inc.
  5,378       1,055,970
  Shares   Value
Financials-(continued)
Bank of America Corp.
  741,478   $   30,215,228
Bank of New York Mellon Corp. (The)
  77,741        5,303,491
Berkshire Hathaway, Inc., Class B(b)
  139,527       66,403,690
BlackRock, Inc.
  15,651       14,114,228
Blackstone, Inc., Class A
  75,361       10,728,392
Block, Inc., Class A(b)
  58,891        3,891,517
Brown & Brown, Inc.
  25,503        2,681,130
Capital One Financial Corp.
  40,111        5,893,509
Carlyle Group, Inc. (The)(c)
  24,706          991,452
Cboe Global Markets, Inc.
  11,096        2,279,118
Charles Schwab Corp. (The)
  159,146       10,360,405
Chubb Ltd.
  40,639       11,548,791
Cincinnati Financial Corp.
  16,400        2,247,292
Citigroup, Inc.
  201,280       12,608,179
Citizens Financial Group, Inc.
  48,090        2,070,275
CME Group, Inc., Class A
  38,000        8,198,120
Coinbase Global, Inc., Class A(b)(c)
  20,002        3,667,567
Corebridge Financial, Inc.
  28,848          852,747
Corpay, Inc.(b)
  7,181        2,265,965
Discover Financial Services
  26,185        3,632,121
Equitable Holdings, Inc.
  34,353        1,460,690
Erie Indemnity Co., Class A(c)
  2,706        1,375,270
Everest Group Ltd.
  4,520        1,772,925
FactSet Research Systems, Inc.
  3,993        1,688,400
Fidelity National Financial, Inc.(c)
  27,083        1,596,814
Fidelity National Information Services, Inc.
  58,603        4,831,817
Fifth Third Bancorp
  71,474        3,051,225
First Citizens BancShares, Inc., Class A
  1,063        2,158,634
Fiserv, Inc.(b)
  62,055       10,834,803
Franklin Resources, Inc.
  30,816          623,716
Global Payments, Inc.
  27,017        2,999,157
Goldman Sachs Group, Inc. (The)
  33,967       17,331,662
Hartford Financial Services Group, Inc. (The)
  31,127        3,613,845
Huntington Bancshares, Inc.
  151,944        2,274,602
Intercontinental Exchange, Inc.
  60,418        9,760,528
Jack Henry & Associates, Inc.
  7,633        1,320,738
JPMorgan Chase & Co.
  302,526       68,007,845
KeyCorp
  97,917        1,670,464
KKR & Co., Inc., Class A
  65,551        8,113,247
Loews Corp.
  19,899        1,630,524
LPL Financial Holdings, Inc.
  7,794        1,748,506
M&T Bank Corp.
  17,551        3,020,703
Markel Group, Inc.(b)
  1,373        2,197,734
MarketAxess Holdings, Inc.
  3,897          944,594
Marsh & McLennan Cos., Inc.
  51,991       11,828,472
Mastercard, Inc., Class A
  87,570       42,326,084
MetLife, Inc.
  64,631        5,007,610
Moody’s Corp.
  17,289        8,432,537
Morgan Stanley
  128,699       13,334,503
MSCI, Inc.
  8,354        4,850,249
Nasdaq, Inc.
  45,292        3,264,647
Northern Trust Corp.
  21,436        1,955,178
PayPal Holdings, Inc.(b)
  105,125        7,614,204
PNC Financial Services Group, Inc. (The)
  41,989        7,771,744
Principal Financial Group, Inc.
  24,720        2,012,702
Progressive Corp. (The)
  61,708       15,562,758
Prudential Financial, Inc.
  37,734        4,571,851
Raymond James Financial, Inc.
  20,900        2,499,013
Regions Financial Corp.
  96,932       2,270,147
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Robinhood Markets, Inc., Class A(b)(c)
  55,145   $    1,109,517
S&P Global, Inc.
  33,719       17,305,940
SEI Investments Co.
  11,509          778,354
State Street Corp.
  31,794        2,769,257
Synchrony Financial
  42,731        2,147,660
T. Rowe Price Group, Inc.
  23,438        2,485,366
Toast, Inc., Class A(b)(c)
  38,171          948,931
Tradeweb Markets, Inc., Class A
  12,121        1,433,187
Travelers Cos., Inc. (The)
  24,145        5,506,750
Truist Financial Corp.
  141,106        6,273,573
U.S. Bancorp
  164,602        7,774,152
Visa, Inc., Class A
  165,835       45,831,819
W.R. Berkley Corp.
  32,598        1,946,101
Wells Fargo & Co.
  367,287       21,475,271
Willis Towers Watson PLC
  10,766       3,144,856
        676,061,783
Health Care-12.11%
Abbott Laboratories
  183,274       20,759,446
AbbVie, Inc.
  186,011       36,515,819
Agilent Technologies, Inc.
  30,702        4,387,930
Align Technology, Inc.(b)
  7,498        1,778,676
Alnylam Pharmaceuticals, Inc.(b)
  13,212        3,470,660
Amgen, Inc.
  56,506       18,863,398
Avantor, Inc.(b)(c)
  70,950        1,833,348
Baxter International, Inc.
  53,596        2,033,432
Becton, Dickinson and Co.
  30,487        7,390,354
Biogen, Inc.(b)
  15,189        3,110,100
BioMarin Pharmaceutical, Inc.(b)
  19,751        1,801,489
Bio-Rad Laboratories, Inc., Class A(b)
  2,155          726,925
Bio-Techne Corp.
  16,325        1,207,887
Boston Scientific Corp.(b)
  155,050       12,681,539
Bristol-Myers Squibb Co.
  213,709       10,674,764
Cardinal Health, Inc.
  25,533        2,878,080
Catalent, Inc.(b)
  18,785        1,145,134
Cencora, Inc.
  18,838        4,513,020
Centene Corp.(b)
  56,035        4,417,239
Charles River Laboratories International, Inc.(b)
  5,317        1,051,437
Cigna Group (The)
  29,928       10,828,250
Cooper Cos., Inc. (The)(b)
  20,843        2,203,730
CVS Health Corp.
  132,226        7,568,616
Danaher Corp.
  70,226       18,912,564
DaVita, Inc.(b)(c)
  5,701          860,395
DexCom, Inc.(b)
  41,888        2,904,514
Edwards Lifesciences Corp.(b)
  63,141        4,417,344
Elevance Health, Inc.
  24,471       13,627,655
Eli Lilly and Co.
  85,104       81,701,542
Exact Sciences Corp.(b)(c)
  19,434        1,198,883
GE HealthCare Technologies, Inc.
  45,382        3,849,301
Gilead Sciences, Inc.
  131,549       10,392,371
HCA Healthcare, Inc.
  20,702        8,189,504
Henry Schein, Inc.(b)
  13,597          959,268
Hologic, Inc.(b)
  24,678        2,004,841
Humana, Inc.
  12,726        4,510,985
IDEXX Laboratories, Inc.(b)
  8,767        4,219,820
Illumina, Inc.(b)
  16,791        2,206,337
Incyte Corp.(b)
  17,214        1,130,271
Insulet Corp.(b)
  7,262        1,472,516
Intuitive Surgical, Inc.(b)
  37,385      18,416,972
  Shares   Value
Health Care-(continued)
IQVIA Holdings, Inc.(b)
  19,125   $    4,810,894
Johnson & Johnson
  253,579       42,058,613
Labcorp Holdings, Inc.
  8,764        2,014,756
McKesson Corp.
  13,671        7,670,525
Medtronic PLC
  135,093       11,966,538
Merck & Co., Inc.
  266,841       31,607,316
Mettler-Toledo International, Inc.(b)
  2,304        3,315,640
Moderna, Inc.(b)(c)
  34,622        2,679,743
Molina Healthcare, Inc.(b)
  6,168        2,157,505
Neurocrine Biosciences, Inc.(b)
  10,349        1,314,944
Pfizer, Inc.
  596,971       17,318,129
Quest Diagnostics, Inc.
  11,593        1,819,753
Regeneron Pharmaceuticals, Inc.(b)
  11,414       13,522,052
ResMed, Inc.(c)
  15,410        3,775,758
Revvity, Inc.
  13,114        1,606,990
Royalty Pharma PLC, Class A
  39,604        1,149,704
Solventum Corp.(b)
  15,242          977,165
STERIS PLC
  10,361        2,498,037
Stryker Corp.
  36,124       13,019,812
Teleflex, Inc.
  4,883        1,197,165
Thermo Fisher Scientific, Inc.
  40,237       24,748,572
United Therapeutics Corp.(b)
  4,436        1,612,708
UnitedHealth Group, Inc.
  96,966       57,229,333
Universal Health Services, Inc., Class B
  6,337        1,508,016
Veeva Systems, Inc., Class A(b)
  16,232        3,513,254
Vertex Pharmaceuticals, Inc.(b)
  27,156       13,466,389
Viatris, Inc.
  124,291        1,501,435
Waters Corp.(b)
  6,242        2,161,917
West Pharmaceutical Services, Inc.
  7,668        2,404,915
Zimmer Biomet Holdings, Inc.
  21,574        2,490,934
Zoetis, Inc.
  48,037       8,814,309
        628,749,177
Industrials-8.78%
3M Co.
  58,006        7,812,828
A.O. Smith Corp.
  12,637        1,057,970
AECOM
  14,290        1,431,001
Allegion PLC
  9,338        1,296,488
AMETEK, Inc.
  24,233        4,145,055
Automatic Data Processing, Inc.
  43,149       11,905,241
Axon Enterprise, Inc.(b)
  7,580        2,766,473
Boeing Co. (The)(b)
  61,604       10,703,079
Booz Allen Hamilton Holding Corp.
  13,703        2,175,762
Broadridge Financial Solutions, Inc.
  12,297        2,617,539
Builders FirstSource, Inc.(b)
  12,674        2,205,276
C.H. Robinson Worldwide, Inc.
  12,196        1,262,408
Carlisle Cos., Inc.
  4,953        2,099,081
Carrier Global Corp.
  85,532        6,225,019
Caterpillar, Inc.
  51,522       18,346,984
Cintas Corp.
  9,643        7,763,772
CNH Industrial N.V.
  91,607          947,216
Copart, Inc.(b)
  90,757        4,806,491
CSX Corp.
  205,840        7,054,137
Cummins, Inc.
  14,386        4,500,660
Dayforce, Inc.(b)(c)
  16,645          951,595
Deere & Co.
  27,569       10,634,466
Delta Air Lines, Inc.
  17,143          728,406
Dover Corp.
  14,448        2,687,761
Eaton Corp. PLC
  42,110       12,924,822
EMCOR Group, Inc.
  4,880       1,918,133
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Emerson Electric Co.
  60,424   $    6,368,085
Equifax, Inc.
  13,137        4,034,767
Expeditors International of Washington, Inc.
  15,084        1,861,516
Fastenal Co.
  59,932        4,092,157
FedEx Corp.
  24,642        7,362,290
Ferguson Enterprises, Inc.
  21,317        4,385,120
Fortive Corp.
  36,927        2,747,369
Fortune Brands Innovations, Inc.(c)
  13,273        1,054,009
GE Vernova, Inc.(b)
  28,829        5,794,629
General Dynamics Corp.
  24,533        7,344,199
General Electric Co.
  115,310       20,135,432
Graco, Inc.
  17,769        1,481,046
HEICO Corp.(c)
  4,572        1,172,992
HEICO Corp., Class A
  7,773        1,555,300
Honeywell International, Inc.
  68,497       14,241,211
Howmet Aerospace, Inc.
  40,701        3,934,159
Hubbell, Inc.
  5,696        2,277,944
Huntington Ingalls Industries, Inc.
  4,150        1,173,495
IDEX Corp.
  7,923        1,635,941
Illinois Tool Works, Inc.
  31,427        7,956,688
Ingersoll Rand, Inc.
  42,552        3,891,380
J.B. Hunt Transport Services, Inc.
  8,610        1,491,252
Jacobs Solutions, Inc.
  13,315        2,008,967
Johnson Controls International PLC
  71,383        5,200,251
Knight-Swift Transportation Holdings, Inc.
  17,125          897,007
L3Harris Technologies, Inc.
  20,056        4,746,653
Leidos Holdings, Inc.
  13,523        2,143,531
Lennox International, Inc.
  3,374        1,991,301
Lockheed Martin Corp.
  22,706       12,899,279
Masco Corp.
  23,020        1,831,471
Nordson Corp.
  5,751        1,475,477
Norfolk Southern Corp.
  23,699        6,070,736
Northrop Grumman Corp.
  14,782        7,734,090
Old Dominion Freight Line, Inc.
  20,672        3,985,562
Otis Worldwide Corp.
  42,613        4,035,025
Owens Corning
  9,053        1,527,513
PACCAR, Inc.
  55,454        5,333,566
Parker-Hannifin Corp.
  13,526        8,118,305
Paychex, Inc.
  33,979        4,458,045
Paycom Software, Inc.
  5,324          866,641
Pentair PLC
  17,289        1,533,361
Quanta Services, Inc.
  15,345        4,221,870
Republic Services, Inc.
  23,100        4,809,651
Rockwell Automation, Inc.
  11,988        3,261,096
Rollins, Inc.
  30,238        1,517,343
RTX Corp.
  140,159       17,287,211
Snap-on, Inc.
  5,632        1,598,024
Southwest Airlines Co.
  15,003          433,887
SS&C Technologies Holdings, Inc.
  23,139        1,737,507
Stanley Black & Decker, Inc.
  16,061        1,644,004
Textron, Inc.
  20,111        1,834,123
Toro Co. (The)(c)
  10,883        1,007,766
Trane Technologies PLC
  23,913        8,648,376
TransDigm Group, Inc.
  5,898        8,099,193
TransUnion
  20,611        1,995,351
Uber Technologies, Inc.(b)
  198,121       14,488,589
U-Haul Holding Co., Series N(c)
  10,133          692,591
Union Pacific Corp.
  64,267       16,458,136
United Parcel Service, Inc., Class B
  76,903       9,885,881
  Shares   Value
Industrials-(continued)
United Rentals, Inc.
  7,063   $    5,235,519
Veralto Corp.
  25,894        2,911,262
Verisk Analytics, Inc.
  14,983        4,087,662
Vertiv Holdings Co., Class A
  37,985        3,153,895
W.W. Grainger, Inc.
  4,626        4,556,240
Wabtec Corp.
  18,569        3,148,745
Waste Connections, Inc.
  27,261        5,084,176
Waste Management, Inc.
  42,342        8,978,198
Watsco, Inc.(c)
  3,661        1,740,513
Xylem, Inc.
  25,321       3,482,397
        455,814,631
Information Technology-30.87%
Accenture PLC, Class A (Ireland)
  66,139       22,616,231
Adobe, Inc.(b)
  46,720       26,836,435
Advanced Micro Devices, Inc.(b)
  170,273       25,295,757
Akamai Technologies, Inc.(b)
  16,173        1,647,058
Amphenol Corp., Class A
  126,336        8,521,363
Analog Devices, Inc.
  52,272       12,275,557
ANSYS, Inc.(b)
  9,084        2,919,779
Apple, Inc.
  1,534,672      351,439,888
Applied Materials, Inc.
  87,236       17,208,173
AppLovin Corp., Class A(b)(c)
  21,524        1,998,934
Arista Networks, Inc.(b)
  28,093        9,927,504
Aspen Technology, Inc.(b)(c)
  3,031          709,678
Atlassian Corp., Class A(b)
  16,790        2,780,424
Autodesk, Inc.(b)
  22,700        5,865,680
Bentley Systems, Inc., Class B(c)
  16,753          862,277
Broadcom, Inc.
  465,881       75,854,744
Cadence Design Systems, Inc.(b)
  28,681        7,713,181
CDW Corp.
  14,063        3,173,175
Cisco Systems, Inc.
  425,833       21,521,600
Cloudflare, Inc., Class A(b)(c)
  31,728        2,606,138
Cognizant Technology Solutions Corp., Class A
  52,210        4,060,372
Corning, Inc.
  85,787        3,590,186
CrowdStrike Holdings, Inc., Class A(b)
  24,332        6,746,777
Datadog, Inc., Class A(b)
  29,382        3,415,951
Dell Technologies, Inc., Class C
  29,646        3,425,299
DocuSign, Inc.(b)
  21,376        1,265,673
Dynatrace, Inc.(b)
  29,844        1,510,703
Enphase Energy, Inc.(b)
  14,378        1,740,313
Entegris, Inc.
  15,720        1,821,476
EPAM Systems, Inc.(b)
  6,107        1,226,041
F5, Inc.(b)
  6,220        1,263,593
Fair Isaac Corp.(b)
  2,652        4,588,676
First Solar, Inc.(b)
  10,649        2,421,263
Fortinet, Inc.(b)
  68,653        5,266,372
Gartner, Inc.(b)
  8,149        4,008,982
Gen Digital, Inc.
  60,514        1,601,201
GoDaddy, Inc., Class A(b)
  14,847        2,485,536
Hewlett Packard Enterprise Co.
  136,397        2,642,010
HP, Inc.
  102,812        3,719,738
HubSpot, Inc.(b)
  5,067        2,528,788
Intel Corp.
  448,961        9,895,101
International Business Machines Corp.
  96,768       19,559,716
Intuit, Inc.
  29,459       18,566,829
Jabil, Inc.
  12,586        1,375,398
Juniper Networks, Inc.
  34,030        1,323,086
Keysight Technologies, Inc.(b)
  18,414       2,837,966
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
KLA Corp.
  14,212   $   11,645,739
Lam Research Corp.
  13,797       11,327,475
Manhattan Associates, Inc.(b)
  6,497        1,718,002
Marvell Technology, Inc.
  90,919        6,931,665
Microchip Technology, Inc.
  56,586        4,649,106
Micron Technology, Inc.
  116,822       11,242,949
Microsoft Corp.
  743,841      310,285,835
MicroStrategy, Inc., Class A(b)(c)
  16,531        2,189,035
MongoDB, Inc.(b)
  7,746        2,252,459
Monolithic Power Systems, Inc.
  5,127        4,792,104
Motorola Solutions, Inc.
  17,550        7,757,802
NetApp, Inc.
  21,642        2,612,622
NVIDIA Corp.
  2,591,604      309,359,770
NXP Semiconductors N.V. (China)
  26,847        6,882,497
Okta, Inc.(b)
  16,902        1,330,695
ON Semiconductor Corp.(b)
  45,455        3,539,581
Oracle Corp.
  174,378       24,637,868
Palantir Technologies, Inc., Class A(b)(c)
  213,345        6,716,101
Palo Alto Networks, Inc.(b)
  34,107       12,371,291
PTC, Inc.(b)(c)
  12,477        2,234,506
Pure Storage, Inc., Class A(b)
  32,464        1,665,079
Qorvo, Inc.(b)
  10,233        1,185,902
QUALCOMM, Inc.
  117,430       20,585,479
Roper Technologies, Inc.
  11,296        6,262,615
Salesforce, Inc.
  102,029       25,803,134
Samsara, Inc., Class A(b)(c)
  21,327          875,900
Seagate Technology Holdings PLC
  20,815        2,072,133
ServiceNow, Inc.(b)
  21,599       18,467,145
Skyworks Solutions, Inc.
  16,884        1,850,318
Snowflake, Inc., Class A(b)(c)
  31,678        3,618,578
Super Micro Computer, Inc.(b)
  5,536        2,423,107
Synopsys, Inc.(b)
  16,141        8,386,541
TE Connectivity Ltd.
  32,497        4,991,539
Teledyne Technologies, Inc.(b)
  5,020        2,172,656
Teradyne, Inc.
  16,437        2,247,431
Texas Instruments, Inc.
  95,992       20,574,925
Trimble, Inc.(b)
  25,631        1,453,021
Twilio, Inc., Class A(b)
  17,986        1,128,801
Tyler Technologies, Inc.(b)
  4,477        2,631,894
VeriSign, Inc.(b)
  9,592        1,763,969
Western Digital Corp.(b)
  34,016        2,231,110
Workday, Inc., Class A(b)
  22,353        5,883,086
Zebra Technologies Corp., Class A(b)
  5,324        1,838,803
Zoom Video Communications, Inc., Class A(b)
  26,450        1,827,166
Zscaler, Inc.(b)(c)
  9,528       1,905,410
        1,602,983,466
Materials-2.38%
Air Products and Chemicals, Inc.
  23,457        6,540,984
Albemarle Corp.
  12,267        1,107,097
Amcor PLC
  152,025        1,739,166
Avery Dennison Corp.
  8,410        1,865,759
Ball Corp.
  33,095        2,111,792
Celanese Corp.
  11,686        1,526,192
CF Industries Holdings, Inc.
  19,645        1,632,303
Corteva, Inc.
  73,347        4,202,783
CRH PLC
  72,258        6,558,859
Crown Holdings, Inc.
  12,626        1,141,517
Dow, Inc.
  73,871       3,958,008
  Shares   Value
Materials-(continued)
DuPont de Nemours, Inc.
  43,935   $    3,701,524
Eastman Chemical Co.
  12,389        1,268,262
Ecolab, Inc.
  27,121        6,866,495
Freeport-McMoRan, Inc.
  151,680        6,716,390
International Flavors & Fragrances, Inc.
  26,773        2,784,124
International Paper Co.(c)
  34,210        1,656,448
Linde PLC
  50,615       24,206,624
LyondellBasell Industries N.V., Class A
  27,178        2,682,469
Martin Marietta Materials, Inc.
  6,512        3,478,450
Mosaic Co. (The)
  33,729          963,638
Newmont Corp.
  121,003        6,460,350
Nucor Corp.
  25,317        3,845,905
Packaging Corp. of America
  9,471        1,984,553
PPG Industries, Inc.
  24,741        3,209,650
Reliance, Inc.(c)
  6,084        1,743,979
RPM International, Inc.(c)
  13,533        1,573,211
Sherwin-Williams Co. (The)
  25,348        9,362,791
Smurfit WestRock PLC
  55,041        2,610,044
Steel Dynamics, Inc.
  15,730        1,879,892
Vulcan Materials Co.
  13,950        3,420,679
Westlake Corp.
  4,032         586,414
        123,386,352
Real Estate-2.41%
Alexandria Real Estate Equities, Inc.
  16,470        1,969,318
American Homes 4 Rent, Class A
  34,155        1,358,344
American Tower Corp.
  49,290       11,043,917
AvalonBay Communities, Inc.
  14,898        3,362,926
BXP, Inc.
  15,612        1,174,335
Camden Property Trust
  11,053        1,383,836
CBRE Group, Inc., Class A(b)
  32,469        3,738,481
CoStar Group, Inc.(b)
  42,852        3,312,460
Crown Castle, Inc.
  45,914        5,143,286
Digital Realty Trust, Inc.
  34,180        5,182,030
Equinix, Inc.
  10,004        8,346,938
Equity LifeStyle Properties, Inc.(c)
  18,359        1,334,883
Equity Residential
  35,880        2,686,694
Essex Property Trust, Inc.
  6,751        2,037,384
Extra Space Storage, Inc.
  22,172        3,924,444
Gaming and Leisure Properties, Inc.
  28,081        1,460,774
Healthpeak Properties, Inc.
  74,280        1,654,958
Host Hotels & Resorts, Inc.
  73,714        1,304,738
Invitation Homes, Inc.
  63,707        2,346,966
Iron Mountain, Inc.
  30,600        3,465,756
Kimco Realty Corp.
  70,717        1,644,877
Mid-America Apartment Communities, Inc.
  12,219        1,983,999
Prologis, Inc.
  97,631       12,479,194
Public Storage
  16,704        5,741,499
Realty Income Corp.
  91,738        5,697,847
Regency Centers Corp.
  18,404        1,337,787
SBA Communications Corp., Class A
  11,274        2,555,365
Simon Property Group, Inc.
  34,198        5,723,035
Sun Communities, Inc.
  13,107        1,772,591
UDR, Inc.
  32,690        1,455,032
Ventas, Inc.
  42,540        2,642,159
VICI Properties, Inc.(c)
  110,358        3,694,786
W.P. Carey, Inc.(c)
  22,917        1,375,478
Welltower, Inc.
  62,988       7,601,392
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
Weyerhaeuser Co.
  76,366   $    2,328,399
Zillow Group, Inc., Class C(b)(c)
  16,178         894,643
        125,160,551
Utilities-2.34%
AES Corp. (The)
  74,622        1,278,275
Alliant Energy Corp.
  26,805        1,561,927
Ameren Corp.
  27,884        2,300,709
American Electric Power Co., Inc.
  55,693        5,584,894
American Water Works Co., Inc.
  20,500        2,933,960
Atmos Energy Corp.
  15,788        2,064,123
CenterPoint Energy, Inc.
  66,263        1,808,980
CMS Energy Corp.
  31,463        2,135,079
Consolidated Edison, Inc.
  36,202        3,676,675
Constellation Energy Corp.
  33,107        6,512,147
Dominion Energy, Inc.
  87,848        4,910,703
DTE Energy Co.
  21,610        2,701,682
Duke Energy Corp.
  81,349        9,269,719
Edison International
  40,307        3,507,918
Entergy Corp.
  22,386        2,701,766
Essential Utilities, Inc.
  27,193        1,060,255
Evergy, Inc.
  24,176        1,429,769
Eversource Energy
  36,674        2,476,595
Exelon Corp.
  105,795        4,029,732
FirstEnergy Corp.
  57,266        2,515,123
NextEra Energy, Inc.
  216,562       17,435,407
NiSource, Inc.
  46,984        1,553,291
NRG Energy, Inc.
  22,535        1,915,700
PG&E Corp.
  212,903        4,194,189
PPL Corp.
  77,385       2,469,355
  Shares   Value
Utilities-(continued)
Public Service Enterprise Group, Inc.
  52,292   $    4,222,579
Sempra
  66,405        5,457,163
Southern Co. (The)
  115,186        9,952,070
Vistra Corp.
  36,562        3,123,492
WEC Energy Group, Inc.(c)
  33,138        3,082,828
Xcel Energy, Inc.
  58,385       3,574,914
        121,441,019
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.92%

(Cost $4,266,992,467)
  5,188,738,266
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.32%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  19,682,463       19,682,463
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  48,886,607      48,906,162
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $68,586,033)
  68,588,625
TOTAL INVESTMENTS IN SECURITIES-101.24%

(Cost $4,335,578,500)
  5,257,326,891
OTHER ASSETS LESS LIABILITIES-(1.24)%
  (64,467,519)
NET ASSETS-100.00%
  $5,192,859,372
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $413,411   $73,659   $(445,933)   $201,434   $(242,571)   $-   $5,830
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 1,972,697   72,991,992   (74,964,689)   -   -   -   56,845
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $21,463,283   $300,773,736   $(302,554,556)   $-   $-   $19,682,463   $1,429,642*
Invesco Private Prime Fund 55,553,547   663,377,785   (670,067,263)   3,314   38,779   48,906,162   3,866,976*
Total $79,402,938   $1,037,217,172   $(1,048,032,441)   $204,748   $(203,792)   $68,588,625   $5,359,293
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-7.39%
Alphabet, Inc., Class A
  2,101   $    343,261
AT&T, Inc.
  168,458     3,352,314
Charter Communications, Inc., Class A(b)(c)
  10,739     3,732,232
Comcast Corp., Class A
  80,494     3,185,148
Electronic Arts, Inc.
  2,238        339,773
Fox Corp., Class A
  8,968        371,006
Frontier Communications Parent, Inc.(b)(c)
  122,461     3,526,877
IAC, Inc.(b)(c)
  7,945        419,337
Interpublic Group of Cos., Inc. (The)
  10,510        342,731
Iridium Communications, Inc.(c)
  121,423     3,132,713
Liberty Broadband Corp.(b)(d)
  22,093              0
Liberty Broadband Corp., Class C(b)
  59,952     3,739,806
Liberty Global Ltd., Class C (Belgium)(b)(c)
  173,551     3,413,748
Liberty Media Corp.-Liberty Formula One(b)(c)
  4,259        332,415
Liberty Media Corp.-Liberty Live, Series C(b)
  8,522        344,033
Liberty Media Corp.-Liberty SiriusXM, Series C(b)(c)
  13,976        333,048
Live Nation Entertainment, Inc.(b)
  3,336        325,827
Madison Square Garden Sports Corp., Class A(b)
  1,645        343,887
Match Group, Inc.(b)
  12,221        454,743
Meta Platforms, Inc., Class A
  741        386,291
Netflix, Inc.(b)
  453        317,712
New York Times Co. (The), Class A
  6,149        337,765
News Corp., Class A
  11,457        324,577
Nexstar Media Group, Inc., Class A(c)
  1,982        338,684
Omnicom Group, Inc.(c)
  3,432        344,676
Paramount Global, Class B
  30,629        320,686
Pinterest, Inc., Class A(b)
  8,411        269,488
Playtika Holding Corp.(c)
  38,037        287,940
Roblox Corp., Class A(b)
  8,591        377,918
Roku, Inc., Class A(b)
  56,793     3,848,862
Sirius XM Holdings, Inc.(c)
  106,248        349,556
Spotify Technology S.A. (Sweden)(b)
  981        336,365
Take-Two Interactive Software, Inc.(b)
  1,987        321,318
TKO Group Holdings, Inc.(c)
  2,923        345,586
T-Mobile US, Inc.
  17,293     3,436,465
Trade Desk, Inc. (The), Class A(b)
  3,169        331,256
TripAdvisor, Inc.(b)(c)
  17,173        249,180
Trump Media & Technology Group Corp.(b)(c)
  13,840        269,880
Verizon Communications, Inc.
  75,820     3,167,760
Walt Disney Co. (The)
  3,025        273,400
Warner Bros. Discovery, Inc.(b)
  43,766        343,125
ZoomInfo Technologies, Inc., Class A(b)(c)
  30,671       303,336
        44,914,725
Consumer Discretionary-6.86%
ADT, Inc.(c)
  37,921        276,444
Advance Auto Parts, Inc.(c)
  4,659        211,099
Airbnb, Inc., Class A(b)
  2,084        244,474
Amazon.com, Inc.(b)
  1,657        295,775
Amer Sports, Inc. (Finland)(b)(c)
  21,742        296,778
Aptiv PLC(b)(c)
  4,208        300,998
Aramark
  9,151        335,201
AutoNation, Inc.(b)
  1,903        338,696
AutoZone, Inc.(b)
  104        330,874
Bath & Body Works, Inc.
  7,286       224,117
  Shares   Value
Consumer Discretionary-(continued)
Best Buy Co., Inc.
  3,333   $    334,633
Birkenstock Holding PLC (Luxembourg)(b)(c)
  5,039        251,446
Booking Holdings, Inc.
  78        304,920
BorgWarner, Inc.
  9,302        316,919
Boyd Gaming Corp.
  5,852        351,237
Bright Horizons Family Solutions, Inc.(b)
  3,056        430,040
Brunswick Corp.(c)
  3,696        292,169
Burlington Stores, Inc.(b)
  1,294        347,103
Caesars Entertainment, Inc.(b)(c)
  7,939        298,824
Capri Holdings Ltd.(b)
  9,953        355,521
CarMax, Inc.(b)
  4,321        365,341
Carnival Corp.(b)
  19,183        316,520
Carter’s, Inc.(c)
  4,766        314,079
Carvana Co.(b)(c)
  2,805        422,489
Cava Group, Inc.(b)
  3,338        380,666
Chipotle Mexican Grill, Inc.(b)
  4,795        268,904
Choice Hotels International, Inc.(c)
  2,771        353,552
Churchill Downs, Inc.
  2,237        310,876
Columbia Sportswear Co.(c)
  3,759        303,464
Coupang, Inc. (South Korea)(b)
  14,657        324,653
Crocs, Inc.(b)(c)
  1,951        285,178
D.R. Horton, Inc.
  2,185        412,441
Darden Restaurants, Inc.
  1,997        315,826
Deckers Outdoor Corp.(b)
  309        296,421
Dick’s Sporting Goods, Inc.
  1,340        317,526
Dillard’s, Inc., Class A(c)
  723        245,075
Domino’s Pizza, Inc.
  588        243,555
DoorDash, Inc., Class A(b)
  3,357        432,079
DraftKings, Inc., Class A(b)
  7,166        247,227
Duolingo, Inc.(b)(c)
  1,548        329,058
Dutch Bros, Inc., Class A(b)(c)
  8,003        248,093
eBay, Inc.
  5,724        338,288
Etsy, Inc.(b)
  5,296        291,757
Expedia Group, Inc.(b)
  2,454        341,327
Five Below, Inc.(b)(c)
  2,740        206,678
Floor & Decor Holdings, Inc., Class A(b)(c)
  2,623        294,930
Ford Motor Co.
  25,803        288,736
GameStop Corp., Class A(b)
  12,038        281,930
Gap, Inc. (The)
  12,227        274,252
Garmin Ltd.
  1,925        352,833
General Motors Co.
  6,448        320,981
Gentex Corp.(c)
  9,143        286,450
Genuine Parts Co.
  2,180        312,307
Grand Canyon Education, Inc.(b)
  2,317        335,988
H&R Block, Inc.
  5,816        368,211
Harley-Davidson, Inc.
  9,268        346,994
Hasbro, Inc.
  5,083        346,457
Hilton Worldwide Holdings, Inc.
  1,413        310,351
Home Depot, Inc. (The)
  870        320,595
Hyatt Hotels Corp., Class A
  2,054        312,044
Kohl’s Corp.(c)
  13,837        268,299
Las Vegas Sands Corp.
  6,904        269,187
Lear Corp.
  2,691        313,905
Leggett & Platt, Inc.
  25,957        328,097
Lennar Corp., Class A
  2,064        375,772
Light & Wonder, Inc.(b)
  3,101        340,552
Lithia Motors, Inc., Class A(c)
  1,243        374,242
LKQ Corp.
  7,424       308,764
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Consumer Discretionary-(continued)
Lowe’s Cos., Inc.
  1,352   $    335,972
Lucid Group, Inc.(b)(c)
  121,307        487,654
lululemon athletica, inc.(b)
  991        257,135
Macy’s, Inc.
  16,809        261,716
Marriott International, Inc., Class A
  1,272        298,526
Marriott Vacations Worldwide Corp.(c)
  3,637        269,138
Mattel, Inc.(b)(c)
  18,010        341,830
McDonald’s Corp.
  1,216        351,011
MGM Resorts International(b)(c)
  7,389        277,753
Mohawk Industries, Inc.(b)
  2,444        379,162
Murphy USA, Inc.
  642        333,602
Newell Brands, Inc.
  47,183        334,527
NIKE, Inc., Class B
  3,463        288,537
Nordstrom, Inc.
  14,534        324,690
Norwegian Cruise Line Holdings Ltd.(b)(c)
  17,936        320,875
NVR, Inc.(b)
  41        376,071
Ollie’s Bargain Outlet Holdings, Inc.(b)
  3,154        282,472
O’Reilly Automotive, Inc.(b)
  283        319,782
PENN Entertainment, Inc.(b)(c)
  15,376        286,301
Penske Automotive Group, Inc.
  2,042        347,344
Planet Fitness, Inc., Class A(b)(c)
  4,221        342,787
Polaris, Inc.
  3,981        336,992
Pool Corp.
  923        324,545
PulteGroup, Inc.
  2,985        392,975
PVH Corp.
  2,755        271,891
QuantumScape Corp.(b)(c)
  62,625        363,851
Ralph Lauren Corp.
  1,671        286,175
RH(b)(c)
  1,413        358,478
Rivian Automotive, Inc., Class A(b)(c)
  29,828        421,470
Ross Stores, Inc.
  2,091        314,926
Royal Caribbean Cruises Ltd.(b)
  2,051        337,636
Service Corp. International
  4,281        335,074
SharkNinja, Inc.
  3,963        379,735
Skechers U.S.A., Inc., Class A(b)
  4,218        288,849
Starbucks Corp.
  3,862        365,229
Tapestry, Inc.
  7,457        305,513
Tempur Sealy International, Inc.(c)
  6,380        334,503
Tesla, Inc.(b)
  1,699        363,773
Texas Roadhouse, Inc.
  1,817        306,619
Thor Industries, Inc.(c)
  3,396        364,255
TJX Cos., Inc. (The)
  2,794        327,652
Toll Brothers, Inc.
  2,665        383,947
TopBuild Corp.(b)
  704        276,686
Tractor Supply Co.
  1,100        294,305
Travel + Leisure Co.
  6,947        307,474
Ulta Beauty, Inc.(b)
  812        286,506
Under Armour, Inc., Class A(b)(c)
  44,080        338,975
V.F. Corp.
  22,154        403,424
Vail Resorts, Inc.(c)
  1,715        311,616
Valvoline, Inc.(b)
  34,022     1,435,728
Wayfair, Inc., Class A(b)(c)
  5,889        250,577
Wendy’s Co. (The)
  18,764        317,487
Whirlpool Corp.
  3,437        344,697
Williams-Sonoma, Inc.
  2,028        272,421
Wingstop, Inc.
  757        292,285
Wyndham Hotels & Resorts, Inc.
  4,218        331,957
Wynn Resorts Ltd.
  3,433       263,929
  Shares   Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.(b)(c)
  7,514   $    302,965
Yum! Brands, Inc.
  2,295       309,641
        41,701,864
Consumer Staples-8.79%
Albertson’s Cos., Inc., Class A
  48,221        946,096
Altria Group, Inc.
  20,976     1,127,879
Archer-Daniels-Midland Co.
  15,616        952,420
BellRing Brands, Inc.(b)
  16,830        941,302
BJ’s Wholesale Club Holdings, Inc.(b)
  3,478        278,101
Boston Beer Co., Inc. (The), Class A(b)
  3,315        900,752
Brown-Forman Corp., Class B
  22,003     1,003,117
Bunge Global S.A.
  9,222        934,926
Campbell Soup Co.
  21,292     1,058,638
Casey’s General Stores, Inc.
  2,587        937,296
Celsius Holdings, Inc.(b)(c)
  15,395        585,472
Church & Dwight Co., Inc.
  8,750        891,450
Clorox Co. (The)
  7,019     1,111,178
Coca-Cola Co. (The)
  15,325     1,110,603
Coca-Cola Consolidated, Inc.
  985     1,322,264
Colgate-Palmolive Co.
  9,830     1,046,895
Conagra Brands, Inc.
  33,432     1,043,078
Constellation Brands, Inc., Class A
  3,626        872,814
Costco Wholesale Corp.
  355        316,795
Coty, Inc., Class A(b)
  31,219        292,834
Darling Ingredients, Inc.(b)(c)
  27,530     1,148,827
Dollar General Corp.(c)
  2,415        200,373
Dollar Tree, Inc.(b)
  2,862        241,810
e.l.f. Beauty, Inc.(b)
  1,472        220,491
Estee Lauder Cos., Inc. (The), Class A
  2,736        250,782
Flowers Foods, Inc.
  42,523        988,235
Freshpet, Inc.(b)
  7,421     1,009,256
General Mills, Inc.
  14,288     1,032,880
Grocery Outlet Holding Corp.(b)(c)
  45,551        862,736
Hershey Co. (The)
  5,237     1,011,055
Hormel Foods Corp.
  31,265     1,017,676
Ingredion, Inc.
  8,344     1,120,683
J.M. Smucker Co. (The)
  8,687        996,225
Kellanova
  16,730     1,348,605
Kenvue, Inc.
  50,579     1,110,209
Keurig Dr Pepper, Inc.
  27,852     1,019,662
Kimberly-Clark Corp.
  6,803        984,122
Kraft Heinz Co. (The)
  29,195     1,034,379
Kroger Co. (The)
  18,953     1,008,489
Lamb Weston Holdings, Inc.
  11,550        715,176
Maplebear, Inc.(b)
  11,190        401,609
McCormick & Co., Inc.
  13,900     1,112,417
Molson Coors Beverage Co., Class B
  18,820     1,015,715
Mondelez International, Inc., Class A
  14,426     1,035,931
Monster Beverage Corp.(b)
  19,577        922,664
PepsiCo, Inc.
  5,718        988,528
Performance Food Group Co.(b)
  14,162     1,057,052
Philip Morris International, Inc.
  9,419     1,161,268
Pilgrim’s Pride Corp.(b)(c)
  26,365     1,228,082
Post Holdings, Inc.(b)
  9,318     1,078,745
Procter & Gamble Co. (The)
  5,684        975,033
Reynolds Consumer Products, Inc.(c)
  33,432     1,053,108
Seaboard Corp.
  321        998,429
Spectrum Brands Holdings, Inc.
  10,580        997,906
Sysco Corp.
  13,096     1,021,095
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Consumer Staples-(continued)
Target Corp.
  2,150   $    330,283
Tyson Foods, Inc., Class A
  16,981     1,092,048
US Foods Holding Corp.(b)
  17,991     1,065,247
Walgreens Boots Alliance, Inc.
  60,042        555,388
Walmart, Inc.
  4,530       349,852
        53,435,981
Energy-8.01%
Antero Midstream Corp.
  82,300     1,223,801
Antero Resources Corp.(b)
  36,856        994,743
APA Corp.
  42,886     1,221,822
Baker Hughes Co., Class A
  36,801     1,294,291
Cheniere Energy, Inc.
  7,396     1,370,183
Chesapeake Energy Corp.(c)
  14,255     1,061,855
Chevron Corp.
  7,639     1,130,190
Chord Energy Corp.
  7,173     1,064,688
Civitas Resources, Inc.
  17,740     1,087,994
ConocoPhillips
  10,749     1,223,129
Coterra Energy, Inc.
  44,504     1,082,782
Devon Energy Corp.
  26,020     1,165,176
Diamondback Energy, Inc.
  6,210     1,211,633
DT Midstream, Inc.
  17,469     1,372,889
EOG Resources, Inc.
  9,947     1,281,372
EQT Corp.
  31,692     1,061,999
Exxon Mobil Corp.
  10,859     1,280,710
Halliburton Co.
  35,906     1,116,318
Hess Corp.
  8,132     1,122,704
HF Sinclair Corp.
  22,464     1,103,881
Kinder Morgan, Inc.
  61,275     1,321,702
Marathon Oil Corp.
  43,001     1,231,979
Marathon Petroleum Corp.
  6,969     1,234,349
Matador Resources Co.
  20,759     1,177,450
New Fortress Energy, Inc.(c)
  55,275        680,988
NOV, Inc.
  65,897     1,170,990
Occidental Petroleum Corp.
  19,162     1,091,851
ONEOK, Inc.
  14,969     1,382,537
Ovintiv, Inc.
  25,676     1,099,703
Permian Resources Corp.
  77,203     1,099,371
Phillips 66
  8,698     1,220,416
Range Resources Corp.
  35,133     1,049,774
Schlumberger N.V.
  26,321     1,157,861
Southwestern Energy Co.(b)
  176,757     1,127,710
Targa Resources Corp.
  9,576     1,406,714
TechnipFMC PLC (United Kingdom)
  49,086     1,317,468
Texas Pacific Land Corp.
  1,563     1,358,075
Valero Energy Corp.
  7,851     1,151,977
Viper Energy, Inc.
  32,786     1,560,614
Weatherford International PLC
  10,299     1,080,777
Williams Cos., Inc. (The)
  28,628     1,310,304
        48,704,770
Financials-10.38%
Affiliated Managers Group, Inc.
  2,401        417,366
Affirm Holdings, Inc.(b)(c)
  9,031        397,454
Aflac, Inc.
  4,155        458,546
AGNC Investment Corp.
  38,085        388,848
Allstate Corp. (The)
  2,293        433,239
Ally Financial, Inc.
  9,326        402,790
American Express Co.
  1,185        306,500
American Financial Group, Inc.
  2,912        389,101
American International Group, Inc.
  5,013       386,252
  Shares   Value
Financials-(continued)
Ameriprise Financial, Inc.
  841   $    377,979
Annaly Capital Management, Inc.
  18,698        376,952
Aon PLC, Class A
  1,260        433,087
Apollo Global Management, Inc.
  3,149        364,434
Arch Capital Group Ltd.(b)
  3,640        411,648
Ares Management Corp., Class A
  2,773        405,967
Arthur J. Gallagher & Co.
  1,407        411,646
Assurant, Inc.
  2,200        431,970
Assured Guaranty Ltd.
  4,750        380,380
AXIS Capital Holdings Ltd.
  5,206        415,855
Bank of America Corp.
  9,326        380,035
Bank of New York Mellon Corp. (The)
  6,340        432,515
Bank OZK
  9,557        414,296
Berkshire Hathaway, Inc., Class B(b)
  910        433,087
BlackRock, Inc.
  476        429,262
Blackstone, Inc., Class A
  3,001        427,222
Block, Inc., Class A(b)
  4,336        286,523
Blue Owl Capital, Inc.(c)
  20,996        370,369
BOK Financial Corp.
  4,183        439,006
Brighthouse Financial, Inc.(b)
  8,659        397,448
Brown & Brown, Inc.
  4,013        421,887
Capital One Financial Corp.
  1,970        289,452
Carlyle Group, Inc. (The)(c)
  9,093        364,902
Cboe Global Markets, Inc.
  2,165        444,691
Charles Schwab Corp. (The)
  5,129        333,898
Chubb Ltd.
  1,398        397,284
Cincinnati Financial Corp.
  3,373        462,202
Citigroup, Inc.
  6,151        385,299
Citizens Financial Group, Inc.
  10,752        462,874
CME Group, Inc., Class A
  1,877        404,944
CNA Financial Corp.(c)
  8,359        433,999
Coinbase Global, Inc., Class A(b)(c)
  1,587        290,992
Columbia Banking System, Inc.
  20,174        507,981
Comerica, Inc.
  7,884        450,255
Commerce Bancshares, Inc.
  6,974        446,057
Corebridge Financial, Inc.
  12,552        371,037
Corpay, Inc.(b)
  1,038        327,541
Credit Acceptance Corp.(b)(c)
  766        357,362
Cullen/Frost Bankers, Inc.
  3,792        425,576
Discover Financial Services
  2,916        404,478
East West Bancorp, Inc.
  5,244        440,863
Equitable Holdings, Inc.
  9,082        386,167
Euronet Worldwide, Inc.(b)(c)
  2,537        273,768
Evercore, Inc., Class A
  1,850        454,619
Everest Group Ltd.
  980        384,395
F.N.B. Corp.
  28,706        430,016
FactSet Research Systems, Inc.
  912        385,630
Fidelity National Financial, Inc.
  7,567        446,150
Fidelity National Information Services, Inc.
  3,560        293,522
Fifth Third Bancorp
  10,836        462,589
First American Financial Corp.
  6,911        440,922
First Citizens BancShares, Inc., Class A
  228        463,000
First Hawaiian, Inc.
  18,506        450,251
First Horizon Corp.
  25,522        423,410
Fiserv, Inc.(b)
  1,813        316,550
Franklin Resources, Inc.
  16,501        333,980
Global Payments, Inc.
  2,883        320,042
Globe Life, Inc.
  4,515        474,301
Goldman Sachs Group, Inc. (The)
  812        414,323
Hanover Insurance Group, Inc. (The)
  3,004       441,558
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Hartford Financial Services Group, Inc. (The)
  3,596   $    417,496
Houlihan Lokey, Inc.
  2,805        439,319
Huntington Bancshares, Inc.
  29,785        445,882
Interactive Brokers Group, Inc., Class A
  3,101        399,688
Intercontinental Exchange, Inc.
  2,840        458,802
Invesco Ltd.(e)
  24,941        426,242
Jack Henry & Associates, Inc.
  1,642        284,115
Janus Henderson Group PLC
  11,026        414,688
Jefferies Financial Group, Inc.
  8,125        487,094
JPMorgan Chase & Co.
  1,875        421,500
Kemper Corp.
  6,324        395,313
KeyCorp
  27,334        466,318
Kinsale Capital Group, Inc.
  942        462,607
KKR & Co., Inc., Class A
  3,386        419,085
Lazard, Inc.(c)
  9,890        495,588
Lincoln National Corp.
  11,692        375,313
Loews Corp.
  4,875        399,458
LPL Financial Holdings, Inc.
  1,288        288,950
M&T Bank Corp.
  2,522        434,061
Markel Group, Inc.(b)
  240        384,163
MarketAxess Holdings, Inc.
  1,871        453,512
Marsh & McLennan Cos., Inc.
  1,737        395,185
Mastercard, Inc., Class A
  612        295,804
MetLife, Inc.
  5,257        407,312
MGIC Investment Corp.
  17,499        445,000
Moody’s Corp.
  880        429,211
Morgan Stanley
  3,825        396,308
Morningstar, Inc.
  1,290        404,763
MSCI, Inc.
  769        446,474
Nasdaq, Inc.
  6,346        457,420
Northern Trust Corp.
  4,538        413,911
NU Holdings Ltd., Class A (Brazil)(b)
  30,864        462,034
Old Republic International Corp.
  12,189        437,219
OneMain Holdings, Inc.
  7,617        376,356
PayPal Holdings, Inc.(b)
  4,552        329,701
Pinnacle Financial Partners, Inc.
  4,842        482,118
PNC Financial Services Group, Inc. (The)
  2,433        450,324
Popular, Inc.
  4,381        449,053
Primerica, Inc.
  1,549        407,743
Principal Financial Group, Inc.
  4,708        383,325
Progressive Corp. (The)
  1,771        446,646
Prosperity Bancshares, Inc.
  6,319        464,952
Prudential Financial, Inc.
  3,187        386,137
Raymond James Financial, Inc.
  3,309        395,657
Regions Financial Corp.
  19,716        461,749
Reinsurance Group of America, Inc.
  1,793        395,823
RenaissanceRe Holdings Ltd. (Bermuda)
  1,646        419,384
Rithm Capital Corp.
  33,530        400,348
RLI Corp.
  2,619        403,588
Robinhood Markets, Inc., Class A(b)
  17,157        345,199
Rocket Cos., Inc., Class A(b)(c)
  26,882        528,231
Ryan Specialty Holdings, Inc., Class A
  6,737        435,412
S&P Global, Inc.
  848        435,228
SEI Investments Co.
  5,665        383,124
Shift4 Payments, Inc., Class A(b)(c)
  3,853        320,184
SLM Corp.
  19,015        419,471
SoFi Technologies, Inc.(b)(c)
  58,997        471,386
Starwood Property Trust, Inc.(c)
  19,279        401,774
State Street Corp.
  5,190        452,049
Stifel Financial Corp.
  4,580       403,681
  Shares   Value
Financials-(continued)
Synchrony Financial
  6,059   $    304,525
Synovus Financial Corp.
  10,098        465,720
T. Rowe Price Group, Inc.
  3,156        334,662
TFS Financial Corp.(c)
  30,169        409,695
Toast, Inc., Class A(b)(c)
  14,508        360,669
TPG, Inc.
  8,956        451,830
Tradeweb Markets, Inc., Class A
  3,522        416,441
Travelers Cos., Inc. (The)
  1,762        401,859
Truist Financial Corp.
  10,150        451,269
U.S. Bancorp
  9,490        448,213
Unum Group
  7,790        432,267
UWM Holdings Corp.(c)
  53,418        502,129
Virtu Financial, Inc., Class A
  16,147        495,874
Visa, Inc., Class A
  983        271,672
Voya Financial, Inc.
  5,115        362,295
W.R. Berkley Corp.
  6,946        414,676
Webster Financial Corp.
  9,114        432,277
Wells Fargo & Co.
  6,327        369,940
Western Alliance Bancorporation
  6,251        510,582
Western Union Co. (The)
  22,315        272,243
WEX, Inc.(b)(c)
  1,603        306,205
White Mountains Insurance Group Ltd.(c)
  205        378,069
Willis Towers Watson PLC
  1,433        418,594
Wintrust Financial Corp.
  3,977        432,698
XP, Inc., Class A (Brazil)
  20,736        381,750
Zions Bancorporation N.A.
  9,021       447,081
        63,100,257
Health Care-9.70%
10X Genomics, Inc., Class A(b)(c)
  24,095        562,618
Abbott Laboratories
  4,512        511,074
AbbVie, Inc.
  2,797        549,079
Acadia Healthcare Co., Inc.(b)
  7,114        582,850
Agilent Technologies, Inc.
  3,624        517,942
Align Technology, Inc.(b)
  1,982        470,170
Alnylam Pharmaceuticals, Inc.(b)
  3,055        802,518
Amedisys, Inc.(b)(c)
  5,252        514,749
Amgen, Inc.
  1,552        518,104
Apellis Pharmaceuticals, Inc.(b)(c)
  12,103        470,807
Avantor, Inc.(b)
  22,314        576,594
Azenta, Inc.(b)(c)
  8,475        419,682
Baxter International, Inc.
  14,143        536,585
Becton, Dickinson and Co.
  2,017        488,941
Biogen, Inc.(b)
  2,220        454,567
BioMarin Pharmaceutical, Inc.(b)
  5,678        517,890
Bio-Rad Laboratories, Inc., Class A(b)
  1,685        568,384
Bio-Techne Corp.
  6,450        477,236
Boston Scientific Corp.(b)
  6,247        510,942
Bristol-Myers Squibb Co.
  11,718        585,314
Bristol-Myers Squibb Co., Rts., expiring 01/23/2031(b)(c)
  7,730          5,411
Bruker Corp.
  7,228        485,649
Cardinal Health, Inc.
  4,608        519,414
Catalent, Inc.(b)
  8,774        534,863
Cencora, Inc.
  4,043        968,582
Centene Corp.(b)
  7,126        561,743
Certara, Inc.(b)(c)
  35,702        437,350
Charles River Laboratories International, Inc.(b)
  2,294        453,639
Chemed Corp.
  900       527,553
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
Cigna Group (The)
  1,422   $    514,494
Cooper Cos., Inc. (The)(b)
  5,244        554,448
CVS Health Corp.
  15,619        894,032
Danaher Corp.
  1,934        520,846
DaVita, Inc.(b)
  3,460        522,183
DENTSPLY SIRONA, Inc.
  18,896        477,880
DexCom, Inc.(b)
  4,144        287,345
Doximity, Inc., Class A(b)(c)
  17,711        651,411
Edwards Lifesciences Corp.(b)
  5,411        378,554
Elanco Animal Health, Inc.(b)
  26,422        408,748
Elevance Health, Inc.
  898        500,087
Eli Lilly and Co.
  543        521,291
Encompass Health Corp.
  5,693        529,734
Enovis Corp.(b)(c)
  10,793        502,954
Envista Holdings Corp.(b)(c)
  27,958        510,513
Exact Sciences Corp.(b)(c)
  10,932        674,395
Exelixis, Inc.(b)
  22,133        576,122
Fortrea Holdings, Inc.(b)(c)
  20,098        463,460
GE HealthCare Technologies, Inc.
  6,053        513,415
Gilead Sciences, Inc.
  7,020        554,580
Globus Medical, Inc., Class A(b)(c)
  7,178        521,841
GRAIL, Inc.(b)(c)
  23,670        333,984
HCA Healthcare, Inc.
  1,427        564,507
Henry Schein, Inc.(b)
  7,227        509,865
Hologic, Inc.(b)
  6,660        541,058
Humana, Inc.
  1,343        476,053
IDEXX Laboratories, Inc.(b)
  969        466,409
Illumina, Inc.(b)
  4,563        599,578
Incyte Corp.(b)
  7,712        506,370
Inspire Medical Systems, Inc.(b)(c)
  2,865        515,184
Insulet Corp.(b)
  2,411        488,878
Intra-Cellular Therapies, Inc.(b)
  6,368        466,647
Intuitive Surgical, Inc.(b)
  1,113        548,297
Ionis Pharmaceuticals, Inc.(b)
  11,784        561,861
IQVIA Holdings, Inc.(b)
  2,248        565,484
Jazz Pharmaceuticals PLC(b)
  4,478        519,358
Johnson & Johnson
  3,256        540,040
Labcorp Holdings, Inc.
  2,316        532,425
Masimo Corp.(b)(c)
  3,690        433,649
McKesson Corp.
  1,580        886,506
Medpace Holdings, Inc.(b)
  1,203        427,390
Medtronic PLC
  5,997        531,214
Merck & Co., Inc.
  3,710        439,450
Mettler-Toledo International, Inc.(b)
  189        271,986
Moderna, Inc.(b)(c)
  3,578        276,937
Molina Healthcare, Inc.(b)
  1,563        546,722
Natera, Inc.(b)
  4,485        530,396
Neurocrine Biosciences, Inc.(b)
  3,587        455,764
Organon & Co.
  23,517        525,605
Penumbra, Inc.(b)(c)
  2,743        554,964
Perrigo Co. PLC
  18,777        546,411
Pfizer, Inc.
  17,347        503,236
Premier, Inc., Class A
  26,334        536,424
Qiagen N.V.(b)
  11,477        524,614
Quest Diagnostics, Inc.
  3,479        546,099
QuidelOrtho Corp.(b)
  13,803        583,177
R1 RCM, Inc.(b)(c)
  38,074        537,224
Regeneron Pharmaceuticals, Inc.(b)
  460        544,957
Repligen Corp.(b)(c)
  4,007        604,777
ResMed, Inc.
  2,257       553,010
  Shares   Value
Health Care-(continued)
Revvity, Inc.
  4,472   $    547,999
Roivant Sciences Ltd.(b)(c)
  44,530        544,602
Royalty Pharma PLC, Class A
  18,061        524,311
Sarepta Therapeutics, Inc.(b)
  3,892        528,456
Solventum Corp.(b)
  8,936        572,887
Sotera Health Co.(b)(c)
  41,528        641,192
STERIS PLC
  2,195        529,214
Stryker Corp.
  1,407        507,111
Teleflex, Inc.
  2,378        583,014
Tenet Healthcare Corp.(b)
  3,556        589,727
Thermo Fisher Scientific, Inc.
  861        529,575
Ultragenyx Pharmaceutical, Inc.(b)
  12,647        718,097
United Therapeutics Corp.(b)
  1,557        566,047
UnitedHealth Group, Inc.
  992        585,478
Universal Health Services, Inc., Class B
  2,549        606,586
Veeva Systems, Inc., Class A(b)
  2,617        566,423
Vertex Pharmaceuticals, Inc.(b)
  1,020        505,808
Viatris, Inc.
  46,871        566,202
Viking Therapeutics, Inc.(b)(c)
  9,534        611,320
Waters Corp.(b)
  938        324,876
West Pharmaceutical Services, Inc.
  1,462        458,527
Zimmer Biomet Holdings, Inc.
  4,525        522,456
Zoetis, Inc.
  2,857       524,231
        58,959,232
Industrials-9.73%
3M Co.
  2,680        360,969
A.O. Smith Corp.
  3,293        275,690
AAON, Inc.
  3,391        323,874
Acuity Brands, Inc.
  1,111        282,972
Advanced Drainage Systems, Inc.
  1,605        251,600
AECOM
  3,062        306,629
AGCO Corp.
  2,699        245,717
Air Lease Corp., Class A
  5,866        271,420
Alaska Air Group, Inc.(b)
  7,451        269,056
Allegion PLC
  2,350        326,274
Allison Transmission Holdings, Inc.
  3,645        338,074
American Airlines Group, Inc.(b)(c)
  27,412        291,115
AMETEK, Inc.
  1,617        276,588
API Group Corp.(b)
  7,104        252,547
Armstrong World Industries, Inc.
  2,384        302,196
Automatic Data Processing, Inc.
  1,107        305,432
Avis Budget Group, Inc.(c)
  2,759        226,210
Axon Enterprise, Inc.(b)
  928        338,692
AZEK Co., Inc. (The)(b)
  5,774        246,146
Boeing Co. (The)(b)
  1,544        268,255
Booz Allen Hamilton Holding Corp.
  1,765        280,247
Broadridge Financial Solutions, Inc.
  1,863        396,558
Builders FirstSource, Inc.(b)
  1,879        326,946
BWX Technologies, Inc.
  2,942        303,026
C.H. Robinson Worldwide, Inc.
  3,112        322,123
CACI International, Inc., Class A(b)
  858        418,807
Carlisle Cos., Inc.
  650        275,470
Carrier Global Corp.
  4,241        308,660
Caterpillar, Inc.
  830        295,563
Cintas Corp.
  384        309,166
Clarivate PLC(b)(c)
  67,675        464,250
Clean Harbors, Inc.(b)
  5,305     1,304,499
CNH Industrial N.V.
  26,747        276,564
Comfort Systems USA, Inc.
  842       297,664
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Concentrix Corp.(c)
  6,123   $    460,633
Copart, Inc.(b)
  6,058        320,832
Core & Main, Inc., Class A(b)
  5,326        255,808
Crane Co.
  1,907        302,031
CSX Corp.
  8,174        280,123
Cummins, Inc.
  978        305,967
Curtiss-Wright Corp.
  985        311,122
Dayforce, Inc.(b)(c)
  7,422        424,316
Deere & Co.
  716        276,190
Delta Air Lines, Inc.
  6,212        263,948
Donaldson Co., Inc.
  3,788        275,501
Dover Corp.
  1,485        276,255
Dun & Bradstreet Holdings, Inc.
  40,371        484,452
Eaton Corp. PLC
  840        257,821
EMCOR Group, Inc.
  708        278,286
Emerson Electric Co.
  2,517        265,267
Equifax, Inc.
  1,137        349,207
ESAB Corp.
  2,839        298,010
Expeditors International of Washington, Inc.
  2,158        266,319
Fastenal Co.
  21,667     1,479,423
FedEx Corp.
  1,079        322,373
Ferguson Enterprises, Inc.
  1,402        288,405
Flowserve Corp.
  5,660        282,321
Fortive Corp.
  3,733        277,735
Fortune Brands Innovations, Inc.
  4,025        319,625
FTI Consulting, Inc.(b)(c)
  1,313        299,771
Gates Industrial Corp. PLC(b)
  16,774        304,616
GE Vernova, Inc.(b)
  1,537        308,937
Generac Holdings, Inc.(b)
  1,978        309,616
General Dynamics Corp.
  907        271,519
General Electric Co.
  1,651        288,298
Genpact Ltd.
  8,601        337,417
Graco, Inc.
  3,429        285,807
GXO Logistics, Inc.(b)(c)
  5,715        286,036
Hayward Holdings, Inc.(b)(c)
  20,670        306,743
HEICO Corp.(c)
  1,204        308,898
Hexcel Corp.(c)
  21,798     1,379,595
Honeywell International, Inc.
  1,274        264,877
Howmet Aerospace, Inc.
  3,422        330,770
Hubbell, Inc.
  732        292,741
Huntington Ingalls Industries, Inc.
  1,102        311,613
IDEX Corp.
  1,338        276,270
Illinois Tool Works, Inc.
  1,120        283,562
Ingersoll Rand, Inc.
  2,920        267,034
ITT, Inc.
  2,096        291,805
J.B. Hunt Transport Services, Inc.
  1,755        303,966
Jacobs Solutions, Inc.
  2,057        310,360
Johnson Controls International PLC
  3,992        290,817
KBR, Inc.
  5,777        400,693
Kirby Corp.(b)(c)
  2,296        275,336
Knight-Swift Transportation Holdings, Inc.
  5,749        301,133
L3Harris Technologies, Inc.
  1,217        288,027
Landstar System, Inc.
  1,515        276,578
Leidos Holdings, Inc.
  2,535        401,823
Lennox International, Inc.
  501        295,685
Lincoln Electric Holdings, Inc.
  1,459        282,477
Loar Holdings, Inc.(b)(c)
  4,664        345,882
Lockheed Martin Corp.
  585        332,338
Lyft, Inc., Class A(b)
  22,408        261,501
ManpowerGroup, Inc.
  3,801       280,970
  Shares   Value
Industrials-(continued)
Masco Corp.
  3,989   $    317,365
MasTec, Inc.(b)
  2,493        282,033
MDU Resources Group, Inc.
  10,805        277,580
Middleby Corp. (The)(b)(c)
  2,164        304,302
MSA Safety, Inc.
  1,457        266,092
MSC Industrial Direct Co., Inc., Class A(c)
  3,452        283,892
Nordson Corp.
  1,176        301,715
Norfolk Southern Corp.
  1,215        311,234
Northrop Grumman Corp.
  628        328,576
nVent Electric PLC
  3,475        236,161
Old Dominion Freight Line, Inc.
  1,559        300,575
Oshkosh Corp.
  2,736        295,242
Otis Worldwide Corp.
  2,816        266,647
Owens Corning
  1,550        261,531
PACCAR, Inc.
  2,737        263,245
Parker-Hannifin Corp.
  578        346,916
Parsons Corp.(b)
  4,709        449,521
Paychex, Inc.
  2,178        285,754
Paycom Software, Inc.
  2,541        413,624
Paycor HCM, Inc.(b)(c)
  31,558        446,861
Paylocity Holding Corp.(b)
  2,004        323,446
Pentair PLC
  3,488        309,351
Quanta Services, Inc.
  993        273,204
RB Global, Inc. (Canada)
  3,939        339,266
RBC Bearings, Inc.(b)(c)
  5,123     1,525,886
Regal Rexnord Corp.
  1,938        325,216
Republic Services, Inc.
  6,327     1,317,345
Robert Half, Inc.
  4,277        268,040
Rockwell Automation, Inc.
  1,045        284,271
Rollins, Inc.
  6,245        313,374
RTX Corp.
  2,592        319,697
Ryder System, Inc.
  2,254        327,371
Saia, Inc.(b)(c)
  593        222,867
Schneider National, Inc., Class B
  12,293        333,263
Science Applications International Corp.
  3,193        416,974
Sensata Technologies Holding PLC
  7,089        273,281
Simpson Manufacturing Co., Inc.
  1,594        291,798
SiteOne Landscape Supply, Inc.(b)(c)
  2,344        332,520
Snap-on, Inc.
  1,013        287,429
Southwest Airlines Co.
  10,978        317,484
Spirit AeroSystems Holdings, Inc., Class A(b)(c)
  8,598        302,736
SS&C Technologies Holdings, Inc.
  5,954        447,086
Stanley Black & Decker, Inc.
  3,241        331,749
Stericycle, Inc.(b)
  21,022     1,245,764
Tetra Tech, Inc.
  1,299        308,824
Textron, Inc.
  3,155        287,736
Timken Co. (The)
  17,211     1,454,846
Toro Co. (The)
  2,841        263,077
Trane Technologies PLC
  808        292,221
TransDigm Group, Inc.
  207        284,254
TransUnion
  3,710        359,165
Trex Co., Inc.(b)
  3,242        206,645
Uber Technologies, Inc.(b)
  4,380        320,309
U-Haul Holding Co., Series N(c)
  5,179        353,985
Union Pacific Corp.
  1,211        310,125
United Airlines Holdings, Inc.(b)
  6,303        277,584
United Parcel Service, Inc., Class B
  1,989        255,686
United Rentals, Inc.
  456        338,015
Valmont Industries, Inc.
  1,004       286,903
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Veralto Corp.
  2,717   $    305,472
Verisk Analytics, Inc.
  1,015        276,912
Vertiv Holdings Co., Class A
  4,091        339,676
Vestis Corp.
  23,015        323,821
W.W. Grainger, Inc.
  295        290,551
Wabtec Corp.
  1,687        286,065
Waste Management, Inc.
  5,733     1,215,625
Watsco, Inc.(c)
  566        269,088
WESCO International, Inc.
  1,661        274,696
WillScot Holdings Corp.(b)
  6,948        267,776
Woodward, Inc.
  1,477        246,142
XPO, Inc.(b)
  2,592        297,095
Xylem, Inc.
  1,954       268,734
        59,143,792
Information Technology-12.17%
Accenture PLC, Class A (Ireland)
  888        303,652
Adobe, Inc.(b)
  717        411,852
Advanced Micro Devices, Inc.(b)
  2,291        340,351
Akamai Technologies, Inc.(b)
  4,143        421,923
Allegro MicroSystems, Inc. (Japan)(b)(c)
  13,278        325,709
Amdocs Ltd.
  4,748        412,934
Amkor Technology, Inc.
  9,403        309,359
Amphenol Corp., Class A
  5,407        364,702
Analog Devices, Inc.
  1,614        379,032
ANSYS, Inc.(b)
  1,138        365,776
AppFolio, Inc., Class A(b)
  1,597        370,488
Apple, Inc.
  1,768        404,872
Applied Materials, Inc.
  1,543        304,372
AppLovin Corp., Class A(b)
  4,799        445,683
Arista Networks, Inc.(b)
  8,964     3,167,698
Arrow Electronics, Inc.(b)
  2,926        395,244
Aspen Technology, Inc.(b)(c)
  2,009        470,387
Astera Labs, Inc.(b)(c)
  5,861        252,375
Atlassian Corp., Class A(b)
  2,348        388,829
Autodesk, Inc.(b)
  1,520        392,768
Avnet, Inc.
  7,076        390,454
Bentley Systems, Inc., Class B(c)
  7,204        370,790
BILL Holdings, Inc.(b)(c)
  5,739        313,120
Broadcom, Inc.
  2,148        349,737
Cadence Design Systems, Inc.(b)
  1,164        313,035
CCC Intelligent Solutions Holdings, Inc.(b)(c)
  34,661        373,646
CDW Corp.
  1,591        358,993
Ciena Corp.(b)
  64,884     3,740,563
Cirrus Logic, Inc.(b)
  2,964        431,825
Cisco Systems, Inc.
  65,216     3,296,017
Cloudflare, Inc., Class A(b)
  4,720        387,701
Cognex Corp.(c)
  5,765        232,791
Cognizant Technology Solutions Corp., Class A
  5,431        422,369
Coherent Corp.(b)
  5,216        406,587
Confluent, Inc., Class A(b)(c)
  13,751        291,796
Corning, Inc.
  9,291        388,828
Crane NXT Co.
  4,270        250,863
CrowdStrike Holdings, Inc., Class A(b)
  968        268,407
Datadog, Inc., Class A(b)
  3,217        374,008
Dell Technologies, Inc., Class C
  2,492        287,926
DocuSign, Inc.(b)
  7,091        419,858
Dolby Laboratories, Inc., Class A
  4,677        333,751
DoubleVerify Holdings, Inc.(b)
  19,600       386,120
  Shares   Value
Information Technology-(continued)
Dropbox, Inc., Class A(b)
  17,660   $    443,972
DXC Technology Co.(b)
  20,111        415,694
Dynatrace, Inc.(b)
  8,966        453,859
Elastic N.V.(b)
  3,395        258,665
Enphase Energy, Inc.(b)
  11,151     1,349,717
Entegris, Inc.
  2,779        322,003
EPAM Systems, Inc.(b)
  2,036        408,747
F5, Inc.(b)
  2,183        443,476
Fair Isaac Corp.(b)
  195        337,403
First Solar, Inc.(b)
  4,601     1,046,129
Five9, Inc.(b)(c)
  9,189        296,345
Fortinet, Inc.(b)
  6,386        489,870
Gartner, Inc.(b)
  819        402,915
Gen Digital, Inc.
  15,578        412,194
GitLab, Inc., Class A(b)
  8,629        409,015
GLOBALFOUNDRIES, Inc.(b)(c)
  7,343        342,771
Globant S.A.(b)
  2,202        445,332
GoDaddy, Inc., Class A(b)
  2,686        449,663
Guidewire Software, Inc.(b)
  2,732        406,440
HashiCorp, Inc., Class A(b)(c)
  11,122        377,481
Hewlett Packard Enterprise Co.
  17,233        333,803
HP, Inc.
  10,215        369,579
HubSpot, Inc.(b)
  666        332,381
Informatica, Inc., Class A(b)(c)
  12,293        306,219
Intel Corp.
  12,088        266,420
International Business Machines Corp.
  2,130        430,537
Intuit, Inc.
  602        379,417
IPG Photonics Corp.(b)
  4,537        310,195
Jabil, Inc.
  3,314        362,154
Juniper Networks, Inc.
  86,110     3,347,957
Keysight Technologies, Inc.(b)
  2,010        309,781
KLA Corp.
  445        364,646
Kyndryl Holdings, Inc.(b)
  14,474        342,889
Lam Research Corp.
  347        284,890
Lattice Semiconductor Corp.(b)(c)
  6,196        293,443
Littelfuse, Inc.
  1,038        282,544
Lumentum Holdings, Inc.(b)(c)
  63,557     3,661,519
MACOM Technology Solutions Holdings, Inc.(b)
  3,525        385,036
Manhattan Associates, Inc.(b)
  1,589        420,179
Marvell Technology, Inc.
  5,054        385,317
Microchip Technology, Inc.
  4,159        341,703
Micron Technology, Inc.
  2,568        247,144
Microsoft Corp.
  828        345,392
MicroStrategy, Inc., Class A(b)(c)
  2,560        338,995
MKS Instruments, Inc.
  2,063        245,971
MongoDB, Inc.(b)
  1,681        488,818
Monolithic Power Systems, Inc.
  448        418,737
Motorola Solutions, Inc.
  7,936     3,508,029
nCino, Inc.(b)(c)
  11,828        354,367
NetApp, Inc.
  2,902        350,329
Nutanix, Inc., Class A(b)
  7,064        446,374
NVIDIA Corp.
  2,828        337,578
Okta, Inc.(b)
  4,281        337,043
ON Semiconductor Corp.(b)
  5,472        426,105
Onto Innovation, Inc.(b)
  1,671        356,291
Oracle Corp.
  2,591        366,082
Palantir Technologies, Inc., Class A(b)
  14,486        456,019
Palo Alto Networks, Inc.(b)
  1,192        432,362
Pegasystems, Inc.(c)
  6,427       455,546
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
Procore Technologies, Inc.(b)(c)
  5,827   $    345,366
PTC, Inc.(b)
  2,121        379,850
Pure Storage, Inc., Class A(b)
  5,612        287,839
Qorvo, Inc.(b)
  3,317        384,407
QUALCOMM, Inc.
  1,720        301,516
RingCentral, Inc., Class A(b)(c)
  13,375        445,789
Roper Technologies, Inc.
  664        368,128
Salesforce, Inc.
  1,531        387,190
SentinelOne, Inc., Class A(b)(c)
  20,614        485,666
ServiceNow, Inc.(b)
  504        430,920
Skyworks Solutions, Inc.
  3,498        383,346
Smartsheet, Inc., Class A(b)
  8,974        437,931
Snowflake, Inc., Class A(b)
  2,922        333,780
Super Micro Computer, Inc.(b)
  402        175,955
Synopsys, Inc.(b)
  608        315,905
TD SYNNEX Corp.
  2,821        342,526
Teledyne Technologies, Inc.(b)
  707        305,990
Teradata Corp.(b)
  10,972        309,849
Teradyne, Inc.
  2,502        342,098
Texas Instruments, Inc.
  1,919        411,318
Trimble, Inc.(b)
  4,881        276,704
Twilio, Inc., Class A(b)
  6,925        434,613
Tyler Technologies, Inc.(b)
  770        452,660
Ubiquiti, Inc.
  21,746     4,208,286
UiPath, Inc., Class A(b)(c)
  32,557        419,334
Unity Software, Inc.(b)(c)
  23,835        390,179
Universal Display Corp.
  1,785        345,790
VeriSign, Inc.(b)
  2,049        376,811
Vontier Corp.
  6,945        243,283
Western Digital Corp.(b)
  4,849        318,046
Wolfspeed, Inc.(b)(c)
  15,578        151,886
Workday, Inc., Class A(b)
  1,727        454,529
Zebra Technologies Corp., Class A(b)
  917        316,713
Zoom Video Communications, Inc., Class A(b)
  6,351        438,727
Zscaler, Inc.(b)(c)
  2,073       414,559
        73,968,162
Materials-8.69%
Air Products and Chemicals, Inc.
  5,163     1,439,703
Albemarle Corp.
  14,828     1,338,227
Alcoa Corp.
  35,677     1,145,232
Amcor PLC
  27,556        315,241
AptarGroup, Inc.
  1,865        285,699
Ardagh Group S.A., Class A(b)(d)
  13,287         56,038
Ashland, Inc.
  14,412     1,289,874
ATI, Inc.(b)(c)
  4,997        319,208
Avery Dennison Corp.
  6,238     1,383,900
Axalta Coating Systems Ltd.(b)
  7,921        289,117
Ball Corp.
  4,504        287,400
Berry Global Group, Inc.
  4,472        307,942
Celanese Corp.
  10,190     1,330,814
CF Industries Holdings, Inc.
  19,044     1,582,366
Chemours Co. (The)
  60,436     1,174,876
Cleveland-Cliffs, Inc.(b)
  94,799     1,238,075
Corteva, Inc.
  18,193     1,042,459
CRH PLC
  3,584        325,320
Crown Holdings, Inc.
  3,524        318,605
Dow, Inc.
  5,021        269,025
DuPont de Nemours, Inc.
  3,407        287,040
Eagle Materials, Inc.
  1,258       324,249
  Shares   Value
Materials-(continued)
Eastman Chemical Co.
  14,393   $  1,473,411
Ecolab, Inc.
  5,763     1,459,076
Element Solutions, Inc.
  51,549     1,378,420
FMC Corp.
  25,911     1,673,332
Freeport-McMoRan, Inc.
  28,176     1,247,633
Graphic Packaging Holding Co.(c)
  9,944        297,624
Huntsman Corp.
  60,666     1,337,685
International Flavors & Fragrances, Inc.
  14,610     1,519,294
International Paper Co.
  30,191     1,461,848
Linde PLC
  3,175     1,518,444
Louisiana-Pacific Corp.
  3,144        305,125
LyondellBasell Industries N.V., Class A
  14,849     1,465,596
Martin Marietta Materials, Inc.
  504        269,217
Mosaic Co. (The)
  50,694     1,448,328
MP Materials Corp.(b)(c)
  103,168     1,330,867
NewMarket Corp.
  2,721     1,561,228
Newmont Corp.
  32,909     1,757,012
Nucor Corp.
  8,991     1,365,823
Olin Corp.
  28,252     1,233,765
Packaging Corp. of America
  1,467        307,395
PPG Industries, Inc.
  2,120        275,028
Reliance, Inc.
  5,000     1,433,250
Royal Gold, Inc.(c)
  11,307     1,584,902
RPM International, Inc.(c)
  2,454        285,278
Scotts Miracle-Gro Co. (The)(c)
  21,889     1,553,681
Sealed Air Corp.
  7,572        264,641
Sherwin-Williams Co. (The)
  902        333,172
Silgan Holdings, Inc.
  6,155        321,722
Sonoco Products Co.
  4,825        272,950
Southern Copper Corp. (Mexico)(c)
  12,792     1,301,202
Steel Dynamics, Inc.
  11,182     1,336,361
United States Steel Corp.(c)
  38,088     1,443,916
Vulcan Materials Co.
  1,106        271,202
Westlake Corp.
  9,322     1,355,792
        52,794,630
Real Estate-9.69%
Agree Realty Corp.
  14,011     1,022,943
Alexandria Real Estate Equities, Inc.
  7,433        888,764
American Homes 4 Rent, Class A
  23,801        946,566
American Tower Corp.
  4,415        989,225
Americold Realty Trust, Inc.
  33,806        980,374
AvalonBay Communities, Inc.
  4,249        959,127
Brixmor Property Group, Inc.
  38,131     1,044,408
BXP, Inc.
  13,968     1,050,673
Camden Property Trust
  7,844        982,069
CBRE Group, Inc., Class A(b)
  9,508     1,094,751
CoStar Group, Inc.(b)
  11,737        907,270
Cousins Properties, Inc.
  37,027     1,055,640
Crown Castle, Inc.
  8,898        996,754
CubeSmart
  18,991        984,304
Digital Realty Trust, Inc.
  5,801        879,490
EastGroup Properties, Inc.
  5,168        963,315
EPR Properties
  20,917        992,930
Equinix, Inc.
  1,124        937,821
Equity LifeStyle Properties, Inc.
  13,570        986,675
Equity Residential
  12,638        946,333
Essex Property Trust, Inc.
  3,062        924,081
Extra Space Storage, Inc.
  5,426        960,402
Federal Realty Investment Trust
  8,489       976,235
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
First Industrial Realty Trust, Inc.
  18,222   $  1,033,734
Gaming and Leisure Properties, Inc.
  19,519     1,015,378
Healthcare Realty Trust, Inc.
  53,365        949,897
Healthpeak Properties, Inc.
  44,251        985,912
Highwoods Properties, Inc.
  32,983     1,062,712
Host Hotels & Resorts, Inc.
  47,487        840,520
Howard Hughes Holdings, Inc.(b)(c)
  13,191        992,227
Invitation Homes, Inc.
  24,098        887,770
Iron Mountain, Inc.
  9,654     1,093,412
Jones Lang LaSalle, Inc.(b)
  4,087     1,043,125
Kilroy Realty Corp.
  27,089        982,518
Kimco Realty Corp.
  45,400     1,056,004
Lamar Advertising Co., Class A
  7,456        937,816
Medical Properties Trust, Inc.(c)
  178,294        802,323
Mid-America Apartment Communities, Inc.
  6,117        993,217
National Storage Affiliates Trust
  20,395        953,262
NNN REIT, Inc.
  20,375        957,421
Omega Healthcare Investors, Inc.
  26,229     1,037,095
Park Hotels & Resorts, Inc.(c)
  58,023        886,591
Prologis, Inc.
  7,859     1,004,537
Public Storage
  2,936     1,009,162
Rayonier, Inc.(c)
  28,752        885,849
Realty Income Corp.
  16,505     1,025,126
Regency Centers Corp.
  13,908     1,010,972
Rexford Industrial Realty, Inc.
  19,359        985,760
SBA Communications Corp., Class A
  4,494     1,018,610
Seaport Entertainment Group, Inc.(b)(c)
  1,465         45,093
Simon Property Group, Inc.
  5,864        981,340
STAG Industrial, Inc.
  24,258        984,390
Sun Communities, Inc.
  7,417     1,003,075
UDR, Inc.
  21,136        940,763
Ventas, Inc.
  17,126     1,063,696
VICI Properties, Inc.
  30,541     1,022,513
Vornado Realty Trust(c)
  33,346     1,146,102
W.P. Carey, Inc.(c)
  15,415        925,208
Welltower, Inc.
  8,326     1,004,782
Weyerhaeuser Co.
  29,943        912,962
Zillow Group, Inc., Class C(b)(c)
  17,566       971,400
        58,922,424
Utilities-8.49%
AES Corp. (The)
  63,449     1,086,881
Alliant Energy Corp.
  23,720     1,382,164
Ameren Corp.
  17,017     1,404,073
American Electric Power Co., Inc.
  13,820     1,385,870
American Water Works Co., Inc.
  9,285     1,328,869
Atmos Energy Corp.
  10,352     1,353,420
Avangrid, Inc.
  33,916     1,210,462
Brookfield Renewable Corp., Class A
  40,856     1,163,987
CenterPoint Energy, Inc.
  38,256     1,044,389
Clearway Energy, Inc., Class C
  46,561     1,348,407
CMS Energy Corp.
  20,338     1,380,137
  Shares   Value
Utilities-(continued)
Consolidated Edison, Inc.
  13,359   $  1,356,740
Constellation Energy Corp.
  5,380     1,058,246
Dominion Energy, Inc.
  24,104     1,347,414
DTE Energy Co.
  10,916     1,364,718
Duke Energy Corp.
  12,121     1,381,188
Edison International
  16,901     1,470,894
Entergy Corp.
  11,407     1,376,711
Essential Utilities, Inc.
  32,783     1,278,209
Evergy, Inc.
  22,720     1,343,661
Eversource Energy
  20,944     1,414,348
Exelon Corp.
  34,722     1,322,561
FirstEnergy Corp.
  31,701     1,392,308
IDACORP, Inc.
  13,103     1,335,327
National Fuel Gas Co.
  22,221     1,327,927
NextEra Energy, Inc.
  16,744     1,348,059
NiSource, Inc.
  42,681     1,411,034
NRG Energy, Inc.
  14,825     1,260,273
OGE Energy Corp.
  34,264     1,355,484
PG&E Corp.
  68,077     1,341,117
Pinnacle West Capital Corp.(c)
  16,040     1,403,821
PPL Corp.
  43,121     1,375,991
Public Service Enterprise Group, Inc.
  16,466     1,329,629
Sempra
  16,075     1,321,043
Southern Co. (The)
  15,334     1,324,858
UGI Corp.
  53,103     1,322,796
Vistra Corp.
  13,567     1,159,029
WEC Energy Group, Inc.
  15,327     1,425,872
Xcel Energy, Inc.
  22,598     1,383,675
        51,621,592
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.90%

(Cost $539,777,795)
  607,267,429
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.26%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  18,859,177    18,859,177
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  49,538,456    49,558,271
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $68,412,293)
  68,417,448
TOTAL INVESTMENTS IN SECURITIES-111.16%

(Cost $608,190,088)
  675,684,877
OTHER ASSETS LESS LIABILITIES-(11.16)%
  (67,815,640)
NET ASSETS-100.00%
  $607,869,237
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Table of Contents
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security valued using significant unobservable inputs (Level 3). See Note 5.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $406,995   $85,962   $(94,370)   $29,556   $(1,901)   $426,242   $20,636
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   14,244,984   (14,244,984)   -   -   -   10,019
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 23,600,718   153,031,367   (157,772,908)   -   -   18,859,177   1,233,281*
Invesco Private Prime Fund 60,687,562   311,573,537   (322,732,152)   3,862   25,462   49,558,271   3,325,350*
Total $84,695,275   $478,935,850   $(494,844,414)   $33,418   $23,561   $68,843,690   $4,589,286
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Invesco S&P 500® Enhanced Value ETF (SPVU)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-11.33%
AT&T, Inc.
  194,700   $  3,874,530
Charter Communications, Inc., Class A(b)(c)
  2,287        794,824
Comcast Corp., Class A
  86,153     3,409,074
Fox Corp., Class A
  5,548        229,521
Paramount Global, Class B
  14,216        148,841
Verizon Communications, Inc.
  77,046     3,218,982
Warner Bros. Discovery, Inc.(b)
  46,938       367,994
        12,043,766
Consumer Discretionary-8.21%
Aptiv PLC(b)
  7,542        539,479
Best Buy Co., Inc.
  4,220        423,688
BorgWarner, Inc.
  6,448        219,684
Caesars Entertainment, Inc.(b)(c)
  5,285        198,928
CarMax, Inc.(b)(c)
  4,035        341,159
D.R. Horton, Inc.
  6,328     1,194,473
Ford Motor Co.
  142,180     1,590,994
General Motors Co.
  45,888     2,284,305
Lennar Corp., Class A
  5,397        982,578
LKQ Corp.
  5,814        241,804
Mohawk Industries, Inc.(b)
  901        139,781
PulteGroup, Inc.
  4,323       569,123
        8,725,996
Consumer Staples-4.36%
Archer-Daniels-Midland Co.
  19,630     1,197,234
Bunge Global S.A.
  5,590        566,714
Conagra Brands, Inc.
  9,734        303,701
Kraft Heinz Co. (The)
  19,620        695,137
Kroger Co. (The)
  17,920        953,523
Molson Coors Beverage Co., Class B
  5,618        303,203
Tyson Foods, Inc., Class A
  6,873        442,003
Walgreens Boots Alliance, Inc.
  17,982       166,333
        4,627,848
Energy-16.29%
APA Corp.
  8,102        230,826
Chevron Corp.
  30,980     4,583,491
Devon Energy Corp.
  12,350        553,033
Diamondback Energy, Inc.
  2,955        576,550
Exxon Mobil Corp.
  44,955     5,301,993
Marathon Oil Corp.
  11,480        328,902
Marathon Petroleum Corp.
  11,347     2,009,781
Phillips 66
  13,446     1,886,608
Valero Energy Corp.
  12,503     1,834,565
        17,305,749
Financials-37.46%
American International Group, Inc.
  17,976     1,385,051
Arch Capital Group Ltd.(b)
  8,036        908,791
Assurant, Inc.
  1,187        233,067
Bank of America Corp.
  126,293     5,146,440
Bank of New York Mellon Corp. (The)
  14,713     1,003,721
Berkshire Hathaway, Inc., Class B(b)
  12,198     5,805,272
Capital One Financial Corp.
  9,687     1,423,311
Cincinnati Financial Corp.
  4,095        561,138
Citigroup, Inc.
  42,725     2,676,294
Citizens Financial Group, Inc.
  10,900       469,245
  Shares   Value
Financials-(continued)
Everest Group Ltd.
  1,315   $    515,796
Fifth Third Bancorp
  13,055        557,318
Franklin Resources, Inc.
  7,602        153,864
Globe Life, Inc.
  2,218        233,001
Hartford Financial Services Group, Inc. (The)
  6,011        697,877
Huntington Bancshares, Inc.
  33,235        497,528
JPMorgan Chase & Co.
  26,034     5,852,443
KeyCorp
  18,590        317,145
Loews Corp.
  4,983        408,307
M&T Bank Corp.
  4,327        744,720
PNC Financial Services Group, Inc. (The)
  7,561     1,399,466
Principal Financial Group, Inc.
  4,160        338,707
Prudential Financial, Inc.
  7,913        958,739
Regions Financial Corp.
  21,936        513,741
State Street Corp.
  7,071        615,884
Synchrony Financial
  10,641        534,817
U.S. Bancorp
  31,247     1,475,796
Wells Fargo & Co.
  74,845     4,376,187
        39,803,666
Health Care-10.75%
Baxter International, Inc.
  12,480        473,491
Cencora, Inc.
  3,314        793,935
Centene Corp.(b)
  18,520     1,459,932
Cigna Group (The)
  6,188     2,238,880
CVS Health Corp.
  49,437     2,829,774
Humana, Inc.
  2,958     1,048,522
McKesson Corp.
  2,499     1,402,139
Molina Healthcare, Inc.(b)
  1,195        417,999
Solventum Corp.(b)
  3,262        209,127
Universal Health Services, Inc., Class B
  1,162        276,521
Viatris, Inc.
  22,493       271,716
        11,422,036
Industrials-4.29%
American Airlines Group, Inc.(b)(c)
  14,166        150,443
Delta Air Lines, Inc.
  18,227        774,465
Emerson Electric Co.
  10,865     1,145,062
FedEx Corp.
  4,755     1,420,651
Huntington Ingalls Industries, Inc.
  778        219,995
Southwest Airlines Co.
  11,191        323,644
United Airlines Holdings, Inc.(b)
  11,991       528,084
        4,562,344
Information Technology-1.38%
Hewlett Packard Enterprise Co.
  30,228        585,516
HP, Inc.
  15,032        543,858
Jabil, Inc.
  3,058       334,178
        1,463,552
Materials-3.27%
Ball Corp.
  6,791        433,334
Celanese Corp.
  2,218        289,671
Eastman Chemical Co.
  2,025        207,299
FMC Corp.
  3,077        198,713
LyondellBasell Industries N.V., Class A
  5,004        493,895
Mosaic Co. (The)
  10,116        289,014
Nucor Corp.
  5,769       876,369
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Table of Contents
Invesco S&P 500® Enhanced Value ETF (SPVU)—(continued)
August 31, 2024
  Shares   Value
Materials-(continued)
Smurfit WestRock PLC
  5,379   $    255,072
Steel Dynamics, Inc.
  3,622       432,865
        3,476,232
Real Estate-0.67%
VICI Properties, Inc.(c)
  21,165       708,604
Utilities-1.80%
Consolidated Edison, Inc.
  5,771        586,103
Entergy Corp.
  4,293        518,122
Evergy, Inc.
  4,154        245,668
NRG Energy, Inc.
  4,535        385,520
Pinnacle West Capital Corp.(c)
  2,010       175,915
        1,911,328
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.81%

(Cost $97,660,038)
  106,051,121
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.86%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  547,149   $    547,149
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  1,429,384     1,429,956
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,977,024)
  1,977,105
TOTAL INVESTMENTS IN SECURITIES-101.67%

(Cost $99,637,062)
  108,028,226
OTHER ASSETS LESS LIABILITIES-(1.67)%
  (1,770,472)
NET ASSETS-100.00%
  $106,257,754
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $189,002   $54,203   $(229,904)   $91,785   $(105,086)   $-   $7,248
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   2,876,412   (2,876,412)   -   -   -   2,854
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 97,092   46,539,903   (46,089,846)   -   -   547,149   95,697*
Invesco Private Prime Fund 249,665   109,146,895   (107,960,209)   81   (6,476)   1,429,956   253,431*
Total $535,759   $158,617,413   $(157,156,371)   $91,866   $(111,562)   $1,977,105   $359,230
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Table of Contents
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-3.14%
Electronic Arts, Inc.
  2,530   $   384,105
Omnicom Group, Inc.(b)
  3,845       386,153
T-Mobile US, Inc.
  2,581      512,896
        1,283,154
Consumer Discretionary-5.09%
Darden Restaurants, Inc.(b)
  2,448       387,151
Hilton Worldwide Holdings, Inc.
  1,710       375,584
McDonald’s Corp.
  1,515       437,320
TJX Cos., Inc. (The)
  3,947       462,865
Yum! Brands, Inc.
  3,093      417,308
        2,080,228
Consumer Staples-14.40%
Altria Group, Inc.
  7,246       389,617
Church & Dwight Co., Inc.
  3,805       387,653
Coca-Cola Co. (The)
  7,578       549,178
Colgate-Palmolive Co.
  4,602       490,113
Constellation Brands, Inc., Class A
  1,540       370,693
General Mills, Inc.
  5,137       371,354
Keurig Dr Pepper, Inc.
  10,707       391,983
Kimberly-Clark Corp.
  2,748       397,526
Mondelez International, Inc., Class A
  5,637       404,793
PepsiCo, Inc.
  2,331       402,983
Philip Morris International, Inc.
  3,527       434,844
Procter & Gamble Co. (The)
  2,774       475,852
Sysco Corp.
  4,670       364,120
Walmart, Inc.
  5,930      457,974
        5,888,683
Energy-3.04%
Kinder Morgan, Inc.
  19,603       422,837
ONEOK, Inc.
  4,404       406,753
Williams Cos., Inc. (The)
  9,004      412,113
        1,241,703
Financials-22.17%
Aflac, Inc.
  3,587       395,861
American International Group, Inc.
  5,295       407,980
Ameriprise Financial, Inc.
  940       422,474
Arthur J. Gallagher & Co.
  1,347       394,092
Bank of New York Mellon Corp. (The)
  6,174       421,190
Berkshire Hathaway, Inc., Class B(c)
  1,266       602,515
Brown & Brown, Inc.
  3,691       388,035
Cboe Global Markets, Inc.
  1,729       355,137
Chubb Ltd.
  1,508       428,543
CME Group, Inc., Class A
  1,965       423,929
Fiserv, Inc.(c)
  2,576       449,770
Hartford Financial Services Group, Inc. (The)
  3,635       422,023
Jack Henry & Associates, Inc.
  2,073       358,691
JPMorgan Chase & Co.
  1,921       431,841
Loews Corp.
  6,195       507,618
Marsh & McLennan Cos., Inc.
  2,141       487,099
Mastercard, Inc., Class A
  950       459,173
MetLife, Inc.
  5,287       409,637
Principal Financial Group, Inc.
  4,801      390,897
  Shares   Value
Financials-(continued)
Prudential Financial, Inc.
  3,414   $   413,640
Visa, Inc., Class A
  1,806      499,124
        9,069,269
Health Care-11.29%
Abbott Laboratories
  3,306       374,471
AbbVie, Inc.
  1,921       377,112
Becton, Dickinson and Co.
  1,486       360,221
Cencora, Inc.
  1,705       408,467
Elevance Health, Inc.
  671       373,673
Hologic, Inc.(c)
  4,521       367,286
Johnson & Johnson
  2,731       452,964
Labcorp Holdings, Inc.
  1,628       374,261
McKesson Corp.
  610       342,259
Medtronic PLC
  4,366       386,740
Quest Diagnostics, Inc.
  2,395       375,943
Regeneron Pharmaceuticals, Inc.(c)
  360      426,488
        4,619,885
Industrials-14.99%
AMETEK, Inc.
  2,397       410,007
Automatic Data Processing, Inc.
  1,467       404,760
Broadridge Financial Solutions, Inc.
  1,726       367,397
Cintas Corp.
  485       390,483
CSX Corp.
  11,371       389,684
General Dynamics Corp.
  1,347       403,238
Honeywell International, Inc.
  2,152       447,422
IDEX Corp.
  1,959       404,494
Illinois Tool Works, Inc.
  1,746       442,052
Lockheed Martin Corp.
  703       399,374
Paychex, Inc.
  2,868       376,282
Republic Services, Inc.
  2,435       506,991
Union Pacific Corp.
  1,671       427,927
Verisk Analytics, Inc.
  1,332       363,396
Waste Management, Inc.
  1,885      399,696
        6,133,203
Information Technology-4.10%
Cisco Systems, Inc.
  8,098       409,273
Motorola Solutions, Inc.
  964       426,127
Roper Technologies, Inc.
  800       443,528
VeriSign, Inc.(c)
  2,160      397,224
        1,676,152
Materials-6.83%
Avery Dennison Corp.
  1,946       431,720
Dow, Inc.
  6,757       362,040
Ecolab, Inc.
  1,506       381,289
Linde PLC
  968       462,946
LyondellBasell Industries N.V., Class A
  3,842       379,205
Packaging Corp. of America
  1,859       389,535
PPG Industries, Inc.
  2,967      384,909
        2,791,644
Real Estate-1.82%
AvalonBay Communities, Inc.
  1,683       379,904
Welltower, Inc.
  3,038      366,626
        746,530
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Table of Contents
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)—(continued)
August 31, 2024
  Shares   Value
Utilities-13.09%
Alliant Energy Corp.
  6,479   $   377,531
Atmos Energy Corp.
  3,225       421,636
CMS Energy Corp.
  5,584       378,930
Consolidated Edison, Inc.
  3,771       382,983
Duke Energy Corp.
  3,591       409,194
Entergy Corp.
  3,111       375,467
Evergy, Inc.
  5,925       350,405
FirstEnergy Corp.
  8,749       384,256
NiSource, Inc.
  11,108       367,230
PPL Corp.
  12,426       396,514
Public Service Enterprise Group, Inc.
  4,643       374,922
Sempra
  4,665       383,370
Southern Co. (The)
  4,430       382,752
WEC Energy Group, Inc.(b)
  3,954      367,841
        5,353,031
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $34,897,583)
  40,883,482
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.79%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  317,405   $   317,405
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  823,903      824,233
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,141,583)
  1,141,638
TOTAL INVESTMENTS IN SECURITIES-102.75%

(Cost $36,039,166)
  42,025,120
OTHER ASSETS LESS LIABILITIES-(2.75)%
  (1,123,456)
NET ASSETS-100.00%
  $40,901,664
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $547,255   $(547,255)   $-   $-   $-   $765
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 31,992   11,415,708   (11,130,295)   -   -   317,405   17,332*
Invesco Private Prime Fund 84,005   23,855,890   (23,116,356)   63   631   824,233   45,797*
Total $115,997   $35,818,853   $(34,793,906)   $63   $631   $1,141,638   $63,894
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Table of Contents
Invesco S&P 500® High Beta ETF (SPHB)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.64%
Alphabet, Inc., Class C
  21,929   $  3,620,697
Meta Platforms, Inc., Class A
  9,687     5,049,930
Warner Bros. Discovery, Inc.(b)
  410,459     3,217,999
        11,888,626
Consumer Discretionary-17.35%
Airbnb, Inc., Class A(b)
  35,037     4,110,191
Amazon.com, Inc.(b)
  23,843     4,255,976
Aptiv PLC(b)(c)
  49,357     3,530,506
Bath & Body Works, Inc.
  105,132     3,233,860
Booking Holdings, Inc.
  931     3,639,493
Caesars Entertainment, Inc.(b)(c)
  148,153     5,576,479
CarMax, Inc.(b)
  46,500     3,931,575
Carnival Corp.(b)
  310,055     5,115,908
D.R. Horton, Inc.
  20,037     3,782,184
Deckers Outdoor Corp.(b)
  3,984     3,821,811
Etsy, Inc.(b)(c)
  62,015     3,416,406
Lennar Corp., Class A
  20,405     3,714,934
lululemon athletica, inc.(b)
  13,387     3,473,525
MGM Resorts International(b)(c)
  92,352     3,471,512
Mohawk Industries, Inc.(b)
  24,926     3,867,020
Norwegian Cruise Line Holdings Ltd.(b)(c)
  282,272     5,049,846
PulteGroup, Inc.
  30,139     3,967,799
Royal Caribbean Cruises Ltd.(b)
  24,765     4,076,814
Tesla, Inc.(b)
  28,547     6,112,198
        78,148,037
Consumer Staples-0.78%
Lamb Weston Holdings, Inc.
  56,780     3,515,817
Financials-5.26%
Blackstone, Inc., Class A
  31,103     4,427,823
Invesco Ltd.(d)
  208,633     3,565,538
KeyCorp
  221,813     3,784,130
KKR & Co., Inc., Class A
  35,774     4,427,748
PayPal Holdings, Inc.(b)
  57,600     4,171,968
T. Rowe Price Group, Inc.
  31,395     3,329,126
        23,706,333
Health Care-5.98%
Align Technology, Inc.(b)
  21,519     5,104,737
Charles River Laboratories International, Inc.(b)
  18,102     3,579,671
IDEXX Laboratories, Inc.(b)
  7,475     3,597,942
Insulet Corp.(b)
  18,082     3,666,487
Intuitive Surgical, Inc.(b)
  7,626     3,756,796
IQVIA Holdings, Inc.(b)
  14,084     3,542,830
ResMed, Inc.
  15,105     3,701,027
        26,949,490
Industrials-15.12%
American Airlines Group, Inc.(b)(c)
  382,015     4,056,999
Builders FirstSource, Inc.(b)
  35,333     6,147,942
Carrier Global Corp.
  58,717     4,273,423
Copart, Inc.(b)
  63,286     3,351,627
Dayforce, Inc.(b)(c)
  69,708     3,985,206
Eaton Corp. PLC
  13,634     4,184,684
Equifax, Inc.
  12,799     3,930,957
Generac Holdings, Inc.(b)
  33,864     5,300,732
  Shares   Value
Industrials-(continued)
General Electric Co.
  20,102   $  3,510,211
Hubbell, Inc.
  10,205     4,081,184
Parker-Hannifin Corp.
  6,532     3,920,506
Quanta Services, Inc.
  16,515     4,543,772
Rockwell Automation, Inc.
  13,920     3,786,658
Uber Technologies, Inc.(b)
  61,407     4,490,694
United Airlines Holdings, Inc.(b)
  79,538     3,502,853
United Rentals, Inc.
  6,811     5,048,722
        68,116,170
Information Technology-45.50%
Adobe, Inc.(b)
  6,977     4,007,659
Advanced Micro Devices, Inc.(b)
  50,433     7,492,326
Amphenol Corp., Class A
  53,773     3,626,989
Analog Devices, Inc.
  18,453     4,333,503
ANSYS, Inc.(b)
  11,318     3,637,832
Applied Materials, Inc.
  30,187     5,954,688
Arista Networks, Inc.(b)
  16,219     5,731,470
Autodesk, Inc.(b)
  15,878     4,102,875
Broadcom, Inc.
  42,246     6,878,494
Cadence Design Systems, Inc.(b)
  18,012     4,843,967
CrowdStrike Holdings, Inc., Class A(b)
  21,462     5,950,983
Enphase Energy, Inc.(b)(c)
  49,899     6,039,775
EPAM Systems, Inc.(b)
  15,092     3,029,870
Fair Isaac Corp.(b)
  1,965     3,399,981
First Solar, Inc.(b)
  19,572     4,450,086
Intel Corp.
  182,980     4,032,879
Intuit, Inc.
  6,039     3,806,140
Jabil, Inc.
  39,115     4,274,487
Keysight Technologies, Inc.(b)
  27,511     4,239,995
KLA Corp.
  7,779     6,374,346
Lam Research Corp.
  7,486     6,146,081
Microchip Technology, Inc.
  65,347     5,368,910
Micron Technology, Inc.
  56,009     5,390,306
Monolithic Power Systems, Inc.
  8,786     8,212,098
NVIDIA Corp.
  65,401     7,806,917
NXP Semiconductors N.V. (China)
  20,224     5,184,625
ON Semiconductor Corp.(b)
  79,168     6,164,812
Oracle Corp.
  28,751     4,062,229
Palo Alto Networks, Inc.(b)
  12,152     4,407,773
Qorvo, Inc.(b)
  38,729     4,488,304
QUALCOMM, Inc.
  30,098     5,276,179
Salesforce, Inc.
  15,369     3,886,820
ServiceNow, Inc.(b)
  4,990     4,266,450
Skyworks Solutions, Inc.
  41,779     4,578,561
Super Micro Computer, Inc.(b)
  20,781     9,095,844
Synopsys, Inc.(b)
  9,387     4,877,297
Teradyne, Inc.
  51,139     6,992,235
Texas Instruments, Inc.
  17,089     3,662,856
Western Digital Corp.(b)(c)
  75,478     4,950,602
Zebra Technologies Corp., Class A(b)
  11,326     3,911,774
        204,939,018
Materials-2.90%
Albemarle Corp.
  68,399     6,173,010
Freeport-McMoRan, Inc.
  86,373     3,824,596
Martin Marietta Materials, Inc.
  5,766     3,079,967
        13,077,573
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27
Table of Contents
Invesco S&P 500® High Beta ETF (SPHB)—(continued)
August 31, 2024
  Shares   Value
Real Estate-1.82%
Alexandria Real Estate Equities, Inc.
  31,806   $  3,803,044
BXP, Inc.(c)
  58,288     4,384,423
        8,187,467
Utilities-2.56%
AES Corp. (The)
  201,481     3,451,369
Constellation Energy Corp.
  20,634     4,058,708
Vistra Corp.
  46,778     3,996,245
        11,506,322
Total Common Stocks & Other Equity Interests

(Cost $484,899,359)
  450,034,853
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $135,155)
  135,155       135,155
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $485,034,514)
  450,170,008
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.19%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  6,461,373   $  6,461,373
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  16,932,494    16,939,267
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $23,400,073)
  23,400,640
TOTAL INVESTMENTS IN SECURITIES-105.13%

(Cost $508,434,587)
  473,570,648
OTHER ASSETS LESS LIABILITIES-(5.13)%
  (23,109,266)
NET ASSETS-100.00%
  $450,461,382
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $6,037,819   $8,088,296   $(10,938,073)   $1,170,857   $(793,361)   $3,565,538   $270,732
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   7,558,792   (7,423,637)   -   -   135,155   10,699
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,162,089   233,965,705   (247,666,421)   -   -   6,461,373   690,813*
Invesco Private Prime Fund 51,845,373   445,547,510   (480,472,953)   567   18,770   16,939,267   1,854,692*
Total $78,045,281   $695,160,303   $(746,501,084)   $1,171,424   $(774,591)   $27,101,333   $2,826,936
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Table of Contents
Invesco S&P 500 High Dividend Growers ETF (DIVG)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.82%
Comcast Corp., Class A
  549   $   21,724
Interpublic Group of Cos., Inc. (The)
  1,001       32,642
Omnicom Group, Inc.(b)
  251      25,208
        79,574
Consumer Discretionary-1.90%
Domino’s Pizza, Inc.
  18        7,456
Lennar Corp., Class A
  56       10,195
Starbucks Corp.
  227       21,467
Yum! Brands, Inc.
  106      14,302
        53,420
Consumer Staples-12.45%
Altria Group, Inc.
  1,667       89,635
Archer-Daniels-Midland Co.
  384       23,420
Conagra Brands, Inc.
  1,206       37,627
Hershey Co. (The)
  114       22,009
Keurig Dr Pepper, Inc.
  723       26,469
Kroger Co. (The)
  296       15,750
Lamb Weston Holdings, Inc.
  138        8,545
Mondelez International, Inc., Class A
  302       21,687
PepsiCo, Inc.
  138       23,857
Philip Morris International, Inc.
  483       59,549
Procter & Gamble Co. (The)
  129      22,129
        350,677
Energy-6.67%
Baker Hughes Co., Class A
  571       20,082
Chevron Corp.
  192       28,406
ConocoPhillips
  107       12,176
Coterra Energy, Inc.
  822       19,999
EOG Resources, Inc.
  158       20,354
ONEOK, Inc.
  472       43,594
Williams Cos., Inc. (The)
  949      43,436
        188,047
Financials-18.72%
Aflac, Inc.
  218       24,058
American Express Co.
  44       11,381
Bank of America Corp.
  551       22,453
Bank of New York Mellon Corp. (The)
  403       27,493
BlackRock, Inc.
  24       21,643
Cincinnati Financial Corp.
  163       22,336
Fifth Third Bancorp
  846       36,116
Goldman Sachs Group, Inc. (The)
  52       26,533
Huntington Bancshares, Inc.
  2,555       38,248
JPMorgan Chase & Co.
  89       20,007
KeyCorp
  2,729       46,557
Morgan Stanley
  301       31,187
Northern Trust Corp.
  311       28,366
PNC Financial Services Group, Inc. (The)
  195       36,093
Prudential Financial, Inc.
  297       35,984
Regions Financial Corp.
  1,899       44,475
State Street Corp.
  369       32,140
Synchrony Financial
  444      22,315
        527,385
Health Care-7.91%
AbbVie, Inc.
  155      30,428
  Shares   Value
Health Care-(continued)
Amgen, Inc.
  93   $   31,046
Bristol-Myers Squibb Co.
  699       34,915
CVS Health Corp.
  361       20,664
Medtronic PLC
  314       27,814
Pfizer, Inc.
  1,768       51,290
UnitedHealth Group, Inc.
  29       17,116
Zoetis, Inc.
  52       9,541
        222,814
Industrials-4.29%
Automatic Data Processing, Inc.
  71       19,589
Deere & Co.
  28       10,801
Fastenal Co.
  206       14,066
FedEx Corp.
  53       15,835
General Dynamics Corp.
  53       15,866
Paychex, Inc.
  194       25,453
Snap-on, Inc.
  68      19,294
        120,904
Information Technology-6.09%
Accenture PLC, Class A (Ireland)
  37       12,652
Analog Devices, Inc.
  73       17,143
Broadcom, Inc.
  96       15,631
Hewlett Packard Enterprise Co.
  1,270       24,600
HP, Inc.
  986       35,673
Microchip Technology, Inc.
  185       15,200
Skyworks Solutions, Inc.
  196       21,480
Texas Instruments, Inc.
  136      29,150
        171,529
Materials-1.71%
CF Industries Holdings, Inc.
  221       18,363
FMC Corp.
  462      29,836
        48,199
Real Estate-13.87%
Alexandria Real Estate Equities, Inc.
  250       29,892
Equinix, Inc.
  21       17,522
Equity Residential
  522       39,087
Essex Property Trust, Inc.
  124       37,422
Extra Space Storage, Inc.
  234       41,418
Invitation Homes, Inc.
  701       25,825
Iron Mountain, Inc.
  333       37,716
Mid-America Apartment Communities, Inc.
  262       42,541
Prologis, Inc.
  188       24,030
UDR, Inc.
  954       42,463
VICI Properties, Inc.
  1,580      52,898
        390,814
Utilities-23.53%
AES Corp. (The)
  1,710       29,292
Alliant Energy Corp.
  593       34,554
Ameren Corp.
  380       31,354
American Water Works Co., Inc.
  158       22,613
Atmos Energy Corp.
  183       23,925
CMS Energy Corp.
  443       30,062
DTE Energy Co.
  265       33,130
Edison International
  488       42,471
Entergy Corp.
  313       37,776
Evergy, Inc.
  719      42,522
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29
Table of Contents
Invesco S&P 500 High Dividend Growers ETF (DIVG)—(continued)
August 31, 2024
  Shares   Value
Utilities-(continued)
Eversource Energy
  612   $   41,328
Exelon Corp.
  828       31,539
FirstEnergy Corp.
  880       38,650
NextEra Energy, Inc.
  387       31,157
NiSource, Inc.
  1,075       35,539
NRG Energy, Inc.
  252       21,423
Public Service Enterprise Group, Inc.
  410       33,107
Sempra
  378       31,064
WEC Energy Group, Inc.(b)
  387       36,003
Xcel Energy, Inc.
  578      35,391
        662,900
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $2,459,819)
  2,816,263
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.17%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  17,630   $   17,630
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  43,579      43,596
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $61,222)
  61,226
TOTAL INVESTMENTS IN SECURITIES-102.13%

(Cost $2,521,041)
  2,877,489
OTHER ASSETS LESS LIABILITIES-(2.13)%
  (60,131)
NET ASSETS-100.00%
  $2,817,358
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $112,063   $(112,063)   $-   $-   $-   $78
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   322,809   (305,179)   -   -   17,630   509*
Invesco Private Prime Fund -   140,739,697   (140,696,110)   4   5   43,596   21,579*
Total $-   $141,174,569   $(141,113,352)   $4   $5   $61,226   $22,166
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
Table of Contents
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.78%
Communication Services-8.55%
AT&T, Inc.
  4,627,407   $   92,085,399
Interpublic Group of Cos., Inc. (The)(b)
  2,271,414       74,070,811
Omnicom Group, Inc.
  524,963       52,722,034
Verizon Communications, Inc.
  2,470,097     103,200,653
        322,078,897
Consumer Discretionary-1.59%
Darden Restaurants, Inc.(b)
  379,178      59,967,001
Consumer Staples-18.74%
Altria Group, Inc.
  2,122,854      114,145,859
Conagra Brands, Inc.
  2,517,863       78,557,326
General Mills, Inc.(b)
  868,952       62,816,540
Hormel Foods Corp.
  1,771,389       57,658,712
J.M. Smucker Co. (The)
  508,338       58,296,202
Kellanova
  1,054,469       85,000,746
Kenvue, Inc.
  3,696,299       81,133,763
Kraft Heinz Co. (The)
  2,293,597       81,262,142
Philip Morris International, Inc.
  702,716      86,637,856
        705,509,146
Energy-9.36%
Chevron Corp.
  395,187       58,467,917
Exxon Mobil Corp.
  434,245       51,214,855
Kinder Morgan, Inc.
  4,142,099       89,345,075
ONEOK, Inc.
  886,486       81,875,847
Williams Cos., Inc. (The)
  1,559,883      71,395,845
        352,299,539
Financials-1.74%
Prudential Financial, Inc.
  539,538      65,370,424
Health Care-13.29%
AbbVie, Inc.
  306,201       60,110,318
Bristol-Myers Squibb Co.
  1,925,442       96,175,828
Gilead Sciences, Inc.
  920,098       72,687,742
Johnson & Johnson
  321,201       53,274,398
Medtronic PLC
  671,424       59,474,738
Pfizer, Inc.
  3,020,241       87,617,191
Viatris, Inc.
  5,890,826      71,161,178
        500,501,393
Industrials-1.92%
United Parcel Service, Inc., Class B
  563,895      72,488,702
Information Technology-3.16%
Cisco Systems, Inc.
  1,076,883       54,425,667
International Business Machines Corp.
  318,957      64,470,778
        118,896,445
Materials-8.14%
Amcor PLC
  7,702,497      88,116,566
  Shares   Value
Materials-(continued)
Dow, Inc.
  1,511,071   $   80,963,184
Eastman Chemical Co.
  520,152       53,247,960
LyondellBasell Industries N.V., Class A
  852,286      84,120,628
        306,448,338
Real Estate-13.71%
Crown Castle, Inc.
  927,274      103,873,234
Federal Realty Investment Trust
  614,655       70,685,325
Host Hotels & Resorts, Inc.(b)
  3,854,167       68,218,756
Realty Income Corp.
  1,426,010       88,569,481
Simon Property Group, Inc.
  519,592       86,953,721
VICI Properties, Inc.(b)
  2,928,252      98,037,877
        516,338,394
Utilities-19.58%
Dominion Energy, Inc.
  1,595,521       89,189,624
Duke Energy Corp.
  575,665       65,597,027
Edison International
  849,982       73,973,933
Entergy Corp.
  570,220       68,819,852
Evergy, Inc.
  1,301,662       76,980,291
Eversource Energy
  1,186,980       80,156,759
Exelon Corp.
  1,789,352       68,156,418
FirstEnergy Corp.
  1,613,402       70,860,616
Pinnacle West Capital Corp.(b)
  840,370       73,549,182
WEC Energy Group, Inc.(b)
  752,037      69,962,002
        737,245,704
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.78%

(Cost $3,509,860,986)
  3,757,143,983
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.28%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  44,722,072       44,722,072
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  116,570,628     116,617,256
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $161,334,577)
  161,339,328
TOTAL INVESTMENTS IN SECURITIES-104.06%

(Cost $3,671,195,563)
  3,918,483,311
OTHER ASSETS LESS LIABILITIES-(4.06)%
  (153,005,487)
NET ASSETS-100.00%
  $3,765,477,824
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Table of Contents
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $51,919,530   $(51,919,530)   $-   $-   $-   $45,161
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,958,085   579,235,134   (563,471,147)   -   -   44,722,072   1,391,145*
Invesco Private Prime Fund 74,463,646   1,167,046,504   (1,124,897,150)   7,107   (2,851)   116,617,256   3,747,873*
Total $103,421,731   $1,798,201,168   $(1,740,287,827)   $7,107   $(2,851)   $161,339,328   $5,184,179
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Table of Contents
Invesco S&P 500® Low Volatility ETF (SPLV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.12%
Electronic Arts, Inc.(b)
  462,529   $   70,221,153
Omnicom Group, Inc.(b)
  703,332       70,635,633
T-Mobile US, Inc.
  472,010      93,797,827
        234,654,613
Consumer Discretionary-5.06%
Darden Restaurants, Inc.(b)
  447,484       70,769,595
Hilton Worldwide Holdings, Inc.
  312,845       68,713,276
McDonald’s Corp.
  277,012       79,962,284
TJX Cos., Inc. (The)
  721,830       84,649,004
Yum! Brands, Inc.(b)
  565,683      76,321,950
        380,416,109
Consumer Staples-15.29%
Altria Group, Inc.
  1,324,899       71,239,819
Church & Dwight Co., Inc.(b)
  695,759       70,883,927
Coca-Cola Co. (The)
  1,385,750      100,425,302
Colgate-Palmolive Co.
  841,783       89,649,890
Constellation Brands, Inc., Class A
  281,437       67,744,700
Costco Wholesale Corp.
  81,377       72,619,207
General Mills, Inc.(b)
  939,435       67,911,756
Keurig Dr Pepper, Inc.
  1,958,023       71,683,222
Kimberly-Clark Corp.
  502,368       72,672,555
Mondelez International, Inc., Class A
  1,030,791       74,021,102
PepsiCo, Inc.
  426,301       73,698,917
Philip Morris International, Inc.
  644,836       79,501,830
Procter & Gamble Co. (The)
  507,022       86,974,554
Sysco Corp.(b)
  853,769       66,568,369
Walmart, Inc.
  1,084,399      83,748,135
        1,149,343,285
Energy-3.02%
Kinder Morgan, Inc.
  3,584,746       77,322,971
ONEOK, Inc.
  805,394       74,386,190
Williams Cos., Inc. (The)
  1,646,418      75,356,552
        227,065,713
Financials-23.25%
Aflac, Inc.
  655,928       72,388,214
American International Group, Inc.
  968,292       74,606,899
Ameriprise Financial, Inc.
  171,714       77,175,140
Arthur J. Gallagher & Co.
  246,405       72,090,711
Bank of New York Mellon Corp. (The)
  1,128,939       77,016,219
Berkshire Hathaway, Inc., Class B(c)
  231,569      110,208,318
Brown & Brown, Inc.
  675,092       70,972,422
Cboe Global Markets, Inc.
  316,242       64,956,107
Chubb Ltd.
  275,847       78,390,200
CME Group, Inc., Class A
  359,372       77,530,915
Fiserv, Inc.(c)
  471,145       82,261,917
Hartford Financial Services Group, Inc. (The)
  664,686       77,170,045
Intercontinental Exchange, Inc.
  496,832       80,263,210
JPMorgan Chase & Co.
  351,127       78,933,350
Loews Corp.
  1,133,045       92,841,707
Marsh & McLennan Cos., Inc.
  391,522       89,075,170
Mastercard, Inc., Class A
  173,522       83,870,123
MetLife, Inc.
  967,027       74,925,252
Principal Financial Group, Inc.
  877,869      71,476,094
  Shares   Value
Financials-(continued)
Prudential Financial, Inc.(b)
  624,260   $   75,635,342
S&P Global, Inc.
  145,038       74,439,303
Visa, Inc., Class A
  330,255      91,272,574
        1,747,499,232
Health Care-10.37%
Abbott Laboratories
  604,709       68,495,388
AbbVie, Inc.
  351,210       68,946,035
Cencora, Inc.(b)
  311,613       74,653,126
Elevance Health, Inc.
  122,791       68,381,080
Hologic, Inc.(c)
  826,517       67,146,241
Johnson & Johnson
  499,387       82,828,328
Labcorp Holdings, Inc.
  297,544       68,402,390
McKesson Corp.
  111,561       62,594,646
Medtronic PLC
  798,275       70,711,200
Quest Diagnostics, Inc.(b)
  437,782       68,718,641
Regeneron Pharmaceuticals, Inc.(c)
  65,871      78,036,715
        778,913,790
Industrials-15.00%
AMETEK, Inc.
  438,515       75,007,991
Automatic Data Processing, Inc.
  268,148       73,984,715
Broadridge Financial Solutions, Inc.
  315,671       67,193,729
Cintas Corp.
  88,564       71,304,648
CSX Corp.
  2,079,490       71,264,122
General Dynamics Corp.
  246,474       73,784,457
Honeywell International, Inc.
  393,373       81,786,180
IDEX Corp.(b)
  358,288       73,979,306
Illinois Tool Works, Inc.(b)
  319,311       80,843,159
Lockheed Martin Corp.
  128,535       73,020,733
Otis Worldwide Corp.
  759,108       71,879,937
Paychex, Inc.(b)
  524,589       68,826,077
Republic Services, Inc.
  445,183       92,691,552
Union Pacific Corp.
  305,481       78,230,629
Waste Management, Inc.
  344,699      73,089,976
        1,126,887,211
Information Technology-4.08%
Cisco Systems, Inc.
  1,481,046       74,852,065
Motorola Solutions, Inc.
  176,362       77,959,058
Roper Technologies, Inc.
  146,385       81,157,308
VeriSign, Inc.(c)
  394,783      72,600,594
        306,569,025
Materials-6.79%
Avery Dennison Corp.
  356,051       78,989,914
Dow, Inc.
  1,235,595       66,203,180
Ecolab, Inc.
  275,389       69,722,987
Linde PLC
  177,130       84,712,423
LyondellBasell Industries N.V., Class A
  702,729       69,359,352
Packaging Corp. of America
  339,787       71,198,968
PPG Industries, Inc.
  542,448      70,371,779
        510,558,603
Real Estate-1.82%
AvalonBay Communities, Inc.
  307,684       69,453,509
Welltower, Inc.(b)
  555,580      67,047,395
        136,500,904
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Table of Contents
Invesco S&P 500® Low Volatility ETF (SPLV)—(continued)
August 31, 2024
  Shares   Value
Utilities-12.13%
Alliant Energy Corp.(b)
  1,184,686   $   69,031,653
Atmos Energy Corp.(b)
  589,576       77,081,166
CMS Energy Corp.(b)
  1,020,993       69,284,585
Consolidated Edison, Inc.(b)
  689,766       70,052,635
Duke Energy Corp.
  656,621       74,821,963
Entergy Corp.(b)
  568,831       68,652,213
Evergy, Inc.(b)
  1,083,425       64,073,755
FirstEnergy Corp.
  1,599,877       70,266,598
PPL Corp.
  2,272,468       72,514,454
Public Service Enterprise Group, Inc.
  848,946       68,552,389
Sempra(b)
  852,860       70,088,035
Southern Co. (The)
  810,043       69,987,715
WEC Energy Group, Inc.(b)
  723,022      67,262,737
        911,669,898
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $6,654,115,721)
  7,510,078,383
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.93%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  40,111,345   $   40,111,345
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  104,397,899     104,439,658
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $144,548,042)
  144,551,003
TOTAL INVESTMENTS IN SECURITIES-101.86%

(Cost $6,798,663,763)
  7,654,629,386
OTHER ASSETS LESS LIABILITIES-(1.86)%
  (139,545,088)
NET ASSETS-100.00%
  $7,515,084,298
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $101,932,497   $(101,932,497)   $-   $-   $-   $86,604
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 62,523,071   608,499,436   (630,911,162)   -   -   40,111,345   2,156,285*
Invesco Private Prime Fund 160,773,612   1,461,562,226   (1,517,959,641)   3,750   59,711   104,439,658   5,806,415*
Total $223,296,683   $2,171,994,159   $(2,250,803,300)   $3,750   $59,711   $144,551,003   $8,049,304
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34
Table of Contents
Invesco S&P 500 Minimum Variance ETF (SPMV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-5.94%
Alphabet, Inc., Class C
  158   $   26,088
AT&T, Inc.
  1,209       24,059
Meta Platforms, Inc., Class A
  65       33,885
T-Mobile US, Inc.
  576     114,463
Verizon Communications, Inc.
  2,476     103,447
        301,942
Consumer Discretionary-5.22%
Amazon.com, Inc.(b)
  796     142,086
Home Depot, Inc. (The)
  335     123,447
        265,533
Consumer Staples-12.68%
Archer-Daniels-Midland Co.
  999       60,929
Conagra Brands, Inc.
  193        6,022
Estee Lauder Cos., Inc. (The), Class A
  217       19,890
General Mills, Inc.(c)
  1,231       88,989
Hershey Co. (The)(c)
  314       60,621
Hormel Foods Corp.
  643       20,930
J.M. Smucker Co. (The)
  130       14,908
Kellanova
  167       13,462
Kraft Heinz Co. (The)
  786       27,848
McCormick & Co., Inc.
  546       43,696
Mondelez International, Inc., Class A
  1,929     138,521
Procter & Gamble Co. (The)
  866     148,554
        644,370
Energy-0.32%
Exxon Mobil Corp.
  136      16,040
Financials-21.55%
Allstate Corp. (The)
  325       61,405
American International Group, Inc.
  572       44,073
Aon PLC, Class A
  276       94,867
Arch Capital Group Ltd.(b)
  354       40,034
Arthur J. Gallagher & Co.
  368     107,666
Berkshire Hathaway, Inc., Class B(b)
  342     162,765
Chubb Ltd.
  504     143,228
JPMorgan Chase & Co.
  124       27,875
Marsh & McLennan Cos., Inc.
  679     154,479
Progressive Corp. (The)
  706     178,053
Travelers Cos., Inc. (The)
  88       20,070
Truist Financial Corp.
  503       22,363
W.R. Berkley Corp.
  648      38,686
        1,095,564
Health Care-18.86%
Abbott Laboratories
  983     111,344
Amgen, Inc.
  102       34,051
Becton, Dickinson and Co.
  30        7,272
Bristol-Myers Squibb Co.
  454       22,677
Elevance Health, Inc.
  177       98,570
Eli Lilly and Co.
  154     147,843
IDEXX Laboratories, Inc.(b)
  74       35,618
Insulet Corp.(b)
  9        1,825
Intuitive Surgical, Inc.(b)
  74       36,455
Johnson & Johnson
  17        2,820
Medtronic PLC
  456       40,393
Merck & Co., Inc.
  895     106,013
  Shares   Value
Health Care-(continued)
Mettler-Toledo International, Inc.(b)
  4   $    5,756
Moderna, Inc.(b)(c)
  328       25,387
Pfizer, Inc.
  3,324       96,429
Regeneron Pharmaceuticals, Inc.(b)
  44       52,126
ResMed, Inc.(c)
  141       34,548
Vertex Pharmaceuticals, Inc.(b)
  194       96,203
Zoetis, Inc.
  17       3,119
        958,449
Industrials-1.35%
Republic Services, Inc.
  202       42,058
Rollins, Inc.
  58        2,911
RTX Corp.
  192      23,681
        68,650
Information Technology-22.74%
Accenture PLC, Class A (Ireland)
  46       15,730
Adobe, Inc.(b)
  194     111,435
Apple, Inc.
  511     117,019
Broadcom, Inc.
  295       48,032
Cadence Design Systems, Inc.(b)
  10        2,689
Cisco Systems, Inc.
  588       29,717
Intuit, Inc.
  149       93,909
Microsoft Corp.
  344     143,496
NVIDIA Corp.
  1,383     165,089
Oracle Corp.
  1,030     145,529
QUALCOMM, Inc.
  560       98,168
Salesforce, Inc.
  291       73,594
ServiceNow, Inc.(b)
  63       53,865
Synopsys, Inc.(b)
  111      57,673
        1,155,945
Real Estate-1.39%
Crown Castle, Inc.
  631      70,685
Utilities-9.76%
AES Corp. (The)
  1,343       23,005
American Electric Power Co., Inc.
  910       91,255
Constellation Energy Corp.
  347       68,255
Dominion Energy, Inc.
  371       20,739
Duke Energy Corp.
  44        5,014
Eversource Energy
  217       14,654
NextEra Energy, Inc.
  2,490     200,470
Sempra
  867       71,250
Xcel Energy, Inc.
  24       1,469
        496,111
Total Common Stocks & Other Equity Interests

(Cost $4,496,166)
  5,073,289
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $1,778)
  1,778       1,778
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.84%

(Cost $4,497,944)
  5,075,067
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35
Table of Contents
Invesco S&P 500 Minimum Variance ETF (SPMV)—(continued)
August 31, 2024
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.13%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  58,373   $   58,373
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  151,330     151,391
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $209,764)
  209,764
TOTAL INVESTMENTS IN SECURITIES-103.97%

(Cost $4,707,708)
  5,284,831
OTHER ASSETS LESS LIABILITIES-(3.97)%
  (202,010)
NET ASSETS-100.00%
  $5,082,821
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $307,586   $(305,808)   $-   $-   $1,778   $194
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   2,353,676   (2,295,303)   -   -   58,373   3,171*
Invesco Private Prime Fund -   5,039,148   (4,887,673)   -   (84)   151,391   8,435*
Total $-   $7,700,410   $(7,488,784)   $-   $(84)   $211,542   $11,800
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36
Table of Contents
Invesco S&P 500® Momentum ETF (SPMO)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-98.89%
Communication Services-9.82%
Meta Platforms, Inc., Class A
  380,220   $  198,212,488
Netflix, Inc.(b)
  42,858       30,058,458
Take-Two Interactive Software, Inc.(b)
  15,925       2,575,232
        230,846,178
Consumer Discretionary-10.25%
Amazon.com, Inc.(b)
  910,229      162,475,876
Booking Holdings, Inc.
  3,734       14,597,065
Carnival Corp.(b)
  76,439        1,261,243
Chipotle Mexican Grill, Inc.(b)
  152,548        8,554,892
D.R. Horton, Inc.
  29,183        5,508,583
Hilton Worldwide Holdings, Inc.
  23,796        5,226,553
Lennar Corp., Class A
  26,229        4,775,252
lululemon athletica, inc.(b)
  11,060        2,869,738
Marriott International, Inc., Class A
  25,804        6,055,941
NVR, Inc.(b)
  289        2,650,841
O’Reilly Automotive, Inc.(b)
  5,507        6,222,745
PulteGroup, Inc.
  34,012        4,477,680
Royal Caribbean Cruises Ltd.(b)(c)
  35,314        5,813,391
TJX Cos., Inc. (The)
  89,529      10,499,066
        240,988,866
Consumer Staples-3.62%
Costco Wholesale Corp.
  58,825       52,494,253
Mondelez International, Inc., Class A
  99,608        7,152,851
Walmart, Inc.
  329,581      25,453,541
        85,100,645
Energy-0.49%
Marathon Petroleum Corp.
  27,595        4,887,626
Phillips 66
  47,102       6,608,882
        11,496,508
Financials-7.50%
Arch Capital Group Ltd.(b)
  28,808        3,257,897
Arthur J. Gallagher & Co.
  16,086        4,706,281
Berkshire Hathaway, Inc., Class B(b)
  191,707       91,237,195
Brown & Brown, Inc.
  23,932        2,515,970
Cboe Global Markets, Inc.
  16,283        3,344,528
Corpay, Inc.(b)
  6,796        2,144,478
Fiserv, Inc.(b)
  60,023       10,480,016
JPMorgan Chase & Co.
  260,666      58,597,717
        176,284,082
Health Care-9.14%
Amgen, Inc.
  48,374       16,148,692
Boston Scientific Corp.(b)
  163,124       13,341,912
Cardinal Health, Inc.
  31,073        3,502,549
Cencora, Inc.
  21,571        5,167,765
Eli Lilly and Co.
  120,721      115,894,575
Intuitive Surgical, Inc.(b)
  38,865       19,146,065
McKesson Corp.
  13,338        7,483,685
Regeneron Pharmaceuticals, Inc.(b)
  7,980        9,453,826
Stryker Corp.
  31,241       11,259,881
Vertex Pharmaceuticals, Inc.(b)
  23,080       11,445,141
West Pharmaceutical Services, Inc.
  6,824       2,140,211
        214,984,302
  Shares   Value
Industrials-7.34%
Broadridge Financial Solutions, Inc.
  13,648   $    2,905,113
Builders FirstSource, Inc.(b)
  18,696        3,253,104
Cintas Corp.
  10,426        8,394,181
Copart, Inc.(b)
  105,309        5,577,165
Eaton Corp. PLC
  49,537       15,204,391
Fastenal Co.
  63,907        4,363,570
General Electric Co.
  171,448       29,938,250
Howmet Aerospace, Inc.
  41,680        4,028,789
Hubbell, Inc.
  5,498        2,198,760
Ingersoll Rand, Inc.
  44,254        4,047,028
PACCAR, Inc.
  62,909        6,050,588
Parker-Hannifin Corp.
  13,233        7,942,447
Pentair PLC
  15,085        1,337,889
Quanta Services, Inc.
  10,556        2,904,272
Republic Services, Inc.
  30,420        6,333,748
Trane Technologies PLC
  23,494        8,496,840
TransDigm Group, Inc.
  7,976       10,952,723
Uber Technologies, Inc.(b)
  344,738       25,210,690
United Rentals, Inc.
  5,252        3,893,097
Verisk Analytics, Inc.
  15,612        4,259,266
W.W. Grainger, Inc.
  5,399        5,317,583
Wabtec Corp.
  15,709        2,663,775
Waste Management, Inc.
  34,000       7,209,360
        172,482,629
Information Technology-48.52%
Accenture PLC, Class A (Ireland)
  60,569       20,711,570
Adobe, Inc.(b)
  55,800       32,052,078
Advanced Micro Devices, Inc.(b)
  234,515       34,839,548
Akamai Technologies, Inc.(b)
  15,514        1,579,946
Amphenol Corp., Class A
  115,260        7,774,287
Apple, Inc.
  1,031,035      236,107,015
Applied Materials, Inc.
  77,601       15,307,573
Arista Networks, Inc.(b)
  33,802       11,944,951
Broadcom, Inc.
  710,435      115,673,027
Cadence Design Systems, Inc.(b)
  33,213        8,931,972
Fair Isaac Corp.(b)
  4,192        7,253,292
Gartner, Inc.(b)
  7,036        3,461,431
Intel Corp.
  387,026        8,530,053
International Business Machines Corp.
  124,108       25,085,950
Intuit, Inc.
  30,422       19,173,770
Jabil, Inc.
  13,112        1,432,879
KLA Corp.
  13,309       10,905,794
Lam Research Corp.
  14,920       12,249,469
Microsoft Corp.
  450,679      187,996,238
Motorola Solutions, Inc.
  15,391        6,803,438
NVIDIA Corp.
  2,356,377      281,280,722
Palo Alto Networks, Inc.(b)
  50,927       18,472,241
PTC, Inc.(b)(c)
  12,734        2,280,532
Roper Technologies, Inc.
  11,261        6,243,211
Salesforce, Inc.
  130,611       33,031,522
ServiceNow, Inc.(b)
  26,903       23,002,065
Synopsys, Inc.(b)
  16,506       8,576,187
        1,140,700,761
Materials-1.70%
Ecolab, Inc.
  24,090        6,099,106
Linde PLC
  41,930       20,053,023
Martin Marietta Materials, Inc.
  6,393       3,414,885
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37
Table of Contents
Invesco S&P 500® Momentum ETF (SPMO)—(continued)
August 31, 2024
  Shares   Value
Materials-(continued)
Sherwin-Williams Co. (The)
  21,376   $    7,895,653
Vulcan Materials Co.
  10,290       2,523,211
        39,985,878
Real Estate-0.12%
Iron Mountain, Inc.
  26,071       2,952,801
Utilities-0.39%
Constellation Energy Corp.
  33,518        6,592,991
NRG Energy, Inc.
  29,089       2,472,856
        9,065,847
Total Common Stocks & Other Equity Interests

(Cost $2,257,284,033)
  2,324,888,497
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $1,656,178)
  1,656,178       1,656,178
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.96%

(Cost $2,258,940,211)
  2,326,544,675
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.15%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  943,439   $      943,439
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  2,460,892       2,461,876
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,405,090)
  3,405,315
TOTAL INVESTMENTS IN SECURITIES-99.11%

(Cost $2,262,345,301)
  2,329,949,990
OTHER ASSETS LESS LIABILITIES-0.89%
  21,036,901
NET ASSETS-100.00%
  $2,350,986,891
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $23,119,324   $(21,463,146)   $-   $-   $1,656,178   $22,444
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   94,947,824   (94,004,385)   -   -   943,439   126,523*
Invesco Private Prime Fund -   207,752,895   (205,287,240)   225   (4,004)   2,461,876   335,171*
Total $-   $325,820,043   $(320,754,771)   $225   $(4,004)   $5,061,493   $484,138
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38
Table of Contents
Invesco S&P 500 QVM Multi-factor ETF (QVML)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-9.32%
Alphabet, Inc., Class C
  250,335   $   41,332,813
AT&T, Inc.
  177,102        3,524,330
Charter Communications, Inc., Class A(b)
  2,539          882,404
Comcast Corp., Class A
  100,374        3,971,799
Electronic Arts, Inc.(c)
  5,705          866,133
Fox Corp., Class A
  9,411          389,333
Interpublic Group of Cos., Inc. (The)
  9,250          301,642
Live Nation Entertainment, Inc.(b)(c)
  3,404          332,469
Meta Platforms, Inc., Class A
  48,421       25,242,352
Netflix, Inc.(b)
  10,228        7,173,408
News Corp., Class A
  12,333          349,394
Omnicom Group, Inc.(c)
  5,305          532,781
Paramount Global, Class B
  12,255          128,310
T-Mobile US, Inc.
  12,584        2,500,692
Verizon Communications, Inc.
  104,145        4,351,178
Walt Disney Co. (The)
  45,267        4,091,231
Warner Bros. Discovery, Inc.(b)
  56,052         439,448
        96,409,717
Consumer Discretionary-7.73%
Airbnb, Inc., Class A(b)
  10,119        1,187,060
Amazon.com, Inc.(b)
  206,938       36,938,433
Aptiv PLC(b)(c)
  7,389          528,535
Bath & Body Works, Inc.
  6,427          197,695
Best Buy Co., Inc.
  4,515          453,306
Booking Holdings, Inc.
  812        3,174,295
BorgWarner, Inc.
  5,623          191,576
Caesars Entertainment, Inc.(b)(c)
  5,382          202,578
CarMax, Inc.(b)
  3,642          307,931
Carnival Corp.(b)
  21,382          352,803
Chipotle Mexican Grill, Inc.(b)
  32,815        1,840,265
D.R. Horton, Inc.
  7,352        1,387,764
Darden Restaurants, Inc.(c)
  2,864          452,942
Deckers Outdoor Corp.(b)
  646          619,701
Domino’s Pizza, Inc.
  798          330,540
eBay, Inc.
  12,663          748,383
Expedia Group, Inc.(b)
  2,839          394,876
Ford Motor Co.
  92,982        1,040,469
Garmin Ltd.
  3,689          676,157
General Motors Co.
  25,447        1,266,752
Genuine Parts Co.
  3,358          481,067
Home Depot, Inc. (The)
  23,187        8,544,409
Las Vegas Sands Corp.
  9,000          350,910
Lennar Corp., Class A
  6,122        1,114,571
LKQ Corp.
  6,322          262,932
Lowe’s Cos., Inc.
  13,656        3,393,516
lululemon athletica, inc.(b)
  2,755          714,840
Marriott International, Inc., Class A
  5,770        1,354,161
MGM Resorts International(b)(c)
  6,903          259,484
Mohawk Industries, Inc.(b)
  1,343          208,353
NIKE, Inc., Class B
  29,567        2,463,522
Norwegian Cruise Line Holdings Ltd.(b)
  9,392          168,023
NVR, Inc.(b)
  76          697,107
Pool Corp.
  973          342,126
PulteGroup, Inc.
  5,146          677,471
Ralph Lauren Corp.
  1,023          175,199
Ross Stores, Inc.
  7,803       1,175,210
  Shares   Value
Consumer Discretionary-(continued)
Royal Caribbean Cruises Ltd.(b)
  5,354   $      881,375
Tapestry, Inc.
  5,631          230,702
TJX Cos., Inc. (The)
  26,270        3,080,683
Tractor Supply Co.
  2,595          694,292
Ulta Beauty, Inc.(b)
  1,178         415,646
        79,977,660
Consumer Staples-6.15%
Altria Group, Inc.
  42,568        2,288,881
Archer-Daniels-Midland Co.
  13,183          804,031
Bunge Global S.A.
  3,663          371,355
Campbell Soup Co.
  5,624          279,625
Church & Dwight Co., Inc.
  5,904          601,500
Clorox Co. (The)
  3,006          475,880
Coca-Cola Co. (The)
  93,034        6,742,174
Colgate-Palmolive Co.
  19,655        2,093,258
Conagra Brands, Inc.
  11,340          353,808
Constellation Brands, Inc., Class A
  3,844          925,289
Costco Wholesale Corp.
  10,146        9,054,087
Dollar General Corp.(c)
  5,757          477,658
Dollar Tree, Inc.(b)(c)
  5,370          453,711
General Mills, Inc.(c)
  14,315        1,034,831
Hershey Co. (The)
  3,791          731,890
Hormel Foods Corp.
  6,855          223,130
J.M. Smucker Co. (The)(c)
  2,439          279,705
Kellanova
  6,548          527,834
Kenvue, Inc.
  49,262        1,081,301
Keurig Dr Pepper, Inc.
  25,408          930,187
Kimberly-Clark Corp.
  7,953        1,150,481
Kraft Heinz Co. (The)
  20,506          726,528
Kroger Co. (The)
  16,541          880,147
Lamb Weston Holdings, Inc.(c)
  3,559          220,373
McCormick & Co., Inc.
  6,294          503,709
Molson Coors Beverage Co., Class B
  4,517          243,783
Mondelez International, Inc., Class A
  33,419        2,399,818
Monster Beverage Corp.(b)
  18,449          869,501
PepsiCo, Inc.
  34,724        6,003,085
Procter & Gamble Co. (The)
  56,144        9,630,942
Sysco Corp.
  12,286          957,939
Target Corp.
  11,758        1,806,264
Tyson Foods, Inc., Class A
  7,173          461,296
Walgreens Boots Alliance, Inc.(c)
  17,886          165,446
Walmart, Inc.
  101,626       7,848,576
        63,598,023
Energy-4.06%
APA Corp.
  9,003          256,496
Baker Hughes Co., Class A
  24,881          875,065
Chevron Corp.
  43,700        6,465,415
ConocoPhillips
  29,280        3,331,771
Coterra Energy, Inc.
  18,074          439,741
Devon Energy Corp.
  16,068          719,525
Diamondback Energy, Inc.
  4,512          880,336
EOG Resources, Inc.(c)
  14,377        1,852,045
EQT Corp.
  9,653          323,472
Exxon Mobil Corp.
  114,227       13,471,932
Halliburton Co.
  22,630          703,567
Hess Corp.
  6,959          960,760
Kinder Morgan, Inc.
  44,780          965,905
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39
Table of Contents
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
  Shares   Value
Energy-(continued)
Marathon Oil Corp.
  14,182   $      406,314
Marathon Petroleum Corp.
  9,220        1,633,046
Occidental Petroleum Corp.
  16,330          930,483
ONEOK, Inc.
  14,088        1,301,168
Phillips 66
  10,754        1,508,894
Schlumberger N.V.
  35,075        1,542,949
Targa Resources Corp.
  5,154          757,123
Valero Energy Corp.
  8,632        1,266,573
Williams Cos., Inc. (The)
  29,095       1,331,678
        41,924,258
Financials-14.44%
Aflac, Inc.
  12,844        1,417,464
Allstate Corp. (The)
  6,556        1,238,691
American Express Co.
  14,667        3,793,619
American International Group, Inc.
  17,740        1,366,867
Ameriprise Financial, Inc.
  2,445        1,098,881
Arch Capital Group Ltd.(b)
  9,193        1,039,636
Arthur J. Gallagher & Co.
  5,038        1,473,968
Assurant, Inc.
  1,305          256,237
Bank of America Corp.
  167,253        6,815,560
Bank of New York Mellon Corp. (The)
  18,361        1,252,587
Berkshire Hathaway, Inc., Class B(b)
  44,155       21,014,248
BlackRock, Inc.
  3,354        3,024,671
Blackstone, Inc., Class A
  16,812        2,393,356
Brown & Brown, Inc.
  5,732          602,605
Capital One Financial Corp.
  9,175        1,348,083
Cboe Global Markets, Inc.
  2,654          545,132
Charles Schwab Corp. (The)
  35,490        2,310,399
Chubb Ltd.
  9,988        2,838,390
Cincinnati Financial Corp.
  4,151          568,811
Citigroup, Inc.
  47,309        2,963,436
Citizens Financial Group, Inc.
  11,202          482,246
CME Group, Inc., Class A
  8,935        1,927,637
Corpay, Inc.(b)
  1,937          611,220
Discover Financial Services
  5,939          823,799
Everest Group Ltd.
  1,071          420,089
FactSet Research Systems, Inc.
  913          386,053
Fifth Third Bancorp
  16,924          722,485
Fiserv, Inc.(b)
  14,540        2,538,684
Franklin Resources, Inc.
  6,818          137,996
Global Payments, Inc.
  6,654          738,660
Globe Life, Inc.
  2,078          218,294
Goldman Sachs Group, Inc. (The)
  7,944        4,053,426
Hartford Financial Services Group, Inc. (The)
  7,437          863,436
Huntington Bancshares, Inc.
  38,799          580,821
Intercontinental Exchange, Inc.
  13,485        2,178,502
Invesco Ltd.(d)
  10,727          183,324
Jack Henry & Associates, Inc.
  1,727          298,823
JPMorgan Chase & Co.
  73,219       16,459,631
KeyCorp
  23,467          400,347
Loews Corp.
  4,462          365,616
M&T Bank Corp.
  4,199          722,690
MarketAxess Holdings, Inc.
  844          204,577
Marsh & McLennan Cos., Inc.
  11,620        2,643,666
Mastercard, Inc., Class A
  19,963        9,648,916
MetLife, Inc.
  15,410        1,193,967
Moody’s Corp.
  3,667        1,788,543
Morgan Stanley
  30,680        3,178,755
Nasdaq, Inc.
  9,020          650,162
  Shares   Value
Financials-(continued)
Northern Trust Corp.
  5,137   $      468,546
PayPal Holdings, Inc.(b)
  25,478        1,845,371
PNC Financial Services Group, Inc. (The)
  9,826        1,818,694
Principal Financial Group, Inc.
  5,374          437,551
Progressive Corp. (The)
  14,619        3,686,912
Prudential Financial, Inc.
  9,049        1,096,377
Raymond James Financial, Inc.
  4,563          545,598
Regions Financial Corp.
  24,541          574,750
S&P Global, Inc.
  7,469        3,833,389
State Street Corp.
  7,763          676,157
Synchrony Financial
  9,714          488,226
T. Rowe Price Group, Inc.
  5,337          565,935
Travelers Cos., Inc. (The)
  5,685        1,296,578
Truist Financial Corp.
  32,745        1,455,843
U.S. Bancorp
  38,479        1,817,363
Visa, Inc., Class A
  38,164       10,547,385
W.R. Berkley Corp.
  7,420          442,974
Wells Fargo & Co.
  90,097        5,267,972
Willis Towers Watson PLC
  2,453         716,546
        149,367,173
Health Care-11.53%
Abbott Laboratories
  40,945        4,637,840
AbbVie, Inc.
  41,160        8,080,120
Agilent Technologies, Inc.
  6,870          981,860
Align Technology, Inc.(b)
  1,739          412,526
Baxter International, Inc.
  13,347          506,385
Becton, Dickinson and Co.
  6,888        1,669,720
Bio-Rad Laboratories, Inc., Class A(b)
  523          176,418
Boston Scientific Corp.(b)
  34,106        2,789,530
Cardinal Health, Inc.
  5,837          657,947
Cencora, Inc.
  3,972          951,572
Centene Corp.(b)
  13,529        1,066,491
Charles River Laboratories International, Inc.(b)
  1,219          241,057
Cigna Group (The)
  7,183        2,598,881
Cooper Cos., Inc. (The)(b)
  4,734          500,526
CVS Health Corp.
  30,327        1,735,918
Danaher Corp.
  15,281        4,115,326
DaVita, Inc.(b)(c)
  1,272          191,970
Edwards Lifesciences Corp.(b)
  14,373        1,005,535
Elevance Health, Inc.
  5,707        3,178,171
Eli Lilly and Co.
  18,055       17,333,161
GE HealthCare Technologies, Inc.
  10,410          882,976
HCA Healthcare, Inc.
  4,729        1,870,745
Henry Schein, Inc.(b)
  3,042          214,613
Hologic, Inc.(b)
  5,900          479,316
Humana, Inc.
  3,023        1,071,563
IDEXX Laboratories, Inc.(b)
  1,921          924,635
Incyte Corp.(b)
  4,352          285,752
Intuitive Surgical, Inc.(b)
  7,924        3,903,600
IQVIA Holdings, Inc.(b)
  4,401        1,107,072
Johnson & Johnson
  58,129        9,641,276
Labcorp Holdings, Inc.
  1,992          457,941
McKesson Corp.
  3,064        1,719,149
Medtronic PLC
  31,499        2,790,182
Merck & Co., Inc.
  58,495        6,928,733
Moderna, Inc.(b)(c)
  7,661          592,961
Molina Healthcare, Inc.(b)
  1,411          493,554
Quest Diagnostics, Inc.
  2,621          411,418
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40
Table of Contents
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.(b)
  2,413   $    2,858,657
Revvity, Inc.
  2,982          365,414
Solventum Corp.(b)
  3,497          224,193
STERIS PLC
  2,336          563,210
Stryker Corp.
  7,971        2,872,908
Teleflex, Inc.
  1,161          284,642
Thermo Fisher Scientific, Inc.
  9,127        5,613,744
UnitedHealth Group, Inc.
  22,246       13,129,589
Universal Health Services, Inc., Class B
  1,427          339,583
Vertex Pharmaceuticals, Inc.(b)
  5,906        2,928,726
Viatris, Inc.
  29,544          356,892
West Pharmaceutical Services, Inc.
  1,818          570,179
Zimmer Biomet Holdings, Inc.
  5,363          619,212
Zoetis, Inc.
  10,597       1,944,444
        119,277,833
Industrials-8.70%
A.O. Smith Corp.
  2,977          249,234
Allegion PLC
  2,104          292,119
American Airlines Group, Inc.(b)(c)
  14,848          157,686
AMETEK, Inc.
  5,500          940,775
Automatic Data Processing, Inc.
  9,787        2,700,331
Axon Enterprise, Inc.(b)
  1,608          586,872
Broadridge Financial Solutions, Inc.
  2,916          620,700
Builders FirstSource, Inc.(b)
  3,141          546,534
C.H. Robinson Worldwide, Inc.
  2,745          284,135
Carrier Global Corp.
  19,633        1,428,890
Caterpillar, Inc.
  12,549        4,468,699
Cintas Corp.
  2,018        1,624,732
Copart, Inc.(b)
  20,599        1,090,923
CSX Corp.
  48,739        1,670,286
Cummins, Inc.
  3,500        1,094,975
Dayforce, Inc.(b)(c)
  3,831          219,018
Deere & Co.
  6,329        2,441,349
Delta Air Lines, Inc.
  15,018          638,115
Dover Corp.
  3,312          616,131
Eaton Corp. PLC
  9,727        2,985,508
Emerson Electric Co.
  14,149        1,491,163
Equifax, Inc.
  2,805          861,500
Expeditors International of Washington, Inc.
  3,513          433,539
Fastenal Co.
  14,009          956,535
FedEx Corp.
  5,710        1,705,977
Fortive Corp.
  8,644          643,114
GE Vernova, Inc.(b)
  6,452        1,296,852
Generac Holdings, Inc.(b)
  1,453          227,438
General Dynamics Corp.
  5,536        1,657,257
General Electric Co.
  26,715        4,664,973
Honeywell International, Inc.
  15,306        3,182,271
Howmet Aerospace, Inc.
  9,839          951,038
Hubbell, Inc.
  1,305          521,896
Huntington Ingalls Industries, Inc.
  987          279,094
IDEX Corp.
  1,836          379,097
Illinois Tool Works, Inc.
  6,539        1,655,544
Ingersoll Rand, Inc.
  9,723          889,168
J.B. Hunt Transport Services, Inc.
  1,978          342,590
Jacobs Solutions, Inc.
  3,095          466,974
Johnson Controls International PLC
  16,486        1,201,005
L3Harris Technologies, Inc.
  4,661        1,103,119
Leidos Holdings, Inc.
  3,320          526,253
Lockheed Martin Corp.
  5,277       2,997,864
  Shares   Value
Industrials-(continued)
Masco Corp.
  5,286   $      420,554
Nordson Corp.
  1,313          336,863
Norfolk Southern Corp.
  5,573        1,427,580
Northrop Grumman Corp.
  3,564        1,864,720
Old Dominion Freight Line, Inc.
  4,333          835,402
PACCAR, Inc.
  12,612        1,213,022
Parker-Hannifin Corp.
  3,078        1,847,416
Paychex, Inc.
  7,500          984,000
Paycom Software, Inc.
  1,135          184,755
Pentair PLC
  3,915          347,221
Quanta Services, Inc.
  3,438          945,897
Republic Services, Inc.
  4,859        1,011,692
Rockwell Automation, Inc.
  2,660          723,600
Rollins, Inc.
  6,774          339,919
RTX Corp.
  32,074        3,956,007
Snap-on, Inc.
  1,256          356,377
Southwest Airlines Co.
  13,416          387,991
Stanley Black & Decker, Inc.
  3,702          378,937
Textron, Inc.
  4,724          430,829
Trane Technologies PLC
  5,330        1,927,648
Uber Technologies, Inc.(b)
  43,478        3,179,546
Union Pacific Corp.
  15,006        3,842,887
United Airlines Holdings, Inc.(b)
  8,061          355,006
United Parcel Service, Inc., Class B
  17,634        2,266,851
United Rentals, Inc.
  1,724        1,277,932
Veralto Corp.
  5,217          586,547
Verisk Analytics, Inc.
  3,327          907,672
W.W. Grainger, Inc.
  1,064        1,047,955
Wabtec Corp.
  4,300          729,151
Waste Management, Inc.
  9,206        1,952,040
Xylem, Inc.
  5,876         808,126
        89,965,416
Information Technology-31.08%
Accenture PLC, Class A (Ireland)
  14,829        5,070,777
Adobe, Inc.(b)
  10,466        6,011,775
Advanced Micro Devices, Inc.(b)
  40,289        5,985,334
Akamai Technologies, Inc.(b)
  3,742          381,085
Amphenol Corp., Class A
  28,097        1,895,143
Analog Devices, Inc.
  11,674        2,741,522
ANSYS, Inc.(b)
  2,057          661,161
Apple, Inc.
  313,955       71,895,695
Applied Materials, Inc.
  18,027        3,556,006
Arista Networks, Inc.(b)
  5,842        2,064,446
Autodesk, Inc.(b)
  4,627        1,195,617
Broadcom, Inc.
  93,590       15,238,324
Cadence Design Systems, Inc.(b)
  5,984        1,609,277
CDW Corp.
  3,245          732,202
Cisco Systems, Inc.
  99,154        5,011,243
Cognizant Technology Solutions Corp., Class A
  11,894          924,996
Corning, Inc.
  17,902          749,199
EPAM Systems, Inc.(b)
  1,391          279,257
F5, Inc.(b)
  1,433          291,114
First Solar, Inc.(b)
  2,313          525,907
Gartner, Inc.(b)
  1,843          906,682
Gen Digital, Inc.
  13,393          354,379
Hewlett Packard Enterprise Co.
  25,502          493,974
HP, Inc.
  20,991          759,454
Intel Corp.
  101,513       2,237,347
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41
Table of Contents
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
International Business Machines Corp.
  21,627   $    4,371,466
Intuit, Inc.
  6,525        4,112,446
Jabil, Inc.
  2,844          310,792
Juniper Networks, Inc.
  7,737          300,815
Keysight Technologies, Inc.(b)
  4,296          662,100
KLA Corp.
  2,971        2,434,527
Lam Research Corp.
  2,839        2,330,847
Microchip Technology, Inc.
  13,310        1,093,550
Micron Technology, Inc.
  23,475        2,259,234
Microsoft Corp.
  167,657       69,936,441
Monolithic Power Systems, Inc.
  1,039          971,133
Motorola Solutions, Inc.
  3,860        1,706,274
NetApp, Inc.
  4,726          570,523
NVIDIA Corp.
  518,546       61,898,836
NXP Semiconductors N.V. (China)
  5,935        1,521,497
ON Semiconductor Corp.(b)
  9,804          763,437
Oracle Corp.
  31,867        4,502,488
Palo Alto Networks, Inc.(b)
  6,960        2,524,531
PTC, Inc.(b)(c)
  2,876          515,063
Qorvo, Inc.(b)
  2,296          266,083
QUALCOMM, Inc.
  25,311        4,437,018
Roper Technologies, Inc.
  2,441        1,353,315
Salesforce, Inc.
  23,039        5,826,563
ServiceNow, Inc.(b)
  4,467        3,819,285
Skyworks Solutions, Inc.
  3,465          379,729
Super Micro Computer, Inc.(b)
  1,221          534,432
Synopsys, Inc.(b)
  3,467        1,801,384
TE Connectivity Ltd.
  7,499        1,151,846
Teledyne Technologies, Inc.(b)
  1,173          507,674
Teradyne, Inc.
  3,507          479,512
Texas Instruments, Inc.
  21,336        4,573,158
Trimble, Inc.(b)
  5,960          337,872
Tyler Technologies, Inc.(b)
  1,054          619,615
Western Digital Corp.(b)
  7,380          484,054
Zebra Technologies Corp., Class A(b)
  1,261         435,524
        321,364,980
Materials-2.23%
Albemarle Corp.
  2,973          268,313
Amcor PLC
  33,749          386,089
Avery Dennison Corp.
  1,924          426,839
Ball Corp.
  8,367          533,898
Celanese Corp.
  2,788          364,113
CF Industries Holdings, Inc.
  5,305          440,792
Corteva, Inc.
  18,093        1,036,729
Dow, Inc.
  17,226          922,969
DuPont de Nemours, Inc.
  10,505          885,046
Eastman Chemical Co.
  2,860          292,778
Ecolab, Inc.
  5,835        1,477,305
FMC Corp.
  3,175          205,042
Freeport-McMoRan, Inc.
  36,795        1,629,283
International Flavors & Fragrances, Inc.
  6,147          639,227
International Paper Co.(c)
  8,314          402,564
Linde PLC
  11,645        5,569,221
LyondellBasell Industries N.V., Class A
  6,313          623,093
Martin Marietta Materials, Inc.
  1,518          810,855
Mosaic Co. (The)
  8,619          246,245
Nucor Corp.
  6,432          977,085
Packaging Corp. of America
  2,170          454,702
PPG Industries, Inc.
  5,768          748,283
  Shares   Value
Materials-(continued)
Sherwin-Williams Co. (The)
  5,721   $    2,113,166
Smurfit WestRock PLC
  6,685          317,003
Steel Dynamics, Inc.
  4,038          482,581
Vulcan Materials Co.
  3,264         800,365
        23,053,586
Real Estate-1.96%
Alexandria Real Estate Equities, Inc.
  3,875          463,334
AvalonBay Communities, Inc.
  3,351          756,421
BXP, Inc.
  3,990          300,128
Camden Property Trust
  2,443          305,864
CBRE Group, Inc., Class A(b)
  7,195          828,432
CoStar Group, Inc.(b)
  9,819          759,009
Digital Realty Trust, Inc.
  7,510        1,138,591
Equity Residential
  8,152          610,422
Essex Property Trust, Inc.(c)
  1,490          449,667
Extra Space Storage, Inc.
  4,916          870,132
Federal Realty Investment Trust
  1,796          206,540
Healthpeak Properties, Inc.
  17,384          387,316
Host Hotels & Resorts, Inc.
  17,137          303,325
Invitation Homes, Inc.
  13,729          505,776
Iron Mountain, Inc.
  6,459          731,546
Kimco Realty Corp.
  16,662          387,558
Mid-America Apartment Communities, Inc.
  2,671          433,690
Prologis, Inc.
  21,665        2,769,220
Public Storage
  3,741        1,285,856
Realty Income Corp.
  20,637        1,281,764
Regency Centers Corp.
  4,467          324,706
Simon Property Group, Inc.
  7,706        1,289,599
UDR, Inc.
  7,070          314,686
Ventas, Inc.
  9,597          596,070
VICI Properties, Inc.(c)
  24,631          824,646
Welltower, Inc.
  13,576        1,638,352
Weyerhaeuser Co.
  17,808         542,966
        20,305,616
Utilities-2.69%
Alliant Energy Corp.
  6,085          354,573
Ameren Corp.
  6,587          543,493
American Electric Power Co., Inc.
  12,918        1,295,417
Atmos Energy Corp.
  3,576          467,526
CenterPoint Energy, Inc.
  15,018          409,991
CMS Energy Corp.
  7,417          503,318
Consolidated Edison, Inc.
  8,574          870,775
Constellation Energy Corp.
  7,614        1,497,674
Dominion Energy, Inc.
  21,261        1,188,490
DTE Energy Co.
  5,112          639,102
Duke Energy Corp.
  18,870        2,150,236
Edison International
  10,027          872,650
Entergy Corp.
  5,307          640,502
Evergy, Inc.
  5,514          326,098
Eversource Energy
  8,583          579,610
Exelon Corp.
  25,753          980,932
FirstEnergy Corp.
  13,650          599,508
NextEra Energy, Inc.
  54,392        4,379,100
NiSource, Inc.
  9,810          324,319
NRG Energy, Inc.
  5,453          463,560
PG&E Corp.
  51,328        1,011,162
Pinnacle West Capital Corp.(c)
  2,720          238,054
PPL Corp.
  19,516          622,756
Public Service Enterprise Group, Inc.
  12,374          999,200
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42
Table of Contents
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
  Shares   Value
Utilities-(continued)
Sempra
  15,342   $    1,260,806
Southern Co. (The)
  26,674        2,304,634
Vistra Corp.
  8,802          751,955
WEC Energy Group, Inc.(c)
  7,713          717,540
Xcel Energy, Inc.
  13,376         819,012
        27,811,993
Total Common Stocks & Other Equity Interests

(Cost $774,424,871)
  1,033,056,255
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $12,957)
  12,957          12,957
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.89%

(Cost $774,437,828)
  1,033,069,212
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.01%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  2,884,175   $    2,884,175
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  7,507,963       7,510,966
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $10,394,642)
  10,395,141
TOTAL INVESTMENTS IN SECURITIES-100.90%

(Cost $784,832,470)
  1,043,464,353
OTHER ASSETS LESS LIABILITIES-(0.90)%
  (9,282,699)
NET ASSETS-100.00%
  $1,034,181,654
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $165,664   $13,987   $(10,437)   $14,667   $(557)   $183,324   $8,347
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   16,687,293   (16,674,336)   -   -   12,957   19,727
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,093,256   52,586,764   (53,795,845)   -   -   2,884,175   211,706*
Invesco Private Prime Fund 10,525,517   110,759,138   (113,779,157)   499   4,969   7,510,966   573,647*
Total $14,784,437   $180,047,182   $(184,259,775)   $15,166   $4,412   $10,591,422   $813,427
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43
Table of Contents
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-1.16%
Frontier Communications Parent, Inc.(b)(c)
  28,703   $    826,647
New York Times Co. (The), Class A
  20,695     1,136,776
Nexstar Media Group, Inc., Class A(c)
  4,272        729,999
TEGNA, Inc.
  27,027        375,135
Ziff Davis, Inc.(b)(c)
  6,083        297,276
ZoomInfo Technologies, Inc., Class A(b)(c)
  35,532       351,412
        3,717,245
Consumer Discretionary-13.22%
Adient PLC(b)
  11,841        267,843
Aramark
  31,059     1,137,691
Autoliv, Inc. (Sweden)
  10,264     1,051,752
AutoNation, Inc.(b)
  3,250        578,435
Boyd Gaming Corp.
  8,487        509,390
Brunswick Corp.(c)
  9,287        734,137
Capri Holdings Ltd.(b)(c)
  15,386        549,588
Carter’s, Inc.
  5,014        330,423
Columbia Sportswear Co.(c)
  4,630        373,780
Crocs, Inc.(b)(c)
  7,466     1,091,305
Dick’s Sporting Goods, Inc.
  7,536     1,785,731
Duolingo, Inc.(b)(c)
  4,250        903,422
Floor & Decor Holdings, Inc., Class A(b)(c)
  12,726     1,430,911
Gap, Inc. (The)
  29,344        658,186
Gentex Corp.(c)
  29,484        923,734
Goodyear Tire & Rubber Co. (The)(b)(c)
  36,302        320,184
Graham Holdings Co., Class B
  480        381,691
Grand Canyon Education, Inc.(b)
  3,750        543,787
H&R Block, Inc.
  16,922     1,071,332
Harley-Davidson, Inc.(c)
  16,869        631,575
Helen of Troy Ltd.(b)(c)
  3,131        167,133
Hilton Grand Vacations, Inc.(b)(c)
  8,984        346,603
Hyatt Hotels Corp., Class A
  5,430        824,926
KB Home
  9,324        780,512
Lear Corp.
  7,338        855,978
Light & Wonder, Inc.(b)(c)
  11,418     1,253,925
Lithia Motors, Inc., Class A
  3,295        992,059
Macy’s, Inc.
  34,547        537,897
Marriott Vacations Worldwide Corp.(c)
  4,196        310,504
Mattel, Inc.(b)(c)
  45,208        858,048
Murphy USA, Inc.
  2,188     1,136,950
Nordstrom, Inc.
  12,457        278,289
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
  7,462        668,297
Penske Automotive Group, Inc.
  2,520        428,652
Polaris, Inc.
  6,919        585,693
PVH Corp.
  7,700        759,913
Service Corp. International
  18,571     1,453,552
Skechers U.S.A., Inc., Class A(b)
  15,956     1,092,667
Taylor Morrison Home Corp., Class A(b)
  13,675        920,738
Tempur Sealy International, Inc.(c)
  22,027     1,154,876
Texas Roadhouse, Inc.
  8,489     1,432,519
Thor Industries, Inc.(c)
  6,773        726,472
Toll Brothers, Inc.
  13,321     1,919,156
TopBuild Corp.(b)
  3,975     1,562,254
Travel + Leisure Co.
  8,675        383,956
Under Armour, Inc., Class A(b)
  49,362        379,594
Valvoline, Inc.(b)
  15,722        663,468
Visteon Corp.(b)
  3,692       373,741
  Shares   Value
Consumer Discretionary-(continued)
Wendy’s Co. (The)
  22,484   $    380,429
Whirlpool Corp.
  6,779        679,866
Williams-Sonoma, Inc.
  15,215     2,043,831
Wyndham Hotels & Resorts, Inc.
  10,047        790,699
YETI Holdings, Inc.(b)(c)
  10,319       416,062
        42,434,156
Consumer Staples-4.92%
BellRing Brands, Inc.(b)
  16,817        940,575
BJ’s Wholesale Club Holdings, Inc.(b)
  16,880     1,349,725
Boston Beer Co., Inc. (The), Class A(b)
  1,262        342,911
Casey’s General Stores, Inc.
  4,085     1,480,036
Celsius Holdings, Inc.(b)(c)
  23,950        910,818
Coca-Cola Consolidated, Inc.
  552        741,005
Coty, Inc., Class A(b)
  48,895        458,635
Darling Ingredients, Inc.(b)(c)
  21,933        915,264
e.l.f. Beauty, Inc.(b)
  6,554        981,724
Flowers Foods, Inc.
  25,010        581,232
Ingredion, Inc.
  8,306     1,115,579
Lancaster Colony Corp.
  2,523        430,827
Performance Food Group Co.(b)
  19,672     1,468,318
Pilgrim’s Pride Corp.(b)
  5,205        242,449
Post Holdings, Inc.(b)
  6,580        761,767
Sprouts Farmers Market, Inc.(b)
  13,462     1,400,721
US Foods Holding Corp.(b)
  28,346     1,678,367
        15,799,953
Energy-5.18%
Antero Midstream Corp.
  42,561        632,882
Antero Resources Corp.(b)
  35,982        971,154
ChampionX Corp.
  24,546        764,117
Chesapeake Energy Corp.(c)
  14,454     1,076,678
Chord Energy Corp.
  8,446     1,253,640
Civitas Resources, Inc.
  12,600        772,758
CNX Resources Corp.(b)(c)
  19,104        528,608
DT Midstream, Inc.
  11,669        917,067
HF Sinclair Corp.
  20,919     1,027,960
Matador Resources Co.
  14,793        839,059
Murphy Oil Corp.
  19,416        723,828
NOV, Inc.
  51,984        923,756
Ovintiv, Inc.
  34,008     1,456,563
PBF Energy, Inc., Class A
  14,433        491,588
Permian Resources Corp.
  67,149        956,202
Range Resources Corp.
  29,969        895,474
Southwestern Energy Co.(b)
  145,283        926,905
Valaris Ltd.(b)(c)
  7,916        483,351
Weatherford International PLC
  9,391       985,491
        16,627,081
Financials-18.63%
Affiliated Managers Group, Inc.
  4,502        782,583
Ally Financial, Inc.
  33,485     1,446,217
American Financial Group, Inc.
  8,429     1,126,283
Associated Banc-Corp
  19,479        445,680
Bank OZK
  14,572        631,696
Brighthouse Financial, Inc.(b)
  8,799        403,874
Cadence Bank
  23,198        748,831
Carlyle Group, Inc. (The)
  28,872     1,158,633
CNO Financial Group, Inc.
  14,414       503,337
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44
Table of Contents
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Columbia Banking System, Inc.
  26,836   $    675,731
Commerce Bancshares, Inc.
  15,390        984,344
Cullen/Frost Bankers, Inc.
  8,417        944,640
East West Bancorp, Inc.
  18,413     1,547,981
Equitable Holdings, Inc.
  39,916     1,697,228
Erie Indemnity Co., Class A
  3,190     1,621,254
Essent Group Ltd.
  13,316        856,086
Euronet Worldwide, Inc.(b)
  5,890        635,590
Evercore, Inc., Class A
  4,512     1,108,779
F.N.B. Corp.
  47,433        710,546
Federated Hermes, Inc., Class B
  10,401        356,754
Fidelity National Financial, Inc.
  33,142     1,954,052
First American Financial Corp.
  13,567        865,575
First Financial Bankshares, Inc.(c)
  17,184        628,419
First Horizon Corp.
  73,538     1,219,995
FirstCash Holdings, Inc.
  4,822        579,074
Glacier Bancorp, Inc.(c)
  14,350        678,755
Hancock Whitney Corp.
  11,100        596,403
Hanover Insurance Group, Inc. (The)
  4,831        710,109
Home BancShares, Inc.
  24,168        672,837
Houlihan Lokey, Inc.
  6,791     1,063,606
Interactive Brokers Group, Inc., Class A
  13,934     1,795,953
International Bancshares Corp.
  7,056        445,798
Janus Henderson Group PLC
  16,730        629,215
Jefferies Financial Group, Inc.
  22,476     1,347,436
Kemper Corp.
  7,735        483,515
Kinsale Capital Group, Inc.
  2,766     1,358,355
MGIC Investment Corp.
  33,953        863,425
Morningstar, Inc.
  3,228     1,012,850
Old National Bancorp
  41,407        821,929
Old Republic International Corp.
  34,392     1,233,641
Pinnacle Financial Partners, Inc.
  9,874        983,154
Primerica, Inc.
  4,417     1,162,687
Prosperity Bancshares, Inc.
  12,504        920,044
Reinsurance Group of America, Inc.
  8,380     1,849,969
RenaissanceRe Holdings Ltd. (Bermuda)
  6,832     1,740,725
RLI Corp.
  5,207        802,399
SEI Investments Co.
  12,904        872,698
Selective Insurance Group, Inc.
  8,136        740,213
SLM Corp.
  28,401        626,526
SouthState Corp.
  10,003        971,191
Starwood Property Trust, Inc.(c)
  37,747        786,648
Stifel Financial Corp.
  12,788     1,127,134
Synovus Financial Corp.
  19,270        888,732
Texas Capital Bancshares, Inc.(b)
  6,264        421,066
UMB Financial Corp.
  5,589        578,965
United Bankshares, Inc.
  17,061        663,161
Unum Group
  24,586     1,364,277
Valley National Bancorp
  55,160        478,789
Voya Financial, Inc.
  13,433        951,459
Webster Financial Corp.
  22,918     1,087,001
Western Union Co. (The)
  44,121        538,276
WEX, Inc.(b)(c)
  5,625     1,074,488
Wintrust Financial Corp.
  8,075        878,560
Zions Bancorporation N.A.
  18,796       931,530
        59,786,701
Health Care-6.91%
Acadia Healthcare Co., Inc.(b)(c)
  11,668        955,959
Azenta, Inc.(b)(c)
  6,251       309,549
  Shares   Value
Health Care-(continued)
Bruker Corp.
  11,431   $    768,049
Chemed Corp.
  1,927     1,129,550
DENTSPLY SIRONA, Inc.
  27,332        691,226
Doximity, Inc., Class A(b)(c)
  14,242        523,821
Encompass Health Corp.
  12,635     1,175,687
Enovis Corp.(b)(c)
  6,891        321,121
Envista Holdings Corp.(b)(c)
  23,487        428,873
Exelixis, Inc.(b)
  37,147        966,936
Haemonetics Corp.(b)(c)
  6,289        475,323
Halozyme Therapeutics, Inc.(b)(c)
  14,680        937,318
HealthEquity, Inc.(b)
  10,508        836,016
Jazz Pharmaceuticals PLC(b)
  7,443        863,239
Lantheus Holdings, Inc.(b)
  8,685        924,692
LivaNova PLC(b)
  7,764        391,228
Masimo Corp.(b)(c)
  5,199        610,986
Medpace Holdings, Inc.(b)
  2,830     1,005,414
Neurocrine Biosciences, Inc.(b)
  12,608     1,601,972
Option Care Health, Inc.(b)(c)
  23,890        764,958
Perrigo Co. PLC
  16,639        484,195
R1 RCM, Inc.(b)(c)
  25,454        359,156
Repligen Corp.(b)(c)
  6,778     1,023,004
Roivant Sciences Ltd.(b)
  40,252        492,282
Tenet Healthcare Corp.(b)
  12,309     2,041,325
United Therapeutics Corp.(b)
  5,775     2,099,501
        22,181,380
Industrials-23.36%
AAON, Inc.
  8,514        813,172
Acuity Brands, Inc.
  3,836        977,029
Advanced Drainage Systems, Inc.
  8,812     1,381,369
AECOM
  17,062     1,708,589
AGCO Corp.
  8,066        734,329
Applied Industrial Technologies, Inc.
  4,877     1,000,370
Brink’s Co. (The)
  5,814        644,947
BWX Technologies, Inc.
  11,731     1,208,293
CACI International, Inc., Class A(b)
  2,806     1,369,665
Carlisle Cos., Inc.
  6,131     2,598,318
Clean Harbors, Inc.(b)
  6,215     1,528,268
Comfort Systems USA, Inc.
  4,572     1,616,293
Concentrix Corp.(c)
  5,859        440,773
Core & Main, Inc., Class A(b)
  24,178     1,161,269
Crane Co.
  6,342     1,004,446
Curtiss-Wright Corp.
  5,048     1,594,461
Donaldson Co., Inc.
  14,844     1,079,604
EMCOR Group, Inc.
  6,000     2,358,360
EnerSys
  4,950        501,583
ESAB Corp.
  7,416        778,458
ExlService Holdings, Inc.(b)
  20,936        765,001
Exponent, Inc.
  6,300        682,101
Flowserve Corp.
  16,797        837,834
Fluor Corp.(b)
  20,428     1,022,830
Fortune Brands Innovations, Inc.
  16,214     1,287,554
FTI Consulting, Inc.(b)(c)
  4,419     1,008,902
GATX Corp.
  4,679        660,207
Genpact Ltd.
  20,983        823,163
Graco, Inc.
  21,199     1,766,937
GXO Logistics, Inc.(b)(c)
  14,806        741,040
Hexcel Corp.
  11,204        709,101
Insperity, Inc.
  4,413        414,778
ITT, Inc.
  10,598     1,475,454
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45
Table of Contents
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
KBR, Inc.
  17,235   $  1,195,420
Kirby Corp.(b)
  7,667        919,427
Knight-Swift Transportation Holdings, Inc.
  19,883     1,041,472
Landstar System, Inc.
  4,459        814,035
Lennox International, Inc.
  3,794     2,239,181
Lincoln Electric Holdings, Inc.
  7,488     1,449,752
ManpowerGroup, Inc.
  6,184        457,121
MasTec, Inc.(b)
  7,689        869,857
Maximus, Inc.
  7,458        688,075
MDU Resources Group, Inc.
  25,602        657,715
Middleby Corp. (The)(b)(c)
  6,706        942,998
MSA Safety, Inc.
  4,685        855,622
MSC Industrial Direct Co., Inc., Class A(c)
  5,738        471,893
nVent Electric PLC
  20,970     1,425,121
Oshkosh Corp.
  8,567        924,465
Owens Corning
  11,171     1,884,883
Paylocity Holding Corp.(b)
  5,494        886,732
RBC Bearings, Inc.(b)(c)
  3,839     1,143,446
Regal Rexnord Corp.
  8,497     1,425,882
Ryder System, Inc.
  5,565        808,261
Saia, Inc.(b)(c)
  2,938     1,104,189
Science Applications International Corp.
  7,488        977,858
Sensata Technologies Holding PLC
  19,888        766,682
Simpson Manufacturing Co., Inc.
  5,343        978,090
Stericycle, Inc.(b)
  10,178        603,148
Terex Corp.
  9,255        525,406
Tetra Tech, Inc.
  6,589     1,566,469
Timken Co. (The)
  8,434        712,926
Toro Co. (The)
  11,004     1,018,970
Trex Co., Inc.(b)
  13,639        869,350
UFP Industries, Inc.
  7,830        952,676
Valmont Industries, Inc.
  2,423        692,396
Watsco, Inc.(c)
  3,862     1,836,072
Watts Water Technologies, Inc., Class A
  3,582        704,579
WESCO International, Inc.
  5,569        921,001
Woodward, Inc.
  7,573     1,262,040
XPO, Inc.(b)(c)
  14,623     1,676,088
        74,963,796
Information Technology-9.05%
Allegro MicroSystems, Inc. (Japan)(b)(c)
  9,438        231,514
Amkor Technology, Inc.
  11,796        388,088
AppFolio, Inc., Class A(b)
  2,421        561,648
Arrow Electronics, Inc.(b)
  6,599        891,393
ASGN, Inc.(b)(c)
  6,147        591,096
Aspen Technology, Inc.(b)(c)
  3,585        839,392
Avnet, Inc.
  11,436        631,039
Belden, Inc.
  5,134        550,776
Blackbaud, Inc.(b)(c)
  5,403        451,691
Ciena Corp.(b)
  17,857     1,029,456
Cirrus Logic, Inc.(b)
  6,237        908,669
Cognex Corp.
  22,072        891,267
Coherent Corp.(b)
  13,336     1,039,541
Commvault Systems, Inc.(b)
  5,022        780,419
Crane NXT Co.
  6,469        380,054
Dolby Laboratories, Inc., Class A
  7,604        542,621
Dropbox, Inc., Class A(b)
  33,152        833,441
Dynatrace, Inc.(b)
  29,047     1,470,359
IPG Photonics Corp.(b)
  3,685        251,943
Kyndryl Holdings, Inc.(b)
  29,423       697,031
  Shares   Value
Information Technology-(continued)
Lattice Semiconductor Corp.(b)(c)
  20,249   $    958,993
Littelfuse, Inc.
  3,064        834,021
MACOM Technology Solutions Holdings, Inc.(b)
  6,560        716,549
Manhattan Associates, Inc.(b)
  7,389     1,953,873
MKS Instruments, Inc.
  7,293        869,544
Novanta, Inc.(b)
  4,393        805,149
Onto Innovation, Inc.(b)
  5,893     1,256,505
Power Integrations, Inc.
  7,082        475,202
Pure Storage, Inc., Class A(b)
  33,702     1,728,576
Qualys, Inc.(b)
  4,587        574,155
Rambus, Inc.(b)
  12,739        569,688
Silicon Laboratories, Inc.(b)(c)
  4,122        487,921
Synaptics, Inc.(b)(c)
  4,798        390,653
TD SYNNEX Corp.
  9,763     1,185,423
Teradata Corp.(b)
  11,797        333,147
Universal Display Corp.(c)
  4,704        911,259
Vishay Intertechnology, Inc.
  16,505        332,576
Vontier Corp.
  19,781       692,928
        29,037,600
Materials-7.20%
Alcoa Corp.
  24,793        795,855
AptarGroup, Inc.
  8,374     1,282,813
Arcadium Lithium PLC (Argentina)(b)(c)
  149,631        405,500
Ashland, Inc.
  6,252        559,554
Avient Corp.(c)
  11,336        556,938
Axalta Coating Systems Ltd.(b)
  27,022        986,303
Berry Global Group, Inc.
  14,545     1,001,569
Cabot Corp.
  7,052        741,236
Cleveland-Cliffs, Inc.(b)(c)
  71,209        929,990
Commercial Metals Co.
  16,193        867,783
Crown Holdings, Inc.
  15,700     1,419,437
Eagle Materials, Inc.
  4,354     1,122,243
Graphic Packaging Holding Co.(c)
  38,434     1,150,330
Greif, Inc., Class A
  3,338        208,692
Knife River Corp.(b)
  7,097        559,740
Louisiana-Pacific Corp.
  7,833        760,193
MP Materials Corp.(b)(c)
  19,890        256,581
NewMarket Corp.
  863        495,163
Olin Corp.
  16,043        700,598
Reliance, Inc.
  7,735     2,217,238
Royal Gold, Inc.(c)
  8,591     1,204,200
RPM International, Inc.(c)
  16,212     1,884,645
Silgan Holdings, Inc.
  10,515        549,619
Sonoco Products Co.
  12,902        729,866
United States Steel Corp.(c)
  28,717     1,088,661
Westlake Corp.
  4,286       623,356
        23,098,103
Real Estate-7.55%
Agree Realty Corp.
  12,659        924,234
American Homes 4 Rent, Class A
  41,045     1,632,360
Brixmor Property Group, Inc.
  37,866     1,037,150
COPT Defense Properties
  14,212        423,376
Cousins Properties, Inc.
  19,064        543,515
CubeSmart
  27,611     1,431,078
EastGroup Properties, Inc.
  5,913     1,102,183
EPR Properties
  9,932        471,472
First Industrial Realty Trust, Inc.
  16,355        927,819
Gaming and Leisure Properties, Inc.
  34,558     1,797,707
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46
Table of Contents
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
Independence Realty Trust, Inc.(c)
  26,262   $    545,724
Jones Lang LaSalle, Inc.(b)
  5,948     1,518,108
Kilroy Realty Corp.
  13,986        507,272
Kite Realty Group Trust
  27,174        708,698
Lamar Advertising Co., Class A
  11,048     1,389,617
National Storage Affiliates Trust
  8,753        409,115
NNN REIT, Inc.
  22,676     1,065,545
Omega Healthcare Investors, Inc.
  31,089     1,229,259
Park Hotels & Resorts, Inc.(c)
  27,564        421,178
PotlatchDeltic Corp.
  10,718        465,804
Rayonier, Inc.(c)
  16,936        521,798
Rexford Industrial Realty, Inc.(c)
  26,589     1,353,912
Sabra Health Care REIT, Inc.
  30,065        512,308
STAG Industrial, Inc.
  22,516        913,699
Vornado Realty Trust(c)
  19,806        680,732
W.P. Carey, Inc.(c)
  27,946     1,677,319
        24,210,982
Utilities-2.67%
ALLETE, Inc.
  7,163        455,209
Black Hills Corp.
  9,081        536,869
Essential Utilities, Inc.
  31,993     1,247,407
IDACORP, Inc.
  6,635        676,173
National Fuel Gas Co.
  12,112        723,813
New Jersey Resources Corp.
  12,522        579,894
NorthWestern Energy Group, Inc.
  8,151        443,333
OGE Energy Corp.
  25,540     1,010,362
ONE Gas, Inc.
  7,113        490,370
Portland General Electric Co.
  13,175        633,849
Southwest Gas Holdings, Inc.
  7,903        574,706
Spire, Inc.
  7,154        471,949
UGI Corp.
  29,249       728,593
        8,572,527
Total Common Stocks & Other Equity Interests

(Cost $259,255,211)
  320,429,524
  Shares   Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $269,035)
  269,035   $    269,035
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $259,524,246)
  320,698,559
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.98%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  11,496,566    11,496,566
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  26,922,642    26,933,411
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $38,427,917)
  38,429,977
TOTAL INVESTMENTS IN SECURITIES-111.91%

(Cost $297,952,163)
  359,128,536
OTHER ASSETS LESS LIABILITIES-(11.91)%
  (38,230,456)
NET ASSETS-100.00%
  $320,898,080
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $96,110   $6,080,372   $(5,907,447)   $-   $-   $269,035   $5,215
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47
Table of Contents
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $9,701,199   $103,446,095   $(101,650,728)   $-   $-   $11,496,566   $535,571*
Invesco Private Prime Fund 24,945,939   178,940,586   (176,964,581)   2,060   9,407   26,933,411   1,433,964*
Total $34,743,248   $288,467,053   $(284,522,756)   $2,060   $9,407   $38,699,012   $1,974,750
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48
Table of Contents
Invesco S&P MidCap Low Volatility ETF (XMLV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.08%
New York Times Co. (The), Class A
  167,282   $  9,188,800
Consumer Discretionary-3.49%
Gentex Corp.(b)
  354,298    11,100,156
Murphy USA, Inc.(b)
  17,829     9,264,483
Texas Roadhouse, Inc.
  55,142     9,305,213
        29,669,852
Consumer Staples-6.33%
Flowers Foods, Inc.
  449,546    10,447,449
Ingredion, Inc.
  88,005    11,819,952
Pilgrim’s Pride Corp.(b)(c)
  212,831     9,913,668
Post Holdings, Inc.(b)(c)
  97,502    11,287,806
US Foods Holding Corp.(c)
  174,660    10,341,619
        53,810,494
Energy-3.92%
Antero Midstream Corp.
  786,213    11,690,988
Chord Energy Corp.
  58,242     8,644,860
DT Midstream, Inc.(b)
  165,027    12,969,472
        33,305,320
Financials-23.24%
Affiliated Managers Group, Inc.(b)
  60,267    10,476,213
American Financial Group, Inc.
  81,534    10,894,573
Essent Group Ltd.
  172,362    11,081,153
Federated Hermes, Inc., Class B
  324,128    11,117,590
Hanover Insurance Group, Inc. (The)
  78,807    11,583,841
Houlihan Lokey, Inc.
  69,064    10,816,804
Interactive Brokers Group, Inc., Class A
  79,602    10,259,902
Janus Henderson Group PLC(b)
  266,892    10,037,808
Jefferies Financial Group, Inc.
  168,540    10,103,973
MGIC Investment Corp.(b)
  404,647    10,290,173
Old Republic International Corp.
  338,399    12,138,372
Primerica, Inc.
  39,514    10,401,270
Reinsurance Group of America, Inc.
  54,692    12,073,806
RLI Corp.
  70,629    10,883,929
SEI Investments Co.
  193,807    13,107,167
Stifel Financial Corp.
  121,981    10,751,405
Unum Group
  177,658     9,858,243
Voya Financial, Inc.(b)
  164,017    11,617,324
        197,493,546
Health Care-2.63%
Chemed Corp.
  18,341    10,750,944
Encompass Health Corp.
  124,851    11,617,386
        22,368,330
Industrials-17.53%
AECOM
  104,560    10,470,638
CACI International, Inc., Class A(b)(c)
  24,851    12,130,270
Curtiss-Wright Corp.
  43,487    13,735,804
Donaldson Co., Inc.
  161,053    11,713,385
Flowserve Corp.
  207,118    10,331,046
GATX Corp.(b)
  67,310     9,497,441
Genpact Ltd.
  274,288    10,760,318
Graco, Inc.
  130,311    10,861,422
KBR, Inc.(b)
  144,890    10,049,570
Landstar System, Inc.(b)
  52,904     9,658,154
  Shares   Value
Industrials-(continued)
ManpowerGroup, Inc.
  127,458   $  9,421,695
Maximus, Inc.
  105,798     9,760,924
MDU Resources Group, Inc.
  410,405    10,543,305
MSA Safety, Inc.
  54,756    10,000,088
        148,934,060
Information Technology-3.39%
Avnet, Inc.
  179,719     9,916,894
Dolby Laboratories, Inc., Class A(b)
  121,349     8,659,465
TD SYNNEX Corp.
  84,522    10,262,661
        28,839,020
Materials-7.68%
AptarGroup, Inc.
  90,768    13,904,750
Greif, Inc., Class A
  157,002     9,815,765
NewMarket Corp.
  16,797     9,637,615
RPM International, Inc.(b)
  85,153     9,899,036
Silgan Holdings, Inc.
  189,898     9,925,968
Sonoco Products Co.
  212,912    12,044,432
        65,227,566
Real Estate-16.05%
Agree Realty Corp.
  150,337    10,976,104
American Homes 4 Rent, Class A
  279,334    11,109,113
Brixmor Property Group, Inc.
  360,017     9,860,866
COPT Defense Properties(b)
  315,657     9,403,422
EastGroup Properties, Inc.(b)
  56,006    10,439,519
EPR Properties
  235,673    11,187,397
Equity LifeStyle Properties, Inc.(b)
  147,256    10,706,984
First Industrial Realty Trust, Inc.
  178,774    10,141,849
Gaming and Leisure Properties, Inc.
  222,814    11,590,784
NNN REIT, Inc.
  230,167    10,815,547
Omega Healthcare Investors, Inc.(b)
  267,681    10,584,107
Sabra Health Care REIT, Inc.(b)
  545,607     9,297,143
STAG Industrial, Inc.
  253,487    10,286,503
        136,399,338
Utilities-14.56%
ALLETE, Inc.
  157,138     9,986,120
Black Hills Corp.
  158,347     9,361,474
Essential Utilities, Inc.
  225,234     8,781,874
IDACORP, Inc.
  110,524    11,263,501
National Fuel Gas Co.(b)
  168,426    10,065,138
New Jersey Resources Corp.
  238,591    11,049,149
NorthWestern Energy Group, Inc.
  195,920    10,656,089
OGE Energy Corp.(b)
  282,861    11,189,981
ONE Gas, Inc.(b)
  134,627     9,281,185
Portland General Electric Co.
  210,555    10,129,801
Spire, Inc.
  162,202    10,700,466
TXNM Energy, Inc.(b)
  275,914    11,306,956
        123,771,734
Total Common Stocks & Other Equity Interests

(Cost $748,660,264)
  849,008,060
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49
Table of Contents
Invesco S&P MidCap Low Volatility ETF (XMLV)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $67,904)
  67,904   $     67,904
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $748,728,168)
  849,075,964
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.69%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  13,390,433    13,390,433
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  34,958,844   $ 34,972,828
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $48,362,035)
  48,363,261
TOTAL INVESTMENTS IN SECURITIES-105.60%

(Cost $797,090,203)
  897,439,225
OTHER ASSETS LESS LIABILITIES-(5.60)%
  (47,583,407)
NET ASSETS-100.00%
  $849,855,818
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $19,613,502   $(19,545,598)   $-   $-   $67,904   $17,828
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 24,241,901   225,726,250   (236,577,718)   -   -   13,390,433   866,359*
Invesco Private Prime Fund 62,336,320   484,142,989   (511,529,116)   1,615   21,020   34,972,828   2,303,296*
Total $86,578,221   $729,482,741   $(767,652,432)   $1,615   $21,020   $48,431,165   $3,187,483
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-2.99%
AMC Networks, Inc., Class A(b)
  5,526   $     54,431
Cable One, Inc.(c)
  821        289,583
CarGurus, Inc.(b)
  13,089        379,319
Cars.com, Inc.(b)
  10,001        178,418
Cinemark Holdings, Inc.(b)(c)
  17,226        471,648
Cogent Communications Holdings, Inc.
  7,656        535,767
EchoStar Corp., Class A(b)(c)
  20,786        385,372
IAC, Inc.(b)(c)
  11,766        621,010
John Wiley & Sons, Inc., Class A
  7,120        343,967
Lumen Technologies, Inc.(b)
  177,436        931,539
QuinStreet, Inc.(b)
  9,067        173,270
Scholastic Corp.
  4,564        145,500
Shenandoah Telecommunications Co.(c)
  9,444        142,793
Shutterstock, Inc.
  4,051        145,350
Telephone and Data Systems, Inc.
  16,242        383,636
Thryv Holdings, Inc.(b)(c)
  5,548        101,085
TripAdvisor, Inc.(b)
  17,623        255,710
Yelp, Inc.(b)
  11,331       395,792
        5,934,190
Consumer Discretionary-13.25%
Academy Sports & Outdoors, Inc.(c)
  13,613        755,249
Adtalem Global Education, Inc.(b)(c)
  6,526        494,083
Advance Auto Parts, Inc.(c)
  10,830        490,707
American Axle & Manufacturing Holdings, Inc.(b)
  19,871        127,771
American Eagle Outfitters, Inc.
  32,853        676,115
Asbury Automotive Group, Inc.(b)(c)
  3,466        851,388
BJ’s Restaurants, Inc.(b)(c)
  3,821        117,037
Bloomin’ Brands, Inc.(c)
  16,471        288,243
Boot Barn Holdings, Inc.(b)
  4,648        623,622
Brinker International, Inc.(b)
  7,736        553,279
Buckle, Inc. (The)(c)
  5,134        215,115
Caleres, Inc.
  5,639        237,571
Cavco Industries, Inc.(b)
  1,295        535,249
Century Communities, Inc.
  4,837        484,039
Cheesecake Factory, Inc. (The)
  7,550        296,791
Chuy’s Holdings, Inc.(b)
  2,834        105,425
Cracker Barrel Old Country Store, Inc.(c)
  3,771        149,256
Dana, Inc.
  22,366        252,512
Dave & Buster’s Entertainment, Inc.(b)(c)
  5,420        169,863
Designer Brands, Inc., Class A(c)
  9,791         65,012
Dorman Products, Inc.(b)(c)
  4,805        544,983
Ethan Allen Interiors, Inc.
  3,908        123,024
Foot Locker, Inc.
  14,951        465,574
Frontdoor, Inc.(b)
  13,449        646,628
Gentherm, Inc.(b)
  5,552        280,598
G-III Apparel Group Ltd.(b)
  7,819        206,969
Golden Entertainment, Inc.(c)
  3,601        116,636
Green Brick Partners, Inc.(b)
  4,068        320,477
Group 1 Automotive, Inc.
  2,229        839,798
Guess?, Inc.(c)
  4,720         97,798
Hanesbrands, Inc.(b)(c)
  59,567        378,250
Haverty Furniture Cos., Inc., (Acquired 12/03/2021 - 07/19/2024; Cost $70,165)(c)(d)
  2,413         66,116
Installed Building Products, Inc.
  3,786       841,666
  Shares   Value
Consumer Discretionary-(continued)
Kohl’s Corp.
  18,501   $    358,734
Kontoor Brands, Inc.
  8,835        661,300
La-Z-Boy, Inc.
  7,763        314,945
LCI Industries
  4,460        525,566
LGI Homes, Inc.(b)(c)
  3,450        372,186
M/I Homes, Inc.(b)
  4,672        744,577
MarineMax, Inc.(b)
  2,814         89,260
Meritage Homes Corp.
  6,338     1,255,368
Mister Car Wash, Inc.(b)(c)
  15,334         99,824
Monarch Casino & Resort, Inc.
  2,221        168,618
Monro, Inc.(c)
  4,745        128,542
Movado Group, Inc.
  2,760         65,854
National Vision Holdings, Inc.(b)(c)
  13,734        145,031
Newell Brands, Inc.
  67,086        475,640
ODP Corp. (The)(b)
  5,615        173,223
Oxford Industries, Inc.(c)
  2,677        232,845
Patrick Industries, Inc.
  3,744        483,800
Perdoceo Education Corp.
  11,401        255,838
Phinia, Inc.(c)
  8,427        404,159
Sally Beauty Holdings, Inc.(b)(c)
  18,775        245,014
Shake Shack, Inc., Class A(b)
  6,476        643,779
Shoe Carnival, Inc.(c)
  3,011        121,765
Signet Jewelers Ltd.(c)
  7,536        633,778
Sonic Automotive, Inc., Class A
  2,391        149,055
Sonos, Inc.(b)(c)
  20,390        249,370
Standard Motor Products, Inc.
  3,271        105,686
Steven Madden Ltd.
  12,105        545,935
Strategic Education, Inc.
  3,731        360,041
Stride, Inc.(b)(c)
  6,694        551,184
Sturm, Ruger & Co., Inc.
  3,048        128,382
Topgolf Callaway Brands Corp.(b)(c)
  23,683        238,251
Tri Pointe Homes, Inc.(b)
  16,597        737,571
Upbound Group, Inc.
  7,381        245,787
Urban Outfitters, Inc.(b)
  9,074        329,568
Victoria’s Secret & Co.(b)
  16,706        391,923
Vista Outdoor, Inc.(b)
  9,373        375,295
Winnebago Industries, Inc.
  5,257        313,633
Wolverine World Wide, Inc.(c)
  13,534        185,551
Worthington Enterprises, Inc.
  5,509        252,312
XPEL, Inc.(b)(c)(e)
  3,391       146,796
        26,322,830
Consumer Staples-3.44%
Andersons, Inc. (The)
  5,517        281,202
B&G Foods, Inc.(c)
  13,375        113,286
Calavo Growers, Inc.(c)
  3,033         69,820
Cal-Maine Foods, Inc.
  7,174        516,815
Central Garden & Pet Co., Class A(b)
  11,835        404,757
Chefs’ Warehouse, Inc. (The)(b)(c)
  5,947        254,710
Edgewell Personal Care Co.
  8,478        340,985
Energizer Holdings, Inc.
  11,288        365,731
Fresh Del Monte Produce, Inc.
  5,821        170,206
Hain Celestial Group, Inc. (The)(b)(c)
  15,729        125,832
Inter Parfums, Inc.
  3,150        405,846
J&J Snack Foods Corp.
  2,521        429,049
John B. Sanfilippo & Son, Inc.
  1,562        148,187
MGP Ingredients, Inc.(c)
  2,692        241,176
National Beverage Corp.(c)
  3,783       170,840
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
  Shares   Value
Consumer Staples-(continued)
Nu Skin Enterprises, Inc., Class A
  8,386   $     74,887
PriceSmart, Inc.
  4,296        384,836
Simply Good Foods Co. (The)(b)
  16,051        507,051
SpartanNash Co.
  5,770        127,459
Tootsie Roll Industries, Inc.
  3,006         89,338
TreeHouse Foods, Inc.(b)
  8,711        357,935
United Natural Foods, Inc.(b)
  8,588        129,937
Universal Corp.
  4,171        226,485
USANA Health Sciences, Inc.(b)
  1,904         77,721
WD-40 Co.(c)
  2,321        610,052
WK Kellogg Co.(c)
  11,563       198,537
        6,822,680
Energy-4.74%
Archrock, Inc.
  24,391        493,430
Bristow Group, Inc.(b)(c)
  4,257        169,471
California Resources Corp.
  10,565        554,346
Comstock Resources, Inc.(c)
  15,012        159,578
CONSOL Energy, Inc.
  4,722        482,966
Core Laboratories, Inc.(c)
  7,847        153,487
CVR Energy, Inc.(c)
  5,025        127,736
Dorian LPG Ltd.
  6,612        257,802
Dril-Quip, Inc.(b)(c)
  5,939         96,865
Green Plains, Inc.(b)(c)
  11,332        160,574
Helix Energy Solutions Group, Inc.(b)
  24,661        276,696
Helmerich & Payne, Inc.(c)
  17,979        586,655
Liberty Energy, Inc., Class A
  27,458        565,360
Magnolia Oil & Gas Corp., Class A(c)
  32,465        831,429
Nabors Industries Ltd.(b)(c)
  1,631        122,928
Northern Oil and Gas, Inc.(c)
  16,541        658,001
Oceaneering International, Inc.(b)
  18,115        488,924
Par Pacific Holdings, Inc.(b)
  10,024        224,939
Patterson-UTI Energy, Inc.
  57,208        526,886
Peabody Energy Corp.
  19,885        465,508
ProPetro Holding Corp.(b)
  14,834        117,782
REX American Resources Corp.(b)
  2,720        123,352
RPC, Inc.(c)
  14,834         95,234
SM Energy Co.(c)
  20,024        913,695
Talos Energy, Inc.(b)
  25,745        295,295
Vital Energy, Inc.(b)(c)
  4,560        163,658
World Kinect Corp.
  10,243       294,896
        9,407,493
Financials-20.48%
Ambac Financial Group, Inc.(b)
  10,208        119,434
Ameris Bancorp
  11,206        690,626
AMERISAFE, Inc.
  3,286        164,694
Apollo Commercial Real Estate Finance, Inc.
  21,945        232,398
Arbor Realty Trust, Inc.(c)
  31,648        430,413
Artisan Partners Asset Management, Inc., Class A
  12,327        512,680
Assured Guaranty Ltd.
  9,424        754,674
Atlantic Union Bankshares Corp.
  15,497        614,921
Axos Financial, Inc.(b)
  8,553        593,835
BancFirst Corp.
  2,467        262,489
Bancorp, Inc. (The)(b)(c)
  9,086        476,106
Bank of Hawaii Corp.
  6,740        447,334
BankUnited, Inc.
  12,599        484,180
Banner Corp.
  5,744        342,170
Berkshire Hills Bancorp, Inc.(c)
  7,322        201,648
BGC Group, Inc., Class A
  68,965       681,374
  Shares   Value
Financials-(continued)
Blackstone Mortgage Trust, Inc., Class A(c)
  29,447   $    543,592
Bread Financial Holdings, Inc.
  8,598        500,146
Brookline Bancorp, Inc.
  15,211        155,609
Capitol Federal Financial, Inc.
  20,035        120,410
Cathay General Bancorp
  12,399        545,432
Central Pacific Financial Corp.
  4,485        123,382
City Holding Co.(c)
  2,497        296,494
Cohen & Steers, Inc.(c)
  4,224        377,457
Community Financial System, Inc.
  9,156        559,981
Customers Bancorp, Inc.(b)
  4,717        244,435
CVB Financial Corp.(c)
  22,230        409,477
Dime Community Bancshares, Inc.
  5,685        147,867
Donnelley Financial Solutions, Inc.(b)
  4,342        289,438
Eagle Bancorp, Inc.
  5,259        114,488
Ellington Financial, Inc.
  13,208        173,685
Employers Holdings, Inc.
  4,343        208,247
Enova International, Inc.(b)
  4,996        428,307
EVERTEC, Inc.
  11,301        387,059
EZCORP, Inc., Class A(b)(c)
  8,833        107,939
FB Financial Corp.(c)
  5,941        286,475
First Bancorp
  28,820        616,172
First Bancorp/Southern Pines NC
  7,118        302,373
First Commonwealth Financial Corp.(c)
  17,595        302,986
First Financial Bancorp
  16,711        442,340
First Hawaiian, Inc.
  21,482        522,657
Franklin BSP Realty Trust, Inc.
  13,611        185,382
Fulton Financial Corp.(c)
  31,538        610,260
Genworth Financial, Inc., Class A(b)
  78,002        544,454
Goosehead Insurance, Inc., Class A(b)(c)
  4,553        384,000
Green Dot Corp., Class A, (Acquired 06/17/2022 - 07/17/2024; Cost $131,112)(b)(c)(d)
  7,299         81,530
HA Sustainable Infrastructure Capital, Inc.(c)
  19,560        633,353
Hanmi Financial Corp.
  5,041         99,862
HCI Group, Inc.(c)
  1,129        108,192
Heritage Financial Corp.
  6,068        138,593
Hilltop Holdings, Inc.
  7,807        256,460
Hope Bancorp, Inc.
  20,671        264,382
Horace Mann Educators Corp.
  6,830        243,216
Independent Bank Corp.
  7,498        474,698
Independent Bank Group, Inc.
  6,381        371,502
Jackson Financial, Inc., Class A
  12,306     1,107,171
KKR Real Estate Finance Trust, Inc.
  9,894        118,035
Lakeland Financial Corp.(c)
  4,253        289,842
Lincoln National Corp.(c)
  29,710        953,691
Mercury General Corp.
  4,797        317,705
Moelis & Co., Class A
  11,993        801,012
Mr. Cooper Group, Inc.(b)
  10,851     1,017,932
National Bank Holdings Corp., Class A
  6,223        272,630
Navient Corp.
  14,206        240,508
NBT Bancorp, Inc.
  8,121        397,604
NMI Holdings, Inc., Class A(b)
  13,868        569,559
Northwest Bancshares, Inc.
  21,687        300,365
OFG Bancorp
  8,017        368,702
Pacific Premier Bancorp, Inc.
  16,601        426,646
Palomar Holdings, Inc.(b)(c)
  4,129        409,679
Park National Corp.(c)
  2,420        425,412
Pathward Financial, Inc.
  4,129        284,158
Payoneer Global, Inc.(b)
  46,232        343,504
PennyMac Mortgage Investment Trust(c)
  14,357       204,013
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Piper Sandler Cos.
  2,611   $    712,020
PJT Partners, Inc., Class A
  3,848        475,228
PRA Group, Inc.(b)(c)
  6,891        160,698
Preferred Bank(c)
  2,109        174,731
ProAssurance Corp.(b)
  9,423        126,268
PROG Holdings, Inc.
  7,894        369,123
Provident Financial Services, Inc.
  22,989        438,400
Radian Group, Inc.
  26,197        947,022
Ready Capital Corp.(c)
  26,194        217,148
Redwood Trust, Inc.(c)
  21,383        161,869
Renasant Corp.(c)
  9,789        342,615
S&T Bancorp, Inc.(c)
  6,548        281,368
Safety Insurance Group, Inc.
  2,516        222,792
Seacoast Banking Corp. of Florida(c)
  14,474        396,009
ServisFirst Bancshares, Inc.(c)
  8,369        678,391
Simmons First National Corp., Class A
  21,650        463,743
SiriusPoint Ltd. (Sweden)(b)
  15,707        235,448
Southside Bancshares, Inc.
  4,898        167,659
Stellar Bancorp, Inc.(c)
  7,904        215,542
Stewart Information Services Corp.
  4,750        351,072
StoneX Group, Inc.(b)
  4,755        393,999
Tompkins Financial Corp.(c)
  2,148        131,758
Triumph Financial, Inc.(b)(c)
  3,635        305,267
Trupanion, Inc.(b)
  6,451        295,004
TrustCo Bank Corp.
  3,192        111,209
Trustmark Corp.
  10,551        351,454
Two Harbors Investment Corp.
  17,046        241,371
United Community Banks, Inc.
  20,593        627,469
United Fire Group, Inc., (Acquired 06/28/2021 - 07/17/2024; Cost $101,825)(d)
  3,690         75,534
Veritex Holdings, Inc.(c)
  9,150        230,488
Virtus Investment Partners, Inc.
  1,175        248,700
WaFd, Inc.
  11,810        433,073
Walker & Dunlop, Inc.(c)
  5,562        595,468
Westamerica Bancorporation
  4,588        237,612
WisdomTree, Inc.(c)
  18,574        188,340
World Acceptance Corp.(b)(c)
  566         66,703
WSFS Financial Corp.
  10,024       548,714
        40,678,785
Health Care-10.19%
AdaptHealth Corp.(b)
  11,191        122,989
Addus HomeCare Corp.(b)
  2,620        348,486
Alkermes PLC(b)(c)
  26,481        753,384
AMN Healthcare Services, Inc.(b)(c)
  6,628        351,483
Amphastar Pharmaceuticals, Inc.(b)(c)
  6,612        322,269
ANI Pharmaceuticals, Inc.(b)
  2,530        161,288
Arcus Biosciences, Inc.(b)(c)
  8,565        146,633
Artivion, Inc.(b)
  6,488        176,084
Astrana Health, Inc.(b)(c)
  7,324        350,014
Avanos Medical, Inc.(b)
  7,611        184,338
BioLife Solutions, Inc.(b)
  5,836        151,036
Catalyst Pharmaceuticals, Inc.(b)
  19,782        400,586
Certara, Inc.(b)(c)
  19,400        237,650
Collegium Pharmaceutical, Inc.(b)(c)
  5,636        216,761
CONMED Corp.
  5,389        394,583
Corcept Therapeutics, Inc.(b)(c)
  14,046        495,824
CorVel Corp.(b)(c)
  1,514        485,585
Cross Country Healthcare, Inc.(b)
  5,735        85,566
  Shares   Value
Health Care-(continued)
Dynavax Technologies Corp.(b)(c)
  21,288   $    238,851
Enhabit, Inc.(b)
  8,145         68,744
Ensign Group, Inc. (The)
  9,506     1,438,828
Fortrea Holdings, Inc.(b)(c)
  15,253        351,734
Fulgent Genetics, Inc.(b)(c)
  3,482         78,554
Glaukos Corp.(b)
  8,127     1,088,124
Harmony Biosciences Holdings, Inc.(b)(c)
  5,440        195,731
HealthStream, Inc.
  3,856        111,978
ICU Medical, Inc.(b)
  3,122        516,160
Innoviva, Inc.(b)(c)
  9,310        180,428
Integer Holdings Corp.(b)(c)
  5,764        749,723
LeMaitre Vascular, Inc.
  3,348        302,291
Ligand Pharmaceuticals, Inc.(b)(c)
  2,941        311,158
Merit Medical Systems, Inc.(b)(c)
  9,455        914,109
Mesa Laboratories, Inc.
  853        114,038
Myriad Genetics, Inc.(b)
  14,361        406,847
National HealthCare Corp.
  2,328        319,239
NeoGenomics, Inc.(b)(c)
  20,908        345,400
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)
  762              0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)
  762              0
Omnicell, Inc.(b)
  8,641        384,352
Organon & Co.(c)
  43,904        981,254
Owens & Minor, Inc.(b)(c)
  13,106        203,667
Pacira BioSciences, Inc.(b)(c)
  8,161        126,985
Patterson Cos., Inc.
  14,907        335,258
Pediatrix Medical Group, Inc.(b)
  14,172        153,908
Phibro Animal Health Corp., Class A
  3,354         70,434
Premier, Inc., Class A
  20,441        416,383
Prestige Consumer Healthcare, Inc.(b)
  8,143        607,794
Privia Health Group, Inc.(b)(c)
  17,150        345,401
RadNet, Inc.(b)
  10,434        691,670
REGENXBIO, Inc.(b)(c)
  7,340         89,695
Select Medical Holdings Corp.
  18,084        652,290
Simulations Plus, Inc.(c)
  2,602         94,323
STAAR Surgical Co., (Acquired 06/21/2024 - 08/08/2024; Cost $341,221)(b)(d)
  8,363        276,732
Supernus Pharmaceuticals, Inc.(b)(c)
  9,244        325,019
U.S. Physical Therapy, Inc.
  2,689        230,178
UFP Technologies, Inc.(b)
  1,203        410,500
Varex Imaging Corp.(b)(c)
  6,717         83,828
Vericel Corp.(b)
  8,773        453,125
Xencor, Inc.(b)
  10,918       190,956
        20,240,248
Industrials-17.55%
AAR Corp.(b)
  5,900        388,102
ABM Industries, Inc.
  9,804        560,299
AeroVironment, Inc.(b)
  4,373        891,042
Air Lease Corp., Class A
  17,907        828,557
Alamo Group, Inc.
  1,815        336,501
Alaska Air Group, Inc.(b)
  21,429        773,801
Albany International Corp., Class A
  5,343        503,097
Allegiant Travel Co.(c)
  2,372         99,814
American Woodmark Corp.(b)
  2,793        250,281
Apogee Enterprises, Inc.
  3,786        252,829
ArcBest Corp.
  3,778        401,601
Arcosa, Inc.
  8,493        777,025
Armstrong World Industries, Inc.
  7,484       948,672
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Astec Industries, Inc.(c)
  3,881   $    131,294
AZZ, Inc.
  5,167        429,739
Barnes Group, Inc.
  8,543        342,062
Boise Cascade Co.
  6,931        939,982
Brady Corp., Class A
  7,763        574,772
CoreCivic, Inc.(b)
  26,863        370,172
CSG Systems International, Inc.
  4,950        240,174
Deluxe Corp.
  7,340        151,131
DNOW, Inc.(b)
  18,741        244,008
DXP Enterprises, Inc.(b)
  2,241        123,255
Dycom Industries, Inc.(b)
  4,859        854,990
Enerpac Tool Group Corp.
  9,259        381,841
Enpro, Inc.
  3,633        584,295
Enviri Corp.(b)
  14,163        169,248
ESCO Technologies, Inc.
  4,371        524,127
Federal Signal Corp.
  10,920     1,031,831
Forward Air Corp.(c)
  4,097        130,162
Franklin Electric Co., Inc.
  6,769        703,028
GEO Group, Inc. (The)(b)(c)
  23,437        325,071
Gibraltar Industries, Inc.(b)
  5,413        377,124
GMS, Inc.(b)
  6,807        590,779
Granite Construction, Inc.(c)
  7,343        551,900
Greenbrier Cos., Inc. (The)(c)
  5,597        271,175
Griffon Corp.
  6,519        431,493
Hayward Holdings, Inc.(b)(c)
  22,843        338,990
Healthcare Services Group, Inc.(b)
  12,576        136,953
Heartland Express, Inc.(c)
  7,322         90,646
Heidrick & Struggles International, Inc.
  3,376        130,314
Hillenbrand, Inc.
  12,571        414,340
HNI Corp.
  8,129        437,747
Hub Group, Inc., Class A
  10,467        493,310
Insteel Industries, Inc.
  3,448        118,611
Interface, Inc.
  10,468        197,636
JetBlue Airways Corp.(b)(c)
  54,652        277,632
John Bean Technologies Corp.
  5,311        477,140
Kelly Services, Inc., Class A
  5,396        113,910
Kennametal, Inc.
  13,815        357,394
Korn Ferry
  9,210        672,790
Lindsay Corp.
  1,819        225,647
Liquidity Services, Inc.(b)(c)
  3,710         80,767
Marten Transport Ltd.
  9,499        165,757
MasterBrand, Inc.(b)
  22,158        355,414
Matson, Inc.
  6,154        851,098
Matthews International Corp., Class A
  5,300        134,249
Mercury Systems, Inc.(b)(c)
  9,030        342,237
MillerKnoll, Inc.
  13,102        385,854
Moog, Inc., Class A
  4,871        961,535
Mueller Industries, Inc.
  20,140     1,464,379
MYR Group, Inc.(b)
  2,966        298,973
National Presto Industries, Inc.
  875         68,504
NV5 Global, Inc.(b)
  2,136        205,334
OPENLANE, Inc.(b)
  18,507        320,726
Powell Industries, Inc.(c)
  1,621        271,420
Proto Labs, Inc.(b)
  4,182        127,885
Quanex Building Products Corp.(c)
  6,119        169,068
Resideo Technologies, Inc.(b)
  26,212        528,434
Rush Enterprises, Inc., Class A
  10,694        563,574
RXO, Inc.(b)
  18,944        539,146
SkyWest, Inc.(b)
  6,503        504,243
SPX Technologies, Inc.(b)
  7,639     1,246,226
  Shares   Value
Industrials-(continued)
Standex International Corp.
  1,991   $    355,692
Sun Country Airlines Holdings, Inc.(b)(c)
  6,509         71,469
Tennant Co.
  3,218        314,302
Titan International, Inc.(b)(c)
  9,389         78,210
Trinity Industries, Inc.
  14,778        487,822
UniFirst Corp.
  2,580        489,400
Verra Mobility Corp., Class A(b)
  28,113        776,200
Vestis Corp.
  22,384        314,943
Viad Corp.(b)
  3,477        119,644
Vicor Corp.(b)(c)
  3,758        144,683
Wabash National Corp.(c)
  8,319       161,888
        34,867,410
Information Technology-11.61%
A10 Networks, Inc.
  12,482        171,877
ACI Worldwide, Inc.(b)
  18,675        940,473
Adeia, Inc.
  18,308        230,681
Advanced Energy Industries, Inc.
  6,152        652,666
Agilysys, Inc.(b)
  3,526        398,791
Alarm.com Holdings, Inc.(b)(c)
  8,721        519,248
Alpha & Omega Semiconductor Ltd.(b)
  3,638        152,105
Arlo Technologies, Inc.(b)
  16,419        192,759
Axcelis Technologies, Inc.(b)
  4,534        495,702
Badger Meter, Inc.
  5,024     1,039,667
Benchmark Electronics, Inc.
  6,312        268,323
BlackLine, Inc.(b)
  8,844        438,220
CEVA, Inc.(b)(c)
  3,683         88,171
Cohu, Inc.(b)
  7,858        211,459
Corsair Gaming, Inc.(b)(c)
  7,258         50,588
CTS Corp.(c)
  5,248        258,464
Digi International, Inc.(b)(c)
  6,445        189,870
Diodes, Inc.(b)
  7,653        533,338
DoubleVerify Holdings, Inc.(b)
  22,784        448,845
DXC Technology Co.(b)
  25,185        520,574
Envestnet, Inc.(b)
  9,046        567,636
ePlus, Inc.(b)(c)
  4,489        430,764
Fabrinet (Thailand)(b)
  6,135     1,494,793
FormFactor, Inc.(b)
  12,489        609,088
Harmonic, Inc.(b)
  20,429        295,199
Ichor Holdings Ltd.(b)
  4,780        148,180
Insight Enterprises, Inc.(b)(c)
  4,594        997,220
InterDigital, Inc.(c)
  4,157        575,994
Itron, Inc.(b)
  7,599        776,770
Knowles Corp.(b)
  14,430        266,233
Kulicke & Soffa Industries, Inc. (Singapore)
  9,334        408,923
LiveRamp Holdings, Inc.(b)
  11,203        290,382
Marathon Digital Holdings, Inc.(b)(c)
  35,950        600,365
MaxLinear, Inc.(b)
  12,127        184,088
N-able, Inc.(b)
  10,661        137,100
NetScout Systems, Inc.(b)
  13,039        280,078
OSI Systems, Inc.(b)
  2,717        407,197
PC Connection, Inc.
  1,958        143,091
Perficient, Inc.(b)
  5,817        437,264
Photronics, Inc.(b)
  10,716        277,116
Plexus Corp.(b)
  4,938        632,607
Progress Software Corp.
  7,378        429,031
Rogers Corp.(b)
  2,771        297,217
Sanmina Corp.(b)
  9,522        660,636
ScanSource, Inc.(b)
  4,365        222,353
SiTime Corp.(b)
  2,790       403,601
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
SMART Global Holdings, Inc.(b)(c)
  7,944   $    164,600
Sprinklr, Inc., Class A(b)(c)
  24,344        218,366
SPS Commerce, Inc.(b)
  6,175     1,233,394
TTM Technologies, Inc.(b)
  17,088        332,362
Ultra Clean Holdings, Inc.(b)
  7,027        264,918
Veeco Instruments, Inc.(b)
  8,456        300,103
Viasat, Inc.(b)(c)
  15,057        236,395
Viavi Solutions, Inc.(b)
  37,494        322,823
Xerox Holdings Corp.(c)
  18,528       209,922
        23,057,630
Materials-5.78%
AdvanSix, Inc.
  4,323        127,788
Alpha Metallurgical Resources, Inc.
  2,106        503,650
Arch Resources, Inc.
  3,400        463,862
ATI, Inc.(b)(c)
  22,514     1,438,194
Balchem Corp.
  5,423        960,034
Carpenter Technology Corp.
  8,684     1,257,183
Century Aluminum Co.(b)(c)
  10,250        147,190
Clearwater Paper Corp.(b)
  2,819         93,788
H.B. Fuller Co.
  9,243        791,755
Hawkins, Inc.
  3,165        400,911
Haynes International, Inc.
  2,114        127,136
Innospec, Inc.
  4,313        497,116
Kaiser Aluminum Corp.(c)
  2,790        207,995
Koppers Holdings, Inc.
  3,737        147,910
Materion Corp.
  3,611        419,020
Mativ Holdings, Inc., Class A(c)
  9,077        172,100
Mercer International, Inc. (Germany)(c)
  8,045         48,270
Metallus, Inc.(b)(c)
  7,065        114,877
Minerals Technologies, Inc.
  5,605        432,145
Myers Industries, Inc.
  6,329         96,770
O-I Glass, Inc.(b)
  27,751        352,160
Olympic Steel, Inc.
  1,786         71,619
Quaker Chemical Corp.
  2,388        404,217
Sensient Technologies Corp.
  7,183        559,125
Stepan Co.
  3,585        278,304
SunCoke Energy, Inc.
  15,267        136,792
Sylvamo Corp.
  6,022        476,280
Warrior Met Coal, Inc.
  9,259        567,669
Worthington Steel, Inc.
  5,414       191,656
        11,485,516
Real Estate-7.60%
Acadia Realty Trust(c)
  17,365        390,886
Alexander & Baldwin, Inc.
  12,239        242,210
American Assets Trust, Inc.
  8,290        225,903
Apple Hospitality REIT, Inc.
  35,361        510,613
Armada Hoffler Properties, Inc.
  11,477        141,282
Brandywine Realty Trust(c)
  29,046        151,911
CareTrust REIT, Inc.
  22,300        666,324
Centerspace(c)
  2,547        190,516
Community Healthcare Trust, Inc.
  4,004         74,995
Cushman & Wakefield PLC(b)
  34,267        445,471
DiamondRock Hospitality Co.
  35,875        315,341
Douglas Emmett, Inc.(c)
  29,280        468,480
Easterly Government Properties, Inc.(c)
  15,662        205,485
Elme Communities
  14,524        256,494
Essential Properties Realty Trust, Inc.(c)
  25,508        813,960
eXp World Holdings, Inc.(c)
  12,578        147,917
Four Corners Property Trust, Inc.
  15,281       433,216
  Shares   Value
Real Estate-(continued)
Getty Realty Corp.(c)
  8,475   $    269,336
Highwoods Properties, Inc.
  18,090        582,860
Hudson Pacific Properties, Inc.(c)
  21,489        110,668
Innovative Industrial Properties, Inc.(c)
  4,767        592,443
JBG SMITH Properties, (Acquired 06/16/2023 - 07/19/2024; Cost $220,360)(c)(d)
  14,357        249,812
LTC Properties, Inc.
  7,013        257,587
LXP Industrial Trust
  47,406        491,126
Macerich Co. (The)
  37,230        594,563
Marcus & Millichap, Inc.(c)
  4,120        163,440
Medical Properties Trust, Inc.(c)
  111,045        499,702
NexPoint Residential Trust, Inc.
  3,740        176,902
Pebblebrook Hotel Trust
  20,273        269,631
Phillips Edison & Co., Inc.
  20,569        760,230
Retail Opportunity Investments Corp.(c)
  21,475        328,353
Safehold, Inc.(c)
  7,589        190,180
Saul Centers, Inc.
  2,133         87,069
Service Properties Trust
  29,409        137,928
SITE Centers Corp.(c)
  7,443        449,185
SL Green Realty Corp.
  10,408        693,589
St. Joe Co. (The)
  6,135        364,235
Summit Hotel Properties, Inc.
  18,421        125,079
Sunstone Hotel Investors, Inc.
  35,022        365,279
Tanger, Inc.
  17,958        546,642
Universal Health Realty Income Trust
  2,050         92,045
Urban Edge Properties
  19,758        417,882
Veris Residential, Inc.
  13,587        238,316
Whitestone REIT
  7,807        104,770
Xenia Hotels & Resorts, Inc.(c)
  17,438       248,317
        15,088,173
Utilities-2.29%
American States Water Co.
  6,476        527,276
Avista Corp.
  13,799        533,193
California Water Service Group
  10,092        558,390
Chesapeake Utilities Corp.
  3,894        461,128
Clearway Energy, Inc., Class C
  19,815        573,843
MGE Energy, Inc.
  6,347        550,317
Northwest Natural Holding Co.
  6,414        257,971
Otter Tail Corp.(c)
  7,226        610,958
SJW Group
  5,160        304,388
Unitil Corp.
  2,816       169,805
        4,547,269
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.92%

(Cost $160,434,600)
  198,452,224
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.19%
Invesco Private Government Fund, 5.28%(g)(h)(i)
  9,631,261     9,631,261
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55
Table of Contents
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(g)(h)(i)
  26,497,940   $ 26,508,539
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $36,137,448)
  36,139,800
TOTAL INVESTMENTS IN SECURITIES-118.11%

(Cost $196,572,048)
  234,592,024
OTHER ASSETS LESS LIABILITIES-(18.11)%
  (35,974,354)
NET ASSETS-100.00%
  $198,617,670
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Restricted security. The aggregate value of these securities at August 31, 2024 was $749,724, which represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Security valued using significant unobservable inputs (Level 3). See Note 5.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $6,880,536   $(6,880,536)   $-   $-   $-   $3,942
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 11,755,881   82,160,733   (84,285,353)   -   -   9,631,261   613,086*
Invesco Private Prime Fund 31,259,276   174,540,717   (179,302,882)   1,178   10,250   26,508,539   1,646,821*
Total $43,015,157   $263,581,986   $(270,468,771)   $1,178   $10,250   $36,139,800   $2,263,849
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(h) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56
Table of Contents
Invesco S&P SmallCap 600® GARP ETF (GRPZ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.60%
Cogent Communications Holdings, Inc.(b)
  482   $   33,730
Consumer Discretionary-20.48%
Asbury Automotive Group, Inc.(b)(c)
  91       22,353
Boot Barn Holdings, Inc.(c)
  156       20,930
Caleres, Inc.
  474       19,970
Cavco Industries, Inc.(c)
  55       22,733
Ethan Allen Interiors, Inc.
  762       23,988
G-III Apparel Group Ltd.(c)
  856       22,658
Golden Entertainment, Inc.
  602       19,499
Green Brick Partners, Inc.(c)
  413       32,536
Group 1 Automotive, Inc.
  81       30,518
Guess?, Inc.
  995       20,616
Installed Building Products, Inc.
  92       20,453
La-Z-Boy, Inc.
  462       18,743
Monarch Casino & Resort, Inc.
  441       33,481
Signet Jewelers Ltd.(b)
  245       20,604
Steven Madden Ltd.
  608       27,421
Stride, Inc.(b)(c)
  309       25,443
Worthington Enterprises, Inc.
  421       19,282
XPEL, Inc.(c)(d)
  714      30,909
        432,137
Consumer Staples-3.55%
Cal-Maine Foods, Inc.
  592       42,648
Inter Parfums, Inc.
  250      32,210
        74,858
Energy-12.42%
CONSOL Energy, Inc.
  340       34,775
CVR Energy, Inc.(b)
  1,076       27,352
Dorian LPG Ltd.
  609       23,745
Helmerich & Payne, Inc.
  568       18,534
Liberty Energy, Inc., Class A
  1,268       26,108
Magnolia Oil & Gas Corp., Class A(b)
  912       23,356
Northern Oil and Gas, Inc.
  797       31,705
Par Pacific Holdings, Inc.(c)
  1,100       24,684
RPC, Inc.
  4,638       29,776
SM Energy Co.
  484      22,085
        262,120
Financials-20.03%
Axos Financial, Inc.(c)
  333       23,120
BancFirst Corp.
  206       21,918
Bancorp, Inc. (The)(c)
  596       31,230
Bread Financial Holdings, Inc.
  423       24,606
Cathay General Bancorp
  473       20,807
Customers Bancorp, Inc.(c)
  413       21,402
First Bancorp
  1,372       29,333
HCI Group, Inc.
  206       19,741
OFG Bancorp
  502       23,087
Palomar Holdings, Inc.(c)
  373       37,009
Pathward Financial, Inc.
  392       26,978
Preferred Bank
  299       24,772
PROG Holdings, Inc.
  510       23,848
S&T Bancorp, Inc.(b)
  828       35,579
SiriusPoint Ltd. (Sweden)(c)
  1,429      21,421
  Shares   Value
Financials-(continued)
Westamerica Bancorporation
  372   $   19,266
WisdomTree, Inc.
  1,835      18,607
        422,724
Health Care-10.39%
Alkermes PLC(c)
  793       22,561
AMN Healthcare Services, Inc.(c)
  432       22,909
Amphastar Pharmaceuticals, Inc.(c)
  719       35,044
Catalyst Pharmaceuticals, Inc.(c)
  1,862       37,706
Collegium Pharmaceutical, Inc.(c)
  637       24,499
CorVel Corp.(c)
  66       21,168
Cross Country Healthcare, Inc.(c)
  2,203       32,869
Harmony Biosciences Holdings, Inc.(c)
  624      22,451
        219,207
Industrials-14.69%
Apogee Enterprises, Inc.
  306       20,435
Armstrong World Industries, Inc.
  162       20,535
DNOW, Inc.(c)
  1,199       15,611
Dycom Industries, Inc.(c)
  106       18,652
Enerpac Tool Group Corp.
  583       24,043
GMS, Inc.(b)(c)
  279       24,214
Heidrick & Struggles International, Inc.
  562       21,693
Liquidity Services, Inc.(c)
  1,174       25,558
Matson, Inc.
  141       19,500
Mueller Industries, Inc.
  319       23,194
MYR Group, Inc.(c)
  117       11,794
Rush Enterprises, Inc., Class A
  461       24,295
Standex International Corp.
  106       18,937
Titan International, Inc.(c)
  2,229       18,568
Wabash National Corp.
  1,181      22,982
        310,011
Information Technology-10.37%
Agilysys, Inc.(c)
  223       25,221
Axcelis Technologies, Inc.(c)
  216       23,615
Badger Meter, Inc.
  94       19,452
Diodes, Inc.(c)
  228       15,889
Fabrinet (Thailand)(c)
  77       18,761
Harmonic, Inc.(c)
  1,531       22,123
InterDigital, Inc.
  192       26,604
Marathon Digital Holdings, Inc.(c)
  1,821       30,411
Photronics, Inc.(c)
  718       18,568
Sanmina Corp.(c)
  261      18,108
        218,752
Materials-5.58%
Alpha Metallurgical Resources, Inc.
  111       26,546
Arch Resources, Inc.
  131       17,872
Hawkins, Inc.
  189       23,941
Sylvamo Corp.
  246       19,456
Warrior Met Coal, Inc.
  487      29,858
        117,673
Utilities-0.79%
Otter Tail Corp.
  196      16,572
Total Common Stocks & Other Equity Interests

(Cost $1,972,432)
  2,107,784
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57
Table of Contents
Invesco S&P SmallCap 600® GARP ETF (GRPZ)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $1,091)
  1,091   $    1,091
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $1,973,523)
  2,108,875
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.52%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  90,879      90,879
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  236,546   $  236,641
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $327,504)
  327,520
TOTAL INVESTMENTS IN SECURITIES-115.47%

(Cost $2,301,027)
  2,436,395
OTHER ASSETS LESS LIABILITIES-(15.47)%
  (326,422)
NET ASSETS-100.00%
  $2,109,973
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented 1.46% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $73,293   $(72,202)   $-   $-   $1,091   $30
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   262,112   (171,233)   -   -   90,879   514*
Invesco Private Prime Fund -   582,459   (345,834)   16   -   236,641   1,361*
Total $-   $917,864   $(589,269)   $16   $-   $328,611   $1,905
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58
Table of Contents
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.80%
Communication Services-5.49%
Cable One, Inc.(b)
  1,376   $    485,343
Cogent Communications Holdings, Inc.(b)
  14,853     1,039,413
John Wiley & Sons, Inc., Class A
  10,391        501,989
Scholastic Corp.
  10,392       331,297
        2,358,042
Consumer Discretionary-10.10%
Bloomin’ Brands, Inc.(b)
  37,347        653,572
Dine Brands Global, Inc.(b)
  23,812        752,935
Ethan Allen Interiors, Inc.
  25,764        811,051
Haverty Furniture Cos., Inc., (Acquired 07/31/2024 - 08/27/2024; Cost $757,840)(b)(c)
  25,997        712,318
Movado Group, Inc.
  31,824        759,321
Upbound Group, Inc.
  19,413       646,453
        4,335,650
Consumer Staples-11.92%
Cal-Maine Foods, Inc.(b)
  6,479        466,747
Energizer Holdings, Inc.
  18,707        606,107
Fresh Del Monte Produce, Inc.
  24,659        721,029
Inter Parfums, Inc.
  2,476        319,008
SpartanNash Co.
  32,293        713,352
Universal Corp.(b)
  17,831        968,223
Vector Group Ltd.
  88,065     1,319,214
        5,113,680
Energy-6.53%
Archrock, Inc.
  20,635        417,446
California Resources Corp.
  6,452        338,536
CVR Energy, Inc.(b)
  41,564     1,056,557
Northern Oil and Gas, Inc.(b)
  15,680        623,750
World Kinect Corp.(b)
  12,716       366,094
        2,802,383
Financials-24.04%
Apollo Commercial Real Estate Finance, Inc.(b)
  119,958     1,270,355
ARMOUR Residential REIT, Inc.(b)
  61,127     1,250,047
Blackstone Mortgage Trust, Inc., Class A(b)
  72,863     1,345,051
Ellington Financial, Inc.
  99,717     1,311,279
KKR Real Estate Finance Trust, Inc.(b)
  112,688     1,344,368
New York Mortgage Trust, Inc.(b)
  195,712     1,305,399
Ready Capital Corp.(b)
  140,462     1,164,430
Two Harbors Investment Corp.(b)
  93,722     1,327,103
        10,318,032
Health Care-3.52%
National HealthCare Corp.
  2,398        328,838
Patterson Cos., Inc.
  24,147        543,066
Premier, Inc., Class A
  31,369       638,986
        1,510,890
Industrials-8.11%
CSG Systems International, Inc.(b)
  8,833        428,577
Deluxe Corp.(b)
  31,499        648,564
HNI Corp.
  8,279       445,824
  Shares   Value
Industrials-(continued)
Kennametal, Inc.(b)
  19,616   $    507,466
Matthews International Corp., Class A
  19,602        496,519
Robert Half, Inc.
  6,883        431,358
Trinity Industries, Inc.
  15,757       520,139
        3,478,447
Materials-5.00%
AdvanSix, Inc.
  15,107        446,563
Myers Industries, Inc.
  39,555        604,796
Sealed Air Corp.
  9,068        316,927
Sensient Technologies Corp.
  3,861        300,540
SunCoke Energy, Inc.(b)
  53,399       478,455
        2,147,281
Real Estate-13.30%
Community Healthcare Trust, Inc.
  42,141        789,301
Easterly Government Properties, Inc.(b)
  88,741     1,164,282
Global Net Lease, Inc.(b)
  146,296     1,261,071
Highwoods Properties, Inc.(b)
  36,826     1,186,534
Kennedy-Wilson Holdings, Inc.(b)
  117,282     1,304,176
        5,705,364
Utilities-11.79%
American States Water Co.
  4,142        337,242
Avista Corp.
  19,621        758,155
California Water Service Group
  6,024        333,308
Chesapeake Utilities Corp.
  2,711        321,037
Clearway Energy, Inc., Class C
  34,969     1,012,702
MGE Energy, Inc.
  3,799        329,392
Middlesex Water Co.
  5,387        339,435
Northwest Natural Holding Co.
  19,014        764,743
SJW Group
  6,877        405,674
Unitil Corp.
  7,609       458,823
        5,060,511
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.80%

(Cost $42,955,940)
  42,830,280
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.34%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  3,635,080     3,635,080
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  9,809,963     9,813,887
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $13,448,521)
  13,448,967
TOTAL INVESTMENTS IN SECURITIES-131.14%

(Cost $56,404,461)
  56,279,247
OTHER ASSETS LESS LIABILITIES-(31.14)%
  (13,364,873)
NET ASSETS-100.00%
  $42,914,374
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59
Table of Contents
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Restricted security. The value of this security at August 31, 2024 represented 1.66% of the Fund’s Net Assets.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,606,671   $(1,606,671)   $-   $-   $-   $1,038
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,724,212   26,781,381   (24,870,513)   -   -   3,635,080   100,787*
Invesco Private Prime Fund 4,433,688   61,279,349   (55,901,091)   345   1,596   9,813,887   269,339*
Total $6,157,900   $89,667,401   $(82,378,275)   $345   $1,596   $13,448,967   $371,164
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60
Table of Contents
Invesco S&P SmallCap Low Volatility ETF (XSLV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-0.95%
Madison Square Garden Sports Corp., Class A(b)
  15,886   $  3,320,968
Consumer Discretionary-2.46%
Monarch Casino & Resort, Inc.
  42,386     3,217,945
Steven Madden Ltd.
  62,062     2,798,996
Sturm, Ruger & Co., Inc.
  60,932     2,566,456
        8,583,397
Consumer Staples-6.27%
Edgewell Personal Care Co.
  76,700     3,084,874
Fresh Del Monte Produce, Inc.
  87,268     2,551,716
J&J Snack Foods Corp.(c)
  14,919     2,539,065
John B. Sanfilippo & Son, Inc.
  26,782     2,540,808
PriceSmart, Inc.(c)
  32,877     2,945,122
Simply Good Foods Co. (The)(b)
  73,641     2,326,319
SpartanNash Co.
  126,614     2,796,903
Tootsie Roll Industries, Inc.(c)
  102,920     3,058,783
        21,843,590
Energy-0.80%
Magnolia Oil & Gas Corp., Class A(c)
  108,531     2,779,479
Financials-25.79%
AMERISAFE, Inc.
  66,020     3,308,922
Assured Guaranty Ltd.
  37,669     3,016,533
BrightSphere Investment Group, Inc.
  110,987     2,706,973
Central Pacific Financial Corp.
  98,990     2,723,215
City Holding Co.(c)
  26,354     3,129,274
Donnelley Financial Solutions, Inc.(b)
  40,660     2,710,396
Ellington Financial, Inc.
  239,981     3,155,750
Employers Holdings, Inc.
  77,379     3,710,323
EVERTEC, Inc.
  75,707     2,592,965
EZCORP, Inc., Class A(b)(c)
  214,933     2,626,481
First Bancorp
  129,302     2,764,477
First Hawaiian, Inc.(c)
  108,685     2,644,306
Franklin BSP Realty Trust, Inc.(c)
  211,434     2,879,731
Genworth Financial, Inc., Class A(b)
  386,356     2,696,765
Hilltop Holdings, Inc.(c)
  84,421     2,773,230
Horace Mann Educators Corp.
  86,820     3,091,660
Mr. Cooper Group, Inc.(b)
  32,812     3,078,094
National Bank Holdings Corp., Class A
  61,709     2,703,471
Navient Corp.
  176,477     2,987,756
NMI Holdings, Inc., Class A(b)(c)
  81,397     3,342,975
Northwest Bancshares, Inc.(c)
  198,779     2,753,089
OFG Bancorp
  61,501     2,828,431
Pathward Financial, Inc.
  43,269     2,977,773
Piper Sandler Cos.
  10,412     2,839,352
PJT Partners, Inc., Class A
  21,979     2,714,406
Radian Group, Inc.(c)
  84,500     3,054,675
Safety Insurance Group, Inc.
  39,813     3,525,441
SiriusPoint Ltd. (Sweden)(b)
  169,248     2,537,028
StoneX Group, Inc.(b)
  32,602     2,701,402
Westamerica Bancorporation(c)
  52,084     2,697,430
WisdomTree, Inc.(c)
  252,836     2,563,757
        89,836,081
Health Care-7.44%
Addus HomeCare Corp.(b)
  19,625     2,610,321
  Shares   Value
Health Care-(continued)
Ensign Group, Inc. (The)(c)
  22,941   $  3,472,350
HealthStream, Inc.
  91,459     2,655,969
Innoviva, Inc.(b)(c)
  172,373     3,340,589
Merit Medical Systems, Inc.(b)(c)
  27,606     2,668,948
National HealthCare Corp.(c)
  20,616     2,827,072
Premier, Inc., Class A
  140,744     2,866,955
Prestige Consumer Healthcare, Inc.(b)(c)
  42,602     3,179,813
U.S. Physical Therapy, Inc.
  26,949     2,306,835
        25,928,852
Industrials-21.50%
Air Lease Corp., Class A
  60,660     2,806,738
Albany International Corp., Class A
  27,905     2,627,535
Apogee Enterprises, Inc.
  40,829     2,726,561
Arcosa, Inc.(c)
  30,187     2,761,809
Armstrong World Industries, Inc.
  21,888     2,774,523
Brady Corp., Class A
  41,961     3,106,792
Enerpac Tool Group Corp.(c)
  62,645     2,583,480
ESCO Technologies, Inc.
  23,551     2,824,000
Federal Signal Corp.
  26,909     2,542,631
Franklin Electric Co., Inc.
  32,917     3,418,760
Gates Industrial Corp. PLC(b)
  148,585     2,698,304
Hub Group, Inc., Class A
  62,315     2,936,906
Kelly Services, Inc., Class A
  128,261     2,707,590
Kennametal, Inc.(c)
  102,328     2,647,225
Korn Ferry
  39,675     2,898,259
Marten Transport Ltd.
  151,035     2,635,561
Moog, Inc., Class A
  14,018     2,767,153
Mueller Industries, Inc.
  37,295     2,711,719
National Presto Industries, Inc.
  41,814     3,273,618
NV5 Global, Inc.(b)
  26,175     2,516,203
OPENLANE, Inc.(b)(c)
  152,401     2,641,109
Robert Half, Inc.(c)
  49,474     3,100,536
Schneider National, Inc., Class B
  90,123     2,443,234
Tennant Co.
  28,418     2,775,586
UniFirst Corp.
  13,419     2,545,450
Verra Mobility Corp., Class A(b)(c)
  96,666     2,668,948
Werner Enterprises, Inc.(c)
  74,478     2,752,707
        74,892,937
Information Technology-4.77%
Insight Enterprises, Inc.(b)(c)
  14,818     3,216,543
InterDigital, Inc.(c)
  19,786     2,741,548
N-able, Inc.(b)
  184,744     2,375,808
PC Connection, Inc.
  37,281     2,724,495
Plexus Corp.(b)
  20,436     2,618,056
Progress Software Corp.
  50,230     2,920,875
        16,597,325
Materials-4.39%
Balchem Corp.(c)
  17,735     3,139,627
H.B. Fuller Co.
  38,637     3,309,646
Innospec, Inc.
  27,928     3,218,981
Minerals Technologies, Inc.
  36,269     2,796,340
Sensient Technologies Corp.
  36,211     2,818,664
        15,283,258
Real Estate-19.60%
Acadia Realty Trust(c)
  126,869     2,855,821
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61
Table of Contents
Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
Alexander & Baldwin, Inc.(c)
  159,885   $  3,164,124
Apple Hospitality REIT, Inc.
  211,030     3,047,273
Armada Hoffler Properties, Inc.
  231,070     2,844,472
CareTrust REIT, Inc.
  129,116     3,857,986
Centerspace(c)
  34,931     2,612,839
DiamondRock Hospitality Co.(c)
  328,348     2,886,179
Elme Communities
  151,259     2,671,234
Essential Properties Realty Trust, Inc.(c)
  113,958     3,636,400
Four Corners Property Trust, Inc.(c)
  120,741     3,423,007
Getty Realty Corp.(c)
  109,316     3,474,062
LTC Properties, Inc.(c)
  102,251     3,755,679
LXP Industrial Trust(c)
  294,817     3,054,304
Phillips Edison & Co., Inc.(c)
  94,141     3,479,451
Saul Centers, Inc.
  75,550     3,083,951
SITE Centers Corp.(c)
  48,697     2,938,864
Sunstone Hotel Investors, Inc.
  326,318     3,403,497
Tanger, Inc.(c)
  99,118     3,017,152
Universal Health Realty Income Trust(c)
  58,144     2,610,666
Urban Edge Properties
  140,318     2,967,726
Veris Residential, Inc.(c)
  153,977     2,700,757
Whitestone REIT
  208,415     2,796,929
        68,282,373
Utilities-5.91%
American States Water Co.
  38,899     3,167,157
Avista Corp.
  75,577     2,920,295
California Water Service Group
  53,128     2,939,572
  Shares   Value
Utilities-(continued)
Chesapeake Utilities Corp.
  23,926   $  2,833,317
Northwest Natural Holding Co.
  70,005     2,815,601
SJW Group
  50,015     2,950,385
Unitil Corp.
  48,885     2,947,766
        20,574,093
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.88%

(Cost $316,336,248)
  347,922,353
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.35%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  12,645,679    12,645,679
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  33,838,100    33,851,635
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $46,494,729)
  46,497,314
TOTAL INVESTMENTS IN SECURITIES-113.23%

(Cost $362,830,977)
  394,419,667
OTHER ASSETS LESS LIABILITIES-(13.23)%
  (46,086,716)
NET ASSETS-100.00%
  $348,332,951
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $13,405,336   $(13,405,336)   $-   $-   $-   $9,814
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 13,093,200   113,049,202   (113,496,723)   -   -   12,645,679   711,482*
Invesco Private Prime Fund 41,909,242   228,557,466   (236,630,963)   3,273   12,617   33,851,635   1,910,421*
Total $55,002,442   $355,012,004   $(363,533,022)   $3,273   $12,617   $46,497,314   $2,631,717
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62
Table of Contents
Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
August 31, 2024
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63
Table of Contents
Invesco S&P SmallCap Quality ETF (XSHQ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-0.73%
Yelp, Inc.(b)
  66,520   $  2,323,543
Consumer Discretionary-19.02%
Academy Sports & Outdoors, Inc.(c)
  80,962     4,491,772
American Eagle Outfitters, Inc.(c)
  185,135     3,810,078
Buckle, Inc. (The)(c)
  50,249     2,105,433
Caleres, Inc.(c)
  39,271     1,654,487
Dorman Products, Inc.(b)
  25,924     2,940,300
Frontdoor, Inc.(b)
  97,145     4,670,732
G-III Apparel Group Ltd.(b)(c)
  55,759     1,475,941
Golden Entertainment, Inc.(c)
  40,104     1,298,969
Green Brick Partners, Inc.(b)
  23,526     1,853,378
Guess?, Inc.(c)
  25,093        519,927
Installed Building Products, Inc.(c)
  29,150     6,480,336
Kontoor Brands, Inc.
  82,296     6,159,856
LCI Industries
  25,589     3,015,408
M/I Homes, Inc.(b)
  29,565     4,711,774
Monarch Casino & Resort, Inc.
  14,806     1,124,071
Monro, Inc.(c)
  26,834        726,933
Oxford Industries, Inc.(c)
  15,790     1,373,414
Patrick Industries, Inc.
  20,686     2,673,045
Signet Jewelers Ltd.(c)
  53,709     4,516,927
Steven Madden Ltd.
  65,852     2,969,925
Worthington Enterprises, Inc.(c)
  49,405     2,262,749
        60,835,455
Consumer Staples-4.99%
Andersons, Inc. (The)
  40,632     2,071,013
Central Garden & Pet Co., Class A(b)
  56,909     1,946,288
Inter Parfums, Inc.
  16,680     2,149,051
John B. Sanfilippo & Son, Inc.
  11,882     1,127,245
National Beverage Corp.(c)
  31,842     1,437,985
USANA Health Sciences, Inc.(b)
  9,797        399,914
WD-40 Co.(c)
  19,235     5,055,727
WK Kellogg Co.
  104,318     1,791,140
        15,978,363
Energy-4.97%
CONSOL Energy, Inc.
  38,925     3,981,249
CVR Energy, Inc.(c)
  33,509        851,799
Dorian LPG Ltd.
  39,438     1,537,688
Helmerich & Payne, Inc.(c)
  97,548     3,182,991
REX American Resources Corp.(b)(c)
  20,382        924,324
RPC, Inc.(c)
  75,387        483,984
SM Energy Co.
  108,030     4,929,409
        15,891,444
Financials-26.54%
AMERISAFE, Inc.
  24,093     1,207,541
Artisan Partners Asset Management, Inc., Class A
  152,723     6,351,750
Assured Guaranty Ltd.
  47,229     3,782,098
Axos Financial, Inc.(b)
  56,135     3,897,453
BancFirst Corp.
  14,413     1,533,543
Bancorp, Inc. (The)(b)(c)
  67,655     3,545,122
Cathay General Bancorp
  65,542     2,883,193
City Holding Co.(c)
  14,130     1,677,796
Cohen & Steers, Inc.(c)
  41,431     3,702,274
Donnelley Financial Solutions, Inc.(b)
  31,345     2,089,458
  Shares   Value
Financials-(continued)
Employers Holdings, Inc.
  23,502   $  1,126,921
First Bancorp
  185,508     3,966,161
HCI Group, Inc.(c)
  9,523        912,589
Jackson Financial, Inc., Class A
  102,514     9,223,185
Lakeland Financial Corp.(c)
  24,128     1,644,323
Lincoln National Corp.
  169,644     5,445,572
Mercury General Corp.
  25,433     1,684,428
NMI Holdings, Inc., Class A(b)(c)
  85,273     3,502,162
OFG Bancorp
  47,648     2,191,332
Palomar Holdings, Inc.(b)(c)
  27,000     2,678,940
Pathward Financial, Inc.
  31,563     2,172,166
Payoneer Global, Inc.(b)
  281,595     2,092,251
PJT Partners, Inc., Class A
  42,061     5,194,533
Preferred Bank(c)
  14,720     1,219,552
PROG Holdings, Inc.
  42,095     1,968,362
Radian Group, Inc.
  134,288     4,854,511
Virtus Investment Partners, Inc.
  6,325     1,338,750
Westamerica Bancorporation
  31,398     1,626,102
WisdomTree, Inc.(c)
  135,321     1,372,155
        84,884,223
Health Care-8.32%
Alkermes PLC(b)(c)
  229,074     6,517,155
Astrana Health, Inc.(b)(c)
  41,607     1,988,398
Collegium Pharmaceutical, Inc.(b)(c)
  43,760     1,683,010
Corcept Therapeutics, Inc.(b)(c)
  118,139     4,170,307
CorVel Corp.(b)
  12,071     3,871,532
Cross Country Healthcare, Inc.(b)
  44,610        665,581
Harmony Biosciences Holdings, Inc.(b)(c)
  38,416     1,382,208
National HealthCare Corp.(c)
  12,975     1,779,262
Pacira BioSciences, Inc.(b)(c)
  46,200        718,872
Patterson Cos., Inc.(c)
  75,696     1,702,403
Simulations Plus, Inc.(c)
  15,344        556,220
STAAR Surgical Co., (Acquired 06/21/2024 - 08/28/2024; Cost $2,030,922)(b)(c)(d)
  47,781     1,581,073
        26,616,021
Industrials-22.24%
American Woodmark Corp.(b)
  16,318     1,462,256
Apogee Enterprises, Inc.
  28,822     1,924,733
Armstrong World Industries, Inc.
  58,232     7,381,488
Boise Cascade Co.
  40,142     5,444,058
Brady Corp., Class A
  49,186     3,641,731
CSG Systems International, Inc.(c)
  27,712     1,344,586
DNOW, Inc.(b)
  101,070     1,315,931
Enerpac Tool Group Corp.
  60,598     2,499,062
Federal Signal Corp.
  60,437     5,710,692
Franklin Electric Co., Inc.
  40,353     4,191,063
Gibraltar Industries, Inc.(b)(c)
  33,940     2,364,600
GMS, Inc.(b)
  37,534     3,257,576
Insteel Industries, Inc.
  25,895        890,788
Interface, Inc.
  57,363     1,083,013
John Bean Technologies Corp.(c)
  51,889     4,661,708
Lindsay Corp.
  10,275     1,274,614
Liquidity Services, Inc.(b)(c)
  22,488        489,564
MasterBrand, Inc.(b)
  137,678     2,208,355
Mueller Industries, Inc.
  162,500    11,815,375
National Presto Industries, Inc.
  4,884        382,368
Powell Industries, Inc.(c)
  15,792     2,644,213
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64
Table of Contents
Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Standex International Corp.
  10,263   $  1,833,485
Tennant Co.
  21,225     2,073,046
Wabash National Corp.(c)
  63,665     1,238,921
        71,133,226
Information Technology-5.08%
A10 Networks, Inc.
  89,467     1,231,960
Agilysys, Inc.(b)
  31,667     3,581,538
Badger Meter, Inc.
  30,836     6,381,202
InterDigital, Inc.(c)
  25,160     3,486,170
Photronics, Inc.(b)
  60,679     1,569,159
        16,250,029
Materials-6.17%
Alpha Metallurgical Resources, Inc.
  15,480     3,702,042
Arch Resources, Inc.
  22,017     3,003,779
Balchem Corp.
  28,692     5,079,345
Century Aluminum Co.(b)(c)
  98,153     1,409,477
Clearwater Paper Corp.(b)
  14,828        493,327
Hawkins, Inc.
  16,077     2,036,474
Innospec, Inc.
  21,983     2,533,761
Worthington Steel, Inc.
  41,952     1,485,101
        19,743,306
Real Estate-0.81%
Urban Edge Properties
  121,925     2,578,714
Utilities-1.01%
Otter Tail Corp.(c)
  38,419     3,248,326
Total Common Stocks & Other Equity Interests

(Cost $295,287,560)
  319,482,650
  Shares   Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $168,991)
  168,991   $    168,991
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $295,456,551)
  319,651,641
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.51%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  14,909,742    14,909,742
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  44,267,237    44,284,944
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $59,190,730)
  59,194,686
TOTAL INVESTMENTS IN SECURITIES-118.44%

(Cost $354,647,281)
  378,846,327
OTHER ASSETS LESS LIABILITIES-(18.44)%
  (58,994,929)
NET ASSETS-100.00%
  $319,851,398
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $2,381,697   $(2,212,706)   $-   $-   $168,991   $2,243
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,117,246   115,008,024   (103,215,528)   -   -   14,909,742   450,929*
Invesco Private Prime Fund 8,015,776   209,500,021   (173,234,910)   3,956   101   44,284,944   1,210,661*
Total $11,133,022   $326,889,742   $(278,663,144)   $3,956   $101   $59,363,677   $1,663,833
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65
Table of Contents
Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
August 31, 2024
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66
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(This Page Intentionally Left Blank)
67
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco ESG
S&P 500
Equal Weight
ETF (RSPE) 		  Invesco
MSCI USA ETF
(PBUS) 		  Invesco Russell
1000 Equal
Weight ETF
(EQAL) 		  Invesco S&P
500® Enhanced
Value ETF
(SPVU) 		  Invesco S&P
500® ex-Rate
Sensitive Low
Volatility
ETF (XRLV)
Assets:                  
Unaffiliated investments in securities, at value(a)
$12,112,940   $5,188,738,266   $606,841,187   $106,051,121   $40,883,482
Affiliated investments in securities, at value
964,969   68,588,625   68,843,690   1,977,105   1,141,638
Cash
-   -   -   -   -
Receivable for:                  
Dividends and interest
18,920   5,797,266   811,158   272,966   71,352
Securities lending
60   5,287   57,222   163   31
Investments sold
-   17,171,603   -   503,205   -
Fund shares sold
-   29,609,063   -   -   -
Foreign tax reclaims
-   3,161   1,262   760   -
Total assets
13,096,889   5,309,913,271   676,554,519   108,805,320   42,096,503
Liabilities:                  
Due to custodian
1,738   1,349,096   172,731   55,621   44,694
Payable for:                  
Investments purchased
-   46,949,150   -   -   -
Collateral upon return of securities loaned
964,926   68,586,033   68,412,293   1,977,024   1,141,583
Fund shares repurchased
-   -   -   503,592   -
Accrued unitary management fees
1,896   169,620   100,258   11,329   8,562
Total liabilities
968,560   117,053,899   68,685,282   2,547,566   1,194,839
Net Assets
$12,128,329   $5,192,859,372   $607,869,237   $106,257,754   $40,901,664
Net assets consist of:                  
Shares of beneficial interest
$11,784,206   $4,331,322,393   $699,003,931   $116,896,587   $62,440,109
Distributable earnings (loss)
344,123   861,536,979   (91,134,694)   (10,638,833)   (21,538,445)
Net Assets
$12,128,329   $5,192,859,372   $607,869,237   $106,257,754   $40,901,664
Shares outstanding (unlimited amount authorized, $0.01 par value)
450,001   92,075,001   12,750,001   2,110,001   760,001
Net asset value
$26.95   $56.40   $47.68   $50.36   $53.82
Market price
$26.95   $56.38   $47.65   $50.35   $53.78
Unaffiliated investments in securities, at cost
$10,835,190   $4,266,992,467   $539,259,995   $97,660,038   $34,897,583
Affiliated investments in securities, at cost
$964,926   $68,586,033   $68,930,093   $1,977,024   $1,141,583
(a)Includes securities on loan with an aggregate value of:
$948,564   $62,892,323   $66,143,013   $1,941,741   $1,129,460
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68
Table of Contents
Invesco S&P
500® High
Beta
ETF (SPHB) 		  Invesco S&P
500 High
Dividend Growers
ETF (DIVG) 		  Invesco S&P
500® High
Dividend Low
Volatility
ETF (SPHD) 		  Invesco S&P
500® Low
Volatility
ETF (SPLV) 		  Invesco
S&P 500
Minimum
Variance
ETF (SPMV) 		  Invesco S&P
500®
Momentum
ETF (SPMO) 		  Invesco S&P
500 QVM
Multi-factor
ETF (QVML) 		  Invesco S&P
MidCap 400
QVM Multi-factor
ETF (QVMM)
                             
$446,469,315   $2,816,263   $3,757,143,983   $7,510,078,383   $5,073,289   $2,324,888,497   $1,032,872,931   $320,429,524
27,101,333   61,226   161,339,328   144,551,003   211,542   5,061,493   10,591,422   38,699,012
2   -   -   -   -   -   -   2,233
                             
386,599   5,842   14,618,928   13,295,975   8,164   803,069   1,204,373   231,946
2,404   5   11,400   6,818   7   340   458   2,723
859,004   -   -   47,613,339   -   27,398,909   -   -
-   -   2,972,375   19,913,288   -   1,784,436   -   -
-   -   -   -   -   -   498   -
474,818,657   2,883,336   3,936,086,014   7,735,458,806   5,293,002   2,359,936,744   1,044,669,682   359,365,438
                             
-   3,856   5,437,365   6,740,722   -   1,499   58   -
                             
-   -   2,964,419   19,898,112   -   1,777,698   -   -
23,400,073   61,222   161,334,577   144,548,042   209,764   3,405,090   10,394,642   38,427,917
858,026   -   -   47,649,654   -   3,568,873   -   -
99,176   900   871,829   1,537,978   417   196,693   93,328   39,441
24,357,275   65,978   170,608,190   220,374,508   210,181   8,949,853   10,488,028   38,467,358
$450,461,382   $2,817,358   $3,765,477,824   $7,515,084,298   $5,082,821   $2,350,986,891   $1,034,181,654   $320,898,080
                             
$716,855,860   $2,458,498   $4,434,242,184   $9,566,835,863   $6,288,565   $2,316,517,989   $831,152,900   $284,824,662
(266,394,478)   358,860   (668,764,360)   (2,051,751,565)   (1,205,744)   34,468,902   203,028,754   36,073,418
$450,461,382   $2,817,358   $3,765,477,824   $7,515,084,298   $5,082,821   $2,350,986,891   $1,034,181,654   $320,898,080
5,250,000   90,001   76,010,000   105,670,000   110,001   26,350,001   30,900,001   11,200,001
$85.80   $31.30   $49.54   $71.12   $46.21   $89.22   $33.47   $28.65
$85.78   $31.26   $49.55   $71.14   $46.21   $89.20   $33.47   $28.67
$480,445,403   $2,459,819   $3,509,860,986   $6,654,115,721   $4,496,166   $2,257,284,033   $774,179,419   $259,255,211
$27,989,184   $61,222   $161,334,577   $144,548,042   $211,542   $5,061,268   $10,653,051   $38,696,952
$23,017,698   $60,537   $158,528,401   $142,683,577   $207,034   $3,343,754   $10,211,425   $37,836,118
69
Table of Contents
Statements of Assets and Liabilities—(continued)
August 31, 2024
  Invesco S&P
MidCap Low
Volatility
ETF (XMLV) 		  Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS) 		  Invesco S&P
SmallCap 600®
GARP ETF (GRPZ) 		  Invesco S&P
SmallCap High
Dividend Low
Volatility ETF
(XSHD) 		  Invesco S&P
SmallCap Low
Volatility
ETF (XSLV)
Assets:                  
Unaffiliated investments in securities, at value(a)
$849,008,060   $198,452,224   $2,107,784   $42,830,280   $347,922,353
Affiliated investments in securities, at value
48,431,165   36,139,800   328,611   13,448,967   46,497,314
Cash
31,803   -   -   -   -
Receivable for:                  
Dividends and interest
916,328   213,601   1,913   141,324   487,740
Securities lending
2,749   6,178   24   1,308   3,057
Investments sold
1,206,981   -   -   -   482,020
Fund shares sold
6,035,940   -   -   -   -
Total assets
905,633,026   234,811,803   2,438,332   56,421,879   395,392,484
Liabilities:                  
Due to custodian
-   32,264   247   49,413   10,465
Payable for:                  
Investments purchased
6,034,904   -   -   -   -
Collateral upon return of securities loaned
48,362,035   36,137,448   327,504   13,448,521   46,494,729
Fund shares repurchased
1,207,188   -   -   -   482,455
Accrued unitary management fees
173,081   24,421   608   9,571   71,884
Total liabilities
55,777,208   36,194,133   328,359   13,507,505   47,059,533
Net Assets
$849,855,818   $198,617,670   $2,109,973   $42,914,374   $348,332,951
Net assets consist of:                  
Shares of beneficial interest
$1,441,908,612   $171,263,174   $2,004,480   $56,770,821   $1,034,278,769
Distributable earnings (loss)
(592,052,794)   27,354,496   105,493   (13,856,447)   (685,945,818)
Net Assets
$849,855,818   $198,617,670   $2,109,973   $42,914,374   $348,332,951
Shares outstanding (unlimited amount authorized, $0.01 par value)
14,080,000   7,300,001   80,001   2,750,001   7,220,000
Net asset value
$60.36   $27.21   $26.37   $15.61   $48.25
Market price
$60.30   $27.21   $26.37   $15.61   $48.19
Unaffiliated investments in securities, at cost
$748,660,264   $160,434,600   $1,972,432   $42,955,940   $316,336,248
Affiliated investments in securities, at cost
$48,429,939   $36,137,448   $328,595   $13,448,521   $46,494,729
(a)Includes securities on loan with an aggregate value of:
$47,799,408   $35,293,781   $207,730   $13,126,932   $45,642,203
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P
SmallCap
Quality
ETF (XSHQ)
 
$319,482,650
59,363,677
1,595
 
264,182
5,003
-
-
379,117,107
 
-
 
-
59,190,730
-
74,979
59,265,709
$319,851,398
 
$311,802,649
8,048,749
$319,851,398
7,540,001
$42.42
$42.41
$295,287,560
$59,359,721
$58,383,412
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Statements of Operations
For the year ended August 31, 2024
  Invesco ESG
S&P 500
Equal Weight
ETF (RSPE) 		  Invesco
MSCI USA ETF
(PBUS) 		  Invesco Russell
1000 Equal
Weight ETF
(EQAL) 		  Invesco S&P
500® Enhanced
Value ETF
(SPVU) 		  Invesco S&P
500® ex-Rate
Sensitive Low
Volatility
ETF (XRLV)
Investment income:                  
Unaffiliated dividend income
$187,753   $59,047,365   $11,701,353   $2,964,059   $981,856
Affiliated dividend income
1,404   62,675   30,655   10,102   765
Securities lending income, net
934   828,012   514,779   9,387   1,528
Foreign withholding tax
-   (20,248)   (18,686)   (570)   -
Total investment income
190,091   59,917,804   12,228,101   2,982,978   984,149
Expenses:                  
Unitary management fees
18,828   1,661,080   1,193,965   130,891   105,598
Tax expenses
-   -   -   -   -
Total expenses
18,828   1,661,080   1,193,965   130,891   105,598
Less: Waivers
(4)   (1,066)   (200)   (55)   (14)
Net expenses
18,824   1,660,014   1,193,765   130,836   105,584
Net investment income
171,267   58,257,790   11,034,336   2,852,142   878,565
Realized and unrealized gain (loss) from:                  
Net realized gain (loss) from:                  
Unaffiliated investment securities
(261,232)   (27,898,672)   (23,141,812)   (1,042,554)   (644,546)
Affiliated investment securities
(16,588)   (203,918)   25,462   (106,972)   631
Unaffiliated in-kind redemptions
334,258   246,760,550   27,558,780   4,355,521   1,189,741
Affiliated in-kind redemptions
(3,745)   126   (1,901)   (4,590)   -
Net realized gain
52,693   218,658,086   4,440,529   3,201,405   545,826
Change in net unrealized appreciation (depreciation) of:                  
Unaffiliated investment securities
1,343,313   768,139,659   63,633,351   16,671,885   5,534,375
Affiliated investment securities
12,487   204,748   33,418   91,866   63
Change in net unrealized appreciation (depreciation)
1,355,800   768,344,407   63,666,769   16,763,751   5,534,438
Net realized and unrealized gain
1,408,493   987,002,493   68,107,298   19,965,156   6,080,264
Net increase in net assets resulting from operations
$1,579,760   $1,045,260,283   $79,141,634   $22,817,298   $6,958,829
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P
500® High
Beta
ETF (SPHB) 		  Invesco S&P
500 High
Dividend Growers
ETF (DIVG)(a) 		  Invesco S&P
500® High
Dividend Low
Volatility
ETF (SPHD) 		  Invesco S&P
500® Low
Volatility
ETF (SPLV) 		  Invesco
S&P 500
Minimum
Variance
ETF (SPMV) 		  Invesco S&P
500®
Momentum
ETF (SPMO) 		  Invesco S&P
500 QVM
Multi-factor
ETF (QVML) 		  Invesco S&P
MidCap 400
QVM Multi-factor
ETF (QVMM)
                             
$6,631,868   $72,825   $133,934,809   $176,676,427   $193,798   $6,319,510   $12,929,018   $4,326,094
281,431   78   45,161   86,604   194   22,444   28,074   5,215
63,888   21,379   118,431   197,698   225   16,027   21,906   56,223
(16,167)   (49)   -   -   -   -   (4,010)   -
6,961,020   94,233   134,098,401   176,960,729   194,217   6,357,981   12,974,988   4,387,532
                             
1,366,387   7,904   8,941,719   19,214,473   9,935   1,179,701   1,004,111   426,936
-   405   -   -   -   -   -   -
1,366,387   8,309   8,941,719   19,214,473   9,935   1,179,701   1,004,111   426,936
(199)   (1)   (898)   (1,657)   (4)   (396)   (367)   (99)
1,366,188   8,308   8,940,821   19,212,816   9,931   1,179,305   1,003,744   426,837
5,594,832   85,925   125,157,580   157,747,913   184,286   5,178,676   11,971,244   3,960,695
                             
                             
(39,909,665)   (12,465)   (89,127,568)   (237,792,848)   (959,388)   (10,736,769)   (10,795,888)   (4,406,485)
(888,675)   5   (2,851)   59,711   (84)   (4,004)   4,969   9,407
82,191,278   167,616   114,870,267   298,164,244   2,705,729   176,185,661   33,411,210   9,065,377
114,084   -   -   -   -   -   (557)   -
41,507,022   155,156   25,739,848   60,431,107   1,746,257   165,444,888   22,619,734   4,668,299
                             
2,478,565   356,444   541,496,851   1,057,569,173   (437,087)   56,111,986   196,526,954   41,551,341
1,171,424   4   7,107   3,750   -   225   15,166   2,060
3,649,989   356,448   541,503,958   1,057,572,923   (437,087)   56,112,211   196,542,120   41,553,401
45,157,011   511,604   567,243,806   1,118,004,030   1,309,170   221,557,099   219,161,854   46,221,700
$50,751,843   $597,529   $692,401,386   $1,275,751,943   $1,493,456   $226,735,775   $231,133,098   $50,182,395
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Statements of Operations—(continued)
For the year ended August 31, 2024
  Invesco S&P
MidCap Low
Volatility
ETF (XMLV) 		  Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS) 		  Invesco S&P
SmallCap 600®
GARP ETF (GRPZ)(b) 		  Invesco S&P
SmallCap High
Dividend Low
Volatility ETF
(XSHD) 		  Invesco S&P
SmallCap Low
Volatility
ETF (XSLV)
Investment income:                  
Unaffiliated dividend income
$20,574,675   $3,165,800   $14,570   $1,428,206   $8,654,792
Affiliated dividend income
17,828   3,942   30   1,038   9,814
Securities lending income, net
83,304   91,137   45   13,348   62,891
Foreign withholding tax
-   (3,320)   (101)   -   (5,937)
Total investment income
20,675,807   3,257,559   14,544   1,442,592   8,721,560
Expenses:                  
Unitary management fees
2,060,225   294,211   3,443   80,293   896,154
Less: Waivers
(352)   (74)   -   (19)   (190)
Net expenses
2,059,873   294,137   3,443   80,274   895,964
Net investment income
18,615,934   2,963,422   11,101   1,362,318   7,825,596
Realized and unrealized gain (loss) from:                  
Net realized gain (loss) from:                  
Unaffiliated investment securities
17,604,224   (1,576,611)   (35,050)   (2,229,984)   977,394
Affiliated investment securities
21,020   10,250   -   1,596   12,617
In-kind redemptions
21,002,050   11,320,953   5,339   199,569   9,902,033
Net realized gain (loss)
38,627,294   9,754,592   (29,711)   (2,028,819)   10,892,044
Change in net unrealized appreciation of:                  
Unaffiliated investment securities
90,223,230   21,357,690   135,352   2,716,264   43,098,319
Affiliated investment securities
1,615   1,178   16   345   3,273
Change in net unrealized appreciation
90,224,845   21,358,868   135,368   2,716,609   43,101,592
Net realized and unrealized gain
128,852,139   31,113,460   105,657   687,790   53,993,636
Net increase in net assets resulting from operations
$147,468,073   $34,076,882   $116,758   $2,050,108   $61,819,232
    
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P
SmallCap
Quality
ETF (XSHQ)
 
$2,258,197
2,243
37,569
(10,245)
2,287,764
 
397,055
(40)
397,015
1,890,749
 
 
(8,343,797)
101
9,074,221
730,525
 
20,136,418
3,956
20,140,374
20,870,899
$22,761,648
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Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco ESG S&P 500
Equal Weight ETF (RSPE) 		  Invesco MSCI USA
ETF (PBUS)
  2024   2023   2024   2023
Operations:              
Net investment income
$171,267   $209,429   $58,257,790   $37,499,968
Net realized gain (loss)
52,693   (197,390)   218,658,086   12,818,460
Change in net unrealized appreciation (depreciation)
1,355,800   833,672   768,344,407   294,217,722
Net increase in net assets resulting from operations
1,579,760   845,711   1,045,260,283   344,536,150
Distributions to Shareholders from:              
Distributable earnings
(175,106)   (202,615)   (54,314,562)   (37,261,216)
Shareholder Transactions:              
Proceeds from shares sold
3,779,376   4,541,830   1,929,374,317   746,359,472
Value of shares repurchased
(4,546,268)   (3,262,900)   (763,082,131)   (299,058,051)
Net increase (decrease) in net assets resulting from share transactions
(766,892)   1,278,930   1,166,292,186   447,301,421
Net increase (decrease) in net assets
637,762   1,922,026   2,157,237,907   754,576,355
Net assets:              
Beginning of year
11,490,567   9,568,541   3,035,621,465   2,281,045,110
End of year
$12,128,329   $11,490,567   $5,192,859,372   $3,035,621,465
Changes in Shares Outstanding:              
Shares sold
150,000   200,000   39,525,000   16,925,000
Shares repurchased
(200,000)   (150,000)   (14,925,000)   (7,175,000)
Shares outstanding, beginning of year
500,001   450,001   67,475,001   57,725,001
Shares outstanding, end of year
450,001   500,001   92,075,001   67,475,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Russell 1000 Equal
Weight ETF (EQAL) 		  Invesco S&P 500®
Enhanced Value ETF (SPVU) 		  Invesco S&P 500® ex-Rate Sensitive
Low Volatility ETF (XRLV) 		  Invesco S&P 500® High Beta
ETF (SPHB)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$11,034,336   $11,519,903   $2,852,142   $3,636,378   $878,565   $1,206,888   $5,594,832   $3,618,192
4,440,529   (25,354,929)   3,201,405   (6,490,551)   545,826   418,945   41,507,022   (49,361,473)
63,666,769   35,731,685   16,763,751   3,696,712   5,534,438   (1,333,424)   3,649,989   99,839,961
79,141,634   21,896,659   22,817,298   842,539   6,958,829   292,409   50,751,843   54,096,680
                             
(11,297,572)   (11,211,391)   (2,939,353)   (3,745,870)   (1,012,244)   (1,214,873)   (5,679,266)   (3,617,061)
                             
24,903,808   125,436,020   31,871,021   75,497,290   -   10,985,778   727,126,481   821,389,561
(144,286,154)   (94,181,729)   (36,495,509)   (126,224,423)   (11,582,697)   (17,615,459)   (908,189,190)   (813,101,879)
(119,382,346)   31,254,291   (4,624,488)   (50,727,133)   (11,582,697)   (6,629,681)   (181,062,709)   8,287,682
(51,538,284)   41,939,559   15,253,457   (53,630,464)   (5,636,112)   (7,552,145)   (135,990,132)   58,767,301
                             
659,407,521   617,467,962   91,004,297   144,634,761   46,537,776   54,089,921   586,451,514   527,684,213
$607,869,237   $659,407,521   $106,257,754   $91,004,297   $40,901,664   $46,537,776   $450,461,382   $586,451,514
                             
600,000   3,075,000   700,000   1,830,000   -   230,000   9,050,000   11,680,000
(3,450,000)   (2,350,000)   (800,000)   (3,180,000)   (240,000)   (370,000)   (11,510,000)   (12,150,000)
15,600,001   14,875,001   2,210,001   3,560,001   1,000,001   1,140,001   7,710,000   8,180,000
12,750,001   15,600,001   2,110,001   2,210,001   760,001   1,000,001   5,250,000   7,710,000
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco S&P 500 High Dividend
Growers ETF (DIVG) 		  Invesco S&P 500® High Dividend
Low Volatility ETF (SPHD)
  2024(a)   2024   2023
Operations:          
Net investment income
$85,925   $125,157,580   $151,894,238
Net realized gain (loss)
155,156   25,739,848   (70,956,259)
Change in net unrealized appreciation (depreciation)
356,448   541,503,958   (174,943,861)
Net increase (decrease) in net assets resulting from operations
597,529   692,401,386   (94,005,882)
Distributions to Shareholders from:          
Distributable earnings
(72,511)   (125,736,697)   (149,959,572)
Shareholder Transactions:          
Proceeds from shares sold
3,975,227   1,515,951,252   1,158,655,819
Value of shares repurchased
(1,682,887)   (1,442,482,942)   (1,597,329,380)
Net increase (decrease) in net assets resulting from share transactions
2,292,340   73,468,310   (438,673,561)
Net increase (decrease) in net assets
2,817,358   640,132,999   (682,639,015)
Net assets:          
Beginning of year
-   3,125,344,825   3,807,983,840
End of year
$2,817,358   $3,765,477,824   $3,125,344,825
Changes in Shares Outstanding:          
Shares sold
150,001   32,830,000   26,430,000
Shares repurchased
(60,000)   (32,740,000)   (37,230,000)
Shares outstanding, beginning of year
-   75,920,000   86,720,000
Shares outstanding, end of year
90,001   76,010,000   75,920,000
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P 500® Low Volatility
ETF (SPLV) 		  Invesco S&P 500 Minimum
Variance ETF (SPMV) 		  Invesco S&P 500® Momentum
ETF (SPMO) 		  Invesco S&P 500 QVM
Multi-factor ETF (QVML)
2024   2023   2024   2023   2024   2023   2024   2023
                             
$157,747,913   $232,765,306   $184,286   $434,432   $5,178,676   $4,159,344   $11,971,244   $14,252,213
60,431,107   (315,078,468)   1,746,257   90,240   165,444,888   (12,985,832)   22,619,734   5,635,464
1,057,572,923   (38,059,952)   (437,087)   699,937   56,112,211   20,271,754   196,542,120   94,618,869
1,275,751,943   (120,373,114)   1,493,456   1,224,609   226,735,775   11,445,266   231,133,098   114,506,546
                             
(178,561,681)   (227,021,350)   (238,019)   (418,555)   (4,816,948)   (3,947,923)   (11,976,935)   (14,198,526)
                             
2,198,385,874   3,109,749,035   4,554,728   6,156,009   3,200,018,988   184,709,966   87,031,036   274,360,733
(4,496,507,472)   (5,019,323,675)   (23,502,735)   (5,764,893)   (1,268,523,036)   (108,608,457)   (121,207,986)   (249,520,869)
(2,298,121,598)   (1,909,574,640)   (18,948,007)   391,116   1,931,495,952   76,101,509   (34,176,950)   24,839,864
(1,200,931,336)   (2,256,969,104)   (17,692,570)   1,197,170   2,153,414,779   83,598,852   184,979,213   125,147,884
                             
8,716,015,634   10,972,984,738   22,775,391   21,578,221   197,572,112   113,973,260   849,202,441   724,054,557
$7,515,084,298   $8,716,015,634   $5,082,821   $22,775,391   $2,350,986,891   $197,572,112   $1,034,181,654   $849,202,441
                             
34,470,000   49,610,000   120,000   170,000   39,050,000   3,280,000   2,750,000   11,750,000
(71,090,000)   (80,970,000)   (610,000)   (160,000)   (16,090,000)   (1,990,000)   (4,050,000)   (10,250,000)
142,290,000   173,650,000   600,001   590,001   3,390,001   2,100,001   32,200,001   30,700,001
105,670,000   142,290,000   110,001   600,001   26,350,001   3,390,001   30,900,001   32,200,001
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco S&P MidCap 400
QVM Multi-factor ETF (QVMM) 		  Invesco S&P MidCap Low Volatility
ETF (XMLV)
  2024   2023   2024   2023
Operations:              
Net investment income
$3,960,695   $3,848,775   $18,615,934   $25,537,526
Net realized gain (loss)
4,668,299   (9,671,108)   38,627,294   (24,991,155)
Change in net unrealized appreciation
41,553,401   31,244,799   90,224,845   9,419,336
Net increase (decrease) in net assets resulting from operations
50,182,395   25,422,466   147,468,073   9,965,707
Distributions to Shareholders from:              
Distributable earnings
(3,760,526)   (3,932,590)   (18,618,680)   (25,580,808)
Shareholder Transactions:              
Proceeds from shares sold
21,215,072   13,190,356   34,737,495   307,556,578
Value of shares repurchased
(14,406,982)   (11,374,029)   (212,635,704)   (556,086,436)
Net increase (decrease) in net assets resulting from share transactions
6,808,090   1,816,327   (177,898,209)   (248,529,858)
Net increase (decrease) in net assets
53,229,959   23,306,203   (49,048,816)   (264,144,959)
Net assets:              
Beginning of year
267,668,121   244,361,918   898,904,634   1,163,049,593
End of year
$320,898,080   $267,668,121   $849,855,818   $898,904,634
Changes in Shares Outstanding:              
Shares sold
770,000   600,000   620,000   5,610,000
Shares repurchased
(530,000)   (510,000)   (3,990,000)   (10,300,000)
Shares outstanding, beginning of year
10,960,001   10,870,001   17,450,000   22,140,000
Shares outstanding, end of year
11,200,001   10,960,001   14,080,000   17,450,000
    
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P SmallCap 600
QVM Multi-factor ETF (QVMS) 		  Invesco S&P SmallCap 600® GARP ETF (GRPZ)   Invesco S&P SmallCap High Dividend
Low Volatility ETF (XSHD) 		  Invesco S&P SmallCap Low Volatility
ETF (XSLV)
2024   2023   2024(b)   2024   2023   2024   2023
                         
$2,963,422   $2,324,845   $11,101   $1,362,318   $1,063,013   $7,825,596   $15,200,784
9,754,592   (7,346,457)   (29,711)   (2,028,819)   (4,665,336)   10,892,044   (98,175,351)
21,358,868   18,839,236   135,368   2,716,609   535,562   43,101,592   39,106,315
34,076,882   13,817,624   116,758   2,050,108   (3,066,761)   61,819,232   (43,868,252)
                         
(2,894,937)   (2,116,823)   (6,030)   (1,977,924)   (1,539,401)   (7,875,630)   (17,648,492)
                         
5,761,446   94,043,570   2,955,370   25,094,686   9,918,697   7,586,585   53,944,271
(41,263,449)   (1,117,471)   (956,125)   (1,389,147)   (11,052,463)   (121,222,881)   (310,766,146)
(35,502,003)   92,926,099   1,999,245   23,705,539   (1,133,766)   (113,636,296)   (256,821,875)
(4,320,058)   104,626,900   2,109,973   23,777,723   (5,739,928)   (59,692,694)   (318,338,619)
                         
202,937,728   98,310,828   -   19,136,651   24,876,579   408,025,645   726,364,264
$198,617,670   $202,937,728   $2,109,973   $42,914,374   $19,136,651   $348,332,951   $408,025,645
                         
230,000   4,330,000   120,001   1,640,000   550,000   170,000   1,220,000
(1,650,000)   (50,000)   (40,000)   (90,000)   (660,000)   (2,810,000)   (7,480,000)
8,720,001   4,440,001   -   1,200,001   1,310,001   9,860,000   16,120,000
7,300,001   8,720,001   80,001   2,750,001   1,200,001   7,220,000   9,860,000
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco S&P SmallCap Quality
ETF (XSHQ)
  2024   2023
Operations:      
Net investment income
$1,890,749   $492,578
Net realized gain (loss)
730,525   (1,505,923)
Change in net unrealized appreciation
20,140,374   5,352,855
Net increase in net assets resulting from operations
22,761,648   4,339,510
Distributions to Shareholders from:      
Distributable earnings
(1,265,852)   (507,211)
Shareholder Transactions:      
Proceeds from shares sold
321,526,616   34,367,485
Value of shares repurchased
(71,350,466)   (18,703,064)
Net increase in net assets resulting from share transactions
250,176,150   15,664,421
Net increase in net assets
271,671,946   19,496,720
Net assets:      
Beginning of year
48,179,452   28,682,732
End of year
$319,851,398   $48,179,452
Changes in Shares Outstanding:      
Shares sold
8,070,000   980,000
Shares repurchased
(1,830,000)   (550,000)
Shares outstanding, beginning of year
1,300,001   870,001
Shares outstanding, end of year
7,540,001   1,300,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
  Years Ended August 31,   For the Period
November 15, 2021(a)
Through
August 31,
2022
  2024   2023  
Per Share Operating Performance:          
Net asset value at beginning of period
$22.98   $21.26   $25.00
Net investment income(b)
0.44   0.43   0.34
Net realized and unrealized gain (loss) on investments
3.97   1.71   (3.81)
Total from investment operations
4.41   2.14   (3.47)
Distributions to shareholders from:          
Net investment income
(0.44)   (0.42)   (0.27)
Net asset value at end of period
$26.95   $22.98   $21.26
Market price at end of period(c)
$26.95   $22.99   $21.28
Net Asset Value Total Return(d)
19.43%   10.21%   (13.93)%(e)
Market Price Total Return(d)
19.38%   10.15%   (13.85)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$12,128   $11,491   $9,569
Ratio to average net assets of:          
Expenses
0.20%   0.20%   0.20%(f)
Net investment income
1.82%   1.93%   1.85%(f)
Portfolio turnover rate(g)
33%   33%   45%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco MSCI USA ETF (PBUS)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$44.99   $39.52   $46.14   $35.42   $29.16
Net investment income(a)
0.70   0.65   0.63   0.57   0.56
Net realized and unrealized gain (loss) on investments
11.38   5.47   (6.63)   10.58   6.21
Total from investment operations
12.08   6.12   (6.00)   11.15   6.77
Distributions to shareholders from:                  
Net investment income
(0.67)   (0.65)   (0.61)   (0.43)   (0.51)
Net realized gains
-   -   (0.01)   -   -
Total distributions
(0.67)   (0.65)   (0.62)   (0.43)   (0.51)
Net asset value at end of year
$56.40   $44.99   $39.52   $46.14   $35.42
Market price at end of year(b)
$56.38   $44.99   $39.55   $46.14   $35.61
Net Asset Value Total Return(c)
27.06%   15.72%   (13.10)%   31.79%   23.71%
Market Price Total Return(c)
27.02%   15.63%   (13.03)%   31.07%   24.36%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$5,192,859   $3,035,621   $2,281,045   $2,174,202   $8,855
Ratio to average net assets of:                  
Expenses
0.04%   0.04%   0.04%   0.04%   0.04%
Net investment income
1.40%   1.61%   1.44%   1.32%   1.82%
Portfolio turnover rate(d)
3%   3%   3%   6%   5%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco Russell 1000 Equal Weight ETF (EQAL)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$42.27   $41.51   $46.30   $33.47   $31.51
Net investment income(a)
0.80   0.78   0.73   0.61   0.61
Net realized and unrealized gain (loss) on investments
5.41   0.75   (4.86)   12.90   2.01
Total from investment operations
6.21   1.53   (4.13)   13.51   2.62
Distributions to shareholders from:                  
Net investment income
(0.80)   (0.77)   (0.66)   (0.68)   (0.66)
Net asset value at end of year
$47.68   $42.27   $41.51   $46.30   $33.47
Market price at end of year(b)
$47.65   $42.28   $41.54   $46.28   $33.52
Net Asset Value Total Return(c)
14.89%   3.80%   (8.96)%   40.74%   8.71%
Market Price Total Return(c)
14.80%   3.75%   (8.86)%   40.46%   8.87%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$607,869   $659,408   $617,468   $673,641   $475,339
Ratio to average net assets of:                  
Expenses
0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income
1.85%   1.90%   1.64%   1.49%   1.95%
Portfolio turnover rate(d)
30%   27%   27%   40%   29%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P 500® Enhanced Value ETF (SPVU)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$41.18   $40.63   $42.47   $28.77   $33.42
Net investment income(a)
1.29   1.23   1.02   0.96   0.99
Net realized and unrealized gain (loss) on investments
9.24   0.47(b)   (1.78)   13.63   (4.69)
Total from investment operations
10.53   1.70   (0.76)   14.59   (3.70)
Distributions to shareholders from:                  
Net investment income
(1.35)   (1.15)   (1.08)   (0.89)   (0.95)
Net asset value at end of year
$50.36   $41.18   $40.63   $42.47   $28.77
Market price at end of year(c)
$50.35   $41.19   $40.65   $42.44   $28.82
Net Asset Value Total Return(d)
26.01%   4.33%   (1.85)%   51.49%   (11.04)%
Market Price Total Return(d)
25.95%   4.31%   (1.72)%   51.13%   (10.97)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$106,258   $91,004   $144,635   $145,243   $69,042
Ratio to average net assets of:                  
Expenses
0.13%   0.13%   0.13%   0.13%   0.13%
Net investment income
2.83%   3.00%   2.36%   2.53%   3.14%
Portfolio turnover rate(e)
31%   39%   32%   36%   39%
    
(a) Based on average shares outstanding.
(b) Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$46.54   $47.45   $49.30   $39.43   $38.76
Net investment income(a)
1.00   1.10   0.94   0.57   0.72
Net realized and unrealized gain (loss) on investments
7.41   (0.90)   (1.94)   9.88   0.71
Total from investment operations
8.41   0.20   (1.00)   10.45   1.43
Distributions to shareholders from:                  
Net investment income
(1.13)   (1.11)   (0.85)   (0.58)   (0.76)
Net asset value at end of year
$53.82   $46.54   $47.45   $49.30   $39.43
Market price at end of year(b)
$53.78   $46.53   $47.49   $49.27   $39.49
Net Asset Value Total Return(c)
18.40%   0.39%   (2.04)%   26.73%   3.86%
Market Price Total Return(c)
18.34%   0.29%   (1.90)%   26.46%   3.99%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$40,902   $46,538   $54,090   $52,256   $69,002
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income
2.08%   2.31%   1.94%   1.33%   1.87%
Portfolio turnover rate(d)
66%   60%   77%   64%   84%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P 500® High Beta ETF (SPHB)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$76.06   $64.51   $74.74   $43.73   $40.44
Net investment income(a)
0.82   0.45   0.51   0.89   0.99(b)
Net realized and unrealized gain (loss) on investments
9.71   11.54   (10.12)   30.93   3.25
Total from investment operations
10.53   11.99   (9.61)   31.82   4.24
Distributions to shareholders from:                  
Net investment income
(0.79)   (0.44)   (0.62)   (0.81)   (0.95)
Net asset value at end of year
$85.80   $76.06   $64.51   $74.74   $43.73
Market price at end of year(c)
$85.78   $76.05   $64.58   $74.75   $43.83
Net Asset Value Total Return(d)
13.92%   18.68%   (12.92)%   73.38%   11.38%
Market Price Total Return(d)
13.90%   18.54%   (12.84)%   73.01%   11.59%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$450,461   $586,452   $527,684   $1,679,341   $131,175
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income
1.02%   0.65%   0.69%   1.30%   2.39%(b)
Portfolio turnover rate(e)
91%   66%   76%   103%   113%
    
(a) Based on average shares outstanding.
(b) Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.79 and 1.91%, respectively.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P 500 High Dividend Growers ETF (DIVG)
  For the Period
December 4, 2023(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
0.88
Net realized and unrealized gain on investments
6.16
Total from investment operations
7.04
Distributions to shareholders from:  
Net investment income
(0.74)
Net asset value at end of period
$31.30
Market price at end of period(c)
$31.26
Net Asset Value Total Return(d)
28.48%(e)
Market Price Total Return(d)
28.31%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$2,817
Ratio to average net assets of:  
Expenses
0.41%(f)
Net investment income
4.24%(f)
Portfolio turnover rate(g)
40%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 25.22%. The market price total return from Fund Inception to August 31, 2024 was 25.06%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$41.17   $43.91   $44.24   $34.10   $40.52
Net investment income(a)
1.80   1.80   1.60   1.57   1.53
Net realized and unrealized gain (loss) on investments
8.37   (2.76)   (0.27)   10.21   (6.10)
Total from investment operations
10.17   (0.96)   1.33   11.78   (4.57)
Distributions to shareholders from:                  
Net investment income
(1.80)   (1.78)   (1.66)   (1.64)   (1.85)
Net asset value at end of year
$49.54   $41.17   $43.91   $44.24   $34.10
Market price at end of year(b)
$49.55   $41.16   $43.96   $44.23   $34.16
Net Asset Value Total Return(c)
25.52%   (2.20)%   3.02%   35.25%   (11.46)%
Market Price Total Return(c)
25.58%   (2.34)%   3.15%   34.98%   (11.37)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$3,765,478   $3,125,345   $3,807,984   $3,034,476   $2,446,739
Ratio to average net assets of:                  
Expenses
0.30%   0.30%   0.30%   0.30%   0.30%
Net investment income
4.20%   4.24%   3.56%   3.90%   4.02%
Portfolio turnover rate(d)
49%   67%   60%   45%   76%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P 500® Low Volatility ETF (SPLV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$61.26   $63.19   $64.07   $54.69   $56.75
Net investment income(a)
1.30   1.46   1.35   0.91   1.27
Net realized and unrealized gain (loss) on investments
10.02   (1.95)   (0.96)   9.42   (2.01)
Total from investment operations
11.32   (0.49)   0.39   10.33   (0.74)
Distributions to shareholders from:                  
Net investment income
(1.46)   (1.44)   (1.27)   (0.95)   (1.32)
Net asset value at end of year
$71.12   $61.26   $63.19   $64.07   $54.69
Market price at end of year(b)
$71.14   $61.25   $63.25   $64.05   $54.77
Net Asset Value Total Return(c)
18.81%   (0.80)%   0.60%   19.09%   (1.19)%
Market Price Total Return(c)
18.86%   (0.91)%   0.73%   18.87%   (1.08)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$7,515,084   $8,716,016   $10,972,985   $8,217,477   $9,233,967
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income
2.05%   2.35%   2.10%   1.58%   2.33%
Portfolio turnover rate(d)
68%   55%   70%   64%   86%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P 500 Minimum Variance ETF (SPMV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$37.96   $36.57   $39.16   $32.31   $30.22
Net investment income(a)
0.73   0.71   0.63   0.60   0.63
Net realized and unrealized gain (loss) on investments
8.37   1.37   (2.60)   6.70   2.57
Total from investment operations
9.10   2.08   (1.97)   7.30   3.20
Distributions to shareholders from:                  
Net investment income
(0.85)   (0.69)   (0.62)   (0.45)   (0.58)
Net realized gains
-   -   -   -   (0.53)
Total distributions
(0.85)   (0.69)   (0.62)   (0.45)   (1.11)
Net asset value at end of year
$46.21   $37.96   $36.57   $39.16   $32.31
Market price at end of year(b)
$46.21   $37.94   $36.60   $39.22   $32.39
Net Asset Value Total Return(c)
24.35%   5.78%   (5.08)%   22.82%   11.02%
Market Price Total Return(c)
24.41%   5.63%   (5.14)%   22.71%   11.22%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$5,083   $22,775   $21,578   $24,277   $4,847
Ratio to average net assets of:                  
Expenses
0.10%   0.10%   0.10%   0.10%   0.10%
Net investment income
1.86%   1.92%   1.62%   1.67%   2.11%
Portfolio turnover rate(d)
79%   24%   20%   22%   20%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P 500® Momentum ETF (SPMO)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$58.28   $54.27   $63.43   $50.95   $40.57
Net investment income(a)
0.45   1.27   0.75   0.38   0.62
Net realized and unrealized gain (loss) on investments
31.13   3.94   (9.34)   12.58   10.42
Total from investment operations
31.58   5.21   (8.59)   12.96   11.04
Distributions to shareholders from:                  
Net investment income
(0.64)   (1.20)   (0.57)   (0.48)   (0.66)
Net asset value at end of year
$89.22   $58.28   $54.27   $63.43   $50.95
Market price at end of year(b)
$89.20   $58.33   $54.36   $63.41   $51.10
Net Asset Value Total Return(c)
54.58%   9.79%   (13.60)%   25.65%   27.77%
Market Price Total Return(c)
54.41%   9.71%   (13.43)%   25.24%   28.08%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$2,350,987   $197,572   $113,973   $88,166   $73,872
Ratio to average net assets of:                  
Expenses
0.13%   0.13%   0.13%   0.13%   0.13%
Net investment income
0.57%   2.29%   1.25%   0.70%   1.48%
Portfolio turnover rate(d)
72%   81%   124%   70%   90%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P 500 QVM Multi-factor ETF (QVML)
  Years Ended August 31,   For the Period
June 28, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$26.37   $23.58   $26.43   $25.00
Net investment income(b)
0.38   0.41   0.38   0.06
Net realized and unrealized gain (loss) on investments
7.10   2.79   (2.86)   1.37
Total from investment operations
7.48   3.20   (2.48)   1.43
Distributions to shareholders from:              
Net investment income
(0.38)   (0.41)   (0.37)   -
Net asset value at end of period
$33.47   $26.37   $23.58   $26.43
Market price at end of period(c)
$33.47   $26.38   $23.62   $26.44
Net Asset Value Total Return(d)
28.61%   13.76%   (9.47)%   5.72%(e)
Market Price Total Return(d)
28.56%   13.61%   (9.36)%   5.76%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$1,034,182   $849,202   $724,055   $792,855
Ratio to average net assets of:              
Expenses
0.11%   0.11%   0.11%   0.11%(f)
Net investment income
1.31%   1.71%   1.47%   1.34%(f)
Portfolio turnover rate(g)
15%   20%   18%   1%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
  Years Ended August 31,   For the Period
June 28, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$24.42   $22.48   $25.53   $25.00
Net investment income(b)
0.36   0.35   0.33   0.04
Net realized and unrealized gain (loss) on investments
4.21   1.95   (3.05)   0.49
Total from investment operations
4.57   2.30   (2.72)   0.53
Distributions to shareholders from:              
Net investment income
(0.34)   (0.36)   (0.33)   -
Net asset value at end of period
$28.65   $24.42   $22.48   $25.53
Market price at end of period(c)
$28.67   $24.42   $22.50   $25.53
Net Asset Value Total Return(d)
18.89%   10.37%   (10.69)%   2.12%(e)
Market Price Total Return(d)
18.97%   10.27%   (10.62)%   2.12%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$320,898   $267,668   $244,362   $206,549
Ratio to average net assets of:              
Expenses
0.15%   0.15%   0.15%   0.15%(f)
Net investment income
1.39%   1.51%   1.38%   0.98%(f)
Portfolio turnover rate(g)
30%   32%   27%   5%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P MidCap Low Volatility ETF (XMLV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$51.51   $52.53   $55.29   $43.65   $51.87
Net investment income(a)
1.21   1.26   0.97   0.62   1.02
Net realized and unrealized gain (loss) on investments
8.84   (1.02)   (2.84)   11.59   (7.93)
Total from investment operations
10.05   0.24   (1.87)   12.21   (6.91)
Distributions to shareholders from:                  
Net investment income
(1.20)   (1.26)   (0.89)   (0.57)   (1.31)
Net asset value at end of year
$60.36   $51.51   $52.53   $55.29   $43.65
Market price at end of year(b)
$60.30   $51.50   $52.56   $55.26   $43.70
Net Asset Value Total Return(c)
19.83%   0.46%   (3.38)%   28.21%   (13.26)%
Market Price Total Return(c)
19.73%   0.38%   (3.27)%   27.99%   (13.17)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$849,856   $898,905   $1,163,050   $1,453,542   $2,042,702
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income
2.26%   2.40%   1.78%   1.26%   2.13%
Portfolio turnover rate(d)
70%   76%   61%   57%   84%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
  Years Ended August 31,   For the Period
June 28, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$23.27   $22.14   $25.05   $25.00
Net investment income(b)
0.36   0.37   0.30   0.06
Net realized and unrealized gain (loss) on investments
3.92   1.14   (2.87)   (0.01)
Total from investment operations
4.28   1.51   (2.57)   0.05
Distributions to shareholders from:              
Net investment income
(0.34)   (0.38)   (0.34)   -
Net asset value at end of period
$27.21   $23.27   $22.14   $25.05
Market price at end of period(c)
$27.21   $23.30   $22.18   $25.05
Net Asset Value Total Return(d)
18.62%   6.92%   (10.33)%   0.20%(e)
Market Price Total Return(d)
18.46%   6.86%   (10.17)%   0.20%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$198,618   $202,938   $98,311   $51,106
Ratio to average net assets of:              
Expenses
0.15%   0.15%   0.15%   0.15%(f)
Net investment income
1.51%   1.65%   1.27%   1.51%(f)
Portfolio turnover rate(g)
38%   27%   28%   4%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P SmallCap 600® GARP ETF (GRPZ)
  For the Period
March 25, 2024(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
0.12
Net realized and unrealized gain on investments
1.31
Total from investment operations
1.43
Distributions to shareholders from:  
Net investment income
(0.06)
Net asset value at end of period
$26.37
Market price at end of period(c)
$26.37
Net Asset Value Total Return(d)
5.75%(e)
Market Price Total Return(d)
5.75%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$2,110
Ratio to average net assets of:  
Expenses
0.35%(f)
Net investment income
1.12%
Portfolio turnover rate(g)
66%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (March 27, 2024, the first day of trading on the exchange) to August 31, 2024 was 5.03%. The market price total return from Fund Inception to August 31, 2024 was 4.99%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$15.95   $18.99   $23.07   $16.66   $22.42
Net investment income(a)
0.77   0.87   0.92   0.86   0.82
Net realized and unrealized gain (loss) on investments
0.01   (2.64)   (3.92)   6.36   (5.31)
Total from investment operations
0.78   (1.77)   (3.00)   7.22   (4.49)
Distributions to shareholders from:                  
Net investment income
(1.12)   (1.27)   (1.08)   (0.81)   (1.27)
Net asset value at end of year
$15.61   $15.95   $18.99   $23.07   $16.66
Market price at end of year(b)
$15.61   $15.95   $19.02   $23.06   $16.69
Net Asset Value Total Return(c)
5.39%   (9.48)%   (13.36)%   43.97%   (20.41)%
Market Price Total Return(c)
5.38%   (9.63)%   (13.19)%   43.65%   (20.01)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$42,914   $19,137   $24,877   $21,690   $20,827
Ratio to average net assets of:                  
Expenses
0.30%   0.30%   0.30%   0.30%   0.30%
Net investment income
5.09%   5.10%   4.30%   4.13%   4.15%
Portfolio turnover rate(d)
79%   68%   67%   72%   83%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Low Volatility ETF (XSLV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$41.38   $45.06   $48.74   $35.24   $47.57
Net investment income(a)
0.93   1.11   1.01   0.65   1.08
Net realized and unrealized gain (loss) on investments
6.85   (3.61)   (3.83)   13.52   (12.05)
Total from investment operations
7.78   (2.50)   (2.82)   14.17   (10.97)
Distributions to shareholders from:                  
Net investment income
(0.91)   (1.18)   (0.86)   (0.67)   (1.36)
Net asset value at end of year
$48.25   $41.38   $45.06   $48.74   $35.24
Market price at end of year(b)
$48.19   $41.40   $45.09   $48.73   $35.30
Net Asset Value Total Return(c)
19.11%   (5.62)%   (5.81)%   40.64%   (23.22)%
Market Price Total Return(c)
18.91%   (5.63)%   (5.72)%   40.38%   (23.12)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$348,333   $408,026   $726,364   $1,155,186   $1,614,105
Ratio to average net assets of:                  
Expenses
0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income
2.18%   2.54%   2.09%   1.55%   2.55%
Portfolio turnover rate(d)
76%   77%   66%   68%   103%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P SmallCap Quality ETF (XSHQ)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$37.06   $32.97   $37.41   $26.95   $26.40
Net investment income(a)
0.54   0.53   0.62   0.38   0.36
Net realized and unrealized gain (loss) on investments
5.26   4.14   (4.37)   10.42   0.54
Total from investment operations
5.80   4.67   (3.75)   10.80   0.90
Distributions to shareholders from:                  
Net investment income
(0.44)   (0.58)   (0.69)   (0.34)   (0.35)
Net asset value at end of year
$42.42   $37.06   $32.97   $37.41   $26.95
Market price at end of year(b)
$42.41   $37.10   $32.99   $37.43   $26.99
Net Asset Value Total Return(c)
15.78%   14.39%   (10.13)%   40.38%   3.61%
Market Price Total Return(c)
15.63%   14.44%   (10.12)%   40.25%   3.80%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$319,851   $48,179   $28,683   $40,030   $4,043
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.30%   0.29%   0.29%
Net investment income
1.38%   1.55%   1.71%   1.07%   1.37%
Portfolio turnover rate(d)
86%   84%   60%   90%   107%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco ESG S&P 500 Equal Weight ETF (RSPE)   "ESG S&P 500 Equal Weight ETF"
Invesco MSCI USA ETF (PBUS)   "MSCI USA ETF"
Invesco Russell 1000 Equal Weight ETF (EQAL)   "Russell 1000 Equal Weight ETF"
Invesco S&P 500® Enhanced Value ETF (SPVU)   "S&P 500® Enhanced Value ETF"
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)   "S&P 500® ex-Rate Sensitive Low Volatility ETF"
Invesco S&P 500® High Beta ETF (SPHB)   "S&P 500® High Beta ETF"
Invesco S&P 500 High Dividend Growers ETF (DIVG)   "S&P 500 High Dividend Growers ETF"
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)   "S&P 500® High Dividend Low Volatility ETF"
Invesco S&P 500® Low Volatility ETF (SPLV)   "S&P 500® Low Volatility ETF"
Invesco S&P 500 Minimum Variance ETF (SPMV)   "S&P 500 Minimum Variance ETF"
Invesco S&P 500® Momentum ETF (SPMO)   "S&P 500® Momentum ETF"
Invesco S&P 500 QVM Multi-factor ETF (QVML)   "S&P 500 QVM Multi-factor ETF"
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)   "S&P MidCap 400 QVM Multi-factor ETF"
Invesco S&P MidCap Low Volatility ETF (XMLV)   "S&P MidCap Low Volatility ETF"
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)   "S&P SmallCap 600 QVM Multi-factor ETF"
Invesco S&P SmallCap 600® GARP ETF (GRPZ)   "S&P SmallCap 600® GARP ETF"
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)   "S&P SmallCap High Dividend Low Volatility ETF"
Invesco S&P SmallCap Low Volatility ETF (XSLV)   "S&P SmallCap Low Volatility ETF"
Invesco S&P SmallCap Quality ETF (XSHQ)   "S&P SmallCap Quality ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of MSCI USA ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
ESG S&P 500 Equal Weight ETF   S&P 500 Equal Weight ESG Leaders Select Index
MSCI USA ETF   MSCI USA Index
Russell 1000 Equal Weight ETF   Russell 1000® Equal Weight Index
S&P 500® Enhanced Value ETF   S&P 500 Enhanced Value Index
S&P 500® ex-Rate Sensitive Low Volatility ETF   S&P 500 Low Volatility Rate Response Index
S&P 500® High Beta ETF   S&P 500® High Beta Index
S&P 500 High Dividend Growers ETF   S&P 500® High Dividend Growth Index
S&P 500® High Dividend Low Volatility ETF   S&P 500® Low Volatility High Dividend Index
S&P 500® Low Volatility ETF   S&P 500® Low Volatility Index
S&P 500 Minimum Variance ETF   S&P 500® Minimum Volatility Index
S&P 500® Momentum ETF   S&P 500 Momentum Index
S&P 500 QVM Multi-factor ETF   S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap 400 QVM Multi-factor ETF   S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap Low Volatility ETF   S&P MidCap 400® Low Volatility Index
S&P SmallCap 600 QVM Multi-factor ETF   S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P SmallCap 600® GARP ETF   S&P SmallCap 600® GARP Index
S&P SmallCap High Dividend Low Volatility ETF   S&P SmallCap 600® Low Volatility High Dividend Index
S&P SmallCap Low Volatility ETF   S&P SmallCap 600® Low Volatility Index
S&P SmallCap Quality ETF   S&P SmallCap 600® Quality Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for
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certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of
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  capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund (except for S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not
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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
ESG S&P 500® Equal Weight ETF $98
MSCI USA ETF 16,847
Russell 1000 Equal Weight ETF 35,729
S&P 500® Enhanced Value ETF 1,014
S&P 500® ex-Rate Sensitive Low Volatility ETF 163
S&P 500® High Beta ETF 5,273
S&P 500® High Dividend Growers ETF(a) 16
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  Amount
S&P 500® High Dividend Low Volatility ETF 7,408
S&P 500® Low Volatility ETF 9,354
S&P 500 Minimum Variance ETF 25
S&P 500® Momentum ETF 1,607
S&P 500 QVM Multi-factor ETF 1,921
S&P MidCap 400 QVM Multi-factor ETF 5,038
S&P MidCap Low Volatility ETF 5,906
S&P SmallCap 600 QVM Multi-factor ETF 8,443
S&P SmallCap 600® GARP ETF(b) 4
S&P SmallCap High Dividend Low Volatility ETF 1,224
S&P SmallCap Low Volatility ETF 5,039
S&P SmallCap Quality ETF 3,583
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
 
J. Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Growth Investing Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.  
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each
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Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Multifactor Investing Risk. For certain Funds, the Underlying Index seeks to emphasize certain factor exposures to securities within the eligible index universe, in accordance with the Underlying Index’s methodology. There is no assurance that targeting exposure to such factors will enhance an Underlying Index’s or a Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is also no guarantee an Underlying Index will achieve the specific factor exposures.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500 High Dividend Growers ETF, S&P 500® Momentum ETF and S&P SmallCap 600® GARP ETF are non-diversified, and to the extent MSCI USA ETF, S&P 500® Enhanced Value ETF, S&P 500® ex-Rate Sensitivity Low Volatility ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Quality Investing Risk. For certain Funds, the quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
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NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
ESG S&P 500 Equal Weight ETF 0.20%
MSCI USA ETF 0.04%
Russell 1000 Equal Weight ETF 0.20%
S&P 500® Enhanced Value ETF 0.13%
S&P 500® ex-Rate Sensitive Low Volatility ETF 0.25%
S&P 500® High Beta ETF 0.25%
S&P 500 High Dividend Growers ETF 0.41%
S&P 500® High Dividend Low Volatility ETF 0.30%
S&P 500® Low Volatility ETF 0.25%
S&P 500 Minimum Variance ETF 0.10%
S&P 500® Momentum ETF 0.13%
S&P 500 QVM Multi-factor ETF 0.11%
S&P MidCap 400 QVM Multi-factor ETF 0.15%
S&P MidCap Low Volatility ETF 0.25%
S&P SmallCap 600 QVM Multi-factor ETF 0.15%
S&P SmallCap 600® GARP ETF 0.35%
S&P SmallCap High Dividend Low Volatility ETF 0.30%
S&P SmallCap Low Volatility ETF 0.25%
S&P SmallCap Quality ETF 0.29%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
ESG S&P 500 Equal Weight ETF $4
MSCI USA ETF 1,066
Russell 1000 Equal Weight ETF 200
S&P 500® Enhanced Value ETF 55
S&P 500® ex-Rate Sensitive Low Volatility ETF 14
S&P 500® High Beta ETF 199
S&P 500 High Dividend Growers ETF(a) 1
S&P 500® High Dividend Low Volatility ETF 898
S&P 500® Low Volatility ETF 1,657
S&P 500 Minimum Variance ETF 4
S&P 500® Momentum ETF 396
S&P 500 QVM Multi-factor ETF 367
S&P MidCap 400 QVM Multi-factor ETF 99
S&P MidCap Low Volatility ETF 352
S&P SmallCap 600 QVM Multi-factor ETF 74
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S&P SmallCap 600® GARP ETF(b) $-
S&P SmallCap High Dividend Low Volatility ETF 19
S&P SmallCap Low Volatility ETF 190
S&P SmallCap Quality ETF 40
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
ESG S&P 500 Equal Weight ETF   S&P Dow Jones Indices LLC
MSCI USA ETF   MSCI Inc.
Russell 1000 Equal Weight ETF   Frank Russell Company
S&P 500® Enhanced Value ETF   S&P Dow Jones Indices LLC
S&P 500® ex-Rate Sensitive Low Volatility ETF   S&P Dow Jones Indices LLC
S&P 500® High Beta ETF   S&P Dow Jones Indices LLC
S&P 500 High Dividend Growers ETF   NYSE Arca, Inc.
S&P 500® High Dividend Low Volatility ETF   S&P Dow Jones Indices LLC
S&P 500® Low Volatility ETF   S&P Dow Jones Indices LLC
S&P 500 Minimum Variance ETF   S&P Dow Jones Indices LLC
S&P 500® Momentum ETF   S&P Dow Jones Indices LLC
S&P 500 QVM Multi-factor ETF   S&P Dow Jones Indices LLC
S&P MidCap 400 QVM Multi-factor ETF   S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF   S&P Dow Jones Indices LLC
S&P SmallCap 600 QVM Multi-factor ETF   S&P Dow Jones Indices LLC
S&P SmallCap 600® GARP ETF   S&P Dow Jones Indices LLC
S&P SmallCap High Dividend Low Volatility ETF   S&P Dow Jones Indices LLC
S&P SmallCap Low Volatility ETF   S&P Dow Jones Indices LLC
S&P SmallCap Quality ETF   S&P Dow Jones Indices LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
ESG S&P 500 Equal Weight ETF $594
MSCI USA ETF 19,338
Russell 1000 Equal Weight ETF 78,922
S&P 500® Enhanced Value ETF 6,993
S&P 500® ex-Rate Sensitive Low Volatility ETF 2,140
S&P 500® High Beta ETF 91,870
S&P 500 High Dividend Growers ETF(a) 36
S&P 500® High Dividend Low Volatility ETF 164,345
S&P 500® Low Volatility ETF 188,512
S&P 500 Minimum Variance ETF 1,137
S&P 500® Momentum ETF 49,097
S&P 500 QVM Multi-factor ETF 15,501
S&P MidCap 400 QVM Multi-factor ETF 23,276
S&P MidCap Low Volatility ETF 49,946
S&P SmallCap 600 QVM Multi-factor ETF 34,104
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S&P SmallCap 600® GARP ETF(b) $372
S&P SmallCap High Dividend Low Volatility ETF 12,018
S&P SmallCap Low Volatility ETF 39,095
S&P SmallCap Quality ETF 12,768
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
  Securities Purchases   Securities Sales   Net Realized Gains (Losses)*
S&P 500® Enhanced Value ETF $-   $16,349   $(7,335)
S&P 500® High Dividend Low Volatility ETF -   15,410,723   (8,387,114)
S&P 500® Momentum ETF -   3,448,340   189,411
S&P 500 QVM Multi-factor ETF -   859,226   417,243
S&P MidCap 400 QVM Multi-factor ETF -   5,388,744   2,199,335
S&P SmallCap 600 QVM Multi-factor ETF -   104,863   20,613
S&P SmallCap Quality ETF -   130,544   1,334
    
* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
ESG S&P 500 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $12,112,940   $-   $-   $12,112,940
Money Market Funds -   964,969   -   964,969
Total Investments $12,112,940   $964,969   $-   $13,077,909
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  Level 1   Level 2   Level 3   Total
MSCI USA ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $5,188,738,266   $-   $-   $5,188,738,266
Money Market Funds -   68,588,625   -   68,588,625
Total Investments $5,188,738,266   $68,588,625   $-   $5,257,326,891
Russell 1000 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $607,205,980   $5,411   $56,038   $607,267,429
Money Market Funds -   68,417,448   -   68,417,448
Total Investments $607,205,980   $68,422,859   $56,038   $675,684,877
S&P 500® Enhanced Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $106,051,121   $-   $-   $106,051,121
Money Market Funds -   1,977,105   -   1,977,105
Total Investments $106,051,121   $1,977,105   $-   $108,028,226
S&P 500® ex-Rate Sensitive Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $40,883,482   $-   $-   $40,883,482
Money Market Funds -   1,141,638   -   1,141,638
Total Investments $40,883,482   $1,141,638   $-   $42,025,120
S&P 500® High Beta ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $450,034,853   $-   $-   $450,034,853
Money Market Funds 135,155   23,400,640   -   23,535,795
Total Investments $450,170,008   $23,400,640   $-   $473,570,648
S&P 500 High Dividend Growers ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,816,263   $-   $-   $2,816,263
Money Market Funds -   61,226   -   61,226
Total Investments $2,816,263   $61,226   $-   $2,877,489
S&P 500® High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $3,757,143,983   $-   $-   $3,757,143,983
Money Market Funds -   161,339,328   -   161,339,328
Total Investments $3,757,143,983   $161,339,328   $-   $3,918,483,311
S&P 500® Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $7,510,078,383   $-   $-   $7,510,078,383
Money Market Funds -   144,551,003   -   144,551,003
Total Investments $7,510,078,383   $144,551,003   $-   $7,654,629,386
S&P 500 Minimum Variance ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $5,073,289   $-   $-   $5,073,289
Money Market Funds 1,778   209,764   -   211,542
Total Investments $5,075,067   $209,764   $-   $5,284,831
S&P 500® Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,324,888,497   $-   $-   $2,324,888,497
Money Market Funds 1,656,178   3,405,315   -   5,061,493
Total Investments $2,326,544,675   $3,405,315   $-   $2,329,949,990
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  Level 1   Level 2   Level 3   Total
S&P 500 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,033,056,255   $-   $-   $1,033,056,255
Money Market Funds 12,957   10,395,141   -   10,408,098
Total Investments $1,033,069,212   $10,395,141   $-   $1,043,464,353
S&P MidCap 400 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $320,429,524   $-   $-   $320,429,524
Money Market Funds 269,035   38,429,977   -   38,699,012
Total Investments $320,698,559   $38,429,977   $-   $359,128,536
S&P MidCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $849,008,060   $-   $-   $849,008,060
Money Market Funds 67,904   48,363,261   -   48,431,165
Total Investments $849,075,964   $48,363,261   $-   $897,439,225
S&P SmallCap 600 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $198,452,224   $-   $0   $198,452,224
Money Market Funds -   36,139,800   -   36,139,800
Total Investments $198,452,224   $36,139,800   $0   $234,592,024
S&P SmallCap 600® GARP ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,107,784   $-   $-   $2,107,784
Money Market Funds 1,091   327,520   -   328,611
Total Investments $2,108,875   $327,520   $-   $2,436,395
S&P SmallCap High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $42,830,280   $-   $-   $42,830,280
Money Market Funds -   13,448,967   -   13,448,967
Total Investments $42,830,280   $13,448,967   $-   $56,279,247
S&P SmallCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $347,922,353   $-   $-   $347,922,353
Money Market Funds -   46,497,314   -   46,497,314
Total Investments $347,922,353   $46,497,314   $-   $394,419,667
S&P SmallCap Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $319,482,650   $-   $-   $319,482,650
Money Market Funds 168,991   59,194,686   -   59,363,677
Total Investments $319,651,641   $59,194,686   $-   $378,846,327
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
ESG S&P 500 Equal Weight ETF $175,106   $202,615
MSCI USA ETF 54,314,562   37,261,216
Russell 1000 Equal Weight ETF 11,297,572   11,211,391
S&P 500® Enhanced Value ETF 2,939,353   3,745,870
S&P 500® ex-Rate Sensitive Low Volatility ETF 1,012,244   1,214,873
S&P 500® High Beta ETF 5,679,266   3,617,061
S&P 500 High Dividend Growers ETF 72,511   -
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  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
S&P 500® High Dividend Low Volatility ETF $125,736,697   $149,959,572
S&P 500® Low Volatility ETF 178,561,681   227,021,350
S&P 500 Minimum Variance ETF 238,019   418,555
S&P 500® Momentum ETF 4,816,948   3,947,923
S&P 500 QVM Multi-factor ETF 11,976,935   14,198,526
S&P MidCap 400 QVM Multi-factor ETF 3,760,526   3,932,590
S&P MidCap Low Volatility ETF 18,618,680   25,580,808
S&P SmallCap 600 QVM Multi-factor ETF 2,894,937   2,116,823
S&P SmallCap 600® GARP ETF 6,030   -
S&P SmallCap High Dividend Low Volatility ETF 1,977,924   1,539,401
S&P SmallCap Low Volatility ETF 7,875,630   17,648,492
S&P SmallCap Quality ETF 1,265,852   507,211
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
ESG S&P 500 Equal Weight ETF $25,044   $1,258,077   $(938,998)   $11,784,206   $12,128,329
MSCI USA ETF 10,458,738   902,504,611   (51,426,370)   4,331,322,393   5,192,859,372
Russell 1000 Equal Weight ETF 1,688,829   56,413,960   (149,237,483)   699,003,931   607,869,237
S&P 500® Enhanced Value ETF 598,871   7,242,909   (18,480,613)   116,896,587   106,257,754
S&P 500® ex-Rate Sensitive Low Volatility ETF -   5,933,671   (27,472,116)   62,440,109   40,901,664
S&P 500® High Beta ETF 527,312   (45,554,035)   (221,367,755)   716,855,860   450,461,382
S&P 500 High Dividend Growers ETF 13,820   355,377   (10,337)   2,458,498   2,817,358
S&P 500® High Dividend Low Volatility ETF 307,642   177,055,173   (846,127,175)   4,434,242,184   3,765,477,824
S&P 500® Low Volatility ETF -   837,009,500   (2,888,761,065)   9,566,835,863   7,515,084,298
S&P 500 Minimum Variance ETF 15,747   549,835   (1,771,326)   6,288,565   5,082,821
S&P 500® Momentum ETF 978,782   64,129,199   (30,639,079)   2,316,517,989   2,350,986,891
S&P 500 QVM Multi-factor ETF 2,130,048   257,960,720   (57,062,014)   831,152,900   1,034,181,654
S&P MidCap 400 QVM Multi-factor ETF 613,946   60,174,156   (24,714,684)   284,824,662   320,898,080
S&P MidCap Low Volatility ETF 2,698,286   97,213,212   (691,964,292)   1,441,908,612   849,855,818
S&P SmallCap 600 QVM Multi-factor ETF 454,425   37,203,079   (10,303,008)   171,263,174   198,617,670
S&P SmallCap 600® GARP ETF 5,071   134,221   (33,799)   2,004,480   2,109,973
S&P SmallCap High Dividend Low Volatility ETF -   (789,062)   (13,067,385)   56,770,821   42,914,374
S&P SmallCap Low Volatility ETF 1,152,679   30,725,828   (717,824,325)   1,034,278,769   348,332,951
S&P SmallCap Quality ETF 689,487   20,363,586   (13,004,324)   311,802,649   319,851,398
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
ESG S&P 500 Equal Weight ETF $380,118   $558,880   $938,998
MSCI USA ETF 9,200,450   42,225,920   51,426,370
Russell 1000 Equal Weight ETF 25,192,565   124,044,918   149,237,483
S&P 500® Enhanced Value ETF 9,873,575   8,607,038   18,480,613
S&P 500® ex-Rate Sensitive Low Volatility ETF 20,529,670   6,942,446   27,472,116
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  No expiration    
  Short-Term   Long-Term   Total*
S&P 500® High Beta ETF $137,945,892   $83,421,863   $221,367,755
S&P 500 High Dividend Growers ETF 10,337   -   10,337
S&P 500® High Dividend Low Volatility ETF 350,065,438   496,061,737   846,127,175
S&P 500® Low Volatility ETF 2,079,057,541   809,703,524   2,888,761,065
S&P 500 Minimum Variance ETF 559,745   1,211,581   1,771,326
S&P 500® Momentum ETF 30,162,255   476,824   30,639,079
S&P 500 QVM Multi-factor ETF 26,069,720   30,992,294   57,062,014
S&P MidCap 400 QVM Multi-factor ETF 10,118,936   14,595,748   24,714,684
S&P MidCap Low Volatility ETF 432,984,009   258,980,283   691,964,292
S&P SmallCap 600 QVM Multi-factor ETF 5,123,323   5,179,685   10,303,008
S&P SmallCap 600® GARP ETF 33,799   -   33,799
S&P SmallCap High Dividend Low Volatility ETF 6,162,568   6,904,817   13,067,385
S&P SmallCap Low Volatility ETF 380,946,873   336,877,452   717,824,325
S&P SmallCap Quality ETF 10,627,072   2,377,252   13,004,324
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
ESG S&P 500 Equal Weight ETF $3,149,067   $3,422,095
MSCI USA ETF 151,725,242   142,209,401
Russell 1000 Equal Weight ETF 178,581,346   179,390,109
S&P 500® Enhanced Value ETF 32,645,486   31,612,700
S&P 500® ex-Rate Sensitive Low Volatility ETF 27,678,209   27,740,195
S&P 500® High Beta ETF 493,778,199   494,435,007
S&P 500 High Dividend Growers ETF(a) 1,153,418   1,108,464
S&P 500® High Dividend Low Volatility ETF 1,517,856,236   1,511,936,021
S&P 500® Low Volatility ETF 5,218,984,625   5,227,853,053
S&P 500 Minimum Variance ETF 8,019,725   8,128,185
S&P 500® Momentum ETF 687,387,712   699,201,836
S&P 500 QVM Multi-factor ETF 140,773,189   140,393,808
S&P MidCap 400 QVM Multi-factor ETF 86,940,750   87,233,352
S&P MidCap Low Volatility ETF 581,690,325   579,698,210
S&P SmallCap 600 QVM Multi-factor ETF 74,838,504   74,247,571
S&P SmallCap 600® GARP ETF(b) 1,284,970   1,282,019
S&P SmallCap High Dividend Low Volatility ETF 21,484,952   21,509,362
S&P SmallCap Low Volatility ETF 273,988,232   272,421,881
S&P SmallCap Quality ETF 122,906,730   123,032,921
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
ESG S&P 500 Equal Weight ETF $3,777,282   $4,267,274
MSCI USA ETF 1,921,187,090   760,466,552
Russell 1000 Equal Weight ETF 24,582,072   142,168,742
S&P 500® Enhanced Value ETF 30,635,350   36,425,103
S&P 500® ex-Rate Sensitive Low Volatility ETF -   11,585,399
S&P 500® High Beta ETF 726,390,242   907,445,051
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  In-kind
Purchases 		  In-kind
Sales
S&P 500 High Dividend Growers ETF(a) $3,971,159   $1,710,061
S&P 500® High Dividend Low Volatility ETF 1,514,627,965   1,440,930,651
S&P 500® Low Volatility ETF 2,196,116,226   4,491,504,019
S&P 500 Minimum Variance ETF 4,542,306   23,419,380
S&P 500® Momentum ETF 3,186,132,499   1,268,476,055
S&P 500 QVM Multi-factor ETF 86,384,153   120,710,293
S&P MidCap 400 QVM Multi-factor ETF 21,224,142   13,824,510
S&P MidCap Low Volatility ETF 34,706,800   212,466,220
S&P SmallCap 600 QVM Multi-factor ETF 5,759,782   41,476,817
S&P SmallCap 600® GARP ETF(b) 2,954,754   955,535
S&P SmallCap High Dividend Low Volatility ETF 25,052,457   1,386,045
S&P SmallCap Low Volatility ETF 7,574,426   121,056,437
S&P SmallCap Quality ETF 321,317,809   70,730,837
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
(b) For the period March 25, 2024 (commencement of investment operations) through August 31, 2024.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
ESG S&P 500 Equal Weight ETF $1,667,016   $(408,939)   $1,258,077   $11,819,832
MSCI USA ETF 1,102,200,721   (199,696,110)   902,504,611   4,354,822,280
Russell 1000 Equal Weight ETF 111,535,452   (55,121,492)   56,413,960   619,270,917
S&P 500® Enhanced Value ETF 12,991,003   (5,748,094)   7,242,909   100,785,317
S&P 500® ex-Rate Sensitive Low Volatility ETF 6,171,093   (237,422)   5,933,671   36,091,449
S&P 500® High Beta ETF 23,834,756   (69,388,791)   (45,554,035)   519,124,683
S&P 500 High Dividend Growers ETF 373,170   (17,793)   355,377   2,522,112
S&P 500® High Dividend Low Volatility ETF 307,021,695   (129,966,522)   177,055,173   3,741,428,138
S&P 500® Low Volatility ETF 892,279,317   (55,269,817)   837,009,500   6,817,619,886
S&P 500 Minimum Variance ETF 789,056   (239,221)   549,835   4,734,996
S&P 500® Momentum ETF 100,526,504   (36,397,305)   64,129,199   2,265,820,791
S&P 500 QVM Multi-factor ETF 280,349,082   (22,388,362)   257,960,720   785,503,633
S&P MidCap 400 QVM Multi-factor ETF 72,652,615   (12,478,459)   60,174,156   298,954,380
S&P MidCap Low Volatility ETF 110,122,222   (12,909,010)   97,213,212   800,226,013
S&P SmallCap 600 QVM Multi-factor ETF 47,951,052   (10,747,973)   37,203,079   197,388,945
S&P SmallCap 600® GARP ETF 233,056   (98,835)   134,221   2,302,174
S&P SmallCap High Dividend Low Volatility ETF 2,268,290   (3,057,352)   (789,062)   57,068,309
S&P SmallCap Low Volatility ETF 39,060,769   (8,334,941)   30,725,828   363,693,839
S&P SmallCap Quality ETF 30,495,253   (10,131,667)   20,363,586   358,482,741
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and REITs, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
ESG S&P 500 Equal Weight ETF $-   $(322,455)   $322,455
MSCI USA ETF -   (244,146,185)   244,146,185
Russell 1000 Equal Weight ETF 18,850   (25,077,784)   25,058,934
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  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
S&P 500® Enhanced Value ETF $-   $(3,525,599)   $3,525,599
S&P 500® ex-Rate Sensitive Low Volatility ETF 34,861   (1,151,456)   1,116,595
S&P 500® High Beta ETF (3)   (57,392,660)   57,392,663
S&P 500 High Dividend Growers ETF 405   (166,563)   166,158
S&P 500® High Dividend Low Volatility ETF 886,760   (90,761,976)   89,875,216
S&P 500® Low Volatility ETF 4,710,594   (263,373,799)   258,663,205
S&P 500 Minimum Variance ETF -   (2,389,387)   2,389,387
S&P 500® Momentum ETF -   (170,259,578)   170,259,578
S&P 500 QVM Multi-factor ETF -   (33,244,654)   33,244,654
S&P MidCap 400 QVM Multi-factor ETF -   (8,968,227)   8,968,227
S&P MidCap Low Volatility ETF -   (18,753,956)   18,753,956
S&P SmallCap 600 QVM Multi-factor ETF 1   (10,823,659)   10,823,658
S&P SmallCap 600® GARP ETF -   (5,235)   5,235
S&P SmallCap High Dividend Low Volatility ETF 615,606   (163,378)   (452,228)
S&P SmallCap Low Volatility ETF -   (8,852,222)   8,852,222
S&P SmallCap Quality ETF -   (8,404,933)   8,404,933
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the nineteen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nineteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. 
Fund Name
Invesco ESG S&P 500 Equal Weight ETF (1)
Invesco MSCI USA ETF (1)
Invesco Russell 1000 Equal Weight ETF (1)
Invesco S&P 500® Enhanced Value ETF (1)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (1)
Invesco S&P 500® High Beta ETF (1)
Invesco S&P 500 High Dividend Growers ETF (2)
Invesco S&P 500® High Dividend Low Volatility ETF (1)
Invesco S&P 500® Low Volatility ETF (1)
Invesco S&P 500 Minimum Variance ETF (1)
Invesco S&P 500® Momentum ETF (1)
Invesco S&P 500 QVM Multi-factor ETF (1)
Invesco S&P MidCap 400 QVM Multi-factor ETF (1)
Invesco S&P MidCap Low Volatility ETF (1)
Invesco S&P SmallCap 600 QVM Multi-factor ETF (1)
Invesco S&P SmallCap 600®  GARP ETF (3)
Invesco S&P SmallCap High Dividend Low Volatility ETF (1)
Invesco S&P SmallCap Low Volatility ETF (1)
Invesco S&P SmallCap Quality ETF (1)
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations and statement of changes in net assets for the period December 4, 2023 (commencement of investment operations) through August 31, 2024
(3) Statement of operations and statement of changes in net assets for the period March 25, 2024 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
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Report of Independent Registered Public Accounting Firm —(continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco ESG S&P 500 Equal Weight ETF 4%   96%   90%   0%   0%
Invesco MSCI USA ETF 0%   94%   91%   0%   0%
Invesco Russell 1000 Equal Weight ETF 15%   85%   82%   0%   0%
Invesco S&P 500® Enhanced Value ETF 0%   100%   100%   0%   0%
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF 0%   100%   100%   0%   0%
Invesco S&P 500® High Beta ETF 0%   100%   100%   0%   0%
Invesco S&P 500 High Dividend Growers ETF 10%   72%   70%   0%   0%
Invesco S&P 500® High Dividend Low Volatility ETF 14%   84%   80%   0%   0%
Invesco S&P 500® Low Volatility ETF 0%   100%   100%   0%   0%
Invesco S&P 500 Minimum Variance ETF 0%   98%   92%   0%   0%
Invesco S&P 500® Momentum ETF 0%   100%   100%   0%   0%
Invesco S&P 500 QVM Multi-factor ETF 0%   100%   99%   0%   0%
Invesco S&P MidCap 400 QVM Multi-factor ETF 13%   87%   85%   0%   0%
Invesco S&P MidCap Low Volatility ETF 20%   80%   79%   0%   0%
Invesco S&P SmallCap 600 QVM Multi-factor ETF 18%   81%   80%   0%   0%
Invesco S&P SmallCap 600® GARP ETF 0%   100%   100%   0%   0%
Invesco S&P SmallCap High Dividend Low Volatility ETF 30%   35%   33%   0%   0%
Invesco S&P SmallCap Low Volatility ETF 33%   67%   66%   0%   0%
Invesco S&P SmallCap Quality ETF 0%   95%   100%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on March 14, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco S&P SmallCap 600® GARP ETF (the “Fund”).
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund. 
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”).  The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of the Fund.  The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 meeting describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd.  The Trustees reviewed matters related to the Adviser’s portfolio transaction policies and procedures.  Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund. 
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds.  The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses.  The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:
Invesco Fund   Passive
ETF Peer
Group
(Number of
Peers) 		  Open-End
Index Fund
Peer Group
(Number of
Peers) 		  Open-End Active
Fund Peer Group
(Number of Peers) 		  Select Peer Group
(Number of Peers)
Invesco S&P SmallCap 600® GARP ETF   Higher than
median (60) 		  Higher than
median (33) 		  Lower than
median (236) 		  Lower than
median (4)
Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the indices, the distinguishing factors of the Fund, and  the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations.  However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 meeting regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
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Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund.  The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Fund.  The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund’s distributor and will be paid a distribution fee by the Adviser.  The Board concluded that the Fund’s proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-HBLVA-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
KBWB Invesco KBW Bank ETF
KBWD Invesco KBW High Dividend Yield Financial ETF
KBWY Invesco KBW Premium Yield Equity REIT ETF
KBWP Invesco KBW Property & Casualty Insurance ETF
KBWR Invesco KBW Regional Banking ETF
Table of Contents
Schedules of Investments  
3
5
7
9
11
13
14
16
18
21
32
33
34
41
2
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Invesco KBW Bank ETF (KBWB)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Asset Management & Custody Banks-11.57%
Bank of New York Mellon Corp. (The)
  1,059,352   $   72,268,993
Northern Trust Corp.
  625,789       57,078,215
State Street Corp.
  835,187      72,744,788
        202,091,996
Consumer Finance-3.86%
Capital One Financial Corp.
  458,842      67,417,655
Diversified Banks-42.83%
Bank of America Corp.
  3,158,866      128,723,790
Citigroup, Inc.
  1,013,174       63,465,219
Comerica, Inc.
  405,174       23,139,487
Fifth Third Bancorp
  1,687,540       72,041,083
JPMorgan Chase & Co.
  623,345      140,127,956
KeyCorp
  2,883,644       49,194,967
PNC Financial Services Group, Inc. (The)
  401,246       74,266,622
U.S. Bancorp
  1,557,223       73,547,642
Wells Fargo & Co.
  2,108,000     123,254,760
        747,761,526
Investment Banking & Brokerage-15.75%
Goldman Sachs Group, Inc. (The)
  276,661      141,166,275
Morgan Stanley
  1,291,035     133,764,137
        274,930,412
Regional Banks-25.85%
Citizens Financial Group, Inc.
  1,391,974       59,924,481
East West Bancorp, Inc.(b)
  425,760       35,793,643
First Horizon Corp.
  1,671,190      27,725,042
  Shares   Value
Regional Banks-(continued)
Huntington Bancshares, Inc.
  4,433,390   $   66,367,848
M&T Bank Corp.
  416,435       71,672,628
Regions Financial Corp.
  2,801,403       65,608,858
Truist Financial Corp.
  1,672,899       74,377,089
Western Alliance Bancorporation
  336,676       27,499,696
Zions Bancorporation N.A.(b)
  451,296      22,366,230
        451,335,515
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $1,726,038,742)
  1,743,537,104
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.95%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  4,559,871        4,559,871
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  11,966,577      11,971,364
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $16,530,236)
  16,531,235
TOTAL INVESTMENTS IN SECURITIES-100.81%

(Cost $1,742,568,978)
  1,760,068,339
OTHER ASSETS LESS LIABILITIES-(0.81)%
  (14,176,364)
NET ASSETS-100.00%
  $1,745,891,975
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $55,698,856   $(55,698,856)   $-   $-   $-   $33,568
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 9,165,896   107,842,560   (112,448,585)   -   -   4,559,871   156,476*
Invesco Private Prime Fund 23,569,447   242,539,926   (254,139,243)   1,140   94   11,971,364   408,922*
Total $32,735,343   $406,081,342   $(422,286,684)   $1,140   $94   $16,531,235   $598,966
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco KBW Bank ETF (KBWB)—(continued)
August 31, 2024
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco KBW High Dividend Yield Financial ETF (KBWD)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-71.30%
Asset Management & Custody Banks-5.68%
Artisan Partners Asset Management, Inc., Class A(b)
  120,104   $  4,995,125
Janus Henderson Group PLC
  132,655     4,989,155
Runway Growth Finance Corp.(b)
  1,179,209    12,487,823
        22,472,103
Consumer Finance-2.05%
OneMain Holdings, Inc.
  164,020     8,104,228
Diversified Banks-1.63%
KeyCorp
  377,749     6,444,398
Diversified Financial Services-1.05%
Jackson Financial, Inc., Class A
  46,281     4,163,902
Investment Banking & Brokerage-1.91%
B. Riley Financial, Inc.(b)
  335,486     1,648,914
Lazard, Inc.(b)
  117,560     5,890,931
        7,539,845
Life & Health Insurance-2.33%
Lincoln National Corp.(b)
  157,821     5,066,054
Prudential Financial, Inc.
  34,274     4,152,638
        9,218,692
Mortgage REITs-44.95%
AGNC Investment Corp.(b)
  1,489,502    15,207,816
Annaly Capital Management, Inc.
  637,334    12,848,654
Apollo Commercial Real Estate Finance, Inc.(b)
  1,305,599    13,826,293
Ares Commercial Real Estate Corp.(b)
  1,963,832    13,864,654
ARMOUR Residential REIT, Inc.(b)
  732,489    14,979,400
Dynex Capital, Inc.(b)
  988,947    12,460,732
Ellington Financial, Inc.
  1,010,266    13,284,998
KKR Real Estate Finance Trust, Inc.(b)
  1,063,011    12,681,721
MFA Financial, Inc.(b)
  1,163,268    14,564,115
New York Mortgage Trust, Inc.(b)
  2,149,694    14,338,459
Ready Capital Corp.(b)
  1,657,090    13,737,276
TPG RE Finance Trust, Inc.
  1,240,550    11,239,383
Two Harbors Investment Corp.(b)
  1,037,026    14,684,288
        177,717,789
Regional Banks-10.01%
Eagle Bancorp, Inc.(b)
  526,760    11,467,565
First Interstate BancSystem, Inc., Class A
  253,903     7,883,688
New York Community Bancorp, Inc.
  119,611     1,296,583
Northwest Bancshares, Inc.(b)
  634,724     8,790,928
Washington Trust Bancorp, Inc.(b)
  309,257    10,143,630
        39,582,394
Transaction & Payment Processing Services-1.69%
Western Union Co. (The)
  545,789     6,658,626
Total Common Stocks & Other Equity Interests

(Cost $282,073,020)
  281,901,977
  Shares   Value
Closed-End Funds-28.43%
Barings BDC, Inc.
  979,533   $  9,844,307
BlackRock TCP Capital Corp.(b)
  1,053,845     9,663,759
Capital Southwest Corp., BDC(b)
  331,466     8,396,034
Fidus Investment Corp.(b)
  561,268    11,298,325
FS KKR Capital Corp., BDC(b)
  579,493    11,723,143
Goldman Sachs BDC, Inc., BDC(b)
  723,915    10,228,919
MidCap Financial Investment Corp., BDC(b)
  557,136     7,760,904
PennantPark Investment Corp., BDC(b)
  1,627,890    11,476,624
Prospect Capital Corp., BDC(b)
  2,168,592    11,341,736
Trinity Capital, Inc., BDC(b)
  872,970    12,256,499
TriplePoint Venture Growth BDC Corp., BDC(b)
  1,118,675     8,423,623
        112,413,873
Total Closed-End Funds

(Cost $113,241,505)
  112,413,873
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $127,294)
  127,294       127,294
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.76%

(Cost $395,441,819)
  394,443,144
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-24.43%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  22,629,495    22,629,495
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  73,951,220    73,980,800
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $96,603,226)
  96,610,295
TOTAL INVESTMENTS IN SECURITIES-124.19%

(Cost $492,045,045)
  491,053,439
OTHER ASSETS LESS LIABILITIES-(24.19)%
  (95,647,892)
NET ASSETS-100.00%
  $395,405,547
 
Investment Abbreviations:
BDC -Business Development Company
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco KBW High Dividend Yield Financial ETF (KBWD)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $20,510,902   $(20,383,608)   $-   $-   $127,294   $15,274
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,150,755   266,724,497   (272,245,757)   -   -   22,629,495   1,419,587*
Invesco Private Prime Fund 72,387,657   524,280,166   (522,713,799)   7,678   19,098   73,980,800   3,850,390*
Total $100,538,412   $811,515,565   $(815,343,164)   $7,678   $19,098   $96,737,589   $5,285,251
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.87%
Diversified REITs-21.86%
American Assets Trust, Inc.
  254,887   $  6,945,671
Armada Hoffler Properties, Inc.
  573,771     7,063,121
Broadstone Net Lease, Inc.(b)
  443,913     8,123,608
Gladstone Commercial Corp.
  522,579     7,990,233
Global Net Lease, Inc.(b)
  1,771,926    15,274,002
W.P. Carey, Inc.(b)
  97,874     5,874,397
        51,271,032
Health Care REITs-17.02%
Global Medical REIT, Inc.(b)
  877,604     8,170,493
Healthcare Realty Trust, Inc.
  424,542     7,556,848
LTC Properties, Inc.(b)
  173,373     6,367,990
Omega Healthcare Investors, Inc.
  231,193     9,141,371
Sabra Health Care REIT, Inc.
  508,977     8,672,968
        39,909,670
Hotel & Resort REITs-7.53%
Apple Hospitality REIT, Inc.
  414,289     5,982,333
Service Properties Trust(b)
  2,491,388    11,684,610
        17,666,943
Industrial REITs-5.85%
Innovative Industrial Properties, Inc.(b)
  56,477     7,018,962
LXP Industrial Trust(b)
  647,626     6,709,405
        13,728,367
Multi-Family Residential REITs-2.50%
NexPoint Residential Trust, Inc.
  123,779     5,854,747
Office REITs-14.40%
Easterly Government Properties, Inc.(b)
  681,774     8,944,875
Highwoods Properties, Inc.(b)
  267,363     8,614,436
Office Properties Income Trust(b)(c)
  686,336     1,509,939
Piedmont Office Realty Trust, Inc., Class A(b)
  848,374     8,280,130
SL Green Realty Corp.
  96,215     6,411,768
        33,761,148
Other Specialized REITs-22.54%
EPR Properties
  183,066     8,690,143
Four Corners Property Trust, Inc.(b)
  208,394     5,907,970
Gaming and Leisure Properties, Inc.
  135,686     7,058,386
  Shares   Value
Other Specialized REITs-(continued)
Outfront Media, Inc.
  518,146   $  8,834,389
Uniti Group, Inc.(b)
  5,132,510    22,377,743
        52,868,631
Retail REITs-5.17%
Getty Realty Corp.(b)
  212,472     6,752,360
Kimco Realty Corp.
  230,480     5,360,965
        12,113,325
Self-Storage REITs-3.00%
National Storage Affiliates Trust(b)
  150,632     7,040,540
Total Common Stocks & Other Equity Interests

(Cost $204,636,634)
  234,214,403
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $2,689)
  2,689         2,689
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $204,639,323)
  234,217,092
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-24.34%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  16,064,934    16,064,934
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  41,006,450    41,022,853
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $57,087,433)
  57,087,787
TOTAL INVESTMENTS IN SECURITIES-124.21%

(Cost $261,726,756)
  291,304,879
OTHER ASSETS LESS LIABILITIES-(24.21)%
  (56,783,888)
NET ASSETS-100.00%
  $234,520,991
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $180,342   $17,372,004   $(17,549,657)   $-   $-   $2,689   $15,473
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 19,180,714   149,993,834   (153,109,614)   -   -   16,064,934   658,800*
Invesco Private Prime Fund 49,321,834   332,943,286   (341,255,071)   (391)   13,195   41,022,853   1,759,174*
Investments in Other Affiliates:                          
Office Properties Income Trust, **,*** 8,336,588   12,103,439   (7,348,084)   9,633,927   (21,215,931)   1,509,939   -
Total $77,019,478   $512,412,563   $(519,262,426)   $9,633,536   $(21,202,736)   $58,600,415   $2,433,447
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
** As of August 31, 2024, this security was not considered as an affiliate of the Fund.
*** As of August 31, 2023, this security was not considered as an affiliate of the Fund.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco KBW Property & Casualty Insurance ETF (KBWP)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Multi-line Insurance-8.55%
American International Group, Inc.
  315,058   $ 24,275,219
Horace Mann Educators Corp.(b)
  125,271     4,460,900
        28,736,119
Property & Casualty Insurance-81.19%
Allstate Corp. (The)
  148,241    28,008,655
American Financial Group, Inc.
  95,581    12,771,533
Arch Capital Group Ltd.(c)
  120,981    13,681,741
Assurant, Inc.
  71,577    14,054,144
AXIS Capital Holdings Ltd.
  168,061    13,424,713
Chubb Ltd.
  91,697    26,058,453
Cincinnati Financial Corp.
  105,600    14,470,368
Hanover Insurance Group, Inc. (The)(b)
  94,117    13,834,258
Hartford Financial Services Group, Inc. (The)
  120,027    13,935,135
James River Group Holdings Ltd.
  115,677        856,010
Kemper Corp.(b)
  196,866    12,306,094
Mercury General Corp.
  169,332    11,214,858
ProAssurance Corp.(b)(c)
  156,002     2,090,427
Progressive Corp. (The)
  117,592    29,656,702
RLI Corp.
  85,058    13,107,438
Selective Insurance Group, Inc.(b)
  127,206    11,573,202
Travelers Cos., Inc. (The)
  115,125    26,256,559
Universal Insurance Holdings, Inc.
  87,950     1,881,250
W.R. Berkley Corp.
  229,843    13,721,627
        272,903,167
Reinsurance-10.16%
Everest Group Ltd.
  31,763    12,458,719
RenaissanceRe Holdings Ltd. (Bermuda)
  54,494    13,884,526
SiriusPoint Ltd. (Sweden)(b)(c)
  521,355     7,815,112
        34,158,357
Total Common Stocks & Other Equity Interests

(Cost $284,485,471)
  335,797,643
  Shares   Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $175,420)
  175,420   $    175,420
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $284,660,891)
  335,973,063
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.17%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  156,972        156,972
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  409,021       409,185
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $566,133)
  566,157
TOTAL INVESTMENTS IN SECURITIES-100.12%

(Cost $285,227,024)
  336,539,220
OTHER ASSETS LESS LIABILITIES-(0.12)%
  (393,153)
NET ASSETS-100.00%
  $336,146,067
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $66,778   $3,019,139   $(2,910,497)   $-   $-   $175,420   $5,731
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco KBW Property & Casualty Insurance ETF (KBWP)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $1,817,266   $13,812,928   $(15,473,222)   $-   $-   $156,972   $33,332*
Invesco Private Prime Fund 4,672,971   34,119,382   (38,383,752)   24   560   409,185   89,224*
Total $6,557,015   $50,951,449   $(56,767,471)   $24   $560   $741,577   $128,287
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco KBW Regional Banking ETF (KBWR)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.83%
Regional Banks-99.83%
Ameris Bancorp
  18,309   $ 1,128,384
Associated Banc-Corp
  42,631       975,397
Atlantic Union Bankshares Corp.(b)
  28,025    1,112,032
Banc of California, Inc.(b)
  53,911       766,614
Bank of Hawaii Corp.
  13,568       900,508
Bank OZK(b)
  21,805       945,247
BankUnited, Inc.
  25,580       983,039
BOK Financial Corp.
  10,078    1,057,686
Brookline Bancorp, Inc.
  30,398       310,972
Cadence Bank
  32,024    1,033,735
Cathay General Bancorp
  24,814    1,091,568
Columbia Banking System, Inc.
  47,413    1,193,859
Commerce Bancshares, Inc.
  32,245    2,062,390
Community Financial System, Inc.(b)
  18,068    1,105,039
Cullen/Frost Bankers, Inc.
  15,997    1,795,343
CVB Financial Corp.(b)
  47,724       879,076
Eastern Bankshares, Inc.
  73,888    1,253,879
F.N.B. Corp.
  66,318       993,444
First Bancorp
  51,562    1,102,396
First Commonwealth Financial Corp.
  35,012       602,907
First Financial Bancorp
  32,626       863,610
First Financial Bankshares, Inc.(b)
  30,494    1,115,166
First Hawaiian, Inc.
  43,742    1,064,243
First Interstate BancSystem, Inc., Class A
  34,455    1,069,828
Fulton Financial Corp.
  54,306    1,050,821
Glacier Bancorp, Inc.(b)
  24,457    1,156,816
Hancock Whitney Corp.
  19,565    1,051,227
Home BancShares, Inc.
  38,881    1,082,447
Hope Bancorp, Inc.
  41,317       528,444
Independent Bank Corp.
  14,515       918,945
New York Community Bancorp, Inc.
  118,993    1,289,884
Old National Bancorp
  53,437    1,060,724
Pacific Premier Bancorp, Inc.
  32,956       846,969
Pinnacle Financial Partners, Inc.
  19,226    1,914,333
Popular, Inc.
  17,993    1,844,283
Prosperity Bancshares, Inc.
  14,686    1,080,596
Provident Financial Services, Inc.
  44,553       849,626
Simmons First National Corp., Class A
  42,888       918,661
SouthState Corp.
  11,832    1,148,769
Synovus Financial Corp.(b)
  23,041    1,062,651
  Shares   Value
Regional Banks-(continued)
Texas Capital Bancshares, Inc.(c)
  15,169   $ 1,019,660
Trustmark Corp.
  20,911       696,545
UMB Financial Corp.
  11,096    1,149,435
United Bankshares, Inc.
  28,183    1,095,473
United Community Banks, Inc.
  35,636    1,085,829
Valley National Bancorp
  128,213    1,112,889
WaFd, Inc.
  27,858    1,021,553
Webster Financial Corp.
  41,347    1,961,088
Wintrust Financial Corp.
  9,274    1,009,011
WSFS Financial Corp.(b)
  20,562    1,125,564
        54,488,605
Total Common Stocks & Other Equity Interests

(Cost $57,262,962)
  54,488,605
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $22,846)
  22,846       22,846
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $57,285,808)
  54,511,451
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.23%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  1,027,084    1,027,084
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  2,919,398    2,920,566
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,947,549)
  3,947,650
TOTAL INVESTMENTS IN SECURITIES-107.10%

(Cost $61,233,357)
  58,459,101
OTHER ASSETS LESS LIABILITIES-(7.10)%
  (3,877,099)
NET ASSETS-100.00%
  $54,582,002
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco KBW Regional Banking ETF (KBWR)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,939,226   $(1,916,380)   $-   $-   $22,846   $2,156
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,669,170   51,740,682   (55,382,768)   -   -   1,027,084   161,501*
Invesco Private Prime Fund 12,006,441   104,821,909   (113,911,518)   (38)   3,772   2,920,566   430,358*
Total $16,675,611   $158,501,817   $(171,210,666)   $(38)   $3,772   $3,970,496   $594,015
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Assets and Liabilities
August 31, 2024
  Invesco KBW
Bank ETF
(KBWB) 		  Invesco KBW High
Dividend Yield
Financial ETF
(KBWD) 		  Invesco KBW
Premium Yield
Equity REIT ETF
(KBWY) 		  Invesco KBW
Property &
Casualty
Insurance ETF
(KBWP) 		  Invesco KBW
Regional Banking
ETF (KBWR)
Assets:                  
Unaffiliated investments in securities, at value(a)
$1,743,537,104   $394,315,850   $234,214,403   $335,797,643   $54,488,605
Affiliated investments in securities, at value
16,531,235   96,737,589   57,090,476   741,577   3,970,496
Cash
-   24,657   -   -   -
Receivable for:                  
Dividends
3,070,704   823,004   365,305   266,906   85,489
Securities lending
384   245,404   4,367   112   697
Total assets
1,763,139,427   492,146,504   291,674,551   336,806,238   58,545,287
Liabilities:                  
Due to custodian
236,440   -   -   -   -
Payable for:                  
Investments purchased
-   24,656   -   -   -
Collateral upon return of securities loaned
16,530,236   96,603,226   57,087,433   566,133   3,947,549
Accrued unitary management fees
480,776   113,075   66,127   94,038   15,736
Total liabilities
17,247,452   96,740,957   57,153,560   660,171   3,963,285
Net Assets
$1,745,891,975   $395,405,547   $234,520,991   $336,146,067   $54,582,002
Net assets consist of:                  
Shares of beneficial interest
$2,141,721,066   $615,054,797   $422,354,147   $298,990,242   $72,480,764
Distributable earnings (loss)
(395,829,091)   (219,649,250)   (187,833,156)   37,155,825   (17,898,762)
Net Assets
$1,745,891,975   $395,405,547   $234,520,991   $336,146,067   $54,582,002
Shares outstanding (unlimited amount authorized, $0.01 par value)
29,280,000   25,620,000   11,490,000   2,910,000   940,000
Net asset value
$59.63   $15.43   $20.41   $115.51   $58.07
Market price
$59.62   $15.44   $20.41   $115.44   $58.13
Unaffiliated investments in securities, at cost
$1,726,038,742   $395,314,525   $204,636,634   $284,485,471   $57,262,962
Affiliated investments in securities, at cost
$16,530,236   $96,730,520   $57,090,122   $741,553   $3,970,395
(a)Includes securities on loan with an aggregate value of:
$16,346,792   $94,411,920   $55,316,971   $551,656   $3,882,332
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Operations
For the year ended August 31, 2024
  Invesco KBW
Bank ETF
(KBWB) 		  Invesco KBW High
Dividend Yield
Financial ETF
(KBWD) 		  Invesco KBW
Premium Yield
Equity REIT ETF
(KBWY) 		  Invesco KBW
Property &
Casualty
Insurance ETF
(KBWP) 		  Invesco KBW
Regional Banking
ETF (KBWR)
Investment income:                  
Unaffiliated dividend income
$53,734,254   $38,583,874   $7,348,554   $4,449,624   $1,912,526
Affiliated dividend income
33,568   15,274   15,473   5,731   2,156
Securities lending income, net
13,910   5,110,064   62,507   2,964   18,195
Foreign withholding tax
-   -   -   -   (9,026)
Total investment income
53,781,732   43,709,212   7,426,534   4,458,319   1,923,851
Expenses:                  
Unitary management fees
5,288,743   1,292,563   723,424   849,708   194,278
Less: Waivers
(686)   (279)   (287)   (103)   (41)
Net expenses
5,288,057   1,292,284   723,137   849,605   194,237
Net investment income
48,493,675   42,416,928   6,703,397   3,608,714   1,729,614
Realized and unrealized gain (loss) from:                  
Net realized gain (loss) from:                  
Unaffiliated investment securities
(45,739,928)   (12,415,737)   (34,983,525)   (4,211,904)   (3,806,942)
Affiliated investment securities
94   19,098   13,195   560   3,772
In-kind redemptions
55,432,812   670,926   857,715   12,073,179   815,096
Net realized gain (loss)
9,692,978   (11,725,713)   (34,112,615)   7,861,835   (2,988,074)
Change in net unrealized appreciation (depreciation) of:                  
Unaffiliated investment securities
478,842,331   (84,260)   56,653,917   66,619,044   14,049,728
Affiliated investment securities
1,140   7,678   (391)   24   (38)
Change in net unrealized appreciation (depreciation)
478,843,471   (76,582)   56,653,526   66,619,068   14,049,690
Net realized and unrealized gain (loss)
488,536,449   (11,802,295)   22,540,911   74,480,903   11,061,616
Net increase in net assets resulting from operations
$537,030,124   $30,614,633   $29,244,308   $78,089,617   $12,791,230
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
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15
Table of Contents
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco KBW Bank ETF (KBWB)   Invesco KBW High Dividend Yield
Financial ETF (KBWD)
  2024   2023   2024   2023
Operations:              
Net investment income
$48,493,675   $59,486,711   $42,416,928   $36,582,723
Net realized gain (loss)
9,692,978   (700,651,544)   (11,725,713)   (39,138,883)
Change in net unrealized appreciation (depreciation)
478,843,471   107,613,792   (76,582)   12,139,937
Net increase (decrease) in net assets resulting from operations
537,030,124   (533,551,041)   30,614,633   9,583,777
Distributions to Shareholders from:              
Distributable earnings
(53,070,953)   (54,916,451)   (43,957,579)   (42,766,013)
Shareholder Transactions:              
Proceeds from shares sold
1,590,982,017   2,842,086,612   34,062,544   35,165,759
Value of shares repurchased
(2,088,376,676)   (2,463,492,686)   (8,019,762)   (42,129,665)
Net increase (decrease) in net assets resulting from share transactions
(497,394,659)   378,593,926   26,042,782   (6,963,906)
Net increase (decrease) in net assets
(13,435,488)   (209,873,566)   12,699,836   (40,146,142)
Net assets:              
Beginning of period
1,759,327,463   1,969,201,029   382,705,711   422,851,853
End of period
$1,745,891,975   $1,759,327,463   $395,405,547   $382,705,711
Changes in Shares Outstanding:              
Shares sold
31,760,000   57,730,000   2,240,000   2,240,000
Shares repurchased
(44,390,000)   (52,000,000)   (550,000)   (2,900,000)
Shares outstanding, beginning of period
41,910,000   36,180,000   23,930,000   24,590,000
Shares outstanding, end of period
29,280,000   41,910,000   25,620,000   23,930,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco KBW Premium Yield
Equity REIT ETF (KBWY) 		  Invesco KBW Property & Casualty
Insurance ETF (KBWP) 		  Invesco KBW Regional
Banking ETF (KBWR)
2024   2023   2024   2023   2024   2023
                     
$6,703,397   $8,639,122   $3,608,714   $6,259,865   $1,729,614   $2,013,171
(34,112,615)   (26,603,542)   7,861,835   21,556,161   (2,988,074)   (1,752,758)
56,653,526   (2,102,830)   66,619,068   (6,856,258)   14,049,690   (10,380,998)
29,244,308   (20,067,250)   78,089,617   20,959,768   12,791,230   (10,120,585)
                     
(17,743,599)   (19,585,361)   (3,541,507)   (6,394,173)   (1,857,864)   (1,965,805)
                     
29,653,258   40,036,438   175,118,510   218,674,466   9,826,703   30,743,662
(33,930,268)   (61,506,195)   (62,487,194)   (290,961,981)   (25,191,945)   (34,911,417)
(4,277,010)   (21,469,757)   112,631,316   (72,287,515)   (15,365,242)   (4,167,755)
7,223,699   (61,122,368)   187,179,426   (57,721,920)   (4,431,876)   (16,254,145)
                     
227,297,292   288,419,660   148,966,641   206,688,561   59,013,878   75,268,023
$234,520,991   $227,297,292   $336,146,067   $148,966,641   $54,582,002   $59,013,878
                     
1,550,000   2,050,000   1,740,000   2,620,000   190,000   640,000
(1,930,000)   (3,250,000)   (630,000)   (3,520,000)   (510,000)   (680,000)
11,870,000   13,070,000   1,800,000   2,700,000   1,260,000   1,300,000
11,490,000   11,870,000   2,910,000   1,800,000   940,000   1,260,000
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Table of Contents
Financial Highlights
Invesco KBW Bank ETF (KBWB)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$41.98   $54.43   $66.21   $39.58   $48.15
Net investment income(a)
1.56   1.64   1.49   1.31   1.40
Net realized and unrealized gain (loss) on investments
17.71   (12.52)   (11.66)   26.56   (8.45)
Total from investment operations
19.27   (10.88)   (10.17)   27.87   (7.05)
Distributions to shareholders from:                  
Net investment income
(1.62)   (1.57)   (1.61)   (1.24)   (1.52)
Net asset value at end of period
$59.63   $41.98   $54.43   $66.21   $39.58
Market price at end of period(b)
$59.62   $41.99   $54.52   $66.11   $39.68
Net Asset Value Total Return(c)
46.89%   (20.21)%   (15.59)%   71.42%   (14.81)%
Market Price Total Return(c)
46.83%   (20.32)%   (15.33)%   70.75%   (14.72)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$1,745,892   $1,759,327   $1,969,201   $2,978,303   $763,963
Ratio to average net assets of:                  
Expenses
0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income
3.21%   3.39%   2.30%   2.25%   3.07%
Portfolio turnover rate(d)
11%   35%   23%   22%   18%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco KBW High Dividend Yield Financial ETF (KBWD)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$15.99   $17.20   $20.68   $13.75   $19.81
Net investment income(a)
1.74   1.55   1.25   1.19   1.39
Net realized and unrealized gain (loss) on investments
(0.50)   (0.95)   (3.08)   7.14   (5.66)
Total from investment operations
1.24   0.60   (1.83)   8.33   (4.27)
Distributions to shareholders from:                  
Net investment income
(1.80)   (1.81)   (1.65)   (1.40)   (1.79)
Net asset value at end of period
$15.43   $15.99   $17.20   $20.68   $13.75
Market price at end of period(b)
$15.44   $15.99   $17.21   $20.69   $13.77
Net Asset Value Total Return(c)
8.68%   4.56%   (9.15)%   62.77%   (22.34)%
Market Price Total Return(c)
8.75%   4.49%   (9.15)%   62.61%   (22.18)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$395,406   $382,706   $422,852   $465,497   $229,636
Ratio to average net assets of:                  
Expenses(d)
0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income
11.49%   10.03%   6.54%   6.55%   8.08%
Portfolio turnover rate(e)
71%   68%   76%   59%   77%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Financial Highlights—(continued)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$19.15   $22.07   $23.91   $18.71   $29.25
Net investment income(a)
0.59   0.70   0.74   0.69   1.36
Net realized and unrealized gain (loss) on investments
2.24   (2.04)   (1.23)   5.94   (9.62)
Total from investment operations
2.83   (1.34)   (0.49)   6.63   (8.26)
Distributions to shareholders from:                  
Net investment income
(1.57)   (1.58)   (1.35)   (1.43)   (2.28)
Net asset value at end of period
$20.41   $19.15   $22.07   $23.91   $18.71
Market price at end of period(b)
$20.41   $19.14   $22.09   $23.89   $18.74
Net Asset Value Total Return(c)
16.18%   (5.72)%   (2.23)%   36.86%   (28.96)%
Market Price Total Return(c)
16.24%   (5.85)%   (2.06)%   36.52%   (28.87)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$234,521   $227,297   $288,420   $350,063   $173,025
Ratio to average net assets of:                  
Expenses
0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income
3.24%   3.61%   3.09%   3.16%   5.45%
Portfolio turnover rate(d)
86%   73%   77%   72%   100%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco KBW Property & Casualty Insurance ETF (KBWP)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$82.76   $76.55   $80.54   $60.03   $70.73
Net investment income(a)
1.48   1.64   1.68   1.94(b)   1.28
Net realized and unrealized gain (loss) on investments
32.82   6.10   (3.26)   20.09   (10.63)
Total from investment operations
34.30   7.74   (1.58)   22.03   (9.35)
Distributions to shareholders from:                  
Net investment income
(1.55)   (1.53)   (2.41)   (1.52)   (1.35)
Net asset value at end of period
$115.51   $82.76   $76.55   $80.54   $60.03
Market price at end of period(c)
$115.44   $82.76   $76.65   $80.48   $60.13
Net Asset Value Total Return(d)
41.85%   10.15%   (1.98)%   37.10%   (13.11)%
Market Price Total Return(d)
41.76%   10.00%   (1.79)%   36.78%   (13.03)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$336,146   $148,967   $206,689   $88,593   $183,104
Ratio to average net assets of:                  
Expenses
0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income
1.49%   1.96%   2.11%   2.82%(b)   2.04%
Portfolio turnover rate(e)
14%   12%   8%   16%   16%
    
(a) Based on average shares outstanding.
(b) Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.54 and 2.23%, respectively.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco KBW Regional Banking ETF (KBWR)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$46.84   $57.90   $59.78   $35.41   $47.62
Net investment income(a)
1.54   1.58   1.38   1.32   1.32
Net realized and unrealized gain (loss) on investments
11.31   (11.12)   (1.87)   24.29   (12.07)
Total from investment operations
12.85   (9.54)   (0.49)   25.61   (10.75)
Distributions to shareholders from:                  
Net investment income
(1.62)   (1.52)   (1.39)   (1.24)   (1.46)
Net asset value at end of period
$58.07   $46.84   $57.90   $59.78   $35.41
Market price at end of period(b)
$58.13   $46.80   $57.95   $59.66   $35.44
Net Asset Value Total Return(c)
28.18%   (16.65)%   (0.79)%   73.45%   (22.87)%
Market Price Total Return(c)
28.42%   (16.79)%   (0.49)%   72.96%   (22.80)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$54,582   $59,014   $75,268   $73,528   $28,325
Ratio to average net assets of:                  
Expenses
0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income
3.12%   3.02%   2.28%   2.41%   2.96%
Portfolio turnover rate(d)
17%   19%   27%   20%   21%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco KBW Bank ETF (KBWB)   "KBW Bank ETF"
Invesco KBW High Dividend Yield Financial ETF (KBWD)   "KBW High Dividend Yield Financial ETF"
Invesco KBW Premium Yield Equity REIT ETF (KBWY)   "KBW Premium Yield Equity REIT ETF"
Invesco KBW Property & Casualty Insurance ETF (KBWP)   "KBW Property & Casualty Insurance ETF"
Invesco KBW Regional Banking ETF (KBWR)   "KBW Regional Banking ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
KBW Bank ETF   KBW Nasdaq BankTM Index
KBW High Dividend Yield Financial ETF   KBW Nasdaq Financial Sector Dividend YieldTM Index
KBW Premium Yield Equity REIT ETF   KBW Nasdaq Premium Yield Equity REITTM Index
KBW Property & Casualty Insurance ETF   KBW Nasdaq Property & CasualtyTM Index
KBW Regional Banking ETF   KBW Nasdaq Regional BankingTM Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related
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to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
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B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
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F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees
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paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
KBW Bank ETF $726
KBW High Dividend Yield Financial ETF 366,063
KBW Premium Yield Equity REIT ETF 4,885
KBW Property & Casualty Insurance ETF 265
KBW Regional Banking ETF 1,765
 
J. Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Investments in Business Development Companies (“BDCs”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.  
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively
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managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Regional, Small and Medium Bank Risk. Investing in securities of small and medium banks involves greater risk than customarily is associated with investing in larger, more established banks. Small and medium banks’ securities may be more volatile and less liquid than those of more established banks. These securities may have returns that vary, sometimes significantly, from the overall securities market. These banks also may be subject to extensive federal and state regulations and to severe price competition. Credit losses resulting from financial difficulties of borrowers can negatively impact these banks. The regional banking industry in which small and medium banks typically compete is highly competitive and failure to maintain or increase market share may result in the loss of market value. The marketing and expansion strategies of many regional banks may place a significant strain on their risk management, financial controls, operations systems, personnel and other resources. There can be no assurance that these banks will complete the necessary improvements to their systems, procedures and controls necessary to support their future operations or rapid growth. The performance of small and medium banks may be impacted by a number of factors, such as adverse economic or regulatory occurrences affecting small and medium banks, economic conditions of the region or depositor base that the bank serves, negative public perception and decreased liquidity in credit markets. To the extent that certain regulatory requirements are relaxed for small and medium banks, such banks could increase their overall risk profile, which may also result in greater overall risk in the banking industry and the financials sector in general.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
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NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
KBW Bank ETF 0.35%
KBW High Dividend Yield Financial ETF 0.35%
KBW Premium Yield Equity REIT ETF 0.35%
KBW Property & Casualty Insurance ETF 0.35%
KBW Regional Banking ETF 0.35%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
KBW Bank ETF $686
KBW High Dividend Yield Financial ETF 279
KBW Premium Yield Equity REIT ETF 287
KBW Property & Casualty Insurance ETF 103
KBW Regional Banking ETF 41
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with Keefe, Bruyette & Woods, Inc. (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
KBW Bank ETF $43,036
KBW High Dividend Yield Financial ETF 41,394
KBW Premium Yield Equity REIT ETF 66,686
KBW Property & Casualty Insurance ETF 4,907
KBW Regional Banking ETF 4,843
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
KBW Bank ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,743,537,104   $-   $-   $1,743,537,104
Money Market Funds -   16,531,235   -   16,531,235
Total Investments $1,743,537,104   $16,531,235   $-   $1,760,068,339
KBW High Dividend Yield Financial ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $281,901,977   $-   $-   $281,901,977
Closed-End Funds 112,413,873   -   -   112,413,873
Money Market Funds 127,294   96,610,295   -   96,737,589
Total Investments $394,443,144   $96,610,295   $-   $491,053,439
KBW Premium Yield Equity REIT ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $234,214,403   $-   $-   $234,214,403
Money Market Funds 2,689   57,087,787   -   57,090,476
Total Investments $234,217,092   $57,087,787   $-   $291,304,879
KBW Property & Casualty Insurance ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $335,797,643   $-   $-   $335,797,643
Money Market Funds 175,420   566,157   -   741,577
Total Investments $335,973,063   $566,157   $-   $336,539,220
KBW Regional Banking ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $54,488,605   $-   $-   $54,488,605
Money Market Funds 22,846   3,947,650   -   3,970,496
Total Investments $54,511,451   $3,947,650   $-   $58,459,101
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NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
KBW Bank ETF $53,070,953   $54,916,451
KBW High Dividend Yield Financial ETF 43,957,579   42,766,013
KBW Premium Yield Equity REIT ETF 17,743,599   19,585,361
KBW Property & Casualty Insurance ETF 3,541,507   6,394,173
KBW Regional Banking ETF 1,857,864   1,965,805
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
KBW Bank ETF $7,737,532   $6,195,192   $(409,761,815)   $2,141,721,066   $1,745,891,975
KBW High Dividend Yield Financial ETF -   (9,419,495)   (210,229,755)   615,054,797   395,405,547
KBW Premium Yield Equity REIT ETF -   25,026,070   (212,859,226)   422,354,147   234,520,991
KBW Property & Casualty Insurance ETF 292,365   48,095,616   (11,232,156)   298,990,242   336,146,067
KBW Regional Banking ETF 229,000   (3,628,402)   (14,499,360)   72,480,764   54,582,002
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
KBW Bank ETF $81,834,384   $327,927,431   $409,761,815
KBW High Dividend Yield Financial ETF 55,294,516   154,935,239   210,229,755
KBW Premium Yield Equity REIT ETF 64,129,173   148,730,053   212,859,226
KBW Property & Casualty Insurance ETF 3,702,214   7,529,942   11,232,156
KBW Regional Banking ETF 2,969,907   11,529,453   14,499,360
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
KBW Bank ETF $162,619,592   $177,508,531
KBW High Dividend Yield Financial ETF 269,150,855   263,397,948
KBW Premium Yield Equity REIT ETF 178,217,006   178,172,880
KBW Property & Casualty Insurance ETF 33,796,320   33,992,857
KBW Regional Banking ETF 9,664,898   9,805,647
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For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
KBW Bank ETF $1,567,292,810   $2,053,027,971
KBW High Dividend Yield Financial ETF 32,168,447   7,623,373
KBW Premium Yield Equity REIT ETF 25,214,467   30,461,344
KBW Property & Casualty Insurance ETF 175,028,639   62,413,758
KBW Regional Banking ETF 9,816,373   25,163,269
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
KBW Bank ETF $107,473,961   $(101,278,769)   $6,195,192   $1,753,873,147
KBW High Dividend Yield Financial ETF 32,513,101   (41,932,596)   (9,419,495)   500,472,934
KBW Premium Yield Equity REIT ETF 36,182,966   (11,156,896)   25,026,070   266,278,809
KBW Property & Casualty Insurance ETF 55,542,048   (7,446,432)   48,095,616   288,443,604
KBW Regional Banking ETF 3,386,458   (7,014,860)   (3,628,402)   62,087,503
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and real estate investment trust distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
KBW Bank ETF $-   $4,889,360   $(4,889,360)
KBW High Dividend Yield Financial ETF 1,540,651   437,824   (1,978,475)
KBW Premium Yield Equity REIT ETF 11,040,202   513,219   (11,553,421)
KBW Property & Casualty Insurance ETF -   (11,491,353)   11,491,353
KBW Regional Banking ETF -   632,952   (632,952)
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received
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in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco KBW Bank ETF 0%   100%   100%   0%   0%
Invesco KBW High Dividend Yield Financial ETF 31%   12%   10%   0%   0%
Invesco KBW Premium Yield Equity REIT ETF 45%   0%   0%   0%   0%
Invesco KBW Property & Casualty Insurance ETF 0%   100%   100%   0%   0%
Invesco KBW Regional Banking ETF 0%   100%   100%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-KBW-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
RWL Invesco S&P 500 Revenue ETF
RWK Invesco S&P MidCap 400 Revenue ETF
RWJ Invesco S&P SmallCap 600 Revenue ETF
RDIV Invesco S&P Ultra Dividend Revenue ETF
Table of Contents
Schedules of Investments  
3
9
14
21
23
24
26
28
30
40
41
42
49
2
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-7.20%
Alphabet, Inc., Class A
  183,790   $   30,027,610
Alphabet, Inc., Class C
  182,215       30,085,519
AT&T, Inc.
  1,416,240       28,183,176
Charter Communications, Inc., Class A(b)(c)
  40,419       14,047,219
Comcast Corp., Class A
  665,250       26,323,942
Electronic Arts, Inc.
  11,208        1,701,599
Fox Corp., Class A
  42,732        1,767,823
Fox Corp., Class B
  45,823        1,760,978
Interpublic Group of Cos., Inc. (The)
  75,299        2,455,500
Live Nation Entertainment, Inc.(b)(c)
  53,838        5,258,357
Match Group, Inc.(b)(c)
  22,238          827,476
Meta Platforms, Inc., Class A
  57,861       30,163,518
Netflix, Inc.(b)
  10,676        7,487,613
News Corp., Class A
  37,442        1,060,732
News Corp., Class B
  36,597        1,077,050
Omnicom Group, Inc.(c)
  34,339        3,448,666
Paramount Global, Class B
  602,708        6,310,353
Take-Two Interactive Software, Inc.(b)
  6,907        1,116,931
T-Mobile US, Inc.
  91,170       18,117,302
Verizon Communications, Inc.
  690,891       28,865,426
Walt Disney Co. (The)
  181,496       16,403,608
Warner Bros. Discovery, Inc.(b)
  1,146,020       8,984,797
        265,475,195
Consumer Discretionary-11.76%
Airbnb, Inc., Class A(b)
  14,256        1,672,371
Amazon.com, Inc.(b)
  657,366      117,339,831
Aptiv PLC(b)(c)
  58,421        4,178,854
AutoZone, Inc.(b)
  1,307        4,158,194
Bath & Body Works, Inc.(c)
  34,939        1,074,724
Best Buy Co., Inc.
  100,398       10,079,959
Booking Holdings, Inc.
  1,182        4,620,710
BorgWarner, Inc.
  96,165        3,276,342
Caesars Entertainment, Inc.(b)(c)
  64,744        2,436,964
CarMax, Inc.(b)(c)
  77,358        6,540,619
Carnival Corp.(b)(c)
  299,868        4,947,822
Chipotle Mexican Grill, Inc.(b)
  31,803        1,783,512
D.R. Horton, Inc.
  53,059       10,015,417
Darden Restaurants, Inc.(c)
  15,333        2,424,914
Deckers Outdoor Corp.(b)
  898          861,442
Domino’s Pizza, Inc.
  1,695          702,086
eBay, Inc.
  39,633        2,342,310
Etsy, Inc.(b)(c)
  9,504          523,575
Expedia Group, Inc.(b)(c)
  21,356        2,970,406
Ford Motor Co.
  3,099,121       34,679,164
Garmin Ltd.
  7,018        1,286,329
General Motors Co.
  764,447       38,054,172
Genuine Parts Co.
  34,482        4,939,891
Hasbro, Inc.(c)
  15,733        1,072,361
Hilton Worldwide Holdings, Inc.
  10,217        2,244,062
Home Depot, Inc. (The)
  89,513       32,985,540
Las Vegas Sands Corp.
  52,846        2,060,466
Lennar Corp., Class A(c)
  46,239        8,418,272
LKQ Corp.
  71,988        2,993,981
Lowe’s Cos., Inc.
  78,089       19,405,117
lululemon athletica, inc.(b)
  6,514        1,690,188
Marriott International, Inc., Class A
  20,540       4,820,533
  Shares   Value
Consumer Discretionary-(continued)
McDonald’s Corp.
  20,742   $    5,987,386
MGM Resorts International(b)(c)
  85,258        3,204,848
Mohawk Industries, Inc.(b)
  20,007        3,103,886
NIKE, Inc., Class B
  112,845        9,402,245
Norwegian Cruise Line Holdings Ltd.(b)
  109,831        1,964,877
NVR, Inc.(b)
  254        2,329,805
O’Reilly Automotive, Inc.(b)
  3,262        3,685,962
Pool Corp.(c)
  3,243        1,140,304
PulteGroup, Inc.
  29,323        3,860,373
Ralph Lauren Corp.
  7,526        1,288,903
Ross Stores, Inc.
  28,956        4,361,063
Royal Caribbean Cruises Ltd.(b)(c)
  20,226        3,329,604
Starbucks Corp.
  93,442        8,836,810
Tapestry, Inc.
  32,704        1,339,883
Tesla, Inc.(b)
  108,748       23,284,034
TJX Cos., Inc. (The)
  103,417       12,127,712
Tractor Supply Co.(c)
  10,677        2,856,631
Ulta Beauty, Inc.(b)
  5,904        2,083,167
Wynn Resorts Ltd.(c)
  16,045        1,233,540
Yum! Brands, Inc.
  10,482       1,414,231
        433,435,392
Consumer Staples-13.07%
Altria Group, Inc.
  94,064        5,057,821
Archer-Daniels-Midland Co.
  315,142       19,220,511
Brown-Forman Corp., Class B
  19,473          887,774
Bunge Global S.A.
  114,453       11,603,245
Campbell Soup Co.
  43,626        2,169,085
Church & Dwight Co., Inc.(c)
  11,202        1,141,260
Clorox Co. (The)(c)
  10,964        1,735,711
Coca-Cola Co. (The)
  150,706       10,921,664
Colgate-Palmolive Co.
  42,550        4,531,575
Conagra Brands, Inc.
  87,202        2,720,702
Constellation Brands, Inc., Class A
  7,981        1,921,107
Costco Wholesale Corp.
  60,616       54,092,506
Dollar General Corp.(c)
  63,619        5,278,468
Dollar Tree, Inc.(b)(c)
  59,401        5,018,790
Estee Lauder Cos., Inc. (The), Class A
  27,385        2,510,109
General Mills, Inc.
  62,734        4,535,041
Hershey Co. (The)(c)
  12,437        2,401,087
Hormel Foods Corp.
  80,533        2,621,349
J.M. Smucker Co. (The)
  14,954        1,714,925
Kellanova
  50,906        4,103,533
Kenvue, Inc.
  174,648        3,833,524
Keurig Dr Pepper, Inc.
  89,390        3,272,568
Kimberly-Clark Corp.
  29,860        4,319,548
Kraft Heinz Co. (The)
  167,262        5,926,093
Kroger Co. (The)
  609,000       32,404,890
Lamb Weston Holdings, Inc.(c)
  15,373          951,896
McCormick & Co., Inc.
  20,113        1,609,643
Molson Coors Beverage Co., Class B
  49,238        2,657,375
Mondelez International, Inc., Class A
  111,878        8,033,959
Monster Beverage Corp.(b)
  31,193        1,470,126
PepsiCo, Inc.
  114,663       19,822,939
Philip Morris International, Inc.
  71,483        8,813,139
Procter & Gamble Co. (The)
  103,041       17,675,653
Sysco Corp.
  225,657       17,594,476
Target Corp.
  154,341      23,709,864
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
  Shares   Value
Consumer Staples-(continued)
Tyson Foods, Inc., Class A
  200,131   $   12,870,425
Walgreens Boots Alliance, Inc.(c)
  1,899,998       17,574,982
Walmart, Inc.
  2,004,428     154,801,974
        481,529,337
Energy-7.28%
APA Corp.(c)
  60,262        1,716,864
Baker Hughes Co., Class A
  171,880        6,045,020
Chevron Corp.
  261,215       38,646,759
ConocoPhillips
  102,858       11,704,212
Coterra Energy, Inc.
  40,759          991,666
Devon Energy Corp.
  67,577        3,026,098
Diamondback Energy, Inc.
  9,520        1,857,447
EOG Resources, Inc.(c)
  40,590        5,228,804
EQT Corp.(c)
  23,567          789,730
Exxon Mobil Corp.
  621,808       73,336,035
Halliburton Co.
  143,341        4,456,472
Hess Corp.
  16,447        2,270,673
Kinder Morgan, Inc.
  157,525        3,397,814
Marathon Oil Corp.
  47,578        1,363,110
Marathon Petroleum Corp.
  176,093       31,189,592
Occidental Petroleum Corp.
  93,449        5,324,724
ONEOK, Inc.
  46,387        4,284,303
Phillips 66
  222,618       31,235,532
Schlumberger N.V.
  161,705        7,113,403
Targa Resources Corp.
  27,294        4,009,489
Valero Energy Corp.
  190,922       28,013,985
Williams Cos., Inc. (The)
  50,309       2,302,643
        268,304,375
Financials-16.44%
Aflac, Inc.
  45,290        4,998,204
Allstate Corp. (The)
  76,124       14,382,869
American Express Co.
  63,129       16,328,316
American International Group, Inc.
  136,289       10,501,067
Ameriprise Financial, Inc.
  8,020        3,604,509
Aon PLC, Class A
  9,410        3,234,405
Arch Capital Group Ltd.(b)
  29,555        3,342,375
Arthur J. Gallagher & Co.
  8,220        2,404,925
Assurant, Inc.
  13,974        2,743,795
Bank of America Corp.
  954,895       38,911,971
Bank of New York Mellon Corp. (The)
  127,164        8,675,128
Berkshire Hathaway, Inc., Class B(b)
  185,938       88,491,613
BlackRock, Inc.
  5,096        4,595,624
Blackstone, Inc., Class A
  17,348        2,469,661
Brown & Brown, Inc.
  9,997        1,050,985
Capital One Financial Corp.
  77,845       11,437,766
Cboe Global Markets, Inc.
  4,551          934,775
Charles Schwab Corp. (The)
  71,249        4,638,310
Chubb Ltd.
  40,750       11,580,335
Cincinnati Financial Corp.
  19,455        2,665,919
Citigroup, Inc.
  564,298       35,347,627
Citizens Financial Group, Inc.
  74,635        3,213,037
CME Group, Inc., Class A
  5,832        1,258,196
Corpay, Inc.(b)
  3,091          975,365
Discover Financial Services
  36,089        5,005,905
Everest Group Ltd.
  8,594        3,370,911
FactSet Research Systems, Inc.
  1,121          474,004
Fidelity National Information Services, Inc.
  29,875        2,463,194
Fifth Third Bancorp
  74,969        3,200,427
Fiserv, Inc.(b)
  26,633       4,650,122
  Shares   Value
Financials-(continued)
Franklin Resources, Inc.(c)
  75,911   $    1,536,439
Global Payments, Inc.
  21,175        2,350,637
Globe Life, Inc.
  14,546        1,528,057
Goldman Sachs Group, Inc. (The)
  53,439       27,267,250
Hartford Financial Services Group, Inc. (The)
  51,314        5,957,555
Huntington Bancshares, Inc.
  183,061        2,740,423
Intercontinental Exchange, Inc.
  15,015        2,425,673
Invesco Ltd.(d)
  80,825        1,381,299
Jack Henry & Associates, Inc.
  2,778          480,677
JPMorgan Chase & Co.
  266,806       59,977,989
KeyCorp
  161,341        2,752,477
KKR & Co., Inc., Class A
  42,407        5,248,714
Loews Corp.
  45,059        3,692,134
M&T Bank Corp.
  18,687        3,216,220
MarketAxess Holdings, Inc.
  822          199,245
Marsh & McLennan Cos., Inc.
  22,725        5,170,165
Mastercard, Inc., Class A
  11,814        5,710,179
MetLife, Inc.
  201,306       15,597,189
Moody’s Corp.
  3,107        1,515,408
Morgan Stanley
  213,589       22,129,956
MSCI, Inc.
  1,137          660,131
Nasdaq, Inc.
  21,561        1,554,117
Northern Trust Corp.
  31,932        2,912,518
PayPal Holdings, Inc.(b)
  102,352        7,413,355
PNC Financial Services Group, Inc. (The)
  43,760        8,099,538
Principal Financial Group, Inc.
  39,601        3,224,313
Progressive Corp. (The)
  65,108       16,420,238
Prudential Financial, Inc.
  106,367       12,887,426
Raymond James Financial, Inc.(c)
  24,572        2,938,074
Regions Financial Corp.
  101,006        2,365,560
S&P Global, Inc.
  6,022        3,090,731
State Street Corp.
  53,848        4,690,161
Synchrony Financial
  94,725        4,760,878
T. Rowe Price Group, Inc.
  11,856        1,257,210
Travelers Cos., Inc. (The)
  42,580        9,711,221
Truist Financial Corp.(c)
  190,906        8,487,681
U.S. Bancorp
  216,640       10,231,907
Visa, Inc., Class A
  25,713        7,106,302
W.R. Berkley Corp.
  48,925        2,920,822
Wells Fargo & Co.
  427,538       24,998,147
Willis Towers Watson PLC
  7,644       2,232,889
        605,792,245
Health Care-18.68%
Abbott Laboratories
  79,488        9,003,606
AbbVie, Inc.
  66,004       12,957,245
Agilent Technologies, Inc.
  10,363        1,481,080
Align Technology, Inc.(b)
  3,112          738,229
Amgen, Inc.
  20,091        6,706,979
Baxter International, Inc.
  89,827        3,408,036
Becton, Dickinson and Co.
  17,158        4,159,271
Biogen, Inc.(b)
  8,130        1,664,699
Bio-Rad Laboratories, Inc., Class A(b)
  1,857          626,403
Bio-Techne Corp.
  3,096          229,073
Boston Scientific Corp.(b)
  39,119        3,199,543
Bristol-Myers Squibb Co.
  225,806       11,279,010
Cardinal Health, Inc.
  449,750       50,695,820
Catalent, Inc.(b)
  15,233          928,604
Cencora, Inc.
  243,097      58,238,748
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
Centene Corp.(b)
  460,951   $   36,336,767
Charles River Laboratories International, Inc.(b)
  4,037          798,317
Cigna Group (The)
  125,222       45,306,572
Cooper Cos., Inc. (The)(b)
  8,100          856,413
CVS Health Corp.
  1,226,567       70,208,695
Danaher Corp.
  20,994        5,653,894
DaVita, Inc.(b)(c)
  17,839        2,692,262
DexCom, Inc.(b)
  6,642          460,556
Edwards Lifesciences Corp.(b)
  14,301        1,000,498
Elevance Health, Inc.
  65,639       36,553,703
Eli Lilly and Co.
  8,356        8,021,927
GE HealthCare Technologies, Inc.
  51,919        4,403,770
Gilead Sciences, Inc.
  85,923        6,787,917
HCA Healthcare, Inc.
  40,404       15,983,418
Henry Schein, Inc.(b)
  38,525        2,717,939
Hologic, Inc.(b)
  11,202          910,050
Humana, Inc.
  62,173       22,038,463
IDEXX Laboratories, Inc.(b)
  1,507          725,364
Incyte Corp.(b)
  12,348          810,770
Insulet Corp.(b)
  1,791          363,161
Intuitive Surgical, Inc.(b)
  3,472        1,710,411
IQVIA Holdings, Inc.(b)
  14,483        3,643,199
Johnson & Johnson
  125,905       20,882,603
Labcorp Holdings, Inc.
  12,515        2,877,073
McKesson Corp.
  107,040       60,058,003
Medtronic PLC
  81,425        7,212,626
Merck & Co., Inc.
  96,445       11,423,910
Mettler-Toledo International, Inc.(b)
  531          764,151
Moderna, Inc.(b)(c)
  7,497          580,268
Molina Healthcare, Inc.(b)
  23,830        8,335,496
Pfizer, Inc.
  408,866       11,861,203
Quest Diagnostics, Inc.
  13,725        2,154,413
Regeneron Pharmaceuticals, Inc.(b)
  2,611        3,093,226
ResMed, Inc.(c)
  4,422        1,083,478
Revvity, Inc.(c)
  5,076          622,013
Solventum Corp.(b)(c)
  30,391        1,948,367
STERIS PLC
  5,046        1,216,591
Stryker Corp.
  12,368        4,457,675
Teleflex, Inc.(c)
  2,943          721,535
Thermo Fisher Scientific, Inc.
  15,182        9,337,993
UnitedHealth Group, Inc.
  156,043       92,096,579
Universal Health Services, Inc., Class B
  15,954        3,796,573
Vertex Pharmaceuticals, Inc.(b)
  4,320        2,142,245
Viatris, Inc.
  307,036        3,708,995
Waters Corp.(b)(c)
  1,977          684,734
West Pharmaceutical Services, Inc.
  1,773          556,066
Zimmer Biomet Holdings, Inc.
  14,135        1,632,027
Zoetis, Inc.
  10,449       1,917,287
        688,465,542
Industrials-9.97%
3M Co.
  49,554        6,674,428
A.O. Smith Corp.
  9,523          797,266
Allegion PLC(c)
  6,325          878,163
American Airlines Group, Inc.(b)(c)
  963,348       10,230,756
AMETEK, Inc.
  8,178        1,398,847
Automatic Data Processing, Inc.
  15,939        4,397,730
Axon Enterprise, Inc.(b)
  1,195          436,139
Boeing Co. (The)(b)(c)
  88,172      15,319,003
  Shares   Value
Industrials-(continued)
Broadridge Financial Solutions, Inc.
  6,645   $    1,414,455
Builders FirstSource, Inc.(b)
  23,274        4,049,676
C.H. Robinson Worldwide, Inc.
  42,415        4,390,377
Carrier Global Corp.
  72,862        5,302,896
Caterpillar, Inc.
  42,548       15,151,343
Cintas Corp.
  2,775        2,234,208
Copart, Inc.(b)
  16,002          847,466
CSX Corp.
  92,661        3,175,492
Cummins, Inc.
  26,077        8,158,189
Dayforce, Inc.(b)(c)
  6,337          362,286
Deere & Co.
  31,688       12,223,329
Delta Air Lines, Inc.(c)
  247,632       10,521,884
Dover Corp.
  9,679        1,800,584
Eaton Corp. PLC
  15,116        4,639,554
Emerson Electric Co.
  31,658        3,336,437
Equifax, Inc.
  4,517        1,387,306
Expeditors International of Washington, Inc.
  14,753        1,820,668
Fastenal Co.(c)
  23,891        1,631,277
FedEx Corp.
  72,576       21,683,532
Fortive Corp.
  17,143        1,275,439
GE Vernova, Inc.(b)(c)
  33,217        6,676,617
Generac Holdings, Inc.(b)
  6,076          951,076
General Dynamics Corp.
  30,134        9,020,914
General Electric Co.
  54,808        9,570,573
Honeywell International, Inc.
  36,075        7,500,353
Howmet Aerospace, Inc.
  17,770        1,717,648
Hubbell, Inc.
  2,987        1,194,561
Huntington Ingalls Industries, Inc.
  9,949        2,813,279
IDEX Corp.
  3,301          681,590
Illinois Tool Works, Inc.
  13,901        3,519,455
Ingersoll Rand, Inc.
  15,397        1,408,056
J.B. Hunt Transport Services, Inc.
  16,285        2,820,562
Jacobs Solutions, Inc.
  24,873        3,752,838
Johnson Controls International PLC
  78,780        5,739,123
L3Harris Technologies, Inc.
  18,974        4,490,577
Leidos Holdings, Inc.
  22,339        3,540,955
Lockheed Martin Corp.
  31,073       17,652,571
Masco Corp.
  23,290        1,852,952
Nordson Corp.
  2,407          617,540
Norfolk Southern Corp.(c)
  11,113        2,846,706
Northrop Grumman Corp.
  19,310       10,103,185
Old Dominion Freight Line, Inc.
  6,985        1,346,708
Otis Worldwide Corp.
  30,027        2,843,257
PACCAR, Inc.
  67,684        6,509,847
Parker-Hannifin Corp.
  8,048        4,830,410
Paychex, Inc.
  8,735        1,146,032
Paycom Software, Inc.
  2,522          410,531
Pentair PLC
  10,776          955,723
Quanta Services, Inc.(c)
  16,089        4,426,567
Republic Services, Inc.
  16,485        3,432,342
Rockwell Automation, Inc.
  7,216        1,962,968
Rollins, Inc.
  13,317          668,247
RTX Corp.
  139,146       17,162,268
Snap-on, Inc.(c)
  4,013        1,138,649
Southwest Airlines Co.
  191,885        5,549,314
Stanley Black & Decker, Inc.
  38,315        3,921,923
Textron, Inc.
  33,003        3,009,874
Trane Technologies PLC
  11,281        4,079,886
TransDigm Group, Inc.
  1,163       1,597,043
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Uber Technologies, Inc.(b)
  112,257   $    8,209,354
Union Pacific Corp.
  22,152        5,672,906
United Airlines Holdings, Inc.(b)(c)
  225,556        9,933,486
United Parcel Service, Inc., Class B
  134,967       17,350,008
United Rentals, Inc.
  4,825        3,576,580
Veralto Corp.
  10,227        1,149,822
Verisk Analytics, Inc.
  2,069          564,465
W.W. Grainger, Inc.
  3,746        3,689,510
Wabtec Corp.
  12,650        2,145,061
Waste Management, Inc.
  20,744        4,398,558
Xylem, Inc.
  11,764       1,617,903
        367,309,103
Information Technology-9.28%
Accenture PLC, Class A (Ireland)
  46,034       15,741,326
Adobe, Inc.(b)
  7,946        4,564,262
Advanced Micro Devices, Inc.(b)
  29,090        4,321,610
Akamai Technologies, Inc.(b)
  8,898          906,172
Amphenol Corp., Class A
  38,300        2,583,335
Analog Devices, Inc.
  9,262        2,175,088
ANSYS, Inc.(b)
  1,412          453,845
Apple, Inc.
  367,139       84,074,831
Applied Materials, Inc.
  22,785        4,494,569
Arista Networks, Inc.(b)
  3,846        1,359,100
Autodesk, Inc.(b)
  5,022        1,297,685
Broadcom, Inc.
  50,163        8,167,540
Cadence Design Systems, Inc.(b)
  2,687          722,615
CDW Corp.
  19,336        4,362,975
Cisco Systems, Inc.
  247,557       12,511,531
Cognizant Technology Solutions Corp., Class A
  61,181        4,758,046
Corning, Inc.
  67,797        2,837,304
CrowdStrike Holdings, Inc., Class A(b)
  1,722          477,476
Enphase Energy, Inc.(b)
  2,993          362,273
EPAM Systems, Inc.(b)
  5,380        1,080,089
F5, Inc.(b)
  3,362          682,990
Fair Isaac Corp.(b)
  235          406,613
First Solar, Inc.(b)(c)
  2,703          614,581
Fortinet, Inc.(b)
  18,100        1,388,451
Gartner, Inc.(b)
  2,830        1,392,247
Gen Digital, Inc.(c)
  31,853          842,830
GoDaddy, Inc., Class A(b)
  6,371        1,066,569
Hewlett Packard Enterprise Co.
  266,724        5,166,444
HP, Inc.
  303,823       10,992,316
Intel Corp.
  369,733        8,148,915
International Business Machines Corp.
  75,006       15,160,963
Intuit, Inc.
  5,453        3,436,808
Jabil, Inc.
  54,724        5,980,239
Juniper Networks, Inc.
  30,676        1,192,683
Keysight Technologies, Inc.(b)
  7,735        1,192,118
KLA Corp.
  2,378        1,948,605
Lam Research Corp.
  2,792        2,292,260
Microchip Technology, Inc.
  17,010        1,397,542
Micron Technology, Inc.
  26,396        2,540,351
Microsoft Corp.
  109,270       45,580,888
Monolithic Power Systems, Inc.
  459          429,018
Motorola Solutions, Inc.
  5,545        2,451,112
NetApp, Inc.
  10,188        1,229,895
NVIDIA Corp.
  123,680       14,763,682
NXP Semiconductors N.V. (China)
  10,104       2,590,261
  Shares   Value
Information Technology-(continued)
ON Semiconductor Corp.(b)
  23,073   $    1,796,695
Oracle Corp.
  78,205       11,049,584
Palo Alto Networks, Inc.(b)(c)
  4,974        1,804,169
PTC, Inc.(b)(c)
  2,660          476,379
Qorvo, Inc.(b)
  6,885          797,903
QUALCOMM, Inc.
  34,494        6,046,798
Roper Technologies, Inc.
  2,414        1,338,346
Salesforce, Inc.
  31,436        7,950,164
Seagate Technology Holdings PLC
  12,286        1,223,071
ServiceNow, Inc.(b)
  2,676        2,287,980
Skyworks Solutions, Inc.(c)
  8,876          972,721
Super Micro Computer, Inc.(b)
  2,864        1,253,573
Synopsys, Inc.(b)
  2,074        1,077,609
TE Connectivity Ltd.
  21,856        3,357,082
Teledyne Technologies, Inc.(b)
  2,941        1,272,865
Teradyne, Inc.
  3,694          505,081
Texas Instruments, Inc.
  17,715        3,797,033
Trimble, Inc.(b)
  14,225          806,415
Tyler Technologies, Inc.(b)
  904          531,435
VeriSign, Inc.(b)
  1,697          312,078
Western Digital Corp.(b)(c)
  31,136        2,042,210
Zebra Technologies Corp., Class A(b)(c)
  2,957       1,021,289
        341,860,533
Materials-2.67%
Air Products and Chemicals, Inc.(c)
  9,008        2,511,881
Albemarle Corp.
  16,544        1,493,096
Amcor PLC
  281,944        3,225,439
Avery Dennison Corp.
  7,602        1,686,504
Ball Corp.
  41,385        2,640,777
Celanese Corp.
  15,610        2,038,666
CF Industries Holdings, Inc.
  16,922        1,406,049
Corteva, Inc.
  67,015        3,839,959
Dow, Inc.
  161,333        8,644,222
DuPont de Nemours, Inc.
  30,657        2,582,852
Eastman Chemical Co.
  18,607        1,904,799
Ecolab, Inc.
  13,192        3,339,951
FMC Corp.(c)
  15,108          975,675
Freeport-McMoRan, Inc.
  100,910        4,468,295
International Flavors & Fragrances, Inc.
  24,457        2,543,283
International Paper Co.(c)
  84,120        4,073,090
Linde PLC
  15,329        7,331,094
LyondellBasell Industries N.V., Class A
  88,622        8,746,991
Martin Marietta Materials, Inc.
  2,441        1,303,885
Mosaic Co. (The)
  95,817        2,737,492
Newmont Corp.
  65,481        3,496,031
Nucor Corp.
  45,015        6,838,229
Packaging Corp. of America
  8,734        1,830,122
PPG Industries, Inc.
  29,078        3,772,289
Sherwin-Williams Co. (The)
  15,800        5,836,046
Smurfit WestRock PLC
  79,883        3,788,052
Steel Dynamics, Inc.
  31,432        3,756,438
Vulcan Materials Co.(c)
  6,186       1,516,869
        98,328,076
Real Estate-1.02%
Alexandria Real Estate Equities, Inc.
  5,134          613,872
American Tower Corp.
  11,632        2,606,266
AvalonBay Communities, Inc.
  2,873          648,522
BXP, Inc.(c)
  10,922          821,553
Camden Property Trust
  2,935          367,462
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
CBRE Group, Inc., Class A(b)
  76,367   $    8,792,897
CoStar Group, Inc.(b)(c)
  7,007          541,641
Crown Castle, Inc.
  14,057        1,574,665
Digital Realty Trust, Inc.
  7,445        1,128,737
Equinix, Inc.
  2,228        1,858,954
Equity Residential
  8,822          660,591
Essex Property Trust, Inc.
  1,251          377,539
Extra Space Storage, Inc.
  3,673          650,121
Federal Realty Investment Trust
  2,364          271,860
Healthpeak Properties, Inc.
  23,513          523,870
Host Hotels & Resorts, Inc.(c)
  61,798        1,093,825
Invitation Homes, Inc.
  14,705          541,732
Iron Mountain, Inc.
  13,104        1,484,159
Kimco Realty Corp.
  20,165          469,038
Mid-America Apartment Communities, Inc.
  3,156          512,440
Prologis, Inc.
  14,921        1,907,202
Public Storage
  3,279        1,127,058
Realty Income Corp.
  16,865        1,047,485
Regency Centers Corp.
  4,527          329,068
SBA Communications Corp., Class A
  2,817          638,501
Simon Property Group, Inc.
  7,854        1,314,367
UDR, Inc.(c)
  8,261          367,697
Ventas, Inc.(c)
  18,757        1,164,997
VICI Properties, Inc.(c)
  26,602          890,635
Welltower, Inc.(c)
  13,585        1,639,438
Weyerhaeuser Co.
  53,317       1,625,635
        37,591,827
Utilities-2.54%
AES Corp. (The)
  131,959        2,260,458
Alliant Energy Corp.
  16,306          950,151
Ameren Corp.
  21,094        1,740,466
American Electric Power Co., Inc.
  45,473        4,560,032
American Water Works Co., Inc.(c)
  6,744          965,201
Atmos Energy Corp.
  7,148          934,530
CenterPoint Energy, Inc.(c)
  56,379        1,539,147
CMS Energy Corp.
  25,170        1,708,036
Consolidated Edison, Inc.
  32,652        3,316,137
Constellation Energy Corp.
  20,931        4,117,128
Dominion Energy, Inc.
  58,093        3,247,399
DTE Energy Co.
  21,735        2,717,310
Duke Energy Corp.
  58,680       6,686,586
  Shares   Value
Utilities-(continued)
Edison International
  45,775   $    3,983,798
Entergy Corp.
  22,776        2,748,835
Evergy, Inc.
  21,427        1,267,193
Eversource Energy
  39,530        2,669,461
Exelon Corp.
  127,364        4,851,295
FirstEnergy Corp.
  67,969        2,985,198
NextEra Energy, Inc.
  66,909        5,386,844
NiSource, Inc.(c)
  37,949        1,254,594
NRG Energy, Inc.
  73,851        6,278,073
PG&E Corp.
  268,980        5,298,906
Pinnacle West Capital Corp.(c)
  12,504        1,094,350
PPL Corp.
  59,501        1,898,677
Public Service Enterprise Group, Inc.
  27,328        2,206,736
Sempra
  36,469        2,997,022
Southern Co. (The)
  65,935        5,696,784
Vistra Corp.
  33,889        2,895,137
WEC Energy Group, Inc.(c)
  22,466        2,090,012
Xcel Energy, Inc.
  52,322       3,203,676
        93,549,172
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $3,002,008,684)
  3,681,640,797
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.54%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  36,153,465       36,153,465
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  94,304,071      94,341,793
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $130,489,743)
  130,495,258
TOTAL INVESTMENTS IN SECURITIES-103.45%

(Cost $3,132,498,427)
  3,812,136,055
OTHER ASSETS LESS LIABILITIES-(3.45)%
  (127,122,694)
NET ASSETS-100.00%
  $3,685,013,361
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $695,991   $598,585   $(23,281)   $114,371   $(4,367)   $1,381,299   $51,456
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $55,720,301   $(55,720,301)   $-   $-   $-   $48,932
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 16,906,620   313,203,026   (293,956,181)   -   -   36,153,465   940,062*
Invesco Private Prime Fund 43,474,166   785,901,532   (735,060,731)   5,775   21,051   94,341,793   2,543,759*
Total $61,076,777   $1,155,423,444   $(1,084,760,494)   $120,146   $16,684   $131,876,557   $3,584,209
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco S&P MidCap 400 Revenue ETF (RWK)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-1.29%
Frontier Communications Parent, Inc.(b)(c)
  89,470   $   2,576,736
Iridium Communications, Inc.(c)
  11,551         298,016
New York Times Co. (The), Class A
  19,163       1,052,625
Nexstar Media Group, Inc., Class A(c)
  12,791       2,185,726
TEGNA, Inc.
  86,885       1,205,964
TKO Group Holdings, Inc.(c)
  7,738         914,864
Warner Music Group Corp., Class A(c)
  78,854       2,256,013
Ziff Davis, Inc.(b)
  9,573         467,832
ZoomInfo Technologies, Inc., Class A(b)(c)
  39,062        386,323
        11,344,099
Consumer Discretionary-22.92%
Adient PLC(b)(c)
  234,612       5,306,923
Aramark(c)
  215,337       7,887,794
Autoliv, Inc. (Sweden)
  37,768       3,870,087
AutoNation, Inc.(b)
  64,117     11,411,544
Boyd Gaming Corp.
  27,022       1,621,860
Brunswick Corp.(c)
  31,389       2,481,300
Burlington Stores, Inc.(b)
  16,961       4,549,619
Capri Holdings Ltd.(b)
  63,311       2,261,469
Carter’s, Inc.(c)
  17,600       1,159,840
Choice Hotels International, Inc.(c)
  5,191         662,320
Churchill Downs, Inc.
  7,085         984,602
Columbia Sportswear Co.(c)
  16,526       1,334,144
Crocs, Inc.(b)(c)
  9,933       1,451,907
Dick’s Sporting Goods, Inc.(c)
  23,645       5,602,919
Duolingo, Inc.(b)(c)
  1,200         255,084
Five Below, Inc.(b)(c)
  12,530         945,138
Floor & Decor Holdings, Inc., Class A(b)(c)
  14,416       1,620,935
GameStop Corp., Class A(b)
  66,523       1,557,969
Gap, Inc. (The)(c)
  233,251       5,231,820
Gentex Corp.(c)
  26,657         835,164
Goodyear Tire & Rubber Co. (The)(b)(c)
  665,901       5,873,247
Graham Holdings Co., Class B
  2,505       1,991,951
Grand Canyon Education, Inc.(b)
  2,790         404,578
H&R Block, Inc.
  27,593       1,746,913
Harley-Davidson, Inc.(c)
  68,971       2,582,274
Helen of Troy Ltd.(b)(c)
  7,877         420,474
Hilton Grand Vacations, Inc.(b)(c)
  40,829       1,575,183
Hyatt Hotels Corp., Class A
  18,944       2,877,973
KB Home
  37,030       3,099,781
Lear Corp.
  79,376       9,259,210
Light & Wonder, Inc.(b)(c)
  12,488       1,371,432
Lithia Motors, Inc., Class A(c)
  50,440     15,186,475
Macy’s, Inc.
  502,084       7,817,448
Marriott Vacations Worldwide Corp.(c)
  21,677       1,604,098
Mattel, Inc.(b)(c)
  122,481       2,324,689
Murphy USA, Inc.
  17,596       9,143,410
Nordstrom, Inc.
  274,841       6,139,948
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
  9,527         853,238
Penske Automotive Group, Inc.(c)
  79,579     13,536,388
Planet Fitness, Inc., Class A(b)(c)
  5,979         485,555
Polaris, Inc.
  42,965       3,636,987
PVH Corp.
  30,893       3,048,830
RH(b)(c)
  5,100       1,293,870
Service Corp. International
  22,057       1,726,401
Skechers U.S.A., Inc., Class A(b)
  44,601      3,054,277
  Shares   Value
Consumer Discretionary-(continued)
Taylor Morrison Home Corp., Class A(b)
  52,384   $   3,527,015
Tempur Sealy International, Inc.(c)
  39,415       2,066,528
Texas Roadhouse, Inc.
  11,075       1,868,906
Thor Industries, Inc.(c)
  43,625       4,679,218
Toll Brothers, Inc.
  34,256       4,935,262
TopBuild Corp.(b)
  4,901       1,926,191
Travel + Leisure Co.
  33,630       1,488,464
Under Armour, Inc., Class A(b)
  165,469       1,272,457
Under Armour, Inc., Class C(b)(c)
  168,889       1,259,912
Vail Resorts, Inc.(c)
  6,372       1,157,792
Valvoline, Inc.(b)
  14,370         606,414
Visteon Corp.(b)
  14,636       1,481,602
Wendy’s Co. (The)
  50,809         859,688
Whirlpool Corp.
  82,673       8,291,275
Williams-Sonoma, Inc.(c)
  19,708       2,647,376
Wingstop, Inc.
  499         192,669
Wyndham Hotels & Resorts, Inc.
  7,501         590,329
YETI Holdings, Inc.(b)(c)
  16,422        662,135
        201,600,301
Consumer Staples-9.92%
BellRing Brands, Inc.(b)
  12,936         723,510
BJ’s Wholesale Club Holdings, Inc.(b)
  90,426       7,230,463
Boston Beer Co., Inc. (The), Class A(b)(c)
  2,769         752,393
Casey’s General Stores, Inc.
  15,556       5,636,094
Celsius Holdings, Inc.(b)(c)
  9,133         347,328
Coca-Cola Consolidated, Inc.
  2,592       3,479,501
Coty, Inc., Class A(b)(c)
  240,665       2,257,438
Darling Ingredients, Inc.(b)(c)
  69,726       2,909,666
e.l.f. Beauty, Inc.(b)(c)
  2,072         310,365
Flowers Foods, Inc.
  89,237       2,073,868
Ingredion, Inc.
  27,073       3,636,175
Lancaster Colony Corp.
  3,885         663,402
Performance Food Group Co.(b)
  332,658     24,829,593
Pilgrim’s Pride Corp.(b)(c)
  196,393       9,147,986
Post Holdings, Inc.(b)
  29,995       3,472,521
Sprouts Farmers Market, Inc.(b)
  36,049       3,750,898
US Foods Holding Corp.(b)
  270,123     15,993,983
        87,215,184
Energy-5.53%
Antero Midstream Corp.
  30,469         453,074
Antero Resources Corp.(b)
  50,781       1,370,579
ChampionX Corp.
  47,989       1,493,897
Chesapeake Energy Corp.(c)
  21,330       1,588,872
Chord Energy Corp.
  9,751       1,447,341
Civitas Resources, Inc.
  24,866       1,525,032
CNX Resources Corp.(b)(c)
  21,567         596,759
DT Midstream, Inc.
  5,359         421,164
HF Sinclair Corp.
  233,978     11,497,679
Matador Resources Co.
  21,088       1,196,111
Murphy Oil Corp.
  34,496       1,286,011
NOV, Inc.
  195,247       3,469,539
Ovintiv, Inc.
  90,354       3,869,862
PBF Energy, Inc., Class A
  333,200     11,348,792
Permian Resources Corp.
  96,731       1,377,449
Range Resources Corp.
  24,939         745,177
Southwestern Energy Co.(b)
  325,152       2,074,470
Texas Pacific Land Corp.
  346        300,636
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
  Shares   Value
Energy-(continued)
Valaris Ltd.(b)(c)
  10,077   $     615,302
Weatherford International PLC
  18,465      1,937,717
        48,615,463
Financials-14.67%
Affiliated Managers Group, Inc.
  5,686         988,397
Ally Financial, Inc.
  162,812       7,031,850
American Financial Group, Inc.
  24,803       3,314,177
Annaly Capital Management, Inc.(c)
  115,265       2,323,742
Associated Banc-Corp
  40,916         936,158
Bank OZK
  24,981       1,082,926
Brighthouse Financial, Inc.(b)
  27,453       1,260,093
Cadence Bank
  35,237       1,137,450
Carlyle Group, Inc. (The)
  31,028       1,245,154
CNO Financial Group, Inc.
  63,462       2,216,093
Columbia Banking System, Inc.(c)
  62,412       1,571,534
Commerce Bancshares, Inc.
  14,606         934,200
Cullen/Frost Bankers, Inc.
  10,997       1,234,193
East West Bancorp, Inc.
  23,037       1,936,721
Equitable Holdings, Inc.
  130,512       5,549,370
Erie Indemnity Co., Class A
  3,759       1,910,437
Essent Group Ltd.
  8,018         515,477
Euronet Worldwide, Inc.(b)(c)
  13,637       1,471,569
Evercore, Inc., Class A
  4,821       1,184,713
F.N.B. Corp.
  71,626       1,072,957
Federated Hermes, Inc., Class B
  19,885         682,055
Fidelity National Financial, Inc.
  101,499       5,984,381
First American Financial Corp.
  43,764       2,792,143
First Financial Bankshares, Inc.(c)
  9,245         338,090
First Horizon Corp.
  134,769       2,235,818
FirstCash Holdings, Inc.
  11,575       1,390,042
Glacier Bancorp, Inc.(c)
  13,008         615,278
Hancock Whitney Corp.
  17,500         940,275
Hanover Insurance Group, Inc. (The)
  19,602       2,881,298
Home BancShares, Inc.
  23,302         648,728
Houlihan Lokey, Inc.
  5,779         905,107
Interactive Brokers Group, Inc., Class A
  26,949       3,473,457
International Bancshares Corp.
  7,143         451,295
Janus Henderson Group PLC
  26,143         983,238
Jefferies Financial Group, Inc.
  73,935       4,432,403
Kemper Corp.
  32,509       2,032,138
Kinsale Capital Group, Inc.
  1,359         667,391
MGIC Investment Corp.(c)
  22,075         561,367
Morningstar, Inc.
  2,901         910,247
New York Community Bancorp, Inc.(c)
  284,916       3,088,489
Old National Bancorp
  64,933       1,288,920
Old Republic International Corp.
  98,806       3,544,171
Pinnacle Financial Partners, Inc.
  14,365       1,430,323
Primerica, Inc.
  5,159       1,358,004
Prosperity Bancshares, Inc.
  11,145         820,049
Reinsurance Group of America, Inc.
  39,880       8,803,909
RenaissanceRe Holdings Ltd. (Bermuda)
  16,940       4,316,143
RLI Corp.
  4,410         679,581
SEI Investments Co.
  11,833         800,266
Selective Insurance Group, Inc.
  18,876       1,717,338
SLM Corp.
  59,327       1,308,754
SouthState Corp.
  12,516       1,215,178
Starwood Property Trust, Inc.(c)
  43,986         916,668
Stifel Financial Corp.
  26,269       2,315,350
Synovus Financial Corp.(c)
  36,828      1,698,507
  Shares   Value
Financials-(continued)
Texas Capital Bancshares, Inc.(b)(c)
  12,362   $     830,974
UMB Financial Corp.
  12,162       1,259,862
United Bankshares, Inc.
  19,234         747,626
Unum Group
  100,738       5,589,952
Valley National Bancorp(c)
  206,702       1,794,173
Voya Financial, Inc.
  41,526       2,941,287
Webster Financial Corp.
  40,036       1,898,907
Western Union Co. (The)
  140,439       1,713,356
WEX, Inc.(b)(c)
  5,926       1,131,984
Wintrust Financial Corp.
  15,885       1,728,288
Zions Bancorporation N.A.
  45,295      2,244,820
        129,024,841
Health Care-4.54%
Acadia Healthcare Co., Inc.(b)(c)
  17,759       1,454,995
Amedisys, Inc.(b)(c)
  9,524         933,447
Arrowhead Pharmaceuticals, Inc.(b)(c)
  2,742          65,342
Azenta, Inc.(b)(c)
  4,676         231,556
BioMarin Pharmaceutical, Inc.(b)
  11,482       1,047,273
Bruker Corp.
  18,027       1,211,234
Chemed Corp.
  1,651         967,767
Cytokinetics, Inc.(b)(c)
  25           1,427
DENTSPLY SIRONA, Inc.
  58,580       1,481,488
Doximity, Inc., Class A(b)(c)
  6,163         226,675
Encompass Health Corp.
  22,827       2,124,052
Enovis Corp.(b)(c)
  15,714         732,272
Envista Holdings Corp.(b)
  56,188       1,025,993
Exelixis, Inc.(b)
  32,891         856,153
Globus Medical, Inc., Class A(b)(c)
  11,219         815,621
Haemonetics Corp.(b)(c)
  5,995         453,102
Halozyme Therapeutics, Inc.(b)(c)
  6,758         431,498
HealthEquity, Inc.(b)(c)
  4,878         388,094
Illumina, Inc.(b)
  16,051       2,109,101
Jazz Pharmaceuticals PLC(b)
  13,210       1,532,096
Lantheus Holdings, Inc.(b)
  6,684         711,645
LivaNova PLC(b)
  8,667         436,730
Masimo Corp.(b)(c)
  5,623         660,815
Medpace Holdings, Inc.(b)
  1,950         692,777
Neogen Corp.(b)(c)
  21,168         365,148
Neurocrine Biosciences, Inc.(b)
  5,675         721,065
Option Care Health, Inc.(b)(c)
  61,740       1,976,915
Penumbra, Inc.(b)(c)
  2,262         457,648
Perrigo Co. PLC
  65,877       1,917,021
Progyny, Inc.(b)(c)
  15,915         373,843
R1 RCM, Inc.(b)(c)
  71,435       1,007,948
Repligen Corp.(b)(c)
  1,853         279,673
Roivant Sciences Ltd.(b)
  4,524          55,329
Sarepta Therapeutics, Inc.(b)
  4,433         601,913
Sotera Health Co.(b)(c)
  35,979         555,516
Tenet Healthcare Corp.(b)
  58,882       9,764,991
United Therapeutics Corp.(b)
  3,363      1,222,619
        39,890,782
Industrials-19.49%
AAON, Inc.
  5,947         567,998
Acuity Brands, Inc.
  5,921       1,508,079
Advanced Drainage Systems, Inc.
  6,536       1,024,583
AECOM
  69,069       6,916,570
AGCO Corp.
  52,494       4,779,054
Applied Industrial Technologies, Inc.
  9,436       1,935,512
Avis Budget Group, Inc.(c)
  44,319      3,633,715
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Brink’s Co. (The)(c)
  19,512   $   2,164,466
BWX Technologies, Inc.
  10,987       1,131,661
CACI International, Inc., Class A(b)
  6,710       3,275,285
Carlisle Cos., Inc.
  4,823       2,043,987
Chart Industries, Inc.(b)(c)
  10,403       1,273,327
Clean Harbors, Inc.(b)
  9,620       2,365,558
Comfort Systems USA, Inc.
  6,888       2,435,046
Concentrix Corp.(c)
  52,744       3,967,931
Core & Main, Inc., Class A(b)
  53,830       2,585,455
Crane Co.
  5,937         940,302
Curtiss-Wright Corp.
  4,277       1,350,933
Donaldson Co., Inc.
  19,114       1,390,161
EMCOR Group, Inc.
  13,549       5,325,570
EnerSys
  13,461       1,364,003
ESAB Corp.
  11,728       1,231,088
ExlService Holdings, Inc.(b)(c)
  22,112         807,973
Exponent, Inc.
  2,208         239,060
Flowserve Corp.
  36,899       1,840,522
Fluor Corp.(b)
  134,867       6,752,791
Fortune Brands Innovations, Inc.
  27,079       2,150,343
FTI Consulting, Inc.(b)(c)
  6,755       1,542,234
GATX Corp.
  4,351         613,926
Genpact Ltd.
  56,673       2,223,282
Graco, Inc.
  10,549         879,259
GXO Logistics, Inc.(b)(c)
  80,534       4,030,727
Hexcel Corp.(c)
  11,198         708,721
Insperity, Inc.
  27,249       2,561,134
ITT, Inc.
  10,387       1,446,078
KBR, Inc.
  43,351       3,006,825
Kirby Corp.(b)
  10,514       1,260,839
Knight-Swift Transportation Holdings, Inc.
  61,083       3,199,528
Landstar System, Inc.
  10,935       1,996,294
Lennox International, Inc.
  3,623       2,138,258
Lincoln Electric Holdings, Inc.
  8,795       1,702,800
ManpowerGroup, Inc.
  100,484       7,427,777
MasTec, Inc.(b)
  43,648       4,937,898
Maximus, Inc.
  23,038       2,125,486
MDU Resources Group, Inc.
  70,432       1,809,398
Middleby Corp. (The)(b)(c)
  12,405       1,744,391
MSA Safety, Inc.
  3,916         715,179
MSC Industrial Direct Co., Inc., Class A(c)
  20,336       1,672,433
Nextracker, Inc., Class A(b)(c)
  16,365         665,565
nVent Electric PLC
  16,753       1,138,534
Oshkosh Corp.
  36,668       3,956,844
Owens Corning
  21,292       3,592,599
Paylocity Holding Corp.(b)
  3,768         608,155
RB Global, Inc. (Canada)
  20,536       1,768,766
RBC Bearings, Inc.(b)(c)
  2,223         662,121
Regal Rexnord Corp.
  18,545       3,112,037
Ryder System, Inc.
  38,971       5,660,148
Saia, Inc.(b)(c)
  2,548         957,615
Science Applications International Corp.
  24,846       3,244,639
Sensata Technologies Holding PLC
  41,454       1,598,052
Simpson Manufacturing Co., Inc.
  5,271         964,909
Stericycle, Inc.(b)
  17,577       1,041,613
Terex Corp.(c)
  38,225       2,170,033
Tetra Tech, Inc.
  9,209       2,189,348
Timken Co. (The)
  22,610       1,911,223
Toro Co. (The)
  17,718       1,640,687
Trex Co., Inc.(b)
  5,621        358,283
  Shares   Value
Industrials-(continued)
UFP Industries, Inc.
  23,975   $   2,917,038
Valmont Industries, Inc.
  5,829       1,665,695
Watsco, Inc.(c)
  5,965       2,835,880
Watts Water Technologies, Inc., Class A
  4,466         878,462
WESCO International, Inc.
  51,863       8,577,103
Woodward, Inc.
  6,880       1,146,552
XPO, Inc.(b)
  29,728      3,407,423
        171,412,764
Information Technology-8.47%
Allegro MicroSystems, Inc. (Japan)(b)(c)
  14,503         355,759
Altair Engineering, Inc., Class A(b)(c)
  2,473         223,460
Amkor Technology, Inc.
  71,242       2,343,862
AppFolio, Inc., Class A(b)
  1,122         260,293
Arrow Electronics, Inc.(b)
  94,441     12,757,090
ASGN, Inc.(b)(c)
  19,262       1,852,234
Aspen Technology, Inc.(b)(c)
  2,172         508,552
Avnet, Inc.
  184,425     10,176,571
Belden, Inc.
  9,843       1,055,957
Blackbaud, Inc.(b)(c)
  5,730         479,028
Ciena Corp.(b)(c)
  34,461       1,986,677
Cirrus Logic, Inc.(b)
  5,661         824,751
Cognex Corp.(c)
  7,182         290,009
Coherent Corp.(b)
  24,883       1,939,630
Commvault Systems, Inc.(b)
  2,804         435,742
Crane NXT Co.
  8,844         519,585
Dolby Laboratories, Inc., Class A
  6,272         447,570
Dropbox, Inc., Class A(b)
  46,033       1,157,270
Dynatrace, Inc.(b)
  12,075         611,236
IPG Photonics Corp.(b)
  5,436         371,659
Kyndryl Holdings, Inc.(b)
  244,799       5,799,288
Lattice Semiconductor Corp.(b)(c)
  4,468         211,604
Littelfuse, Inc.
  3,514         956,511
Lumentum Holdings, Inc.(b)(c)
  11,634         670,235
MACOM Technology Solutions Holdings, Inc.(b)
  2,363         258,110
Manhattan Associates, Inc.(b)
  1,623         429,170
MKS Instruments, Inc.
  10,725       1,278,742
Novanta, Inc.(b)
  2,154         394,785
Onto Innovation, Inc.(b)
  1,494         318,551
Power Integrations, Inc.
  2,259         151,579
Pure Storage, Inc., Class A(b)
  16,793         861,313
Qualys, Inc.(b)
  1,604         200,773
Rambus, Inc.(b)
  3,157         141,181
Silicon Laboratories, Inc.(b)(c)
  2,126         251,655
Synaptics, Inc.(b)(c)
  3,948         321,446
TD SYNNEX Corp.
  168,836     20,500,067
Teradata Corp.(b)
  21,116         596,316
Universal Display Corp.(c)
  1,195         231,495
Vishay Intertechnology, Inc.
  56,957       1,147,684
Vontier Corp.
  31,231       1,094,022
Wolfspeed, Inc.(b)(c)
  12,026        117,253
        74,528,715
Materials-8.55%
Alcoa Corp.
  109,386       3,511,291
AptarGroup, Inc.
  9,496       1,454,692
Arcadium Lithium PLC (Argentina)(b)(c)
  112,084         303,748
Ashland, Inc.
  8,517         762,271
Avient Corp.
  28,306       1,390,674
Axalta Coating Systems Ltd.(b)
  58,432      2,132,768
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
  Shares   Value
Materials-(continued)
Berry Global Group, Inc.
  80,488   $   5,542,404
Cabot Corp.
  15,634       1,643,290
Chemours Co. (The)(c)
  93,005       1,808,017
Cleveland-Cliffs, Inc.(b)(c)
  571,338       7,461,674
Commercial Metals Co.
  65,027       3,484,797
Crown Holdings, Inc.
  58,733       5,310,050
Eagle Materials, Inc.
  3,859         994,657
Graphic Packaging Holding Co.(c)
  132,207       3,956,955
Greif, Inc., Class A
  33,342       2,084,542
Knife River Corp.(b)(c)
  16,015       1,263,103
Louisiana-Pacific Corp.
  11,438       1,110,058
MP Materials Corp.(b)(c)
  5,875          75,787
NewMarket Corp.
  2,008       1,152,130
Olin Corp.
  51,465       2,247,477
Reliance, Inc.
  20,318       5,824,155
Royal Gold, Inc.(c)
  1,841         258,053
RPM International, Inc.(c)
  25,619       2,978,209
Scotts Miracle-Gro Co. (The)(c)
  20,049       1,423,078
Silgan Holdings, Inc.
  51,798       2,707,481
Sonoco Products Co.
  45,270       2,560,924
United States Steel Corp.(c)
  189,968       7,201,687
Westlake Corp.
  31,584      4,593,577
        75,237,549
Real Estate-2.69%
Agree Realty Corp.
  3,557         259,696
American Homes 4 Rent, Class A
  18,227         724,888
Brixmor Property Group, Inc.
  21,813         597,458
COPT Defense Properties(c)
  11,299         336,597
Cousins Properties, Inc.
  13,584         387,280
CubeSmart
  9,235         478,650
EastGroup Properties, Inc.
  1,390         259,096
EPR Properties
  6,740         319,948
Equity LifeStyle Properties, Inc.(c)
  9,405         683,837
First Industrial Realty Trust, Inc.
  5,125         290,741
Gaming and Leisure Properties, Inc.
  13,032         677,925
Healthcare Realty Trust, Inc.
  31,390         558,742
Independence Realty Trust, Inc.(c)
  14,272         296,572
Jones Lang LaSalle, Inc.(b)
  40,273     10,278,878
Kilroy Realty Corp.
  13,585         492,728
Kite Realty Group Trust
  14,588         380,455
Lamar Advertising Co., Class A
  7,247         911,528
National Storage Affiliates Trust
  8,043         375,930
NNN REIT, Inc.
  7,713         362,434
Omega Healthcare Investors, Inc.
  11,844         468,312
Park Hotels & Resorts, Inc.(c)
  70,942       1,083,994
PotlatchDeltic Corp.
  9,580         416,347
Rayonier, Inc.(c)
  13,511         416,274
Rexford Industrial Realty, Inc.(c)
  7,098         361,430
Sabra Health Care REIT, Inc.
  17,978         306,345
STAG Industrial, Inc.
  8,019        325,411
  Shares   Value
Real Estate-(continued)
Vornado Realty Trust(c)
  27,439   $     943,078
W.P. Carey, Inc.(c)
  11,745        704,935
        23,699,509
Utilities-1.85%
ALLETE, Inc.
  10,569         671,660
Black Hills Corp.
  15,764         931,968
Essential Utilities, Inc.
  20,250         789,547
IDACORP, Inc.
  7,590         773,497
National Fuel Gas Co.
  12,703         759,131
New Jersey Resources Corp.
  15,613         723,038
NorthWestern Energy Group, Inc.
  11,274         613,193
OGE Energy Corp.
  29,821       1,179,719
ONE Gas, Inc.
  13,388         922,969
Ormat Technologies, Inc.(c)
  4,552         339,260
Portland General Electric Co.
  26,000       1,250,860
Southwest Gas Holdings, Inc.
  29,150       2,119,788
Spire, Inc.
  17,327       1,143,062
TXNM Energy, Inc.(c)
  18,900         774,522
UGI Corp.
  131,754      3,281,992
        16,274,206
Total Common Stocks & Other Equity Interests

(Cost $745,456,641)
  878,843,413
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $128,678)
  128,678        128,678
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $745,585,319)
  878,972,091
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.64%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  28,740,449     28,740,449
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  73,628,433     73,657,884
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $102,392,140)
  102,398,333
TOTAL INVESTMENTS IN SECURITIES-111.58%

(Cost $847,977,459)
  981,370,424
OTHER ASSETS LESS LIABILITIES-(11.58)%
  (101,821,171)
NET ASSETS-100.00%
  $879,549,253
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $256,285   $11,765,673   $(11,893,280)   $-   $-   $128,678   $15,545
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 19,813,137   260,116,711   (251,189,399)   -   -   28,740,449   1,437,226*
Invesco Private Prime Fund 50,948,068   513,185,119   (490,507,707)   7,839   24,565   73,657,884   3,833,183*
Total $71,017,490   $785,067,503   $(753,590,386)   $7,839   $24,565   $102,527,011   $5,285,954
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-8.15%
AMC Networks, Inc., Class A(b)(c)
  176,780   $    1,741,283
Cable One, Inc.(c)
  5,071        1,788,643
CarGurus, Inc.(b)
  37,881        1,097,791
Cars.com, Inc.(b)
  37,878          675,744
Cinemark Holdings, Inc.(b)(c)
  178,894        4,898,118
Cogent Communications Holdings, Inc.
  21,642        1,514,507
Consolidated Communications Holdings, Inc.(b)(c)
  272,585        1,245,714
EchoStar Corp., Class A(b)(c)
  1,273,319       23,607,334
Gogo, Inc.(b)(c)
  47,092          375,323
IAC, Inc.(b)
  95,501        5,040,543
John Wiley & Sons, Inc., Class A
  50,033        2,417,094
Lumen Technologies, Inc.(b)(c)
  13,480,225       70,771,181
Madison Square Garden Sports Corp., Class A(b)
  5,465        1,142,458
QuinStreet, Inc.(b)(c)
  36,499          697,496
Scholastic Corp.
  51,420        1,639,270
Shenandoah Telecommunications Co.(c)
  19,216          290,546
Shutterstock, Inc.(c)
  23,086          828,326
TechTarget, Inc.(b)(c)
  7,774          207,177
Telephone and Data Systems, Inc.
  281,631        6,652,124
Thryv Holdings, Inc.(b)(c)
  50,924          927,835
TripAdvisor, Inc.(b)(c)
  107,200        1,555,472
Yelp, Inc.(b)
  40,114       1,401,182
        130,515,161
Consumer Discretionary-22.51%
Academy Sports & Outdoors, Inc.(c)
  128,097        7,106,822
Adtalem Global Education, Inc.(b)
  26,175        1,981,709
Advance Auto Parts, Inc.(c)
  191,805        8,690,685
American Axle & Manufacturing Holdings, Inc.(b)
  968,341        6,226,433
American Eagle Outfitters, Inc.(c)
  280,502        5,772,731
Asbury Automotive Group, Inc.(b)(c)
  72,439       17,793,916
BJ’s Restaurants, Inc.(b)(c)
  40,776        1,248,969
Bloomin’ Brands, Inc.(c)
  265,896        4,653,180
Boot Barn Holdings, Inc.(b)
  14,134        1,896,359
Brinker International, Inc.(b)
  68,843        4,923,651
Buckle, Inc. (The)(c)
  37,442        1,568,820
Caleres, Inc.(c)
  88,832        3,742,492
Cavco Industries, Inc.(b)(c)
  5,403        2,233,168
Century Communities, Inc.
  51,239        5,127,487
Cheesecake Factory, Inc. (The)(c)
  94,899        3,730,480
Chuy’s Holdings, Inc.(b)
  18,930          704,196
Cracker Barrel Old Country Store, Inc.(c)
  83,369        3,299,745
Dana, Inc.
  926,788       10,463,436
Dave & Buster’s Entertainment, Inc.(b)(c)
  53,788        1,685,716
Designer Brands, Inc., Class A(c)
  465,040        3,087,866
Dine Brands Global, Inc.(c)
  23,777          751,829
Dorman Products, Inc.(b)
  23,280        2,640,418
Ethan Allen Interiors, Inc.(c)
  25,973          817,630
Foot Locker, Inc.(c)
  363,395       11,316,120
Fox Factory Holding Corp.(b)
  32,335        1,308,921
Frontdoor, Inc.(b)
  56,191        2,701,663
Gentherm, Inc.(b)(c)
  31,301        1,581,953
G-III Apparel Group Ltd.(b)
  126,416        3,346,231
Golden Entertainment, Inc.(c)
  34,486       1,117,002
  Shares   Value
Consumer Discretionary-(continued)
Green Brick Partners, Inc.(b)(c)
  34,020   $    2,680,096
Group 1 Automotive, Inc.(c)
  64,757       24,397,847
Guess?, Inc.(c)
  143,776        2,979,039
Hanesbrands, Inc.(b)(c)
  1,170,689        7,433,875
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 08/05/2024; Cost $895,090)(c)(d)
  32,406          887,924
Installed Building Products, Inc.(c)
  14,165        3,149,021
Jack in the Box, Inc.
  31,842        1,571,721
Kohl’s Corp.(c)
  865,296       16,778,089
Kontoor Brands, Inc.
  41,460        3,103,281
La-Z-Boy, Inc.
  66,509        2,698,270
LCI Industries
  40,705        4,796,677
Leggett & Platt, Inc.(c)
  450,829        5,698,479
Leslie’s, Inc.(b)(c)
  329,777          995,927
LGI Homes, Inc.(b)(c)
  26,251        2,831,958
M/I Homes, Inc.(b)(c)
  35,847        5,712,936
MarineMax, Inc.(b)(c)
  82,539        2,618,137
Meritage Homes Corp.
  41,966        8,312,206
Mister Car Wash, Inc.(b)(c)
  139,418          907,611
Monarch Casino & Resort, Inc.
  8,083          613,661
Monro, Inc.(c)
  56,516        1,531,018
Movado Group, Inc.(c)
  28,421          678,125
National Vision Holdings, Inc.(b)(c)
  168,152        1,775,685
Newell Brands, Inc.
  1,237,905        8,776,746
ODP Corp. (The)(b)
  213,946        6,600,234
Oxford Industries, Inc.(c)
  16,715        1,453,871
Papa John’s International, Inc.(c)
  48,752        2,309,382
Patrick Industries, Inc.
  36,504        4,717,047
PENN Entertainment, Inc.(b)(c)
  391,635        7,292,244
Perdoceo Education Corp.
  35,288          791,863
Phinia, Inc.(c)
  93,238        4,471,694
Sabre Corp.(b)(c)
  1,224,292        3,734,091
Sally Beauty Holdings, Inc.(b)(c)
  386,088        5,038,448
Shake Shack, Inc., Class A(b)
  13,552        1,347,204
Shoe Carnival, Inc.(c)
  35,122        1,420,334
Signet Jewelers Ltd.(c)
  86,690        7,290,629
Six Flags Entertainment Corp.
  30,449        1,333,057
Sonic Automotive, Inc., Class A
  274,487       17,111,520
Sonos, Inc.(b)(c)
  109,166        1,335,100
Standard Motor Products, Inc.(c)
  52,739        1,703,997
Steven Madden Ltd.
  50,766        2,289,547
Strategic Education, Inc.
  11,558        1,115,347
Stride, Inc.(b)(c)
  32,161        2,648,137
Sturm, Ruger & Co., Inc.
  13,459          566,893
Topgolf Callaway Brands Corp.(b)(c)
  307,442        3,092,867
Tri Pointe Homes, Inc.(b)
  111,866        4,971,325
Upbound Group, Inc.
  141,297        4,705,190
Urban Outfitters, Inc.(b)(c)
  132,247        4,803,211
V.F. Corp.
  828,592       15,088,660
Victoria’s Secret & Co.(b)
  373,981        8,773,594
Vista Outdoor, Inc.(b)
  82,693        3,311,028
Winnebago Industries, Inc.
  61,570        3,673,266
Wolverine World Wide, Inc.(c)
  174,260        2,389,105
Worthington Enterprises, Inc.
  42,003        1,923,737
XPEL, Inc.(b)(c)(e)
  11,377         492,510
        360,243,089
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
  Shares   Value
Consumer Staples-8.03%
Andersons, Inc. (The)
  304,521   $   15,521,435
B&G Foods, Inc.(c)
  258,815        2,192,163
Calavo Growers, Inc.(c)
  34,566          795,709
Cal-Maine Foods, Inc.
  44,127        3,178,909
Central Garden & Pet Co.(b)(c)
  46,967        1,853,788
Central Garden & Pet Co., Class A(b)
  54,435        1,861,677
Chefs’ Warehouse, Inc. (The)(b)(c)
  100,301        4,295,892
Edgewell Personal Care Co.
  64,858        2,608,589
Energizer Holdings, Inc.
  110,609        3,583,732
Fresh Del Monte Produce, Inc.
  212,955        6,226,804
Grocery Outlet Holding Corp.(b)(c)
  212,298        4,020,924
Hain Celestial Group, Inc. (The)(b)(c)
  273,851        2,190,808
Inter Parfums, Inc.(c)
  13,012        1,676,466
J&J Snack Foods Corp.(c)
  10,292        1,751,596
John B. Sanfilippo & Son, Inc.
  11,361        1,077,818
MGP Ingredients, Inc.(c)
  11,591        1,038,438
National Beverage Corp.(c)
  26,342        1,189,605
Nu Skin Enterprises, Inc., Class A
  164,423        1,468,297
PriceSmart, Inc.
  64,222        5,753,007
Simply Good Foods Co. (The)(b)
  37,258        1,176,980
SpartanNash Co.
  561,001       12,392,512
Tootsie Roll Industries, Inc.(c)
  27,903          829,277
TreeHouse Foods, Inc.(b)(c)
  105,326        4,327,845
United Natural Foods, Inc.(b)(c)
  2,470,183       37,373,869
Universal Corp.
  64,006        3,475,526
USANA Health Sciences, Inc.(b)
  21,470          876,405
Vector Group Ltd.
  143,880        2,155,322
WD-40 Co.(c)
  2,719          714,662
WK Kellogg Co.
  168,413       2,891,651
        128,499,706
Energy-8.23%
Archrock, Inc.
  59,632        1,206,355
Bristow Group, Inc.(b)
  44,546        1,773,376
Cactus, Inc., Class A(c)
  24,570        1,462,406
California Resources Corp.
  52,881        2,774,666
Comstock Resources, Inc.(c)
  135,296        1,438,197
CONSOL Energy, Inc.
  27,200        2,782,016
Core Laboratories, Inc.(c)
  30,599          598,516
CVR Energy, Inc.(c)
  357,964        9,099,445
Dorian LPG Ltd.
  14,784          576,428
Dril-Quip, Inc.(b)(c)
  27,067          441,463
Green Plains, Inc.(b)(c)
  218,757        3,099,787
Helix Energy Solutions Group, Inc.(b)
  141,073        1,582,839
Helmerich & Payne, Inc.(c)
  90,756        2,961,368
Liberty Energy, Inc., Class A(c)
  240,298        4,947,736
Magnolia Oil & Gas Corp., Class A(c)
  55,678        1,425,914
Nabors Industries Ltd.(b)(c)
  52,777        3,977,803
Northern Oil and Gas, Inc.(c)
  51,430        2,045,885
Oceaneering International, Inc.(b)(c)
  127,213        3,433,479
Par Pacific Holdings, Inc.(b)
  375,437        8,424,806
Patterson-UTI Energy, Inc.
  535,681        4,933,622
Peabody Energy Corp.
  215,391        5,042,303
ProPetro Holding Corp.(b)
  210,063        1,667,900
REX American Resources Corp.(b)(c)
  18,302          829,996
RPC, Inc.(c)
  267,324        1,716,220
SM Energy Co.
  56,430        2,574,901
Talos Energy, Inc.(b)(c)
  163,864        1,879,520
Tidewater, Inc.(b)
  12,588       1,116,556
  Shares   Value
Energy-(continued)
Vital Energy, Inc.(b)(c)
  43,539   $    1,562,615
World Kinect Corp.(c)
  1,954,171      56,260,583
        131,636,701
Financials-12.96%
Ambac Financial Group, Inc.(b)
  26,870          314,379
Ameris Bancorp
  34,018        2,096,529
AMERISAFE, Inc.
  7,821          391,989
Apollo Commercial Real Estate Finance, Inc.(c)
  83,511          884,381
Arbor Realty Trust, Inc.(c)
  125,618        1,708,405
ARMOUR Residential REIT, Inc.(c)
  1,743           35,644
Artisan Partners Asset Management, Inc., Class A(c)
  29,587        1,230,523
Assured Guaranty Ltd.
  12,284          983,703
Atlantic Union Bankshares Corp.(c)
  38,331        1,520,974
Axos Financial, Inc.(b)(c)
  34,460        2,392,558
B. Riley Financial, Inc.(c)
  74,160          364,496
Banc of California, Inc.
  68,649          976,189
BancFirst Corp.
  10,556        1,123,158
Bancorp, Inc. (The)(b)(c)
  20,885        1,094,374
Bank of Hawaii Corp.
  19,325        1,282,600
BankUnited, Inc.
  80,348        3,087,774
Banner Corp.(c)
  18,113        1,078,991
Berkshire Hills Bancorp, Inc.
  30,128          829,725
BGC Group, Inc., Class A
  285,396        2,819,712
Blackstone Mortgage Trust, Inc., Class A(c)
  123,830        2,285,902
Bread Financial Holdings, Inc.
  134,764        7,839,222
BrightSphere Investment Group, Inc.
  21,502          524,434
Brookline Bancorp, Inc.
  82,015          839,013
Capitol Federal Financial, Inc.
  79,252          476,305
Cathay General Bancorp
  41,073        1,806,801
Central Pacific Financial Corp.
  18,007          495,373
City Holding Co.(c)
  3,735          443,494
Cohen & Steers, Inc.(c)
  7,325          654,562
Comerica, Inc.
  121,215        6,922,589
Community Financial System, Inc.
  20,863        1,275,981
Customers Bancorp, Inc.(b)
  35,456        1,837,330
CVB Financial Corp.(c)
  45,437          836,950
Dime Community Bancshares, Inc.
  39,551        1,028,722
Donnelley Financial Solutions, Inc.(b)
  14,948          996,434
Eagle Bancorp, Inc.
  44,494          968,634
Ellington Financial, Inc.
  37,101          487,878
Employers Holdings, Inc.
  22,620        1,084,629
Encore Capital Group, Inc.(b)(c)
  32,336        1,619,387
Enova International, Inc.(b)
  41,493        3,557,195
EVERTEC, Inc.
  24,037          823,267
EZCORP, Inc., Class A(b)(c)
  118,836        1,452,176
FB Financial Corp.
  22,586        1,089,097
First Bancorp
  73,981        1,581,714
First Bancorp/Southern Pines NC
  19,826          842,208
First Commonwealth Financial Corp.
  54,739          942,606
First Financial Bancorp
  58,381        1,545,345
First Hawaiian, Inc.
  63,550        1,546,171
Franklin BSP Realty Trust, Inc.(c)
  48,294          657,764
Fulton Financial Corp.(c)
  105,336        2,038,252
Genworth Financial, Inc., Class A(b)
  1,261,640        8,806,247
Goosehead Insurance, Inc., Class A(b)(c)
  4,927          415,543
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
  Shares   Value
Financials-(continued)
Green Dot Corp., Class A, (Acquired 03/02/2022 - 08/05/2024; Cost $2,540,050)(b)(c)(d)
  182,256   $    2,035,800
HA Sustainable Infrastructure Capital, Inc.(c)
  12,154          393,547
Hanmi Financial Corp.
  28,916          572,826
HCI Group, Inc.(c)
  7,158          685,951
Heritage Financial Corp.
  19,251          439,693
Hilltop Holdings, Inc.
  55,125        1,810,856
Hope Bancorp, Inc.
  119,906        1,533,598
Horace Mann Educators Corp.
  49,840        1,774,802
Independent Bank Corp.
  21,732        1,375,853
Independent Bank Group, Inc.
  24,446        1,423,246
Jackson Financial, Inc., Class A
  56,215        5,057,664
KKR Real Estate Finance Trust, Inc.(c)
  76,279          910,008
Lakeland Financial Corp.(c)
  7,278          495,996
Lincoln National Corp.
  594,738       19,091,090
Mercury General Corp.
  102,357        6,779,104
Moelis & Co., Class A
  18,089        1,208,164
Mr. Cooper Group, Inc.(b)
  26,871        2,520,769
National Bank Holdings Corp., Class A
  17,338          759,578
Navient Corp.
  375,666        6,360,025
NBT Bancorp, Inc.
  21,521        1,053,668
NCR Atleos Corp.(b)(c)
  162,269        4,642,516
New York Mortgage Trust, Inc.(c)
  72,082          480,787
NMI Holdings, Inc., Class A(b)
  20,201          829,655
Northwest Bancshares, Inc.
  73,157        1,013,224
OFG Bancorp
  24,152        1,110,750
Pacific Premier Bancorp, Inc.(c)
  21,617          555,557
Palomar Holdings, Inc.(b)
  5,431          538,864
Park National Corp.(c)
  4,640          815,666
Pathward Financial, Inc.
  15,492        1,066,159
Payoneer Global, Inc.(b)(c)
  169,950        1,262,728
PennyMac Mortgage Investment Trust(c)
  118,956        1,690,365
Piper Sandler Cos.
  7,336        2,000,527
PJT Partners, Inc., Class A
  13,594        1,678,859
PRA Group, Inc.(b)
  50,746        1,183,397
Preferred Bank(c)
  7,389          612,179
ProAssurance Corp.(b)
  98,724        1,322,902
PROG Holdings, Inc.
  75,158        3,514,388
Provident Financial Services, Inc.
  57,282        1,092,368
Radian Group, Inc.
  44,782        1,618,869
Ready Capital Corp.(c)
  155,919        1,292,569
Redwood Trust, Inc.(c)
  131,544          995,788
Renasant Corp.(c)
  36,559        1,279,565
S&T Bancorp, Inc.(c)
  19,690          846,079
Safety Insurance Group, Inc.
  13,965        1,236,601
Seacoast Banking Corp. of Florida
  37,564        1,027,751
ServisFirst Bancshares, Inc.(c)
  16,116        1,306,363
Simmons First National Corp., Class A
  92,723        1,986,127
SiriusPoint Ltd. (Sweden)(b)
  251,572        3,771,064
Southside Bancshares, Inc.(c)
  17,438          596,903
Stellar Bancorp, Inc.(c)
  31,058          846,952
StepStone Group, Inc., Class A
  17,882          978,145
Stewart Information Services Corp.
  40,582        2,999,416
StoneX Group, Inc.(b)
  27,720        2,296,879
Tompkins Financial Corp.(c)
  7,868          482,623
Triumph Financial, Inc.(b)(c)
  7,297          612,802
Trupanion, Inc.(b)(c)
  46,805        2,140,393
TrustCo Bank Corp.
  10,069          350,804
  Shares   Value
Financials-(continued)
Trustmark Corp.
  43,673   $    1,454,748
Two Harbors Investment Corp.(c)
  77,436        1,096,494
United Community Banks, Inc.(c)
  60,943        1,856,933
United Fire Group, Inc., (Acquired 06/19/2020 - 08/05/2024; Cost $1,401,641)(d)
  58,585        1,199,235
Veritex Holdings, Inc.
  43,110        1,085,941
Virtu Financial, Inc., Class A
  102,951        3,161,625
Virtus Investment Partners, Inc.
  4,398          930,881
WaFd, Inc.
  49,514        1,815,678
Walker & Dunlop, Inc.(c)
  11,980        1,282,579
Westamerica Bancorporation
  7,606          393,915
WisdomTree, Inc.(c)
  41,325          419,035
World Acceptance Corp.(b)(c)
  5,137          605,395
WSFS Financial Corp.(c)
  32,926       1,802,369
        207,400,979
Health Care-6.32%
AdaptHealth Corp.(b)(c)
  309,874        3,405,515
Addus HomeCare Corp.(b)(c)
  10,020        1,332,760
Alkermes PLC(b)
  75,527        2,148,743
AMN Healthcare Services, Inc.(b)(c)
  68,005        3,606,305
Amphastar Pharmaceuticals, Inc.(b)(c)
  17,903          872,592
ANI Pharmaceuticals, Inc.(b)(c)
  8,849          564,124
Arcus Biosciences, Inc.(b)(c)
  14,968          256,252
Artivion, Inc.(b)
  17,077          463,470
Astrana Health, Inc.(b)(c)
  39,463        1,885,937
Avanos Medical, Inc.(b)
  37,901          917,962
BioLife Solutions, Inc.(b)(c)
  7,285          188,536
Catalyst Pharmaceuticals, Inc.(b)
  29,277          592,859
Certara, Inc.(b)(c)
  25,962          318,035
Collegium Pharmaceutical, Inc.(b)(c)
  19,128          735,663
CONMED Corp.(c)
  18,954        1,387,812
Corcept Therapeutics, Inc.(b)(c)
  19,364          683,549
CorVel Corp.(b)(c)
  3,477        1,115,178
Cross Country Healthcare, Inc.(b)(c)
  126,509        1,887,514
Cytek Biosciences, Inc.(b)(c)
  38,305          219,871
Dynavax Technologies Corp.(b)(c)
  21,915          245,886
Embecta Corp.
  94,831        1,549,539
Enhabit, Inc.(b)
  127,113        1,072,834
Ensign Group, Inc. (The)
  34,524        5,225,553
Fortrea Holdings, Inc.(b)(c)
  135,637        3,127,789
Fulgent Genetics, Inc.(b)(c)
  16,115          363,554
Glaukos Corp.(b)
  3,110          416,398
Harmony Biosciences Holdings, Inc.(b)(c)
  22,780          819,624
HealthStream, Inc.
  10,950          317,988
ICU Medical, Inc.(b)(c)
  21,659        3,580,883
Inari Medical, Inc.(b)(c)
  12,312          532,248
Innoviva, Inc.(b)(c)
  21,922          424,848
Integer Holdings Corp.(b)(c)
  15,058        1,958,594
Integra LifeSciences Holdings Corp.(b)(c)
  56,065        1,140,362
Ironwood Pharmaceuticals, Inc.(b)
  76,037          384,747
Krystal Biotech, Inc.(b)(c)
  767          149,657
LeMaitre Vascular, Inc.
  2,681          242,068
Ligand Pharmaceuticals, Inc.(b)(c)
  1,575          166,635
Merit Medical Systems, Inc.(b)
  16,783        1,622,581
Mesa Laboratories, Inc.
  2,536          339,038
Myriad Genetics, Inc.(b)
  35,773        1,013,449
National HealthCare Corp.(c)
  11,878        1,628,830
NeoGenomics, Inc.(b)(c)
  49,671          820,565
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)
  785   $            0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)
  785                0
Omnicell, Inc.(b)
  42,354        1,883,906
Organon & Co.
  336,074        7,511,254
Owens & Minor, Inc.(b)(c)
  673,922       10,472,748
Pacira BioSciences, Inc.(b)(c)
  25,975          404,171
Patterson Cos., Inc.(c)
  312,689        7,032,376
Pediatrix Medical Group, Inc.(b)(c)
  301,383        3,273,019
Phibro Animal Health Corp., Class A
  62,218        1,306,578
Premier, Inc., Class A
  77,952        1,587,882
Prestige Consumer Healthcare, Inc.(b)
  18,771        1,401,067
Privia Health Group, Inc.(b)(c)
  103,501        2,084,510
RadNet, Inc.(b)(c)
  30,379        2,013,824
REGENXBIO, Inc.(b)(c)
  7,490           91,528
Schrodinger, Inc.(b)(c)
  9,799          206,073
Select Medical Holdings Corp.
  216,147        7,796,422
Simulations Plus, Inc.(c)
  1,477           53,541
STAAR Surgical Co., (Acquired 09/15/2023 - 08/05/2024; Cost $341,136)(b)(d)
  8,477          280,504
Supernus Pharmaceuticals, Inc.(b)(c)
  24,643          866,448
Tandem Diabetes Care, Inc.(b)(c)
  18,208          792,048
U.S. Physical Therapy, Inc.
  6,945          594,492
UFP Technologies, Inc.(b)(c)
  1,725          588,622
Varex Imaging Corp.(b)(c)
  60,917          760,244
Vericel Corp.(b)
  5,257          271,524
Vir Biotechnology, Inc.(b)
  8,743           72,217
Xencor, Inc.(b)(c)
  8,441         147,633
        101,218,978
Industrials-16.72%
3D Systems Corp.(b)(c)
  149,068          319,006
AAR Corp.(b)
  35,453        2,332,098
ABM Industries, Inc.
  180,688       10,326,319
AeroVironment, Inc.(b)
  3,515          716,216
Air Lease Corp., Class A
  61,898        2,864,021
Alamo Group, Inc.
  10,434        1,934,464
Alaska Air Group, Inc.(b)(c)
  279,902       10,107,261
Albany International Corp., Class A
  15,338        1,444,226
Allegiant Travel Co.(c)
  53,540        2,252,963
American Woodmark Corp.(b)
  24,587        2,203,241
Apogee Enterprises, Inc.
  24,581        1,641,519
ArcBest Corp.
  44,722        4,753,949
Arcosa, Inc.
  30,798        2,817,709
Armstrong World Industries, Inc.
  12,438        1,576,641
Astec Industries, Inc.(c)
  45,963        1,554,928
AZZ, Inc.(c)
  21,096        1,754,554
Barnes Group, Inc.(c)
  42,640        1,707,306
Boise Cascade Co.
  59,155        8,022,601
Brady Corp., Class A
  22,025        1,630,731
CoreCivic, Inc.(b)
  179,063        2,467,488
CSG Systems International, Inc.(c)
  30,876        1,498,104
Deluxe Corp.
  108,680        2,237,721
DNOW, Inc.(b)
  192,059        2,500,608
DXP Enterprises, Inc.(b)(c)
  38,206        2,101,330
Dycom Industries, Inc.(b)
  26,113        4,594,843
Enerpac Tool Group Corp.
  16,904          697,121
Enpro, Inc.
  7,658       1,231,636
  Shares   Value
Industrials-(continued)
Enviri Corp.(b)
  292,208   $    3,491,886
ESCO Technologies, Inc.
  10,191        1,222,003
Federal Signal Corp.
  22,535        2,129,332
Forward Air Corp.(c)
  89,006        2,827,721
Franklin Electric Co., Inc.
  23,304        2,420,353
GEO Group, Inc. (The)(b)(c)
  199,959        2,773,431
Gibraltar Industries, Inc.(b)
  20,950        1,459,587
GMS, Inc.(b)
  65,457        5,681,013
Granite Construction, Inc.(c)
  62,786        4,718,996
Greenbrier Cos., Inc. (The)
  82,650        4,004,393
Griffon Corp.
  44,818        2,966,503
Hayward Holdings, Inc.(b)(c)
  80,926        1,200,942
Healthcare Services Group, Inc.(b)
  175,791        1,914,364
Heartland Express, Inc.(c)
  105,336        1,304,060
Heidrick & Struggles International, Inc.
  33,983        1,311,744
Hertz Global Holdings, Inc.(b)(c)
  3,109,357        9,452,445
Hillenbrand, Inc.(c)
  78,349        2,582,383
HNI Corp.
  63,462        3,417,429
Hub Group, Inc., Class A
  104,419        4,921,268
Insteel Industries, Inc.
  19,840          682,496
Interface, Inc.
  91,997        1,736,903
JetBlue Airways Corp.(b)(c)
  1,883,776        9,569,582
John Bean Technologies Corp.(c)
  18,455        1,657,997
Kelly Services, Inc., Class A
  236,421        4,990,847
Kennametal, Inc.(c)
  94,765        2,451,571
Korn Ferry
  45,337        3,311,868
Lindsay Corp.
  5,863          727,305
Liquidity Services, Inc.(b)(c)
  18,052          392,992
Marten Transport Ltd.
  66,965        1,168,539
MasterBrand, Inc.(b)
  185,743        2,979,318
Matson, Inc.
  28,279        3,910,986
Matthews International Corp., Class A
  75,918        1,923,003
Mercury Systems, Inc.(b)(c)
  31,389        1,189,643
MillerKnoll, Inc.
  159,805        4,706,257
Moog, Inc., Class A
  23,869        4,711,741
Mueller Industries, Inc.
  64,864        4,716,261
MYR Group, Inc.(b)
  28,332        2,855,866
National Presto Industries, Inc.
  4,862          380,646
NV5 Global, Inc.(b)
  10,604        1,019,363
OPENLANE, Inc.(b)
  108,038        1,872,299
Pitney Bowes, Inc.
  727,435        5,142,965
Powell Industries, Inc.(c)
  5,517          923,767
Proto Labs, Inc.(b)
  17,776          543,590
Quanex Building Products Corp.(c)
  41,062        1,134,543
Resideo Technologies, Inc.(b)(c)
  342,005        6,894,821
Robert Half, Inc.
  102,557        6,427,247
Rush Enterprises, Inc., Class A(c)
  202,002       10,645,505
RXO, Inc.(b)(c)
  206,488        5,876,649
SkyWest, Inc.(b)
  42,895        3,326,078
SPX Technologies, Inc.(b)(c)
  14,338        2,339,101
Standex International Corp.
  4,785          854,840
Sun Country Airlines Holdings, Inc.(b)(c)
  115,991        1,273,581
Sunrun, Inc.(b)(c)
  175,145        3,593,975
Tennant Co.
  13,908        1,358,394
Titan International, Inc.(b)(c)
  262,434        2,186,075
Trinity Industries, Inc.
  121,111        3,997,874
Triumph Group, Inc.(b)(c)
  101,214        1,409,911
UniFirst Corp.
  16,560        3,141,266
Verra Mobility Corp., Class A(b)(c)
  35,003          966,433
Vestis Corp.
  263,400       3,706,038
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
  Shares   Value
Industrials-(continued)
Viad Corp.(b)
  39,044   $    1,343,504
Vicor Corp.(b)(c)
  12,326          474,551
Wabash National Corp.(c)
  128,540        2,501,388
Werner Enterprises, Inc.(c)
  96,778       3,576,915
        267,682,951
Information Technology-7.77%
A10 Networks, Inc.
  20,083          276,543
ACI Worldwide, Inc.(b)
  44,289        2,230,394
Adeia, Inc.
  34,780          438,228
Advanced Energy Industries, Inc.
  15,642        1,659,460
Agilysys, Inc.(b)
  2,800          316,680
Alarm.com Holdings, Inc.(b)(c)
  15,512          923,584
Alpha & Omega Semiconductor Ltd.(b)
  23,402          978,438
Arlo Technologies, Inc.(b)(c)
  42,179          495,181
Axcelis Technologies, Inc.(b)
  8,715          952,811
Badger Meter, Inc.
  4,255          880,530
Benchmark Electronics, Inc.
  76,556        3,254,396
BlackLine, Inc.(b)(c)
  14,329          710,002
Box, Inc., Class A(b)(c)
  43,228        1,409,233
Calix, Inc.(b)(c)
  30,634        1,140,810
CEVA, Inc.(b)(c)
  5,116          122,477
Cohu, Inc.(b)
  19,297          519,282
Corsair Gaming, Inc.(b)(c)
  142,069          990,221
CTS Corp.(c)
  11,268          554,949
Digi International, Inc.(b)(c)
  21,029          619,514
DigitalOcean Holdings, Inc.(b)(c)
  21,802          816,049
Diodes, Inc.(b)(c)
  22,403        1,561,265
DoubleVerify Holdings, Inc.(b)
  33,855          666,944
DXC Technology Co.(b)
  828,018       17,115,132
Envestnet, Inc.(b)
  22,739        1,426,872
ePlus, Inc.(b)
  33,109        3,177,140
Extreme Networks, Inc.(b)
  107,853        1,698,685
Fabrinet (Thailand)(b)
  12,642        3,080,223
FormFactor, Inc.(b)(c)
  12,392          604,358
Harmonic, Inc.(b)
  54,482          787,265
Ichor Holdings Ltd.(b)
  22,650          702,150
Insight Enterprises, Inc.(b)(c)
  50,569       10,977,013
InterDigital, Inc.(c)
  5,621          778,846
Itron, Inc.(b)
  23,615        2,413,925
Knowles Corp.(b)
  46,563          859,087
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  17,325          759,008
LiveRamp Holdings, Inc.(b)(c)
  24,230          628,042
Marathon Digital Holdings, Inc.(b)(c)
  27,622          461,287
MaxLinear, Inc.(b)
  31,884          483,999
N-able, Inc.(b)
  33,175          426,631
NCR Voyix Corp.(b)(c)
  321,992        4,343,672
NetScout Systems, Inc.(b)
  50,376        1,082,076
OSI Systems, Inc.(b)
  11,701        1,753,629
PC Connection, Inc.
  47,230        3,451,568
PDF Solutions, Inc.(b)
  5,294          167,026
Perficient, Inc.(b)
  12,847          965,709
Photronics, Inc.(b)
  38,586          997,834
Plexus Corp.(b)
  42,396        5,431,352
Progress Software Corp.
  15,466          899,348
Rogers Corp.(b)
  7,894          846,710
Sanmina Corp.(b)
  130,462        9,051,454
ScanSource, Inc.(b)
  84,928        4,326,232
Semtech Corp.(b)
  30,418       1,332,917
  Shares   Value
Information Technology-(continued)
SiTime Corp.(b)
  1,199   $      173,447
SMART Global Holdings, Inc.(b)(c)
  60,392        1,251,322
SolarEdge Technologies, Inc.(b)(c)
  60,166        1,463,839
Sprinklr, Inc., Class A(b)(c)
  91,869          824,065
SPS Commerce, Inc.(b)
  3,266          652,351
TTM Technologies, Inc.(b)
  136,505        2,655,022
Ultra Clean Holdings, Inc.(b)(c)
  39,679        1,495,898
Veeco Instruments, Inc.(b)(c)
  16,061          570,005
Viasat, Inc.(b)(c)
  345,879        5,430,300
Viavi Solutions, Inc.(b)(c)
  146,210        1,258,868
Xerox Holdings Corp.(c)
  528,754       5,990,783
        124,312,081
Materials-5.16%
AdvanSix, Inc.
  68,774        2,032,959
Alpha Metallurgical Resources, Inc.
  12,576        3,007,550
Arch Resources, Inc.
  20,460        2,791,358
ATI, Inc.(b)(c)
  84,890        5,422,773
Balchem Corp.
  6,616        1,171,231
Carpenter Technology Corp.
  30,228        4,376,108
Century Aluminum Co.(b)(c)
  149,304        2,144,005
Clearwater Paper Corp.(b)
  43,393        1,443,685
Compass Minerals International, Inc.(c)
  106,820          943,221
H.B. Fuller Co.
  49,018        4,198,882
Hawkins, Inc.(c)
  11,389        1,442,645
Haynes International, Inc.
  11,140          669,960
Ingevity Corp.(b)(c)
  39,150        1,547,600
Innospec, Inc.
  16,920        1,950,199
Kaiser Aluminum Corp.
  36,629        2,730,692
Koppers Holdings, Inc.
  58,575        2,318,399
Materion Corp.
  15,909        1,846,080
Mativ Holdings, Inc., Class A(c)
  140,921        2,671,862
Mercer International, Inc. (Germany)(c)
  257,762        1,546,572
Metallus, Inc.(b)(c)
  70,193        1,141,338
Minerals Technologies, Inc.
  28,055        2,163,041
Myers Industries, Inc.
  58,418          893,211
O-I Glass, Inc.(b)(c)
  631,760        8,017,034
Olympic Steel, Inc.
  49,143        1,970,634
Quaker Chemical Corp.(c)
  12,117        2,051,045
Sealed Air Corp.
  161,654        5,649,807
Sensient Technologies Corp.
  20,930        1,629,191
Stepan Co.
  28,376        2,202,829
SunCoke Energy, Inc.
  234,347        2,099,749
Sylvamo Corp.
  57,442        4,543,088
Warrior Met Coal, Inc.
  27,969        1,714,779
Worthington Steel, Inc.
  120,855       4,278,267
        82,609,794
Real Estate-3.28%
Acadia Realty Trust(c)
  22,501          506,498
Alexander & Baldwin, Inc.(c)
  14,265          282,304
American Assets Trust, Inc.
  21,987          599,146
Apple Hospitality REIT, Inc.
  101,096        1,459,826
Armada Hoffler Properties, Inc.
  69,605          856,838
Brandywine Realty Trust(c)
  119,802          626,564
CareTrust REIT, Inc.
  9,811          293,153
Centerspace(c)
  4,250          317,900
Community Healthcare Trust, Inc.
  5,266           98,632
Cushman & Wakefield PLC(b)
  974,128       12,663,664
DiamondRock Hospitality Co.(c)
  142,034        1,248,479
Douglas Emmett, Inc.(c)
  81,657       1,306,512
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
  Shares   Value
Real Estate-(continued)
Easterly Government Properties, Inc.(c)
  25,437   $      333,733
Elme Communities
  15,887          280,564
Essential Properties Realty Trust, Inc.(c)
  14,756          470,864
eXp World Holdings, Inc.(c)
  444,062        5,222,169
Four Corners Property Trust, Inc.(c)
  11,303          320,440
Getty Realty Corp.(c)
  7,677          243,975
Global Net Lease, Inc.(c)
  93,190          803,298
Highwoods Properties, Inc.
  34,859        1,123,157
Hudson Pacific Properties, Inc.(c)
  197,358        1,016,394
Innovative Industrial Properties, Inc.(c)
  3,108          386,262
JBG SMITH Properties, (Acquired 03/17/2023 - 08/05/2024; Cost $625,764)(c)(d)
  43,491          756,743
Kennedy-Wilson Holdings, Inc.(c)
  62,164          691,264
LTC Properties, Inc.
  6,372          234,044
LXP Industrial Trust
  41,630          431,287
Macerich Co. (The)
  65,089        1,039,471
Marcus & Millichap, Inc.(c)
  21,622          857,745
Medical Properties Trust, Inc.(c)
  175,255          788,648
NexPoint Residential Trust, Inc.(c)
  7,971          377,028
Outfront Media, Inc.
  144,705        2,467,220
Pebblebrook Hotel Trust(c)
  110,236        1,466,139
Phillips Edison & Co., Inc.
  20,788          768,325
Retail Opportunity Investments Corp.(c)
  29,063          444,373
Safehold, Inc.(c)
  21,307          533,953
Saul Centers, Inc.(c)
  7,637          311,742
Service Properties Trust(c)
  408,978        1,918,107
SITE Centers Corp.
  9,130          550,996
SL Green Realty Corp.
  15,891        1,058,976
St. Joe Co. (The)
  8,017          475,969
Summit Hotel Properties, Inc.
  136,879          929,408
Sunstone Hotel Investors, Inc.
  103,349        1,077,930
Tanger, Inc.
  18,968          577,386
Uniti Group, Inc.(c)
  473,700        2,065,332
Universal Health Realty Income Trust
  2,705          121,455
Urban Edge Properties
  25,533          540,023
Veris Residential, Inc.
  19,907          349,169
Whitestone REIT
  11,972          160,664
Xenia Hotels & Resorts, Inc.(c)
  77,068       1,097,448
        52,551,217
Utilities-0.76%
American States Water Co.
  8,681          706,807
  Shares   Value
Utilities-(continued)
Avista Corp.
  60,489   $    2,337,295
California Water Service Group
  21,052        1,164,807
Chesapeake Utilities Corp.(c)
  7,095          840,190
Clearway Energy, Inc., Class A
  33,061          888,349
Clearway Energy, Inc., Class C
  30,136          872,739
MGE Energy, Inc.
  9,356          811,212
Middlesex Water Co.
  3,528          222,299
Northwest Natural Holding Co.
  35,368        1,422,501
Otter Tail Corp.(c)
  16,870        1,426,358
SJW Group
  14,073          830,166
Unitil Corp.
  11,186         674,516
        12,197,239
Total Common Stocks & Other Equity Interests

(Cost $1,344,032,120)
  1,598,867,896
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)

(Cost $719,245)
  719,245         719,245
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $1,344,751,365)
  1,599,587,141
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.59%
Invesco Private Government Fund, 5.28%(g)(h)(i)
  103,441,240      103,441,240
Invesco Private Prime Fund, 5.46%(g)(h)(i)
  273,964,190     274,073,776
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $377,490,360)
  377,515,016
TOTAL INVESTMENTS IN SECURITIES-123.52%

(Cost $1,722,241,725)
  1,977,102,157
OTHER ASSETS LESS LIABILITIES-(23.52)%
  (376,458,552)
NET ASSETS-100.00%
  $1,600,643,605
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Restricted security. The aggregate value of these securities at August 31, 2024 was $5,160,206, which represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Security valued using significant unobservable inputs (Level 3). See Note 5.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Mortgage Capital, Inc. $-   $102,504   $(85,584)   $-   $(16,920)   $-   $3,670
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 171,572   45,326,581   (44,778,908)   -   -   719,245   36,852
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 93,020,521   576,052,600   (565,631,881)   -   -   103,441,240   5,501,153*
Invesco Private Prime Fund 242,598,879   1,196,404,076   (1,165,021,019)   24,571   67,269   274,073,776   14,777,606*
Total $335,790,972   $1,817,885,761   $(1,775,517,392)   $24,571   $50,349   $378,234,261   $20,319,281
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(h) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(i) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.57%
Communication Services-2.02%
Interpublic Group of Cos., Inc. (The)
  510,238   $ 16,638,861
Consumer Discretionary-14.07%
Best Buy Co., Inc.
  445,823    44,760,629
Carter’s, Inc.
  68,196     4,494,117
Ford Motor Co.
  2,861,173    32,016,526
Hasbro, Inc.
  111,232     7,581,573
Nordstrom, Inc.
  977,195    21,830,536
Travel + Leisure Co.
  118,070     5,225,778
        115,909,159
Consumer Staples-12.17%
Conagra Brands, Inc.
  560,468    17,486,601
Kraft Heinz Co. (The)
  1,116,135    39,544,663
Philip Morris International, Inc.
  350,975    43,271,708
        100,302,972
Energy-2.01%
DT Midstream, Inc.(b)
  17,519     1,376,818
Williams Cos., Inc. (The)
  331,937    15,192,757
        16,569,575
Financials-28.11%
Citizens Financial Group, Inc.
  411,065    17,696,348
Fifth Third Bancorp
  448,612    19,151,246
First Horizon Corp.
  428,603     7,110,524
Franklin Resources, Inc.
  493,566     9,989,776
Huntington Bancshares, Inc.
  1,062,051    15,898,903
Invesco Ltd.(c)
  483,820     8,268,484
Janus Henderson Group PLC(b)
  86,287     3,245,254
PNC Financial Services Group, Inc. (The)
  220,474    40,807,533
Prudential Financial, Inc.
  317,000    38,407,720
Regions Financial Corp.
  581,635    13,621,892
T. Rowe Price Group, Inc.
  81,026     8,591,997
U.S. Bancorp
  873,622    41,261,167
United Bankshares, Inc.(b)
  57,995     2,254,266
Valley National Bancorp(b)
  615,723     5,344,476
        231,649,586
Health Care-7.98%
Bristol-Myers Squibb Co.
  875,779    43,745,161
Viatris, Inc.
  1,818,225    21,964,158
        65,709,319
Materials-8.17%
Amcor PLC
  1,898,247    21,715,945
LyondellBasell Industries N.V., Class A
  410,504    40,516,745
Scotts Miracle-Gro Co. (The)(b)
  71,466     5,072,657
        67,305,347
Real Estate-5.84%
Agree Realty Corp.
  11,468        837,279
Brixmor Property Group, Inc.(b)
  72,069     1,973,970
COPT Defense Properties(b)
  36,249     1,079,858
  Shares   Value
Real Estate-(continued)
CubeSmart(b)
  31,118   $  1,612,846
Equity Residential
  57,152     4,279,542
Extra Space Storage, Inc.
  24,508     4,337,916
Federal Realty Investment Trust
  14,897     1,713,155
Kimco Realty Corp.
  123,465     2,871,796
Kite Realty Group Trust(b)
  48,687     1,269,757
Lamar Advertising Co., Class A
  25,135     3,161,480
Mid-America Apartment Communities, Inc.
  20,942     3,400,352
Park Hotels & Resorts, Inc.(b)
  258,254     3,946,121
Public Storage
  21,525     7,398,573
Regency Centers Corp.
  29,396     2,136,795
UDR, Inc.
  54,940     2,445,379
VICI Properties, Inc.(b)
  169,437     5,672,751
        48,137,570
Utilities-19.20%
ALLETE, Inc.
  37,034     2,353,511
American Electric Power Co., Inc.
  286,965    28,776,850
Black Hills Corp.
  50,796     3,003,059
Duke Energy Corp.
  360,146    41,038,637
Entergy Corp.
  148,501    17,922,586
Evergy, Inc.
  137,062     8,105,847
Eversource Energy
  252,233    17,033,294
FirstEnergy Corp.
  444,112    19,505,399
NorthWestern Energy Group, Inc.
  38,041     2,069,050
OGE Energy Corp.(b)
  99,834     3,949,433
Pinnacle West Capital Corp.(b)
  78,198     6,843,889
Portland General Electric Co.
  83,425     4,013,577
Spire, Inc.
  54,452     3,592,198
        158,207,330
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.57%

(Cost $720,311,186)
  820,429,719
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.16%
Invesco Private Government Fund, 5.28%(c)(d)(e)
  7,109,402     7,109,402
Invesco Private Prime Fund, 5.46%(c)(d)(e)
  18,919,390    18,926,958
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $26,036,042)
  26,036,360
TOTAL INVESTMENTS IN SECURITIES-102.73%

(Cost $746,347,228)
  846,466,079
OTHER ASSETS LESS LIABILITIES-(2.73)%
  (22,526,583)
NET ASSETS-100.00%
  $823,939,496
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
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Invesco S&P Ultra Dividend Revenue ETF (RDIV)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Invesco Ltd. $6,066,969   $5,518,099   $(4,440,173)   $937,777   $185,812   $8,268,484   $387,308
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   29,641,193   (29,641,193)   -   -   -   23,719
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 10,872,441   222,453,342   (226,216,381)   -   -   7,109,402   601,044*
Invesco Private Prime Fund 27,957,710   426,097,523   (435,140,927)   439   12,213   18,926,958   1,598,078*
Total $44,897,120   $683,710,157   $(695,438,674)   $938,216   $198,025   $34,304,844   $2,610,149
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(d) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco S&P 500
Revenue ETF (RWL) 		  Invesco S&P
MidCap 400
Revenue
ETF (RWK) 		  Invesco S&P
SmallCap 600
Revenue ETF (RWJ) 		  Invesco S&P
Ultra Dividend
Revenue ETF (RDIV)
Assets:              
Unaffiliated investments in securities, at value(a)
$3,680,259,498   $878,843,413   $1,598,867,896   $812,161,235
Affiliated investments in securities, at value
131,876,557   102,527,011   378,234,261   34,304,844
Cash
-   6,259   850   -
Receivable for:              
Dividends and interest
7,299,926   841,490   1,453,109   4,157,495
Securities lending
5,661   10,355   91,824   2,207
Investments sold
-   5,777,528   -   -
Fund shares sold
4,870,999   -   -   -
Foreign tax reclaims
15,405   -   -   -
Total assets
3,824,328,046   988,006,056   1,978,647,940   850,625,781
Liabilities:              
Due to custodian
2,795,384   -   -   387,079
Payable for:              
Investments purchased
4,866,736   -   -   -
Collateral upon return of securities loaned
130,489,743   102,392,140   377,490,360   26,036,042
Fund shares repurchased
-   5,785,463   -   -
Accrued unitary management fees
1,162,822   279,200   513,975   263,164
Total liabilities
139,314,685   108,456,803   378,004,335   26,686,285
Net Assets
$3,685,013,361   $879,549,253   $1,600,643,605   $823,939,496
Net assets consist of:              
Shares of beneficial interest
$3,178,840,885   $825,652,503   $1,603,440,632   $1,317,334,734
Distributable earnings (loss)
506,172,476   53,896,750   (2,797,027)   (493,395,238)
Net Assets
$3,685,013,361   $879,549,253   $1,600,643,605   $823,939,496
Shares outstanding (unlimited amount authorized, $0.01 par value)
37,826,400   7,601,400   35,864,200   16,460,000
Net asset value
$97.42   $115.71   $44.63   $50.06
Market price
$97.39   $115.76   $44.61   $50.05
Unaffiliated investments in securities, at cost
$3,000,668,421   $745,456,641   $1,344,032,120   $713,205,704
Affiliated investments in securities, at cost
$131,830,006   $102,520,818   $378,209,605   $33,141,524
(a)Includes securities on loan with an aggregate value of:
$128,285,041   $100,358,036   $367,476,075   $25,634,972
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
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Statements of Operations
For the year ended August 31, 2024
  Invesco S&P 500
Revenue ETF (RWL) 		  Invesco S&P
MidCap 400
Revenue
ETF (RWK) 		  Invesco S&P
SmallCap 600
Revenue ETF (RWJ) 		  Invesco S&P
Ultra Dividend
Revenue ETF (RDIV)
Investment income:              
Unaffiliated dividend income
$55,926,183   $10,611,765   $23,752,505   $33,289,580
Affiliated dividend income
100,388   15,545   40,522   411,027
Securities lending income, net
97,039   156,563   1,043,897   63,908
Foreign withholding tax
(17,118)   (899)   (8,401)   -
Total investment income
56,106,492   10,782,974   24,828,523   33,764,515
Expenses:              
Unitary management fees
10,677,368   2,657,222   5,586,064   2,880,167
Less: Waivers
(929)   (275)   (683)   (476)
Net expenses
10,676,439   2,656,947   5,585,381   2,879,691
Net investment income
45,430,053   8,126,027   19,243,142   30,884,824
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from:              
Unaffiliated investment securities
(36,774,760)   (13,916,321)   (25,968,044)   (48,142,647)
Affiliated investment securities
14,225   24,565   50,294   80,430
Unaffiliated in-kind redemptions
177,873,926   51,026,844   64,536,093   50,805,629
Affiliated in-kind redemptions
2,459   -   55   117,595
Net realized gain
141,115,850   37,135,088   38,618,398   2,861,007
Change in net unrealized appreciation of:              
Unaffiliated investment securities
396,311,394   80,187,965   170,792,990   171,058,463
Affiliated investment securities
120,146   7,839   24,571   938,216
Change in net unrealized appreciation
396,431,540   80,195,804   170,817,561   171,996,679
Net realized and unrealized gain
537,547,390   117,330,892   209,435,959   174,857,686
Net increase in net assets resulting from operations
$582,977,443   $125,456,919   $228,679,101   $205,742,510
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
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25
Table of Contents
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco S&P 500
Revenue ETF (RWL) 		  Invesco S&P
MidCap 400
Revenue ETF (RWK)
  2024   2023   2024   2023
Operations:              
Net investment income
$45,430,053   $30,039,910   $8,126,027   $4,863,319
Net realized gain (loss)
141,115,850   (439,890)   37,135,088   3,613,026
Change in net unrealized appreciation (depreciation)
396,431,540   150,838,972   80,195,804   58,101,476
Net increase (decrease) in net assets resulting from operations
582,977,443   180,438,992   125,456,919   66,577,821
Distributions to Shareholders from:              
Distributable earnings
(41,741,640)   (27,786,570)   (7,586,056)   (4,917,719)
Shareholder Transactions:              
Proceeds from shares sold
1,445,780,835   539,755,341   356,455,975   164,996,491
Value of shares repurchased
(338,952,437)   (110,311,229)   (117,000,943)   (64,867,240)
Net increase (decrease) in net assets resulting from share transactions
1,106,828,398   429,444,112   239,455,032   100,129,251
Net increase (decrease) in net assets
1,648,064,201   582,096,534   357,325,895   161,789,353
Net assets:              
Beginning of period
2,036,949,160   1,454,852,626   522,223,358   360,434,005
End of period
$3,685,013,361   $2,036,949,160   $879,549,253   $522,223,358
Changes in Shares Outstanding:              
Shares sold
16,375,000   7,025,000   3,390,000   1,790,000
Shares repurchased
(3,825,000)   (1,450,000)   (1,100,000)   (770,000)
Shares outstanding, beginning of period
25,276,400   19,701,400   5,311,400   4,291,400
Shares outstanding, end of period
37,826,400   25,276,400   7,601,400   5,311,400
    
(a) Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Table of Contents
Invesco S&P
SmallCap 600
Revenue ETF (RWJ) 		  Invesco S&P
Ultra Dividend
Revenue ETF (RDIV)
2024   2023   2024   2023
             
$19,243,142   $15,282,086   $30,884,824   $34,430,738
38,618,398   (69,010,180)   2,861,007   18,973,839
170,817,561   125,599,113   171,996,679   (73,455,639)
228,679,101   71,871,019   205,742,510   (20,051,062)
             
(19,739,108)   (14,018,588)   (31,995,434)   (34,290,905)
             
208,998,112   543,347,453   368,868,046   736,508,673
(187,152,151)   (63,687,019)   (461,816,274)   (741,643,571)
21,845,961   479,660,434   (92,948,228)   (5,134,898)
230,785,954   537,512,865   80,798,848   (59,476,865)
             
1,369,857,651   832,344,786   743,140,648   802,617,513
$1,600,643,605   $1,369,857,651   $823,939,496   $743,140,648
             
5,210,000   14,300,000(a)   8,120,000   16,740,000
(4,650,000)   (1,770,000)(a)   (10,380,000)   (17,220,000)
35,304,200   22,774,200(a)   18,720,000   19,200,000
35,864,200   35,304,200(a)   16,460,000   18,720,000
27
Table of Contents
Financial Highlights
Invesco S&P 500 Revenue ETF (RWL)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$80.59   $73.85   $75.74   $56.06   $52.61
Net investment income(a)
1.46   1.34   1.22   1.06   1.08
Net realized and unrealized gain (loss) on investments
16.76   6.66   (1.96)   19.68   3.53
Total from investment operations
18.22   8.00   (0.74)   20.74   4.61
Distributions to shareholders from:                  
Net investment income
(1.39)   (1.26)   (1.15)   (1.06)   (1.16)
Net asset value at end of period
$97.42   $80.59   $73.85   $75.74   $56.06
Market price at end of period(b)
$97.39   $80.60   $73.92   $75.74   $56.16
Net Asset Value Total Return(c)
22.81%   10.99%   (0.97)%   37.38%   9.09%
Market Price Total Return(c)
22.75%   10.91%   (0.89)%   37.13%   9.26%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$3,685,013   $2,036,949   $1,454,853   $1,049,098   $782,083
Ratio to average net assets of:                  
Expenses
0.39%   0.39%   0.39%   0.39%   0.39%
Net investment income
1.66%   1.76%   1.60%   1.60%   2.01%
Portfolio turnover rate(d)
15%   20%   17%   17%   14%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
Invesco S&P MidCap 400 Revenue ETF (RWK)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$98.32   $83.99   $91.13   $56.56   $56.44
Net investment income(a)
1.26   1.05   1.03   0.69   0.74
Net realized and unrealized gain (loss) on investments
17.32   14.34   (7.18)   34.51   0.21
Total from investment operations
18.58   15.39   (6.15)   35.20   0.95
Distributions to shareholders from:                  
Net investment income
(1.19)   (1.06)   (0.99)   (0.63)   (0.83)
Net asset value at end of period
$115.71   $98.32   $83.99   $91.13   $56.56
Market price at end of period(b)
$115.76   $98.36   $84.06   $91.10   $56.62
Net Asset Value Total Return(c)
19.00%   18.51%   (6.75)%   62.54%   1.89%
Market Price Total Return(c)
19.00%   18.46%   (6.66)%   62.32%   2.03%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$879,549   $522,223   $360,434   $393,817   $209,365
Ratio to average net assets of:                  
Expenses
0.39%   0.39%   0.39%   0.39%   0.39%
Net investment income
1.19%   1.17%   1.16%   0.88%   1.30%
Portfolio turnover rate(d)
30%   37%   31%   34%   33%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Table of Contents
Financial Highlights—(continued)
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
  Years Ended August 31,
  2024   2023(a)   2022(a)   2021(a)   2020(a)
Per Share Operating Performance:                  
Net asset value at beginning of period
$38.80   $36.55   $39.47   $21.05   $19.57
Net investment income(b)
0.54   0.52   0.33   0.22   0.30
Net realized and unrealized gain (loss) on investments
5.84   2.21   (2.95)   18.39   1.52
Total from investment operations
6.38   2.73   (2.62)   18.61   1.82
Distributions to shareholders from:                  
Net investment income
(0.55)   (0.48)   (0.30)   (0.19)   (0.34)
Net asset value at end of period
$44.63   $38.80   $36.55   $39.47   $21.05
Market price at end of period(c)
$44.61   $38.81   $36.57   $39.42   $21.06
Net Asset Value Total Return(d)
16.62%   7.58%   (6.63)%   88.75%   9.63%
Market Price Total Return(d)
16.51%   7.53%   (6.46)%   88.42%   9.70%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$1,600,644   $1,369,858   $832,345   $643,110   $227,425
Ratio to average net assets of:                  
Expenses
0.39%   0.39%   0.39%   0.39%   0.39%
Net investment income
1.34%   1.39%   0.85%   0.65%   1.50%
Portfolio turnover rate(e)
46%   46%   41%   40%   49%
    
(a) Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of period
$39.70   $41.80   $41.18   $28.58   $35.65
Net investment income(a)
1.79   1.64   1.50   1.23   1.62
Net realized and unrealized gain (loss) on investments
10.41   (2.12)   0.51   13.29   (7.33)
Total from investment operations
12.20   (0.48)   2.01   14.52   (5.71)
Distributions to shareholders from:                  
Net investment income
(1.84)   (1.62)   (1.39)   (1.92)   (1.36)
Net asset value at end of period
$50.06   $39.70   $41.80   $41.18   $28.58
Market price at end of period(b)
$50.05   $39.71   $41.83   $41.16   $28.63
Net Asset Value Total Return(c)
31.66%   (1.17)%   5.06%   52.38%   (16.26)%
Market Price Total Return(c)
31.60%   (1.22)%   5.18%   52.06%   (16.17)%
Ratios/Supplemental Data:                  
Net assets at end of period (000’s omitted)
$823,939   $743,141   $802,618   $740,071   $604,502
Ratio to average net assets of:                  
Expenses
0.39%   0.39%   0.39%   0.39%   0.39%
Net investment income
4.18%   3.94%   3.58%   3.37%   4.77%
Portfolio turnover rate(d)
101%   127%   110%   97%   98%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco S&P 500 Revenue ETF (RWL)   "S&P 500 Revenue ETF"
Invesco S&P MidCap 400 Revenue ETF (RWK)   "S&P MidCap 400 Revenue ETF"
Invesco S&P SmallCap 600 Revenue ETF (RWJ)   "S&P SmallCap 600 Revenue ETF"
Invesco S&P Ultra Dividend Revenue ETF (RDIV)   "S&P Ultra Dividend Revenue ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):
Fund   Underlying Index
S&P 500 Revenue ETF   S&P 500® Revenue-Weighted Index
S&P MidCap 400 Revenue ETF   S&P MidCap 400® Revenue-Weighted Index
S&P SmallCap 600 Revenue ETF   S&P SmallCap 600® Revenue-Weighted Index
S&P Ultra Dividend Revenue ETF   S&P 900® Dividend Revenue-Weighted Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations
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assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in
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  the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects
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of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
S&P 500 Revenue ETF $5,416
S&P MidCap 400 Revenue ETF 11,820
S&P SmallCap 600 Revenue ETF 76,234
S&P Ultra Dividend Revenue ETF 4,255
 
J. Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are
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unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because S&P Ultra Dividend Revenue ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. S&P Ultra Dividend Revenue ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
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Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
S&P 500 Revenue ETF 0.39%
S&P MidCap 400 Revenue ETF 0.39%
S&P SmallCap 600 Revenue ETF 0.39%
S&P Ultra Dividend Revenue ETF 0.39%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
S&P 500 Revenue ETF $929
S&P MidCap 400 Revenue ETF 275
S&P SmallCap 600 Revenue ETF 683
S&P Ultra Dividend Revenue ETF 476
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
S&P 500 Revenue ETF $60,135
S&P MidCap 400 Revenue ETF 65,490
S&P SmallCap 600 Revenue ETF 239,935
S&P Ultra Dividend Revenue ETF 217,058
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the Funds engaged in transactions with affiliates as listed below:
  Securities Purchases   Securities Sales   Net Realized Gains (Losses)*
S&P 500 Revenue ETF $-   $244,600   $(144,099)
S&P MidCap 400 Revenue ETF -   11,217,754   2,316,810
S&P SmallCap 600 Revenue ETF -   413,114   100,490
S&P Ultra Dividend Revenue ETF -   372,892   (185,913)
    
* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
S&P 500 Revenue ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $3,681,640,797   $-   $-   $3,681,640,797
Money Market Funds -   130,495,258   -   130,495,258
Total Investments $3,681,640,797   $130,495,258   $-   $3,812,136,055
S&P MidCap 400 Revenue ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $878,843,413   $-   $-   $878,843,413
Money Market Funds 128,678   102,398,333   -   102,527,011
Total Investments $878,972,091   $102,398,333   $-   $981,370,424
S&P SmallCap 600 Revenue ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,598,867,896   $-   $0   $1,598,867,896
Money Market Funds 719,245   377,515,016   -   378,234,261
Total Investments $1,599,587,141   $377,515,016   $0   $1,977,102,157
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  Level 1   Level 2   Level 3   Total
S&P Ultra Dividend Revenue ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $820,429,719   $-   $-   $820,429,719
Money Market Funds -   26,036,360   -   26,036,360
Total Investments $820,429,719   $26,036,360   $-   $846,466,079
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
S&P 500 Revenue ETF $41,741,640   $27,786,570
S&P MidCap 400 Revenue ETF 7,586,056   4,917,719
S&P SmallCap 600 Revenue ETF 19,739,108   14,018,588
S&P Ultra Dividend Revenue ETF 31,995,434   34,290,905
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
S&P 500 Revenue ETF $10,361,280   $675,971,071   $(180,159,875)   $3,178,840,885   $3,685,013,361
S&P MidCap 400 Revenue ETF 1,236,122   131,634,261   (78,973,633)   825,652,503   879,549,253
S&P SmallCap 600 Revenue ETF 2,047,124   243,444,664   (248,288,815)   1,603,440,632   1,600,643,605
S&P Ultra Dividend Revenue ETF 4,824,624   99,916,920   (598,136,782)   1,317,334,734   823,939,496
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
S&P 500 Revenue ETF $40,605,228   $139,554,647   $180,159,875
S&P MidCap 400 Revenue ETF 23,842,183   55,131,450   78,973,633
S&P SmallCap 600 Revenue ETF 67,994,934   180,293,881   248,288,815
S&P Ultra Dividend Revenue ETF 454,300,907   143,835,875   598,136,782
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
S&P 500 Revenue ETF $425,975,210   $421,518,313
S&P MidCap 400 Revenue ETF 205,605,220   206,326,928
S&P SmallCap 600 Revenue ETF 662,154,724   659,477,565
S&P Ultra Dividend Revenue ETF 774,276,727   780,794,171
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For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
S&P 500 Revenue ETF $1,440,464,288   $334,843,799
S&P MidCap 400 Revenue ETF 355,911,171   115,284,601
S&P SmallCap 600 Revenue ETF 208,429,379   188,148,697
S&P Ultra Dividend Revenue ETF 368,391,983   458,392,860
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation 		  Cost
S&P 500 Revenue ETF $772,633,216   $(96,662,145)   $675,971,071   $3,136,164,984
S&P MidCap 400 Revenue ETF 162,431,263   (30,797,002)   131,634,261   849,736,163
S&P SmallCap 600 Revenue ETF 367,518,479   (124,073,815)   243,444,664   1,733,657,493
S&P Ultra Dividend Revenue ETF 104,083,167   (4,166,247)   99,916,920   746,549,159
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
S&P 500 Revenue ETF $-   $(176,792,890)   $176,792,890
S&P MidCap 400 Revenue ETF -   (50,698,493)   50,698,493
S&P SmallCap 600 Revenue ETF 1   (63,271,298)   63,271,297
S&P Ultra Dividend Revenue ETF -   (50,144,799)   50,144,799
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco S&P 500 Revenue ETF 0%   100%   100%   0%   0%
Invesco S&P MidCap 400 Revenue ETF 0%   100%   100%   0%   0%
Invesco S&P SmallCap 600 Revenue ETF 0%   100%   100%   0%   0%
Invesco S&P Ultra Dividend Revenue ETF 0%   96%   91%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
44
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
45
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
46
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
47
Table of Contents
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
48
Table of Contents
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
49
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-RW-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
DWAS Invesco Dorsey Wright SmallCap Momentum ETF
PSCD Invesco S&P SmallCap Consumer Discretionary ETF
PSCC Invesco S&P SmallCap Consumer Staples ETF
PSCE Invesco S&P SmallCap Energy ETF
PSCF Invesco S&P SmallCap Financials ETF
PSCH Invesco S&P SmallCap Health Care ETF
PSCI Invesco S&P SmallCap Industrials ETF
PSCT Invesco S&P SmallCap Information Technology ETF
PSCM Invesco S&P SmallCap Materials ETF
PSCU Invesco S&P SmallCap Utilities & Communication Services ETF
Table of Contents
Schedules of Investments  
3
6
8
10
12
15
17
19
21
23
26
28
30
34
39
51
52
53
60
2
Table of Contents
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-2.82%
AST SpaceMobile, Inc.(b)(c)
  568,469   $   16,508,340
Cars.com, Inc.(b)
  168,235        3,001,312
Telephone and Data Systems, Inc.
  173,058        4,087,630
United States Cellular Corp.(b)
  64,879       3,608,570
        27,205,852
Consumer Discretionary-11.18%
Abercrombie & Fitch Co., Class A(b)
  71,141       10,498,277
Acushnet Holdings Corp.(c)
  51,364        3,440,874
American Public Education, Inc.(b)(c)
  233,654        3,906,695
Arhaus, Inc.(c)
  193,011        2,375,965
Boot Barn Holdings, Inc.(b)
  25,314        3,396,379
Brinker International, Inc.(b)
  48,297        3,454,201
Cava Group, Inc.(b)
  35,352        4,031,542
Garrett Motion, Inc. (Switzerland)(b)(c)
  528,827        4,415,706
Green Brick Partners, Inc.(b)
  108,881        8,577,645
J Jill, Inc.
  96,637        3,143,602
KB Home
  47,476        3,974,216
Kontoor Brands, Inc.
  50,116        3,751,183
M/I Homes, Inc.(b)
  26,962        4,296,934
Modine Manufacturing Co.(b)(c)
  153,524       18,660,842
Ollie’s Bargain Outlet Holdings, Inc.(b)
  34,412        3,081,939
Perdoceo Education Corp.
  160,250        3,596,010
Rocky Brands, Inc.
  87,403        2,817,873
Rush Street Interactive, Inc.(b)
  342,050        3,205,009
Strategic Education, Inc.
  30,128        2,907,352
Superior Group of Cos., Inc.
  170,165        2,463,989
Sweetgreen, Inc., Class A(b)(c)
  141,229        4,464,249
Universal Technical Institute, Inc.(b)
  240,272        4,192,746
Valvoline, Inc.(b)
  78,629       3,318,144
        107,971,372
Consumer Staples-1.75%
Freshpet, Inc.(b)(c)
  26,052        3,543,072
Natural Grocers by Vitamin Cottage, Inc.
  158,269        4,213,121
Sprouts Farmers Market, Inc.(b)
  58,846        6,122,926
Vital Farms, Inc.(b)
  96,807       3,044,580
        16,923,699
Energy-6.58%
Archrock, Inc.
  234,029        4,734,407
CNX Resources Corp.(b)
  137,302        3,799,146
Gulfport Energy Corp.(b)
  21,490        3,117,339
Helix Energy Solutions Group, Inc.(b)
  340,014        3,814,957
Kinetik Holdings, Inc., Class A(c)
  187,067        8,275,844
Liberty Energy, Inc., Class A
  160,771        3,310,275
Newpark Resources, Inc.(b)
  430,884        3,546,175
Northern Oil and Gas, Inc.(c)
  274,629       10,924,742
Oceaneering International, Inc.(b)
  154,531        4,170,792
SEACOR Marine Holdings, Inc.(b)
  336,429        3,852,112
Tidewater, Inc.(b)(c)
  122,501       10,865,839
Valaris Ltd.(b)(c)
  51,058       3,117,601
        63,529,229
Financials-12.04%
BGC Group, Inc., Class A
  413,860        4,088,937
BrightSphere Investment Group, Inc.
  153,259        3,737,987
Donnelley Financial Solutions, Inc.(b)
  150,437      10,028,130
  Shares   Value
Financials-(continued)
Enova International, Inc.(b)
  58,657   $    5,028,665
EZCORP, Inc., Class A(b)(c)
  323,270        3,950,359
Federal Agricultural Mortgage Corp., Class C
  18,966        3,745,216
First Bancorp
  190,530        4,073,531
Jackson Financial, Inc., Class A
  47,742        4,295,348
LendingTree, Inc.(b)
  82,492        4,778,762
Merchants Bancorp
  84,261        3,863,367
MGIC Investment Corp.
  158,193        4,022,848
MoneyLion, Inc.(b)(c)
  115,489        5,360,999
Mr. Cooper Group, Inc.(b)
  119,520       11,212,171
Northeast Bank
  71,263        5,060,386
OFG Bancorp
  102,870        4,730,991
Oscar Health, Inc., Class A(b)
  475,777        8,706,719
Pathward Financial, Inc.
  61,502        4,232,568
Piper Sandler Cos.
  15,951        4,349,838
Ryan Specialty Holdings, Inc., Class A
  61,878        3,999,175
SiriusPoint Ltd. (Sweden)(b)(c)
  271,524        4,070,145
StoneX Group, Inc.(b)
  45,959        3,808,163
Victory Capital Holdings, Inc., Class A
  101,292        5,527,504
WisdomTree, Inc.(c)
  349,238       3,541,273
        116,213,082
Health Care-17.28%
ADMA Biologics, Inc.(b)
  1,219,159       21,103,642
Agenus, Inc.(b)(c)
  232,441        1,197,071
Amneal Pharmaceuticals, Inc.(b)
  698,167        6,046,126
ANI Pharmaceuticals, Inc.(b)
  53,416        3,405,270
ARS Pharmaceuticals, Inc.(b)(c)
  392,989        5,100,997
Avidity Biosciences, Inc.(b)
  182,866        8,046,104
Black Diamond Therapeutics, Inc.(b)(c)
  678,590        4,139,399
Blueprint Medicines Corp.(b)
  31,822        3,040,274
Brookdale Senior Living, Inc.(b)(c)
  500,222        3,556,578
CorVel Corp.(b)
  13,589        4,358,400
Crinetics Pharmaceuticals, Inc.(b)(c)
  74,055        3,929,358
Dyne Therapeutics, Inc.(b)(c)
  125,462        5,782,544
Glaukos Corp.(b)
  30,005        4,017,370
Hims & Hers Health, Inc.(b)(c)
  148,548        2,188,112
Insmed, Inc.(b)(c)
  54,441        4,163,103
Krystal Biotech, Inc.(b)(c)
  30,558        5,962,477
Kura Oncology, Inc.(b)(c)
  159,495        3,358,965
Larimar Therapeutics, Inc.(b)
  418,051        3,306,783
LeMaitre Vascular, Inc.
  40,613        3,666,948
Merus N.V. (Netherlands)(b)
  65,835        3,356,927
Neurogene, Inc.(b)(c)
  125,868        4,709,981
Nurix Therapeutics, Inc.(b)(c)
  218,916        5,516,683
PepGen, Inc.(b)(c)
  220,641        2,124,773
PetIQ, Inc.(b)(c)
  150,580        4,600,219
RadNet, Inc.(b)
  59,667        3,955,325
Rhythm Pharmaceuticals, Inc.(b)(c)
  80,367        3,800,555
RxSight, Inc.(b)
  136,644        7,705,355
Silk Road Medical, Inc.(b)
  153,964        4,173,964
Stoke Therapeutics, Inc.(b)(c)
  251,372        3,657,463
Third Harmonic Bio, Inc.(b)(c)
  259,304        2,994,961
TransMedics Group, Inc.(b)(c)
  23,855        4,009,071
TScan Therapeutics, Inc.(b)(c)
  470,493        2,648,876
Twist Bioscience Corp.(b)(c)
  74,559       3,223,931
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
UFP Technologies, Inc.(b)
  38,088   $   12,996,768
Verrica Pharmaceuticals, Inc.(b)(c)
  404,667         950,968
        166,795,341
Industrials-29.59%
ACV Auctions, Inc., Class A(b)(c)
  184,931        3,460,059
AeroVironment, Inc.(b)(c)
  18,889        3,848,823
Allison Transmission Holdings, Inc.
  44,925        4,166,794
American Superconductor Corp.(b)(c)
  315,383        6,377,044
Apogee Enterprises, Inc.
  53,197        3,552,496
Argan, Inc.
  42,156        3,343,392
Astronics Corp.(b)
  181,106        4,060,396
Barrett Business Services, Inc.
  97,814        3,571,189
Beacon Roofing Supply, Inc.(b)
  42,411        3,842,437
Blue Bird Corp.(b)
  59,331        3,036,561
Boise Cascade Co.
  35,072        4,756,465
CBIZ, Inc.(b)
  90,100        6,631,360
CECO Environmental Corp.(b)(c)
  247,281        7,158,785
Cimpress PLC (Ireland)(b)
  45,490        4,498,051
Construction Partners, Inc., Class A(b)(c)
  57,314        3,781,578
CRA International, Inc.
  22,954        3,870,044
CSW Industrials, Inc.
  23,282        7,860,702
DXP Enterprises, Inc.(b)
  70,798        3,893,890
Dycom Industries, Inc.(b)
  19,504        3,431,924
Enpro, Inc.
  22,381        3,599,536
ESAB Corp.
  35,142        3,688,856
Federal Signal Corp.
  50,995        4,818,518
Franklin Electric Co., Inc.
  34,111        3,542,768
FTAI Aviation Ltd.
  64,694        8,268,540
FTAI Infrastructure, Inc.
  421,601        4,190,714
GMS, Inc.(b)
  52,303        4,539,377
Granite Construction, Inc.(c)
  56,163        4,221,211
Griffon Corp.
  54,759        3,624,498
Hyster-Yale, Inc.
  46,098        2,902,330
ICF International, Inc.
  24,119        3,997,965
Innodata, Inc.(b)(c)
  218,595        3,777,322
Kirby Corp.(b)
  27,925        3,348,766
LB Foster Co., Class A(b)(c)
  137,890        2,768,831
Leonardo DRS, Inc.(b)
  554,304       15,819,836
Limbach Holdings, Inc.(b)(c)
  208,979       13,506,313
Matson, Inc.
  27,973        3,868,666
Mayville Engineering Co., Inc.(b)
  194,590        3,757,533
Miller Industries, Inc.
  56,988        3,459,741
Moog, Inc., Class A
  20,409        4,028,737
MRC Global, Inc.(b)
  267,679        3,522,656
Mueller Industries, Inc.
  65,619        4,771,157
NuScale Power Corp.(b)(c)
  492,946        4,056,946
Orion Group Holdings, Inc.(b)(c)
  502,030        3,795,347
Primoris Services Corp.
  61,678        3,481,106
Redwire Corp.(b)(c)
  566,902        3,826,588
REV Group, Inc.
  121,410        3,865,694
Rush Enterprises, Inc., Class A
  79,328        4,180,586
SkyWest, Inc.(b)
  60,608        4,699,544
SPX Technologies, Inc.(b)
  76,707       12,513,980
Standex International Corp.
  20,240        3,615,876
Sterling Infrastructure, Inc.(b)
  102,788       12,286,250
Thermon Group Holdings, Inc.(b)
  113,097        3,554,639
Transcat, Inc.(b)(c)
  89,933       11,103,128
Tutor Perini Corp.(b)
  183,333        4,394,492
Universal Logistics Holdings, Inc.
  82,821       3,500,844
  Shares   Value
Industrials-(continued)
Virco Mfg. Corp.(c)
  504,309   $    7,831,919
VSE Corp.(c)
  40,811       3,796,647
        285,669,447
Information Technology-11.15%
Agilysys, Inc.(b)
  35,155        3,976,030
Alkami Technology, Inc.(b)
  128,552        4,285,924
Altair Engineering, Inc., Class A(b)(c)
  33,460        3,023,446
AppFolio, Inc., Class A(b)
  14,335        3,325,577
Arlo Technologies, Inc.(b)
  279,271        3,278,642
AvePoint, Inc.(b)(c)
  342,998        3,961,627
Axcelis Technologies, Inc.(b)
  60,823        6,649,779
Badger Meter, Inc.
  28,161        5,827,637
Bel Fuse, Inc., Class B
  106,070        7,194,728
Belden, Inc.
  34,284        3,677,988
CleanSpark, Inc.(b)(c)
  271,419        2,901,469
Commvault Systems, Inc.(b)
  27,890        4,334,106
Crane NXT Co.
  54,666        3,211,628
Credo Technology Group Holding Ltd.(b)
  120,623        4,210,949
Daktronics, Inc.(b)(c)
  595,654        8,607,200
FormFactor, Inc.(b)
  56,911        2,775,549
Impinj, Inc.(b)(c)
  21,926        3,685,761
InterDigital, Inc.(c)
  28,172        3,903,512
Kyndryl Holdings, Inc.(b)
  131,241        3,109,099
Napco Security Technologies, Inc.
  62,274        2,888,268
Ouster, Inc.(b)(c)
  302,561        2,145,157
Q2 Holdings, Inc.(b)
  56,995        4,229,599
ReposiTrak, Inc.(c)
  230,534        4,483,886
Veeco Instruments, Inc.(b)(c)
  72,900        2,587,221
Vertex, Inc., Class A(b)(c)
  96,102        3,718,186
Zeta Global Holdings Corp., Class A(b)
  213,619       5,641,678
        107,634,646
Materials-6.44%
Aspen Aerogels, Inc.(b)
  191,974        5,507,734
ATI, Inc.(b)(c)
  110,315        7,046,922
Cabot Corp.
  34,047        3,578,680
Carpenter Technology Corp.
  54,619        7,907,193
Coeur Mining, Inc.(b)
  600,222        3,685,363
Element Solutions, Inc.
  121,825        3,257,601
Gatos Silver, Inc.(b)
  313,102        3,938,823
Hawkins, Inc.
  42,735        5,413,242
Louisiana-Pacific Corp.
  38,872        3,772,528
PureCycle Technologies, Inc.(b)(c)
  552,242        3,368,676
Sylvamo Corp.
  49,715        3,931,959
United States Lime & Minerals, Inc.
  49,839        4,073,342
Universal Stainless & Alloy Products, Inc.(b)
  159,458       6,716,371
        62,198,434
Real Estate-1.18%
Forestar Group, Inc.(b)(c)
  103,999        3,217,729
SL Green Realty Corp.
  57,994        3,864,720
Tanger, Inc.
  142,249       4,330,060
        11,412,509
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.01%

(Cost $787,049,274)
  965,553,611
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)
August 31, 2024
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.81%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  46,283,175   $   46,283,175
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  125,566,437     125,616,664
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $171,888,954)
  171,899,839
TOTAL INVESTMENTS IN SECURITIES-117.82%

(Cost $958,938,228)
  1,137,453,450
OTHER ASSETS LESS LIABILITIES-(17.82)%
  (172,054,767)
NET ASSETS-100.00%
  $965,398,683
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $500,813   $19,500,121   $(20,000,934)   $-   $-   $-   $17,568
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 45,686,296   393,534,603   (392,937,724)   -   -   46,283,175   2,825,123*
Invesco Private Prime Fund 118,020,339   857,812,594   (850,253,016)   9,625   27,122   125,616,664   7,598,122*
Total $164,207,448   $1,270,847,318   $(1,263,191,674)   $9,625   $27,122   $171,899,839   $10,440,813
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.84%
Automobile Components-10.40%
American Axle & Manufacturing Holdings, Inc.(b)(c)
  17,352   $   111,573
Dana, Inc.
  19,045       215,018
Dorman Products, Inc.(b)
  4,118       467,063
Fox Factory Holding Corp.(b)(c)
  6,143       248,669
Gentherm, Inc.(b)
  4,668       235,921
LCI Industries
  3,757       442,725
Patrick Industries, Inc.
  3,109       401,745
Phinia, Inc.(c)
  6,745       323,490
Standard Motor Products, Inc.(c)
  2,770        89,499
XPEL, Inc.(b)(c)(d)
  3,140      135,931
        2,671,634
Automobiles-1.00%
Winnebago Industries, Inc.
  4,320      257,731
Broadline Retail-1.24%
Kohl’s Corp.(c)
  16,372      317,453
Diversified Consumer Services-8.08%
Adtalem Global Education, Inc.(b)(c)
  5,552       420,342
Frontdoor, Inc.(b)
  11,485       552,199
Mister Car Wash, Inc.(b)(c)
  13,677        89,037
Perdoceo Education Corp.
  9,685       217,331
Strategic Education, Inc.
  3,236       312,274
Stride, Inc.(b)(c)
  5,896      485,477
        2,076,660
Hotels, Restaurants & Leisure-15.09%
BJ’s Restaurants, Inc.(b)(c)
  3,451       105,704
Bloomin’ Brands, Inc.(c)
  12,765       223,388
Brinker International, Inc.(b)(c)
  6,566       469,600
Cheesecake Factory, Inc. (The)(c)
  6,923       272,143
Chuy’s Holdings, Inc.(b)
  2,543        94,600
Cracker Barrel Old Country Store, Inc.(c)
  3,277       129,704
Dave & Buster’s Entertainment, Inc.(b)(c)
  4,759       149,147
Dine Brands Global, Inc.(c)
  2,273        71,872
Golden Entertainment, Inc.(c)
  3,205       103,810
Jack in the Box, Inc.
  2,862       141,268
Monarch Casino & Resort, Inc.
  1,935       146,905
Papa John’s International, Inc.(c)
  4,865       230,455
PENN Entertainment, Inc.(b)(c)
  22,058       410,720
Sabre Corp.(b)(c)
  56,373       171,938
Shake Shack, Inc., Class A(b)(c)
  5,556       552,322
Six Flags Entertainment Corp.(c)
  13,744      601,712
        3,875,288
Household Durables-23.58%
Cavco Industries, Inc.(b)(c)
  1,145       473,252
Century Communities, Inc.
  4,176       417,892
Ethan Allen Interiors, Inc.
  3,375       106,245
Green Brick Partners, Inc.(b)
  3,712       292,431
Installed Building Products, Inc.(c)
  3,466       770,527
La-Z-Boy, Inc.
  6,295       255,388
Leggett & Platt, Inc.
  19,785       250,082
LGI Homes, Inc.(b)(c)
  3,026       326,445
M/I Homes, Inc.(b)(c)
  4,095       652,620
Meritage Homes Corp.(c)
  5,362    1,062,051
Newell Brands, Inc.
  56,382      399,748
  Shares   Value
Household Durables-(continued)
Sonos, Inc.(b)(c)
  18,141   $   221,865
Tri Pointe Homes, Inc.(b)(c)
  14,004       622,338
Worthington Enterprises, Inc.(c)
  4,515      206,787
        6,057,671
Leisure Products-2.58%
Sturm, Ruger & Co., Inc.
  2,568       108,164
Topgolf Callaway Brands Corp.(b)(c)
  20,864       209,892
Vista Outdoor, Inc.(b)
  8,592      344,024
        662,080
Specialty Retail-27.01%
Academy Sports & Outdoors, Inc.(c)
  10,893       604,344
Advance Auto Parts, Inc.(c)
  8,799       398,683
American Eagle Outfitters, Inc.
  27,298       561,793
Asbury Automotive Group, Inc.(b)(c)
  2,977       731,270
Boot Barn Holdings, Inc.(b)
  4,486       601,887
Buckle, Inc. (The)(c)
  4,365       182,893
Caleres, Inc.(c)
  4,881       205,636
Designer Brands, Inc., Class A(c)
  6,426        42,669
Foot Locker, Inc.
  12,134       377,853
Group 1 Automotive, Inc.
  1,951       735,059
Guess?, Inc.(c)
  4,024        83,377
Haverty Furniture Cos., Inc., (Acquired 12/21/2020 - 04/19/2024; Cost $63,424)(c)(e)
  1,965        53,841
Leslie’s, Inc.(b)(c)
  27,269        82,352
MarineMax, Inc.(b)(c)
  2,995        95,001
Monro, Inc.(c)
  4,414       119,575
National Vision Holdings, Inc.(b)(c)
  11,598       122,475
ODP Corp. (The)(b)
  4,716       145,489
Sally Beauty Holdings, Inc.(b)(c)
  15,279       199,391
Shoe Carnival, Inc.(c)
  2,643       106,883
Signet Jewelers Ltd.(c)
  6,592       554,387
Sonic Automotive, Inc., Class A
  2,196       136,899
Upbound Group, Inc.(c)
  6,612       220,179
Urban Outfitters, Inc.(b)(c)
  8,372       304,071
Victoria’s Secret & Co.(b)
  11,556      271,104
        6,937,111
Textiles, Apparel & Luxury Goods-10.86%
G-III Apparel Group Ltd.(b)(c)
  5,909       156,411
Hanesbrands, Inc.(b)(c)
  51,893       329,520
Kontoor Brands, Inc.
  7,335       549,025
Movado Group, Inc.
  2,310        55,117
Oxford Industries, Inc.(c)
  2,171       188,834
Steven Madden Ltd.
  10,183       459,253
V.F. Corp.
  48,781       888,302
Wolverine World Wide, Inc.(c)
  11,797      161,737
        2,788,199
Total Common Stocks & Other Equity Interests

(Cost $26,711,283)
  25,643,827
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g)

(Cost $5,786)
  5,786   $     5,786
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $26,717,069)
  25,649,613
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-31.48%
Invesco Private Government Fund, 5.28%(f)(g)(h)
  2,187,096    2,187,096
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(f)(g)(h)
  5,894,305   $ 5,896,663
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,083,685)
  8,083,759
TOTAL INVESTMENTS IN SECURITIES-131.34%

(Cost $34,800,754)
  33,733,372
OTHER ASSETS LESS LIABILITIES-(31.34)%
  (8,048,390)
NET ASSETS-100.00%
  $25,684,982
    
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(e) Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(f) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $16,834   $1,329,830   $(1,340,878)   $-   $-   $5,786   $772
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,264,482   14,074,756   (14,152,142)   -   -   2,187,096   150,970*
Invesco Private Prime Fund 5,822,958   23,070,282   (22,998,582)   (155)   2,160   5,896,663   404,210*
Total $8,104,274   $38,474,868   $(38,491,602)   $(155)   $2,160   $8,089,545   $555,952
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(g) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.81%
Beverages-5.74%
MGP Ingredients, Inc.(b)
  20,077   $  1,798,698
National Beverage Corp.(b)
  30,037     1,356,471
        3,155,169
Consumer Staples Distribution & Retail-20.69%
Andersons, Inc. (The)
  40,812     2,080,188
Chefs’ Warehouse, Inc. (The)(b)(c)
  45,463     1,947,180
Grocery Outlet Holding Corp.(b)(c)
  125,818     2,382,993
PriceSmart, Inc.
  31,698     2,839,507
SpartanNash Co.
  44,267        977,858
United Natural Foods, Inc.(c)
  76,344     1,155,085
        11,382,811
Food Products-36.29%
B&G Foods, Inc.(b)
  101,432        859,129
Calavo Growers, Inc.(b)
  22,831        525,570
Cal-Maine Foods, Inc.
  51,278     3,694,067
Fresh Del Monte Produce, Inc.(b)
  43,064     1,259,191
Hain Celestial Group, Inc. (The)(b)(c)
  115,354        922,832
J&J Snack Foods Corp.(b)
  19,540     3,325,513
John B. Sanfilippo & Son, Inc.
  11,568     1,097,456
Simply Good Foods Co. (The)(b)(c)
  114,639     3,621,446
Tootsie Roll Industries, Inc.(b)
  22,760        676,427
TreeHouse Foods, Inc.(b)(c)
  61,478     2,526,131
WK Kellogg Co.
  84,932     1,458,283
        19,966,045
Household Products-18.01%
Central Garden & Pet Co.(b)(c)
  11,987        473,127
Central Garden & Pet Co., Class A(c)
  68,257     2,334,389
Energizer Holdings, Inc.
  80,620     2,612,088
WD-40 Co.(b)
  17,075     4,487,993
        9,907,597
Personal Care Products-11.29%
Edgewell Personal Care Co.
  59,347     2,386,936
Inter Parfums, Inc.(b)
  20,782     2,677,553
  Shares   Value
Personal Care Products-(continued)
Nu Skin Enterprises, Inc., Class A
  63,793   $    569,672
USANA Health Sciences, Inc.(c)
  14,172       578,501
        6,212,662
Tobacco-7.79%
Universal Corp.(b)
  31,562     1,713,816
Vector Group Ltd.
  171,861     2,574,478
        4,288,294
Total Common Stocks & Other Equity Interests

(Cost $61,447,638)
  54,912,578
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $5,124)
  5,124         5,124
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.82%

(Cost $61,452,762)
  54,917,702
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-25.66%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  3,910,929     3,910,929
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  10,201,769    10,205,850
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $14,116,084)
  14,116,779
TOTAL INVESTMENTS IN SECURITIES-125.48%

(Cost $75,568,846)
  69,034,481
OTHER ASSETS LESS LIABILITIES-(25.48)%
  (14,016,733)
NET ASSETS-100.00%
  $55,017,748
    
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,418,349   $(1,413,225)   $-   $-   $5,124   $1,184
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $5,444,712   $54,592,454   $(56,126,237)   $-   $-   $3,910,929   $264,792*
Invesco Private Prime Fund 14,000,690   128,991,846   (132,790,306)   695   2,925   10,205,850   716,854*
Total $19,445,402   $185,002,649   $(190,329,768)   $695   $2,925   $14,121,903   $982,830
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco S&P SmallCap Energy ETF (PSCE)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.98%
Energy Equipment & Services-46.93%
Archrock, Inc.
  238,249   $  4,819,777
Bristow Group, Inc.(b)(c)
  38,529     1,533,839
Cactus, Inc., Class A(c)
  100,704     5,993,902
Core Laboratories, Inc.(c)
  74,748     1,462,071
Dril-Quip, Inc.(b)(c)
  54,863        894,816
Helix Energy Solutions Group, Inc.(b)(c)
  229,284     2,572,566
Helmerich & Payne, Inc.(c)
  151,368     4,939,138
Liberty Energy, Inc., Class A
  202,088     4,160,992
Nabors Industries Ltd.(b)(c)
  14,260     1,074,776
Oceaneering International, Inc.(b)(c)
  162,244     4,378,966
Patterson-UTI Energy, Inc.
  422,281     3,889,208
ProPetro Holding Corp.(b)(c)
  131,456     1,043,761
RPC, Inc.(c)
  134,640        864,389
Tidewater, Inc.(b)(c)
  74,462     6,604,779
        44,232,980
Oil, Gas & Consumable Fuels-53.05%
California Resources Corp.
  85,224     4,471,703
Comstock Resources, Inc.(c)
  153,730     1,634,150
CONSOL Energy, Inc.
  42,308     4,327,262
CVR Energy, Inc.(c)
  46,494     1,181,878
Dorian LPG Ltd.(c)
  54,573     2,127,801
Green Plains, Inc.(b)(c)
  103,062     1,460,389
Magnolia Oil & Gas Corp., Class A(c)
  277,364     7,103,292
Northern Oil and Gas, Inc.(c)
  140,373     5,584,038
Par Pacific Holdings, Inc.(b)
  85,259     1,913,212
Peabody Energy Corp.
  169,040     3,957,226
  Shares   Value
Oil, Gas & Consumable Fuels-(continued)
REX American Resources Corp.(b)(c)
  24,311   $  1,102,504
SM Energy Co.(c)
  176,335     8,046,166
Talos Energy, Inc.(b)(c)
  250,163     2,869,370
Vital Energy, Inc.(b)(c)
  40,657     1,459,180
World Kinect Corp.(c)
  95,855     2,759,665
        49,997,836
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.98%

(Cost $96,041,798)
  94,230,816
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-33.44%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  8,734,027     8,734,027
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  22,775,931    22,785,041
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $31,518,096)
  31,519,068
TOTAL INVESTMENTS IN SECURITIES-133.42%

(Cost $127,559,894)
  125,749,884
OTHER ASSETS LESS LIABILITIES-(33.42)%
  (31,500,177)
NET ASSETS-100.00%
  $94,249,707
    
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $5,746,009   $(5,746,009)   $-   $-   $-   $4,042
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 18,527,942   179,589,563   (189,383,478)   -   -   8,734,027   894,131*
Invesco Private Prime Fund 47,643,280   321,589,294   (346,450,800)   412   2,855   22,785,041   2,403,278*
Total $66,171,222   $506,924,866   $(541,580,287)   $412   $2,855   $31,519,068   $3,301,451
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco S&P SmallCap Energy ETF (PSCE)—(continued)
August 31, 2024
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco S&P SmallCap Financials ETF (PSCF)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.80%
Banks-36.36%
Ameris Bancorp
  3,736   $   230,250
Atlantic Union Bankshares Corp.(b)
  5,182       205,622
Axos Financial, Inc.(c)
  2,933       203,638
Banc of California, Inc.
  8,002       113,788
BancFirst Corp.(b)
  837        89,057
Bancorp, Inc. (The)(b)(c)
  2,998       157,095
Bank of Hawaii Corp.
  2,299       152,585
BankUnited, Inc.(b)
  4,330       166,402
Banner Corp.(b)
  1,986       118,306
Berkshire Hills Bancorp, Inc.
  2,450        67,473
Brookline Bancorp, Inc.
  5,124        52,418
Capitol Federal Financial, Inc.
  7,116        42,767
Cathay General Bancorp
  4,215       185,418
Central Pacific Financial Corp.
  1,559        42,888
City Holding Co.(b)
  851       101,048
Comerica, Inc.
  7,654       437,120
Community Financial System, Inc.
  3,055       186,844
Customers Bancorp, Inc.(c)
  1,642        85,088
CVB Financial Corp.(b)
  7,687       141,595
Dime Community Bancshares, Inc.
  2,022        52,592
Eagle Bancorp, Inc.
  1,740        37,880
FB Financial Corp.
  2,031        97,935
First Bancorp (Puerto Rico)
  9,549       204,158
First Bancorp/Southern Pines NC(b)
  2,373       100,805
First Commonwealth Financial Corp.
  5,878       101,219
First Financial Bancorp
  5,531       146,406
First Hawaiian, Inc.
  7,400       180,042
Fulton Financial Corp.(b)
  10,493       203,040
Hanmi Financial Corp.
  1,740        34,469
Heritage Financial Corp.
  2,000        45,680
Hilltop Holdings, Inc.
  2,671        87,742
Hope Bancorp, Inc.
  6,953        88,929
Independent Bank Corp.
  2,460       155,743
Independent Bank Group, Inc.
  2,075       120,806
Lakeland Financial Corp.(b)
  1,470       100,180
National Bank Holdings Corp., Class A
  2,180        95,506
NBT Bancorp, Inc.
  2,718       133,073
Northwest Bancshares, Inc.
  7,336       101,604
OFG Bancorp (Puerto Rico)
  2,725       125,323
Pacific Premier Bancorp, Inc.
  5,587       143,586
Park National Corp.(b)
  829       145,730
Pathward Financial, Inc.
  1,457       100,271
Preferred Bank(b)
  710        58,823
Provident Financial Services, Inc.
  7,562       144,207
Renasant Corp.(b)
  3,613       126,455
S&T Bancorp, Inc.(b)
  2,204        94,706
Seacoast Banking Corp. of Florida(b)
  4,879       133,489
ServisFirst Bancshares, Inc.(b)
  2,832       229,562
Simmons First National Corp., Class A
  7,268       155,681
Southside Bancshares, Inc.
  1,658        56,753
Stellar Bancorp, Inc.
  2,718        74,120
Tompkins Financial Corp.
  722        44,287
Triumph Financial, Inc.(b)(c)
  1,244       104,471
TrustCo Bank Corp.
  1,097        38,219
Trustmark Corp.
  3,528       117,518
United Community Banks, Inc.
  6,892       209,999
Veritex Holdings, Inc.
  3,143       79,172
  Shares   Value
Banks-(continued)
WaFd, Inc.
  3,915   $   143,563
Westamerica Bancorporation
  1,538        79,653
WSFS Financial Corp.
  3,478      190,386
        7,463,185
Capital Markets-9.45%
Artisan Partners Asset Management, Inc., Class A
  4,047       168,315
B. Riley Financial, Inc.(b)
  943         4,635
BGC Group, Inc., Class A
  22,156       218,901
BrightSphere Investment Group, Inc.
  1,698        41,414
Cohen & Steers, Inc.(b)
  1,523       136,095
Donnelley Financial Solutions, Inc.(c)
  1,436        95,724
Moelis & Co., Class A
  4,060       271,167
Piper Sandler Cos.
  900       245,430
PJT Partners, Inc., Class A
  1,278       157,833
StepStone Group, Inc., Class A
  3,013       164,811
StoneX Group, Inc.(c)
  1,581       131,002
Virtu Financial, Inc., Class A
  5,122       157,297
Virtus Investment Partners, Inc.
  386        81,701
WisdomTree, Inc.(b)
  6,435       65,251
        1,939,576
Consumer Finance-3.44%
Bread Financial Holdings, Inc.
  2,870       166,948
Encore Capital Group, Inc.(b)(c)
  1,365        68,359
Enova International, Inc.(c)
  1,572       134,768
EZCORP, Inc., Class A(b)(c)
  2,996        36,611
Green Dot Corp., Class A, (Acquired 02/05/2020 - 07/30/2024; Cost $98,514)(c)(d)
  2,638        29,466
Navient Corp.
  4,641        78,572
PRA Group, Inc.(c)
  2,268        52,890
PROG Holdings, Inc.
  2,489       116,386
World Acceptance Corp.(b)(c)
  194       22,863
        706,863
Diversified REITs-3.05%
Alexander & Baldwin, Inc.(b)
  4,184        82,801
American Assets Trust, Inc.
  2,808        76,518
Armada Hoffler Properties, Inc.
  3,866        47,591
Essential Properties Realty Trust, Inc.(b)
  10,119       322,897
Global Net Lease, Inc.
  11,263       97,087
        626,894
Financial Services-9.64%
EVERTEC, Inc. (Puerto Rico)
  3,734       127,890
HA Sustainable Infrastructure Capital, Inc.(b)
  6,563       212,510
Jackson Financial, Inc., Class A
  3,918       352,502
Mr. Cooper Group, Inc.(c)
  3,736       350,474
NCR Atleos Corp.(b)(c)
  3,949       112,981
NMI Holdings, Inc., Class A(c)
  4,648       190,893
Payoneer Global, Inc.(c)
  14,602       108,493
Radian Group, Inc.
  8,692       314,216
Walker & Dunlop, Inc.(b)
  1,951      208,874
        1,978,833
Health Care REITs-2.69%
CareTrust REIT, Inc.
  8,199       244,986
Community Healthcare Trust, Inc.
  1,411       26,428
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
August 31, 2024
  Shares   Value
Health Care REITs-(continued)
LTC Properties, Inc.
  2,506   $    92,045
Medical Properties Trust, Inc.
  34,755       156,398
Universal Health Realty Income Trust
  733       32,912
        552,769
Hotel & Resort REITs-3.31%
Apple Hospitality REIT, Inc.
  13,012       187,893
DiamondRock Hospitality Co.
  12,109       106,438
Pebblebrook Hotel Trust(b)
  6,946        92,382
Service Properties Trust(b)
  9,555        44,813
Summit Hotel Properties, Inc.
  6,237        42,349
Sunstone Hotel Investors, Inc.
  11,740       122,448
Xenia Hotels & Resorts, Inc.(b)
  5,878       83,703
        680,026
Industrial REITs-1.85%
Innovative Industrial Properties, Inc.(b)
  1,635       203,198
LXP Industrial Trust
  17,031      176,441
        379,639
Insurance-8.82%
Ambac Financial Group, Inc.(c)
  2,607        30,502
AMERISAFE, Inc.
  1,102        55,232
Assured Guaranty Ltd.
  2,985       239,039
Employers Holdings, Inc.
  1,461        70,055
Genworth Financial, Inc., Class A(c)
  25,342       176,887
Goosehead Insurance, Inc., Class A(b)(c)
  1,455       122,715
HCI Group, Inc.(b)
  423        40,536
Horace Mann Educators Corp.
  2,361        84,075
Lincoln National Corp.
  9,813       314,997
Mercury General Corp.
  1,532       101,464
Palomar Holdings, Inc.(b)(c)
  1,437       142,579
ProAssurance Corp.(c)
  2,941        39,410
Safety Insurance Group, Inc.
  855        75,710
SiriusPoint Ltd. (Sweden)(c)
  5,307        79,552
Stewart Information Services Corp.(b)
  1,590       117,517
Trupanion, Inc.(c)
  2,083        95,256
United Fire Group, Inc., (Acquired 06/13/2017 - 07/30/2024; Cost $55,036)(d)
  1,225       25,076
        1,810,602
Mortgage REITs-4.69%
Apollo Commercial Real Estate Finance, Inc.
  7,539        79,838
Arbor Realty Trust, Inc.(b)
  10,916       148,458
ARMOUR Residential REIT, Inc.
  2,810        57,464
Blackstone Mortgage Trust, Inc., Class A(b)
  10,021       184,988
Ellington Financial, Inc.
  4,902        64,461
Franklin BSP Realty Trust, Inc.
  4,719        64,273
KKR Real Estate Finance Trust, Inc.
  3,356        40,037
New York Mortgage Trust, Inc.(b)
  5,259        35,078
PennyMac Mortgage Investment Trust(b)
  5,006        71,135
Ready Capital Corp.(b)
  8,956        74,245
Redwood Trust, Inc.(b)
  7,618        57,668
Two Harbors Investment Corp.
  5,966       84,479
        962,124
Office REITs-4.16%
Brandywine Realty Trust(b)
  9,930        51,934
Douglas Emmett, Inc.(b)
  9,693       155,088
Easterly Government Properties, Inc.(b)
  5,937        77,893
Highwoods Properties, Inc.
  6,136       197,702
Hudson Pacific Properties, Inc.(b)
  7,313       37,662
  Shares   Value
Office REITs-(continued)
JBG SMITH Properties, (Acquired 03/17/2023 - 07/30/2024; Cost $69,440)(d)
  4,821   $    83,885
SL Green Realty Corp.
  3,740      249,234
        853,398
Real Estate Management & Development-2.21%
Cushman & Wakefield PLC(c)
  11,409       148,317
eXp World Holdings, Inc.(b)
  4,463        52,485
Kennedy-Wilson Holdings, Inc.(b)
  6,738        74,926
Marcus & Millichap, Inc.(b)
  1,382        54,824
St. Joe Co. (The)
  2,065      122,599
        453,151
Residential REITs-1.45%
Centerspace(b)
  860        64,328
Elme Communities
  5,073        89,589
NexPoint Residential Trust, Inc.
  1,317        62,294
Veris Residential, Inc.
  4,640       81,386
        297,597
Retail REITs-6.63%
Acadia Realty Trust(b)
  5,979       134,587
Getty Realty Corp.(b)
  2,831        89,969
Macerich Co. (The)
  12,456       198,922
Phillips Edison & Co., Inc.
  7,082       261,751
Retail Opportunity Investments Corp.
  7,347       112,336
Saul Centers, Inc.(b)
  746        30,452
SITE Centers Corp.
  2,607       157,333
Tanger, Inc.
  6,330       192,685
Urban Edge Properties
  6,883       145,575
Whitestone REIT
  2,736       36,717
        1,360,327
Specialized REITs-2.05%
Four Corners Property Trust, Inc.(b)
  5,329       151,077
Outfront Media, Inc.
  8,459       144,226
Safehold, Inc.(b)
  2,594        65,005
Uniti Group, Inc.(b)
  13,849       60,382
        420,690
Total Common Stocks & Other Equity Interests

(Cost $19,352,875)
  20,485,674
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $13,041)
  13,041       13,041
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $19,365,916)
  20,498,715
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-22.66%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  1,246,920    1,246,920
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  3,402,116   $ 3,403,477
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $4,650,146)
  4,650,397
TOTAL INVESTMENTS IN SECURITIES-122.52%

(Cost $24,016,062)
  25,149,112
OTHER ASSETS LESS LIABILITIES-(22.52)%
  (4,622,373)
NET ASSETS-100.00%
  $20,526,739
    
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Restricted security. The aggregate value of these securities at August 31, 2024 was $138,427, which represented less than 1% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Invesco Mortgage Capital, Inc. $41,726   $217   $(35,220)   $241,216   $(247,939)   $-   $3,579
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   690,964   (677,923)   -   -   13,041   424
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,018,928   9,867,929   (10,639,937)   -   -   1,246,920   86,321*
Invesco Private Prime Fund 5,191,532   17,187,557   (18,977,509)   145   1,752   3,403,477   231,858*
Total $7,252,186   $27,746,667   $(30,330,589)   $241,361   $(246,187)   $4,663,438   $322,182
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco S&P SmallCap Health Care ETF (PSCH)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Biotechnology-17.72%
Alkermes PLC(b)(c)
  246,081   $  7,001,005
Arcus Biosciences, Inc.(b)(c)
  79,361     1,358,660
Catalyst Pharmaceuticals, Inc.(b)
  163,176     3,304,314
Dynavax Technologies Corp.(b)(c)
  190,341     2,135,626
Ironwood Pharmaceuticals, Inc.(b)(c)
  203,415     1,029,280
Krystal Biotech, Inc.(b)(c)
  36,131     7,049,881
Myriad Genetics, Inc.(b)(c)
  131,615     3,728,653
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
  20,053              0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
  20,053              0
Protagonist Therapeutics, Inc.(b)(c)
  85,293     3,658,217
REGENXBIO, Inc.(b)(c)
  65,901        805,310
Vericel Corp.(b)(c)
  70,680     3,650,622
Vir Biotechnology, Inc.(b)(c)
  126,630     1,045,964
Xencor, Inc.(b)(c)
  89,672     1,568,363
        36,335,895
Health Care Equipment & Supplies-30.07%
Artivion, Inc.(b)(c)
  57,653     1,564,702
Avanos Medical, Inc.(b)
  66,757     1,616,855
CONMED Corp.(c)
  44,791     3,279,597
Embecta Corp.(c)
  83,863     1,370,321
Glaukos Corp.(b)(c)
  73,248     9,807,175
ICU Medical, Inc.(b)(c)
  29,766     4,921,213
Inari Medical, Inc.(b)(c)
  75,245     3,252,841
Integer Holdings Corp.(b)(c)
  48,722     6,337,270
Integra LifeSciences Holdings Corp.(b)(c)
  99,696     2,027,817
LeMaitre Vascular, Inc.
  29,049     2,622,834
Merit Medical Systems, Inc.(b)
  84,500     8,169,460
Omnicell, Inc.(b)(c)
  66,779     2,970,330
QuidelOrtho Corp.(b)
  72,067     3,044,831
STAAR Surgical Co., (Acquired 08/21/2023; Cost $3,015,651)(b)(c)(e)
  71,433     2,363,718
Tandem Diabetes Care, Inc.(b)(c)
  93,927     4,085,824
UFP Technologies, Inc.(b)(c)
  10,259     3,500,679
Varex Imaging Corp.(b)(c)
  59,475       742,248
        61,677,715
Health Care Providers & Services-29.52%
AdaptHealth Corp.(b)(c)
  113,604     1,248,508
Addus HomeCare Corp.(b)(c)
  25,695     3,417,692
AMN Healthcare Services, Inc.(b)(c)
  55,256     2,930,226
Astrana Health, Inc.(b)(c)
  61,547     2,941,331
CorVel Corp.(b)(c)
  13,177     4,226,259
Cross Country Healthcare, Inc.(b)(c)
  47,536        709,237
Enhabit, Inc.(b)(c)
  72,934        615,563
Ensign Group, Inc. (The)(c)
  82,110    12,428,170
Fulgent Genetics, Inc.(b)(c)
  29,591        667,573
National HealthCare Corp.(c)
  19,709     2,702,695
NeoGenomics, Inc.(b)(c)
  185,719     3,068,078
Owens & Minor, Inc.(b)(c)
  106,591     1,656,424
Patterson Cos., Inc.(c)
  115,951     2,607,738
Pediatrix Medical Group, Inc.(b)(c)
  120,392     1,307,457
Premier, Inc., Class A
  152,432     3,105,040
Privia Health Group, Inc.(b)(c)
  150,956     3,040,254
RadNet, Inc.(b)
  96,695     6,409,912
  Shares   Value
Health Care Providers & Services-(continued)
Select Medical Holdings Corp.
  155,059   $  5,592,978
U.S. Physical Therapy, Inc.
  21,914     1,875,838
        60,550,973
Health Care Technology-2.67%
Certara, Inc.(b)(c)
  156,712     1,919,722
HealthStream, Inc.(c)
  34,924     1,014,193
Schrodinger, Inc.(b)(c)
  80,355     1,689,866
Simulations Plus, Inc.(c)
  23,253       842,920
        5,466,701
Life Sciences Tools & Services-3.01%
BioLife Solutions, Inc.(b)(c)
  52,879     1,368,508
Cytek Biosciences, Inc.(b)(c)
  139,358        799,915
Fortrea Holdings, Inc.(b)(c)
  130,005     2,997,915
Mesa Laboratories, Inc.
  7,453       996,392
        6,162,730
Pharmaceuticals-16.93%
Amphastar Pharmaceuticals, Inc.(b)(c)
  55,466     2,703,413
ANI Pharmaceuticals, Inc.(b)(c)
  22,299     1,421,561
Collegium Pharmaceutical, Inc.(b)(c)
  47,577     1,829,812
Corcept Therapeutics, Inc.(b)(c)
  133,234     4,703,160
Harmony Biosciences Holdings, Inc.(b)(c)
  46,251     1,664,111
Innoviva, Inc.(b)(c)
  79,909     1,548,636
Ligand Pharmaceuticals, Inc.(b)(c)
  24,559     2,598,342
Organon & Co.(c)
  373,978     8,358,408
Pacira BioSciences, Inc.(b)(c)
  67,685     1,053,179
Phibro Animal Health Corp., Class A
  29,576        621,096
Prestige Consumer Healthcare, Inc.(b)(c)
  72,586     5,417,819
Supernus Pharmaceuticals, Inc.(b)(c)
  79,942     2,810,761
        34,730,298
Total Common Stocks & Other Equity Interests

(Cost $195,556,819)
  204,924,312
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g)

(Cost $50,692)
  50,692        50,692
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $195,607,511)
  204,975,004
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-32.98%
Invesco Private Government Fund, 5.28%(f)(g)(h)
  19,787,300    19,787,300
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(f)(g)(h)
  47,841,231   $ 47,860,367
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $67,643,436)
  67,647,667
TOTAL INVESTMENTS IN SECURITIES-132.92%

(Cost $263,250,947)
  272,622,671
OTHER ASSETS LESS LIABILITIES-(32.92)%
  (67,527,422)
NET ASSETS-100.00%
  $205,095,249
    
Investment Abbreviations:
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security valued using significant unobservable inputs (Level 3). See Note 5.
(e) Restricted security. The value of this security at August 31, 2024 represented 1.15% of the Fund’s Net Assets.
(f) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $93,363   $4,645,754   $(4,688,425)   $-   $-   $50,692   $4,131
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 21,876,344   82,781,727   (84,870,771)   -   -   19,787,300   996,574*
Invesco Private Prime Fund 56,253,459   152,641,103   (161,056,755)   3,155   19,405   47,860,367   2,670,385*
Total $78,223,166   $240,068,584   $(250,615,951)   $3,155   $19,405   $67,698,359   $3,671,090
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(g) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Invesco S&P SmallCap Industrials ETF (PSCI)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Aerospace & Defense-7.58%
AAR Corp.(b)(c)
  28,895   $  1,900,713
AeroVironment, Inc.(b)(c)
  24,390     4,969,706
Mercury Systems, Inc.(b)(c)
  45,574     1,727,254
Moog, Inc., Class A
  25,097     4,954,148
National Presto Industries, Inc.
  4,599        360,056
Triumph Group, Inc.(b)(c)
  67,077       934,383
        14,846,260
Air Freight & Logistics-1.74%
Forward Air Corp.(c)
  27,552        875,327
Hub Group, Inc., Class A
  53,878     2,539,270
        3,414,597
Building Products-10.81%
American Woodmark Corp.(b)
  13,827     1,239,038
Apogee Enterprises, Inc.
  19,312     1,289,655
Armstrong World Industries, Inc.
  38,199     4,842,105
AZZ, Inc.
  25,920     2,155,767
Gibraltar Industries, Inc.(b)(c)
  26,589     1,852,456
Griffon Corp.
  32,432     2,146,674
Hayward Holdings, Inc.(b)(c)
  110,623     1,641,645
Insteel Industries, Inc.
  16,995        584,628
MasterBrand, Inc.(b)
  110,829     1,777,697
Quanex Building Products Corp.(c)
  38,756     1,070,828
Resideo Technologies, Inc.(b)
  127,422     2,568,828
        21,169,321
Commercial Services & Supplies-12.66%
ABM Industries, Inc.
  55,219     3,155,766
Brady Corp., Class A
  39,066     2,892,447
CoreCivic, Inc.(b)
  97,089     1,337,886
Deluxe Corp.
  38,437        791,418
Enviri Corp.(b)
  69,902        835,329
GEO Group, Inc. (The)(b)
  116,315     1,613,289
Healthcare Services Group, Inc.(b)
  64,267        699,867
HNI Corp.
  41,274     2,222,605
Interface, Inc.
  50,826        959,595
Liquidity Services, Inc.(b)(c)
  19,483        424,145
Matthews International Corp., Class A
  26,799        678,819
MillerKnoll, Inc.
  62,516     1,841,096
OPENLANE, Inc.(b)(c)
  94,510     1,637,858
Pitney Bowes, Inc.
  135,803        960,127
UniFirst Corp.
  13,149     2,494,234
Vestis Corp.
  114,711     1,613,984
Viad Corp.(b)
  18,437       634,417
        24,792,882
Construction & Engineering-6.49%
Arcosa, Inc.(c)
  42,409     3,879,999
Dycom Industries, Inc.(b)
  25,388     4,467,273
Granite Construction, Inc.(c)
  38,529     2,895,840
MYR Group, Inc.(b)
  14,630     1,474,704
        12,717,816
Electrical Equipment-3.10%
Powell Industries, Inc.(c)
  8,055     1,348,729
  Shares   Value
Electrical Equipment-(continued)
Sunrun, Inc.(b)(c)
  193,434   $  3,969,266
Vicor Corp.(b)(c)
  19,755       760,567
        6,078,562
Ground Transportation-4.97%
ArcBest Corp.
  20,448     2,173,622
Heartland Express, Inc.(c)
  40,011        495,336
Hertz Global Holdings, Inc.(b)(c)
  115,133        350,004
Marten Transport Ltd.
  50,411        879,672
RXO, Inc.(b)(c)
  102,558     2,918,801
Schneider National, Inc., Class B
  32,194        872,779
Werner Enterprises, Inc.(c)
  55,338     2,045,293
        9,735,507
Machinery-28.91%
3D Systems Corp.(b)(c)
  116,827        250,010
Alamo Group, Inc.
  9,046     1,677,128
Albany International Corp., Class A
  27,227     2,563,694
Astec Industries, Inc.
  19,866        672,067
Barnes Group, Inc.(c)
  44,245     1,771,570
Enerpac Tool Group Corp.
  47,344     1,952,467
Enpro, Inc.
  18,275     2,939,168
ESCO Technologies, Inc.
  22,471     2,694,498
Federal Signal Corp.
  53,320     5,038,207
Franklin Electric Co., Inc.
  34,590     3,592,517
Gates Industrial Corp. PLC(b)(c)
  179,428     3,258,412
Greenbrier Cos., Inc. (The)
  27,166     1,316,193
Hillenbrand, Inc.
  61,256     2,018,998
John Bean Technologies Corp.
  27,778     2,495,575
Kennametal, Inc.
  68,648     1,775,924
Lindsay Corp.
  9,632     1,194,850
Mueller Industries, Inc.
  99,131     7,207,815
Proto Labs, Inc.(b)
  22,092        675,573
SPX Technologies, Inc.(b)
  40,344     6,581,720
Standex International Corp.
  10,343     1,847,777
Tennant Co.
  16,586     1,619,955
Titan International, Inc.(b)(c)
  44,661        372,026
Trinity Industries, Inc.
  71,414     2,357,376
Wabash National Corp.(c)
  39,289       764,564
        56,638,084
Marine Transportation-2.10%
Matson, Inc.
  29,806     4,122,170
Passenger Airlines-4.66%
Alaska Air Group, Inc.(b)(c)
  110,691     3,997,052
Allegiant Travel Co.(c)
  12,612        530,713
JetBlue Airways Corp.(b)(c)
  298,799     1,517,899
SkyWest, Inc.(b)
  35,132     2,724,135
Sun Country Airlines Holdings, Inc.(b)(c)
  33,196       364,492
        9,134,291
Professional Services-8.45%
CSG Systems International, Inc.(c)
  24,817     1,204,121
Heidrick & Struggles International, Inc.
  17,670        682,062
Kelly Services, Inc., Class A
  28,100        593,191
Korn Ferry
  45,534     3,326,259
NV5 Global, Inc.(b)
  11,272     1,083,577
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)
August 31, 2024
  Shares   Value
Professional Services-(continued)
Robert Half, Inc.
  90,210   $  5,653,461
Verra Mobility Corp., Class A(b)(c)
  145,309     4,011,981
        16,554,652
Trading Companies & Distributors-8.45%
Air Lease Corp., Class A
  90,415     4,183,502
Boise Cascade Co.
  34,454     4,672,652
DNOW, Inc.(b)
  93,202     1,213,490
DXP Enterprises, Inc.(b)(c)
  11,398        626,890
GMS, Inc.(b)
  34,756     3,016,473
Rush Enterprises, Inc., Class A
  53,987     2,845,115
        16,558,122
Total Common Stocks & Other Equity Interests

(Cost $161,113,893)
  195,762,264
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $66,721)
  66,721        66,721
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $161,180,614)
  195,828,985
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-12.28%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  6,467,736   $  6,467,736
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  17,583,050    17,590,083
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $24,056,954)
  24,057,819
TOTAL INVESTMENTS IN SECURITIES-112.23%

(Cost $185,237,568)
  219,886,804
OTHER ASSETS LESS LIABILITIES-(12.23)%
  (23,963,937)
NET ASSETS-100.00%
  $195,922,867
    
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $6,891   $9,910,827   $(9,850,997)   $-   $-   $66,721   $5,541
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,283,215   84,914,495   (81,729,974)   -   -   6,467,736   322,398*
Invesco Private Prime Fund 9,438,856   182,136,661   (173,987,511)   865   1,212   17,590,083   880,372*
Total $12,728,962   $276,961,983   $(265,568,482)   $865   $1,212   $24,124,540   $1,208,311
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco S&P SmallCap Information Technology ETF (PSCT)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.99%
Communications Equipment-7.37%
Calix, Inc.(b)
  119,602   $  4,453,978
Digi International, Inc.(b)(c)
  74,596     2,197,598
Extreme Networks, Inc.(b)(c)
  266,503     4,197,422
Harmonic, Inc.(b)
  239,004     3,453,608
NetScout Systems, Inc.(b)(c)
  146,464     3,146,047
Viasat, Inc.(b)(c)
  154,204     2,421,003
Viavi Solutions, Inc.(b)(c)
  457,824     3,941,865
        23,811,521
Electronic Equipment, Instruments & Components-33.99%
Advanced Energy Industries, Inc.(c)
  76,788     8,146,439
Arlo Technologies, Inc.(b)(c)
  200,116     2,349,362
Badger Meter, Inc.
  60,285    12,475,378
Benchmark Electronics, Inc.
  73,921     3,142,382
CTS Corp.(c)
  62,694     3,087,679
ePlus, Inc.(b)(c)
  54,643     5,243,542
Fabrinet (Thailand)(b)
  74,127    18,061,044
Insight Enterprises, Inc.(b)(c)
  56,753    12,319,374
Itron, Inc.(b)
  94,066     9,615,426
Knowles Corp.(b)
  184,050     3,395,722
OSI Systems, Inc.(b)(c)
  32,165     4,820,569
PC Connection, Inc.
  23,255     1,699,475
Plexus Corp.(b)
  56,171     7,196,067
Rogers Corp.(b)
  34,437     3,693,713
Sanmina Corp.(b)(c)
  113,724     7,890,171
ScanSource, Inc.(b)(c)
  50,675     2,581,384
TTM Technologies, Inc.(b)(c)
  208,722     4,059,643
        109,777,370
IT Services-5.30%
DigitalOcean Holdings, Inc.(b)(c)
  110,215     4,125,347
DXC Technology Co.(b)
  366,922     7,584,278
Perficient, Inc.(b)
  72,107     5,420,283
        17,129,908
Semiconductors & Semiconductor Equipment-20.39%
Alpha & Omega Semiconductor Ltd.(b)(c)
  47,677     1,993,375
Axcelis Technologies, Inc.(b)(c)
  66,717     7,294,170
CEVA, Inc.(b)(c)
  48,361     1,157,762
Cohu, Inc.(b)(c)
  96,567     2,598,618
Diodes, Inc.(b)(c)
  94,593     6,592,186
FormFactor, Inc.(b)
  158,260     7,718,340
Ichor Holdings Ltd.(b)
  68,650     2,128,150
Kulicke & Soffa Industries, Inc. (Singapore)(c)
  113,745     4,983,169
MaxLinear, Inc.(b)
  155,005     2,352,976
PDF Solutions, Inc.(b)(c)
  63,012     1,988,029
Photronics, Inc.(b)(c)
  129,926     3,359,886
Semtech Corp.(b)(c)
  132,411     5,802,250
SiTime Corp.(b)(c)
  36,115     5,224,396
SMART Global Holdings, Inc.(b)(c)
  107,253     2,222,282
SolarEdge Technologies, Inc.(b)(c)
  117,513     2,859,091
Ultra Clean Holdings, Inc.(b)(c)
  92,091     3,471,831
Veeco Instruments, Inc.(b)(c)
  116,157     4,122,412
        65,868,923
  Shares   Value
Software-31.92%
A10 Networks, Inc.(c)
  143,532   $  1,976,436
ACI Worldwide, Inc.(b)
  216,237    10,889,695
Adeia, Inc.
  222,530     2,803,878
Agilysys, Inc.(b)
  41,414     4,683,923
Alarm.com Holdings, Inc.(b)(c)
  102,926     6,128,214
BlackLine, Inc.(b)(c)
  105,225     5,213,899
Box, Inc., Class A(b)(c)
  296,044     9,651,034
DoubleVerify Holdings, Inc.(b)
  288,902     5,691,369
Envestnet, Inc.(b)
  102,844     6,453,461
InterDigital, Inc.(c)
  51,751     7,170,619
LiveRamp Holdings, Inc.(b)(c)
  135,735     3,518,251
Marathon Digital Holdings, Inc.(b)(c)
  559,781     9,348,343
N-able, Inc.(b)
  143,985     1,851,647
NCR Voyix Corp.(b)(c)
  282,531     3,811,343
Progress Software Corp.
  88,635     5,154,125
SolarWinds Corp.(c)
  106,926     1,367,584
Sprinklr, Inc., Class A(b)(c)
  245,713     2,204,046
SPS Commerce, Inc.(b)
  75,943    15,168,855
        103,086,722
Technology Hardware, Storage & Peripherals-1.02%
Corsair Gaming, Inc.(b)(c)
  89,497        623,794
Xerox Holdings Corp.(c)
  234,329     2,654,948
        3,278,742
Total Common Stocks & Other Equity Interests

(Cost $260,112,260)
  322,953,186
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $24,012)
  24,012        24,012
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $260,136,272)
  322,977,198
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-21.46%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  19,293,727    19,293,727
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  49,990,788    50,010,784
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $69,300,167)
  69,304,511
TOTAL INVESTMENTS IN SECURITIES-121.46%

(Cost $329,436,439)
  392,281,709
OTHER ASSETS LESS LIABILITIES-(21.46)%
  (69,307,713)
NET ASSETS-100.00%
  $322,973,996
    
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Table of Contents
Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $12,479   $3,265,999   $(3,254,466)   $-   $-   $24,012   $5,159
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 22,373,280   146,109,840   (149,189,393)   -   -   19,293,727   1,027,128*
Invesco Private Prime Fund 57,531,290   343,704,773   (351,234,827)   5,007   4,541   50,010,784   2,735,212*
Total $79,917,049   $493,080,612   $(503,678,686)   $5,007   $4,541   $69,328,523   $3,767,499
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Table of Contents
Invesco S&P SmallCap Materials ETF (PSCM)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Chemicals-40.67%
AdvanSix, Inc.
  6,769   $   200,092
Balchem Corp.
  8,094    1,432,881
H.B. Fuller Co.(b)
  13,604    1,165,319
Hawkins, Inc.
  4,806       608,776
Ingevity Corp.(b)(c)
  8,533       337,310
Innospec, Inc.
  6,273       723,026
Koppers Holdings, Inc.
  5,354       211,911
Mativ Holdings, Inc., Class A
  13,721       260,150
Minerals Technologies, Inc.
  8,144       627,902
Quaker Chemical Corp.(b)
  3,498       592,106
Sensient Technologies Corp.
  10,223       795,758
Stepan Co.
  5,393      418,659
        7,373,890
Containers & Packaging-10.55%
Myers Industries, Inc.
  9,391       143,588
O-I Glass, Inc.(c)
  39,327       499,060
Sealed Air Corp.
  36,351    1,270,467
        1,913,115
Metals & Mining-43.68%
Alpha Metallurgical Resources, Inc.
  2,890       691,144
Arch Resources, Inc.
  4,575       624,167
ATI, Inc.(b)(c)
  31,066    1,984,496
Carpenter Technology Corp.
  12,385    1,792,976
Century Aluminum Co.(c)
  13,110       188,260
Compass Minerals International, Inc.(b)
  8,560        75,585
Haynes International, Inc.
  3,207       192,869
Kaiser Aluminum Corp.
  4,021       299,766
Materion Corp.
  5,235       607,469
Metallus, Inc.(b)(c)
  9,858       160,291
Olympic Steel, Inc.
  2,474        99,207
SunCoke Energy, Inc.
  21,233       190,248
Warrior Met Coal, Inc.
  12,032       737,682
Worthington Steel, Inc.
  7,762      274,775
        7,918,935
  Shares   Value
Paper & Forest Products-4.99%
Clearwater Paper Corp.(c)
  4,212   $   140,133
Mercer International, Inc. (Germany)
  11,134        66,804
Sylvamo Corp.
  8,829      698,286
        905,223
Total Common Stocks & Other Equity Interests

(Cost $16,017,785)
  18,111,163
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $7,205)
  7,205        7,205
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $16,024,990)
  18,118,368
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.25%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  816,311       816,311
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  2,128,910    2,129,762
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,946,005)
  2,946,073
TOTAL INVESTMENTS IN SECURITIES-116.18%

(Cost $18,970,995)
  21,064,441
OTHER ASSETS LESS LIABILITIES-(16.18)%
  (2,933,284)
NET ASSETS-100.00%
  $18,131,157
    
 
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $251,811   $(244,606)   $-   $-   $7,205   $282
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Table of Contents
Invesco S&P SmallCap Materials ETF (PSCM)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $1,352,773   $11,576,679   $(12,113,141)   $-   $-   $816,311   $36,994*
Invesco Private Prime Fund 3,478,560   23,541,189   (24,890,417)   148   282   2,129,762   98,058*
Total $4,831,333   $35,369,679   $(37,248,164)   $148   $282   $2,953,278   $135,334
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Table of Contents
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.86%
Diversified Telecommunication Services-14.00%
Cogent Communications Holdings, Inc.(b)
  12,059   $   843,889
Consolidated Communications Holdings, Inc.(b)(c)
  21,619        98,799
Lumen Technologies, Inc.(b)(c)
  290,048    1,522,752
Shenandoah Telecommunications Co.(b)
  14,318      216,488
        2,681,928
Electric Utilities-9.95%
MGE Energy, Inc.
  10,341       896,616
Otter Tail Corp.(b)
  11,950    1,010,373
        1,906,989
Entertainment-9.57%
Cinemark Holdings, Inc.(b)(c)
  30,492       834,871
Madison Square Garden Sports Corp., Class A(c)
  4,775      998,214
        1,833,085
Gas Utilities-6.21%
Chesapeake Utilities Corp.(b)
  6,368       754,098
Northwest Natural Holding Co.
  10,848      436,307
        1,190,405
Independent Power and Renewable Electricity Producers-4.95%
Clearway Energy, Inc., Class A
  9,872       265,261
Clearway Energy, Inc., Class C
  23,573      682,674
        947,935
Interactive Media & Services-19.17%
CarGurus, Inc.(b)(c)
  22,431       650,050
Cars.com, Inc.(c)
  17,547       313,038
IAC, Inc.(b)(c)
  19,969    1,053,964
QuinStreet, Inc.(b)(c)
  14,979       286,249
Shutterstock, Inc.
  6,852       245,850
TripAdvisor, Inc.(c)
  31,025       450,173
Yelp, Inc.(c)
  19,286      673,660
        3,672,984
Media-12.30%
AMC Networks, Inc., Class A(c)
  8,821        86,887
Cable One, Inc.(b)
  1,297       457,478
EchoStar Corp., Class A(b)(c)
  34,466       639,000
John Wiley & Sons, Inc., Class A(b)
  12,020       580,686
Scholastic Corp.
  7,262      231,512
  Shares   Value
Media-(continued)
TechTarget, Inc.(b)(c)
  7,413   $   197,556
Thryv Holdings, Inc.(b)(c)
  8,996      163,907
        2,357,026
Multi-Utilities-5.96%
Avista Corp.
  22,349       863,565
Unitil Corp.(b)
  4,613      278,164
        1,141,729
Water Utilities-13.55%
American States Water Co.
  10,637       866,064
California Water Service Group
  16,508       913,388
Middlesex Water Co.
  5,085       320,406
SJW Group
  8,390      494,926
        2,594,784
Wireless Telecommunication Services-4.20%
Gogo, Inc.(b)(c)
  17,401       138,686
Telephone and Data Systems, Inc.(b)
  28,173      665,446
        804,132
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $18,199,318)
  19,130,997
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-27.31%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  1,451,434    1,451,434
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  3,778,835    3,780,347
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $5,231,623)
  5,231,781
TOTAL INVESTMENTS IN SECURITIES-127.17%

(Cost $23,430,941)
  24,362,778
OTHER ASSETS LESS LIABILITIES-(27.17)%
  (5,205,429)
NET ASSETS-100.00%
  $19,157,349
    
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Table of Contents
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $290,895   $(290,895)   $-   $-   $-   $281
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,207,866   14,338,531   (14,094,963)   -   -   1,451,434   71,038*
Invesco Private Prime Fund 4,528,601   24,764,111   (25,513,742)   163   1,214   3,780,347   192,364*
Total $5,736,467   $39,393,537   $(39,899,600)   $163   $1,214   $5,231,781   $263,683
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
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25
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco
Dorsey Wright
SmallCap Momentum
ETF (DWAS) 		  Invesco
S&P SmallCap
Consumer
Discretionary
ETF (PSCD) 		  Invesco
S&P SmallCap
Consumer
Staples
ETF (PSCC) 		  Invesco
S&P SmallCap
Energy
ETF (PSCE)
Assets:              
Unaffiliated investments in securities, at value(a)
$965,553,611   $25,643,827   $54,912,578   $94,230,816
Affiliated investments in securities, at value
171,899,839   8,089,545   14,121,903   31,519,068
Cash
-   20,913   -   -
Receivable for:              
Dividends
213,378   23,964   111,418   145,536
Securities lending
118,818   766   1,195   3,136
Investments sold
-   2,136,844   -   525,197
Total assets
1,137,785,646   35,915,859   69,147,094   126,423,753
Liabilities:              
Due to custodian
31,795   -   -   99,976
Payable for:              
Collateral upon return of securities loaned
171,888,954   8,083,685   14,116,084   31,518,096
Fund shares repurchased
-   2,140,426   -   525,368
Accrued unitary management fees
466,214   6,766   13,262   30,606
Total liabilities
172,386,963   10,230,877   14,129,346   32,174,046
Net Assets
$965,398,683   $25,684,982   $55,017,748   $94,249,707
Net assets consist of:              
Shares of beneficial interest
$1,299,902,094   $43,892,451   $75,653,729   $166,762,086
Distributable earnings (loss)
(334,503,411)   (18,207,469)   (20,635,981)   (72,512,379)
Net Assets
$965,398,683   $25,684,982   $55,017,748   $94,249,707
Shares outstanding (unlimited amount authorized, $0.01 par value)
10,460,000   240,000   1,450,000   1,793,970
Net asset value
$92.29   $107.02   $37.94   $52.54
Market price
$92.24   $106.85   $37.92   $52.51
Unaffiliated investments in securities, at cost
$787,049,274   $26,711,283   $61,447,638   $96,041,798
Affiliated investments in securities, at cost
$171,888,954   $8,089,471   $14,121,208   $31,518,096
(a)Includes securities on loan with an aggregate value of:
$168,480,371   $7,922,090   $13,911,965   $30,381,863
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Table of Contents
Invesco
S&P SmallCap
Financials
ETF (PSCF) 		  Invesco
S&P SmallCap
Health Care
ETF (PSCH) 		  Invesco
S&P SmallCap
Industrials
ETF (PSCI) 		  Invesco
S&P SmallCap
Information
Technology
ETF (PSCT) 		  Invesco
S&P SmallCap
Materials
ETF (PSCM) 		  Invesco
S&P SmallCap
Utilities &
Communication
Services
ETF (PSCU)
                     
$20,485,674   $204,924,312   $195,762,264   $322,953,186   $18,111,163   $19,130,997
4,663,438   67,698,359   24,124,540   69,328,523   2,953,278   5,231,781
-   -   -   -   -   -
                     
30,942   160,755   135,512   63,714   16,745   43,137
1,671   4,812   4,135   5,688   307   372
-   470,844   -   -   -   -
25,181,725   273,259,082   220,026,451   392,351,111   21,081,493   24,406,287
                     
-   -   -   -   -   13,416
                     
4,650,146   67,643,436   24,056,954   69,300,167   2,946,005   5,231,623
-   471,477   -   -   -   -
4,840   48,920   46,630   76,948   4,331   3,899
4,654,986   68,163,833   24,103,584   69,377,115   2,950,336   5,248,938
$20,526,739   $205,095,249   $195,922,867   $322,973,996   $18,131,157   $19,157,349
                     
$29,514,728   $378,326,179   $166,963,370   $318,455,049   $21,600,186   $30,222,663
(8,987,989)   (173,230,930)   28,959,497   4,518,947   (3,469,029)   (11,065,314)
$20,526,739   $205,095,249   $195,922,867   $322,973,996   $18,131,157   $19,157,349
370,000   4,350,000   1,510,000   6,740,000   230,000   330,000
$55.48   $47.15   $129.75   $47.92   $78.83   $58.05
$55.45   $47.11   $129.71   $47.90   $78.77   $58.07
$19,352,875   $195,556,819   $161,113,893   $260,112,260   $16,017,785   $18,199,318
$4,663,187   $67,694,128   $24,123,675   $69,324,179   $2,953,210   $5,231,623
$4,553,773   $66,215,687   $23,668,993   $67,717,717   $2,858,599   $5,114,474
27
Table of Contents
Statements of Operations
For the year ended August 31, 2024
  Invesco
Dorsey Wright
SmallCap Momentum
ETF (DWAS) 		  Invesco
S&P SmallCap
Consumer
Discretionary
ETF (PSCD) 		  Invesco
S&P SmallCap
Consumer
Staples
ETF (PSCC) 		  Invesco
S&P SmallCap
Energy
ETF (PSCE)
Investment income:              
Unaffiliated dividend income
$4,633,548   $515,389   $1,506,076   $4,307,823
Affiliated dividend income
17,568   772   1,184   4,042
Securities lending income, net
1,975,635   13,952   22,500   78,049
Foreign withholding tax
(21,067)   -   -   -
Total investment income
6,605,684   530,113   1,529,760   4,389,914
Expenses:              
Unitary management fees
4,918,638   93,145   222,704   611,053
Less: Waivers
(330)   (14)   (24)   (79)
Net expenses
4,918,308   93,131   222,680   610,974
Net investment income
1,687,376   436,982   1,307,080   3,778,940
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from:              
Unaffiliated investment securities
(28,726,278)   (2,398,079)   (2,699,719)   (8,932,908)
Affiliated investment securities
27,122   2,160   2,925   2,855
Unaffiliated in-kind redemptions
78,464,664   4,070,958   11,725,523   18,168,288
Affiliated in-kind redemptions
-   -   -   -
Net realized gain (loss)
49,765,508   1,675,039   9,028,729   9,238,235
Change in net unrealized appreciation (depreciation) of:              
Unaffiliated investment securities
78,370,377   3,067,688   (9,973,807)   (27,015,644)
Affiliated investment securities
9,625   (155)   695   412
Change in net unrealized appreciation (depreciation)
78,380,002   3,067,533   (9,973,112)   (27,015,232)
Net realized and unrealized gain (loss)
128,145,510   4,742,572   (944,383)   (17,776,997)
Net increase (decrease) in net assets resulting from operations
$129,832,886   $5,179,554   $362,697   $(13,998,057)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
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Invesco
S&P SmallCap
Financials
ETF (PSCF) 		  Invesco
S&P SmallCap
Health Care
ETF (PSCH) 		  Invesco
S&P SmallCap
Industrials
ETF (PSCI) 		  Invesco
S&P SmallCap
Information
Technology
ETF (PSCT) 		  Invesco
S&P SmallCap
Materials
ETF (PSCM) 		  Invesco
S&P SmallCap
Utilities &
Communication
Services
ETF (PSCU)
                     
$614,190   $1,181,664   $1,595,694   $827,737   $179,157   $236,697
4,003   4,131   5,541   5,159   282   281
26,104   85,540   36,102   95,349   3,706   6,236
(1,132)   -   -   -   -   -
643,165   1,271,335   1,637,337   928,245   183,145   243,214
                     
55,937   617,757   484,971   918,437   47,348   46,201
(9)   (76)   (91)   (100)   (5)   (6)
55,928   617,681   484,880   918,337   47,343   46,195
587,237   653,654   1,152,457   9,908   135,802   197,019
                     
                     
(1,210,762)   (37,989,406)   (1,888,178)   (22,511,012)   (1,755,318)   (1,057,702)
(238,400)   19,405   1,212   4,541   282   1,214
69,644   13,641,958   11,715,922   26,016,094   1,023,997   (137,223)
(7,787)   -   -   -   -   -
(1,387,305)   (24,328,043)   9,828,956   3,509,623   (731,039)   (1,193,711)
                     
5,233,643   48,253,431   27,176,536   (4,658,499)   2,670,321   2,488,686
238,132   3,155   865   5,007   148   163
5,471,775   48,256,586   27,177,401   (4,653,492)   2,670,469   2,488,849
4,084,470   23,928,543   37,006,357   (1,143,869)   1,939,430   1,295,138
$4,671,707   $24,582,197   $38,158,814   $(1,133,961)   $2,075,232   $1,492,157
29
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Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco Dorsey Wright SmallCap
Momentum ETF (DWAS) 		  Invesco S&P SmallCap
Consumer Discretionary ETF (PSCD)
  2024   2023   2024   2023
Operations:              
Net investment income
$1,687,376   $3,759,013   $436,982   $351,540
Net realized gain (loss)
49,765,508   (30,888,701)   1,675,039   (4,360,581)
Change in net unrealized appreciation (depreciation)
78,380,002   73,783,144   3,067,533   7,454,145
Net increase (decrease) in net assets resulting from operations
129,832,886   46,653,456   5,179,554   3,445,104
Distributions to Shareholders from:              
Distributable earnings
(9,945,867)   (4,016,319)   (416,140)   (355,217)
Shareholder Transactions:              
Proceeds from shares sold
498,976,454   361,148,219   13,648,566   6,353,723
Value of shares repurchased
(370,047,645)   (77,282,607)   (19,447,787)   (7,793,396)
Net increase (decrease) in net assets resulting from share transactions
128,928,809   283,865,612   (5,799,221)   (1,439,673)
Net increase (decrease) in net assets
248,815,828   326,502,749   (1,035,807)   1,650,214
Net assets:              
Beginning of year
716,582,855   390,080,106   26,720,789   25,070,575
End of year
$965,398,683   $716,582,855   $25,684,982   $26,720,789
Changes in Shares Outstanding:              
Shares sold
5,710,000   4,840,000   140,000   70,000
Shares repurchased
(4,180,000)   (1,030,000)   (190,000)   (90,000)
Shares outstanding, beginning of year
8,930,000   5,120,000   290,000   310,000
Shares outstanding, end of year
10,460,000   8,930,000   240,000   290,000
    
(a) Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
(b) Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective at the open of business on July 17, 2023.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30
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Invesco S&P SmallCap
Consumer Staples ETF (PSCC) 		  Invesco S&P SmallCap
Energy ETF (PSCE) 		  Invesco S&P SmallCap
Financials ETF (PSCF)
2024   2023   2024   2023   2024   2023
                     
$1,307,080   $1,177,425   $3,778,940   $4,308,566   $587,237   $896,077
9,028,729   953,383   9,238,235   1,142,197   (1,387,305)   (3,875,367)
(9,973,112)   4,874,879   (27,015,232)   27,330,988   5,471,775   151,603
362,697   7,005,687   (13,998,057)   32,781,751   4,671,707   (2,827,687)
                     
(1,220,835)   (1,068,839)   (4,298,739)   (3,855,664)   (573,846)   (863,592)
                     
32,849,166   37,458,040   44,162,487   135,620,537   1,529,206   -
(65,656,116)   (16,159,554)   (178,274,710)   (56,080,636)   (7,293,723)   (11,890,566)
(32,806,950)   21,298,486   (134,112,223)   79,539,901   (5,764,517)   (11,890,566)
(33,665,088)   27,235,334   (152,409,019)   108,465,988   (1,666,656)   (15,581,845)
                     
88,682,836   61,447,502   246,658,726   138,192,738   22,193,395   37,775,240
$55,017,748   $88,682,836   $94,249,707   $246,658,726   $20,526,739   $22,193,395
                     
860,000   1,040,000(a)   820,000   2,738,000(b)   30,000   -
(1,790,000)   (460,000)(a)   (3,420,000)   (1,136,030)(b)   (160,000)   (250,000)
2,380,000   1,800,000(a)   4,393,970   2,792,000(b)   500,000   750,000
1,450,000   2,380,000(a)   1,793,970   4,393,970(b)   370,000   500,000
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Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
  Invesco S&P SmallCap
Health Care ETF (PSCH) 		  Invesco S&P SmallCap
Industrials ETF (PSCI)
  2024   2023   2024   2023
Operations:              
Net investment income (loss)
$653,654   $(202,474)   $1,152,457   $771,516
Net realized gain (loss)
(24,328,043)   (29,418,638)   9,828,956   (364,005)
Change in net unrealized appreciation (depreciation)
48,256,586   (7,837,878)   27,177,401   17,820,923
Net increase (decrease) in net assets resulting from operations
24,582,197   (37,458,990)   38,158,814   18,228,434
Distributions to Shareholders from:              
Distributable earnings
(514,396)   -   (1,125,992)   (759,212)
Shareholder Transactions:              
Proceeds from shares sold
18,857,809   30,844,398   61,348,821   62,505,718
Value of shares repurchased
(94,067,044)   (73,649,551)   (36,381,572)   (14,659,615)
Net increase (decrease) in net assets resulting from share transactions
(75,209,235)   (42,805,153)   24,967,249   47,846,103
Net increase (decrease) in net assets
(51,141,434)   (80,264,143)   62,000,071   65,315,325
Net assets:              
Beginning of year
256,236,683   336,500,826   133,922,796   68,607,471
End of year
$205,095,249   $256,236,683   $195,922,867   $133,922,796
Changes in Shares Outstanding:              
Shares sold
440,000   690,000(a)   530,000   660,000
Shares repurchased
(2,280,000)   (1,670,000)(a)   (310,000)   (160,000)
Shares outstanding, beginning of year
6,190,000   7,170,000(a)   1,290,000   790,000
Shares outstanding, end of year
4,350,000   6,190,000(a)   1,510,000   1,290,000
    
(a) Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco S&P SmallCap
Information Technology ETF (PSCT) 		  Invesco S&P SmallCap
Materials ETF (PSCM) 		  Invesco S&P SmallCap
Utilities & Communication
Services ETF (PSCU)
2024   2023   2024   2023   2024   2023
                     
$9,908   $55,657   $135,802   $166,747   $197,019   $321,832
3,509,623   348,047   (731,039)   765,275   (1,193,711)   (1,078,723)
(4,653,492)   43,971,065   2,670,469   522,172   2,488,849   (862,156)
(1,133,961)   44,374,769   2,075,232   1,454,194   1,492,157   (1,619,047)
                     
(117,050)   -   (139,444)   (192,225)   (262,405)   (278,048)
                     
42,587,435   21,780,815   3,882,290   9,323,883   3,466,566   2,297,924
(56,658,567)   (111,063,711)   (6,186,019)   (11,013,303)   (4,544,381)   (4,048,302)
(14,071,132)   (89,282,896)   (2,303,729)   (1,689,420)   (1,077,815)   (1,750,378)
(15,322,143)   (44,908,127)   (367,941)   (427,451)   151,937   (3,647,473)
                     
338,296,139   383,204,266   18,499,098   18,926,549   19,005,412   22,652,885
$322,973,996   $338,296,139   $18,131,157   $18,499,098   $19,157,349   $19,005,412
                     
910,000   560,000(a)   50,000   140,000   60,000   40,000
(1,220,000)   (2,900,000)(a)   (90,000)   (170,000)   (90,000)   (70,000)
7,050,000   9,390,000(a)   270,000   300,000   360,000   390,000
6,740,000   7,050,000(a)   230,000   270,000   330,000   360,000
33
Table of Contents
Financial Highlights
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$80.24   $76.19   $87.15   $59.33   $53.34
Net investment income(a)
0.17   0.57   0.53   0.03   0.20
Net realized and unrealized gain (loss) on investments
12.97   4.11   (11.20)   27.88   5.97
Total from investment operations
13.14   4.68   (10.67)   27.91   6.17
Distributions to shareholders from:                  
Net investment income
(1.09)   (0.63)   (0.29)   (0.09)   (0.18)
Net asset value at end of year
$92.29   $80.24   $76.19   $87.15   $59.33
Market price at end of year(b)
$92.24   $80.24   $76.21   $87.07   $59.39
Net Asset Value Total Return(c)
16.55%   6.21%   (12.25)%   47.07%   11.65%
Market Price Total Return(c)
16.49%   6.19%   (12.15)%   46.79%   11.77%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$965,399   $716,583   $390,080   $455,814   $234,373
Ratio to average net assets of:                  
Expenses
0.60%   0.60%   0.60%   0.60%   0.60%
Net investment income
0.21%   0.75%   0.63%   0.03%   0.39%
Portfolio turnover rate(d)
178%   181%   175%   198%   185%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$92.14   $80.87   $113.63   $64.90   $57.37
Net investment income(a)
1.34   1.19   1.04   0.47   0.61
Net realized and unrealized gain (loss) on investments
14.81   11.25(b)   (32.74)   48.59   7.57
Total from investment operations
16.15   12.44   (31.70)   49.06   8.18
Distributions to shareholders from:                  
Net investment income
(1.27)   (1.17)   (1.06)   (0.33)   (0.65)
Net asset value at end of year
$107.02   $92.14   $80.87   $113.63   $64.90
Market price at end of year(c)
$106.85   $92.11   $80.85   $113.46   $64.92
Net Asset Value Total Return(d)
17.66%   15.57%(b)   (28.01)%   75.74%   14.68%
Market Price Total Return(d)
17.51%   15.56%(b)   (27.91)%   75.42%   14.74%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$25,685   $26,721   $25,071   $65,907   $19,470
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.30%   0.29%   0.29%
Net investment income
1.36%   1.38%   1.04%   0.44%   1.08%
Portfolio turnover rate(e)
22%   19%   24%   33%   27%
    
(a) Based on average shares outstanding.
(b) Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $10.76. Total returns would have been lower.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
  Years Ended August 31,
  2024   2023   2022(a)   2021(a)   2020(a)
Per Share Operating Performance:                  
Net asset value at beginning of year
$37.26   $34.14   $34.05   $26.12   $23.96
Net investment income(b)
0.62   0.62   0.42   0.52   0.40
Net realized and unrealized gain on investments
0.64(c)   3.08   0.07(c)   7.95   2.20
Total from investment operations
1.26   3.70   0.49   8.47   2.60
Distributions to shareholders from:                  
Net investment income
(0.58)   (0.58)   (0.40)   (0.54)   (0.44)
Net asset value at end of year
$37.94   $37.26   $34.14   $34.05   $26.12
Market price at end of year(d)
$37.92   $37.24   $34.14   $34.01   $26.19
Net Asset Value Total Return(e)
3.47%   10.98%   1.48%   32.77%   10.97%
Market Price Total Return(e)
3.48%   10.89%   1.62%   32.27%   11.60%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$55,018   $88,683   $61,448   $46,982   $39,182
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
1.70%   1.75%   1.21%   1.64%   1.66%
Portfolio turnover rate(f)
26%   10%   20%   30%   40%
    
(a) Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
(b) Based on average shares outstanding.
(c) Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(d) The mean between the last bid and ask prices.
(e) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Energy ETF (PSCE)
  Years Ended August 31,
  2024   2023   2022(a)   2021(a)   2020(a)
Per Share Operating Performance:                  
Net asset value at beginning of year
$56.14   $49.50   $32.55   $17.50   $34.85
Net investment income(b)
0.96   1.31   0.45   0.15   0.25
Net realized and unrealized gain (loss) on investments
(3.52)   6.62   16.85   15.00   (17.45)
Total from investment operations
(2.56)   7.93   17.30   15.15   (17.20)
Distributions to shareholders from:                  
Net investment income
(1.04)   (1.29)   (0.35)   (0.10)   (0.15)
Net asset value at end of year
$52.54   $56.14   $49.50   $32.55   $17.50
Market price at end of year(c)
$52.51   $56.11   $49.50   $32.60   $17.60
Net Asset Value Total Return(d)
(4.60)%   16.63%   53.42%   87.13%   (49.31)%
Market Price Total Return(d)
(4.61)%   16.57%   53.18%   86.35%   (49.09)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$94,250   $246,659   $138,193   $105,589   $14,713
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
1.79%   2.67%   1.04%   0.43%   1.01%
Portfolio turnover rate(e)
62%   48%   58%   26%   74%
    
(a) Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective at the open of business on July 17, 2023.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P SmallCap Financials ETF (PSCF)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$44.39   $50.37   $58.47   $40.46   $52.62
Net investment income(a)
1.41   1.51   1.32   1.06   1.45
Net realized and unrealized gain (loss) on investments
10.98   (6.10)   (8.16)   18.07   (10.89)
Total from investment operations
12.39   (4.59)   (6.84)   19.13   (9.44)
Distributions to shareholders from:                  
Net investment income
(1.30)   (1.39)   (1.26)   (1.12)   (2.23)
Net realized gains
-   -   -   -   (0.49)
Total distributions
(1.30)   (1.39)   (1.26)   (1.12)   (2.72)
Net asset value at end of year
$55.48   $44.39   $50.37   $58.47   $40.46
Market price at end of year(b)
$55.45   $44.36   $50.38   $58.39   $40.54
Net Asset Value Total Return(c)
28.61%   (9.13)%   (11.81)%   47.97%   (18.02)%
Market Price Total Return(c)
28.62%   (9.21)%   (11.67)%   47.48%   (17.72)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$20,527   $22,193   $37,775   $50,288   $26,297
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
3.04%   3.24%   2.33%   2.01%   2.83%
Portfolio turnover rate(d)
21%   31%   19%   19%   31%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Health Care ETF (PSCH)
  Years Ended August 31,
  2024   2023   2022(a)   2021(a)   2020(a)
Per Share Operating Performance:                  
Net asset value at beginning of year
$41.40   $46.93   $63.77   $44.25   $38.28
Net investment income (loss)(b)
0.13   (0.03)   (0.08)   (0.09)   (0.07)
Net realized and unrealized gain (loss) on investments
5.73   (5.50)   (16.76)   19.61   6.04
Total from investment operations
5.86   (5.53)   (16.84)   19.52   5.97
Distributions to shareholders from:                  
Net investment income
(0.11)   -   -   -   -
Net asset value at end of year
$47.15   $41.40   $46.93   $63.77   $44.25
Market price at end of year(c)
$47.11   $41.35   $46.94   $63.64   $44.28
Net Asset Value Total Return(d)
14.19%   (11.79)%   (26.40)%   44.13%   15.58%
Market Price Total Return(d)
14.22%   (11.91)%   (26.24)%   43.72%   15.69%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$205,095   $256,237   $336,501   $526,104   $384,957
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income (loss)
0.31%   (0.07)%   (0.15)%   (0.16)%   (0.18)%
Portfolio turnover rate(e)
32%   29%   31%   30%   19%
    
(a) Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P SmallCap Industrials ETF (PSCI)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$103.82   $86.84   $94.57   $65.95   $64.17
Net investment income(a)
0.80   0.85   0.69   0.64   0.47
Net realized and unrealized gain (loss) on investments
25.92   16.98   (7.78)   28.53   1.81
Total from investment operations
26.72   17.83   (7.09)   29.17   2.28
Distributions to shareholders from:                  
Net investment income
(0.79)   (0.85)   (0.64)   (0.55)   (0.50)
Net asset value at end of year
$129.75   $103.82   $86.84   $94.57   $65.95
Market price at end of year(b)
$129.71   $103.81   $86.84   $94.49   $66.05
Net Asset Value Total Return(c)
25.86%   20.67%   (7.52)%   44.37%   3.68%
Market Price Total Return(c)
25.83%   20.66%   (7.43)%   44.03%   3.76%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$195,923   $133,923   $68,607   $124,836   $46,168
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
0.69%   0.89%   0.75%   0.74%   0.74%
Portfolio turnover rate(d)
29%   21%   15%   9%   10%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Information Technology ETF (PSCT)
  Years Ended August 31,
  2024   2023   2022(a)   2021(a)   2020(a)
Per Share Operating Performance:                  
Net asset value at beginning of year
$47.99   $40.81   $49.09   $30.19   $27.71
Net investment income (loss)(b)
0.00(c)   0.01   (0.00)(d)   0.01   0.04
Net realized and unrealized gain (loss) on investments
(0.05)   7.17   (8.28)   18.91   2.48
Total from investment operations
(0.05)   7.18   (8.28)   18.92   2.52
Distributions to shareholders from:                  
Net investment income
(0.02)   -   -   (0.02)   (0.04)
Net asset value at end of year
$47.92   $47.99   $40.81   $49.09   $30.19
Market price at end of year(e)
$47.90   $48.01   $40.85   $49.09   $30.22
Net Asset Value Total Return(f)
(0.10)%   17.59%   (16.87)%   62.70%   9.12%
Market Price Total Return(f)
(0.19)%   17.53%   (16.79)%   62.54%   9.35%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$322,974   $338,296   $383,204   $477,157   $244,541
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income (loss)
0.00%(g)   0.02%   (0.00)%   0.03%   0.13%
Portfolio turnover rate(h)
34%   20%   18%   16%   19%
    
(a) Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.
(b) Based on average shares outstanding.
(c) Amount represents less than $0.005.
(d) Amount represents less than $(0.005) per share.
(e) The mean between the last bid and ask prices.
(f) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(g) Amount represents less than 0.005%.
(h) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco S&P SmallCap Materials ETF (PSCM)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$68.52   $63.09   $65.98   $42.14   $40.93
Net investment income(a)
0.60   0.57   0.51   0.61   0.66
Net realized and unrealized gain (loss) on investments
10.31   5.49   (2.94)   23.97   1.27
Total from investment operations
10.91   6.06   (2.43)   24.58   1.93
Distributions to shareholders from:                  
Net investment income
(0.60)   (0.63)   (0.46)   (0.74)   (0.72)
Net asset value at end of year
$78.83   $68.52   $63.09   $65.98   $42.14
Market price at end of year(b)
$78.77   $68.51   $63.05   $65.88   $41.99
Net Asset Value Total Return(c)
16.01%   9.69%   (3.69)%   58.70%   4.91%
Market Price Total Return(c)
15.94%   9.74%   (3.60)%   59.03%   4.59%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$18,131   $18,499   $18,927   $27,711   $8,429
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
0.83%   0.86%   0.78%   1.00%   1.58%
Portfolio turnover rate(d)
36%   18%   21%   25%   25%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$52.79   $58.08   $67.58   $48.85   $53.08
Net investment income(a)
0.64   0.87   0.88   1.75(b)   0.91
Net realized and unrealized gain (loss) on investments
5.41   (5.42)   (8.44)   17.63   (4.03)
Total from investment operations
6.05   (4.55)   (7.56)   19.38   (3.12)
Distributions to shareholders from:                  
Net investment income
(0.79)   (0.74)   (1.94)   (0.65)   (1.11)
Net asset value at end of year
$58.05   $52.79   $58.08   $67.58   $48.85
Market price at end of year(c)
$58.07   $52.78   $58.08   $67.44   $48.91
Net Asset Value Total Return(d)
11.65%   (7.87)%   (11.42)%   40.03%   (5.94)%
Market Price Total Return(d)
11.71%   (7.88)%   (11.23)%   39.57%   (5.70)%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$19,157   $19,005   $22,653   $27,034   $21,985
Ratio to average net assets of:                  
Expenses
0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income
1.24%   1.57%   1.38%   2.98%(b)   1.78%
Portfolio turnover rate(e)
32%   53%   40%   70%   64%
    
(a) Based on average shares outstanding.
(b) Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.69 and 1.17%, respectively.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Table of Contents
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)   "Dorsey Wright SmallCap Momentum ETF"
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)   "S&P SmallCap Consumer Discretionary ETF"
Invesco S&P SmallCap Consumer Staples ETF (PSCC)   "S&P SmallCap Consumer Staples ETF"
Invesco S&P SmallCap Energy ETF (PSCE)   "S&P SmallCap Energy ETF"
Invesco S&P SmallCap Financials ETF (PSCF)   "S&P SmallCap Financials ETF"
Invesco S&P SmallCap Health Care ETF (PSCH)   "S&P SmallCap Health Care ETF"
Invesco S&P SmallCap Industrials ETF (PSCI)   "S&P SmallCap Industrials ETF"
Invesco S&P SmallCap Information Technology ETF (PSCT)   "S&P SmallCap Information Technology ETF"
Invesco S&P SmallCap Materials ETF (PSCM)   "S&P SmallCap Materials ETF"
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)   "S&P SmallCap Utilities & Communication Services ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
Dorsey Wright SmallCap Momentum ETF   Dorsey Wright® SmallCap Technical LeadersTM Index
S&P SmallCap Consumer Discretionary ETF   S&P SmallCap 600® Capped Consumer Discretionary Index
S&P SmallCap Consumer Staples ETF   S&P SmallCap 600® Capped Consumer Staples Index
S&P SmallCap Energy ETF   S&P SmallCap 600® Capped Energy Index
S&P SmallCap Financials ETF   S&P SmallCap 600® Capped Financials & Real Estate Index
S&P SmallCap Health Care ETF   S&P SmallCap 600® Capped Health Care Index
S&P SmallCap Industrials ETF   S&P SmallCap 600® Capped Industrials Index
S&P SmallCap Information Technology ETF   S&P SmallCap 600® Capped Information Technology Index
S&P SmallCap Materials ETF   S&P SmallCap 600® Capped Materials Index
S&P SmallCap Utilities & Communication Services ETF   S&P SmallCap 600® Capped Utilities & Communication Services Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily
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settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market
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liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may
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act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
Dorsey Wright SmallCap Momentum ETF $161,743
S&P SmallCap Consumer Discretionary ETF 1,230
S&P SmallCap Consumer Staples ETF 1,905
S&P SmallCap Energy ETF 7,089
S&P SmallCap Financials ETF 2,480
S&P SmallCap Health Care ETF 6,914
S&P SmallCap Industrials ETF 3,633
S&P SmallCap Information Technology ETF 7,897
S&P SmallCap Materials ETF 384
S&P SmallCap Utilities & Communication Services ETF 643
 
J. Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry
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groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and to the extent Dorsey Wright SmallCap Momentum ETF becomes non-diversified, and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Dorsey Wright SmallCap Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small-Capitalization Company Risk. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
Dorsey Wright SmallCap Momentum ETF 0.60%
S&P SmallCap Consumer Discretionary ETF 0.29%
S&P SmallCap Consumer Staples ETF 0.29%
S&P SmallCap Energy ETF 0.29%
S&P SmallCap Financials ETF 0.29%
S&P SmallCap Health Care ETF 0.29%
S&P SmallCap Industrials ETF 0.29%
S&P SmallCap Information Technology ETF 0.29%
S&P SmallCap Materials ETF 0.29%
S&P SmallCap Utilities & Communication Services ETF 0.29%
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Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
Dorsey Wright SmallCap Momentum ETF $330
S&P SmallCap Consumer Discretionary ETF 14
S&P SmallCap Consumer Staples ETF 24
S&P SmallCap Energy ETF 79
S&P SmallCap Financials ETF 9
S&P SmallCap Health Care ETF 76
S&P SmallCap Industrials ETF 91
S&P SmallCap Information Technology ETF 100
S&P SmallCap Materials ETF 5
S&P SmallCap Utilities & Communication Services ETF 6
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
Dorsey Wright SmallCap Momentum ETF   Dorsey, Wright & Associates, LLC
S&P SmallCap Consumer Discretionary ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Consumer Staples ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Energy ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Financials ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Health Care ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Industrials ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Information Technology ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Materials ETF   S&P Dow Jones Indices, LLC
S&P SmallCap Utilities & Communication Services ETF   S&P Dow Jones Indices, LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Dorsey Wright SmallCap Momentum ETF $215,969
S&P SmallCap Consumer Discretionary ETF 2,830
S&P SmallCap Consumer Staples ETF 4,237
S&P SmallCap Energy ETF 46,040
S&P SmallCap Financials ETF 2,351
S&P SmallCap Health Care ETF 23,310
S&P SmallCap Industrials ETF 11,312
S&P SmallCap Information Technology ETF 40,417
S&P SmallCap Materials ETF 1,598
S&P SmallCap Utilities & Communication Services ETF 2,361
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
  Securities Purchases   Securities Sales   Net Realized Gains (Losses)*
S&P SmallCap Consumer Discretionary ETF $768,660   $-   $-
S&P SmallCap Energy ETF -   3,805,685   (45,964)
S&P SmallCap Financials ETF 104,758   -   -
S&P SmallCap Health Care ETF 12,539,716   -   -
S&P SmallCap Information Technology ETF 10,261,557   -   -
S&P SmallCap Materials ETF -   289,807   (9,519)
    
* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Dorsey Wright SmallCap Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $965,553,611   $-   $-   $965,553,611
Money Market Funds -   171,899,839   -   171,899,839
Total Investments $965,553,611   $171,899,839   $-   $1,137,453,450
S&P SmallCap Consumer Discretionary ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $25,643,827   $-   $-   $25,643,827
Money Market Funds 5,786   8,083,759   -   8,089,545
Total Investments $25,649,613   $8,083,759   $-   $33,733,372
S&P SmallCap Consumer Staples ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $54,912,578   $-   $-   $54,912,578
Money Market Funds 5,124   14,116,779   -   14,121,903
Total Investments $54,917,702   $14,116,779   $-   $69,034,481
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  Level 1   Level 2   Level 3   Total
S&P SmallCap Energy ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $94,230,816   $-   $-   $94,230,816
Money Market Funds -   31,519,068   -   31,519,068
Total Investments $94,230,816   $31,519,068   $-   $125,749,884
S&P SmallCap Financials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $20,485,674   $-   $-   $20,485,674
Money Market Funds 13,041   4,650,397   -   4,663,438
Total Investments $20,498,715   $4,650,397   $-   $25,149,112
S&P SmallCap Health Care ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $204,924,312   $-   $0   $204,924,312
Money Market Funds 50,692   67,647,667   -   67,698,359
Total Investments $204,975,004   $67,647,667   $0   $272,622,671
S&P SmallCap Industrials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $195,762,264   $-   $-   $195,762,264
Money Market Funds 66,721   24,057,819   -   24,124,540
Total Investments $195,828,985   $24,057,819   $-   $219,886,804
S&P SmallCap Information Technology ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $322,953,186   $-   $-   $322,953,186
Money Market Funds 24,012   69,304,511   -   69,328,523
Total Investments $322,977,198   $69,304,511   $-   $392,281,709
S&P SmallCap Materials ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $18,111,163   $-   $-   $18,111,163
Money Market Funds 7,205   2,946,073   -   2,953,278
Total Investments $18,118,368   $2,946,073   $-   $21,064,441
S&P SmallCap Utilities & Communication Services ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $19,130,997   $-   $-   $19,130,997
Money Market Funds -   5,231,781   -   5,231,781
Total Investments $19,130,997   $5,231,781   $-   $24,362,778
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
Dorsey Wright SmallCap Momentum ETF $9,945,867   $4,016,319
S&P SmallCap Consumer Discretionary ETF 416,140   355,217
S&P SmallCap Consumer Staples ETF 1,220,835   1,068,839
S&P SmallCap Energy ETF 4,298,739   3,855,664
S&P SmallCap Financials ETF 573,846   863,592
S&P SmallCap Health Care ETF 514,396   -
S&P SmallCap Industrials ETF 1,125,992   759,212
S&P SmallCap Information Technology ETF 117,050   -
S&P SmallCap Materials ETF 139,444   192,225
S&P SmallCap Utilities & Communication Services ETF 262,405   278,048
    
* Includes short-term capital gain distributions, if any.
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Tax Components of Net Assets at Fiscal Year-end:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Capital Loss
Carryforwards 		  Late-Year
Ordinary
Loss
Deferral 		  Shares of
Beneficial
Interest 		  Total
Net Assets
Dorsey Wright SmallCap Momentum ETF $5,009,483   $172,687,985   $(512,200,879)   $-   $1,299,902,094   $965,398,683
S&P SmallCap Consumer Discretionary ETF 76,964   (1,320,357)   (16,964,076)   -   43,892,451   25,684,982
S&P SmallCap Consumer Staples ETF 310,069   (7,124,575)   (13,821,475)   -   75,653,729   55,017,748
S&P SmallCap Energy ETF 403,943   (3,772,925)   (69,143,397)   -   166,762,086   94,249,707
S&P SmallCap Financials ETF 79,969   756,294   (9,824,252)   -   29,514,728   20,526,739
S&P SmallCap Health Care ETF 9,658   7,523,579   (180,764,167)   -   378,326,179   205,095,249
S&P SmallCap Industrials ETF 389,539   28,569,958   -   -   166,963,370   195,922,867
S&P SmallCap Information Technology ETF -   53,873,242   (49,298,654)   (55,641)   318,455,049   322,973,996
S&P SmallCap Materials ETF 19,644   1,803,273   (5,291,946)   -   21,600,186   18,131,157
S&P SmallCap Utilities & Communication Services ETF 49,292   657,262   (11,771,868)   -   30,222,663   19,157,349
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
Dorsey Wright SmallCap Momentum ETF $512,200,879   $-   $512,200,879
S&P SmallCap Consumer Discretionary ETF 1,987,250   14,976,826   16,964,076
S&P SmallCap Consumer Staples ETF 4,621,066   9,200,409   13,821,475
S&P SmallCap Energy ETF 9,728,016   59,415,381   69,143,397
S&P SmallCap Financials ETF 757,853   9,066,399   9,824,252
S&P SmallCap Health Care ETF 29,515,629   151,248,538   180,764,167
S&P SmallCap Industrials ETF -   -   -
S&P SmallCap Information Technology ETF 4,646,925   44,651,729   49,298,654
S&P SmallCap Materials ETF 53,132   5,238,814   5,291,946
S&P SmallCap Utilities & Communication Services ETF 3,071,115   8,700,753   11,771,868
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
Dorsey Wright SmallCap Momentum ETF $1,495,278,870   $1,507,845,747
S&P SmallCap Consumer Discretionary ETF 7,368,298   7,086,722
S&P SmallCap Consumer Staples ETF 19,518,051   19,745,299
S&P SmallCap Energy ETF 131,025,390   130,686,433
S&P SmallCap Financials ETF 4,350,292   4,178,518
S&P SmallCap Health Care ETF 70,028,162   69,112,835
S&P SmallCap Industrials ETF 48,962,728   49,016,010
S&P SmallCap Information Technology ETF 108,143,300   108,810,009
S&P SmallCap Materials ETF 5,957,880   5,917,271
S&P SmallCap Utilities & Communication Services ETF 5,214,283   5,180,650
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For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
Dorsey Wright SmallCap Momentum ETF $498,100,023   $363,594,333
S&P SmallCap Consumer Discretionary ETF 13,640,431   19,707,930
S&P SmallCap Consumer Staples ETF 32,835,751   65,330,433
S&P SmallCap Energy ETF 44,149,222   178,128,187
S&P SmallCap Financials ETF 1,528,721   7,287,698
S&P SmallCap Health Care ETF 18,852,379   94,849,370
S&P SmallCap Industrials ETF 61,317,658   36,330,976
S&P SmallCap Information Technology ETF 42,579,365   56,062,351
S&P SmallCap Materials ETF 3,878,726   6,184,583
S&P SmallCap Utilities & Communication Services ETF 3,462,070   4,542,563
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
Dorsey Wright SmallCap Momentum ETF $209,967,476   $(37,279,491)   $172,687,985   $964,765,465
S&P SmallCap Consumer Discretionary ETF 3,952,679   (5,273,036)   (1,320,357)   35,053,729
S&P SmallCap Consumer Staples ETF 3,254,202   (10,378,777)   (7,124,575)   76,159,056
S&P SmallCap Energy ETF 10,542,205   (14,315,130)   (3,772,925)   129,522,809
S&P SmallCap Financials ETF 3,758,567   (3,002,273)   756,294   24,392,818
S&P SmallCap Health Care ETF 51,929,465   (44,405,886)   7,523,579   265,099,092
S&P SmallCap Industrials ETF 43,263,326   (14,693,368)   28,569,958   191,316,846
S&P SmallCap Information Technology ETF 94,103,317   (40,230,075)   53,873,242   338,408,467
S&P SmallCap Materials ETF 3,865,952   (2,062,679)   1,803,273   19,261,168
S&P SmallCap Utilities & Communication Services ETF 2,177,894   (1,520,632)   657,262   23,705,516
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, REITs, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
Dorsey Wright SmallCap Momentum ETF $7,194,139   $(78,782,233)   $71,588,094
S&P SmallCap Consumer Discretionary ETF -   (2,705,071)   2,705,071
S&P SmallCap Consumer Staples ETF (1)   (10,868,584)   10,868,585
S&P SmallCap Energy ETF -   (10,843,547)   10,843,547
S&P SmallCap Financials ETF -   299,619   (299,619)
S&P SmallCap Health Care ETF -   (4,341,052)   4,341,052
S&P SmallCap Industrials ETF 170,169   (10,477,124)   10,306,955
S&P SmallCap Information Technology ETF -   (22,086,925)   22,086,925
S&P SmallCap Materials ETF -   (689,106)   689,106
S&P SmallCap Utilities & Communication Services ETF -   315,535   (315,535)
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral
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Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Dorsey Wright SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S& P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dorsey Wright SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income* 		  Qualified
Short
Term
Gains
Invesco Dorsey Wright SmallCap Momentum ETF 0%   34%   34%   0%   0%   $-
Invesco S&P SmallCap Consumer Discretionary ETF 0%   100%   100%   0%   0%   -
Invesco S&P SmallCap Consumer Staples ETF 0%   100%   100%   0%   0%   -
Invesco S&P SmallCap Energy ETF 0%   95%   96%   0%   0%   -
Invesco S&P SmallCap Financials ETF 38%   54%   52%   0%   0%   -
Invesco S&P SmallCap Health Care ETF 0%   100%   100%   0%   0%   -
Invesco S&P SmallCap Industrials ETF 0%   100%   100%   0%   0%   170,169
Invesco S&P SmallCap Information Technology ETF 0%   100%   100%   0%   0%   -
Invesco S&P SmallCap Materials ETF 0%   100%   100%   0%   0%   -
Invesco S&P SmallCap Utilities & Communication Services ETF 0%   100%   100%   0%   0%   -
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-SPSCS-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
BKLN Invesco Senior Loan ETF
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Invesco Senior Loan ETF (BKLN)
August 31, 2024
Schedule of Investments
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Variable Rate Senior Loan Interests-90.48%(a)(b)                
Aerospace & Defense-2.90%                
Amentum Government Services Holdings LLC, Term Loan B(c)
-   07/31/2031   $ 16,539   $   16,528,358
Peraton Corp., First Lien Term Loan B (1 mo. SOFR + 3.85%)
9.10%   02/01/2028     118,406      116,136,745
TransDigm, Inc., Term Loan J (3 mo. SOFR + 2.50%)
7.84%   02/28/2031     63,666      63,809,533
                196,474,636
Air Transport-1.33%                
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. SOFR + 5.01%)
10.29%   04/20/2028     45,463       47,099,565
United AirLines, Inc., Term Loan B (3 mo. SOFR + 2.75%)
8.03%   02/22/2031     42,945      43,145,987
                90,245,552
Automotive-2.16%                
Mavis Tire Express Services TopCo Corp., Term Loan (1 mo. SOFR + 3.50%)
8.75%   05/04/2028     47,175       47,287,660
Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL), Term Loan B (Canada) (1 mo. SOFR + 2.50%)
7.75%   05/06/2030     52,219       52,442,321
Wand Newco 3, Inc., First Lien Term Loan (1 mo. SOFR + 3.25%)
8.50%   01/30/2031     46,531      46,652,504
                146,382,485
Beverage & Tobacco-2.13%                
AI Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.50%)
8.84%   07/31/2028     91,787       91,999,054
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 3.51%)
8.85%   03/31/2028     52,337      52,396,061
                144,395,115
Building & Development-1.81%                
Cornerstone Building Brands, Inc., Term Loan B (1 mo. SOFR + 3.35%)
8.69%   04/12/2028     33,965       33,065,189
Quikrete Holdings, Inc., Term Loan B (1 mo. SOFR + 2.50%)
7.75%   04/14/2031     32,306       32,410,465
White Cap Buyer LLC, Term Loan (1 mo. SOFR + 3.25%)
8.50%   10/19/2029     57,397      57,132,398
                122,608,052
Business Equipment & Services-9.72%                
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 3.85%)
9.10%   05/12/2028     89,199       88,775,640
Asurion LLC                            
Second Lien Term Loan B-4 (1 mo. SOFR + 5.36%)
10.61%   01/20/2029          51,997       48,227,047
Term Loan B-8 (1 mo. SOFR + 3.36%)
8.61%   12/23/2026          61,984       61,783,210
Boost Newco Borrower LLC (WorldPay), Term Loan B (2 mo. SOFR + 2.50%)
7.75%   01/31/2031     83,587       83,922,764
Cloud Software Group, Inc., Term Loan B (3 mo. SOFR + 4.00%)
9.33%   03/30/2029     112,563      112,670,582
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2 (1 mo. Term SOFR + 2.75%)
8.03%   01/18/2029     60,919       61,090,323
Mitchell International, Inc., Term Loan (1 mo. SOFR + 3.25%)
8.50%   06/17/2031     52,000       51,614,940
Neon Maple Purchaser, Inc., Term Loan B(c)
-   07/18/2031     55,769       55,664,399
Solera (Polaris Newco LLC), First Lien Term Loan (3 mo. SOFR + 4.26%)
9.51%   06/02/2028     71,727       71,292,788
Tempo Acquisition LLC, Term Loan B-1 (1 mo. SOFR + 2.25%)
7.50%   08/31/2028     22,726      22,817,310
                657,859,003
Cable & Satellite Television-3.88%                
Charter Communications Operating LLC, Term Loan B-2 (3 mo. SOFR + 1.75%)
7.08%   02/01/2027     58,275       58,301,521
CSC Holdings LLC, Term Loan (1 mo. Term SOFR + 2.60%)
7.95%   04/15/2027     54,087       45,730,888
SFR-Numericable (YPSO, Altice France), Term Loan B-14 (France) (3 mo. SOFR + 5.50%)
10.80%   08/15/2028     83,026       63,376,868
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. SOFR + 2.61%)
7.95%   01/31/2028     55,280       53,521,542
Vodafone Ziggo - LG, Term Loan I (1 mo. SOFR + 2.61%)
7.95%   04/30/2028     42,435      41,913,894
                262,844,713
Chemicals & Plastics-2.39%                
AkzoNoble Chemicals, Term Loan B (3 mo. SOFR + 3.50%)
8.63%   04/03/2028     62,436       62,787,187
Proampac PG Borrower LLC, Term Loan B (3 mo. SOFR + 4.00%)
9.12%   09/15/2028     44,971       45,176,928
Univar, Inc., Term Loan B (1 mo. SOFR + 4.00%)
9.31%   08/01/2030     53,389      53,747,398
                161,711,513
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Clothing & Textiles-0.98%                
ABG Intermediate Holdings 2 LLC                            
Delayed Draw Term Loan(c)
-   12/21/2028   $       2,820   $    2,836,319
Term Loan (1 mo. SOFR + 2.75%)
8.00%   12/21/2028          63,084      63,347,222
                66,183,541
Containers & Glass Products-0.57%                
Clydesdale Acquisition Holdings, Inc., Term Loan B (1 mo. SOFR + 3.18%)
8.42%   04/13/2029     38,750      38,748,056
Cosmetics & Toiletries-0.65%                
Bausch and Lomb, Inc., Term Loan (1 mo. SOFR + 3.35%)
8.66%   05/10/2027     44,452      43,924,216
Drugs-1.53%                
Jazz Pharmaceuticals, Inc., Term Loan B-2 (1 mo. SOFR + 2.25%)
7.50%   05/05/2028     52,913       53,017,993
Phoenix Guarantor, Inc. (BrightSpring Health Services), Term Loan B-4 (1 mo. SOFR + 3.25%)
8.50%   02/21/2031     50,214      50,346,377
                103,364,370
Electronics & Electrical-16.25%                
Applied Systems, Inc., Term Loan B-1 (1 mo. SOFR + 3.00%)
8.29%   02/24/2031     46,148       46,413,351
Boxer Parent Co., Inc., Term Loan (3 mo. SOFR + 3.75%)
9.01%   07/30/2031     85,348       85,259,330
Central Parent LLC, Term Loan (3 mo. SOFR + 3.25%)
8.58%   07/06/2029     68,836       68,345,733
CommScope, Inc., Term Loan (1 mo. Term SOFR + 3.36%)
8.61%   04/06/2026     58,525       55,818,364
CoreLogic, Inc., First Lien Term Loan (1 mo. SOFR + 3.61%)
8.86%   06/02/2028     67,342       66,705,096
Epicor Software Corp.                            
Delayed Draw Term Loan B(c)
-   05/30/2031           5,756        5,785,879
Term Loan B(c)
-   05/30/2031          49,061       49,313,494
Gen Digital, Inc.                            
Term Loan A (1 mo. SOFR + 1.60%)
6.85%   09/10/2027          68,374       68,408,462
Term Loan B (1 mo. SOFR + 1.75%)
7.00%   09/12/2029          54,153       54,152,886
McAfee LLC, Term Loan B (1 mo. SOFR + 3.25%)
8.59%   03/01/2029     106,681      106,530,833
Modena Buyer LLC (End User Computing), Term Loan (3 mo. SOFR + 4.50%)
9.83%   07/01/2031     46,559       44,803,523
Project Alpha Intermediate Holding, Inc., Term Loan (3 mo. SOFR + 3.75%)
9.00%   10/28/2030     44,376       44,653,171
Proofpoint, Inc., Term Loan (1 mo. SOFR + 3.00%)
8.25%   08/31/2028     64,348       64,483,591
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.40%), (Acquired 03/15/2022 - 08/08/2024; Cost $44,533,868)(d)
9.65%   02/01/2029     55,306       40,931,890
RealPage, Inc., First Lien Term Loan (1 mo. SOFR + 3.11%)
8.36%   04/24/2028     61,697       59,293,519
SS&C Technologies Holdings, Inc., Term Loan B-8 (1 mo. SOFR + 2.00%)
7.25%   05/09/2031     67,288       67,539,985
Syncsort, Inc., First Lien Term Loan (3 mo. SOFR + 4.26%)
9.51%   04/24/2028     46,067       45,235,817
Ultimate Software Group, Inc., Term Loan B (3 mo. SOFR + 3.25%)
8.55%   02/10/2031     125,291     125,724,957
                1,099,399,881
Financial Intermediaries-5.46%                
Aretec Group, Inc., Term Loan B-2 (1 mo. SOFR + 4.00%)
9.25%   08/09/2030     46,952       46,088,478
AssuredPartners, Inc., Term Loan (1 mo. SOFR + 3.50%)
8.75%   02/14/2031     101,563      101,861,468
Broadstreet Partners, Inc., Term Loan B (1 mo. SOFR + 3.25%)
8.50%   06/13/2031     68,346       68,408,625
Citadel Securities L.P., Term Loan B (1 mo. SOFR + 2.25%)
7.50%   07/29/2030     77,634       77,895,748
Focus Financial Partners LLC, Term Loan B-7(c)
-   06/30/2028     33,165       33,192,726
Jane Street Group LLC, Term Loan (1 mo. Term SOFR + 2.61%)
7.86%   01/26/2028     42,017      42,100,744
                369,547,789
Food Products-0.73%                
Froneri International PLC, First Lien Term Loan B-2 (United Kingdom) (1 mo. SOFR + 2.25%)
7.60%   01/29/2027     48,989      49,125,899
Food Service-3.44%                
BCPE Empire Holdings, Inc. (ImperialDade), Term Loan(c)
-   12/11/2028     22,378       22,426,815
IRB Holding Corp., Term Loan B (1 mo. Term SOFR + 2.85%)
8.10%   12/15/2027     83,594       83,772,114
New Red Finance, Inc., Term Loan B-6 (1 mo. SOFR + 1.75%)
7.00%   09/20/2030     71,912       71,479,013
Whatabrands LLC, Term Loan B (1 mo. SOFR + 2.75%)
8.00%   08/03/2028     54,745      54,844,874
                232,522,816
Health Care-8.05%                
athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.25%)
8.50%   02/15/2029     122,825      122,254,688
Elanco Animal Health, Inc., Term Loan (1 mo. SOFR + 1.85%)
7.19%   08/01/2027     51,725      54,008,541
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Health Care-(continued)                
Gainwell Acquisition Corp., Term Loan B (3 mo. SOFR + 4.10%)
9.43%   10/01/2027   $ 81,296   $   74,182,988
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B (1 mo. Term SOFR + 2.75%)
8.00%   10/23/2028     96,510       96,859,004
PAREXEL International Corp., Term Loan B (1 mo. SOFR + 3.00%)
8.25%   11/15/2028     61,370       61,683,537
Star Parent, Inc., Term Loan B (3 mo. Term SOFR + 3.75%)
9.08%   09/27/2030     50,934       50,728,512
Verscend Holding Corp., Term Loan B (1 mo. SOFR + 3.25%)
8.59%   05/01/2031     84,810      84,969,019
                544,686,289
Home Furnishings-1.00%                
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 3.50%)
8.57%   02/26/2029     67,549      67,337,656
Industrial Equipment-2.32%                
Madison IAQ LLC, Term Loan (6 mo. SOFR + 2.75%)
7.89%   06/21/2028     44,951       45,068,292
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.25%)
7.56%   08/17/2029     50,961       51,171,346
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B-2 (Germany) (6 mo. SOFR + 3.50%)
8.59%   04/30/2030     60,122      60,400,845
                156,640,483
Insurance-6.90%                
Acrisure LLC, Term Loan B-6 (3 mo. SOFR + 3.25%)
8.59%   11/06/2030     75,698       75,345,995
AmWINS Group LLC, Term Loan (1 mo. SOFR + 2.36%)
7.61%   02/19/2028     66,346       66,540,651
Hub International Ltd., Term Loan (3 mo. SOFR + 3.00%)
8.26%   06/20/2030     84,246       84,393,793
Hyperion Insurance Group Ltd., Term Loan (United Kingdom) (1 mo. SOFR + 3.50%)
8.75%   02/15/2031     56,930       57,065,845
Sedgwick Claims Management Services, Inc., Term Loan (3 mo. SOFR + 3.00%)
8.25%   07/31/2031     86,351       86,566,773
Truist Insurance Holdings, Term Loan B (3 mo. SOFR + 3.25%)
8.58%   05/06/2031     48,920       49,047,136
USI, Inc., Term Loan B (3 mo. SOFR + 2.75%)
8.08%   11/22/2029     47,512      47,580,073
                466,540,266
Leisure Goods, Activities & Movies-0.76%                
UFC Holdings LLC, Term Loan B-3 (3 mo. SOFR + 3.01%)
8.29%   04/29/2026     51,508      51,726,640
Lodging & Casinos-4.48%                
Caesars Entertainment, Inc.                            
Incremental Term Loan B (1 mo. SOFR + 2.75%)
8.00%   02/06/2030          46,428       46,547,680
Term Loan (1 mo. SOFR + 2.75%)
8.00%   02/06/2031          56,611       56,737,078
Fertitta Entertainment LLC (Golden Nugget), Term Loan B (1 mo. SOFR + 3.75%)
9.09%   01/27/2029     72,890       72,870,846
Hilton Worldwide Finance LLC, Term Loan B-4 (1 mo. SOFR + 1.75%)
7.03%   11/08/2030     48,752       48,895,807
Stars Group (US) Co-Borrower LLC, Term Loan B (3 mo. SOFR + 2.25%)
7.58%   11/25/2030     77,618      77,812,443
                302,863,854
Nonferrous Metals & Minerals-0.45%                
Prince Mineral Holding Corp., Term Loan (3 mo. SOFR + 4.25%)
9.70%   04/23/2029     31,163      30,679,166
Publishing-2.25%                
Micro Holding L.P., Term Loan (1 mo. SOFR + 4.25%)
9.50%   05/03/2028     92,918       92,796,322
Nielsen Finance LLC, First Lien Term Loan B (3 mo. SOFR + 5.10%)
10.40%   04/11/2029     61,973      59,494,027
                152,290,349
Rail Industries-0.74%                
Genesee & Wyoming, Inc., Term Loan (3 mo. SOFR + 2.00%)
7.33%   04/10/2031     50,127      50,176,487
Retailers (except Food & Drug)-2.14%                
Bass Pro Group LLC, Term Loan B-2 (1 mo. SOFR + 3.86%)
9.11%   03/06/2028     91,684       91,855,628
Harbor Freight Tools USA, Inc., Term Loan (1 mo. SOFR + 2.50%)
7.75%   06/11/2031     53,687      53,030,805
                144,886,433
Telecommunications-3.83%                
CCI Buyer, Inc. (Consumer Cellular), First Lien Term Loan (3 mo. SOFR + 4.00%)
9.33%   12/17/2027     43,908       44,045,377
Genesys Cloud Services Holdings I LLC, Term Loan B (1 mo. SOFR + 3.50%)
8.75%   12/01/2027     49,228       49,497,885
II-VI, Inc., Term Loan B-1 (1 mo. SOFR + 2.50%)
7.75%   07/02/2029     34,276       34,447,877
Radiate Holdco LLC, Term Loan B (1 mo. SOFR + 3.36%)
8.61%   09/25/2026     63,853       51,497,137
Zayo Group Holdings, Inc., Term Loan (1 mo. SOFR + 3.00%)
8.36%   03/09/2027     86,369      79,959,027
                259,447,303
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Utilities-1.63%                
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.75%)
8.00%   01/27/2031   $ 70,271   $   70,408,827
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. SOFR + 2.00%)
7.25%   12/20/2030     39,712      39,867,027
                110,275,854
Total Variable Rate Senior Loan Interests

(Cost $6,083,100,065)
  6,122,888,417
U.S. Dollar Denominated Bonds & Notes-4.11%                
Aerospace & Defense-0.12%                
TransDigm, Inc.(e)
6.75%   08/15/2028     5,000        5,146,990
TransDigm, Inc.(e)
6.88%   12/15/2030     3,000       3,135,741
                8,282,731
Building Products-0.07%                
Cornerstone Building Brands, Inc.(e)
9.50%   08/15/2029     5,000       4,954,391
Capital Markets-0.31%                
Aretec Group, Inc.(e)
10.00%   08/15/2030     2,000        2,161,536
Boost Newco Borrower LLC(e)
7.50%   01/15/2031     17,718      18,908,384
                21,069,920
Commercial Services & Supplies-0.37%                
Allied Universal Holdco LLC(e)
7.88%   02/15/2031     17,597       17,880,990
Madison IAQ LLC(e)
4.13%   06/30/2028     2,000        1,904,690
Neptune Bidco US, Inc.(e)
9.29%   04/15/2029     5,000       4,996,600
                24,782,280
Construction Materials-0.06%                
Camelot Return Merger Sub, Inc.(e)
8.75%   08/01/2028     4,000       3,972,661
Containers & Packaging-0.08%                
Clydesdale Acquisition Holdings, Inc.(e)
6.88%   01/15/2030     5,000       5,024,682
Diversified Telecommunication Services-0.06%                
Altice France S.A. (France)(e)
5.50%   10/15/2029     2,600        1,807,040
Radiate Holdco LLC/Radiate Finance, Inc.(e)
4.50%   09/15/2026     685          543,489
Zayo Group Holdings, Inc.(e)
4.00%   03/01/2027     2,000       1,747,918
                4,098,447
Electric Utilities-0.03%                
Vistra Operations Co. LLC(e)
4.30%   07/15/2029     2,000       1,942,304
Financial Services-0.23%                
Jane Street Group/JSG Finance, Inc.(e)
7.13%   04/30/2031     15,000      15,765,825
Ground Transportation-0.08%                
Genesee & Wyoming, Inc.(e)
6.25%   04/15/2032     5,000       5,116,596
Health Care Equipment & Supplies-0.43%                
Bausch & Lomb Corp.(e)
8.38%   10/01/2028     2,000        2,102,930
Medline Borrower L.P.(e)
3.88%   04/01/2029     19,000       17,962,091
Medline Borrower L.P./Medline Co-Issuer, Inc.(e)
6.25%   04/01/2029     9,000       9,288,675
                29,353,696
Health Care Providers & Services-0.02%                
Star Parent, Inc.(e)
9.00%   10/01/2030     1,000       1,068,777
Hotels, Restaurants & Leisure-0.40%                
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
3.88%   01/15/2028     15,000       14,339,217
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
3.50%   02/15/2029     1,000          933,585
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
6.13%   06/15/2029     7,000        7,154,175
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
4.00%   10/15/2030     2,000        1,833,603
Caesars Entertainment, Inc.(e)
7.00%   02/15/2030     2,000        2,072,656
Caesars Entertainment, Inc.(e)
6.50%   02/15/2032     859         883,272
                27,216,508
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000) 		  Value
Independent Power and Renewable Electricity Producers-0.12%                
Vistra Operations Co. LLC(e)
5.13%   05/13/2025   $ 8,030   $    8,003,060
Insurance-0.65%                
Acrisure LLC/Acrisure Finance, Inc.(e)
4.25%   02/15/2029     3,282        3,077,275
Acrisure LLC/Acrisure Finance, Inc.(e)
7.50%   11/06/2030     11,433       11,744,172
AmWINS Group, Inc.(e)
6.38%   02/15/2029     1,080        1,108,023
HUB International Ltd.(e)
7.25%   06/15/2030     15,000       15,677,430
Panther Escrow Issuer LLC(e)
7.13%   06/01/2031     12,044      12,554,689
                44,161,589
Machinery-0.16%                
TK Elevator U.S. Newco, Inc. (Germany)(e)
5.25%   07/15/2027     11,000      10,837,310
Media-0.33%                
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
4.91%   07/23/2025     1,000          996,943
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
6.48%   10/23/2045     475          454,321
CSC Holdings LLC(e)
6.50%   02/01/2029     2,000        1,511,562
Virgin Media Secured Finance PLC (United Kingdom)(e)
5.50%   05/15/2029     1,500        1,423,003
Virgin Media Secured Finance PLC (United Kingdom)(e)
4.50%   08/15/2030     11,000        9,723,692
VZ Secured Financing B.V. (Netherlands)(e)
5.00%   01/15/2032     6,190        5,612,669
Ziggo B.V. (Netherlands)(e)
4.88%   01/15/2030     3,000       2,800,777
                22,522,967
Passenger Airlines-0.18%                
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
5.50%   04/20/2026     1,923        1,914,238
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
5.75%   04/20/2029     5,128        5,031,438
United AirLines, Inc.(e)
4.38%   04/15/2026     895          874,297
United AirLines, Inc.(e)
4.63%   04/15/2029     4,478       4,265,657
                12,085,630
Professional Services-0.06%                
CoreLogic, Inc.(e)
4.50%   05/01/2028     4,000       3,746,964
Software-0.27%                
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.(e)
8.00%   06/15/2029     1,000        1,033,286
Cloud Software Group, Inc.(e)
9.00%   09/30/2029     7,750        7,806,668
Cloud Software Group, Inc.(e)
8.25%   06/30/2032     3,658        3,832,333
SS&C Technologies, Inc.(e)
6.50%   06/01/2032     5,500       5,681,353
                18,353,640
Specialty Retail-0.08%                
Wand NewCo 3, Inc.(e)
7.63%   01/30/2032     5,331       5,589,580
Total U.S. Dollar Denominated Bonds & Notes

(Cost $276,399,805)
  277,949,558
          Shares    
Money Market Funds-5.96%                
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.16%(f)(g)

(Cost $403,365,070)
          403,365,070     403,365,070
TOTAL INVESTMENTS IN SECURITIES-100.55%

(Cost $6,762,864,940)
  6,804,203,045
OTHER ASSETS LESS LIABILITIES-(0.55)%
  (37,267,402)
NET ASSETS-100.00%
  $6,766,935,643
    
Investment Abbreviations:
SOFR -Secured Overnight Financing Rate
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(b) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(c) This variable rate interest will settle after August 31, 2024, at which time the interest rate will be determined.
(d) Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $276,498,294, which represented 4.09% of the Fund’s Net Assets.
(f) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Premier U.S. Government Money Portfolio, Institutional Class $384,904,842   $11,288,781,757   $(11,270,321,529)   $-   $-   $403,365,070   $46,230,996
    
(g) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statement of Assets and Liabilities
August 31, 2024
  Invesco Senior
Loan ETF
(BKLN)
Assets:  
Unaffiliated investments in securities, at value
$6,400,837,975
Affiliated investments in securities, at value
403,365,070
Cash
17,526,672
Due from broker
3,069
Foreign currencies, at value
1,561
Receivable for:  
Dividends and interest
39,454,188
Investments sold
591,647,583
Fund shares sold
4,211,357
Expenses absorbed
51,401
Total assets
7,457,098,876
Liabilities:  
Due to broker
98,501
Payable for:  
Investments purchased
686,109,944
Accrued unitary management fees
3,952,841
Accrued tax expenses
1,947
Total liabilities
690,163,233
Net Assets
$6,766,935,643
Net assets consist of:  
Shares of beneficial interest
$7,947,707,941
Distributable earnings (loss)
(1,180,772,298)
Net Assets
$6,766,935,643
Shares outstanding (unlimited amount authorized, $0.01 par value)
321,300,000
Net asset value
$21.06
Market price
$21.08
Unaffiliated investments in securities, at cost
$6,359,499,870
Affiliated investments in securities, at cost
$403,365,070
Foreign currencies, at cost
$1,500
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statement of Operations
For the year ended August 31, 2024
  Invesco Senior
Loan ETF
(BKLN)
Investment income:  
Interest income
$564,647,844
Affiliated dividend income
46,230,996
Total investment income
610,878,840
Expenses:  
Unitary management fees
42,373,350
Tax expenses
650
Other expenses
(2,864)
Total expenses
42,371,136
Less: Waivers
(1,588,419)
Net expenses
40,782,717
Net investment income
570,096,123
Realized and unrealized gain (loss) from:  
Net realized gain (loss) from:  
Unaffiliated investment securities
(67,871,822)
Foreign currencies
(16)
Net realized gain (loss)
(67,871,838)
Change in net unrealized appreciation of:  
Unaffiliated investment securities
30,256,682
Foreign currencies
61
Change in net unrealized appreciation
30,256,743
Net realized and unrealized gain (loss)
(37,615,095)
Net increase in net assets resulting from operations
$532,481,028
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statement of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco Senior Loan ETF (BKLN)
  2024   2023
Operations:      
Net investment income
$570,096,123   $314,658,408
Net realized gain (loss)
(67,871,838)   (122,316,603)
Change in net unrealized appreciation
30,256,743   110,895,680
Net increase in net assets resulting from operations
532,481,028   303,237,485
Distributions to Shareholders from:      
Distributable earnings
(556,447,768)   (320,198,854)
Shareholder Transactions:      
Proceeds from shares sold
6,416,672,532   2,967,223,577
Value of shares repurchased
(3,712,606,874)   (2,995,220,298)
Transaction fees
10,116,012   11,837,894
Net increase (decrease) in net assets resulting from share transactions
2,714,181,670   (16,158,827)
Net increase (decrease) in net assets
2,690,214,930   (33,120,196)
Net assets:      
Beginning of year
4,076,720,713   4,109,840,909
End of year
$6,766,935,643   $4,076,720,713
Changes in Shares Outstanding:      
Shares sold
304,200,000   142,300,000
Shares repurchased
(176,500,000)   (143,700,000)
Shares outstanding, beginning of year
193,600,000   195,000,000
Shares outstanding, end of year
321,300,000   193,600,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights
Invesco Senior Loan ETF (BKLN)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$21.06   $21.08   $22.13   $21.82   $22.57
Net investment income(a)
1.84   1.68   0.77   0.68   0.93
Net realized and unrealized gain (loss) on investments
(0.05)   (0.07)   (1.18)   0.31   (0.88)
Total from investment operations
1.79   1.61   (0.41)   0.99   0.05
Distributions to shareholders from:                  
Net investment income
(1.82)   (1.69)   (0.73)   (0.69)   (0.91)
Return of capital
-   -   -   (0.02)   -
Total distributions
(1.82)   (1.69)   (0.73)   (0.71)   (0.91)
Transaction fees(a)
0.03   0.06   0.09   0.03   0.11
Net asset value at end of year
$21.06   $21.06   $21.08   $22.13   $21.82
Market price at end of year(b)
$21.08   $21.09   $20.98   $22.15   $21.91
Net Asset Value Total Return(c)
8.99%   8.34%   (1.44)%   4.72%   0.80%
Market Price Total Return(c)
8.94%   9.04%   (1.99)%   4.38%   1.05%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$6,766,936   $4,076,721   $4,109,841   $6,289,247   $4,499,824
Ratio to average net assets of:                  
Expenses, after Waivers(d)
0.63%   0.63%   0.65%   0.64%   0.63%
Expenses, prior to Waivers(d)
0.65%   0.65%   0.65%   0.65%   0.65%
Net investment income
8.75%   8.02%   3.53%   3.08%   4.22%
Portfolio turnover rate(e)
199%   129%   106%   109%   107%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:
Full Name   Short Name
Invesco Senior Loan ETF (BKLN)   "Senior Loan ETF"
The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Morningstar® LSTA® US Leveraged Loan 100 IndexTM (the “Underlying Index”).
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the
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“Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.
J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K. Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s
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investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Index Risk. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV.
Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and
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selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek recovery. 
Portfolio Turnover Risk. The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund may seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency laws and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.
Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.
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Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.
There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations. Newly originated loans (including reissuances and restructured loans) may possess lower levels of credit document protections than has historically been the case. Accordingly, in the event of default, the Fund may experience lower levels of recoveries than has historically been the norm.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services, and oversight of the Sub-Adviser.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees of $1,588,419.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of the Fund with Morningstar, Inc. (the “Licensor”).
The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market
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prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Investments in Securities              
Variable Rate Senior Loan Interests $-   $6,122,888,417   $-   $6,122,888,417
U.S. Dollar Denominated Bonds & Notes -   277,949,558   -   277,949,558
Money Market Funds 403,365,070   -   -   403,365,070
Total Investments $403,365,070   $6,400,837,975   $-   $6,804,203,045
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
Ordinary income* $556,447,768   $320,198,854
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
Undistributed ordinary income $20,749,353
Net unrealized appreciation (depreciation) — investments (14,844,083)
Net unrealized appreciation — foreign currencies and foreign taxes 61
Capital loss carryforward (1,186,677,629)
Shares of beneficial interest 7,947,707,941
Total net assets $6,766,935,643
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
  $308,428,401   $878,249,228   $1,186,677,629
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $14,760,404,248 and $12,213,864,122, respectively.
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As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Aggregate unrealized appreciation of investments $75,422,114
Aggregate unrealized (depreciation) of investments (90,266,197)
Net unrealized appreciation (depreciation) of investments $(14,844,083)
Cost of investments for tax purposes is $6,819,047,128.
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of foreign currency transactions and rounding, undistributed net investment income (loss) was increased by $16, undistributed net realized gain (loss) was increased by $13 and Shares of beneficial interest were increased by $3. These reclassifications had no effect on the net assets of the Fund.
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 9—Borrowing
The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 8, 2025. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.
During the fiscal year ended August 31, 2024, there were no borrowings from the line of credit.
NOTE 10—Senior Loan Participation Commitments
The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.
During the fiscal year ended August 31, 2024, there were no interests in senior loans purchased by the Fund on a participation basis.
NOTE 11—Capital
Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for Deposit Securities.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Senior Loan ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan ETF (one of the funds constituting Invesco Exchange-Traded Fund Trust II, referred to hereafter as the "Fund") as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024, and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, agent banks, and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
Qualified Business Income* 0%
Qualified Dividend Income* 0%
Corporate Dividends Received Deduction* 0%
U.S. Treasury Obligations* 0%
Business Interest Income* 98%
Qualified Interest Income* 91%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-SL-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
IBBQ Invesco Nasdaq Biotechnology ETF
QOWZ Invesco Nasdaq Free Cash Flow Achievers ETF
SOXQ Invesco PHLX Semiconductor ETF
TAN Invesco Solar ETF
Table of Contents
Schedules of Investments  
3
6
8
10
12
13
14
16
20
32
33
34
44
2
Table of Contents
Invesco Nasdaq Biotechnology ETF (IBBQ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Biotechnology-81.85%
4D Molecular Therapeutics, Inc.(b)
  1,922   $     28,849
89bio, Inc.(b)(c)
  3,660         34,770
AC Immune S.A. (Switzerland)(b)
  3,678         11,880
Acadia Pharmaceuticals, Inc.(b)
  6,150        101,967
ACELYRIN, Inc.(b)(c)
  3,682         17,600
ADMA Biologics, Inc.(b)
  8,631        149,403
Agios Pharmaceuticals, Inc.(b)(c)
  2,109         96,824
Akero Therapeutics, Inc.(b)(c)
  2,571         69,931
Alector, Inc.(b)(c)
  3,590         18,955
Alkermes PLC(b)(c)
  6,299        179,207
Allogene Therapeutics, Inc.(b)(c)
  7,778         20,456
Alnylam Pharmaceuticals, Inc.(b)
  4,730     1,242,524
ALX Oncology Holdings, Inc.(b)(c)
  1,936          4,492
Amarin Corp. PLC, ADR (Ireland)(b)
  14,886          9,311
Amgen, Inc.
  9,070     3,027,838
Amicus Therapeutics, Inc.(b)
  11,026        128,012
AnaptysBio, Inc.(b)(c)
  1,012         38,547
Anavex Life Sciences Corp.(b)(c)
  3,151         18,969
Apellis Pharmaceuticals, Inc.(b)(c)
  4,521        175,867
Apogee Therapeutics, Inc.(b)(c)
  1,678         85,863
Arbutus Biopharma Corp.(b)
  7,029         27,202
Arcellx, Inc.(b)(c)
  1,995        137,136
Arcturus Therapeutics Holdings, Inc.(b)(c)
  999         21,079
Arcutis Biotherapeutics, Inc.(b)(c)
  4,306         46,849
Ardelyx, Inc.(b)(c)
  8,707         53,809
argenx SE, ADR (Netherlands)(b)
  1,200        620,784
Arrowhead Pharmaceuticals, Inc.(b)(c)
  4,620        110,095
ARS Pharmaceuticals, Inc.(b)(c)
  3,608         46,832
Ascendis Pharma A/S, ADR (Denmark)(b)
  2,159        298,914
Aurinia Pharmaceuticals, Inc. (Canada)(b)
  5,326         36,270
Autolus Therapeutics PLC, ADR (United Kingdom)(b)(c)
  7,424         29,176
Avidity Biosciences, Inc.(b)(c)
  3,564        156,816
Beam Therapeutics, Inc.(b)(c)
  3,069         81,881
BeiGene Ltd., ADR (China)(b)(c)
  1,602        307,232
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)(c)
  1,342         28,853
BioCryst Pharmaceuticals, Inc.(b)
  7,684         66,774
Biogen, Inc.(b)
  5,447     1,115,328
BioMarin Pharmaceutical, Inc.(b)
  7,106        648,138
Biomea Fusion, Inc.(b)(c)
  1,343          9,844
BioNTech SE, ADR (Germany)(b)
  3,674        324,120
bluebird bio, Inc.(b)(c)
  7,086          3,979
Blueprint Medicines Corp.(b)(c)
  2,333        222,895
BridgeBio Pharma, Inc.(b)(c)
  6,963        193,920
Cabaletta Bio, Inc.(b)(c)
  1,793         10,095
Caribou Biosciences, Inc.(b)(c)
  3,359          7,255
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024(b)(d)
  2,633            474
Centessa Pharmaceuticals PLC, ADR(b)
  2,160         29,160
Cogent Biosciences, Inc.(b)(c)
  3,563         38,267
Coherus BioSciences, Inc.(b)(c)
  4,269          5,934
Crinetics Pharmaceuticals, Inc.(b)(c)
  2,939        155,943
CRISPR Therapeutics AG (Switzerland)(b)(c)
  3,160        150,795
Cullinan Therapeutics, Inc.(b)(c)
  2,149         42,120
CureVac N.V. (Germany)(b)(c)
  8,349         26,216
Cytokinetics, Inc.(b)(c)
  4,267       243,560
  Shares   Value
Biotechnology-(continued)
Day One Biopharmaceuticals, Inc.(b)(c)
  3,256   $     45,063
Denali Therapeutics, Inc.(b)(c)
  5,311        129,801
Disc Medicine, Inc.(b)(c)
  922         46,856
Dynavax Technologies Corp.(b)(c)
  4,873         54,675
Dyne Therapeutics, Inc.(b)(c)
  3,642        167,860
Editas Medicine, Inc.(b)(c)
  3,067         11,471
Erasca, Inc.(b)(c)
  9,678         27,969
Exelixis, Inc.(b)
  10,845        282,295
Exscientia PLC, ADR (United Kingdom)(b)(c)
  1,828         10,164
Galapagos N.V., ADR (Belgium)(b)
  759         22,102
Genmab A/S, ADR (Denmark)(b)
  1,562         43,424
Geron Corp.(b)(c)
  22,087        104,913
Gilead Sciences, Inc.
  43,158     3,409,482
GRAIL, Inc.(b)(c)
  985         13,898
Grifols S.A., ADR (Spain)(b)(c)
  4,543         42,432
Halozyme Therapeutics, Inc.(b)(c)
  4,771        304,628
Humacyte, Inc.(b)(c)
  4,431         26,808
Ideaya Biosciences, Inc.(b)(c)
  2,818        111,311
ImmunityBio, Inc.(b)(c)
  25,749        101,709
Immunocore Holdings PLC, ADR (United Kingdom)(b)(c)
  1,390         49,873
Immunovant, Inc.(b)(c)
  5,442        168,158
Incyte Corp.(b)
  8,421        552,923
Insmed, Inc.(b)(c)
  6,041        461,955
Intellia Therapeutics, Inc.(b)(c)
  3,593         80,627
Ionis Pharmaceuticals, Inc.(b)
  5,438        259,284
Iovance Biotherapeutics, Inc.(b)(c)
  10,415        121,439
Ironwood Pharmaceuticals, Inc.(b)(c)
  5,921         29,960
iTeos Therapeutics, Inc.(b)
  1,389         23,405
Janux Therapeutics, Inc.(b)
  1,928         90,577
KalVista Pharmaceuticals, Inc.(b)(c)
  1,571         21,036
Keros Therapeutics, Inc.(b)(c)
  1,348         61,132
Kiniksa Pharmaceuticals International PLC(b)(c)
  1,505         40,244
Krystal Biotech, Inc.(b)(c)
  1,066        207,998
Kura Oncology, Inc.(b)(c)
  2,836         59,726
Kymera Therapeutics, Inc.(b)(c)
  2,289        110,696
Legend Biotech Corp., ADR(b)(c)
  3,038        174,837
Lexicon Pharmaceuticals, Inc.(b)
  13,462         23,289
Lyell Immunopharma, Inc.(b)(c)
  9,487         13,756
MacroGenics, Inc.(b)(c)
  2,333          8,189
Madrigal Pharmaceuticals, Inc.(b)(c)
  793        195,974
MannKind Corp.(b)(c)
  10,143         63,495
MeiraGTx Holdings PLC(b)
  2,392          9,735
Merus N.V. (Netherlands)(b)
  2,469        125,894
Mineralys Therapeutics, Inc.(b)
  1,851         22,971
Mirum Pharmaceuticals, Inc.(b)(c)
  1,753         75,572
Moderna, Inc.(b)(c)
  14,127     1,093,430
Myriad Genetics, Inc.(b)(c)
  3,365         95,330
Neurocrine Biosciences, Inc.(b)
  3,768        478,762
Novavax, Inc.(b)(c)
  5,225         64,685
Nurix Therapeutics, Inc.(b)(c)
  2,208         55,642
Nuvalent, Inc., Class A(b)(c)
  2,201        187,371
Olema Pharmaceuticals, Inc.(b)(c)
  2,080         24,544
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
  125              0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
  125              0
ORIC Pharmaceuticals, Inc.(b)
  2,510        26,029
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
August 31, 2024
  Shares   Value
Biotechnology-(continued)
Ovid therapeutics, Inc.(b)
  2,643   $      2,987
Precigen, Inc.(b)(c)
  9,400         10,340
Prime Medicine, Inc.(b)(c)
  4,464         19,106
Protagonist Therapeutics, Inc.(b)
  2,185         93,715
Prothena Corp. PLC (Ireland)(b)(c)
  2,005         44,651
PTC Therapeutics, Inc.(b)(c)
  2,854        100,803
RAPT Therapeutics, Inc.(b)
  1,297          2,665
Recursion Pharmaceuticals, Inc., Class A(b)(c)
  8,578         62,448
Regeneron Pharmaceuticals, Inc.(b)
  2,830     3,352,673
REGENXBIO, Inc.(b)(c)
  1,837         22,448
Relay Therapeutics, Inc.(b)
  4,937         33,522
Reneo Pharmaceuticals, Inc.(b)
  1,245          1,843
Replimune Group, Inc.(b)
  2,291         23,299
REVOLUTION Medicines, Inc.(b)(c)
  6,142        261,833
Rhythm Pharmaceuticals, Inc.(b)(c)
  2,266        107,159
Rocket Pharmaceuticals, Inc.(b)(c)
  3,385         63,807
Roivant Sciences Ltd.(b)(c)
  27,705        338,832
Sage Therapeutics, Inc.(b)(c)
  2,238         18,866
Sana Biotechnology, Inc.(b)(c)
  8,252         49,925
Sarepta Therapeutics, Inc.(b)(c)
  3,542        480,933
Savara, Inc.(b)
  5,147         21,978
Scholar Rock Holding Corp.(b)(c)
  2,970         27,621
SpringWorks Therapeutics, Inc.(b)(c)
  2,763        115,245
Summit Therapeutics, Inc.(b)(c)
  26,333        341,802
Syndax Pharmaceuticals, Inc.(b)
  3,163         65,000
Tango Therapeutics, Inc.(b)(c)
  3,975         47,024
Taysha Gene Therapies, Inc.(b)
  6,960         15,590
Tourmaline Bio, Inc.
  954         16,075
Travere Therapeutics, Inc.(b)(c)
  2,834         26,838
Twist Bioscience Corp.(b)(c)
  2,170         93,831
Ultragenyx Pharmaceutical, Inc.(b)
  3,098        175,904
uniQure N.V. (Netherlands)(b)
  1,812         10,600
United Therapeutics Corp.(b)
  1,663        604,584
UroGen Pharma Ltd.(b)
  1,350         18,778
Vanda Pharmaceuticals, Inc.(b)(c)
  2,169         11,474
Vaxcyte, Inc.(b)(c)
  4,053        327,320
Vera Therapeutics, Inc.(b)
  2,037         77,039
Veracyte, Inc.(b)(c)
  2,845         89,760
Vericel Corp.(b)(c)
  1,814         93,693
Vertex Pharmaceuticals, Inc.(b)
  6,093     3,021,458
Verve Therapeutics, Inc.(b)(c)
  3,127         20,951
Vir Biotechnology, Inc.(b)
  5,063         41,820
Voyager Therapeutics, Inc.(b)(c)
  2,026         13,291
Xencor, Inc.(b)
  2,300         40,227
Xenon Pharmaceuticals, Inc. (Canada)(b)
  2,811        113,396
Y-mAbs Therapeutics, Inc.(b)(c)
  1,630         23,325
Zai Lab Ltd., ADR (China)(b)(c)
  1,914         38,165
Zentalis Pharmaceuticals, Inc.(b)(c)
  2,646          9,182
Zymeworks, Inc.(b)
  2,635        30,909
        31,419,144
Health Care Equipment & Supplies-0.20%
Novocure Ltd.(b)(c)
  4,011        77,974
Health Care Providers & Services-0.48%
23andMe Holding Co., Class A(b)
  12,049          3,794
Castle Biosciences, Inc.(b)
  1,032         30,619
Guardant Health, Inc.(b)(c)
  4,556        116,543
PetIQ, Inc.(b)(c)
  1,099        33,575
        184,531
  Shares   Value
Life Sciences Tools & Services-3.73%
AbCellera Biologics, Inc. (Canada)(b)
  10,951   $     28,035
Adaptive Biotechnologies Corp.(b)(c)
  5,487         25,789
Fortrea Holdings, Inc.(b)(c)
  3,327         76,721
Illumina, Inc.(b)
  5,960        783,144
Maravai LifeSciences Holdings, Inc., Class A(b)(c)
  4,951         44,806
MaxCyte, Inc.(b)(c)
  3,895         16,826
Medpace Holdings, Inc.(b)(c)
  1,159        411,758
Nautilus Biotechnology, Inc.(b)
  4,667         12,134
OmniAb, Inc.(b)(c)
  4,380         18,352
Pacific Biosciences of California, Inc.(b)(c)
  10,145        13,899
        1,431,464
Pharmaceuticals-13.65%
Aclaris Therapeutics, Inc.(b)
  2,654          3,132
Amphastar Pharmaceuticals, Inc.(b)(c)
  1,825         88,951
Amylyx Pharmaceuticals, Inc.(b)(c)
  2,531          5,619
ANI Pharmaceuticals, Inc.(b)(c)
  781         49,789
Arvinas, Inc.(b)
  2,546         66,603
AstraZeneca PLC, ADR (United Kingdom)
  17,783     1,558,146
ATAI Life Sciences N.V. (Germany)(b)(c)
  6,236          8,107
Atea Pharmaceuticals, Inc.(b)(c)
  3,136         12,074
Avadel Pharmaceuticals PLC(b)(c)
  3,581         54,324
Axsome Therapeutics, Inc.(b)(c)
  1,766        156,927
Collegium Pharmaceutical, Inc.(b)(c)
  1,220         46,921
Edgewise Therapeutics, Inc.(b)(c)
  3,476         65,175
Enliven Therapeutics, Inc.(b)
  1,750         38,290
Evolus, Inc.(b)
  2,333         37,071
EyePoint Pharmaceuticals, Inc.(b)(c)
  1,972         17,649
Fulcrum Therapeutics, Inc.(b)(c)
  2,317         19,810
Harmony Biosciences Holdings, Inc.(b)(c)
  2,110         75,918
Harrow, Inc.(b)
  1,313         53,124
Hutchmed (China) Ltd., ADR (China)(b)(c)
  1,151         20,085
Innoviva, Inc.(b)(c)
  2,327         45,097
Intra-Cellular Therapies, Inc.(b)
  3,960        290,189
Jazz Pharmaceuticals PLC(b)
  2,348        272,321
Ligand Pharmaceuticals, Inc.(b)(c)
  666         70,463
Marinus Pharmaceuticals, Inc.(b)(c)
  2,045          2,863
Ocular Therapeutix, Inc.(b)(c)
  5,770         50,891
Pacira BioSciences, Inc.(b)(c)
  1,733         26,965
Phathom Pharmaceuticals, Inc.(b)(c)
  2,181         36,030
Phibro Animal Health Corp., Class A
  759         15,939
Pliant Therapeutics, Inc.(b)(c)
  2,243         29,809
Revance Therapeutics, Inc.(b)
  3,891         25,564
Royalty Pharma PLC, Class A
  16,905        490,752
Sanofi S.A., ADR
  10,545        593,262
SIGA Technologies, Inc.(c)
  2,649         23,920
Structure Therapeutics, Inc., ADR(b)(c)
  1,827         69,664
Supernus Pharmaceuticals, Inc.(b)(c)
  2,046         71,937
Tarsus Pharmaceuticals, Inc.(b)(c)
  1,407         38,144
Terns Pharmaceuticals, Inc.(b)
  2,405         18,326
Theravance Biopharma, Inc.(b)
  1,815         14,974
Third Harmonic Bio, Inc.(b)
  1,528         17,648
Ventyx Biosciences, Inc.(b)
  2,586          5,767
Verona Pharma PLC, ADR (United Kingdom)(b)(c)
  2,600         71,448
Viatris, Inc.
  44,593       538,683
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
August 31, 2024
  Shares   Value
Pharmaceuticals-(continued)
WaVe Life Sciences Ltd.(b)
  4,559   $     26,169
Xeris Biopharma Holdings, Inc.(b)
  5,518        15,506
        5,240,046
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $38,443,647)
  38,353,159
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-26.68%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  2,870,230     2,870,230
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  7,368,239   $  7,371,186
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $10,240,932)
  10,241,416
TOTAL INVESTMENTS IN SECURITIES-126.59%

(Cost $48,684,579)
  48,594,575
OTHER ASSETS LESS LIABILITIES-(26.59)%
  (10,208,367)
NET ASSETS-100.00%
  $38,386,208
    
 
Investment Abbreviations:
ADR -American Depositary Receipt
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security valued using significant unobservable inputs (Level 3). See Note 4.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,041,144   $(1,041,144)   $-   $-   $-   $622
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 856,499   18,320,780   (16,307,049)   -   -   2,870,230   93,985*
Invesco Private Prime Fund 2,202,426   36,268,864   (31,100,997)   484   409   7,371,186   250,869*
Total $3,058,925   $55,630,788   $(48,449,190)   $484   $409   $10,241,416   $345,476
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Automobiles-0.71%
Thor Industries, Inc.(b)
  502   $   53,845
Building Products-0.97%
Owens Corning
  434      73,229
Commercial Services & Supplies-5.65%
Cintas Corp.
  216     173,906
Republic Services, Inc.
  740     154,075
Rollins, Inc.
  1,990      99,858
        427,839
Consumer Finance-1.85%
Capital One Financial Corp.
  951     139,730
Distributors-0.95%
Pool Corp.
  205      72,082
Electrical Equipment-0.77%
Acuity Brands, Inc.
  228      58,072
Electronic Equipment, Instruments & Components-4.07%
Amphenol Corp., Class A
  2,355     158,845
Littelfuse, Inc.
  209       56,890
Teledyne Technologies, Inc.(c)
  214      92,619
        308,354
Entertainment-1.10%
Warner Bros. Discovery, Inc.(c)
  10,617      83,237
Financial Services-4.46%
Mastercard, Inc., Class A
  698     337,371
Food Products-1.23%
McCormick & Co., Inc.
  1,160      92,835
Health Care Providers & Services-5.13%
UnitedHealth Group, Inc.
  658     388,352
Health Care Technology-0.24%
Simulations Plus, Inc.
  503      18,234
Hotels, Restaurants & Leisure-1.93%
Marriott International, Inc., Class A
  624     146,447
Household Durables-2.05%
Cavco Industries, Inc.(c)
  109       45,052
NVR, Inc.(c)
  12     110,069
        155,121
Interactive Media & Services-6.76%
Meta Platforms, Inc., Class A
  981     511,405
IT Services-1.14%
VeriSign, Inc.(c)
  470      86,433
Life Sciences Tools & Services-5.98%
Mettler-Toledo International, Inc.(c)
  73     105,053
Thermo Fisher Scientific, Inc.
  419     257,714
West Pharmaceutical Services, Inc.
  286      89,698
        452,465
Machinery-0.66%
Watts Water Technologies, Inc., Class A
  253      49,765
Media-0.27%
TechTarget, Inc.(c)
  766      20,414
Metals & Mining-0.21%
Radius Recycling, Inc., Class A(b)
  1,053      15,942
  Shares   Value
Oil, Gas & Consumable Fuels-1.76%
Kinder Morgan, Inc.
  6,190   $  133,518
Professional Services-4.44%
Automatic Data Processing, Inc.
  701     193,413
DLH Holdings Corp.(c)
  1,001       10,891
Paychex, Inc.
  1,005     131,856
        336,160
Semiconductors & Semiconductor Equipment-20.38%
Broadcom, Inc.
  2,784     453,291
KLA Corp.
  228     186,830
Microchip Technology, Inc.
  1,343     110,341
NVIDIA Corp.
  6,284     750,121
Rambus, Inc.(c)
  946      42,305
        1,542,888
Software-24.99%
Adobe, Inc.(c)
  516     296,396
Cadence Design Systems, Inc.(c)
  540     145,222
Fair Isaac Corp.(c)
  83     143,612
Fortinet, Inc.(c)
  2,074     159,097
Intuit, Inc.
  363     228,784
Manhattan Associates, Inc.(c)
  336       88,849
Progress Software Corp.
  676       39,309
PTC, Inc.(c)
  505       90,440
Qualys, Inc.(c)
  350       43,810
Roper Technologies, Inc.
  254     140,820
Salesforce, Inc.
  1,035     261,752
ServiceNow, Inc.(c)
  297     253,935
        1,892,026
Trading Companies & Distributors-2.21%
Beacon Roofing Supply, Inc.(c)
  548       49,649
Fastenal Co.
  1,727     117,919
        167,568
Total Common Stocks & Other Equity Interests

(Cost $6,874,086)
  7,563,332
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $6,725)
  6,725       6,725
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $6,880,811)
  7,570,057
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.93%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  19,183      19,183
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  50,868   $   50,888
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $70,068)
  70,071
TOTAL INVESTMENTS IN SECURITIES-100.93%

(Cost $6,950,879)
  7,640,128
OTHER ASSETS LESS LIABILITIES-(0.93)%
  (70,078)
NET ASSETS-100.00%
  $7,570,050
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $88,927   $(82,203)   $-   $1   $6,725   $146
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   355,975   (336,792)   -   -   19,183   267*
Invesco Private Prime Fund -   61,876,974   (61,826,089)   3   -   50,888   9,495*
Total $-   $62,321,876   $(62,245,084)   $3   $1   $76,796   $9,908
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco PHLX Semiconductor ETF (SOXQ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Electronic Equipment, Instruments & Components-1.04%
Coherent Corp.(b)(c)
  68,309   $  5,324,687
Semiconductors & Semiconductor Equipment-98.87%
Advanced Micro Devices, Inc.(b)
  244,019    36,251,463
Allegro MicroSystems, Inc. (Japan)(b)(c)
  86,758     2,128,174
Amkor Technology, Inc.
  110,207     3,625,810
Analog Devices, Inc.
  86,839    20,393,271
Applied Materials, Inc.
  94,741    18,688,610
ASML Holding N.V., New York Shares (Netherlands)
  21,235    19,193,679
Axcelis Technologies, Inc.(b)(c)
  14,552     1,590,970
Broadcom, Inc.
  383,271    62,404,184
Entegris, Inc.
  67,491     7,820,182
GLOBALFOUNDRIES, Inc.(b)(c)
  247,004    11,530,147
Intel Corp.
  660,086    14,548,295
KLA Corp.
  26,835    21,989,404
Lam Research Corp.
  21,858    17,945,637
Lattice Semiconductor Corp.(b)(c)
  61,595     2,917,139
Marvell Technology, Inc.
  296,026    22,569,022
Microchip Technology, Inc.
  209,421    17,206,029
Micron Technology, Inc.
  162,956    15,682,885
Monolithic Power Systems, Inc.
  21,769    20,347,049
NVIDIA Corp.
  557,463    66,544,358
NXP Semiconductors N.V. (China)
  74,846    19,187,521
ON Semiconductor Corp.(b)
  192,019    14,952,520
Qorvo, Inc.(b)
  42,811     4,961,367
QUALCOMM, Inc.
  99,851    17,503,880
Rambus, Inc.(b)
  48,285     2,159,305
Skyworks Solutions, Inc.
  71,826     7,871,411
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)
  134,761    23,138,464
Teradyne, Inc.
  69,887     9,555,650
  Shares   Value
Semiconductors & Semiconductor Equipment-(continued)
Texas Instruments, Inc.
  104,428   $ 22,383,098
Wolfspeed, Inc.(b)(c)
  56,390       549,802
        505,639,326
Total Common Stocks & Other Equity Interests

(Cost $458,225,910)
  510,964,013
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $205,395)
  205,395       205,395
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $458,431,305)
  511,169,408
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.52%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  7,025,751     7,025,751
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  10,952,918    10,957,299
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $17,982,864)
  17,983,050
TOTAL INVESTMENTS IN SECURITIES-103.47%

(Cost $476,414,169)
  529,152,458
OTHER ASSETS LESS LIABILITIES-(3.47)%
  (17,760,021)
NET ASSETS-100.00%
  $511,392,437
    
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $3,276,779   $(3,071,384)   $-   $-   $205,395   $5,908
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco PHLX Semiconductor ETF (SOXQ)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $1,040,517   $98,085,234   $(92,100,000)   $-   $-   $7,025,751   $170,869*
Invesco Private Prime Fund 2,675,615   206,060,087   (197,771,940)   350   (6,813)   10,957,299   450,492*
Total $3,716,132   $307,422,100   $(292,943,324)   $350   $(6,813)   $18,188,445   $627,269
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco Solar ETF (TAN)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.74%
Chemicals-2.36%
Hanwha Solutions Corp. (South Korea)
  1,237,112   $   23,893,019
Construction & Engineering-1.28%
West Holdings Corp. (Japan)(b)
  697,300      12,982,935
Electrical Equipment-19.18%
Array Technologies, Inc.(b)(c)
  3,100,628       20,805,214
Nextracker, Inc., Class A(b)(c)
  1,611,895       65,555,770
Shoals Technologies Group, Inc., Class A(b)(c)
  4,129,215       22,256,469
Sunrun, Inc.(b)(c)
  4,176,551      85,702,826
        194,320,279
Financial Services-3.74%
HA Sustainable Infrastructure Capital, Inc.(b)
  1,169,128      37,856,365
Independent Power and Renewable Electricity Producers-28.76%
Altus Power, Inc.(b)(c)
  1,804,322        5,629,485
Atlantica Sustainable Infrastructure PLC (Spain)
  830,050       18,103,390
Clearway Energy, Inc., Class C
  953,414       27,610,869
Doral Group Renewable Energy Resources Ltd. (Israel)(b)(c)
  3,013,139       10,324,829
Encavis AG (Germany)(b)(c)
  2,342,380       44,077,290
Energix-Renewable Energies Ltd. (Israel)
  3,811,074       13,636,868
Enlight Renewable Energy Ltd. (Israel)(b)(c)
  1,412,110       23,337,290
Grenergy Renovables S.A. (Spain)(b)(c)
  410,247       15,076,208
Neoen S.A. (France)(d)
  829,179       35,537,941
OY Nofar Energy Ltd. (Israel)(b)(c)
  494,549       12,087,309
ReNew Energy Global PLC, Class A (India)(b)(c)
  1,275,985        7,171,036
RENOVA, Inc. (Japan)(b)(c)
  816,899        5,812,351
Scatec ASA (South Africa)(c)(d)
  1,634,945       12,502,648
Solaria Energia y Medio Ambiente S.A. (Spain)(b)(c)
  1,809,593       22,534,195
Sunnova Energy International, Inc.(b)(c)
  2,883,816       32,039,196
Xinyi Energy Holdings Ltd. (China)(b)
  61,550,937       5,996,963
        291,477,868
Semiconductors & Semiconductor Equipment-44.42%
Canadian Solar, Inc. (Canada)(b)(c)
  1,359,810       17,174,400
Daqo New Energy Corp., ADR (China)(b)(c)
  1,448,516       21,336,641
Enphase Energy, Inc.(b)(c)
  905,823      109,640,816
First Solar, Inc.(b)(c)
  412,527       93,796,264
Flat Glass Group Co. Ltd., H Shares (China)(b)
  10,929,713      14,852,438
  Shares   Value
Semiconductors & Semiconductor Equipment-(continued)
GCL Technology Holdings Ltd. (China)(b)(c)
  367,034,725   $   54,581,853
JinkoSolar Holding Co. Ltd., ADR (China)(b)
  1,093,247       20,924,748
Meyer Burger Technology AG (Switzerland)(b)(c)
  1,197,930        2,612,023
Motech Industries, Inc. (Taiwan)
  11,884,000        9,955,961
SMA Solar Technology AG (Germany)(b)
  467,829       10,864,287
SolarEdge Technologies, Inc.(b)(c)
  1,239,431       30,155,356
TSEC Corp. (Taiwan)
  14,881,000       11,373,568
United Renewable Energy Co. Ltd. (Taiwan)(c)
  40,028,458       15,015,364
Xinyi Solar Holdings Ltd. (China)
  96,757,152      37,832,587
        450,116,306
Total Common Stocks & Other Equity Interests

(Cost $1,724,672,711)
  1,010,646,772
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $120,097)
  120,097         120,097
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.75%

(Cost $1,724,792,808)
  1,010,766,869
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-30.35%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  84,758,203       84,758,203
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  222,629,432     222,718,484
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $307,457,604)
  307,476,687
TOTAL INVESTMENTS IN SECURITIES-130.10%

(Cost $2,032,250,412)
  1,318,243,556
OTHER ASSETS LESS LIABILITIES-(30.10)%
  (304,973,053)
NET ASSETS-100.00%
  $1,013,270,503
    
 
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco Solar ETF (TAN)—(continued)
August 31, 2024
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at August 31, 2024.
(c) Non-income producing security.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $48,040,589, which represented 4.74% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $71,271,550   $(71,151,453)   $-   $-   $120,097   $10,691
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 130,829,433   518,796,747   (564,867,977)   -   -   84,758,203   5,216,592*
Invesco Private Prime Fund 335,608,224   1,172,958,226   (1,285,969,440)   11,014   110,460   222,718,484   14,046,500*
Total $466,437,657   $1,763,026,523   $(1,921,988,870)   $11,014   $110,460   $307,596,784   $19,273,783
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
    
This Fund has holdings greater than 10% of net assets in the following country:  
China 15.35%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco Nasdaq
Biotechnology
ETF (IBBQ) 		  Invesco Nasdaq
Free Cash Flow
Achievers
ETF (QOWZ) 		  Invesco PHLX
Semiconductor
ETF (SOXQ) 		  Invesco Solar
ETF (TAN)
Assets:              
Unaffiliated investments in securities, at value(a)
$38,353,159   $7,563,332   $510,964,013   $1,010,646,772
Affiliated investments in securities, at value
10,241,416   76,796   18,188,445   307,596,784
Foreign currencies, at value
-   -   -   973,538
Deposits with brokers:              
Cash segregated as collateral
-   -   -   3,446,582
Receivable for:              
Dividends
37,567   2,365   299,877   2,319,381
Securities lending
2,270   2   2,603   248,501
Investments sold
432   -   813,349   3,301,589
Fund shares sold
-   -   -   38,720
Expenses absorbed
-   -   -   818
Foreign tax reclaims
537   -   -   203,438
Other assets
-   -   -   1,327
Total assets
48,635,381   7,642,495   530,268,287   1,328,777,450
Liabilities:              
Due to custodian
1,858   -   2,518   -
Payable for:              
Collateral upon return of securities loaned
10,240,932   70,068   17,982,864   307,457,604
Collateral upon receipt of securities in-kind
-   -   -   3,446,582
Fund shares repurchased
432   -   813,028   3,310,270
Accrued unitary management fees
5,951   2,377   77,440   -
Accrued advisory fees
-   -   -   421,472
Accrued trustees’ and officer’s fees
-   -   -   27,169
Accrued expenses
-   -   -   835,961
Accrued tax expenses
-   -   -   7,889
Total liabilities
10,249,173   72,445   18,875,850   315,506,947
Net Assets
$38,386,208   $7,570,050   $511,392,437   $1,013,270,503
Net assets consist of:              
Shares of beneficial interest
$40,903,084   $6,851,779   $471,782,656   $2,945,210,409
Distributable earnings (loss)
(2,516,876)   718,271   39,609,781   (1,931,939,906)
Net Assets
$38,386,208   $7,570,050   $511,392,437   $1,013,270,503
Shares outstanding (unlimited amount authorized, $0.01 par value)
1,570,001   240,001   12,580,001   24,488,000
Net asset value
$24.45   $31.54   $40.65   $41.38
Market price
$24.45   $31.54   $40.66   $41.35
Unaffiliated investments in securities, at cost
$38,443,647   $6,874,086   $458,225,910   $1,724,672,711
Affiliated investments in securities, at cost
$10,240,932   $76,793   $18,188,259   $307,577,701
Foreign currencies, at cost
$-   $-   $-   $939,684
(a)Includes securities on loan with an aggregate value of:
$10,048,842   $68,977   $17,720,998   $292,688,447
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Statements of Operations
For the year ended August 31, 2024
  Invesco Nasdaq
Biotechnology
ETF (IBBQ) 		  Invesco Nasdaq
Free Cash Flow
Achievers
ETF (QOWZ)(a) 		  Invesco PHLX
Semiconductor
ETF (SOXQ) 		  Invesco Solar
ETF (TAN)
Investment income:              
Unaffiliated dividend income
$217,032   $22,495   $2,772,379   $11,823,909
Affiliated dividend income
622   146   5,908   10,691
Securities lending income, net
38,939   9,372   42,077   2,257,503
Foreign withholding tax
(2,288)   (133)   (79,808)   (405,648)
Total investment income
254,305   31,880   2,740,556   13,686,455
Expenses:              
Unitary management fees
49,164   11,024   564,463   -
Advisory fees
-   -   -   6,263,126
Sub-licensing fees
-   -   -   2,599,111
Accounting & administration fees
-   -   -   99,636
Custodian & transfer agent fees
-   -   -   391,210
Trustees’ and officer’s fees
-   -   -   28,777
Tax expenses
-   45   -   -
Other expenses
-   -   -   236,801
Total expenses
49,164   11,069   564,463   9,618,661
Less: Waivers
(12)   (2)   (108)   (1,003)
Net expenses
49,152   11,067   564,355   9,617,658
Net investment income
205,153   20,813   2,176,201   4,068,797
Realized and unrealized gain (loss) from:              
Net realized gain (loss) from:              
Unaffiliated investment securities
(794,580)   16,336   (6,546,706)   (557,451,854)
Affiliated investment securities
409   1   (6,813)   110,460
In-kind redemptions
977,163   303,844   42,447,060   (17,065,194)
Foreign currencies
-   -   -   (178,743)
Net realized gain (loss)
182,992   320,181   35,893,541   (574,585,331)
Change in net unrealized appreciation of:              
Unaffiliated investment securities
4,754,651   689,246   40,146,649   58,200,097
Affiliated investment securities
484   3   350   11,014
Foreign currencies
-   -   -   34,817
Change in net unrealized appreciation
4,755,135   689,249   40,146,999   58,245,928
Net realized and unrealized gain (loss)
4,938,127   1,009,430   76,040,540   (516,339,403)
Net increase (decrease) in net assets resulting from operations
$5,143,280   $1,030,243   $78,216,741   $(512,270,606)
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco Nasdaq
Biotechnology ETF (IBBQ) 		  Invesco Nasdaq
Free Cash Flow
Achievers ETF (QOWZ)
  2024   2023   2024(a)
Operations:          
Net investment income (loss)
$205,153   $134,746   $20,813
Net realized gain (loss)
182,992   (895,909)   320,181
Change in net unrealized appreciation (depreciation)
4,755,135   2,157,822   689,249
Net increase (decrease) in net assets resulting from operations
5,143,280   1,396,659   1,030,243
Distributions to Shareholders from:          
Distributable earnings
(213,126)   (148,259)   (8,203)
Shareholder Transactions:          
Proceeds from shares sold
18,951,420   7,006,691   7,724,000
Value of shares repurchased
(2,826,308)   (11,277,859)   (1,175,990)
Net increase (decrease) in net assets resulting from share transactions
16,125,112   (4,271,168)   6,548,010
Net increase (decrease) in net assets
21,055,266   (3,022,768)   7,570,050
Net assets:          
Beginning of year
17,330,942   20,353,710   -
End of year
$38,386,208   $17,330,942   $7,570,050
Changes in Shares Outstanding:          
Shares sold
850,000   350,000   280,001
Shares repurchased
(120,000)   (560,000)   (40,000)
Shares outstanding, beginning of year
840,001   1,050,001   -
Shares outstanding, end of year
1,570,001   840,001   240,001
    
(a) For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco PHLX
Semiconductor ETF (SOXQ) 		  Invesco Solar
ETF (TAN)
2024   2023   2024   2023
             
$2,176,201   $1,162,560   $4,068,797   $(2,932,413)
35,893,541   9,425,748   (574,585,331)   (168,529,448)
40,146,999   27,785,933   58,245,928   (690,043,850)
78,216,741   38,374,241   (512,270,606)   (861,505,711)
             
(2,025,155)   (1,111,712)   (1,500,861)   -
             
371,452,587   103,779,581   561,423,965   429,927,609
(85,576,081)   (52,103,417)   (668,269,180)   (910,017,213)
285,876,506   51,676,164   (106,845,215)   (480,089,604)
362,068,092   88,938,693   (620,616,682)   (1,341,595,315)
             
149,324,345   60,385,652   1,633,887,185   2,975,482,500
$511,392,437   $149,324,345   $1,013,270,503   $1,633,887,185
             
9,540,000   4,340,000   11,840,000   5,440,000
(2,120,000)   (2,040,000)   (15,440,000)   (12,640,000)
5,160,001   2,860,001   28,088,000   35,288,000
12,580,001   5,160,001   24,488,000   28,088,000
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Financial Highlights
Invesco Nasdaq Biotechnology ETF (IBBQ)
  Years Ended August 31,   For the Period
June 9, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$20.63   $19.38   $26.91   $25.34
Net investment income(b)
0.17   0.14   0.17   0.04
Net realized and unrealized gain (loss) on investments
3.84   1.27   (7.47)   1.53
Total from investment operations
4.01   1.41   (7.30)   1.57
Distributions to shareholders from:              
Net investment income
(0.19)   (0.16)   (0.23)   -
Net asset value at end of period
$24.45   $20.63   $19.38   $26.91
Market price at end of period(c)
$24.45   $20.64   $19.40   $26.87
Net Asset Value Total Return(d)
19.56%   7.30%   (27.24)%   6.19%(e)
Market Price Total Return(d)
19.50%   7.24%   (27.06)%   6.04%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$38,386   $17,331   $20,354   $51,669
Ratio to average net assets of:              
Expenses, after Waivers
0.19%   0.19%   0.11%   -%(f)
Expenses, prior to Waivers
0.19%   0.19%   0.19%   0.19%(f)
Net investment income
0.79%   0.69%   0.76%   0.65%(f)
Portfolio turnover rate(g)
19%   13%   22%   8%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)
  For the Period
December 4, 2023(a)
Through
August 31,
2024
Per Share Operating Performance:  
Net asset value at beginning of period
$25.00
Net investment income(b)
0.16
Net realized and unrealized gain on investments
6.44
Total from investment operations
6.60
Distributions to shareholders from:  
Net investment income
(0.06)
Net asset value at end of period
$31.54
Market price at end of period(c)
$31.54
Net Asset Value Total Return(d)
26.43%(e)
Market Price Total Return(d)
26.43%(e)
Ratios/Supplemental Data:  
Net assets at end of period (000’s omitted)
$7,570
Ratio to average net assets of:  
Expenses
0.39%(f)
Net investment income
0.74%(f)
Portfolio turnover rate(g)
31%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 33.20%. The market price total return from Fund Inception to August 31, 2024 was 33.09%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco PHLX Semiconductor ETF (SOXQ)
  Years Ended August 31,   For the Period
June 9, 2021(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$28.94   $21.11   $26.99   $24.88
Net investment income(b)
0.27   0.28   0.31   0.06
Net realized and unrealized gain (loss) on investments
11.71   7.83   (5.83)   2.05
Total from investment operations
11.98   8.11   (5.52)   2.11
Distributions to shareholders from:              
Net investment income
(0.27)   (0.28)   (0.36)   -
Net asset value at end of period
$40.65   $28.94   $21.11   $26.99
Market price at end of period(c)
$40.66   $28.95   $21.15   $27.06
Net Asset Value Total Return(d)
41.58%   38.78%   (20.70)%   8.48%(e)
Market Price Total Return(d)
41.57%   38.56%   (20.76)%   8.76%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$511,392   $149,324   $60,386   $63,163
Ratio to average net assets of:              
Expenses, after Waivers
0.19%   0.19%   0.13%   -%(f)
Expenses, prior to Waivers
0.19%   0.19%   0.19%   0.19%(f)
Net investment income
0.73%   1.18%   1.22%   1.09%(f)
Portfolio turnover rate(g)
22%   24%   19%   4%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Solar ETF (TAN)
  Years Ended August 31,
  2024   2023   2022   2021   2020
Per Share Operating Performance:                  
Net asset value at beginning of year
$58.17   $84.32   $86.14   $56.75   $30.63
Net investment income (loss)(a)
0.15   (0.09)   (0.19)   (0.05)   0.17
Net realized and unrealized gain (loss) on investments
(16.89)   (26.06)   (1.63)   29.53   26.04
Total from investment operations
(16.74)   (26.15)   (1.82)   29.48   26.21
Distributions to shareholders from:                  
Net investment income
(0.05)   -   -   (0.09)   (0.09)
Net asset value at end of year
$41.38   $58.17   $84.32   $86.14   $56.75
Market price at end of year(b)
$41.35   $58.27   $84.34   $85.59   $56.84
Net Asset Value Total Return(c)
(28.80)%   (31.01)%   (2.11)%   51.93%   85.82%
Market Price Total Return(c)
(28.97)%   (30.91)%   (1.46)%   50.72%   86.67%
Ratios/Supplemental Data:                  
Net assets at end of year (000’s omitted)
$1,013,271   $1,633,887   $2,975,483   $3,218,748   $1,335,274
Ratio to average net assets of:                  
Expenses
0.77%   0.67%   0.69%   0.65%   0.69%
Net investment income (loss)
0.32%   (0.13)%   (0.24)%   (0.05)%   0.49%
Portfolio turnover rate(d)
43%   34%   38%   55%   28%
    
(a) Based on average shares outstanding.
(b) The mean between the last bid and ask prices.
(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco Nasdaq Biotechnology ETF (IBBQ)   "Nasdaq Biotechnology ETF"
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)   "Nasdaq Free Cash Flow Achievers ETF"
Invesco PHLX Semiconductor ETF (SOXQ)   "PHLX Semiconductor ETF"
Invesco Solar ETF (TAN)   "Solar ETF"
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC, except for Shares of Solar ETF, which are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund   Underlying Index
Nasdaq Biotechnology ETF   Nasdaq Biotechnology Index®
Nasdaq Free Cash Flow Achievers ETF   Nasdaq US Free Cash Flow AchieversTM Index
PHLX Semiconductor ETF   PHLX Semiconductor Sector Index®
Solar ETF   MAC Global Solar Energy Index
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a
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demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and
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  accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund (except for Solar ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Solar ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund (except for Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in
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the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees
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paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
Nasdaq Biotechnology ETF $2,362
Nasdaq Free Cash Flow Achievers ETF 7
PHLX Semiconductor ETF 4,193
Solar ETF 64,046
 
J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K. Other Risks
ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
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China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index. 
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Free Cash Flow Investing Risk. Generally speaking, free cash flow is the cash a company generates after accounting for operating expenses and capital expenditures. While free cash flow yield can be a useful metric for evaluating a company, there is no guarantee that companies with high free cash flow yields will continue to maintain high free cash flow yields in the future, or that these companies will outperform companies with lower free cash flow yields. Investing in companies with high free cash flows may lead to underperformance during periods when such investments are unpopular, and/or when fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize a company’s ability to generate free cash flow.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited
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product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance. 
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
NOTE 3—Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement"), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2026 (the "Expense Cap"). Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2026. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. 
Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
Nasdaq Biotechnology ETF 0.19%
Nasdaq Free Cash Flow Achievers ETF 0.39%
PHLX Semiconductor ETF 0.19%
Further, through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This waiver is not subject to recapture by the Adviser. 
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For the fiscal year ended August 31, 2024, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Nasdaq Biotechnology ETF $12
Nasdaq Free Cash Flow Achievers ETF* 2
PHLX Semiconductor ETF 108
Solar ETF 1,003
    
* For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Fund, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of August 31, 2024 are as follows:
  Total
Potential
Recapture
Amounts 		  Potential Recapture Amounts Expiring
  8/31/25   8/31/26   8/31/27
Solar ETF $818   $-   $-   $818
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
Fund   Licensor
Nasdaq Biotechnology ETF   Nasdaq, Inc.
Nasdaq Free Cash Flow Achievers ETF   Nasdaq, Inc.
PHLX Semiconductor ETF   Nasdaq, Inc.
Solar ETF   MAC Indexing LLC
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Nasdaq Biotechnology ETF $1,822
Nasdaq Free Cash Flow Achievers ETF* 5
PHLX Semiconductor ETF 5,930
Solar ETF 59,804
    
* For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
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Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities held by certain Funds may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Nasdaq Biotechnology ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $38,352,685   $-   $474   $38,353,159
Money Market Funds -   10,241,416   -   10,241,416
Total Investments $38,352,685   $10,241,416   $474   $48,594,575
Nasdaq Free Cash Flow Achievers ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $7,563,332   $-   $-   $7,563,332
Money Market Funds 6,725   70,071   -   76,796
Total Investments $7,570,057   $70,071   $-   $7,640,128
PHLX Semiconductor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $510,964,013   $-   $-   $510,964,013
Money Market Funds 205,395   17,983,050   -   18,188,445
Total Investments $511,169,408   $17,983,050   $-   $529,152,458
Solar ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,010,646,772   $-   $-   $1,010,646,772
Money Market Funds 120,097   307,476,687   -   307,596,784
Total Investments $1,010,766,869   $307,476,687   $-   $1,318,243,556
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
Nasdaq Biotechnology ETF $213,126   $148,259
Nasdaq Free Cash Flow Achievers ETF 8,203   -
PHLX Semiconductor ETF 2,025,155   1,111,712
Solar ETF 1,500,861   -
    
* Includes short-term capital gain distributions, if any.
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Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Temporary
Book/Tax
Differences 		  Net
Unrealized
Appreciation
(Depreciation)-
Investments 		  Net
Unrealized
Appreciation-
Foreign
Currencies 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
Nasdaq Biotechnology ETF $110,864   $-   $(328,490)   $-   $(2,299,250)   $40,903,084   $38,386,208
Nasdaq Free Cash Flow Achievers ETF 34,755   -   683,516   -   -   6,851,779   7,570,050
PHLX Semiconductor ETF 333,547   -   52,559,481   -   (13,283,247)   471,782,656   511,392,437
Solar ETF 3,630,471   (25,276)   (849,913,172)   20,918   (1,085,652,847)   2,945,210,409   1,013,270,503
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
Nasdaq Biotechnology ETF $588,211   $1,711,039   $2,299,250
PHLX Semiconductor ETF 9,497,875   3,785,372   13,283,247
Solar ETF 227,672,482   857,980,365   1,085,652,847
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
Nasdaq Biotechnology ETF $4,871,461   $4,993,149
Nasdaq Free Cash Flow Achievers ETF* 1,396,051   1,132,440
PHLX Semiconductor ETF 64,979,174   66,352,387
Solar ETF 538,467,158   536,779,199
    
* For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
Nasdaq Biotechnology ETF $18,967,984   $2,757,027
Nasdaq Free Cash Flow Achievers ETF* 7,629,007   1,338,714
PHLX Semiconductor ETF 371,565,341   84,532,994
Solar ETF 487,760,846   591,080,370
    
* For the period December 4, 2023 (commencement of investment operations) through August 31, 2024.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation
(Depreciation) 		  Cost
Nasdaq Biotechnology ETF $5,989,035   $(6,317,525)   $(328,490)   $48,923,065
Nasdaq Free Cash Flow Achievers ETF 748,367   (64,851)   683,516   6,956,612
PHLX Semiconductor ETF 70,115,930   (17,556,449)   52,559,481   476,592,977
Solar ETF 59,618,299   (909,531,471)   (849,913,172)   2,168,156,728
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NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income (Loss) 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
Nasdaq Biotechnology ETF $40,099   $(999,492)   $959,393
Nasdaq Free Cash Flow Achievers ETF 45   (303,814)   303,769
PHLX Semiconductor ETF -   (42,422,460)   42,422,460
Solar ETF (178,743)   164,752,669   (164,573,926)
NOTE 8—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF, Nasdaq Free Cash Flow Achievers ETF and PHLX Semiconductor ETF. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Nasdaq Biotechnology ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Fund Name
Invesco Nasdaq Biotechnology ETF (1)
Invesco Nasdaq Free Cash Flow Achievers ETF (2)
Invesco PHLX Semiconductor ETF (1)
Invesco Solar ETF (1)
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations and statement of changes in net assets for the period December 4, 2023 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco Nasdaq Biotechnology ETF 0%   77%   63%   0%   0%
Invesco Nasdaq Free Cash Flow Achievers ETF 0%   48%   48%   0%   0%
Invesco PHLX Semiconductor ETF 0%   100%   100%   0%   0%
Invesco Solar ETF 0%   100%   32%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
39
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
40
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Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.  The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF.  The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios.  The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2026, as set forth below:
• 0.55% for Invesco MSCI Global Timber ETF;
• 0.63% for Invesco S&P Global Water Index ETF; and
• 0.65% for Invesco Solar ETF.
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds.  The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as illustrated in the table
41
Table of Contents
Approval of Investment Advisory Contracts—(continued)
below.  The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.
Invesco Fund   Equal
to/Lower
than ETF
Peer
Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median 		  Lower than
Open-End
Active Fund
Peer Median
Invesco MSCI Global Timber ETF           X
Invesco S&P Global Water Index ETF   X   X   X
Invesco Solar ETF       X   X
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their open-end index and open-end actively managed peer funds, as illustrated in the table below.   The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.
Invesco Fund   Equal
to/Lower
than ETF
Peer
Median 		  Equal to/Lower
than Open-End
Index Fund
Peer Median 		  Lower than
Open-End
Active Fund
Peer Median
Invesco MSCI Global Timber ETF            
Invesco S&P Global Water Index ETF       X   X
Invesco Solar ETF       X   X
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco MSCI Global Timber ETF’s advisory fee and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser.  The Trustees noted that the Expense Cap agreement with the Trust
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Approval of Investment Advisory Contracts—(continued)
provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
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Table of Contents
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
44
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-TII-NCSR invesco.com/ETFs


Annual Financial Statements and Other Information
August 31, 2024
QQMG Invesco ESG NASDAQ 100 ETF
QQJG Invesco ESG NASDAQ Next Gen 100 ETF
QQQM Invesco NASDAQ 100 ETF
QQQS Invesco NASDAQ Future Gen 200 ETF
QQQJ Invesco NASDAQ Next Gen 100 ETF
Table of Contents
Schedules of Investments  
3
5
7
10
13
16
17
18
20
25
35
36
37
44
2
Table of Contents
Invesco ESG NASDAQ 100 ETF (QQMG)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-11.42%
Alphabet, Inc., Class A
  6,305   $ 1,030,111
Alphabet, Inc., Class C
  6,033       996,109
Charter Communications, Inc., Class A(b)(c)
  404       140,406
Comcast Corp., Class A
  12,493       494,348
Electronic Arts, Inc.
  1,243       188,712
Meta Platforms, Inc., Class A
  1,446       753,814
Netflix, Inc.(b)
  1,810    1,269,443
Take-Two Interactive Software, Inc.(b)
  735       118,857
T-Mobile US, Inc.
  3,137       623,385
Trade Desk, Inc. (The), Class A(b)
  1,376       143,833
Warner Bros. Discovery, Inc.(b)
  8,619       67,573
        5,826,591
Consumer Discretionary-9.26%
Airbnb, Inc., Class A(b)
  1,216       142,649
Amazon.com, Inc.(b)
  7,004    1,250,214
Booking Holdings, Inc.
  124       484,745
DoorDash, Inc., Class A(b)
  1,208       155,482
lululemon athletica, inc.(b)
  525       136,222
Marriott International, Inc., Class A
  931       218,496
MercadoLibre, Inc. (Brazil)(b)
  155       319,557
O’Reilly Automotive, Inc.(b)
  286       323,171
PDD Holdings, Inc., ADR (China)(b)
  1,298       124,751
Ross Stores, Inc.
  1,320       198,805
Starbucks Corp.
  3,287       310,852
Tesla, Inc.(b)
  4,928    1,055,134
        4,720,078
Consumer Staples-4.81%
Coca-Cola Europacific Partners PLC (United Kingdom)
  1,931       155,426
Costco Wholesale Corp.
  1,048       935,214
Dollar Tree, Inc.(b)
  757        63,959
Keurig Dr Pepper, Inc.
  3,680       134,725
Kraft Heinz Co. (The)
  1,274        45,138
Mondelez International, Inc., Class A
  4,079       292,913
Monster Beverage Corp.(b)
  1,279        60,279
PepsiCo, Inc.
  4,428      765,513
        2,453,167
Financials-0.58%
PayPal Holdings, Inc.(b)
  4,087      296,021
Health Care-6.06%
Amgen, Inc.
  1,526       509,425
AstraZeneca PLC, ADR (United Kingdom)
  1,835       160,783
Biogen, Inc.(b)
  490       100,332
DexCom, Inc.(b)
  1,213        84,109
GE HealthCare Technologies, Inc.
  714        60,561
Gilead Sciences, Inc.
  3,837       303,123
IDEXX Laboratories, Inc.(b)
  321       154,507
Illumina, Inc.(b)
  538        70,693
Intuitive Surgical, Inc.(b)
  1,214       598,053
Moderna, Inc.(b)(c)
  1,240        95,976
Regeneron Pharmaceuticals, Inc.(b)
  432       511,786
Vertex Pharmaceuticals, Inc.(b)
  891      441,838
        3,091,186
  Shares   Value
Industrials-3.98%
Automatic Data Processing, Inc.
  1,881   $   518,987
Cintas Corp.
  407       327,684
Copart, Inc.(b)
  4,051       214,541
CSX Corp.
  6,176       211,651
Fastenal Co.
  1,521       103,854
Old Dominion Freight Line, Inc.
  895       172,556
PACCAR, Inc.
  1,377       132,440
Paychex, Inc.
  1,468       192,601
Verisk Analytics, Inc.
  567      154,689
        2,029,003
Information Technology-61.02%
Adobe, Inc.(b)
  1,973    1,133,311
Advanced Micro Devices, Inc.(b)
  7,089    1,053,142
ANSYS, Inc.(b)
  370       118,925
Apple, Inc.
  24,254    5,554,166
Applied Materials, Inc.
  3,956       780,361
ASML Holding N.V., New York Shares (Netherlands)
  476       430,242
Atlassian Corp., Class A(b)
  651       107,806
Autodesk, Inc.(b)
  894       231,010
Broadcom, Inc.
  16,954    2,760,450
Cadence Design Systems, Inc.(b)
  1,336       359,291
CDW Corp.
  748       168,779
Cisco Systems, Inc.
  19,089       964,758
Cognizant Technology Solutions Corp., Class A
  2,051       159,506
CrowdStrike Holdings, Inc., Class A(b)
  881       244,284
Datadog, Inc., Class A(b)
  1,261       146,604
Fortinet, Inc.(b)
  2,926       224,454
GLOBALFOUNDRIES, Inc.(b)(c)
  2,346       109,511
Intel Corp.
  16,829       370,911
Intuit, Inc.
  1,075       677,530
KLA Corp.
  556       455,603
Lam Research Corp.
  617       506,563
Marvell Technology, Inc.
  3,511       267,679
Microchip Technology, Inc.
  964        79,202
Micron Technology, Inc.
  3,935       378,704
Microsoft Corp.
  12,434    5,186,719
MongoDB, Inc.(b)
  280        81,421
NVIDIA Corp.
  44,371    5,296,566
NXP Semiconductors N.V. (China)
  903       231,493
ON Semiconductor Corp.(b)
  1,333       103,801
Palo Alto Networks, Inc.(b)
  1,482       537,551
QUALCOMM, Inc.
  4,830       846,699
Roper Technologies, Inc.
  371       205,686
Synopsys, Inc.(b)
  685       355,912
Texas Instruments, Inc.
  3,062       656,309
Workday, Inc., Class A(b)
  844       222,132
Zscaler, Inc.(b)(c)
  577      115,388
        31,122,469
Materials-2.27%
Linde PLC
  2,419    1,156,887
Real Estate-0.20%
CoStar Group, Inc.(b)
  1,323      102,268
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Table of Contents
Invesco ESG NASDAQ 100 ETF (QQMG)—(continued)
August 31, 2024
  Shares   Value
Utilities-0.25%
Exelon Corp.
  3,375   $   128,554
Total Common Stocks & Other Equity Interests

(Cost $41,947,869)
  50,926,224
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $59,151)
  59,151       59,151
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.97%

(Cost $42,007,020)
  50,985,375
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.61%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  86,430   $    86,430
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  224,712      224,802
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $311,215)
  311,232
TOTAL INVESTMENTS IN SECURITIES-100.58%

(Cost $42,318,235)
  51,296,607
OTHER ASSETS LESS LIABILITIES-(0.58)%
  (294,470)
NET ASSETS-100.00%
  $51,002,137
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $332,592   $(273,441)   $-   $-   $59,151   $793
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 857,889   3,613,085   (4,384,544)   -   -   86,430   10,539*
Invesco Private Prime Fund 2,404,298   8,258,166   (10,437,911)   27   222   224,802   28,498*
Total $3,262,187   $12,203,843   $(15,095,896)   $27   $222   $370,383   $39,830
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Table of Contents
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-7.59%
Fox Corp., Class A
  1,310   $   54,195
Fox Corp., Class B
  1,336       51,342
Liberty Broadband Corp., Class C(b)
  513       32,001
Liberty Media Corp.-Liberty Formula One(b)(c)
  872       68,060
Match Group, Inc.(b)
  1,181       43,945
NetEase, Inc., ADR (China)
  560       45,046
News Corp., Class A
  2,249       63,714
News Corp., Class B
  1,126       33,138
Roku, Inc., Class A(b)
  602      40,798
        432,239
Consumer Discretionary-13.67%
eBay, Inc.
  2,370     140,067
Etsy, Inc.(b)
  556       30,630
Expedia Group, Inc.(b)
  450       62,590
Five Below, Inc.(b)
  201       15,161
JD.com, Inc., ADR (China)
  1,436       38,772
LKQ Corp.
  1,597       66,419
Lucid Group, Inc.(b)(c)
  7,387       29,696
Pool Corp.
  232       81,576
Rivian Automotive, Inc., Class A(b)(c)
  1,774       25,067
Tractor Supply Co.
  574     153,574
Trip.com Group Ltd., ADR (China)(b)
  1,075       50,675
Ulta Beauty, Inc.(b)
  238      83,976
        778,203
Financials-0.99%
Jack Henry & Associates, Inc.
  324      56,062
Health Care-20.92%
Align Technology, Inc.(b)
  331       78,520
Alnylam Pharmaceuticals, Inc.(b)(c)
  305       80,120
argenx SE, ADR (Netherlands)(b)
  93       48,111
BeiGene Ltd., ADR (China)(b)(c)
  147       28,192
BioMarin Pharmaceutical, Inc.(b)(c)
  627       57,189
BioNTech SE, ADR (Germany)(b)
  326       28,760
Bio-Techne Corp.
  741       54,826
Bruker Corp.
  613       41,187
Cooper Cos., Inc. (The)(b)
  938       99,175
Henry Schein, Inc.(b)
  682       48,115
Hologic, Inc.(b)
  762       61,905
ICON PLC(b)
  395     127,214
Incyte Corp.(b)
  610       40,052
Insulet Corp.(b)
  245       49,678
Jazz Pharmaceuticals PLC(b)
  193       22,384
Medpace Holdings, Inc.(b)(c)
  147       52,225
Neurocrine Biosciences, Inc.(b)
  361       45,869
Repligen Corp.(b)(c)
  275       41,506
Royalty Pharma PLC, Class A
  1,123       32,601
Sanofi S.A., ADR
  1,027       57,779
United Therapeutics Corp.(b)
  160       58,168
Viatris, Inc.
  3,089      37,315
        1,190,891
Industrials-9.67%
C.H. Robinson Worldwide, Inc.
  528       54,653
Grab Holdings Ltd., Class A (Singapore)(b)
  11,845       38,141
J.B. Hunt Transport Services, Inc.
  550       95,260
Lincoln Electric Holdings, Inc.
  214      41,432
  Shares   Value
Industrials-(continued)
Nordson Corp.
  180   $   46,181
Paylocity Holding Corp.(b)
  190       30,666
Ryanair Holdings PLC, ADR (Italy)(c)
  317       35,333
Saia, Inc.(b)(c)
  124       46,603
SS&C Technologies Holdings, Inc.
  918       68,933
Tetra Tech, Inc.
  288       68,469
United Airlines Holdings, Inc.(b)
  561      24,706
        550,377
Information Technology-45.67%
Akamai Technologies, Inc.(b)
  796       81,065
Amdocs Ltd.
  624       54,269
AppLovin Corp., Class A(b)(c)
  1,209     112,280
Bentley Systems, Inc., Class B(c)
  1,440       74,117
Check Point Software Technologies Ltd. (Israel)(b)
  517       99,522
DocuSign, Inc.(b)
  952       56,368
Enphase Energy, Inc.(b)
  550       66,572
Entegris, Inc.(c)
  636       73,693
F5, Inc.(b)
  279       56,679
First Solar, Inc.(b)
  503     114,367
Flex Ltd.(b)
  2,581       83,857
Gen Digital, Inc.
  3,213       85,016
Lattice Semiconductor Corp.(b)(c)
  609       28,842
Logitech International S.A., Class R (Switzerland)(c)
  959       87,279
Manhattan Associates, Inc.(b)
  289       76,420
Monolithic Power Systems, Inc.
  214     200,021
NetApp, Inc.
  1,059     127,842
Nice Ltd., ADR (Israel)(b)(c)
  267       46,389
Nutanix, Inc., Class A(b)(c)
  1,009       63,759
Okta, Inc.(b)
  841       66,212
Open Text Corp. (Canada)
  1,312       41,748
PTC, Inc.(b)(c)
  529       94,739
Qorvo, Inc.(b)
  352       40,793
Seagate Technology Holdings PLC
  1,206     120,057
Skyworks Solutions, Inc.
  507       55,562
Teradyne, Inc.
  745     101,864
Trimble, Inc.(b)
  1,478       83,788
VeriSign, Inc.(b)
  399       73,376
Western Digital Corp.(b)
  1,969     129,147
Zebra Technologies Corp., Class A(b)
  316     109,140
Zoom Video Communications, Inc., Class A(b)
  1,365      94,294
        2,599,077
Materials-0.57%
Steel Dynamics, Inc.
  270      32,268
Real Estate-0.82%
Zillow Group, Inc., Class A(b)
  205       10,953
Zillow Group, Inc., Class C(b)(c)
  648      35,835
        46,788
Total Common Stocks & Other Equity Interests

(Cost $5,139,117)
  5,685,905
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Table of Contents
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)—(continued)
August 31, 2024
  Shares   Value
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $3,323)
  3,323   $    3,323
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $5,142,440)
  5,689,228
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.59%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  282,581     282,581
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  661,670   $  661,935
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $944,474)
  944,516
TOTAL INVESTMENTS IN SECURITIES-116.55%

(Cost $6,086,914)
  6,633,744
OTHER ASSETS LESS LIABILITIES-(16.55)%
  (942,127)
NET ASSETS-100.00%
  $5,691,617
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $305   $50,447   $(47,429)   $-   $-   $3,323   $106
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 160,121   4,322,581   (4,200,121)   -   -   282,581   13,153*
Invesco Private Prime Fund 411,740   8,349,098   (8,099,052)   53   96   661,935   34,752*
Total $572,166   $12,722,126   $(12,346,602)   $53   $96   $947,839   $48,011
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Table of Contents
Invesco NASDAQ 100 ETF (QQQM)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-15.55%
Alphabet, Inc., Class A
  4,885,183   $   798,141,199
Alphabet, Inc., Class C
  4,671,527       771,315,823
Charter Communications, Inc., Class A(b)(c)
  309,385       107,523,663
Comcast Corp., Class A
  8,408,495       332,724,147
Electronic Arts, Inc.(c)
  572,065        86,850,908
Meta Platforms, Inc., Class A
  2,899,396    1,511,484,129
Netflix, Inc.(b)
  925,747       649,272,658
Take-Two Interactive Software, Inc.(b)
  368,513        59,592,237
T-Mobile US, Inc.
  2,517,596       500,296,677
Trade Desk, Inc. (The), Class A(b)
  956,585        99,991,830
Warner Bros. Discovery, Inc.(b)(c)
  5,275,062       41,356,486
        4,958,549,757
Consumer Discretionary-12.42%
Airbnb, Inc., Class A(b)
  948,141       111,226,421
Amazon.com, Inc.(b)
  8,655,205    1,544,954,093
Booking Holdings, Inc.
  72,432       283,153,347
DoorDash, Inc., Class A(b)
  819,556       105,485,053
lululemon athletica, inc.(b)
  259,539        67,342,584
Marriott International, Inc., Class A
  613,835       144,060,936
MercadoLibre, Inc. (Brazil)(b)
  109,194       225,120,902
O’Reilly Automotive, Inc.(b)
  126,725       143,195,448
PDD Holdings, Inc., ADR (China)(b)
  1,434,641       137,883,347
Ross Stores, Inc.
  720,040       108,445,224
Starbucks Corp.
  2,433,646       230,149,902
Tesla, Inc.(b)
  4,015,128      859,679,056
        3,960,696,313
Consumer Staples-6.24%
Coca-Cola Europacific Partners PLC (United Kingdom)
  986,787        79,426,486
Costco Wholesale Corp.
  953,136       850,559,504
Dollar Tree, Inc.(b)(c)
  468,951        39,621,670
Keurig Dr Pepper, Inc.
  2,912,016       106,608,906
Kraft Heinz Co. (The)
  2,608,206        92,408,739
Mondelez International, Inc., Class A
  2,881,363       206,910,677
Monster Beverage Corp.(b)
  2,238,234       105,487,968
PepsiCo, Inc.
  2,953,721      510,639,286
        1,991,663,236
Energy-0.47%
Baker Hughes Co., Class A
  2,144,081        75,407,329
Diamondback Energy, Inc.
  383,537       74,831,904
        150,239,233
Financials-0.51%
PayPal Holdings, Inc.(b)
  2,246,974      162,748,327
Health Care-6.37%
Amgen, Inc.
  1,152,513       384,743,415
AstraZeneca PLC, ADR (United Kingdom)(c)
  1,250,992       109,611,919
Biogen, Inc.(b)
  313,032        64,096,432
DexCom, Inc.(b)
  854,753        59,268,573
GE HealthCare Technologies, Inc.
  980,311        83,149,979
Gilead Sciences, Inc.(c)
  2,676,774       211,465,146
IDEXX Laboratories, Inc.(b)
  177,501        85,436,556
Illumina, Inc.(b)
  342,839       45,049,045
  Shares   Value
Health Care-(continued)
Intuitive Surgical, Inc.(b)
  762,124   $   375,445,146
Moderna, Inc.(b)(c)
  823,638        63,749,581
Regeneron Pharmaceuticals, Inc.(b)
  232,502       275,442,795
Vertex Pharmaceuticals, Inc.(b)
  554,274      274,858,934
        2,032,317,521
Industrials-4.48%
Automatic Data Processing, Inc.
  879,188       242,576,761
Cintas Corp.
  217,588       175,184,451
Copart, Inc.(b)
  2,067,122       109,474,781
CSX Corp.
  4,199,398       143,913,369
Fastenal Co.
  1,230,307        84,005,362
Honeywell International, Inc.
  1,398,875       290,840,101
Old Dominion Freight Line, Inc.
  467,056        90,048,397
PACCAR, Inc.
  1,125,759       108,275,501
Paychex, Inc.(c)
  773,705       101,510,096
Verisk Analytics, Inc.(c)
  306,642       83,658,070
        1,429,486,889
Information Technology-50.85%
Adobe, Inc.(b)
  962,236       552,717,981
Advanced Micro Devices, Inc.(b)
  3,472,666       515,899,261
Analog Devices, Inc.
  1,066,409       250,435,490
ANSYS, Inc.(b)
  187,979        60,420,210
Apple, Inc.
  12,753,471    2,920,544,859
Applied Materials, Inc.
  1,778,326       350,792,587
ARM Holdings PLC, ADR(b)(c)
  254,283        33,789,125
ASML Holding N.V., New York Shares (Netherlands)(c)
  195,483       176,691,219
Atlassian Corp., Class A(b)
  342,811        56,769,502
Autodesk, Inc.(b)
  462,456       119,498,630
Broadcom, Inc.
  9,955,176    1,620,901,756
Cadence Design Systems, Inc.(b)
  584,654       157,231,000
CDW Corp.
  289,414        65,303,375
Cisco Systems, Inc.
  8,654,619       437,404,444
Cognizant Technology Solutions Corp., Class A
  1,068,397        83,089,235
CrowdStrike Holdings, Inc., Class A(b)
  495,088       137,278,001
Datadog, Inc., Class A(b)
  662,871        77,065,382
Fortinet, Inc.(b)
  1,641,192       125,895,838
GLOBALFOUNDRIES, Inc.(b)(c)
  1,185,016        55,316,547
Intel Corp.
  9,144,678       201,548,703
Intuit, Inc.
  600,598       378,532,895
KLA Corp.
  289,438       237,174,180
Lam Research Corp.
  280,607       230,381,153
Marvell Technology, Inc.
  1,859,182       141,744,036
Microchip Technology, Inc.(c)
  1,153,426        94,765,480
Micron Technology, Inc.
  2,378,613       228,917,715
Microsoft Corp.
  6,181,506    2,578,553,413
MongoDB, Inc.(b)(c)
  157,865        45,905,563
NVIDIA Corp.
  20,458,942    2,442,183,907
NXP Semiconductors N.V. (China)
  549,478       140,864,180
ON Semiconductor Corp.(b)
  924,392        71,982,405
Palo Alto Networks, Inc.(b)
  695,808       252,383,478
QUALCOMM, Inc.
  2,397,025       420,198,483
Roper Technologies, Inc.
  229,824       127,416,724
Super Micro Computer, Inc.(b)(c)
  126,041        55,168,146
Synopsys, Inc.(b)
  328,918       170,899,214
Texas Instruments, Inc.
  1,955,665      419,177,236
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Table of Contents
Invesco NASDAQ 100 ETF (QQQM)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
Workday, Inc., Class A(b)
  455,419   $   119,861,727
Zscaler, Inc.(b)(c)
  322,120       64,417,558
        16,219,120,638
Materials-1.55%
Linde PLC(c)
  1,033,155      494,106,379
Real Estate-0.21%
CoStar Group, Inc.(b)
  877,557       67,835,156
Utilities-1.26%
American Electric Power Co., Inc.
  1,132,723       113,589,462
Constellation Energy Corp.
  677,532       133,270,544
Exelon Corp.
  2,148,185        81,824,367
Xcel Energy, Inc.
  1,193,265       73,063,616
        401,747,989
Total Common Stocks & Other Equity Interests

(Cost $26,426,198,347)
  31,868,511,438
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $12,149,472)
  12,149,472       12,149,472
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $26,438,347,819)
  31,880,660,910
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.86%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  73,775,478   $    73,775,478
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  199,130,826      199,210,478
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $272,972,599)
  272,985,956
TOTAL INVESTMENTS IN SECURITIES-100.81%

(Cost $26,711,320,418)
  32,153,646,866
OTHER ASSETS LESS LIABILITIES-(0.81)%
  (258,255,190)
NET ASSETS-100.00%
  $31,895,391,676
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $5,153,075   $248,987,591   $(241,991,194)   $-   $-   $12,149,472   $398,212
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Table of Contents
Invesco NASDAQ 100 ETF (QQQM)—(continued)
August 31, 2024
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $91,268,225   $1,699,891,548   $(1,717,384,295)   $-   $-   $73,775,478   $5,730,568*
Invesco Private Prime Fund 254,782,461   3,678,346,745   (3,734,023,909)   13,357   91,824   199,210,478   15,468,571*
Total $351,203,761   $5,627,225,884   $(5,693,399,398)   $13,357   $91,824   $285,135,428   $21,597,351
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Table of Contents
Invesco NASDAQ Future Gen 200 ETF (QQQS)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.29%
Bandwidth, Inc., Class A(b)(c)
  2,093   $    35,916
EchoStar Corp., Class A(b)
  2,195        40,695
Gogo, Inc.(b)
  3,981        31,728
iHeartMedia, Inc., Class A(b)(c)
  45,525        71,019
iQIYI, Inc., ADR (China)(b)
  9,231       19,847
        199,205
Consumer Discretionary-7.48%
BRP, Inc.(c)
  674        48,784
Garrett Motion, Inc. (Switzerland)(b)
  4,641        38,752
Gentex Corp.
  1,204        37,721
Gentherm, Inc.(b)
  781        39,472
Goodyear Tire & Rubber Co. (The)(b)
  3,423        30,191
GoPro, Inc., Class A(b)
  27,722        35,484
Helen of Troy Ltd.(b)
  401        21,405
iRobot Corp.(b)
  4,385        32,098
Johnson Outdoors, Inc., Class A
  1,157        41,594
Lovesac Co. (The)(b)
  1,499        34,837
MasterCraft Boat Holdings, Inc.(b)
  1,997        37,005
Newell Brands, Inc.
  5,459        38,704
Purple Innovation, Inc.(b)
  33,710        40,452
Qurate Retail, Inc., Class A(b)
  59,216        35,536
Sleep Number Corp.(b)
  2,815        42,816
Sonos, Inc.(b)
  2,667        32,618
Stitch Fix, Inc., Class A(b)
  17,060       64,487
        651,956
Energy-1.02%
DMC Global, Inc.(b)
  3,244        40,128
Gevo, Inc.(b)
  61,632       48,690
        88,818
Health Care-53.67%
10X Genomics, Inc., Class A(b)
  1,879        43,875
AC Immune S.A. (Switzerland)(b)
  9,193        29,693
Accuray, Inc.(b)
  23,806        51,897
Adaptimmune Therapeutics PLC, ADR(b)
  37,290        47,358
Adaptive Biotechnologies Corp.(b)
  12,214        57,406
Agios Pharmaceuticals, Inc.(b)
  1,159        53,210
Akebia Therapeutics, Inc.(b)
  37,623        58,316
Aldeyra Therapeutics, Inc.(b)(c)
  10,916        62,821
Alector, Inc.(b)
  8,565        45,223
Alkermes PLC(b)
  1,801        51,238
Alphatec Holdings, Inc.(b)
  4,339        29,939
Altimmune, Inc.(b)(c)
  5,611        37,594
Amarin Corp. PLC, ADR (Ireland)(b)
  48,714        30,471
Amicus Therapeutics, Inc.(b)
  4,300        49,923
AngioDynamics, Inc.(b)(c)
  6,678        49,818
Anika Therapeutics, Inc.(b)
  1,643        42,225
Aquestive Therapeutics, Inc.(b)(c)
  14,632        66,283
Arbutus Biopharma Corp.(b)
  12,541        48,534
Arrowhead Pharmaceuticals, Inc.(b)(c)
  1,837        43,776
AtriCure, Inc.(b)
  1,870        49,013
Autolus Therapeutics PLC, ADR (United Kingdom)(b)
  10,057        39,524
Axogen, Inc.(b)
  6,170        81,135
Azenta, Inc.(b)
  834       41,300
  Shares   Value
Health Care-(continued)
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)(c)
  1,898   $    40,807
BioCryst Pharmaceuticals, Inc.(b)
  6,523        56,685
Bioventus, Inc., Class A(b)
  6,299        63,305
bluebird bio, Inc.(b)(c)
  46,644        26,191
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024(b)(d)
  27,325         4,918
Cerus Corp.(b)(c)
  23,541        53,203
ChromaDex Corp.(b)
  15,268        52,675
ClearPoint Neuro, Inc.(b)
  7,761       100,738
Codexis, Inc.(b)
  12,466        36,027
Coherus BioSciences, Inc.(b)(c)
  23,153        32,183
Compugen Ltd. (Israel)(b)
  19,418        40,778
Corcept Therapeutics, Inc.(b)
  1,397        49,314
CytomX Therapeutics, Inc.(b)
  24,787        29,249
Delcath Systems, Inc.(b)
  5,977        65,747
DENTSPLY SIRONA, Inc.
  1,504        38,036
Editas Medicine, Inc.(b)
  8,103        30,305
Enanta Pharmaceuticals, Inc.(b)
  3,380        43,534
Fate Therapeutics, Inc.(b)
  11,451        42,025
FibroGen, Inc.(b)
  35,115        12,838
G1 Therapeutics, Inc.(b)(c)
  12,769        90,787
Heron Therapeutics, Inc.(b)
  11,389        21,981
ICU Medical, Inc.(b)
  396        65,471
IGM Biosciences, Inc.(b)(c)
  5,058        51,541
Innoviva, Inc.(b)
  2,668        51,706
Inogen, Inc.(b)
  5,077        62,295
Integra LifeSciences Holdings Corp.(b)
  1,364        27,744
Ionis Pharmaceuticals, Inc.(b)
  1,122        53,497
Ironwood Pharmaceuticals, Inc.(b)
  6,688        33,841
KalVista Pharmaceuticals, Inc.(b)(c)
  3,611        48,351
Karyopharm Therapeutics, Inc.(b)
  43,481        33,054
Kodiak Sciences, Inc.(b)
  13,251        33,260
Lexicon Pharmaceuticals, Inc.(b)
  24,787        42,881
Ligand Pharmaceuticals, Inc.(b)(c)
  495        52,371
LivaNova PLC(b)
  690        34,769
MacroGenics, Inc.(b)(c)
  10,302        36,160
MannKind Corp.(b)(c)
  9,023        56,484
Masimo Corp.(b)
  339        39,839
MaxCyte, Inc.(b)
  9,405        40,630
MediWound Ltd. (Israel)(b)(c)
  2,584        47,520
Merit Medical Systems, Inc.(b)
  519        50,177
Mersana Therapeutics, Inc.(b)
  18,085        28,574
MiMedx Group, Inc.(b)
  5,893        40,308
Nektar Therapeutics(b)
  33,180        42,470
Novocure Ltd.(b)
  1,938        37,675
Omeros Corp.(b)(c)
  12,541        52,798
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
  83             0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
  83             0
Omnicell, Inc.(b)
  1,293        57,513
OPKO Health, Inc.(b)(c)
  30,758        51,673
Optinose, Inc.(b)(c)
  39,017        40,578
OraSure Technologies, Inc.(b)
  8,909        39,912
Orthofix Medical, Inc.(b)
  3,069        53,523
Pacific Biosciences of California, Inc.(b)(c)
  23,541        32,251
Pacira BioSciences, Inc.(b)
  1,380       21,473
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Table of Contents
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
August 31, 2024
  Shares   Value
Health Care-(continued)
PDS Biotechnology Corp.(b)(c)
  14,140   $    45,248
Phibro Animal Health Corp., Class A
  2,390        50,190
Prothena Corp. PLC (Ireland)(b)(c)
  2,025        45,097
PTC Therapeutics, Inc.(b)
  1,170        41,324
Pulse Biosciences, Inc.(b)(c)
  3,648        67,999
Revance Therapeutics, Inc.(b)
  14,912        97,972
Rigel Pharmaceuticals, Inc.(b)
  4,309        57,913
Sage Therapeutics, Inc.(b)
  3,793        31,975
Sangamo Therapeutics, Inc.(b)
  74,660        63,312
Scilex Holding Co., Class C (Singapore)(b)
  2,541         2,922
scPharmaceuticals, Inc.(b)
  10,777        54,855
Seres Therapeutics, Inc.(b)(c)
  42,138        33,736
SI-BONE, Inc.(b)(c)
  2,999        49,843
SIGA Technologies, Inc.
  5,634        50,875
Silk Road Medical, Inc.(b)
  1,938        52,539
Standard BioTools, Inc.(b)
  16,991        36,191
Supernus Pharmaceuticals, Inc.(b)(c)
  1,554        54,639
SurModics, Inc.(b)
  1,002        39,709
Sutro Biopharma, Inc.(b)(c)
  9,974        45,581
Tactile Systems Technology, Inc.(b)
  3,311        45,327
Theravance Biopharma, Inc.(b)
  4,888        40,326
uniQure N.V. (Netherlands)(b)
  8,513        49,801
Vanda Pharmaceuticals, Inc.(b)
  8,246        43,621
Varex Imaging Corp.(b)
  2,727        34,033
Vaxart, Inc.(b)
  51,703        44,821
Voyager Therapeutics, Inc.(b)(c)
  5,016        32,905
X4 Pharmaceuticals, Inc.(b)
  41,720        29,204
Xencor, Inc.(b)
  1,774       31,027
        4,675,222
Industrials-6.82%
AeroVironment, Inc.(b)(c)
  209        42,586
American Superconductor Corp.(b)(c)
  2,197        44,423
Astronics Corp.(b)
  2,049        45,938
Ballard Power Systems, Inc. (Canada)(b)(c)
  13,815        25,420
Conduent, Inc.(b)
  12,039        45,989
Energy Recovery, Inc.(b)
  3,121        50,685
Interface, Inc.
  2,616        49,390
LB Foster Co., Class A(b)
  1,536        30,843
LSI Industries, Inc.
  2,653        42,209
Matthews International Corp., Class A
  1,487        37,666
Microvast Holdings, Inc.(b)(c)
  112,698        32,457
MillerKnoll, Inc.
  1,528        45,000
Stratasys Ltd.(b)
  4,866        33,429
TPI Composites, Inc.(b)(c)
  7,690        33,298
TTEC Holdings, Inc.
  6,710       34,288
        593,621
Information Technology-27.78%
8x8, Inc.(b)(c)
  15,435        29,018
Advanced Energy Industries, Inc.
  392        41,587
Aehr Test Systems(b)(c)
  3,661        55,684
Alpha & Omega Semiconductor Ltd.(b)
  1,438        60,123
Amkor Technology, Inc.
  1,293        42,540
Applied Optoelectronics, Inc.(b)(c)
  4,017        45,593
Atomera, Inc.(b)(c)
  10,130        27,250
AudioEye, Inc.(b)(c)
  1,773        42,924
Aviat Networks, Inc.(b)
  1,363        37,414
Axcelis Technologies, Inc.(b)
  375        40,999
AXT, Inc.(b)
  11,060        29,309
Bel Fuse, Inc., Class B
  618       41,919
  Shares   Value
Information Technology-(continued)
Canadian Solar, Inc. (Canada)(b)(c)
  2,145   $    27,091
Cirrus Logic, Inc.(b)
  368        53,614
Cognex Corp.
  926        37,392
CommScope Holding Co., Inc.(b)
  29,388       113,438
Commvault Systems, Inc.(b)
  394        61,228
Digimarc Corp.(b)(c)
  1,570        45,043
Dropbox, Inc., Class A(b)
  1,871        47,037
Extreme Networks, Inc.(b)
  3,779        59,519
FARO Technologies, Inc.(b)
  2,250        40,500
Himax Technologies, Inc., ADR (Taiwan)(c)
  6,482        38,309
Immersion Corp.
  4,218        39,649
Infinera Corp.(b)(c)
  7,367        46,338
InterDigital, Inc.
  374        51,821
IPG Photonics Corp.(b)
  492        33,638
Itron, Inc.(b)
  396        40,479
Kimball Electronics, Inc.(b)
  1,839        33,930
Kulicke & Soffa Industries, Inc. (Singapore)
  923        40,437
Lantronix, Inc.(b)(c)
  10,588        38,011
Littelfuse, Inc.
  164        44,641
Lumentum Holdings, Inc.(b)
  969        55,824
Luna Innovations, Inc.(b)(c)
  12,616        30,026
MaxLinear, Inc.(b)
  2,371        35,992
MicroVision, Inc.(b)(c)
  35,710        33,860
Mitek Systems, Inc.(b)
  3,358        31,297
MKS Instruments, Inc.
  333        39,704
NETGEAR, Inc.(b)
  3,051        49,518
NetScout Systems, Inc.(b)
  2,051        44,055
nLight, Inc.(b)
  3,205        38,268
OSI Systems, Inc.(b)
  294        44,062
Power Integrations, Inc.
  554        37,173
Radware Ltd. (Israel)(b)
  2,077        45,279
Rambus, Inc.(b)
  763        34,121
Ribbon Communications, Inc.(b)(c)
  13,420        45,762
Semtech Corp.(b)
  1,084        47,501
Silicon Laboratories, Inc.(b)
  334        39,536
Silicon Motion Technology Corp., ADR (Taiwan)
  546        34,709
SolarEdge Technologies, Inc.(b)
  855        20,802
Synaptics, Inc.(b)
  449        36,558
Turtle Beach Corp.(b)
  2,542        39,706
Universal Display Corp.
  240        46,493
Veeco Instruments, Inc.(b)
  1,037        36,803
Verint Systems, Inc.(b)
  1,421        44,832
Viasat, Inc.(b)
  2,495        39,171
Viavi Solutions, Inc.(b)
  5,604        48,250
Xerox Holdings Corp.
  3,037       34,409
        2,420,186
Materials-0.90%
Arq, Inc.(b)
  6,054        41,288
Innospec, Inc.
  323       37,229
        78,517
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $8,618,843)
  8,707,525
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Table of Contents
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
August 31, 2024
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.84%
Invesco Private Government Fund, 5.28%(e)(f)(g)
  342,395   $   342,395
Invesco Private Prime Fund, 5.46%(e)(f)(g)
  862,961      863,306
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,205,655)
  1,205,701
TOTAL INVESTMENTS IN SECURITIES-113.80%

(Cost $9,824,498)
  9,913,226
OTHER ASSETS LESS LIABILITIES-(13.80)%
  (1,201,933)
NET ASSETS-100.00%
  $8,711,293
Investment Abbreviations:
ADR -American Depositary Receipt
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Security valued using significant unobservable inputs (Level 3). See Note 4.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $1,428   $149,628   $(151,056)   $-   $-   $-   $205
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 626,570   5,381,958   (5,666,133)   -   -   342,395   36,530*
Invesco Private Prime Fund 1,609,220   10,351,856   (11,098,081)   47   264   863,306   97,146*
Total $2,237,218   $15,883,442   $(16,915,270)   $47   $264   $1,205,701   $133,881
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(f) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Table of Contents
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
August 31, 2024
Schedule of Investments(a)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-6.90%
Baidu, Inc., ADR (China)(b)(c)
  63,305   $  5,356,869
Fox Corp., Class A
  102,993     4,260,820
Fox Corp., Class B
  105,016     4,035,765
Liberty Broadband Corp., Class C(b)(c)
  54,644     3,408,693
Liberty Media Corp.-Liberty Formula One(b)(c)
  93,264     7,279,255
Liberty Media Corp.-Liberty Live, Series C(b)
  28,327     1,143,561
Match Group, Inc.(b)(c)
  118,421     4,406,446
NetEase, Inc., ADR (China)
  53,978     4,341,990
News Corp., Class A
  168,987     4,787,402
News Corp., Class B
  84,959     2,500,343
Roku, Inc., Class A(b)(c)
  56,528     3,830,903
        45,352,047
Consumer Discretionary-15.10%
Caesars Entertainment, Inc.(b)(c)
  96,431     3,629,663
Churchill Downs, Inc.(c)
  32,770     4,554,047
DraftKings, Inc., Class A(b)
  212,891     7,344,739
eBay, Inc.
  224,416    13,262,986
Etsy, Inc.(b)
  52,116     2,871,070
Expedia Group, Inc.(b)
  56,752     7,893,636
Five Below, Inc.(b)(c)
  24,591     1,854,899
JD.com, Inc., ADR (China)
  213,256     5,757,912
LKQ Corp.
  118,871     4,943,845
Lucid Group, Inc.(b)(c)
  1,028,220     4,133,444
Pool Corp.
  17,123     6,020,789
Rivian Automotive, Inc., Class A(b)(c)
  440,079     6,218,316
Tractor Supply Co.
  48,211    12,898,853
Trip.com Group Ltd., ADR (China)(b)(c)
  139,555     6,578,623
Ulta Beauty, Inc.(b)
  21,289     7,511,611
Wynn Resorts Ltd.
  49,952     3,840,310
        99,314,743
Consumer Staples-0.91%
Casey’s General Stores, Inc.(c)
  16,514     5,983,187
Energy-1.38%
APA Corp.
  165,439     4,713,357
Chesapeake Energy Corp.(c)
  58,395     4,349,844
        9,063,201
Financials-0.86%
Jack Henry & Associates, Inc.
  32,510     5,625,205
Health Care-22.08%
Align Technology, Inc.(b)
  33,641     7,980,318
Alnylam Pharmaceuticals, Inc.(b)
  56,519    14,846,976
argenx SE, ADR (Netherlands)(b)
  14,295     7,395,089
BeiGene Ltd., ADR (China)(b)(c)
  19,077     3,658,587
BioMarin Pharmaceutical, Inc.(b)(c)
  84,999     7,752,759
BioNTech SE, ADR (Germany)(b)
  43,716     3,856,625
Bio-Techne Corp.
  70,235     5,196,688
Bruker Corp.
  67,437     4,531,092
Cooper Cos., Inc. (The)(b)
  89,175     9,428,473
Henry Schein, Inc.(b)
  57,082     4,027,135
Hologic, Inc.(b)
  104,479     8,487,874
ICON PLC(b)
  36,990    11,912,999
Incyte Corp.(b)
  85,865     5,637,896
Insulet Corp.(b)
  31,204     6,327,235
Jazz Pharmaceuticals PLC(b)(c)
  28,119     3,261,241
  Shares   Value
Health Care-(continued)
Medpace Holdings, Inc.(b)(c)
  13,814   $  4,907,700
Neurocrine Biosciences, Inc.(b)
  44,996     5,717,192
Repligen Corp.(b)(c)
  24,903     3,758,610
Royalty Pharma PLC, Class A
  200,984     5,834,565
Sanofi S.A., ADR
  125,926     7,084,597
United Therapeutics Corp.(b)(c)
  19,825     7,207,379
Viatris, Inc.
  530,634     6,410,059
        145,221,089
Industrials-12.32%
Axon Enterprise, Inc.(b)
  33,761    12,321,752
C.H. Robinson Worldwide, Inc.
  52,190     5,402,187
Grab Holdings Ltd., Class A (Singapore)(b)
  1,703,540     5,485,399
J.B. Hunt Transport Services, Inc.
  46,244     8,009,461
Lincoln Electric Holdings, Inc.
  25,375     4,912,854
Nordson Corp.
  25,539     6,552,286
Paylocity Holding Corp.(b)
  25,157     4,060,340
Ryanair Holdings PLC, ADR (Italy)(c)
  43,544     4,853,414
Saia, Inc.(b)(c)
  11,863     4,458,471
SS&C Technologies Holdings, Inc.
  110,766     8,317,419
Tetra Tech, Inc.
  23,916     5,685,790
United Airlines Holdings, Inc.(b)
  146,528     6,453,093
Woodward, Inc.(c)
  27,151     4,524,714
        81,037,180
Information Technology-36.29%
Akamai Technologies, Inc.(b)
  68,111     6,936,424
Amdocs Ltd.
  51,920     4,515,482
AppLovin Corp., Class A(b)(c)
  122,658    11,391,248
Bentley Systems, Inc., Class B(c)
  128,552     6,616,571
Check Point Software Technologies Ltd. (Israel)(b)
  50,556     9,732,030
DocuSign, Inc.(b)
  91,270     5,404,097
Enphase Energy, Inc.(b)
  60,822     7,361,895
Entegris, Inc.(c)
  67,389     7,808,363
F5, Inc.(b)
  26,096     5,301,402
First Solar, Inc.(b)
  47,894    10,889,659
Flex Ltd.(b)
  179,010     5,816,035
Gen Digital, Inc.
  279,079     7,384,430
Lattice Semiconductor Corp.(b)(c)
  61,307     2,903,500
Logitech International S.A., Class R (Switzerland)(c)
  68,399     6,224,993
Manhattan Associates, Inc.(b)
  27,448     7,258,075
Monolithic Power Systems, Inc.
  21,750    20,329,290
NetApp, Inc.
  92,287    11,140,887
Nice Ltd., ADR (Israel)(b)(c)
  22,231     3,862,414
Nutanix, Inc., Class A(b)(c)
  108,900     6,881,391
Okta, Inc.(b)
  71,952     5,664,781
Open Text Corp. (Canada)
  121,598     3,869,248
PTC, Inc.(b)(c)
  53,572     9,594,210
Qorvo, Inc.(b)
  42,611     4,938,189
Seagate Technology Holdings PLC
  93,991     9,356,804
Skyworks Solutions, Inc.
  71,814     7,870,096
Teradyne, Inc.
  69,888     9,555,786
Trimble, Inc.(b)
  108,844     6,170,366
VeriSign, Inc.(b)
  44,585     8,199,182
Western Digital Corp.(b)
  146,189     9,588,537
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Table of Contents
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
August 31, 2024
  Shares   Value
Information Technology-(continued)
Zebra Technologies Corp., Class A(b)
  23,027   $  7,953,065
Zoom Video Communications, Inc., Class A(b)
  117,869     8,142,391
        238,660,841
Materials-1.28%
Steel Dynamics, Inc.
  70,347     8,407,170
Real Estate-0.85%
Zillow Group, Inc., Class A(b)(c)
  24,597     1,314,218
Zillow Group, Inc., Class C(b)(c)
  77,912     4,308,533
        5,622,751
Utilities-1.94%
Alliant Energy Corp.
  114,633     6,679,665
Evergy, Inc.
  102,491     6,061,318
        12,740,983
Total Common Stocks & Other Equity Interests

(Cost $630,722,323)
  657,028,397
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $122,819)
  122,819       122,819
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $630,845,142)
  657,151,216
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.83%
Invesco Private Government Fund, 5.28%(d)(e)(f)
  29,413,897   $ 29,413,897
Invesco Private Prime Fund, 5.46%(d)(e)(f)
  68,094,110    68,121,348
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $97,530,965)
  97,535,245
TOTAL INVESTMENTS IN SECURITIES-114.76%

(Cost $728,376,107)
  754,686,461
OTHER ASSETS LESS LIABILITIES-(14.76)%
  (97,063,755)
NET ASSETS-100.00%
  $657,622,706
 
Investment Abbreviations:
ADR -American Depositary Receipt
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at August 31, 2024.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024.
    
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
August 31, 2024 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $100,009   $6,824,552   $(6,801,742)   $-   $-   $122,819   $8,268
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,494,896   343,436,196   (334,517,195)   -   -   29,413,897   1,390,662*
Invesco Private Prime Fund 52,701,161   627,910,168   (612,512,897)   5,746   17,170   68,121,348   3,744,687*
Total $73,296,066   $978,170,916   $(953,831,834)   $5,746   $17,170   $97,658,064   $5,143,617
    
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Table of Contents
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
August 31, 2024
(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2024.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Table of Contents
Statements of Assets and Liabilities
August 31, 2024
  Invesco ESG
NASDAQ 100
ETF (QQMG) 		  Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG) 		  Invesco NASDAQ
100 ETF (QQQM) 		  Invesco NASDAQ
Future Gen 200
ETF (QQQS) 		  Invesco NASDAQ
Next Gen 100
ETF (QQQJ)
Assets:                  
Unaffiliated investments in securities, at value(a)
$50,926,224   $5,685,905   $31,868,511,438   $8,707,525   $657,028,397
Affiliated investments in securities, at value
370,383   947,839   285,135,428   1,205,701   97,658,064
Cash
-   -   39,380   -   -
Receivable for:                  
Dividends
24,962   3,110   18,452,857   1,173   468,848
Securities lending
40   200   36,438   5,370   28,986
Fund shares sold
-   -   37,272,565   -   -
Foreign tax reclaims
-   -   -   -   51,463
Total assets
51,321,609   6,637,054   32,209,448,106   9,919,769   755,235,758
Liabilities:                  
Due to custodian
129   30   -   1,403   350
Payable for:                  
Investments purchased
-   -   37,217,295   -   -
Collateral upon return of securities loaned
311,215   944,474   272,972,599   1,205,655   97,530,965
Accrued unitary management fees
8,128   933   3,866,536   1,418   81,737
Total liabilities
319,472   945,437   314,056,430   1,208,476   97,613,052
Net Assets
$51,002,137   $5,691,617   $31,895,391,676   $8,711,293   $657,622,706
Net assets consist of:                  
Shares of beneficial interest
$43,093,118   $5,629,487   $26,934,280,446   $9,989,165   $940,504,323
Distributable earnings (loss)
7,909,019   62,130   4,961,111,230   (1,277,872)   (282,881,617)
Net Assets
$51,002,137   $5,691,617   $31,895,391,676   $8,711,293   $657,622,706
Shares outstanding (unlimited amount authorized, $0.01 par value)
1,550,001   250,001   162,590,001   320,001   22,600,001
Net asset value
$32.90   $22.77   $196.17   $27.22   $29.10
Market price
$32.88   $22.76   $196.10   $27.21   $29.10
Unaffiliated investments in securities, at cost
$41,947,869   $5,139,117   $26,426,198,347   $8,618,843   $630,722,323
Affiliated investments in securities, at cost
$370,366   $947,797   $285,122,071   $1,205,655   $97,653,784
(a)Includes securities on loan with an aggregate value of:
$307,521   $921,838   $268,418,689   $1,132,788   $95,705,763
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Table of Contents
Statements of Operations
For the year ended August 31, 2024
  Invesco ESG
NASDAQ 100
ETF (QQMG) 		  Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG) 		  Invesco NASDAQ
100 ETF (QQQM) 		  Invesco NASDAQ
Future Gen 200
ETF (QQQS) 		  Invesco NASDAQ
Next Gen 100
ETF (QQQJ)
Investment income:                  
Unaffiliated dividend income
$265,879   $35,139   $189,799,816   $9,784   $5,291,369
Affiliated dividend income
793   106   398,212   205   8,268
Securities lending income, net
11,104   3,568   6,449,988   44,386   536,372
Foreign withholding tax
(715)   (702)   (369,406)   (47)   (78,849)
Total investment income
277,061   38,111   196,278,610   54,328   5,757,160
Expenses:                  
Unitary management fees
67,902   9,251   32,831,737   14,449   999,265
Tax expenses
-   65   -   -   -
Total expenses
67,902   9,316   32,831,737   14,449   999,265
Less: Waivers
(14)   (2)   (7,222)   (4)   (155)
Net expenses
67,888   9,314   32,824,515   14,445   999,110
Net investment income
209,173   28,797   163,454,095   39,883   4,758,050
Realized and unrealized gain (loss) from:                  
Net realized gain (loss) from:                  
Unaffiliated investment securities
(603,559)   (125,310)   (197,608,490)   (937,258)   (24,738,847)
Affiliated investment securities
222   96   91,824   264   17,170
In-kind redemptions
346,963   92,493   1,160,853,178   458,930   25,615,011
Foreign currencies
-   -   -   (2)   -
Net realized gain (loss)
(256,374)   (32,721)   963,336,512   (478,066)   893,334
Change in net unrealized appreciation of:                  
Unaffiliated investment securities
8,148,973   744,879   3,998,774,410   757,386   68,054,726
Affiliated investment securities
27   53   13,357   47   5,746
Change in net unrealized appreciation
8,149,000   744,932   3,998,787,767   757,433   68,060,472
Net realized and unrealized gain
7,892,626   712,211   4,962,124,279   279,367   68,953,806
Net increase in net assets resulting from operations
$8,101,799   $741,008   $5,125,578,374   $319,250   $73,711,856
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Table of Contents
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
  Invesco ESG
NASDAQ 100
ETF (QQMG) 		  Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG)
  2024   2023   2024   2023
Operations:              
Net investment income
$209,173   $85,131   $28,797   $21,141
Net realized gain (loss)
(256,374)   (176,510)   (32,721)   (189,951)
Change in net unrealized appreciation (depreciation)
8,149,000   3,215,307   744,932   419,920
Net increase (decrease) in net assets resulting from operations
8,101,799   3,123,928   741,008   251,110
Distributions to Shareholders from:              
Distributable earnings
(192,439)   (80,030)   (31,705)   (21,562)
Shareholder Transactions:              
Proceeds from shares sold
26,324,645   6,189,831   2,534,576   449,447
Value of shares repurchased
(1,330,798)   (1,090,750)   (550,312)   (500,104)
Net increase (decrease) in net assets resulting from share transactions
24,993,847   5,099,081   1,984,264   (50,657)
Net increase (decrease) in net assets
32,903,207   8,142,979   2,693,567   178,891
Net assets:              
Beginning of year
18,098,930   9,955,951   2,998,050   2,819,159
End of year
$51,002,137   $18,098,930   $5,691,617   $2,998,050
Changes in Shares Outstanding:              
Shares sold
900,000   250,000   125,000   25,000
Shares repurchased
(50,000)   (50,000)   (25,000)   (25,000)
Shares outstanding, beginning of year
700,001   500,001   150,001   150,001
Shares outstanding, end of year
1,550,001   700,001   250,001   150,001
    
(a) For the period October 11, 2022 (commencement of investment operations) through August 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Table of Contents
Invesco NASDAQ
100 ETF (QQQM) 		  Invesco NASDAQ
Future Gen 200
ETF (QQQS) 		  Invesco NASDAQ
Next Gen 100
ETF (QQQJ)
2024   2023   2024   2023(a)   2024   2023
                     
$163,454,095   $65,706,898   $39,883   $26,695   $4,758,050   $5,551,832
963,336,512   49,760,519   (478,066)   494,097   893,334   (145,036,872)
3,998,787,767   2,463,756,364   757,433   (668,705)   68,060,472   185,304,693
5,125,578,374   2,579,223,781   319,250   (147,913)   73,711,856   45,819,653
                     
(153,650,135)   (57,866,694)   (36,511)   (23,525)   (5,882,121)   (6,555,564)
                     
16,335,517,593   9,353,984,009   2,652,413   9,537,486   54,074,221   118,386,095
(3,894,962,454)   (2,306,446,027)   (787,905)   (2,802,002)   (168,453,882)   (256,647,775)
12,440,555,139   7,047,537,982   1,864,508   6,735,484   (114,379,661)   (138,261,680)
17,412,483,378   9,568,895,069   2,147,247   6,564,046   (46,549,926)   (98,997,591)
                     
14,482,908,298   4,914,013,229   6,564,046   -   704,172,632   803,170,223
$31,895,391,676   $14,482,908,298   $8,711,293   $6,564,046   $657,622,706   $704,172,632
                     
92,490,000   71,610,000   100,000   350,001   1,940,000   4,750,000
(23,060,000)   (18,360,000)   (30,000)   (100,000)   (6,220,000)   (10,290,000)
93,160,001   39,910,001   250,001   -   26,880,001   32,420,001
162,590,001   93,160,001   320,001   250,001   22,600,001   26,880,001
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Financial Highlights
Invesco ESG NASDAQ 100 ETF (QQMG)
  Years Ended August 31,   For the Period
October 25, 2021(a)
Through
August 31,
2022
  2024   2023  
Per Share Operating Performance:          
Net asset value at beginning of period
$25.86   $19.91   $25.00
Net investment income(b)
0.18   0.16   0.13
Net realized and unrealized gain (loss) on investments
7.03   5.95   (5.13)
Total from investment operations
7.21   6.11   (5.00)
Distributions to shareholders from:          
Net investment income
(0.17)   (0.16)   (0.09)
Net asset value at end of period
$32.90   $25.86   $19.91
Market price at end of period(c)
$32.88   $25.88   $19.94
Net Asset Value Total Return(d)
28.00%   30.88%   (20.03)%(e)
Market Price Total Return(d)
27.82%   30.78%   (19.91)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$51,002   $18,099   $9,956
Ratio to average net assets of:          
Expenses
0.20%   0.20%   0.20%(f)
Net investment income
0.62%   0.76%   0.69%(f)
Portfolio turnover rate(g)
17%   14%   10%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
  Years Ended August 31,   For the Period
October 25, 2021(a)
Through
August 31,
2022
  2024   2023  
Per Share Operating Performance:          
Net asset value at beginning of period
$19.99   $18.79   $25.00
Net investment income(b)
0.13   0.13   0.09
Net realized and unrealized gain (loss) on investments
2.79   1.20   (6.23)
Total from investment operations
2.92   1.33   (6.14)
Distributions to shareholders from:          
Net investment income
(0.14)   (0.13)   (0.07)
Net asset value at end of period
$22.77   $19.99   $18.79
Market price at end of period(c)
$22.76   $20.00   $18.81
Net Asset Value Total Return(d)
14.67%   7.16%   (24.57)%(e)
Market Price Total Return(d)
14.56%   7.10%   (24.49)%(e)
Ratios/Supplemental Data:          
Net assets at end of period (000’s omitted)
$5,692   $2,998   $2,819
Ratio to average net assets of:          
Expenses
0.20%   0.20%   0.20%(f)
Net investment income
0.62%   0.67%   0.52%(f)
Portfolio turnover rate(g)
30%   28%   46%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco NASDAQ 100 ETF (QQQM)
  Years Ended August 31,   For the Period
October 12, 2020(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$155.46   $123.13   $156.10   $120.98
Net investment income(b)
1.32   1.03   0.98   0.74
Net realized and unrealized gain (loss) on investments
40.68   32.29   (33.24)   34.93
Total from investment operations
42.00   33.32   (32.26)   35.67
Distributions to shareholders from:              
Net investment income
(1.29)   (0.99)   (0.71)   (0.55)
Net asset value at end of period
$196.17   $155.46   $123.13   $156.10
Market price at end of period(c)
$196.10   $155.47   $123.29   $156.11
Net Asset Value Total Return(d)
27.14%   27.26%   (20.72)%   29.56%(e)
Market Price Total Return(d)
27.07%   27.11%   (20.61)%   29.57%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$31,895,392   $14,482,908   $4,914,013   $1,809,161
Ratio to average net assets of:              
Expenses
0.15%   0.15%   0.15%   0.15%(f)
Net investment income
0.75%   0.78%   0.71%   0.61%(f)
Portfolio turnover rate(g)
8%   27%   6%   5%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco NASDAQ Future Gen 200 ETF (QQQS)
  Year Ended August 31,
2024 		  For the Period
October 11, 2022(a)
Through
August 31,
2023
Per Share Operating Performance:      
Net asset value at beginning of period
$26.26   $25.00
Net investment income(b)
0.14   0.14
Net realized and unrealized gain on investments
0.95   1.24
Total from investment operations
1.09   1.38
Distributions to shareholders from:      
Net investment income
(0.13)   (0.12)
Net asset value at end of period
$27.22   $26.26
Market price at end of period(c)
$27.21   $26.26
Net Asset Value Total Return(d)
4.20%   5.51%(e)
Market Price Total Return(d)
4.16%   5.51%(e)
Ratios/Supplemental Data:      
Net assets at end of period (000’s omitted)
$8,711   $6,564
Ratio to average net assets of:      
Expenses
0.20%   0.20%(f)
Net investment income
0.55%   0.56%(f)
Portfolio turnover rate(g)
72%   61%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (October 13, 2022, the first day of trading on the exchange) to August 31, 2023 was 4.09%. The market price total return from Fund Inception to August 31, 2023 was 4.01%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
  Years Ended August 31,   For the Period
October 12, 2020(a)
Through
August 31,
2021
  2024   2023   2022  
Per Share Operating Performance:              
Net asset value at beginning of period
$26.20   $24.77   $34.79   $26.71
Net investment income(b)
0.19   0.18   0.15   0.10
Net realized and unrealized gain (loss) on investments
2.95   1.46   (9.85)   8.06
Total from investment operations
3.14   1.64   (9.70)   8.16
Distributions to shareholders from:              
Net investment income
(0.24)   (0.21)   (0.11)   (0.08)
Net realized gains
-   -   (0.21)   -
Total distributions
(0.24)   (0.21)   (0.32)   (0.08)
Net asset value at end of period
$29.10   $26.20   $24.77   $34.79
Market price at end of period(c)
$29.10   $26.20   $24.80   $34.77
Net Asset Value Total Return(d)
12.04%   6.70%   (28.06)%   30.58%(e)
Market Price Total Return(d)
12.04%   6.57%   (27.93)%   30.51%(e)
Ratios/Supplemental Data:              
Net assets at end of period (000’s omitted)
$657,623   $704,173   $803,170   $1,209,202
Ratio to average net assets of:              
Expenses
0.15%   0.15%   0.15%   0.15%(f)
Net investment income
0.71%   0.74%   0.50%   0.35%(f)
Portfolio turnover rate(g)
30%   31%   45%   29%
    
(a) Commencement of investment operations.
(b) Based on average shares outstanding.
(c) The mean between the last bid and ask prices.
(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.
(e) The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.
(f) Annualized.
(g) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name   Short Name
Invesco ESG NASDAQ 100 ETF (QQMG)   "ESG NASDAQ 100 ETF"
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)   "ESG NASDAQ Next Gen 100 ETF"
Invesco NASDAQ 100 ETF (QQQM)   "NASDAQ 100 ETF"
Invesco NASDAQ Future Gen 200 ETF (QQQS)   "NASDAQ Future Gen 200 ETF"
Invesco NASDAQ Next Gen 100 ETF (QQQJ)   "NASDAQ Next Gen 100 ETF"
Each portfolio (each, a “Fund”, and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”).
Fund   Underlying Index
ESG NASDAQ 100 ETF   Nasdaq-100® ESG Index
ESG NASDAQ Next Gen 100 ETF   Nasdaq Next Generation 100 ESG Index®
NASDAQ 100 ETF   NASDAQ-100 Index®
NASDAQ Future Gen 200 ETF   Nasdaq Innovators Completion Cap IndexTM
NASDAQ Next Gen 100 ETF   NASDAQ Next Generation 100 Index®
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related
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to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
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B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not
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readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
  Amount
ESG NASDAQ 100 ETF $893
ESG NASDAQ Next Gen 100 ETF 384
NASDAQ 100 ETF 409,019
NASDAQ Future Gen 200 ETF 2,585
NASDAQ Next Gen 100 ETF 51,266
 
J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are
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  translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K. Other Risks
ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
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Non-Diversified Fund Risk. Because each Fund (except Nasdaq Next Gen 100 ETF) is non-diversified, and to the extent Nasdaq Next Gen 100 ETF becomes non-diversified, and can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
  Unitary Management Fees
(as a % of average daily net assets)
ESG NASDAQ 100 ETF 0.20%
ESG NASDAQ Next Gen 100 ETF 0.20%
NASDAQ 100 ETF 0.15%
NASDAQ Future Gen 200 ETF 0.20%
NASDAQ Next Gen 100 ETF 0.15%
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
ESG NASDAQ 100 ETF $14
ESG NASDAQ Next Gen 100 ETF 2
NASDAQ 100 ETF 7,222
NASDAQ Future Gen 200 ETF 4
NASDAQ Next Gen 100 ETF 155
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Nasdaq, Inc. (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
ESG NASDAQ 100 ETF $128
ESG NASDAQ Next Gen 100 ETF 267
NASDAQ 100 ETF 5,299
NASDAQ Future Gen 200 ETF 18,584
NASDAQ Next Gen 100 ETF 47,096
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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
ESG NASDAQ 100 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $50,926,224   $-   $-   $50,926,224
Money Market Funds 59,151   311,232   -   370,383
Total Investments $50,985,375   $311,232   $-   $51,296,607
ESG NASDAQ Next Gen 100 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $5,685,905   $-   $-   $5,685,905
Money Market Funds 3,323   944,516   -   947,839
Total Investments $5,689,228   $944,516   $-   $6,633,744
NASDAQ 100 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $31,868,511,438   $-   $-   $31,868,511,438
Money Market Funds 12,149,472   272,985,956   -   285,135,428
Total Investments $31,880,660,910   $272,985,956   $-   $32,153,646,866
NASDAQ Future Gen 200 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $8,702,607   $-   $4,918   $8,707,525
Money Market Funds -   1,205,701   -   1,205,701
Total Investments $8,702,607   $1,205,701   $4,918   $9,913,226
NASDAQ Next Gen 100 ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $657,028,397   $-   $-   $657,028,397
Money Market Funds 122,819   97,535,245   -   97,658,064
Total Investments $657,151,216   $97,535,245   $-   $754,686,461
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NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
  2024   2023
  Ordinary
Income* 		  Ordinary
Income*
ESG NASDAQ 100 ETF $192,439   $80,030
ESG NASDAQ Next Gen 100 ETF 31,705   21,562
NASDAQ 100 ETF 153,650,135   57,866,694
NASDAQ Future Gen 200 ETF 36,511   23,525
NASDAQ Next Gen 100 ETF 5,882,121   6,555,564
    
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
  Undistributed
Ordinary
Income 		  Net
Unrealized
Appreciation-
Investments 		  Capital Loss
Carryforwards 		  Shares of
Beneficial
Interest 		  Total
Net Assets
ESG NASDAQ 100 ETF $36,905   $8,968,592   $(1,096,478)   $43,093,118   $51,002,137
ESG NASDAQ Next Gen 100 ETF 3,927   498,996   (440,793)   5,629,487   5,691,617
NASDAQ 100 ETF 27,086,210   5,422,511,940   (488,486,920)   26,934,280,446   31,895,391,676
NASDAQ Future Gen 200 ETF 30,437   64,524   (1,372,833)   9,989,165   8,711,293
NASDAQ Next Gen 100 ETF 606,846   24,266,183   (307,754,646)   940,504,323   657,622,706
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
  No expiration    
  Short-Term   Long-Term   Total*
ESG NASDAQ 100 ETF $442,150   $654,328   $1,096,478
ESG NASDAQ Next Gen 100 ETF 188,531   252,262   440,793
NASDAQ 100 ETF 90,177,336   398,309,584   488,486,920
NASDAQ Future Gen 200 ETF 1,046,759   326,074   1,372,833
NASDAQ Next Gen 100 ETF 161,428,163   146,326,483   307,754,646
    
* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
  Purchases   Sales
ESG NASDAQ 100 ETF $5,792,738   $5,823,173
ESG NASDAQ Next Gen 100 ETF 1,371,761   1,713,598
NASDAQ 100 ETF 1,701,816,533   1,702,869,154
NASDAQ Future Gen 200 ETF 5,316,962   5,199,999
NASDAQ Next Gen 100 ETF 202,719,180   203,530,572
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
  In-kind
Purchases 		  In-kind
Sales
ESG NASDAQ 100 ETF $26,303,044   $1,328,691
ESG NASDAQ Next Gen 100 ETF 2,531,786   211,147
NASDAQ 100 ETF 16,337,942,689   3,896,201,382
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  In-kind
Purchases 		  In-kind
Sales
NASDAQ Future Gen 200 ETF $2,647,647   $883,721
NASDAQ Next Gen 100 ETF 53,950,092   168,553,311
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
  Gross
Unrealized
Appreciation 		  Gross
Unrealized
(Depreciation) 		  Net
Unrealized
Appreciation 		  Cost
ESG NASDAQ 100 ETF $10,005,774   $(1,037,182)   $8,968,592   $42,328,015
ESG NASDAQ Next Gen 100 ETF 810,207   (311,211)   498,996   6,134,748
NASDAQ 100 ETF 6,090,437,980   (667,926,040)   5,422,511,940   26,731,134,926
NASDAQ Future Gen 200 ETF 1,416,480   (1,351,956)   64,524   9,848,702
NASDAQ Next Gen 100 ETF 96,755,116   (72,488,933)   24,266,183   730,420,278
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
  Undistributed Net
Investment Income 		  Undistributed Net
Realized Gain (Loss) 		  Shares of
Beneficial Interest
ESG NASDAQ 100 ETF $-   $(345,725)   $345,725
ESG NASDAQ Next Gen 100 ETF 541   (92,969)   92,428
NASDAQ 100 ETF -   (1,155,610,358)   1,155,610,358
NASDAQ Future Gen 200 ETF 15,850   (474,671)   458,821
NASDAQ Next Gen 100 ETF 220,248   (23,134,698)   22,914,450
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco NASDAQ Next Gen 100 ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
Fund Name
Invesco ESG NASDAQ 100 ETF (1)
Invesco ESG NASDAQ Next Gen 100 ETF (1)
Invesco NASDAQ 100 ETF (1)
Invesco NASDAQ Future Gen 200 ETF (2)
Invesco NASDAQ Next Gen 100 ETF (1)
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period October 11, 2022 (commencement of investment operations) through August 31, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Tax Information
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
  Qualified
Business
Income* 		  Qualified
Dividend
Income* 		  Corporate
Dividends
Received
Deduction* 		  U.S.
Treasury
Obligations* 		  Business
Interest
Income*
Invesco ESG NASDAQ 100 ETF 0%   100%   100%   0%   0%
Invesco ESG NASDAQ Next Gen 100 ETF 0%   100%   77%   0%   0%
Invesco NASDAQ 100 ETF 0%   100%   100%   0%   0%
Invesco NASDAQ Future Gen 200 ETF 0%   49%   45%   0%   0%
Invesco NASDAQ Next Gen 100 ETF 0%   98%   75%   0%   0%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF   
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
 
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. 
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes.  In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement.  The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index.  The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement.  The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
• 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF;
• 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;
• 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF;
• 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;
• 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
• 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;
• 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;
• 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;
• 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;
• 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;
• 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;
• 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;
• 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;
• 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;
• 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;
• 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;
• 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;
• 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;
• 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;
• 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;
• 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;
• 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;
• 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;
• 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and
• 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds.  The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco 0-5 Yr US TIPS ETF X   X
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF X N/A X
Invesco Alerian Galaxy Crypto Economy ETF X N/A X
Invesco California AMT-Free Municipal Bond ETF   N/A X
Invesco CEF Income Composite ETF X N/A X
Invesco China Technology ETF   N/A X
Invesco Dorsey Wright Developed Markets Momentum ETF     X
Invesco Dorsey Wright Emerging Markets Momentum ETF     X
Invesco Dorsey Wright SmallCap Momentum ETF     X
Invesco Emerging Markets Sovereign Debt ETF     X
Invesco Equal Weight 0-30 Year Treasury ETF     X
Invesco ESG NASDAQ 100 ETF     X
Invesco ESG NASDAQ Next Gen 100 ETF X   X
Invesco ESG S&P 500 Equal Weight ETF X   X
Invesco Floating Rate Municipal Income ETF   N/A X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF   X X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF X   X
Invesco FTSE RAFI Emerging Markets ETF     X
Invesco Fundamental High Yield® Corporate Bond ETF   N/A X
Invesco Fundamental Investment Grade Corporate Bond ETF     X
Invesco Global Clean Energy ETF   X X
Invesco Global ex-US High Yield Corporate Bond ETF X N/A X
Invesco Global Water ETF   X X
Invesco International BuyBack AchieversTM ETF   X X
Invesco International Corporate Bond ETF     X
Invesco KBW Bank ETF X   X
Invesco KBW High Dividend Yield Financial ETF X   X
Invesco KBW Premium Yield Equity REIT ETF X   X
Invesco KBW Property & Casualty Insurance ETF X   X
Invesco KBW Regional Banking ETF X   X
Invesco MSCI Green Building ETF X N/A X
Invesco MSCI USA ETF X X X
Invesco NASDAQ 100 ETF X   X
Invesco Nasdaq Biotechnology ETF X   X
Invesco NASDAQ Future Gen 200 ETF X   X
Invesco NASDAQ Metaverse ETF X   X
Invesco NASDAQ Next Gen 100 ETF X X X
Invesco National AMT-Free Municipal Bond ETF     X
Invesco New York AMT-Free Municipal Bond ETF   N/A X
Invesco PHLX Semiconductor ETF X X X
Invesco Preferred ETF   N/A X
Invesco Russell 1000 Equal Weight ETF X   X
Invesco S&P 500 Enhanced Value ETF X   X
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund Equal to/Lower
than ETF
Peer Median* 		Equal to/Lower
than Open-End
Index Fund
Peer Median* 		Lower than
Open-End
Active Fund
Peer Median
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF X   X
Invesco S&P 500® High Beta ETF X X X
Invesco S&P 500® High Dividend Low Volatility ETF X X X
Invesco S&P 500® Low Volatility ETF X   X
Invesco S&P 500 Minimum Variance ETF X X X
Invesco S&P 500®Momentum ETF X   X
Invesco S&P 500 QVM Multi-factor ETF X X X
Invesco S&P 500 Revenue ETF     X
Invesco S&P Emerging Markets Low Volatility ETF X   X
Invesco S&P Emerging Markets Momentum ETF X   X
Invesco S&P International Developed Low Volatility ETF X X X
Invesco S&P International Developed Momentum ETF X   X
Invesco S&P International Developed Quality ETF X   X
Invesco S&P MidCap 400 QVM Multi-factor ETF X X X
Invesco S&P MidCap 400 Revenue ETF     X
Invesco S&P MidCap Low Volatility ETF     X
Invesco S&P SmallCap 600 QVM Multi-factor ETF X X X
Invesco S&P SmallCap 600 Revenue ETF     X
Invesco S&P SmallCap Consumer Discretionary ETF X   X
Invesco S&P SmallCap Consumer Staples ETF X   X
Invesco S&P SmallCap Energy ETF X   X
Invesco S&P SmallCap Financials ETF X   X
Invesco S&P SmallCap Health Care ETF X   X
Invesco S&P SmallCap High Dividend Low Volatility ETF X X X
Invesco S&P SmallCap Industrials ETF X   X
Invesco S&P SmallCap Information Technology ETF X   X
Invesco S&P SmallCap Low Volatility ETF     X
Invesco S&P SmallCap Materials ETF X   X
Invesco S&P SmallCap Quality ETF     X
Invesco S&P SmallCap Utilities & Communication Services ETF X X X
Invesco S&P Ultra Dividend Revenue ETF   X X
Invesco Senior Loan ETF N/A N/A X
Invesco Short Term Treasury ETF X   X
Invesco Taxable Municipal Bond ETF   X X
Invesco Variable Rate Preferred ETF   X X
    
* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data.  The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser.  The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense. 
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.  
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
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Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee. 
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.  No single factor was determinative in the Board’s analysis.
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Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
44
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©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515 P-TIIQQQ-NCSR invesco.com/ETFs


 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

 
 

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

 
 

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

 
 

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

 
 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 
 

 

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

 
 

 

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 
 

 

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

 
 

 

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

 
 

 

Item 19. Exhibits.

19(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.

19(a)(2) Not applicable.

19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

19(a)(4) Not applicable.

19(a)(5) Not applicable.

19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

 
 
 

  

SIGNATURES 

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

  

(Registrant) Invesco Exchange-Traded Fund Trust II 

  

By:    /s/ Brian Hartigan                                          . 

Name: Brian Hartigan 

Title:Principal Executive Officer 

  

Date: November 6, 2024  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

  

  

By:    /s/ Brian Hartigan                                         .. 

Name:Brian Hartigan 

Title:Principal Executive Officer 

Date: November 6, 2024 

  

  

  

By:       /s/ Kelli Gallegos                                             ____                                         

  

Name:Kelli Gallegos 

Title:Principal Financial Officer 

  

Date:November 6, 2024