N-CSRS


		Invesco Semi-Annual Report to Shareholders April 30, 2023
		CQQQ		Invesco China Technology ETF

		PIZ		Invesco DWA Developed Markets Momentum ETF

		PIE		Invesco DWA Emerging Markets Momentum ETF

		PXF		Invesco FTSE RAFI Developed Markets ex-U.S. ETF

		PDN		Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

		PXH		Invesco FTSE RAFI Emerging Markets ETF

		PBD		Invesco Global Clean Energy ETF

		PIO		Invesco Global Water ETF

		IPKW		Invesco International BuyBack Achievers^TMETF

		CUT		Invesco MSCI Global Timber ETF

		GBLD		Invesco MSCI Green Building ETF

		CGW		Invesco S&P Global Water Index ETF

		IDHQ		Invesco S&P International Developed Quality ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco China Technology ETF (CQQQ)			4

Invesco DWA Developed Markets Momentum ETF (PIZ)			8

Invesco DWA Emerging Markets Momentum ETF (PIE)			11

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			14

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			25

Invesco FTSE RAFI Emerging Markets ETF (PXH)			40

Invesco Global Clean Energy ETF (PBD)			47

Invesco Global Water ETF (PIO)			50

Invesco International BuyBack Achievers^TMETF (IPKW)			52

Invesco MSCI Global Timber ETF (CUT)			55

Invesco MSCI Green Building ETF (GBLD)			58

Invesco S&P Global Water Index ETF (CGW)			61

Invesco S&P International Developed Quality ETF (IDHQ)			63

Statements of Assets and Liabilities			67

Statements of Operations			70

Statements of Changes in Net Assets			72

Financial Highlights			77

Notes to Financial Statements			90

Fund Expenses			105

Approval of Investment Advisory and Sub-Advisory Contracts			107

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 24, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

●

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

●

Each Fund’s investment strategy remained appropriate for an open-end fund;

●

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

●

The Funds did not breach the 15% limit on Illiquid Investments; and

●

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

Invesco China Technology ETF (CQQQ)

April 30, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Broadline Retail-6.66%
PDD Holdings, Inc., ADR (China)^(b)(c)		854,115	$	58,207,937

Capital Markets-0.65%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		221,400		5,687,911

Chemicals-0.09%
Jiangsu Cnano Technology Co. Ltd., A Shares (China)		95,659		743,932

Consumer Staples Distribution & Retail-0.28%
Dada Nexus Ltd., ADR (China)^(b)(c)		408,010		2,472,541

Electrical Equipment-0.98%
East Group Co. Ltd., A Shares (China)		853,600		1,080,522
Hongfa Technology Co. Ltd., A Shares (China)		199,349		899,174
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		428,618		1,143,278
Sieyuan Electric Co. Ltd., A Shares (China)		315,520		2,093,083
Suzhou Anjie Technology Co. Ltd., A Shares (China)		281,400		531,265
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		71,333		2,830,072

				8,577,394

Electronic Equipment, Instruments & Components-10.34%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		341,556		1,287,207
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		85,486		873,590
BOE Technology Group Co. Ltd., A Shares (China)		15,450,274		8,964,825
BOE Technology Group Co. Ltd., B Shares (China)		4,077,179		1,698,413
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		789,390		3,446,645
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		213,559		2,770,207
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		102,160		973,058
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		670,100		1,837,692
Holitech Technology Co. Ltd. (China)^(b)		1,191,300		534,763
Lens Technology Co. Ltd., A Shares (China)		2,048,700		3,447,915
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,047,500		957,056
Lingyi iTech Guangdong Co., A Shares (China)^(b)		2,912,500		2,492,873
Maxscend Microelectronics Co. Ltd., A Shares (China)		196,346		2,877,372
OFILM Group Co. Ltd., A Shares (China)^(b)		1,341,973		923,936
Raytron Technology Co. Ltd., A Shares (China)		183,720		1,371,231
Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)		55,048		1,554,219
Shengyi Technology Co. Ltd., A Shares (China)		953,319		2,208,477
Shennan Circuits Co. Ltd., A Shares (China)		76,264		905,499


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)^(b)		494,580	$	815,234
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		399,975		707,210
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		642,817		1,652,460
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		147,320		489,918
Sunny Optical Technology Group Co. Ltd. (China)		3,316,428		34,791,252
Tianma Microelectronics Co. Ltd., A Shares (China)		950,552		1,352,796
Unisplendour Corp. Ltd., A Shares (China)		547,058		2,339,616
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		343,500		697,590
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,353,270		2,156,419
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		781,310		2,473,099
Xiamen Faratronic Co. Ltd., A Shares (China)		92,800		1,784,286
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		572,870		960,819
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		164,200		975,265

				90,320,942

Entertainment-9.55%
Bilibili, Inc., Z Shares (China)^(b)(c)		1,386,446		27,764,597
China Ruyi Holdings Ltd. (China)^(b)		24,541,212		5,939,987
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		285,900		678,002
Kingsoft Corp. Ltd. (China)		5,079,550		22,227,359
Tencent Music Entertainment Group, ADR (China)^(b)		3,620,899		26,830,862

				83,440,807

Health Care Technology-0.17%
Winning Health Technology Group Co. Ltd., A Shares (China)		884,729		1,439,176

Hotels, Restaurants & Leisure-11.47%
Meituan, B Shares (China)^(b)(d)		5,270,638		89,299,845
TravelSky Technology Ltd., H Shares (China)		5,487,873		10,919,958

				100,219,803

Household Durables-0.47%
TCL Technology Group Corp., A Shares (China)		7,032,000		4,059,929

Interactive Media & Services-26.88%
Autohome, Inc., ADR (China)		353,159		10,471,164
Baidu, Inc., A Shares (China)^(b)		3,883,457		57,238,433
JOYY, Inc., ADR (China)		267,154		8,129,496
Kuaishou Technology (China)^(b)(d)		8,586,888		56,116,301
Tencent Holdings Ltd. (China)		2,166,524		95,052,277
Visual China Group Co. Ltd., A Shares (China)		227,000		540,944
Weibo Corp., ADR (China)^(b)		418,356		7,325,414

				234,874,029

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
IT Services-2.72%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		740,300	$	1,315,362
Beijing Ultrapower Software Co. Ltd., A Shares (China)		807,800		1,600,862
China TransInfo Technology Co. Ltd., A Shares (China)^(b)		418,671		878,652
DHC Software Co. Ltd., A Shares (China)		1,320,400		1,482,739
Digital China Information Service Co. Ltd., A Shares (China)		244,900		476,495
GDS Holdings Ltd., A Shares (China)^(b)(c)		5,504,317		10,588,057
Kingsoft Cloud Holdings Ltd., ADR (China)^(b)(c)		617,798		3,539,983
Taiji Computer Corp. Ltd., A Shares (China)		243,573		1,413,653
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,007,945		1,309,360
Wonders Information Co. Ltd., A Shares (China)^(b)		594,400		1,119,615

				23,724,778

Machinery-0.36%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		309,500		1,166,846
Hoyuan Green Energy Co. Ltd., A Shares (China)		151,720		1,948,783

				3,115,629

Media-1.39%
China Literature Ltd. (China)^(b)(c)(d)		2,356,444		10,806,760
People.cn Co. Ltd., A Shares (China)		455,400		1,352,751

				12,159,511

Semiconductors & Semiconductor Equipment-13.00%
3Peak, Inc., A Shares (China)		39,755		1,332,741
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)^(b)		253,831		6,647,850
All Winner Technology Co. Ltd., A Shares (China)		221,953		847,357
Amlogic Shanghai Co. Ltd., A Shares (China)^(b)		169,343		2,045,110
China Resources Microelectronics Ltd., A Shares (China)		397,751		3,286,748
GigaDevice Semiconductor, Inc., A Shares (China)		274,864		4,303,354
Goke Microelectronics Co. Ltd., A Shares (China)		89,600		1,316,544
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		248,902		1,731,630
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		278,812		1,855,205
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		583,300		2,769,921
Hua Hong Semiconductor Ltd. (China)^(b)(d)		2,420,460		9,882,386
Ingenic Semiconductor Co. Ltd., A Shares (China)		160,000		2,041,973
JCET Group Co. Ltd., A Shares (China)		733,000		2,914,776
LONGi Green Energy Technology Co. Ltd., A Shares (China)		3,121,305		15,709,694
Montage Technology Co. Ltd., A Shares (China)		466,615		4,101,621
NAURA Technology Group Co. Ltd., A Shares (China)		217,257		10,489,999


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Rockchip Electronics Co. Ltd., A Shares (China)		62,408	$	660,364
SG Micro Corp., A Shares (China)		145,862		2,612,724
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)		117,306		933,782
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)		1,671,530		5,035,948
Shenzhen SC New Energy Technology Corp., A Shares (China)		128,118		1,901,003
StarPower Semiconductor Ltd., A Shares (China)		62,600		2,186,871
TCL Zhonghuan Renewable Energy Technology Co. Ltd., A Shares (China)		1,331,125		7,988,825
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,320,000		1,707,110
TongFu Microelectronics Co. Ltd., A Shares (China)^(b)		623,300		1,609,485
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		349,959		5,354,299
Will Semiconductor Co. Ltd., A Shares (China)		340,849		4,489,257
Wuxi Autowell Technology Co. Ltd., A Shares (China)		48,862		1,179,481
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		211,145		1,354,666
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		538,600		5,318,988

				113,609,712

Software-13.44%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)^(b)		274,200		1,346,422
Beijing Kingsoft Office Software, Inc., A Shares (China)		189,891		12,065,186
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		474,700		784,521
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		864,812		2,390,397
China National Software & Service Co. Ltd., A Shares (China)		271,800		2,232,634
Hundsun Technologies, Inc., A Shares (China)		782,525		5,579,622
Iflytek Co. Ltd., A Shares (China)		957,350		8,373,807
Kingdee International Software Group Co. Ltd. (China)^(b)		15,087,022		23,063,257
Longshine Technology Group Co. Ltd., A Shares (China)		437,067		1,512,153
Ming Yuan Cloud Group Holdings Ltd. (China)		3,308,599		1,707,006
Newland Digital Technology Co. Ltd., A Shares (China)		425,200		981,344
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		305,400		559,384
Sangfor Technologies, Inc., A Shares (China)		60,714		1,044,061
SenseTime Group, Inc., B Shares (China)^(b)(c)(d)		90,587,412		30,003,856
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)		1,369,200		608,691

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Software-(continued)
Shanghai Baosight Software Co. Ltd., A Shares (China)		372,353	$	2,902,206
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,957,809		10,115,707
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)^(b)		291,100		584,032
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		387,600		1,057,925
Sinosoft Co. Ltd., A Shares (China)		87,420		491,597
Thunder Software Technology Co. Ltd., A Shares (China)		168,287		2,052,275
Topsec Technologies Group, Inc., A Shares (China)		488,500		835,531
Tuya, Inc., ADR (China)^(b)(c)		1,378,587		2,715,816
Yonyou Network Technology Co. Ltd., A Shares (China)		1,414,804		4,412,967

				117,420,397

Technology Hardware, Storage & Peripherals-1.40%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,328,646		2,224,574
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		598,758		3,551,998
Legend Holdings Corp., H Shares (China)^(d)		3,035,963		3,171,365
Ninestar Corp., A Shares (China)		581,150		3,320,042

				12,267,979


	Shares		Value
Trading Companies & Distributors-0.20%
Beijing United Information Technology Co. Ltd., A Shares (China)		205,355	$	1,782,281

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $978,485,062)				874,124,688


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.04%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		7,588,093		7,588,093
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		19,003,096		19,003,096

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,591,240)				26,591,189

TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $1,005,076,302)				900,715,877
OTHER ASSETS LESS LIABILITIES-(3.09)%				(26,994,310	)

NET ASSETS-100.00%			$	873,721,567

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 April 30, 2023.

^(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 April 30, 2023 was $199,280,513, which represented 22.81% of the Fund’s Net Assets.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2023.


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	276,917	$	134,239,076	$	(134,515,993	)		$	-	$	-		$	-	$	71,377

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	13,979,864		$	107,062,822		$	(113,454,593	)		$	-			$	-		$	7,588,093		$	191,266	*

Invesco Private Prime Fund			35,951,651			256,659,067			(273,614,198	)			(476	)			7,052			19,003,096			519,218	*


Total		$	50,208,432		$	497,960,965		$	(521,584,784	)		$	(476	)		$	7,052		$	26,591,189		$	781,861

*	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 April 30, 2023.

^(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 2J.


This Fund has holdings greater than 10% of net assets in the following country:

China	100.05	%

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of April 30, 2023



Interactive Media & Services	26.88

Software	13.44

Semiconductors & Semiconductor Equipment	13.00

Hotels, Restaurants & Leisure	11.47

Electronic Equipment, Instruments & Components	10.34

Entertainment	9.55

Broadline Retail	6.66

Industry Types Each Less Than 3%	8.71

Money Market Funds Plus Other Assets Less Liabilities	(0.05	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.62%
Australia-3.00%
BHP Group Ltd.		28,954	$	849,561
EBOS Group Ltd.		29,303		801,786
Steadfast Group Ltd.		221,438		867,780
Washington H Soul Pattinson & Co. Ltd.^(a)		42,473		882,748
Woolworths Group Ltd.		29,375		753,786

				4,155,661

Belgium-0.93%
D’Ieteren Group^(a)		6,854		1,290,142

Canada-15.56%
ATS Corp.^(b)		25,317		1,084,134
Bombardier, Inc., Class B^(b)		43,426		1,873,693
Cameco Corp.		29,520		810,750
Canadian Pacific Kansas City Ltd.		19,585		1,542,194
CGI,Inc., Class A^(b)		22,791		2,310,691
Constellation Software, Inc.		2,275		4,448,050
Element Fleet Management Corp.		81,442		1,064,036
Ivanhoe Mines Ltd., Class A^(b)		115,247		998,416
Quebecor, Inc., Class B		36,183		932,920
Stantec, Inc.		12,186		731,717
Teck Resources Ltd., Class B		28,708		1,335,812
TFI International, Inc.		13,947		1,501,542
Thomson Reuters Corp.		7,004		920,027
TMX Group Ltd.		8,366		846,408
WSP Global, Inc.		9,060		1,194,440

				21,594,830

Denmark-3.86%
Novo Nordisk A/S, Class B		21,775		3,627,178
Ringkjoebing Landbobank A/S		12,305		1,730,570

				5,357,748

Finland-6.46%
Elisa OYJ		37,797		2,350,115
Neste OYJ		49,525		2,402,446
Sampo OYJ, Class A		65,330		3,314,834
Valmet OYJ^(a)		26,315		889,565

				8,956,960

France-9.03%
Alten S.A.		8,702		1,479,479
Hermes International		1,144		2,484,022
LVMH Moet Hennessy Louis Vuitton SE		3,237		3,112,648
Pernod Ricard S.A.		11,064		2,557,749
Publicis Groupe S.A.		8,692		711,253
Rexel S.A.		31,321		726,146
Technip Energies N.V.		31,241		694,285
Veolia Environnement S.A.		24,107		763,560

				12,529,142

Germany-6.70%
Allianz SE		3,028		760,345
Carl Zeiss Meditec AG, BR		13,717		1,844,487
Deutsche Boerse AG		3,766		718,860
Deutsche Post AG		16,745		804,532
Hannover Rueck SE		6,467		1,382,220
Mercedes-Benz Group AG^(a)		10,071		784,736


	Shares		Value
Germany-(continued)
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R		2,536	$	953,313
Rheinmetall AG		3,593		1,053,152
SAP SE		7,378		1,000,733

				9,302,378

Ireland-1.65%
AIB Group PLC		208,746		898,316
Bank of Ireland Group PLC^(a)		134,133		1,387,536

				2,285,852

Italy-3.91%
Banco BPM S.p.A.		194,192		790,020
Infrastrutture Wireless Italiane S.p.A.^(a)(c)		59,868		832,457
Interpump Group S.p.A.^(a)		36,635		2,041,666
Terna Rete Elettrica Nazionale S.p.A		121,607		1,055,237
UniCredit S.p.A.^(a)		35,957		712,156

				5,431,536

Japan-5.67%
Asics Corp.		27,300		756,858
Disco Corp.		11,200		1,267,521
Marubeni Corp.		56,798		800,882
Mitsui OSK Lines Ltd.		42,400		1,046,260
Nippon Steel Corp.		31,000		658,635
Nippon Telegraph & Telephone Corp.		22,714		692,104
NOF Corp.		23,500		1,068,300
Sanrio Co. Ltd.		20,100		927,022
Shin-Etsu Chemical Co. Ltd.		22,700		643,999

				7,861,581

Luxembourg-0.52%
ArcelorMittal S.A.		25,337		719,161

Netherlands-4.87%
ASML Holding N.V.^(a)		5,841		3,698,194
Heineken Holding N.V.^(a)		8,759		840,801
Koninklijke Ahold Delhaize N.V.^(a)		21,221		731,422
Wolters Kluwer N.V.		11,246		1,491,733

				6,762,150

Singapore-2.61%
Oversea-Chinese Banking Corp. Ltd.		144,590		1,363,372
STMicroelectronics N.V.		36,859		1,569,300
Venture Corp. Ltd.		54,298		690,655

				3,623,327

South Korea-6.55%
Ecopro BM Co. Ltd.		18,756		3,741,671
Ecopro Co. Ltd.		2,908		1,586,103
L&F Co. Ltd.		14,464		2,863,837
Posco Future M Co. Ltd.		3,591		898,823

				9,090,434

Spain-1.26%
Ferrovial S.A.		31,456		987,301
Iberdrola S.A.		58,187		756,729

				1,744,030

Sweden-5.55%
Lifco AB, Class B^(a)		55,271		1,258,210
Nibe Industrier AB, Class B^(a)		312,447		3,487,795

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Sweden-(continued)
Saab AB, Class B		12,466	$	699,547
SSAB AB, Class B^(a)		107,539		724,668
Swedbank AB, Class A^(a)		88,348		1,533,154

				7,703,374

Switzerland-15.26%
Baloise Holding AG		6,243		1,045,819
Belimo Holding AG		7,402		3,574,383
Chocoladefabriken Lindt & Spruengli AG		7		863,547
Cie Financiere Richemont S.A.		4,441		733,223
Flughafen Zurich AG		19,067		3,676,082
Georg Fischer AG		10,649		774,701
Novartis AG		8,939		915,242
Schindler Holding AG, PC		11,543		2,576,927
Sika AG		9,330		2,572,420
Swiss Life Holding AG		2,411		1,589,545
Swisscom AG		1,134		781,015
VAT Group AG^(a)(c)		3,815		1,342,890
Zurich Insurance Group AG^(a)		1,514		734,504

				21,180,298

United Kingdom-4.96%
3i Group PLC		61,076		1,356,464
Ashtead Group PLC		11,301		650,128
BP PLC		110,247		740,516
Centrica PLC		551,689		793,964
InterContinental Hotels Group PLC		25,993		1,783,816
NatWest Group PLC		215,837		710,769
RELX PLC		25,596		851,262

				6,886,919


	Shares		Value
United States-1.27%
Nestle S.A.		13,727	$	1,766,211

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $121,052,111)				138,241,734


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.54%
Invesco Private Government Fund, 4.83%^(d)(e)(f)		3,707,415		3,707,415
Invesco Private Prime Fund, 4.99%^(d)(e)(f)		9,533,352		9,533,352

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,240,827)				13,240,767

TOTAL INVESTMENTS IN SECURITIES-109.16% (Cost $134,292,938)				151,482,501
OTHER ASSETS LESS LIABILITIES-(9.16)%				(12,713,426	)

NET ASSETS-100.00%			$	138,769,075

Investment Abbreviations:

BR-Bearer Shares

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2023.

^(b)	Non-income producing security.

^(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 April 30, 2023 was $2,175,347, which represented 1.57% of the Fund’s Net Assets.

^(d)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	1,670,877	$	(1,670,877	)		$	-	$	-		$	-	$	490

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain		Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	1,900,398	$	16,658,144	$	(14,851,127	)		$	-		$	-		$	3,707,415	$	45,287	*

Invesco Private Prime Fund			4,885,456		37,245,649		(32,598,767	)			(190	)		1,204			9,533,352		122,900	*


Total		$	6,785,854	$	55,574,670	$	(49,120,771	)		$	(190	)	$	1,204		$	13,240,767	$	168,677

*	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 April 30, 2023.

^(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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2023



Industrials			29.78

Financials			17.12

Information Technology			13.93

Materials			8.69

Consumer Discretionary			8.55

Consumer Staples			5.41

Health Care			5.18

Communication Services			4.54

Energy			3.99

Utilities			2.43

Money Market Funds Plus Other Assets Less Liabilities			0.38

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-100.09%
Brazil-3.00%
BB Seguridade Participacoes S.A.		126,100	$	864,805
Metalurgica Gerdau S.A., Preference Shares		363,400		846,966
Santos Brasil Participacoes S.A.		540,800		914,512
Vale S.A.		130,600		1,890,011

				4,516,294

China-15.96%
Airtac International Group		42,000		1,516,467
Akeso, Inc., B Shares^(a)(b)(c)		213,879		1,167,495
ANTA Sports Products Ltd.		143,696		1,771,968
C&D International Investment Group Ltd.		964,045		2,953,577
China Merchants Bank Co. Ltd., H Shares		226,347		1,085,614
China Overseas Property Holdings Ltd.		2,271,062		2,514,112
China Resources Pharmaceutical Group Ltd.^(a)		938,964		930,603
China Shenhua Energy Co. Ltd., H Shares		384,612		1,273,890
China State Construction International Holdings Ltd.		776,779		962,822
China Suntien Green Energy Corp. Ltd., H Shares		1,757,084		767,755
ENN Energy Holdings Ltd.		61,961		844,575
Lenovo Group Ltd.		874,705		893,659
PetroChina Co. Ltd., H Shares		1,622,806		1,122,541
Sany Heavy Equipment International Holdings Co. Ltd.		2,826,104		3,744,186
Tsingtao Brewery Co. Ltd., H Shares		78,647		838,578
Yadea Group Holdings Ltd.^(a)		326,095		761,037
Zhaojin Mining Industry Co. Ltd., H Shares^(b)(c)		550,526		875,242

				24,024,121

Indonesia-3.85%
PT Bank Mandiri (Persero) Tbk		2,281,519		804,830
PT Bukit Asam Tbk		3,489,321		984,716
PT Kalbe Farma Tbk		5,316,513		768,303
PT Merdeka Copper Gold Tbk^(b)		12,037,172		3,232,888

				5,790,737

Malaysia-6.70%
D&O Green Technologies Bhd		2,947,700		2,709,465
Frontken Corp. Bhd		5,994,500		4,085,479
Press Metal Aluminium Holdings Bhd		735,400		849,078
QL Resources Bhd		1,925,100		2,438,474

				10,082,496

Mexico-12.91%
Alsea S.A.B. de C.V.^(b)		446,750		1,193,216
Arca Continental S.A.B. de C.V.		102,282		970,145
Corp. Inmobiliaria Vesta SAB de C.V.^(c)		350,301		1,102,810
Gentera S.A.B. de C.V.		1,892,715		2,075,387
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		101,281		1,109,661
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B^(c)		61,310		1,087,225
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		33,740		965,216
Grupo Bimbo S.A.B. de C.V., Series A		238,497		1,273,201
Grupo Carso S.A.B. de C.V., Series A1		180,015		1,012,790


	Shares		Value
Mexico-(continued)
Grupo Comercial Chedraui S.A. de C.V.		315,118	$	1,856,574
Grupo Financiero Banorte S.A.B. de C.V., Class O		128,712		1,109,382
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(b)(c)		469,625		1,139,242
Grupo Mexico S.A.B. de C.V., Class B		179,832		881,365
Prologis Property Mexico S.A. de C.V.		232,009		798,829
Qualitas Controladora S.A.B. de C.V.		241,533		1,591,341
Regional S.A.B. de C.V.		172,646		1,260,175

				19,426,559

Philippines-1.22%
DMCI Holdings, Inc.		5,554,760		983,880
International Container Terminal Services, Inc.		218,652		856,685

				1,840,565

South Africa-1.50%
Investec Ltd.		257,955		1,419,308
OUTsurance Group Ltd.		439,559		836,626

				2,255,934

Taiwan-45.43%
Asia Vital Components Co. Ltd.		467,000		2,392,535
Chailease Holding Co. Ltd.		222,000		1,610,344
Chung-Hsin Electric and Machinery Manufacturing Corp.		308,000		1,016,898
Delta Electronics, Inc.		105,000		1,024,640
First Financial Holding Co. Ltd.		1,057,100		931,850
Formosa Plastics Corp.		295,000		901,049
Global Unichip Corp.		62,000		2,008,685
Goldsun Building Materials Co. Ltd.		1,476,000		1,344,328
Great Wall Enterprise Co. Ltd.		865,636		1,444,487
HTC Corp.^(b)		439,000		809,671
Hua Nan Financial Holdings Co. Ltd.		1,082,718		771,295
Kings Town Bank Co. Ltd.		1,457,000		1,670,627
Lite-On Technology Corp.		751,000		1,795,511
Lotes Co. Ltd.		115,000		3,284,378
Micro-Star International Co. Ltd.		816,000		3,862,015
Mitac Holdings Corp.		819,000		756,594
Powertech Technology, Inc.		281,000		839,093
Qisda Corp.		2,156,000		2,426,530
Sigurd Microelectronics Corp.		1,297,000		2,198,055
Sinbon Electronics Co. Ltd.		443,000		4,899,406
SinoPac Financial Holdings Co. Ltd.		1,782,060		968,054
Supreme Electronics Co. Ltd.		1,544,000		2,179,706
Taichung Commercial Bank Co. Ltd.		1,861,700		853,866
Taiwan Business Bank		1,785,000		809,978
Taiwan Cooperative Financial Holding Co. Ltd.		986,420		858,315
Taiwan Hon Chuan Enterprise Co. Ltd.		238,000		773,398
Taiwan Semiconductor Manufacturing Co. Ltd.		212,000		3,461,788
Tatung Co. Ltd.^(b)		733,000		777,289
Topco Scientific Co. Ltd.		630,000		3,821,908
Uni-President Enterprises Corp.		1,119,000		2,678,975
United Microelectronics Corp.		1,084,000		1,731,297
Walsin Lihwa Corp.		1,745,304		2,818,715
Wistron Corp.		901,000		1,362,820

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Taiwan-(continued)
Wiwynn Corp.		102,000	$	3,865,333
Yulon Finance Corp.		742,000		4,453,086
Yulon Motor Co. Ltd.		367,000		962,192

				68,364,711

Thailand-3.15%
AP (Thailand) PCL, NVDR		2,515,919		928,343
Bangchak Corp. PCL, NVDR		890,626		788,972
Central Plaza Hotel PCL, NVDR^(b)		617,026		989,301
Kiatnakin Phatra Bank PCL, NVDR		420,329		738,553
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2024^(d)		35,668		0
Kiatnakin Phatra Bank PCL, Wts., expiring 12/31/2026^(d)		35,668		0
Thonburi Healthcare Group PCL, NVDR		659,385		1,293,764

				4,738,933

Turkey-5.82%
Akbank T.A.S.		928,734		766,454
Arcelik A.S.		186,585		929,171
Enka Insaat ve Sanayi A.S.		563,914		792,740
Ford Otomotiv Sanayi A.S.		48,765		1,347,490
Haci Omer Sabanci Holding A.S.		476,756		936,438
KOC Holding A.S.		205,615		799,803
Sasa Polyester Sanayi A.S.^(b)		1		4
Turkiye Is Bankasi A.S., Class C		2,192,157		1,220,730
Turkiye Petrol Rafinerileri A.S.		317,023		1,080,746
Turkiye Sise ve Cam Fabrikalari A.S.		464,146		879,690

				8,753,266


	Shares		Value
United States-0.55%
GCC S.A.B. de C.V.		104,448	$	827,582

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $134,632,530)				150,621,198


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.32%
Invesco Private Government Fund, 4.83%^(e)(f)(g)		557,350		557,350
Invesco Private Prime Fund, 4.99%^(e)(f)(g)		1,433,187		1,433,187

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,990,537)				1,990,537

TOTAL INVESTMENTS IN SECURITIES-101.41% (Cost $136,623,067)				152,611,735
OTHER ASSETS LESS LIABILITIES-(1.41)%				(2,127,697	)

NET ASSETS-100.00%			$	150,484,038

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

Notes to Schedule of Investments:

^(a)

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 April 30, 2023 was $2,859,135, which represented 1.90% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2023.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 4.

^(e)


	Value October 31, 2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-	$	21,555,247	$	(21,555,247	)		$	-	$	-		$	-	$	4,888

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2023

(Unaudited)


	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2023			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	386,986		$	9,109,393		$	(8,939,029	)		$	-			$	-			$	557,350		$	15,475	*

Invesco Private Prime Fund			1,036,003			19,496,706			(19,099,294	)			(11	)			(217	)			1,433,187			42,349	*


Total		$	1,422,989		$	50,161,346		$	(49,593,570	)		$	(11	)		$	(217	)		$	1,990,537		$	62,712

*	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 April 30, 2023.

^(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 2J.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of April 30, 2023



Information Technology	30.78

Financials	19.12

Industrials	16.16

Materials	8.26

Consumer Staples	7.64

Real Estate	5.51

Consumer Discretionary	5.29

Energy	4.00

Sector Types Each Less Than 3%	3.33

Money Market Funds Plus Other Assets Less Liabilities	(0.09	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

April 30, 2023

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.75%
Australia-5.91%
AGL Energy Ltd.		84,768	$	464,957
AMP Ltd.		496,653		372,522
Ampol Ltd.		28,018		554,175
ANZ Group Holdings Ltd.		228,637		3,679,158
APA Group		65,990		448,306
Aristocrat Leisure Ltd.		22,841		572,232
ASX Ltd.		8,318		376,376
Aurizon Holdings Ltd.		276,926		625,882
Bank of Queensland Ltd.^(a)		78,621		301,349
Bendigo & Adelaide Bank Ltd.^(a)		59,743		341,117
BHP Group Ltd.		417,730		12,256,927
BlueScope Steel Ltd.		66,065		867,506
Brambles Ltd.		106,263		1,000,691
Coles Group Ltd.		90,244		1,085,407
Commonwealth Bank of Australia		86,757		5,696,644
Computershare Ltd.		25,360		375,405
CSL Ltd.		10,186		2,023,330
Dexus		111,927		575,463
Endeavour Group Ltd.		110,618		496,362
Evolution Mining Ltd.^(a)		167,972		395,175
Fortescue Metals Group Ltd.		183,609		2,540,818
Glencore PLC		1,899,501		11,197,305
Goodman Group		63,382		808,819
GPT Group (The)^(a)		185,681		541,139
Incitec Pivot Ltd.		181,940		383,550
Insurance Australia Group Ltd.		252,006		829,360
James Hardie Industries PLC, CDI		20,165		446,289
JB Hi-Fi Ltd.		14,067		413,215
Lendlease Corp. Ltd.^(a)		90,666		446,379
Macquarie Group Ltd.		23,434		2,827,809
Medibank Pvt. Ltd.		278,362		654,882
Metcash Ltd.		123,615		318,595
Mineral Resources Ltd.		6,988		340,256
Mirvac Group		429,940		684,743
National Australia Bank Ltd.		190,184		3,624,701
Newcrest Mining Ltd.		65,163		1,245,381
Northern Star Resources Ltd.		56,150		499,457
Orica Ltd.		32,158		344,276
Origin Energy Ltd.		173,476		956,111
Qantas Airways Ltd.^(b)		77,569		338,326
QBE Insurance Group Ltd.		119,049		1,206,065
Ramsay Health Care Ltd.		13,317		569,131
Rio Tinto Ltd.		48,557		3,601,979
Rio Tinto PLC		139,096		8,827,163
Santos Ltd.		237,087		1,107,720
Scentre Group		478,203		910,139
Sonic Healthcare Ltd.		35,796		838,361
South32 Ltd.		410,370		1,149,859
Star Entertainment Group Ltd. (The)^(a)(b).		288,884		242,454
Stockland		268,349		789,156
Suncorp Group Ltd.		117,442		968,592
Telstra Group Ltd.		501,133		1,447,229
Transurban Group		138,507		1,372,070
Treasury Wine Estates Ltd.		44,111		406,070
Vicinity Ltd.		393,673		546,334
Wesfarmers Ltd.		56,479		1,939,736
Westpac Banking Corp.		243,261		3,612,256


	Shares		Value
Australia-(continued)
Woodside Energy Group Ltd.		89,362	$	1,988,969
Woolworths Group Ltd.		61,364		1,574,650
Worley Ltd.		35,479		352,632

				95,400,960

Austria-0.41%
ams-OSRAM AG^(b)		44,292		305,548
ANDRITZ AG		6,832		443,878
BAWAG Group AG^(b)(c)		10,033		489,135
Erste Group Bank AG		45,242		1,643,761
Mondi PLC^(a)		80,022		1,272,334
OMV AG		21,766		1,029,431
Raiffeisen Bank International AG^(b)		27,646		424,550
voestalpine AG		18,025		624,449
Wienerberger AG		13,812		416,283

				6,649,369

Belgium-0.90%
Ageas S.A./N.V		28,641		1,277,118
Anheuser-Busch InBev S.A./N.V.^(a)		87,613		5,716,434
Cofinimmo S.A.^(a)		3,154		301,717
Elia Group S.A./N.V		2,083		286,074
Etablissements Franz Colruyt N.V.		11,676		324,191
Groupe Bruxelles Lambert N.V.		8,308		745,686
KBC Group N.V.^(a)		32,275		2,308,215
Proximus SADP		56,289		480,366
Sofina S.A.^(a)		1,296		297,317
Solvay S.A., Class A^(a)		9,208		1,106,529
UCB S.A.^(a)		9,002		838,984
Umicore S.A.^(a)		27,995		919,777

				14,602,408

Brazil-0.10%
Wheaton Precious Metals Corp.		13,385		659,727
Yara International ASA		22,588		905,962

				1,565,689

Burkina Faso-0.02%
Endeavour Mining PLC		13,307		344,212

Canada-8.96%
Agnico Eagle Mines Ltd.		19,336		1,095,749
Air Canada^(a)(b)		21,240		296,918
Algonquin Power & Utilities Corp.		90,318		767,134
Alimentation Couche-Tard, Inc.		55,261		2,755,105
Allied Properties REIT		17,156		288,147
AltaGas Ltd.^(a)		38,381		670,670
ARC Resources Ltd.		45,023		558,680
Atco Ltd., Class I		9,553		315,334
B2Gold Corp.		102,464		402,664
Bank of Montreal^(a)		60,001		5,402,877
Bank of Nova Scotia (The)		162,264		8,091,067
Barrick Gold Corp.		160,958		3,057,051
BCE, Inc.		35,369		1,698,171
Bombardier, Inc., Class B^(b)		12,124		523,112
Brookfield Corp.^(a)		137,296		4,449,998
CAE, Inc.^(b)		14,392		323,536
Cameco Corp.		9,862		270,854
Canadian Apartment Properties REIT		15,669		573,363
Canadian Imperial Bank of Commerce		109,289		4,576,875

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Canada-(continued)
Canadian National Railway Co.		25,230	$	3,004,236
Canadian Natural Resources Ltd.		82,546		5,024,698
Canadian Pacific Kansas City Ltd.		28,204		2,220,886
Canadian Tire Corp. Ltd., Class A^(a)		7,306		956,734
Canadian Utilities Ltd., Class A^(a)		14,398		415,815
Canadian Western Bank		13,324		238,718
Capital Power Corp.		11,166		363,556
CCL Industries, Inc., Class B^(a)		9,152		429,900
Celestica, Inc.^(b)		22,242		241,066
Cenovus Energy, Inc.		65,512		1,098,387
CGI,Inc., Class A^(b)		10,732		1,088,076
CI Financial Corp.		30,330		298,313
Constellation Software, Inc.		255		498,573
Crescent Point Energy Corp.		65,615		484,747
Dollarama, Inc.		4,887		302,379
Element Fleet Management Corp.		20,808		271,856
Emera, Inc.^(a)		29,424		1,250,677
Enbridge, Inc.^(a)		223,564		8,879,593
Fairfax Financial Holdings Ltd.		2,575		1,797,545
Finning International, Inc.		17,166		444,369
First Capital REIT		25,778		302,387
Fortis, Inc.		49,355		2,164,808
Franco-Nevada Corp.		4,183		634,035
George Weston Ltd.		7,815		1,048,223
Gibson Energy, Inc.		22,512		381,590
Gildan Activewear, Inc.		11,315		368,073
Great-West Lifeco, Inc.		41,763		1,186,102
Hydro One Ltd.^(c)		25,461		744,889
iA Financial Corp., Inc.		9,652		646,954
IGM Financial, Inc.		9,199		282,013
Imperial Oil Ltd.		14,990		763,260
Intact Financial Corp.		9,172		1,385,910
Keyera Corp.		25,496		599,287
Kinross Gold Corp.		242,349		1,220,411
Linamar Corp.		5,097		242,016
Loblaw Cos. Ltd.		13,913		1,307,184
Magna International, Inc.		48,725		2,537,738
Manulife Financial Corp.		297,867		5,874,764
MEG Energy Corp.^(b)		23,877		397,158
Methanex Corp.		6,843		306,000
Metro, Inc.		18,256		1,039,393
National Bank of Canada		27,196		2,025,814
Northland Power, Inc.		17,240		422,770
Nutrien Ltd.		42,504		2,945,477
Onex Corp.		7,777		357,743
Open Text Corp.		17,705		669,795
Parkland Corp.^(a)		29,065		684,676
Pembina Pipeline Corp.^(a)		51,561		1,695,510
Power Corp. of Canada		103,731		2,775,491
Restaurant Brands International, Inc.		11,430		800,429
RioCan REIT		36,330		561,973
Royal Bank of Canada^(a)		117,249		11,628,079
Saputo, Inc.		20,754		536,791
Shopify, Inc., Class A^(b)		15,793		764,324
SNC-Lavalin Group, Inc.		17,327		398,586
SSR Mining, Inc.		22,030		315,109
Sun Life Financial, Inc.		63,273		3,100,438
Suncor Energy, Inc.		161,109		5,038,888
TC Energy Corp.^(a)		106,737		4,431,439
Teck Resources Ltd., Class B		36,312		1,689,634


	Shares		Value
Canada-(continued)
TELUS Corp.		45,163	$	956,338
TFI International, Inc.		3,064		329,872
Thomson Reuters Corp.		5,517		724,699
TMX Group Ltd.		3,046		308,171
Toromont Industries Ltd.		3,465		279,693
Toronto-Dominion Bank (The)		164,199		9,935,716
Tourmaline Oil Corp.		13,674		613,682
Vermilion Energy, Inc.		29,877		377,786
West Fraser Timber Co. Ltd.		10,178		735,415
WSP Global, Inc.		4,865		641,385

				144,605,347

Chile-0.07%
Antofagasta PLC^(a)		28,286		519,247
Lundin Mining Corp.		78,872		601,877

				1,121,124

China-0.27%
AAC Technologies Holdings, Inc.^(b)		127,424		267,837
BOC Hong Kong Holdings Ltd.		348,182		1,095,568
Lenovo Group Ltd.		1,146,328		1,171,168
Prosus N.V.		12,388		928,214
Wilmar International Ltd.		173,314		510,530
Xinyi Glass Holdings Ltd.		199,491		363,409

				4,336,726

Denmark-1.08%
AP Moller - Maersk A/S, Class A^(a)		500		892,421
AP Moller - Maersk A/S, Class B		841		1,519,114
Carlsberg A/S, Class B		6,372		1,054,717
Chr. Hansen Holding A/S^(a)		4,471		348,207
Coloplast A/S, Class B		4,739		682,987
Danske Bank A/S^(b)		90,311		1,906,867
DSV A/S, (Acquired 01/10/2017 -04/11/2023; Cost $910,573)^(a)(d)		6,680		1,257,082
Genmab A/S^(b)		855		352,065
ISS A/S		27,615		576,736
Jyske Bank A/S^(b)		4,397		321,147
Novo Nordisk A/S, Class B		29,445		4,904,810
Novozymes A/S, Class B^(a)		7,531		391,983
Orsted A/S^(a)(c)		10,385		933,086
Pandora A/S		5,813		537,448
Tryg A/S		21,885		517,035
Vestas Wind Systems A/S^(a)(b)		42,556		1,175,328

				17,371,033

Finland-1.29%
Elisa OYJ		9,705		603,431
Fortum OYJ^(a)		89,580		1,338,067
Huhtamaki OYJ^(a)		10,155		365,931
Kesko OYJ, Class B		31,093		648,946
Kone OYJ, Class B		23,248		1,326,922
Konecranes OYJ^(a)		8,971		351,294
Neste OYJ		22,846		1,108,254
Nokia OYJ		559,703		2,374,019
Nokian Renkaat OYJ^(a)		37,100		361,581
Nordea Bank Abp		459,045		5,093,197
Orion OYJ, Class B		5,844		274,975
Outokumpu OYJ^(a)		71,342		389,318
Sampo OYJ, Class A		55,349		2,808,400
Stora Enso OYJ, Class R		78,377		995,074

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Finland-(continued)
UPM-Kymmene OYJ		56,515	$	1,803,145
Valmet OYJ^(a)		11,340		383,343
Wartsila OYJ Abp^(a)		56,053		649,766

				20,875,663

France-9.19%
Accor S.A.^(b)		10,673		378,470
Air France-KLM^(a)(b)		378,351		655,162
Air Liquide S.A.		27,718		4,993,418
Airbus SE^(a)		25,763		3,616,161
Alstom S.A.^(a)		35,007		878,849
Amundi S.A.^(c)		7,156		468,878
Arkema S.A.		9,979		987,327
Atos SE^(b)		48,298		668,379
AXA S.A.^(a)		263,245		8,593,708
BNP Paribas S.A.		176,635		11,425,347
Bollore SE^(a)		50,742		342,837
Bouygues S.A.^(a)		55,011		2,016,307
Bureau Veritas S.A.		14,847		428,463
Capgemini SE		8,814		1,604,585
Carrefour S.A.		118,151		2,460,074
Cie de Saint-Gobain		69,930		4,046,967
Cie Generale des Etablissements Michelin S.C.A.		95,857		3,050,968
Covivio S.A.^(a)		6,682		379,912
Credit Agricole S.A.		276,163		3,379,334
Danone S.A.		67,694		4,483,304
Dassault Systemes SE		11,078		448,478
Edenred		7,668		498,786
Eiffage S.A.		10,435		1,243,034
Elis S.A.		26,764		531,854
ENGIE S.A.^(a)		350,782		5,621,515
EssilorLuxottica S.A.		13,661		2,705,665
Eurazeo SE^(a)		5,278		376,710
Faurecia SE^(a)(b)		49,595		1,026,617
Gecina S.A.		5,874		654,326
Hermes International		372		807,741
Kering S.A.^(a)		3,317		2,122,843
Klepierre S.A.^(a)		28,281		716,862
Korian S.A.		29,118		252,509
Legrand S.A.		13,409		1,268,663
L’Oreal S.A.		7,137		3,409,745
LVMH Moet Hennessy Louis Vuitton SE		6,496		6,246,450
Nexans S.A.^(a)		2,936		252,339
Orange S.A.		419,469		5,471,917
Orpea S.A.^(a)(b)		126,674		374,234
Pernod Ricard S.A.		9,101		2,103,948
Publicis Groupe S.A.		21,451		1,755,303
Renault S.A.^(a)(b)		75,371		2,798,339
Rexel S.A.		33,532		777,406
Rubis S.C.A.		10,721		316,968
Safran S.A.		15,526		2,415,811
Schneider Electric SE		28,036		4,884,805
SCOR SE		28,556		738,335
SEB S.A.^(a)		3,722		426,523
Societe Generale S.A.^(a)		197,256		4,796,399
Sodexo S.A.		10,039		1,077,273
SPIE S.A.^(a)		14,840		463,322
Technip Energies N.V.		22,868		508,208
Teleperformance		2,701		539,128


	Shares		Value
France-(continued)
Thales S.A.		6,229	$	951,751
TotalEnergies SE		346,762		22,180,897
Ubisoft Entertainment S.A.^(b)		15,505		453,443
Unibail-Rodamco-Westfield^(a)(b)		12,745		682,981
Valeo^(a)		63,343		1,235,325
Veolia Environnement S.A.		85,474		2,707,283
Vinci S.A.^(a)		45,370		5,619,928
Vivendi SE^(a)		90,292		992,238
Wendel SE		2,659		298,251
Worldline S.A.^(b)(c)		16,569		720,346

				148,332,949

Germany-9.87%
adidas AG		14,778		2,601,250
Allianz SE		58,379		14,659,249
Aroundtown S.A.^(a)		197,524		268,331
Aurubis AG		6,547		612,925
BASF SE		174,173		9,008,647
Bayer AG		110,027		7,259,037
Bayerische Motoren Werke AG		64,384		7,210,350
Bayerische Motoren Werke AG, Preference Shares		12,028		1,278,095
Beiersdorf AG		3,493		488,204
Brenntag SE		14,130		1,150,933
Commerzbank AG^(b)		153,877		1,709,845
Continental AG.		25,796		1,806,125
Covestro AG^(b)(c)		39,763		1,746,716
Daimler Truck Holding AG^(b)		64,981		2,147,867
Deutsche Bank AG.		427,869		4,696,749
Deutsche Boerse AG		7,615		1,453,564
Deutsche Lufthansa AG^(b)		98,234		1,055,222
Deutsche Post AG		131,157		6,301,580
Deutsche Telekom AG		460,797		11,130,792
E.ON SE		302,109		4,004,008
Evonik Industries AG		38,246		834,338
Freenet AG.		18,696		533,348
Fresenius Medical Care AG& Co. KGaA		42,871		2,084,395
Fresenius SE & Co. KGaA		84,028		2,432,349
Fuchs Petrolub SE		2,801		91,068
Fuchs Petrolub SE, Preference Shares		5,844		230,974
GEA Group AG		11,442		537,364
Hannover Rueck SE		6,419		1,371,961
HeidelbergCement AG		28,748		2,175,943
Henkel AG& Co. KGaA		11,239		831,326
Henkel AG& Co. KGaA, Preference Shares.		19,073		1,543,027
HUGO BOSS AG		4,246		319,787
Infineon Technologies AG		45,169		1,640,860
K+S AG		27,150		542,223
KION Group AG		15,398		636,117
Knorr-Bremse AG		6,463		452,654
Lanxess AG		14,851		604,338
LEG Immobilien SE		9,522		592,683
Mercedes-Benz Group AG^(a)		144,494		11,259,020
Merck KGaA		5,082		911,991
MTU Aero Engines AG		2,230		585,198
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		17,443		6,557,034
ProSiebenSat.1 Media SE		47,628		426,960
Puma SE		5,229		305,728
Rheinmetall AG		2,393		701,417

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Germany-(continued)
RWE AG		58,543	$	2,750,069
Salzgitter AG		6,995		276,774
SAP SE		55,756		7,562,602
Siemens AG		57,253		9,411,570
Siemens Energy AG^(b)		84,823		2,077,037
Siemens Healthineers AG^(c)		12,717		792,113
Symrise AG		5,231		632,076
TAG Immobilien AG		37,175		318,069
Talanx AG		7,585		381,512
Telefonica Deutschland Holding AG		179,051		605,866
thyssenkrupp AG		203,050		1,457,984
TUI AG^(a)(b)		67,158		428,301
United Internet AG		19,588		336,487
Volkswagen AG		9,504		1,594,323
Volkswagen AG, Preference Shares		67,208		9,176,764
Vonovia SE		103,469		2,241,760
Zalando SE^(b)(c)		12,270		503,508

				159,338,407

Hong Kong-1.60%
AIA Group Ltd.		715,746		7,745,656
CK Asset Holdings Ltd.		131,643		776,452
CK Hutchison Holdings Ltd.		166,652		1,114,566
CLP Holdings Ltd.		99,337		739,026
Hang Lung Properties Ltd.		160,000		291,876
Hang Seng Bank Ltd.		41,867		619,213
Henderson Land Development Co. Ltd.		106,666		379,111
Hong Kong & China Gas Co. Ltd. (The)		569,491		504,931
Hong Kong Exchanges & Clearing Ltd.		26,105		1,077,469
Hongkong Land Holdings Ltd.		75,138		332,861
Jardine Matheson Holdings Ltd.		10,865		523,693
Link REIT		221,611		1,445,430
MTR Corp. Ltd.		103,342		515,400
New World Development Co. Ltd.		270,333		718,027
Orient Overseas International Ltd.		25,000		505,739
Power Assets Holdings Ltd.		62,443		356,367
Prudential PLC		266,075		4,051,619
Sun Hung Kai Properties Ltd.		126,686		1,759,102
Swire Pacific Ltd., Class A		64,000		506,299
Swire Pacific Ltd., Class B		137,500		174,286
Techtronic Industries Co. Ltd.		52,951		569,315
WH Group Ltd.		748,922		415,967
Wharf Real Estate Investment Co. Ltd.		132,705		762,430

				25,884,835

Ireland-0.53%
AIB Group PLC		124,923		537,593
Bank of Ireland Group PLC		94,498		977,533
CRH PLC		72,066		3,494,570
Flutter Entertainment PLC^(a)(b)		5,376		1,075,392
Kerry Group PLC, Class A		7,805		822,380
Kingspan Group PLC		6,597		456,650
Smurfit Kappa Group PLC		30,095		1,112,854

				8,476,972

Israel-0.26%
Bank Hapoalim BM		94,562		805,342
Bank Leumi Le-Israel BM		106,539		834,393
Bezeq The Israeli Telecommunication
Corp. Ltd.