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Invesco Semi-Annual Report to Shareholders

 

February 28, 2023

    

 

  PLW   Invesco 1-30 Laddered Treasury ETF
  PWZ   Invesco California AMT-Free Municipal Bond ETF
  PCEF   Invesco CEF Income Composite 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
  BAB   Invesco Taxable Municipal Bond ETF
  CLTL   Invesco Treasury Collateral ETF
  VRP   Invesco Variable Rate Preferred ETF
  PVI   Invesco VRDO Tax-Free ETF

 

 

Table of Contents

 

Schedules of Investments

   

Invesco 1-30 Laddered Treasury ETF (PLW)

      3  

Invesco California AMT-Free Municipal Bond ETF (PWZ)

      5  

Invesco CEF Income Composite ETF (PCEF)

      12  

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)

      15  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

     20  

Invesco National AMT-Free Municipal Bond ETF (PZA)

      31  

Invesco New York AMT-Free Municipal Bond ETF (PZT)

      53  

Invesco Preferred ETF (PGX)

      56  

Invesco Taxable Municipal Bond ETF (BAB)

      62  

Invesco Treasury Collateral ETF (CLTL)

      79  

Invesco Variable Rate Preferred ETF (VRP)

      81  

Invesco VRDO Tax-Free ETF (PVI)

      88  

Statements of Assets and Liabilities

      92  

Statements of Operations

      94  

Statements of Changes in Net Assets

      96  

Financial Highlights

      100  

Notes to Financial Statements

      112  

Fund Expenses

      126  

 

    2    

 

  

 

 

 

Invesco 1-30 Laddered Treasury ETF (PLW)

February 28, 2023

(Unaudited)

Schedule of Investments

 

     Principal
Amount		      Value  

U.S. Treasury Securities-99.87%

 

U.S. Treasury Bonds-79.64%

 

7.63%, 02/15/2025(a)

    $ 19,347,800      $ 20,351,467  

6.00%, 02/15/2026

      19,618,400        20,439,154  

6.63%, 02/15/2027

      18,810,800        20,382,531  

5.25%, 02/15/2029

      19,235,700        20,334,990  

5.38%, 02/15/2031

      18,544,100        20,296,373  

4.50%, 02/15/2036

      37,564,700        40,137,001  

4.75%, 02/15/2037

      18,373,100        20,108,497  

4.38%, 02/15/2038

      19,118,800        20,041,880  

3.50%, 02/15/2039

      21,206,500        19,989,611  

4.63%, 02/15/2040

      18,478,000        19,912,571  

4.75%, 02/15/2041

      18,264,000        19,977,677  

3.13%, 02/15/2042

      22,884,000        19,929,193  

3.13%, 02/15/2043

      23,124,800        19,942,430  

3.63%, 02/15/2044

      21,508,200        19,973,640  

2.50%, 02/15/2045

      25,973,500        19,859,074  

2.50%, 02/15/2046

      26,148,200        19,886,932  

3.00%, 02/15/2047

      23,761,100        19,792,254  

3.00%, 02/15/2048

      23,836,900        19,880,999  

3.00%, 02/15/2049

      23,721,100        19,859,935  

2.00%, 02/15/2050

      29,303,200        19,837,465  

1.88%, 02/15/2051

      30,536,900        19,949,184  

2.25%, 02/15/2052

      27,918,200        19,915,710  

3.63%, 02/15/2053

      21,520,900        20,495,295  
     

 

 

  
        481,293,863  
     

 

 

  

U.S. Treasury Notes-20.23%

 

2.75%, 02/15/2024

      21,115,000        20,642,523  

2.75%, 02/15/2028

      21,764,500        20,366,811  

1.50%, 02/15/2030

      23,726,700        20,151,939  

1.88%, 02/15/2032

      23,907,400        20,257,786  

3.50%, 02/15/2033(a)

      42,210,400        40,822,074  
     

 

 

  
        122,241,133  
     

 

 

  

Total U.S. Treasury Securities
(Cost $694,638,171)

         603,534,996  
     

 

 

  
     Shares      Value  

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.51%(b)(c)
(Cost $44,185)

      44,185      $ 44,185  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $694,682,356)

 

      603,579,181  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

   

Money Market Funds-2.22%

 

Invesco Private Government Fund,
4.58%(b)(c)(d)

      3,771,606        3,771,606  

Invesco Private Prime Fund, 4.83%(b)(c)(d)

      9,650,665        9,652,595  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,424,201)

 

      13,424,201  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.10%
(Cost $708,106,557)

 

      617,003,382  

OTHER ASSETS LESS LIABILITIES-(2.10)%

 

      (12,685,142 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 604,318,240  
     

 

 

  

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at February 28, 2023.

(b) 

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 February 28, 2023.

 

     Value
August 31,  2022		            Purchases
at Cost		            Proceeds
from Sales		            Change in
Unrealized
Appreciation
(Depreciation)		            Realized
Gain
(Loss)		            Value
February 28,  2023		            Dividend
Income		  

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

      $      46,479          $    6,085,360          $    (6,087,654)          $    -          $        -          $        44,185          $    3,235  

 

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

 

    3    

 

  

 

 

 

Invesco 1-30 Laddered Treasury ETF (PLW)–(continued)

February 28, 2023

(Unaudited)

 

    Value
August 31, 2022		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
February 28, 2023		     Dividend
Income		  

Investments Purchased with Cash Collateral from Securities on Loan:

                              

Invesco Private Government Fund

     $ 1,506,072       $ 171,746,329     $ (169,480,795 )      $ -         $ -         $ 3,771,606       $ 94,403 * 

Invesco Private Prime Fund

       3,874,600         261,439,293       (255,659,119 )                 (85 )                   (2,094 )          9,652,595         214,119 * 
   

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

  

Total

            $ 5,427,151              $ 439,270,982     $ (431,227,568 )      $ (85 )        $ (2,094 )               $ 13,468,386              $ 311,757  
   

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

  

 

*

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 February 28, 2023.

(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.

 

Portfolio Composition

Duration Breakdown (% of the Fund’s Net Assets)
as of February 28, 2023

Maturing in 0-5 Years

      16.91     

Maturing in 6-10 Years

      20.16     

Maturing in 11-15 Years

      13.29     

Maturing in 16-20 Years

      16.51     

Maturing in 21-25 Years

      16.44     

Maturing in 26-30 Years

      16.56     

Money Market Funds Plus Other Assets Less Liabilities

      0.13     

 

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

 

    4    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 28, 2023

(Unaudited)

Schedule of Investments

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		   Value  

Municipal Obligations-97.97%

          

California-97.97%

          

Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)

      5.00%       10/01/2052      $   1,000       $      1,072,812  

Alameda (County of), CA Transportation Commission, Series 2022, RB

      5.00%       03/01/2045        1,750       1,949,999  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB

      4.00%       04/01/2042        3,000       2,928,270  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

      4.00%       04/01/2038        150       150,502  

California (State of), Series 2013, GO Bonds

      5.00%       04/01/2043        2,000       2,002,026  

California (State of), Series 2013, GO Bonds

      5.00%       11/01/2043        1,965       1,981,944  

California (State of), Series 2014, GO Bonds

      5.00%       10/01/2044        1,000       1,018,005  

California (State of), Series 2014, Ref. GO Bonds

      4.00%       11/01/2044        520       516,420  

California (State of), Series 2015, GO Bonds

      4.00%       03/01/2045        195       191,912  

California (State of), Series 2015, GO Bonds

      5.00%       03/01/2045        1,000       1,028,931  

California (State of), Series 2016, GO Bonds

      5.00%       09/01/2046        2,000       2,087,641  

California (State of), Series 2017, GO Bonds

      5.00%       11/01/2047        3,475       3,690,059  

California (State of), Series 2018, GO Bonds

      5.00%       10/01/2047        1,720       1,785,633  

California (State of), Series 2019, Ref. GO Bonds

      5.00%       11/01/2039        1,500       1,625,549  

California (State of), Series 2020, GO Bonds

      4.00%       03/01/2046        660       644,977  

California (State of), Series 2020, GO Bonds

      3.00%       03/01/2050        2,860       2,174,046  

California (State of), Series 2021, GO Bonds

      4.00%       10/01/2039        4,990       5,028,517  

California (State of), Series 2021, GO Bonds

      2.38%       12/01/2043        2,000       1,388,003  

California (State of), Series 2021, GO Bonds

      3.00%       12/01/2043        400       325,061  

California (State of), Series 2021, GO Bonds

      5.00%       12/01/2043        1,200       1,314,871  

California (State of), Series 2021, GO Bonds

      3.00%       12/01/2046        750       589,659  

California (State of), Series 2021, GO Bonds

      5.00%       12/01/2046        500       543,275  

California (State of), Series 2021, GO Bonds

      2.50%       12/01/2049        750       490,343  

California (State of), Series 2021, GO Bonds

      3.00%       12/01/2049        625       478,667  

California (State of), Series 2021, Ref. GO Bonds

      5.00%       09/01/2041        7,445       8,261,315  

California (State of), Series 2021, Ref. GO Bonds

      4.00%       10/01/2041        3,500       3,500,792  

California (State of), Series 2022 CU, GO Bonds

      4.75%       12/01/2042        3,000       3,203,591  

California (State of), Series 2022 CU, GO Bonds

      4.85%       12/01/2046        1,700       1,809,055  

California (State of), Series 2022 CU, GO Bonds

      5.50%       12/01/2052        5,000       5,319,672  

California (State of), Series 2022, GO Bonds

      5.25%       09/01/2047        1,000       1,122,543  

California (State of), Series 2022, Ref. GO Bonds

      5.00%       04/01/2042        1,720       1,837,362  

California (State of), Series 2022, Ref. GO Bonds

      5.00%       04/01/2042        2,560       2,850,350  

California (State of), Series 2022, Ref. GO Bonds

      5.00%       09/01/2042        3,000       3,353,510  

California (State of), Series 2022, Ref. GO Bonds

      5.00%       09/01/2042        3,000       3,200,572  

California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB

      2.25%       04/01/2051        400       249,658  

California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB

      5.00%       10/01/2053        2,000       2,069,859  

California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB

      4.00%       08/15/2040        1,000       989,406  

California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB

      3.00%       08/15/2051        2,200       1,575,248  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB

      4.00%       08/15/2048        4,535       4,327,563  

California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series
2017 A, Ref. RB

      5.00%       08/15/2042        6,500       6,606,359  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB

      4.00%       11/01/2044        110       103,249  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB

      5.00%       11/01/2047        6,000       6,805,036  

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       1,019,362  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB

      5.00%       11/15/2056        145       148,596  

California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB

      4.00%       06/01/2050        5,000       4,671,588  

 

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

 

    5    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		   Value  

California-(continued)

          

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series
2016 A, Ref. RB

      3.00%       10/01/2047      $    2,620       $      1,893,426  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series
2016 A, Ref. RB

      4.00%       10/01/2047        335       308,659  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

      4.00%       11/15/2040        885       874,405  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB

      4.00%       08/15/2050        13,700       13,048,569  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB

      4.00%       11/15/2041        885       829,729  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB

      4.00%       11/15/2048        175       159,049  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

      4.00%       11/15/2042        170       158,823  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB

      5.00%       11/01/2041        1,000       1,006,461  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB

      4.00%       11/01/2045        395       379,972  

California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB

      5.00%       08/01/2044        2,005       2,137,145  

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       1,325,748  

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       1,487,797  

California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB

      4.00%       07/01/2050        1,250       1,139,698  

California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB

      5.00%       05/15/2047        1,000       1,049,972  

California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB

      4.00%       03/01/2050        3,085       2,367,896  

California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB

      4.00%       02/01/2042        1,000       941,744  

California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB

      5.00%       07/01/2042        1,000       1,016,702  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)

      4.00%       05/15/2046        500       459,884  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)

      3.00%       05/15/2051        1,000       752,366  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)

      3.00%       05/15/2054        1,000       735,113  

California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB

      5.00%       11/01/2047        1,000       1,004,001  

California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB

      5.25%       11/01/2047        500       501,491  

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       1,051,854  

California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB

      5.00%       05/15/2049        2,000       1,985,408  

California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB

      5.00%       07/15/2046        500       538,574  

California (State of) Public Works Board (Green Bonds), Series 2021, RB

      4.00%       11/01/2046        1,000       967,046  

California (State of) Public Works Board (Green Bonds), Series 2021, RB

      5.00%       11/01/2046        2,250       2,455,640  

California (State of) Public Works Board (Various Capital), Series 2021 B, RB

      4.00%       05/01/2046        5,000       4,839,061  

California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB

      3.00%       04/01/2050        1,000       724,332  

California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB

      3.00%       04/01/2046        1,250       912,145  

California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB

      4.00%       04/01/2051        1,900       1,707,175  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

      4.00%       08/15/2046        1,650       1,557,760  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

      4.00%       08/15/2051        165       152,009  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

      5.00%       08/15/2051        1,000       1,021,225  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB

      5.00%       12/01/2057        1,075       1,095,885  

 

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

 

    6    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		   Value  

California-(continued)

          

California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB

      4.00%       08/01/2045      $    1,000       $      858,259  

California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018; RB

      5.00%       01/01/2048        1,975       2,008,132  

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       1,011,415  

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        1,500       1,507,788  

California State University, Series 2015 A, Ref. RB

      5.00%       11/01/2038        2,515       2,634,821  

California State University, Series 2015 A, Ref. RB

      5.00%       11/01/2047        2,000       2,072,101  

California State University, Series 2016 A, Ref. RB

      4.00%       11/01/2038        535       536,033  

California State University, Series 2016 A, Ref. RB

      5.00%       11/01/2041        12,410       12,993,748  

California State University, Series 2016 A, Ref. RB

      5.00%       11/01/2045        1,700       1,771,638  

California State University, Series 2018 A, Ref. RB

      5.00%       11/01/2048        3,000       3,205,842  

California State University, Series 2019 A, RB

      5.00%       11/01/2049        1,000       1,072,346  

California State University, Series 2020 C, RB

      4.00%       11/01/2045        1,720       1,669,174  

Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds

      4.00%       08/01/2047        5,090       4,854,261  

Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds

      5.00%       08/01/2044        2,000       2,054,237  

Chino Valley Unified School District, Series 2020 B, GO Bonds

      5.00%       08/01/2055        5,000       5,364,699  

Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds

      4.00%       08/01/2055        6,835       6,525,524  

Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)

      4.00%       08/01/2045        1,500       1,436,780  

Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)

      4.00%       06/01/2049        115       109,241  

Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds

      4.00%       08/01/2039        100       100,197  

Desert Community College District, Series 2021 A-1, GO Bonds

      4.00%       08/01/2051        500       468,157  

East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB

      5.00%       06/01/2042        1,500       1,593,550  

East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB

      5.00%       06/01/2045        2,000       2,116,710  

Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)(a)

      4.00%       10/01/2044        250       241,062  

Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB

      3.95%       01/15/2053        2,000       1,746,292  

Fremont Union High School District, Series 2015, GO Bonds

      4.00%       08/01/2044        1,000       989,936  

Fremont Union High School District, Series 2019 A, GO Bonds

      4.00%       08/01/2046        3,110       3,070,862  

Fresno Unified School District, Series 2022 B, GO Bonds

      4.00%       08/01/2052        2,000       1,932,886  

Fresno Unified School District, Series 2022 B, GO Bonds

      4.00%       08/01/2055        2,500       2,403,811  

Glendale Community College District, Series 2020 B, GO Bonds

      3.00%       08/01/2047        1,000       753,794  

Glendale Community College District, Series 2020 B, GO Bonds

      4.00%       08/01/2050        2,400       2,281,223  

Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)

      4.00%       08/01/2050        10,000       9,567,159  

Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)

      5.00%       09/01/2044        1,000       1,009,869  

Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS -
BAM)(a)

      5.00%       09/01/2038        1,600       1,657,158  

Jurupa Unified School District, Series 2017 B, GO Bonds

      4.00%       08/01/2041        2,000       1,969,333  

Kaweah Delta Health Care District Guild, Series 2015 B, RB

      4.00%       06/01/2045        240       176,131  

Lodi Unified School District (Election of 2016), Series 2020, GO Bonds

      3.00%       08/01/2043        5,000       3,977,574  

Long Beach (City of), CA, Series 2017 C, Ref. RB

      5.00%       05/15/2047        1,500       1,577,717  

Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB

      5.00%       05/15/2040        500       505,935  

Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB

      5.00%       05/15/2045        500       505,177  

Long Beach Community College District, Series 2019 C, GO Bonds

      4.00%       08/01/2049        1,500       1,442,341  

Los Angeles (City of), CA, Series 2013 A, RB

      5.00%       06/01/2043        2,860       2,871,118  

Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB

      5.25%       06/01/2047        1,000       1,062,066  

Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB

      5.00%       06/01/2047        3,000       3,306,013  

Los Angeles (City of), CA Department of Airports, Series 2019 E, RB

      5.00%       05/15/2044        610       648,445  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

      5.00%       05/15/2045        1,500       1,625,999  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

      5.00%       05/15/2048        1,900       2,044,417  

Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022 I, RB

      5.00%       05/15/2048        2,000       2,178,301  

Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB

      5.00%       07/01/2039        1,000       1,016,830  

Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB

      5.00%       07/01/2044        1,000       1,013,319  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

      5.00%       07/01/2040        1,000       1,048,980  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

      5.00%       07/01/2046        1,000       1,042,681  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

      5.00%       07/01/2046        2,500       2,603,956  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB

      5.00%       07/01/2042        1,500       1,567,524  

 

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

 

    7    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		   Value  

California-(continued)

          

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB

      5.00%       07/01/2042      $    1,500       $      1,578,345  

Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB

      5.00%       07/01/2048        2,000       2,126,029  

Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB

      5.00%       07/01/2048        1,000       1,068,948  

Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB

      5.00%       07/01/2049        1,000       1,065,076  

Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB

      5.00%       07/01/2049        2,235       2,380,445  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

      5.00%       07/01/2039        2,250       2,488,861  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

      5.00%       07/01/2040        1,000       1,101,270  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

      5.00%       07/01/2040        1,000       1,103,999  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

      5.00%       07/01/2041        1,000       1,098,422  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

      5.00%       07/01/2045        3,750       4,097,195  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

      5.00%       07/01/2051        1,250       1,348,703  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB

      5.00%       07/01/2047        2,000       2,189,028  

Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB

      5.00%       07/01/2052        2,000       2,169,934  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

      5.00%       07/01/2041        2,500       2,771,166  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

      5.00%       07/01/2042        2,500       2,766,836  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

      5.00%       07/01/2043        1,500       1,667,156  

Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB

      5.00%       07/01/2043        2,000       2,206,335  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

      5.00%       07/01/2042        6,500       6,915,508  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

      5.00%       07/01/2041        1,000       1,066,485  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

      5.00%       07/01/2044        1,000       1,069,776  

Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB

      5.00%       12/01/2044        2,000       2,025,323  

Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB

      4.00%       12/01/2040        185       184,400  

Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB

      5.00%       12/01/2045        1,050       1,083,685  

Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB

      5.00%       12/01/2045        2,050       2,236,950  

Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB

      3.00%       12/01/2050        585       438,683  

Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds

      4.00%       08/01/2041        250       250,221  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

      3.00%       08/01/2039        3,800       3,267,305  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

      4.00%       08/01/2039        100       101,035  

Los Angeles Unified School District, Series 2020 C, GO Bonds

      4.00%       07/01/2040        1,000       997,098  

Los Angeles Unified School District, Series 2020 C, GO Bonds

      3.00%       07/01/2045        1,000       765,119  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

      5.00%       07/01/2038        1,000       1,078,972  

Madera Unified School District (Election of 2014), Series 2017, GO Bonds

      4.00%       08/01/2046        3,000       2,874,314  

Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds

      4.00%       08/01/2040        190       186,432  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

      5.00%       08/01/2041        15,180       16,028,771  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

      4.00%       08/01/2047        150       141,537  

Metropolitan Water District of Southern California, Series 2020 A, RB

      5.00%       10/01/2045        2,000       2,176,415  

Metropolitan Water District of Southern California, Series 2021 A, RB

      5.00%       10/01/2046        1,000       1,096,363  

Metropolitan Water District of Southern California, Series 2021 A, RB

      5.00%       10/01/2051        1,000       1,089,995  

Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)

      3.00%       08/01/2050        3,000       2,230,900  

Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds

      4.00%       08/01/2047        3,000       2,887,792  

Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)

      5.00%       08/01/2048        1,800       1,901,387  

Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022, RB, (INS - AGM)(a)

      5.00%       11/01/2052        2,500       2,712,395  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

      5.00%       02/15/2041        1,000       1,078,997  

Orange (County of), CA Water District, Series 2017 A, Ref. RB

      4.00%       08/15/2041        2,000       1,998,093  

Oxnard Union High School District, Series 2020 B, GO Bonds

      5.00%       08/01/2045        2,180       2,325,779  

Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds

      4.00%       08/01/2047        3,000       2,923,023  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

      5.00%       05/15/2041        1,000       1,038,955  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

      5.00%       05/15/2047        2,605       2,686,588  

Regents of the University of California Medical Center, Series 2022 P, RB

      5.00%       05/15/2042        5,000       5,470,586  

Regents of the University of California Medical Center, Series 2022 P, RB

      5.00%       05/15/2047        450       486,228  

Regents of the University of California Medical Center, Series 2022, RB

      3.50%       05/15/2054        15,000       12,566,518  

Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB

      4.00%       06/01/2038        700       682,731  

Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB

      4.00%       06/01/2039        675       651,943  

Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB

      4.00%       06/01/2040        750       716,995  

Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB

      4.00%       06/01/2046        625       577,331  

Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB

      3.00%       06/01/2049        2,000       1,470,308  

Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB

      5.00%       06/01/2048        2,700       2,806,121  

 

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

 

    8    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		   Value  

California-(continued)

          

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB

      5.00%       08/15/2050      $    6,000       $      6,489,068  

Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)

      5.50%       08/01/2047        1,500       1,678,013  

Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)

      5.50%       08/01/2052        3,000       3,340,248  

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       941,851  

Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB

      5.00%       12/01/2044        1,525       1,543,901  

Salinas Union High School District, Series 2022 A, GO Bonds

      4.00%       08/01/2047        2,500       2,384,215  

San Diego (City of), CA Association of Governments, Series 2017 A, RB

      5.00%       07/01/2042        1,000       1,053,620  

San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB

      4.00%       08/01/2045        300       289,451  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB

      5.00%       10/15/2044        1,000       1,036,670  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB

      5.00%       10/15/2046        1,535       1,655,406  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB

      4.00%       10/15/2050        500       470,286  

San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB

      5.00%       07/01/2044        1,500       1,573,610  

San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB

      5.00%       07/01/2049        2,000       2,084,452  

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

      4.00%       07/01/2046        500       470,723  

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

      5.00%       07/01/2046        750       793,183  

San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB

      5.00%       04/01/2048        1,000       1,042,905  

San Diego (County of), CA Water Authority, Series 2022 A, RB

      5.00%       05/01/2047        2,500       2,755,136  

San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds

      5.00%       07/01/2040        1,000       1,037,211  

San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds

      5.00%       07/01/2041        3,535       3,753,900  

San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds

      5.00%       07/01/2047        3,000       3,165,967  

San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds

      4.00%       07/01/2049        4,560       4,371,917  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2013 B, RB(b)(c)

      5.00%       05/01/2023        6,000       6,017,867  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB

      5.00%       05/01/2044        2,000       2,024,676  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB

      5.00%       05/01/2046        8,570       8,831,169  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB

      5.00%       05/01/2047        6,835       7,097,757  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB

      5.00%       05/01/2048        1,625       1,699,496  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB

      5.00%       05/01/2050        1,940       2,040,995  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB

      5.00%       05/01/2049        3,000       3,158,674  

San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB

      5.00%       11/01/2050        1,000       1,078,638  

San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB

      3.00%       11/01/2050        2,000       1,530,137  

San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2019 F-1, GO Bonds

      3.00%       08/01/2038        3,500       3,077,892  

San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds

      3.00%       08/01/2042        1,000       853,834  

San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds

      4.00%       08/01/2047        1,500       1,472,997  

San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds

      4.00%       06/15/2045        3,000       2,858,946  

San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB

      4.00%       08/01/2044        5,000       4,860,587  

San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB

      5.00%       08/01/2049        6,500       6,996,946  

San Mateo Foster City School District, Series 2021 A, GO Bonds

      2.50%       08/01/2046        1,000       693,733  

San Mateo Foster City School District, Series 2021 A, GO Bonds

      2.50%       08/01/2051        1,000       658,391  

San Mateo Union High School District, Series 2021 B, GO Bonds

      2.00%       09/01/2045        1,000       620,177  

San Mateo Union High School District, Series 2021 B, GO Bonds

      2.13%       09/01/2048        1,000       612,093  

San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds

      4.00%       08/01/2047        5,000       4,768,429  

Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds

      4.00%       07/01/2048        100       96,484  

Santa Clara Valley Water District, Series 2016 A, Ref. RB

      5.00%       06/01/2046        4,090       4,251,999  

 

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

 

    9    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		    Value  

California-(continued)

           

Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds

      4.00%       08/01/2046      $    1,000      $      958,105  

Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB

      5.00%       10/01/2049        1,200        1,217,697  

Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)

      4.00%       08/01/2039        2,000        1,975,311  

University of California, Series 2013 AI, RB(b)(c)

      5.00%       05/15/2023        1,300        1,304,800  

University of California, Series 2016 AR, Ref. RB

      5.00%       05/15/2046        1,115        1,164,038  

University of California, Series 2017 AV, RB

      5.25%       05/15/2042        4,000        4,284,264  

University of California, Series 2018 AZ, Ref. RB

      5.00%       05/15/2043        1,915        2,043,534  

University of California, Series 2018 AZ, Ref. RB

      5.00%       05/15/2048        3,500        3,710,434  

University of California, Series 2019 BB, Ref. RB

      5.00%       05/15/2049        1,705        1,819,780  

University of California, Series 2020 BE, Ref. RB

      5.00%       05/15/2038        1,235        1,369,345  

University of California, Series 2020 BE, Ref. RB

      4.00%       05/15/2047        2,750        2,644,988  

University of California, Series 2020 BE, Ref. RB

      4.00%       05/15/2050        2,000        1,911,661  

University of California, Series 2021 BH, Ref. RB

      4.00%       05/15/2046        4,000        3,853,309  

University of California, Series 2021 BH, Ref. RB

      4.00%       05/15/2051        4,355        4,148,370  

University of California (Limited), Series 2017 M, RB

      5.00%       05/15/2042        1,725        1,828,069  

University of California (Limited), Series 2017 M, RB

      4.00%       05/15/2047        125        119,498  

University of California (Limited), Series 2018 O, Ref. RB

      5.00%       05/15/2058        1,500        1,579,186  

University of California (Limited), Series 2021 Q, Ref. RB

      5.00%       05/15/2046        5,000        5,450,896  

Vacaville Unified School District, Series 2020 D, GO Bonds

      4.00%       08/01/2045        1,000        973,308  

Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)

      5.25%       08/01/2048        1,500        1,671,088  
          

 

 

  

TOTAL INVESTMENTS IN SECURITIES(d)-97.97%
(Cost $581,759,766)

              541,197,270  

OTHER ASSETS LESS LIABILITIES-2.03%

              11,239,572  
          

 

 

  

NET ASSETS-100.00%

            $ 552,436,842  
          

 

 

  

 

Investment Abbreviations:
AGM   -Assured Guaranty Municipal Corp.
BAM   -Build America Mutual Assurance Co.
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) 

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.

 

    10    

 

  

 

 

 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2023

(Unaudited)

    

 

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)
as of February 28, 2023

  Ad Valorem Property Tax      24.87                                               
  Health, Hospital, Nursing Home Revenue      14.91     
  General Fund      10.71     
  College & University Revenue      10.57     
  Port, Airport & Marina Revenue      8.32     
  Electric Power Revenue      7.42     
  Lease Revenue      4.81     
  Water Revenue      4.11     
  Sewer Revenue      3.74     
  Revenue Types Each Less Than 3%      8.51     
  Other Assets Less Liabilities      2.03     

 

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

 

    11    

 

  

 

 

 

Invesco CEF Income Composite ETF (PCEF)

February 28, 2023

(Unaudited)

Schedule of Investments

 

     Shares      Value  

Closed-End Funds-99.91%

      

Bonds-38.07%

      

Aberdeen Asia-Pacific Income Fund, Inc.

      4,043,285      $   11,119,034  

BlackRock Core Bond Trust(a)

      527,366        5,737,742  

BlackRock Credit Allocation Income Trust

      1,201,248        12,877,379  

BlackRock Limited Duration Income Trust(a)

      364,070        4,882,179  

BlackRock Multi-Sector Income Trust(a)

      323,165        4,873,328  

BlackRock Taxable Municipal Bond Trust(a)

      535,186        9,274,773  

Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)

      401,893        8,094,125  

Cohen & Steers Select Preferred and Income Fund, Inc.(a)

      149,055        3,098,853  

DoubleLine Income Solutions Fund(a)

      1,247,491        15,231,865  

DoubleLine Opportunistic Credit Fund(a)

      129,226        1,907,376  

Eaton Vance Limited Duration Income Fund(a)

      1,458,559        14,862,716  

Eaton Vance Short Duration Diversified Income Fund

      113,322        1,203,480  

First Trust Intermediate Duration Preferred & Income Fund(a)

      855,084        15,229,046  

Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.

      253,932        5,081,179  

Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)

      476,701        7,627,216  

Flaherty & Crumrine Preferred and Income Fund, Inc.(a)

      118,371        1,395,594  

Flaherty & Crumrine Total Return Fund, Inc.(a)

      129,563        2,159,815  

Franklin Ltd. Duration Income Trust

      636,379        4,066,462  

Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)

      187,062        3,213,725  

Invesco Bond Fund(a)(b)

      110,432        1,792,311  

Invesco Senior Income Trust(a)(b)

      2,100,854        8,298,373  

John Hancock Preferred Income Fund(a)

      222,152        3,789,913  

John Hancock Preferred Income Fund II(a)

      157,493        2,678,956  

John Hancock Preferred Income Fund III(a)

      233,301        3,539,176  

John Hancock Premium Dividend Fund(a)

      354,999        4,590,137  

MFS Charter Income Trust(a)

      457,831        2,994,215  

MFS Intermediate Income Trust(a)

      1,457,376        4,124,374  

MFS Multimarket Income Trust

      841,152        3,844,065  

Nuveen Credit Strategies Income Fund

      2,131,286        11,359,754  

Nuveen Floating Rate Income Fund(a)

      812,518        6,890,153  

Nuveen Global High Income Fund(a)

      316,306        3,805,161  

Nuveen Preferred & Income Opportunities Fund

      1,330,781        9,874,395  

Nuveen Preferred & Income Securities Fund(a)

      2,930,861        21,102,199  

Nuveen Taxable Municipal Income Fund(a)

      293,663        4,742,658  

PIMCO Dynamic Income Opportunities Fund(a)

      1,074,095        14,736,583  

PIMCO Income Strategy Fund(a)

      263,745        2,278,757  

PIMCO Income Strategy Fund II(a)

      586,087        4,419,096  

Pioneer Floating Rate Fund, Inc.(a)

      195,072        1,818,071  

Putnam Premier Income Trust(a)

      1,265,056        4,668,057  

TCW Strategic Income Fund, Inc.(a)

      598,078        2,972,448  

Templeton Global Income Fund

      1,045,445        4,453,596  

Virtus Global Multi-Sector Income Fund(a)

      157,187        1,252,780  
     Shares      Value  

Bonds-(continued)

      

Western Asset Inflation-Linked Opportunities & Income Fund(a)

      964,859      $     8,789,866  

Western Asset Inflation-Linked Securities & Income Fund

      362,290        3,122,940  
     

 

 

  
        273,873,921  
     

 

 

  

Bonds/High Yield-23.08%

      

AllianceBernstein Global High Income Fund, Inc.(a)

      1,088,328        11,024,762  

Allspring Income Opportunities Fund

      760,848        5,090,073  

Allspring Multi-Sector Income Fund(a)

      271,476        2,679,468  

Barings Global Short Duration High Yield Fund(a)

      277,068        3,765,354  

BlackRock Corporate High Yield Fund, Inc.

      1,766,702        15,829,650  

BlackRock Debt Strategies Fund, Inc.(a)

      655,072        6,465,561  

BlackRock Floating Rate Income Strategies Fund, Inc.(a)

      504,963        6,054,506  

BlackRock Floating Rate Income Trust(a)

      322,857        3,745,141  

BNY Mellon High Yield Strategies Fund

      1,027,607        2,312,116  

Credit Suisse Asset Management Income Fund, Inc.(a)

      530,826        1,486,313  

Credit Suisse High Yield Bond Fund

      1,321,174        2,497,019  

Delaware Ivy High Income Opportunities Fund

      200,543        2,356,380  

Eaton Vance Floating-Rate Income Trust(a)

      419,574        5,043,279  

Eaton Vance Senior Floating-Rate Trust(a)

      417,187        4,981,213  

First Trust High Income Long/Short Fund(a)

      481,517        5,609,673  

First Trust Senior Floating Rate Income Fund II(a)

      375,647        3,771,496  

High Income Securities Fund

      229,220        1,551,819  

Highland Income Fund

      1,254,818        12,071,349  

Morgan Stanley Emerging Markets Debt Fund, Inc.

      325,653        2,136,284  

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a)

      1,068,600        4,808,700  

Neuberger Berman High Yield Strategies Fund, Inc.(a)

      185,164        1,551,674  

New America High Income Fund, Inc. (The)

      342,249        2,330,716  

Nuveen NASDAQ 100 Dynamic Overwrite Fund(a)

      335,827        7,797,903  

PGIM Global High Yield Fund, Inc.(a)

      652,053        7,563,815  

PGIM High Yield Bond Fund, Inc.(a)

      481,550        6,057,899  

PGIM Short Duration High Yield Opportunities Fund(a)

      381,453        5,893,449  

PIMCO High Income Fund(a)

      985,580        4,977,179  

Pioneer High Income Fund, Inc.(a)

      462,164        3,239,770  

Templeton Emerging Markets Income Fund(a)

     689,287        3,611,864  

Western Asset Emerging Markets Debt Fund, Inc.(a)

      957,722        8,753,579  

Western Asset Global High Income Fund, Inc.

      290,843        2,158,055  

Western Asset High Income Fund II, Inc.(a)

      611,870        3,279,623  

Western Asset High Income Opportunity Fund, Inc.(a)

      1,357,322        5,483,581  
     

 

 

  
        165,979,263  
     

 

 

  

Domestic Equity-1.08%

      

John Hancock Tax-Advantaged Dividend Income Fund(a)

      335,634        7,749,789  
     

 

 

  

 

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

 

    12    

 

  

 

 

 

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2023

(Unaudited)

    

 

     Shares      Value  

Equities-2.48%

      

Virtus Dividend, Interest & Premium Strategy Fund(a)

      1,499,225      $   17,855,770  
     

 

 

  

Fixed Income-9.13%

      

Ares Dynamic Credit Allocation Fund, Inc.(a)

      361,622        4,581,751  

BlackRock Income Trust, Inc.(a)

      262,795        3,292,821  

Blackstone Long-Short Credit Income Fund

      203,324        2,330,093  

Nuveen Core Plus Impact Fund(a)

      461,934        5,030,461  

Nuveen Variable Rate Preferred & Income Fund

      348,247        6,257,999  

PIMCO Corporate & Income Strategy Fund(a)

     305,857        4,113,777  

PIMCO Dynamic Income Fund

      1,709,101        33,430,015  

PIMCO Strategic Income Fund, Inc.(a)

      288,227        1,631,365  

Saba Capital Income & Opportunities Fund

      611,331        4,994,574  
     

 

 

  
        65,662,856  
     

 

 

  

Option Income-26.07%

      

BlackRock Energy and Resources Trust

      400,669        5,020,383  

BlackRock Enhanced Capital and Income Fund, Inc.(a)

      435,392        7,845,764  

BlackRock Enhanced Equity Dividend Trust(a)

     1,596,645        14,449,637  

BlackRock Enhanced Global Dividend Trust(a)

     978,807        9,846,798  

BlackRock Enhanced International Dividend Trust(a)

      1,586,578        8,519,924  

BlackRock Health Sciences Trust(a)

      115,895        4,866,431  

BlackRock Resources & Commodities Strategy Trust

      1,357,275        13,586,323  

BlackRock Science & Technology Trust(a)

      288,238        9,065,085  

Brookfield Real Assets Income Fund, Inc.(a)

      379,529        6,748,026  

Columbia Seligman Premium Technology Growth Fund, Inc.(a)

      112,353        3,012,184  

Eaton Vance Enhanced Equity Income Fund(a)

      288,033        4,510,597  

Eaton Vance Enhanced Equity Income Fund II

      362,641        5,889,290  

Eaton Vance Risk-Managed Diversified Equity Income Fund

      511,422        3,983,977  

Eaton Vance Tax-Managed Buy-Write Income Fund

      213,174        2,820,292  

Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)

      777,123        10,087,056  

Eaton Vance Tax-Managed Diversified Equity Income Fund(a)

      1,145,720        13,416,381  
     Shares      Value  

Option Income-(continued)

      

Eaton Vance Tax-Managed Global Buy Write Opportunities Fund

      986,148      $ 7,869,461  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)

      3,034,475        23,122,699  

First Trust Enhanced Equity Income Fund(a)

      246,258        4,087,883  

John Hancock Hedged Equity & Income Fund(a)

      84,406        988,394  

Madison Covered Call & Equity Strategy Fund(a)

      146,089        1,174,556  

Nuveen Dow 30sm Dynamic Overwrite Fund

      253,547        3,841,237  

Nuveen S&P 500 Buy-Write Income Fund(a)

      764,807        10,133,693  

Nuveen S&P 500 Dynamic Overwrite Fund(a)

     120,487        1,901,285  

Voya Global Advantage and Premium Opportunity Fund(a)

      247,488        2,197,693  

Voya Global Equity Dividend and Premium Opportunity Fund(a)

      1,129,419        6,042,392  

Voya Infrastructure Industrials and Materials Fund

      256,076        2,489,059  
     

 

 

  
        187,516,500  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $801,401,462)

 

   

 

718,638,099

 

     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

   

Money Market Funds-2.11%

      

Invesco Private Government Fund,
4.58%(b)(c)(d)

      4,186,082        4,186,082  

Invesco Private Prime Fund, 4.83%(b)(c)(d)

      11,017,752        11,019,955  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $15,206,037)

 

      15,206,037  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.02%
(Cost $816,607,499)

 

      733,844,136  

OTHER ASSETS LESS LIABILITIES-(2.02)%

 

      (14,532,628 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 719,311,508  
     

 

 

  

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at February 28, 2023.

(b) 

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 February 28, 2023.

 

    Value
August 31,  2022		     Purchases
at Cost		     Proceeds
from  Sales		     Change in
Unrealized
Appreciation
 (Depreciation) 		     Realized
Gain
(Loss)		     Value
February 28,  2023		     Dividend
Income		  
Invesco Bond Fund     $  2,169,726         $ 183,443         $ (628,400 )        $ 223,940         $ (155,888 )        $  1,792,311         $ 52,748    
Invesco Senior Income Trust       8,007,381           1,104,712           (1,007,809 )          173,333           20,756           8,298,373           675,865    

 

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

 

    13    

 

  

 

 

 

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2023

(Unaudited)

    

 

    Value
August 31, 2022		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
February 28, 2023		     Dividend
Income		  

Investments in Affiliated Money Market Funds:

                              

Invesco Government & Agency Portfolio, Institutional Class

     $ -       $ 11,028,989     $ (11,028,989 )      $ -       $ -           $ -       $ 3,643  

Investments Purchased with Cash Collateral from Securities on Loan:

                              

Invesco Private Government Fund

       7,699,235         63,792,270       (67,305,423 )        -         -             4,186,082         176,375 * 

Invesco Private Prime Fund

       20,053,777         144,427,604       (153,465,387 )               (1,880 )               5,841                    11,019,955                484,601 * 
   

 

 

      

 

 

    

 

 

      

 

 

      

 

 

          

 

 

      

 

 

  

Total

     $ 37,930,119              $ 220,537,018     $ (233,436,008 )      $ 395,393       $ (129,291 )**          $ 25,296,721       $ 1,393,232  
   

 

 

      

 

 

    

 

 

      

 

 

      

 

 

          

 

 

      

 

 

  

 

*

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.

**

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name

 

    Capital Gain

 

Invesco Bond Fund

    $510

 

(c) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

(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.

 

Portfolio Composition

Asset Class Breakdown* (% of the Fund’s Net Assets)
as of February 28, 2023

Bonds

      38.07                                       

Option Income

      26.07     

Bonds/High Yield

      23.08     

Fixed Income

      9.13     

Equities

      2.48     

Domestic Equity

      1.08     

Money Market Funds Plus

Other Assets Less Liabilities

      0.09     

 

  *

Reflects exposure achieved through investments in underlying funds.

 

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

 

    14    

 

  

 

 

 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)

February 28, 2023

(Unaudited)

Schedule of Investments(a)

 

     Principal
Amount		      Value  

U.S. Dollar Denominated Bonds & Notes-98.56%

 

Aerospace & Defense-2.72%

      

Hexcel Corp., 4.20%, 02/15/2027(b)

    $ 3,601,000      $     3,399,600  

Howmet Aerospace, Inc.

      

5.13%, 10/01/2024

      3,001,000        2,970,690  

3.00%, 01/15/2029(b)

      3,443,000        2,959,964  

TransDigm, Inc., 5.50%, 11/15/2027

      10,658,000        9,823,527  
     

 

 

  
        19,153,781  
     

 

 

  

Air Freight & Logistics-0.67%

      

GXO Logistics, Inc., 1.65%, 07/15/2026

      5,467,000        4,698,452  
     

 

 

  

Airlines-3.90%

      

Delta Air Lines, Inc.

      

7.38%, 01/15/2026(b)

      6,633,000        6,831,327  

4.38%, 04/19/2028(b)

      7,526,000        6,875,001  

United Airlines Holdings, Inc., 4.88%, 01/15/2025(b)

      14,137,000        13,749,646  
     

 

 

  
        27,455,974  
     

 

 

  

Auto Components-2.41%

      

American Axle & Manufacturing, Inc.,
5.00%, 10/01/2029(b)

      5,514,000        4,454,469  

Dana, Inc., 5.63%, 06/15/2028(b)

      5,382,000        4,876,792  

Goodyear Tire & Rubber Co. (The)

      

5.00%, 05/31/2026(b)

      4,024,000        3,877,567  

5.00%, 07/15/2029(b)

      4,305,000        3,749,224  
     

 

 

  
        16,958,052  
     

 

 

  

Automobiles-3.38%

      

Ford Motor Co., 3.25%, 02/12/2032

      14,949,000        11,349,690  

Ford Motor Credit Co. LLC, 3.38%, 11/13/2025

      13,483,000        12,434,562  
     

 

 

  
        23,784,252  
     

 

 

  

Building Products-0.39%

      

Griffon Corp., 5.75%, 03/01/2028

      3,006,000        2,769,187  
     

 

 

  

Chemicals-2.11%

      

Chemours Co. (The), 5.38%, 05/15/2027(b)

      5,645,000        5,147,422  

Olin Corp., 5.63%, 08/01/2029(b)

      5,515,000        5,260,621  

Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(b)

      5,558,000        4,452,041  
     

 

 

  
        14,860,084  
     

 

 

  

Commercial Services & Supplies-1.58%

      

CoreCivic, Inc., 8.25%, 04/15/2026(b)

      4,395,000        4,453,607  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026

      3,873,000        3,597,820  

Steelcase, Inc., 5.13%, 01/18/2029(b)

      3,660,000        3,091,848  
     

 

 

  
        11,143,275  
     

 

 

  

Communications Equipment-0.55%

      

Hughes Satellite Systems Corp., 6.63%, 08/01/2026(b)

      4,098,000        3,861,709  
     

 

 

  

Construction & Engineering-1.98%

 

AECOM, 5.13%, 03/15/2027

      7,897,000        7,560,240  
     Principal
Amount		      Value  

Construction & Engineering-(continued)

 

Fluor Corp.

      

3.50%, 12/15/2024(b)

    $ 3,356,000      $     3,210,921  

4.25%, 09/15/2028(b)

      3,464,000        3,128,902  
     

 

 

  
        13,900,063  
     

 

 

  

Consumer Finance-4.38%

 

Ally Financial, Inc.

      

5.75%, 11/20/2025(b)

      5,946,000        5,825,247  

6.70%, 02/14/2033

      6,200,000        5,896,750  

Navient Corp.

      

6.13%, 03/25/2024

      3,964,000        3,938,908  

5.50%, 03/15/2029(b)

      4,409,000        3,735,705  

OneMain Finance Corp.

      

7.13%, 03/15/2026(b)

      3,431,000        3,338,672  

4.00%, 09/15/2030

      4,095,000        3,131,395  

SLM Corp., 4.20%, 10/29/2025(b)

      5,392,000        4,941,944  
     

 

 

  
        30,808,621  
     

 

 

  

Containers & Packaging-3.12%

      

Ball Corp.

      

5.25%, 07/01/2025(b)

      3,461,000        3,409,085  

2.88%, 08/15/2030(b)

      4,283,000        3,423,188  

Berry Global, Inc., 1.57%, 01/15/2026(b)

     8,038,000        7,168,791  

Crown Americas LLC, 5.25%, 04/01/2030(b)

      3,936,000        3,666,784  

Silgan Holdings, Inc., 4.13%, 02/01/2028(b)

      4,688,000        4,294,419  
     

 

 

  
        21,962,267  
     

 

 

  

Diversified Consumer Services-0.72%

 

Service Corp. International, 5.13%, 06/01/2029(b)

      5,407,000        5,075,821  
     

 

 

  

Electric Utilities-5.10%

      

DPL, Inc., 4.13%, 07/01/2025(b)

      10,078,000        9,477,221  

FirstEnergy Corp.

      

Series B, 4.15%, 07/15/2027

      5,589,000        5,219,539  

Series C, 7.38%, 11/15/2031

      4,739,000        5,320,239  

NRG Energy, Inc., 6.63%, 01/15/2027

      6,640,000        6,629,027  

PG&E Corp., 5.25%, 07/01/2030(b)

      10,322,000        9,225,184  
     

 

 

  
        35,871,210  
     

 

 

  

Electronic Equipment, Instruments & Components-1.57%

 

CDW LLC/CDW Finance Corp.

      

2.67%, 12/01/2026

      4,122,000        3,664,898  

3.57%, 12/01/2031

      4,216,000        3,483,651  

Vontier Corp.

      

1.80%, 04/01/2026

      2,368,000        2,066,684  

2.95%, 04/01/2031

      2,414,000        1,841,303  
     

 

 

  
        11,056,536  
     

 

 

  

Energy Equipment & Services-0.84%

 

Oceaneering International, Inc., 4.65%, 11/15/2024(b)

      2,930,000        2,823,259  

Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)

      3,515,000        3,074,804  
     

 

 

  
        5,898,063  
     

 

 

  

 

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

 

    15    

 

  

 

 

 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

    

 

     Principal
Amount		      Value  

Entertainment-1.30%

      

Netflix, Inc.

      

4.38%, 11/15/2026(b)

    $   4,764,000      $     4,599,571  

4.88%, 04/15/2028(b)

      4,673,000        4,534,539  
     

 

 

  
        9,134,110  
     

 

 

  

Equity REITs-5.34%

      

GLP Capital L.P./GLP Financing II, Inc.

      

5.38%, 04/15/2026

      2,603,000        2,541,036  

5.30%, 01/15/2029

      2,625,000        2,485,442  

iStar, Inc., 4.75%, 10/01/2024(b)

      2,528,000        2,525,813  

MPT Operating Partnership L.P./MPT Finance Corp.

      

5.00%, 10/15/2027

      2,600,000        2,135,620  

3.50%, 03/15/2031(b)

      3,070,000        2,107,494  

Office Properties Income Trust

      

2.40%, 02/01/2027

      2,307,000        1,706,374  

3.45%, 10/15/2031

      2,580,000        1,724,353  

RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027

      4,041,000        3,718,932  

Sabra Health Care L.P.

      

5.13%, 08/15/2026

      1,939,000        1,835,817  

3.20%, 12/01/2031

      2,308,000        1,717,120  

SBA Communications Corp., 3.88%, 02/15/2027

      4,869,000        4,410,797  

Service Properties Trust

      

4.35%, 10/01/2024

      3,011,000        2,885,336  

4.95%, 10/01/2029

      3,698,000        2,921,114  

VICI Properties L.P.

      

4.38%, 05/15/2025

      2,539,000        2,445,844  

5.13%, 05/15/2032(b)

      2,600,000        2,414,750  
     

 

 

  
        37,575,842  
     

 

 

  

Food Products-0.88%

      

Pilgrim’s Pride Corp., 3.50%, 03/01/2032(b)

      8,013,000        6,200,169  
     

 

 

  

Gas Utilities-0.95%

      

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026

      7,041,000        6,643,113  
     

 

 

  

Health Care Equipment & Supplies-0.56%

 

Teleflex, Inc., 4.63%, 11/15/2027(b)

      4,183,000        3,949,170  
     

 

 

  

Health Care Providers & Services-4.08%

 

Centene Corp., 4.63%, 12/15/2029(b)

      15,967,000        14,618,473  

Encompass Health Corp., 4.75%, 02/01/2030(b)

      5,510,000        4,882,767  

Tenet Healthcare Corp.

      

4.88%, 01/01/2026(b)

      4,940,000        4,709,458  

6.13%, 06/15/2030(c)

      4,700,000        4,483,365  
     

 

 

  
        28,694,063  
     

 

 

  

Hotels, Restaurants & Leisure-7.40%

 

Churchill Downs, Inc., 5.50%,
04/01/2027(b)(c)

      2,721,000        2,583,140  

Hilton Domestic Operating Co., Inc.,
4.88%, 01/15/2030(b)

      6,751,000        6,200,456  

Las Vegas Sands Corp.

      

3.20%, 08/08/2024(b)

      7,276,000        7,006,001  

3.90%, 08/08/2029(b)

      7,631,000        6,659,808  
     Principal
Amount		      Value  

Hotels, Restaurants & Leisure-(continued)

 

MGM Resorts International

      

6.00%, 03/15/2023

    $   4,396,000      $     4,399,956  

4.75%, 10/15/2028(b)

      4,621,000        4,146,497  

Royal Caribbean Cruises Ltd., 3.70%, 03/15/2028(b)

      11,066,000        8,845,884  

Travel + Leisure Co., Series J, 6.00%, 04/01/2027(b)

      4,538,000        4,368,118  

Yum! Brands, Inc., 3.63%, 03/15/2031(b)

     9,361,000        7,855,892  
     

 

 

  
        52,065,752  
     

 

 

  

Household Durables-4.52%

      

Century Communities, Inc., 6.75%, 06/01/2027

      2,951,000        2,875,992  

KB Home, 4.00%, 06/15/2031(b)

      4,249,000        3,474,354  

M/I Homes, Inc., 4.95%, 02/01/2028(b)

      3,444,000        3,098,524  

MDC Holdings, Inc., 2.50%, 01/15/2031

      4,452,000        3,284,817  

Meritage Homes Corp., 6.00%, 06/01/2025

      3,894,000        3,878,857  

Newell Brands, Inc.

      

4.45%, 04/01/2026(b)

      3,485,000        3,298,675  

6.63%, 09/15/2029(b)

      3,348,000        3,321,852  

Toll Brothers Finance Corp.

      

4.38%, 04/15/2023

      340        339  

4.88%, 03/15/2027(b)

      2,587,000        2,485,263  

3.80%, 11/01/2029(b)

      2,713,000        2,351,100  

Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024

      1,900,000        1,878,910  

Tri Pointe Homes, Inc., 5.70%, 06/15/2028

      1,998,000        1,859,395  
     

 

 

  
        31,808,078  
     

 

 

  

Household Products-0.55%

      

Spectrum Brands, Inc., 5.75%, 07/15/2025(b)

      3,935,000        3,863,001  
     

 

 

  

Internet & Direct Marketing Retail-0.90%

 

QVC, Inc.

      

4.45%, 02/15/2025(b)

      4,548,000        3,678,332  

4.38%, 09/01/2028

      4,797,000        2,679,580  
     

 

 

  
        6,357,912  
     

 

 

  

IT Services-0.35%

      

Twilio, Inc., 3.63%, 03/15/2029(b)

      2,926,000        2,460,886  
     

 

 

  

Machinery-1.77%

      

Hillenbrand, Inc.

      

5.00%, 09/15/2026(b)

      1,673,000        1,601,203  

3.75%, 03/01/2031

      1,862,000        1,525,052  

Trinity Industries, Inc., 4.55%, 10/01/2024

      4,130,000        4,000,217  

Wabtec Corp.

      

4.40%, 03/15/2024

      2,762,000        2,722,116  

4.95%, 09/15/2028

      2,671,000        2,579,838  
     

 

 

  
        12,428,426  
     

 

 

  

Media-5.16%

      

AMC Networks, Inc.

      

5.00%, 04/01/2024(b)

      2,331,000        2,330,359  

4.25%, 02/15/2029(b)

      2,603,000        1,914,689  

CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)

      11,030,000        9,286,488  

 

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

 

    16    

 

  

 

 

 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2023

(Unaudited)

    

 

     Principal
Amount		      Value  

Media-(continued)

      

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025

    $   9,979,000      $     9,768,061  

DISH DBS Corp.

      

7.75%, 07/01/2026

      5,098,000        3,962,446  

5.13%, 06/01/2029

      6,069,000        3,592,089  

Lamar Media Corp., 3.75%, 02/15/2028(b)

      6,100,000        5,405,282  
     

 

 

  
        36,259,414  
     

 

 

  

Metals & Mining-3.08%

      

ATI, Inc.

      

5.88%, 12/01/2027(b)

      1,515,000        1,444,529  

5.13%, 10/01/2031

      1,707,000        1,505,465  

Carpenter Technology Corp., 6.38%, 07/15/2028

      3,276,000        3,142,234  

Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027

      760        749  

Freeport-McMoRan, Inc.

      

3.88%, 03/15/2023

      4,973,000        4,972,205  

4.63%, 08/01/2030(b)

      4,897,000        4,524,836  

United States Steel Corp., 6.88%, 03/01/2029(b)

      6,038,000        6,046,936  
     

 

 

  
        21,636,954  
     

 

 

  

Mortgage REITs-1.12%

      

Starwood Property Trust, Inc., 4.75%, 03/15/2025(b)

      8,239,000        7,870,634  
     

 

 

  

Multiline Retail-2.22%

      

Kohl’s Corp.

      

4.25%, 07/17/2025(b)

      4,629,000        4,404,025  

3.63%, 05/01/2031(b)

      6,239,000        4,392,786  

Nordstrom, Inc.

      

4.00%, 03/15/2027(b)

      4,044,000        3,523,483  

4.38%, 04/01/2030(b)

      4,162,000        3,287,252  
     

 

 

  
        15,607,546  
     

 

 

  

Oil, Gas & Consumable Fuels-7.13%

 

Apache Corp., 4.25%, 01/15/2030(b)

      6,957,000        6,155,609  

Cheniere Energy, Inc., 4.63%, 10/15/2028

      8,452,000        7,843,794  

EQM Midstream Partners L.P.

      

4.13%, 12/01/2026

      2,706,000        2,410,886  

5.50%, 07/15/2028

      2,628,000        2,348,131  

EQT Corp.

      

3.90%, 10/01/2027(b)

      2,034,000        1,862,046  

7.00%, 02/01/2030(b)

      1,819,000        1,879,964  

Murphy Oil Corp., 5.88%, 12/01/2027(b)

      5,106,000        4,885,462  

Occidental Petroleum Corp.

      

5.55%, 03/15/2026(b)

      7,240,000        7,209,049  

6.63%, 09/01/2030(b)

      6,643,000        6,835,149  

Range Resources Corp.

      

4.88%, 05/15/2025(b)

      1,415,000        1,382,013  

8.25%, 01/15/2029(b)

      1,318,000        1,353,869  

SM Energy Co., 6.50%, 07/15/2028(b)

      3,147,000        2,906,396  

Southwestern Energy Co.

      

5.70%, 01/23/2025(b)

      1,573,000        1,560,318  

5.38%, 03/15/2030(b)

      1,647,000        1,507,005  
     

 

 

  
        50,139,691  
     

 

 

  
     Principal
Amount		      Value  

Pharmaceuticals-0.60%

      

Elanco Animal Health, Inc., 6.65%, 08/28/2028(b)

    $   4,385,000      $     4,198,067  
     

 

 

  

Real Estate Management & Development-0.89%

 

Kennedy-Wilson, Inc., 4.75%, 03/01/2029

      3,972,000        3,232,612  

Newmark Group, Inc., 6.13%, 11/15/2023

      3,027,000        3,025,381  
     

 

 

  
        6,257,993  
     

 

 

  

Semiconductors & Semiconductor Equipment-2.24%

 

Amkor Technology, Inc., 6.63%, 09/15/2027(c)

      5,238,000        5,184,206  

Qorvo, Inc., 4.38%, 10/15/2029(b)

      5,184,000        4,628,094  

Skyworks Solutions, Inc.

      

1.80%, 06/01/2026

      3,429,000        3,020,186  

3.00%, 06/01/2031(b)

      3,567,000        2,886,689  
     

 

 

  
        15,719,175  
     

 

 

  

Software-0.20%

      

Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(b)

      1,670,000        1,408,318  
     

 

 

  

Specialty Retail-3.67%

      

Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)

      5,449,000        4,726,926  

Bath & Body Works, Inc.

      

5.25%, 02/01/2028(b)

      4,269,000        3,979,946  

6.95%, 03/01/2033(b)

      4,488,000        3,909,699  

Murphy Oil USA, Inc., 4.75%, 09/15/2029(b)

      6,350,000        5,675,280  

Penske Automotive Group, Inc., 3.75%, 06/15/2029

      8,962,000        7,539,372  
     

 

 

  
        25,831,223  
     

 

 

  

Technology Hardware, Storage & Peripherals-2.63%

 

Seagate HDD Cayman

      

4.75%, 01/01/2025

      4,662,000        4,505,870  

9.63%, 12/01/2032(b)(c)

      4,250,564        4,651,775  

Western Digital Corp.

      

4.75%, 02/15/2026

      5,275,000        4,985,403  

3.10%, 02/01/2032

      6,036,000        4,353,963