N-CSRS


		Invesco Semi-Annual Report to Shareholders April 30, 2023

		ICLO		Invesco AAA CLO Floating Rate Note ETF

		PSR		Invesco Active U.S. Real Estate ETF

		PSMB		Invesco Balanced Multi-Asset Allocation ETF

		PSMC		Invesco Conservative Multi-Asset Allocation ETF

		PSMG		Invesco Growth Multi-Asset Allocation ETF

		IHYF		Invesco High Yield Bond Factor ETF

		HIYS		Invesco High Yield Select ETF

		PSMM		Invesco Moderately Conservative Multi-Asset Allocation ETF

		PHDG		Invesco S&P 500^® Downside Hedged ETF

		ISDB		Invesco Short Duration Bond ETF

		GTO		Invesco Total Return Bond ETF

		GSY		Invesco Ultra Short Duration ETF

		VRIG		Invesco Variable Rate Investment Grade ETF

Table of Contents



Liquidity Risk Management Program			3

Schedules of Investments

Invesco AAA CLO Floating Rate Note ETF (ICLO)			4

Invesco Active U.S. Real Estate ETF (PSR)			6

Invesco Balanced Multi-Asset Allocation ETF (PSMB)			9

Invesco Conservative Multi-Asset Allocation ETF (PSMC)			12

Invesco Growth Multi-Asset Allocation ETF (PSMG)			14

Invesco High Yield Bond Factor ETF (IHYF)			16

Invesco High Yield Select ETF (HIYS)			26

Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)			31

Invesco S&P 500^® Downside Hedged ETF (PHDG)			34

Invesco Short Duration Bond ETF (ISDB)			41

Invesco Total Return Bond ETF (GTO)			46

Invesco Ultra Short Duration ETF (GSY)			64

Invesco Variable Rate Investment Grade ETF (VRIG)			71

Statements of Assets and Liabilities			78

Statements of Operations			81

Statements of Changes in Net Assets			84

Financial Highlights			89

Notes to Financial Statements			102

Fund Expenses			124

Approval of Investment Advisory and Sub-Advisory Contracts			126


		2

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.


		3

Invesco AAA CLO Floating Rate Note ETF (ICLO)

April 30, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
Asset-Backed Securities-98.78%
ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 6.69% (3 mo. USD LIBOR + 1.40%), 11/18/2031^(a)(b)	$	500,000	$	492,256
AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.41% (3 mo. USD LIBOR + 1.15%), 12/02/2034^(a)(b)		1,500,000		1,474,564
Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.24% (3 mo. USD LIBOR + 0.99%), 04/20/2034^(a)(b)		1,500,000		1,466,212
Benefit Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA, Class A2R2, 6.90% (3 mo. USD LIBOR + 1.65%), 07/20/2029^(a)(b)		850,000		843,973
Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 6.76% (3 mo. USD LIBOR + 1.50%), 04/15/2029^(a)(b)		1,000,000		979,304
Benefit Street Partners CLO XII Ltd. (Cayman Islands), Series 2017-12A, Class A1R, 6.21% (3 mo. USD LIBOR + 0.95%), 10/15/2030^(a)(b)		471,890		467,636
Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 6.38% (3 mo. USD LIBOR + 1.12%), 07/18/2034^(a)(b)		1,325,000		1,299,665
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands)
Series 2013-1A, Class A1RR, 5.82% (3 mo. USD LIBOR + 0.95%), 08/14/2030^(a)(b)		720,196		714,730
Series 2014-2RA, Class A2, 6.19% (3 mo. USD LIBOR + 1.33%), 05/15/2031^(a)(b)		1,000,000		970,177
CBAM Ltd. (Cayman Islands), Series 2017-1A, Class A1, 6.50% (3 mo. USD LIBOR + 1.25%), 07/20/2030^(a)(b)		279,626		278,066
Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 6.43% (3 mo. USD LIBOR + 1.16%), 07/23/2034^(a)(b)		1,000,000		973,294
Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 6.00% (3 mo. USD LIBOR + 1.05%), 05/29/2032^(a)(b)		1,850,000		1,823,190
Elmwood CLO IX Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.38% (3 mo. USD LIBOR + 1.13%), 07/20/2034^(a)(b)		1,640,000		1,612,268
Galaxy XXVIII CLO Ltd. (Cayman Islands), Series 2018-28A, Class A2, 6.56% (3 mo. USD LIBOR + 1.30%), 07/15/2031^(a)(b)		750,000		744,302
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.16% (3 mo. USD LIBOR + 0.91%), 11/20/2030^(a)(b)		900,000		890,368
Golub Capital Partners CLO 25M Ltd. (Cayman Islands), Series 2015-25A, Class AR, 6.19% (3 mo. USD LIBOR + 1.38%), 05/05/2030^(a)(b)		1,300,799		1,291,189
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 6.97% (3 mo. USD LIBOR + 1.72%), 10/20/2031^(a)(b).		1,250,000		1,233,034


	Principal Amount		Value
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 6.49% (3 mo. USD LIBOR + 1.68%), 05/05/2032^(a)(b)	$	1,150,000	$	1,132,381
Madison Park Funding XXVI Ltd. (Cayman Islands), Series 2017-26A, Class BR, 6.90% (3 mo. USD LIBOR + 1.60%), 07/29/2030^(a)(b)		550,000		541,039
Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 6.33% (3 mo. USD LIBOR + 1.07%), 07/15/2033^(a)(b)		1,340,000		1,323,880
Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 6.77% (3 mo. USD LIBOR + 1.50%), 07/23/2029^(a)(b)		1,000,000		989,415
Neuberger Berman CLO XV (Cayman Islands), Series 2013-15A, Class A1R2, 6.18% (3 mo. USD LIBOR + 0.92%), 10/15/2029^(a)(b)		934,234		925,610
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 6.05% (3 mo. USD LIBOR + 1.13%), 05/21/2034^(a)(b)		1,795,000		1,766,930
Rad CLO 5 Ltd. (Cayman Islands), Series 2019- 5A, Class BR, 6.97% (3 mo. USD LIBOR + 1.70%), 07/24/2032^(a)(b)		2,000,000		1,967,480
Regatta XXII Funding Ltd. (Cayman Islands), Series 2022-2A, Class A, 6.59% (3 mo. Term SOFR + 1.54%), 07/20/2035^(a)(b)		1,000,000		981,088
RR 1 LLC, Series 2017-1A, Class A1AB, 6.41% (3 mo. USD LIBOR + 1.15%), 07/15/2035^(a)(b)		1,310,000		1,286,745
Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 6.42% (3 mo. USD LIBOR + 1.16%), 04/17/2034^(a)(b)		1,500,000		1,471,309
Sixth Street CLO XIX Ltd. (Cayman Islands), Series 2021-19A, Class A, 6.35% (3 mo. USD LIBOR + 1.10%), 07/20/2034^(a)(b)		1,000,000		984,092
Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 6.41% (3 mo. USD LIBOR + 1.15%), 10/15/2031^(a)(b)		500,000		494,930

Total Asset-Backed Securities (Cost $31,269,136)				31,419,127

	Shares
Money Market Funds-0.77%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)(d) (Cost $243,091)		243,091		243,091

TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $31,512,227)				31,662,218
OTHER ASSETS LESS LIABILITIES-0.45%				144,224

NET ASSETS-100.00%			$	31,806,442

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


		4

Invesco AAA CLO Floating Rate Note ETF (ICLO)–(continued)

April 30, 2023

(Unaudited)

Investment Abbreviations:

BR -Bearer Shares

CLO -Collateralized Loan Obligation

LIBOR-London Interbank Offered Rate

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

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 $31,419,127, which represented 98.78% of the Fund’s Net Assets.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2023.

^(c⁾

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 period ended April 30, 2023.


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

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,618,319		$	(3,375,228	)		$	-		$	-		$	243,091		$	2,631

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.


Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets)
as of April 30, 2023

Maturing in 6-10 Years			52.76

Maturing in 11-15 Years			46.02

Money Market Funds Plus Other Assets Less Liabilities			1.22

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


		5

Invesco Active U.S. Real Estate ETF (PSR)

April 30, 2023

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Apartments -8.50%
Apartment Income REIT Corp.		38,789	$	1,434,417
AvalonBay Communities, Inc.		8,028		1,448,010
Camden Property Trust^(b)		13,189		1,451,450
Equity Residential		22,711		1,436,471
Essex Property Trust, Inc.		6,560		1,441,429
Mid-America Apartment Communities, Inc.		9,276		1,426,649
UDR, Inc.		33,907		1,401,376

				10,039,802

Data Centers -9.24%
Digital Realty Trust, Inc.		56,435		5,595,530
Equinix, Inc.		7,349		5,321,264

				10,916,794

Diversified -2.75%
American Assets Trust, Inc.		52,242		950,804
Elme Communities^(b)		78,159		1,346,680
W.P. Carey, Inc.^(b)		12,784		948,573

				3,246,057

Free Standing -5.69%
Agree Realty Corp.		14,242		968,313
Essential Properties Realty Trust, Inc.		39,068		966,933
Four Corners Property Trust, Inc.		36,511		931,396
National Retail Properties, Inc.		22,126		962,481
NETSTREIT Corp.^(b)		53,103		967,537
Realty Income Corp.		15,490		973,392
Spirit Realty Capital, Inc.		24,879		956,846

				6,726,898

Health Care-7.22%
CareTrust REIT, Inc.^(b)		52,916		1,031,333
Healthcare Realty Trust, Inc.^(b)		53,768		1,063,531
Healthpeak Properties, Inc.		49,849		1,095,183
National Health Investors, Inc.		20,861		1,038,252
Physicians Realty Trust^(b)		72,629		1,047,310
Universal Health Realty Income Trust^(b)		22,629		984,361
Ventas, Inc.		24,084		1,157,236
Welltower, Inc.		14,124		1,118,903

				8,536,109

Industrial-14.81%
Americold Realty Trust, Inc.		67,100		1,985,489
EastGroup Properties, Inc.		11,951		1,990,559
First Industrial Realty Trust, Inc.		37,686		1,977,384
Industrial Logistics Properties Trust		854,458		1,760,183
Plymouth Industrial REIT, Inc.^(b)		96,859		1,960,426
Prologis, Inc.		15,870		1,987,718
Rexford Industrial Realty, Inc.		35,426		1,975,708
STAG Industrial, Inc.		58,731		1,989,219
Terreno Realty Corp.		30,474		1,876,894

				17,503,580

Infrastructure REITs-16.02%
American Tower Corp.		31,032		6,342,630
Crown Castle, Inc.		49,688		6,116,096
SBA Communications Corp., Class A		24,836		6,479,464

				18,938,190


	Shares		Value
Lodging Resorts-2.52%
Apple Hospitality REIT, Inc.		21,426	$	319,033
Chatham Lodging Trust		32,621		334,039
DiamondRock Hospitality Co.		41,328		335,170
Host Hotels & Resorts, Inc.		20,568		332,585
Pebblebrook Hotel Trust^(b)		23,580		335,543
RLJ Lodging Trust^(b)		32,512		328,371
Ryman Hospitality Properties, Inc.^(b)		3,706		332,280
Summit Hotel Properties, Inc.		50,179		323,153
Sunstone Hotel Investors, Inc.^(b)		34,878		332,387

				2,972,561

Manufactured Homes-3.62%
Equity LifeStyle Properties, Inc.		21,397		1,474,253
Sun Communities, Inc.		9,988		1,387,633
UMH Properties, Inc.		93,540		1,421,808

				4,283,694

Office-3.70%
Alexandria Real Estate Equities, Inc.		5,984		743,093
Boston Properties, Inc.		14,004		747,253
Cousins Properties, Inc.^(b)		35,165		766,949
Highwoods Properties, Inc.^(b)		31,480		721,522
Kilroy Realty Corp.		23,933		699,801
Orion Office REIT, Inc.		112,342		689,780

				4,368,398

Regional Malls-0.84%
Simon Property Group, Inc.		8,752		991,777

Self Storage-7.41%
CubeSmart^(b)		47,932		2,180,427
Extra Space Storage, Inc.^(b)		14,237		2,164,593
National Storage Affiliates Trust		56,289		2,169,941
Public Storage		7,605		2,242,182

				8,757,143

Shopping Centers-7.37%
Acadia Realty Trust		72,289		976,624
Brixmor Property Group, Inc.		46,260		986,726
Federal Realty Investment Trust		9,766		965,760
Kimco Realty Corp.		50,331		965,852
Phillips Edison & Co., Inc.^(b)		30,312		956,040
Regency Centers Corp.		15,772		968,874
Retail Opportunity Investments Corp.^(b)		72,509		944,792
SITE Centers Corp.^(b)		79,296		978,513
Urban Edge Properties^(b)		66,270		972,181

				8,715,362

Single Family Homes-2.38%
American Homes 4 Rent, Class A		42,036		1,398,117
Invitation Homes, Inc.		42,339		1,412,853

				2,810,970

Specialty-5.29%
Gaming and Leisure Properties, Inc.		29,631		1,540,812
Lamar Advertising Co., Class A		14,804		1,564,487
Outfront Media, Inc.		94,060		1,567,040
VICI Properties, Inc.		46,576		1,580,789

				6,253,128

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


		6

Invesco Active U.S. Real Estate ETF (PSR)–(continued)

April 30, 2023

(Unaudited)


	Shares		Value
Timber REITs-2.68%
PotlatchDeltic Corp.^(b)		22,595	$	1,044,567
Rayonier, Inc.		34,060		1,068,122
Weyerhaeuser Co.		35,386		1,058,395

				3,171,084

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $132,597,403)				118,231,547


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-12.63%
Invesco Private Government Fund, 4.83%^(c)(d)(e)		4,180,188		4,180,188


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.99%^(c)(d)(e)		10,749,054	$	10,749,054

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,929,411)				14,929,242

TOTAL INVESTMENTS IN SECURITIES-112.67% (Cost $147,526,814)				133,160,789
OTHER ASSETS LESS LIABILITIES-(12.67)%				(14,977,376	)

NET ASSETS-100.00%.			$	118,183,413

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT.

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

^(c)


	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		$	-		$	1,708,385		$	(1,708,385	)		$	-			$	-		$	-		$	992

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,689,902			17,092,578			(14,602,292	)			-				-			4,180,188			48,254	*

Invesco Private Prime Fund			4,344,289			39,045,264			(32,640,699	)			(245	)			445			10,749,054			133,074	*


Total		$	6,034,191		$	57,846,227		$	(48,951,376	)		$	(245	)		$	445		$	14,929,242		$	182,320

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2M.

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


		7

Invesco Active U.S. Real Estate ETF (PSR)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

Property Type and Sub-Industry Breakdown

(% of the Fund’s Net Assets)

as of April 30, 2023



Infrastructure REITs	16.02

Industrial	14.81

Data Centers	9.24

Apartments	8.50

Self Storage	7.41

Shopping Centers	7.37

Health Care	7.22

Free Standing	5.69

Specialty	5.29

Office	3.70

Manufactured Homes	3.62

Diversified	2.75

Timber REITs	2.68

Lodging Resorts	2.52

Single Family Homes	2.38

Regional Malls	0.84

Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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


		8

Invesco Balanced Multi-Asset Allocation ETF (PSMB)

April 30, 2023

(Unaudited)

Schedule of Investments

Schedule of Investments in Affiliated Issuers- 105.52%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 04/30/23		Value 04/30/23
Domestic Equity Funds-43.39%
Invesco Preferred ETF		-	$	714,131	$	-	$	(709,377)	$	163,225		$	(167,979	)	$	-		-	$	-
Invesco RAFI™ Strategic US ETF		12.79%		4,272,279		1,614,291		(1,996,858)		223,277			69,983			38,812		107,753		4,182,972
Invesco RAFI™ Strategic US Small Company ETF		-		1,122,628		297,144		(1,450,919)		(46,714	)		77,861			5,044		-		-
Invesco Russell 1000^® Dynamic Multifactor ETF		8.64%		3,122,082		864,115		(1,520,435)		304,777			52,691			28,272		59,014		2,823,230
Invesco S&P 500^® Low Volatility ETF		4.55%		1,671,549		500,848		(735,405)		22,563			27,434			18,650		23,256		1,486,989
Invesco S&P 500^® Pure Growth ETF		12.90%		4,887,778		1,522,342		(2,085,709)		(84,644	)		(23,288	)		34,844		27,669		4,216,479
Invesco S&P MidCap Low Volatility ETF^(b)		2.80%		1,121,324		307,475		(514,908)		(14,416	)		16,702			10,995		17,501		916,177
Invesco S&P SmallCap Low Volatility ETF^(b)		1.71%		755,166		233,480		(355,158)		(95,825	)		21,878			7,500		13,792		559,541

Total Domestic Equity Funds				17,666,937		5,339,695		(9,368,769)		472,243			75,282			144,117				14,185,388

Fixed Income Funds-39.46%
Invesco 1-30 Laddered Treasury ETF		11.91%		4,306,541		1,360,478		(2,080,820)		378,592			(72,148	)		49,696		129,582		3,892,643
Invesco Emerging Markets Sovereign Debt ETF		2.02%		789,280		220,134		(452,506)		165,567			(63,043	)		24,020		34,274		659,432
Invesco Fundamental High Yield^® Corporate Bond ETF		5.57%		1,435,080		1,183,914		(865,067)		56,614			11,056			39,542		104,270		1,821,597
Invesco Investment Grade Defensive ETF		2.13%		674,361		329,130		(329,776)		21,582			1,641			12,066		28,811		696,938
Invesco Investment Grade Value ETF		-		357,531		201,435		(582,824)		61,733			(37,875	)		5,706		-		-
Invesco PureBeta^SM0-5 Yr US TIPS ETF		4.09%		1,416,679		524,033		(625,865)		23,246			15,169			88		53,513		1,336,220
Invesco Senior Loan ETF^(b)		2.48%		888,991		292,493		(377,334)		7,374			791			37,829		38,904		812,315
Invesco Taxable Municipal Bond ETF		4.80%		1,925,641		508,134		(1,014,582)		227,987			(76,061	)		31,288		58,125		1,571,119
Invesco Variable Rate Investment Grade ETF		6.46%		1,758,639		1,336,911		(1,011,075)		20,907			6,782			63,712		85,065		2,112,164

Total Fixed Income Funds				13,552,743		5,956,662		(7,339,849)		963,602			(213,688	)		263,947				12,902,428

Foreign Equity Funds-7.26%
Invesco RAFI™ Strategic Developed ex-US ETF		-		1,613,947		302,825		(2,076,737)		276,186			(116,221	)		4,174		-		-
Invesco RAFI™ Strategic Emerging Markets ETF		-		914,573		382,737		(1,538,375)		337,528			(96,463	)		4,039		-		-
Invesco S&P Emerging Markets Low Volatility ETF		2.77%		974,070		309,495		(475,900)		97,981			1,877			10,533		38,536		907,523
Invesco S&P International Developed Low Volatility ETF		4.49%		1,572,867		433,705		(745,184)		204,152			1,814			27,919		51,905		1,467,354

Total Foreign Equity Funds				5,075,457		1,428,762		(4,836,196)		915,847			(208,993	)		46,665				2,374,877

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


		9

Invesco Balanced Multi-Asset Allocation ETF (PSMB)–(continued)

April 30, 2023

(Unaudited)

Schedule of Investments in Affiliated Issuers- 105.52%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 04/30/23		Value 04/30/23
Money Market Funds-9.83%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)		9.83%	$	1,204	$	3,848,585	$	(634,844	)	$	-		$	-		$	18,384			3,214,945	$	3,214,945

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $34,327,241)		99.94%		36,296,341		16,573,704		(22,179,658	)		2,351,692			(347,399	)		473,113					32,677,638


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.58%
Invesco Private Government Fund, 4.83%^(c)(d)		1.56%		250,046		8,885,034		(8,624,096	)		-			-			9,892	*		510,984		510,984
Invesco Private Prime Fund, 4.99%^(c)(d)		4.02%		643,159		20,039,819		(19,368,281	)		(7	)		(285	)		26,888	*		1,314,405		1,314,405

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,825,391)		5.58%		893,205		28,924,853		(27,992,377	)		(7	)		(285	)		36,780					1,825,389

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $36,152,632)		105.52%	$	37,189,546	$	45,498,557	$	(50,172,035	)	$	2,351,685		$	(347,684	)^(e)	$	509,893				$	34,503,027

OTHER ASSETS LESS LIABILITIES		(5.52)%																				(1,806,473	)

NET ASSETS		100.00%																			$	32,696,554

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 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 2M.

^(e)	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name		Capital Gain
Invesco PureBeta^SM0-5 Yr US TIPS ETF		$17,042

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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


		10

Invesco Balanced Multi-Asset Allocation ETF (PSMB)–(continued)

April 30, 2023

(Unaudited)

Portfolio Composition

Market Segment Breakdown* (% of the Fund’s Net Assets)


as of April 30, 2023

U.S. Equities			43.39

Fixed Income			39.46

International and Developed Equities			4.49

Emerging Markets Equities			2.77

Money Market Funds Plus Other Assets Less Liabilities			9.89
* Reflects exposure achieved through investments in underlying funds.

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


		11

Invesco Conservative Multi-Asset Allocation ETF (PSMC)

April 30, 2023

(Unaudited)

Schedule of Investments

Schedule of Investments in Affiliated Issuers- 108.96%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Dividend Income		Shares 04/30/23		Value 04/30/23
Domestic Equity Funds-13.51%
Invesco Preferred ETF		-	$	419,303	$	-	$	(416,355)		$	131,706	$	(134,654	)	$	-		-	$	-
Invesco RAFI™ Strategic US ETF^(b).		2.81%		344,513		159,412		(238,440)			14,677		13,278			2,934		7,559		293,440
Invesco RAFI™ Strategic US Small Company ETF		-		213,438		70,263		(295,935)			21,610		(9,376	)		1,117		-		-
Invesco Russell 1000^® Dynamic Multifactor ETF		3.02%		369,713		171,652		(276,119)			37,799		12,747			3,452		6,601		315,792
Invesco S&P 500^® Low Volatility ETF		3.01%		373,898		168,630		(243,679)			13,283		1,941			4,243		4,912		314,073
Invesco S&P 500^® Pure Growth ETF		4.67%		599,162		284,942		(389,718)			5,819		(12,252	)		4,203		3,202		487,953

Total Domestic Equity Funds				2,320,027		854,899		(1,860,246)			224,894		(128,316	)		15,949				1,411,258

Fixed Income Funds-77.90%
Invesco 1-30 Laddered Treasury ETF		13.86%		1,625,547		774,747		(1,096,097)			163,587		(19,976	)		19,958		48,196		1,447,808
Invesco Emerging Markets Sovereign Debt ETF		4.00%		421,311		276,516		(359,183)			80,797		(1,490	)		16,459		21,723		417,951
Invesco Fundamental High Yield^® Corporate Bond ETF		14.67%		1,564,878		1,006,349		(1,118,525)			79,234		288			35,660		87,706		1,532,224
Invesco Investment Grade Defensive ETF		4.74%		464,443		367,387		(357,799)			17,186		3,154			9,057		20,437		494,371
Invesco Investment Grade Value ETF		-		251,942		160,103		(433,559)			61,018		(39,504	)		4,512		-		-
Invesco PureBeta^SM0-5 Yr US TIPS ETF		6.89%		802,101		428,659		(521,044)			20,433		1,133			-		28,833		719,960
Invesco Senior Loan ETF^(b)		5.52%		626,366		366,730		(425,270)			9,645		(1,016	)		29,147		27,608		576,455
Invesco Taxable Municipal Bond ETF^(b)		14.91%		1,974,209		794,627		(1,399,193)			312,511		(125,091	)		33,496		57,605		1,557,063
Invesco Variable Rate Investment Grade ETF		13.31%		1,416,142		989,142		(1,040,362)			17,928		7,258			44,987		55,985		1,390,108

Total Fixed Income Funds				9,146,939		5,164,260		(6,751,032)			762,339		(175,244	)		193,276				8,135,940

Foreign Equity Funds-1.89%
Invesco RAFI™ Strategic Developed ex-US ETF		-		212,963		65,373		(310,967)			46,059		(13,428	)		827		-		-
Invesco RAFI™ Strategic Emerging Markets ETF		-		126,029		56,228		(221,640)			63,737		(24,354	)		648		-		-
Invesco S&P International Developed Low Volatility ETF		1.89%		224,439		99,795		(159,351)			34,487		(1,650	)		3,934		6,994		197,720

Total Foreign Equity Funds				563,431		221,396		(691,958)			144,283		(39,432	)		5,409				197,720

Money Market Funds-6.93%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)		6.93%		-		1,008,990		(285,144)			-		-			3,706		723,846		723,846

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-100.23% (Cost $11,452,429)		100.23%		12,030,397		7,249,545		(9,588,380	)		1,131,516		(342,992	)		218,340				10,468,764

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


		12

Invesco Conservative Multi-Asset Allocation ETF (PSMC)–(continued)

April 30, 2023

(Unaudited)

Schedule of Investments in Affiliated Issuers- 108.96%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Dividend Income			Shares 04/30/23		Value 04/30/23

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.73%
Invesco Private Government Fund, 4.83%^(c)(d)		2.44%	$	297,696	$	5,156,942	$	(5,199,337	)	$	-		$	-		$	6,455	*		255,301	$	255,301
Invesco Private Prime Fund, 4.99%^(c)(d)		6.29%		765,328		11,841,966		(11,950,794	)		(8	)		(4	)		17,376	*		656,488		656,488

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $911,789)		8.73%		1,063,024		16,998,908		(17,150,131	)		(8	)		(4	)		23,831					911,789

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $12,364,218)		108.96%	$	13,093,421	$	24,248,453	$	(26,738,511	)	$	1,131,508		$	(342,996	)^(e)	$	242,171				$	11,380,553

OTHER ASSETS LESS LIABILITIES		(8.96)%																				(935,818	)

NET ASSETS		100.00%																			$	10,444,735

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 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 2M.

^(e)	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name		Capital Gain
Invesco PureBeta^SM0-5 Yr US TIPS ETF		$11,322

*	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.

Portfolio Composition

Market Segment Breakdown* (% of the Fund’s Net Assets)


as of April 30, 2023

Fixed Income			77.90

U.S. Equities			13.51

International and Developed Equities			1.89

Emerging Markets Equities			0.00

Money Market Funds Plus Other Assets Less Liabilities			6.70
* Reflects exposure achieved through investments in underlying funds.

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


		13

Invesco Growth Multi-Asset Allocation ETF (PSMG)

April 30, 2023

(Unaudited)

Schedule of Investments

Schedule of Investments in Affiliated Issuers- 107.80%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 04/30/23		Value 04/30/23
Domestic Equity Funds-57.46%
Invesco RAFI™ Strategic US ETF^(b)		16.24%	$	3,940,718	$	2,451,442	$	(2,140,635)		$	135,713		$	108,856		$	44,260		115,819	$	4,496,094
Invesco RAFI™ Strategic US Small Company ETF		-		1,168,776		609,827		(1,799,057)			(114,267	)		134,721			7,039		-		-
Invesco Russell 1000^® Dynamic Multifactor ETF		11.72%		3,017,007		1,592,138		(1,728,067)			271,684			92,751			34,656		67,841		3,245,513
Invesco S&P 500^® Low Volatility ETF		8.97%		2,350,442		1,299,555		(1,234,532)			19,406			49,262			30,340		38,851		2,484,133
Invesco S&P 500^® Pure Growth ETF^(b)		14.93%		4,069,875		2,278,152		(2,032,578)			(165,237	)		(16,329	)		35,633		27,127		4,133,883
Invesco S&P MidCap Low Volatility ETF^(b)		3.37%		964,080		497,321		(519,984)			(42,116	)		35,304			11,796		17,853		934,605
Invesco S&P SmallCap Low Volatility ETF		2.23%		703,585		388,671		(387,150)			(122,015	)		35,561			8,613		15,249		618,652

Total Domestic Equity Funds				16,214,483		9,117,106		(9,842,003)			(16,832	)		440,126			172,337				15,912,880

Fixed Income Funds-20.48%
Invesco 1-30 Laddered Treasury ETF		9.34%		2,345,842		1,405,726		(1,333,665)			198,362			(28,169	)		32,415		86,155		2,588,096
Invesco Fundamental High Yield^® Corporate Bond ETF		2.44%		518,752		468,444		(334,403)			18,721			3,701			14,279		38,650		675,215
Invesco Investment Grade Defensive ETF		2.14%		514,282		350,846		(289,676)			16,842			71			10,046		24,488		592,365
Invesco PureBeta^SM0-5 Yr US TIPS ETF		2.05%		512,333		321,307		(272,318)			8,961			5,475			18		22,730		567,568
Invesco Senior Loan ETF^(b)		1.49%		387,174		223,518		(200,259)			2,125			1,409			19,123		19,826		413,967
Invesco Taxable Municipal Bond ETF^(b)		1.03%		388,515		145,100		(274,150)			58,933			(34,367	)		5,513		10,508		284,031
Invesco Variable Rate Investment Grade ETF		1.99%		510,935		306,836		(273,835)			5,970			2,065			16,336		22,230		551,971

Total Fixed Income Funds				5,177,833		3,221,777		(2,978,306	)		309,914			(49,815	)		97,730				5,673,213

Foreign Equity Funds-9.90%
Invesco RAFI™ Strategic Developed ex-US ETF		-		1,560,422		645,920		(2,369,840)			232,002			(68,504	)		5,760		-		-
Invesco RAFI™ Strategic Emerging Markets ETF		-		867,403		556,366		(1,658,380)			316,974			(82,363	)		4,854		-		-
Invesco S&P Emerging Markets Low Volatility ETF		3.90%		1,000,061		549,888		(579,907)			90,679			18,717			13,183		45,836		1,079,438
Invesco S&P International Developed Low Volatility ETF		6.00%		1,529,574		780,941		(851,193)			198,028			4,700			33,049		58,792		1,662,050

Total Foreign Equity Funds				4,957,460		2,533,115		(5,459,320)			837,683			(127,450	)		56,846				2,741,488

Money Market Funds-12.08%
Invesco Government & Agency Portfolio, Institutional Class, 4.78%^(c)		12.08%		-		3,641,524		(296,503)			-			-			18,829		3,345,021		3,345,021

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $28,557,289)		99.92%		26,349,776		18,513,522		(18,576,132)			1,130,765			262,861			345,742				27,672,602

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


		14

Invesco Growth Multi-Asset Allocation ETF (PSMG)–(continued)

April 30, 2023

(Unaudited)

Schedule of Investments in Affiliated Issuers- 107.80%^(a)


	% of Net Assets 04/30/23		Value 10/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 04/30/23		Value 04/30/23

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.88%
Invesco Private Government Fund, 4.83%^(c)(d)		2.21%	$	149,010	$	5,025,101	$	(4,563,572	)	$	-		$	-		$	6,307	*		610,539	$	610,539
Invesco Private Prime Fund, 4.99%^(c)(d)		5.67%		348,025		9,747,366		(8,525,166	)		(55	)		(1	)		16,745	*		1,570,169		1,570,169

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,180,730)		7.88%		497,035		14,772,467		(13,088,738	)		(55	)		(1	)		23,052					2,180,708

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $30,738,019)		107.80%	$	26,846,811	$	33,285,989	$	(31,664,870	)	$	1,130,710		$	262,860^(e)		$	368,794				$	29,853,310

OTHER ASSETS LESS LIABILITIES		(7.80)%																				(2,159,119	)

NET ASSETS		100.00%																			$	27,694,191

Investment Abbreviations:

ETF-Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

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

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 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 2M.

^(e)	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name		Capital Gain
Invesco PureBeta^SM0-5 Yr US TIPS ETF		$8,190

*	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.

Portfolio Composition

Market Segment Breakdown* (% of the Fund’s Net Assets)


as of April 30, 2023
U.S. Equities			57.46

Fixed Income			20.48

International and Developed Equities			6.00

Emerging Markets Equities			3.90

Money Market Funds Plus Other Assets Less Liabilities			12.16
* Reflects exposure achieved through investments in underlying funds.

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


		15

Invesco High Yield Bond Factor ETF (IHYF)

April 30, 2023

(Unaudited)

Schedule of Investments^(a)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.10%
Advertising-0.27%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028^(b)	$	126,000	$	98,158

Aerospace & Defense-1.37%
Howmet Aerospace, Inc.
5.13%, 10/01/2024		45,000		44,877
6.88%, 05/01/2025		115,000		118,594
Spirit AeroSystems, Inc., 9.38%, 11/30/2029^(b)		62,000		66,722
TransDigm, Inc., 6.25%, 03/15/2026^(b)		274,000		275,724

				505,917

Agricultural & Farm Machinery-0.16%
Titan International, Inc., 7.00%, 04/30/2028		65,000		58,175

Air Freight & Logistics-0.32%
Rand Parent LLC, 8.50%, 02/15/2030^(b)		128,000		116,105

Alternative Carriers-0.65%
Lumen Technologies, Inc., 4.00%, 02/15/2027, (Acquired 01/31/2023 - 03/02/2023; Cost $118,655)^(b)(c)		144,000		96,321
Qwest Corp., 7.25%, 09/15/2025		77,000		68,470
Zayo Group Holdings, Inc., 4.00%, 03/01/2027^(b)		100,000		75,823

				240,614

Aluminum-0.23%
Kaiser Aluminum Corp., 4.50%, 06/01/2031^(b)		106,000		84,136

Apparel Retail-0.46%
Foot Locker, Inc., 4.00%, 10/01/2029^(b)		67,000		56,751
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		161,000		114,167

				170,918

Apparel, Accessories & Luxury Goods-0.74%
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)		88,000		82,897
Hanesbrands, Inc., 4.88%, 05/15/2026^(b)		81,000		76,434
Under Armour, Inc., 3.25%, 06/15/2026		122,000		112,152

				271,483

Application Software-0.53%
Cloud Software Group, Inc., 6.50%, 03/31/2029^(b)		50,000		45,087
Open Text Holdings, Inc. (Canada)
4.13%, 02/15/2030^(b)		103,000		88,110
4.13%, 12/01/2031^(b)		76,000		62,987

				196,184

Asset Management & Custody Banks-0.15%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		58,000		54,165

Automobile Manufacturers-3.38%
Ford Motor Credit Co. LLC
5.13%, 06/16/2025		200,000		194,993
4.13%, 08/04/2025		200,000		189,613
3.38%, 11/13/2025		200,000		186,021


	Principal Amount		Value
Automobile Manufacturers-(continued)
Jaguar Land Rover Automotive PLC (United Kingdom)
7.75%, 10/15/2025^(b)	$	200,000	$	198,833
5.88%, 01/15/2028^(b)		200,000		173,155
Nissan Motor Co. Ltd. (Japan), 4.35%, 09/17/2027^(b)		200,000		183,389
PM General Purchaser LLC, 9.50%, 10/01/2028^(b)		123,000		116,662

				1,242,666

Automotive Parts & Equipment-1.29%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		37,000		37,286
Dana, Inc., 4.25%, 09/01/2030		84,000		68,115
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029^(b)(d)		200,000		180,259
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025^(b)		192,000		187,822

				473,482

Automotive Retail-0.10%
Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)		45,000		37,802

Broadcasting-2.80%
AMC Networks, Inc., 4.75%, 08/01/2025		72,000		66,881
iHeartCommunications, Inc.
6.38%, 05/01/2026.		72,000		61,885
8.38%, 05/01/2027^(e)		45,000		29,738
Liberty Interactive LLC, 8.25%, 02/01/2030		79,000		23,906
Paramount Global, 6.38%, 03/30/2062^(e)(f)		298,000		255,946
Scripps Escrow II, Inc., 5.38%, 01/15/2031^(b)		160,000		111,344
TEGNA, Inc.
4.75%, 03/15/2026^(b)		150,000		143,392
4.63%, 03/15/2028.		155,000		138,578
Univision Communications, Inc., 5.13%, 02/15/2025^(b)		73,000		71,975
Urban One, Inc., 7.38%, 02/01/2028^(b)		67,000		60,919
Videotron Ltd. (Canada), 5.13%, 04/15/2027^(b)		69,000		66,689

				1,031,253

Broadline Retail-2.87%
GrubHub Holdings, Inc., 5.50%, 07/01/2027^(b).		90,000		65,818
Kohl’s Corp.
4.63%, 05/01/2031.		90,000		61,478
5.55%, 07/17/2045.		100,000		58,384
Macy’s Retail Holdings LLC
5.88%, 04/01/2029^(b)(e)		242,000		221,897
6.13%, 03/15/2032^(b)		93,000		81,502
Nordstrom, Inc.
6.95%, 03/15/2028		63,000		60,873
4.38%, 04/01/2030		184,000		144,147
4.25%, 08/01/2031		96,000		71,399

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


		16

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Broadline Retail-(continued)
QVC, Inc.
4.75%, 02/15/2027	$	125,000	$	63,279
5.45%, 08/15/2034		68,000		29,315
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024^(b)		200,000		197,120

				1,055,212

Building Products-2.48%
Builders FirstSource, Inc., 4.25%, 02/01/2032^(b)		194,000		170,204
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029^(b)		89,000		67,076
JELD-WEN, Inc.
6.25%, 05/15/2025^(b)		52,000		52,432
4.63%, 12/15/2025^(b)		81,000		78,282
4.88%, 12/15/2027^(b)(e)		60,000		52,583
Masonite International Corp.
5.38%, 02/01/2028^(b)		100,000		96,395
3.50%, 02/15/2030^(b)		90,000		77,188
Standard Industries, Inc.
5.00%, 02/15/2027^(b)		89,000		85,251
4.75%, 01/15/2028^(b)		80,000		74,901
4.38%, 07/15/2030^(b)		108,000		93,354
3.38%, 01/15/2031^(b)		81,000		64,196

				911,862

Cable & Satellite-5.72%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029^(b)		200,000		159,711
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/2026^(b)		88,000		86,509
5.13%, 05/01/2027^(b)		456,000		430,961
CSC Holdings LLC, 4.63%, 12/01/2030^(b)		200,000		97,827
DIRECTV Financing LLC/DIRECTV Financing Co.-Obligor, Inc., 5.88%, 08/15/2027^(b)		240,000		210,881
DISH DBS Corp.
7.75%, 07/01/2026.		184,000		106,514
5.25%, 12/01/2026^(b)		159,000		121,747
7.38%, 07/01/2028.		176,000		88,361
5.13%, 06/01/2029.		119,000		54,997
DISH Network Corp., 11.75%, 11/15/2027^(b)		137,000		129,568
Lcpr Senior Secured Financing DAC, 5.13%, 07/15/2029^(b)		200,000		171,526
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027^(b)		200,000		190,250
Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/2026^(b)		67,000		52,213
6.50%, 09/15/2028^(b)		40,000		18,700
Telenet Finance Luxembourg Notes S.a.r.l. (Belgium), 5.50%, 03/01/2028^(b)		200,000		186,050

				2,105,815

Casinos & Gaming-3.22%
Affinity Interactive, 6.88%, 12/15/2027^(b)		187,000		168,387
Caesars Entertainment, Inc., 4.63%, 10/15/2029^(b)		45,000		39,519
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)(e)		118,000		119,080


	Principal Amount		Value
Casinos & Gaming-(continued)
Las Vegas Sands Corp.
3.20%, 08/08/2024.	$	82,000	$	79,440
2.90%, 06/25/2025^(e)		200,000		189,602
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029^(b)		200,000		166,339
MGM Resorts International, 6.75%, 05/01/2025		36,000		36,383
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026^(b)		61,000		54,659
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031^(b)		234,000		165,766
Sands China Ltd. (Macau), 3.75%, 08/08/2031.		200,000		165,330

				1,184,505

Coal & Consumable Fuels-0.32%
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(b)		140,000		119,557

Commercial & Residential Mortgage Finance-0.55%
Enact Holdings, Inc., 6.50%, 08/15/2025^(b)		78,000		77,326
NMI Holdings, Inc., 7.38%, 06/01/2025^(b)		81,000		82,445
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026^(b)		49,000		43,684

				203,455

Commodity Chemicals-0.32%
Methanex Corp. (Canada), 5.25%, 12/15/2029		127,000		119,347

Communications Equipment-0.73%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)(e)		40,000		37,652
Hughes Satellite Systems Corp., 6.63%, 08/01/2026^(e)		79,000		74,734
Viasat, Inc., 5.63%, 09/15/2025^(b)		162,000		154,875

				267,261

Construction & Engineering-0.13%
AECOM, 5.13%, 03/15/2027		48,000		47,090

Construction Machinery & Heavy Transportation Equipment-0.37%
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026^(b)(e)		40,000		39,751
Trinity Industries, Inc., 4.55%, 10/01/2024		100,000		97,616

				137,367

Construction Materials-0.38%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028^(b)		70,000		66,412
Eco Material Technologies, Inc., 7.88%, 01/31/2027^(b)		78,000		74,978

				141,390

Consumer Finance-2.87%
Ally Financial, Inc., 5.75%, 11/20/2025		92,000		89,472
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024^(b)		200,000		194,400
Credit Acceptance Corp., 5.13%, 12/31/2024^(b)		80,000		76,319
Navient Corp.
5.00%, 03/15/2027^(e)		116,000		104,617
5.63%, 08/01/2033.		62,000		46,558

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


		17

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Consumer Finance-(continued)
OneMain Finance Corp.
6.88%, 03/15/2025^(e)	$	72,000	$	70,550
7.13%, 03/15/2026		140,000		136,600
PRA Group, Inc., 7.38%, 09/01/2025^(b)		140,000		139,687
Synchrony Financial, 7.25%, 02/02/2033		215,000		198,040

				1,056,243

Distributors-0.67%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028^(b)		64,000		64,147
Performance Food Group, Inc., 6.88%, 05/01/2025^(b)		180,000		181,704

				245,851

Diversified Banks-1.29%
Commerzbank AG (Germany), 8.13%, 09/19/2023^(b)		200,000		197,887
Freedom Mortgage Corp.
8.25%, 04/15/2025^(b)		90,000		83,798
7.63%, 05/01/2026^(b)		50,000		42,815
Intesa Sanpaolo S.p.A. (Italy), 4.20%, 06/01/2032^(b)(f)		200,000		151,776

				476,276

Diversified Chemicals-0.52%
Chemours Co. (The), 5.75%, 11/15/2028^(b)		160,000		142,391
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)		78,000		48,435

				190,826

Diversified Financial Services-2.71%
AG Issuer LLC, 6.25%, 03/01/2028^(b)		92,000		85,610
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027^(b)		200,000		174,780
Midcap Financial Issuer Trust, 5.63%, 01/15/2030^(b)		209,000		171,617
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026^(b)		79,000		33,874
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 04/06/2031^(b)		200,000		156,695
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(b)(e)		163,000		144,765
United Wholesale Mortgage LLC
5.50%, 11/15/2025^(b)		121,000		115,423
5.75%, 06/15/2027^(b)		47,000		42,873
5.50%, 04/15/2029^(b)		85,000		73,399

				999,036

Diversified Metals & Mining-0.65%
Mineral Resources Ltd. (Australia)
8.13%, 05/01/2027^(b)		86,000		86,837
8.50%, 05/01/2030^(b)		148,000		150,749

				237,586

Diversified Real Estate Activities-0.12%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(b)		51,000		46,107

Diversified REITs-0.20%
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026^(b)		82,000		72,874


	Principal Amount		Value
Diversified Support Services-1.58%
MPH Acquisition Holdings LLC
5.50%, 09/01/2028^(b)	$	81,000	$	62,001
5.75%, 11/01/2028^(b)		87,000		55,109
Neptune Bidco US, Inc., 9.29%, 04/15/2029^(b)		307,000		289,248
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.25%, 04/15/2024^(b)		39,000		38,866
5.75%, 04/15/2026^(b)		120,000		119,249
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028^(b)		15,000		15,544

				580,017

Education Services-0.31%
Grand Canyon University, 4.13%, 10/01/2024		118,000		112,442

Electric Utilities-1.40%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025^(b)		200,000		195,291
Midland Cogeneration Venture L.P., 6.00%, 03/15/2025^(b)		56,844		57,697
NRG Energy, Inc.
5.25%, 06/15/2029^(b)		83,000		76,656
3.63%, 02/15/2031^(b)		87,000		70,551
3.88%, 02/15/2032^(b)		144,000		116,458

				516,653

Electrical Components & Equipment-0.32%
WESCO Distribution, Inc., 7.13%, 06/15/2025^(b)		114,000		116,102

Electronic Components-0.72%
Imola Merger Corp., 4.75%, 05/15/2029^(b)		160,000		138,729
Likewize Corp., 9.75%, 10/15/2025^(b)		141,000		126,184

				264,913

Environmental & Facilities Services-0.24%
Harsco Corp., 5.75%, 07/31/2027^(b)		73,000		61,735
Stericycle, Inc., 5.38%, 07/15/2024^(b)		28,000		27,871

				89,606

Financial Exchanges & Data-0.31%
Coinbase Global, Inc., 3.38%, 10/01/2028^(b)		189,000		114,345

Food Distributors-0.89%
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)		224,000		177,038
United Natural Foods, Inc., 6.75%, 10/15/2028^(b)		107,000		101,661
US Foods, Inc., 6.25%, 04/15/2025^(b)		50,000		50,337

				329,036

Food Retail-0.34%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027^(b)		128,000		123,921

Footwear-0.41%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(b)(e)		147,000		149,385

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


		18

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

April 30, 2023

(Unaudited)


	Principal Amount		Value
Gas Utilities-0.66%
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024	$	122,000	$	121,278
5.88%, 08/20/2026		60,000		57,938
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029^(b)		75,000		63,445

				242,661

Health Care Distributors-0.45%
Owens & Minor, Inc.
4.50%, 03/31/2029^(b)		86,000		69,070
6.63%, 04/01/2030^(b)		110,000		95,833

				164,903

Health Care Equipment-1.01%
Community Health Systems, Inc.
6.00%, 01/15/2029^(b)		160,000		141,971
6.88%, 04/15/2029^(b)		102,000		75,572
6.13%, 04/01/2030^(b)		84,000		59,860
Varex Imaging Corp., 7.88%, 10/15/2027^(b)		96,000		95,142

				372,545

Health Care Facilities-0.85%
Legacy LifePoint Health LLC, 6.75%, 04/15/2025^(b)		95,000		91,534
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026^(b)		26,000		21,657
Tenet Healthcare Corp., 4.88%, 01/01/2026		204,000		201,201

				314,392

Health Care REITs-0.61%
MPT Operating Partnership L.P./MPT Finance Corp.
5.00%, 10/15/2027		148,000		124,166
4.63%, 08/01/2029		131,000		99,360

				223,526

Health Care Services-1.45%
Community Health Systems, Inc.
8.00%, 03/15/2026^(b)		126,000		125,044
5.25%, 05/15/2030^(b)		83,000		69,255
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		10,000		6,161
ModivCare, Inc., 5.88%, 11/15/2025^(b)		97,000		92,782
Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)		75,000		67,784
US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)		192,000		171,567

				532,593

Health Care Technology-0.30%
AthenaHealth Group, Inc., 6.50%, 02/15/2030^(b)		135,000		111,012

Home Furnishings-0.20%
Tempur Sealy International, Inc., 3.88%, 10/15/2031^(b)		87,000		72,250

Home Improvement Retail-0.29%
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026^(b)		117,000		106,330


	Principal Amount		Value
Homebuilding-1.59%
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC (Canada), 6.25%, 09/15/2027^(b)	$	88,000	$	80,752
LGI Homes, Inc., 4.00%, 07/15/2029^(b)		202,000		165,207
New Home Co., Inc. (The), 7.25%, 10/15/2025^(b)		80,000		74,696
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028.		78,000		71,076
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028^(b)		80,000		79,385
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		118,000		113,549

				584,665

Hotel & Resort REITs-0.74%
Service Properties Trust
4.50%, 03/15/2025		19,000		17,691
4.75%, 10/01/2026		150,000		129,854
4.95%, 02/15/2027^(e)		149,000		126,472

				274,017

Hotels, Resorts & Cruise Lines-2.33%
Carnival Corp.
5.75%, 03/01/2027^(b)		282,000		232,396
6.00%, 05/01/2029^(b)		200,000		157,160
Royal Caribbean Cruises Ltd.
11.50%, 06/01/2025^(b)		90,000		95,634
5.50%, 04/01/2028^(b)		138,000		121,818
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(b)		66,000		66,896
Travel + Leisure Co., Series J, 6.00%, 04/01/2027	</