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Invesco Semi-Annual Report to Shareholders

 

February 28, 2023

    

  PBUS   Invesco PureBetaSM MSCI USA ETF
  PBSM   Invesco PureBetaSM MSCI USA Small Cap ETF
  PBND   Invesco PureBetaSM US Aggregate Bond ETF
        

 

 

Table of Contents

 

Schedules of Investments

   

Invesco PureBetaSM MSCI USA ETF (PBUS)

      3  

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)

      10  

Invesco PureBetaSM US Aggregate Bond ETF (PBND)

      28  

Statements of Assets and Liabilities

      38  

Statements of Operations

      39  

Statements of Changes in Net Assets

      40  

Financial Highlights

      42  

Notes to Financial Statements

      45  

Fund Expenses

      56  

 

    2    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)

February 28, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.86%

 

Communication Services-7.67%

 

Activision Blizzard, Inc.

      49,991     $ 3,811,814  

Alphabet, Inc., Class A(b)

      381,531            34,360,682  

Alphabet, Inc., Class C(b)

      349,894       31,595,428  

AT&T, Inc.

      455,244       8,608,664  

Charter Communications, Inc., Class A(b)(c)

     6,961       2,558,933  

Comcast Corp., Class A

      275,559       10,242,528  

DISH Network Corp., Class A(b)

      15,678         178,886  

Electronic Arts, Inc.

      17,671       1,960,421  

Fox Corp., Class A

      19,321       676,621  

Fox Corp., Class B

      9,259       298,603  

Interpublic Group of Cos., Inc. (The)

      24,860       883,524  

Liberty Broadband Corp., Class C(b)

      7,725       669,526  

Liberty Global PLC, Class A (United Kingdom)(b)

      10,494       215,022  

Liberty Global PLC, Class C (United Kingdom)(b)(c)

      16,679       354,429  

Liberty Media Corp.-Liberty Formula One, Class C(b)(c)

      12,586       854,212  

Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)

      4,680       151,585  

Liberty Media Corp.-Liberty SiriusXM, Class C(b)

      10,419       335,700  

Live Nation Entertainment, Inc.(b)(c)

      10,999       792,588  

Match Group, Inc.(b)

      17,841       738,974  

Meta Platforms, Inc., Class A(b)

      143,670       25,133,630  

Netflix, Inc.(b)

      28,426       9,156,867  

News Corp., Class A

      24,222       415,407  

Omnicom Group, Inc.

      13,015       1,178,769  

Paramount Global, Class B(c)

      38,867       832,531  

Pinterest, Inc., Class A(b)

      37,530       942,378  

Roblox Corp., Class A(b)

      22,814       835,905  

Roku, Inc., Class A(b)(c)

      7,716       499,148  

Sirius XM Holdings, Inc.(c)

      49,513       217,362  

Snap, Inc., Class A(b)

      69,438       704,796  

Take-Two Interactive Software, Inc.(b)

      10,720       1,174,376  

T-Mobile US, Inc.(b)

      39,736       5,649,665  

Trade Desk, Inc. (The), Class A(b)

      28,443       1,591,670  

Verizon Communications, Inc.

      268,267       10,411,442  

Walt Disney Co. (The)(b)

      116,450       11,599,585  

Warner Bros Discovery, Inc.(b)

      147,360       2,301,763  

ZoomInfo Technologies, Inc., Class A(b)

      16,612       401,512  
    

 

 

  
       172,334,946  
    

 

 

  

Consumer Discretionary-10.66%

 

Advance Auto Parts, Inc.

      3,811       552,443  

Airbnb, Inc., Class A(b)

      24,166       2,979,184  

Amazon.com, Inc.(b)

      586,477       55,263,728  

Aptiv PLC(b)

      17,307       2,012,458  

Aramark

      14,781       543,941  

AutoZone, Inc.(b)

      1,212       3,013,686  

Bath & Body Works, Inc.

      14,580       595,885  

Best Buy Co., Inc.

      12,942       1,075,610  

Booking Holdings, Inc.(b)

      2,478       6,254,472  

BorgWarner, Inc.

      14,949       751,636  

Burlington Stores, Inc.(b)(c)

      4,161       891,494  

Caesars Entertainment, Inc.(b)

      13,706       695,717  

CarMax, Inc.(b)(c)

      10,180       702,827  
         Shares       Value  

Consumer Discretionary-(continued)

 

Carnival Corp.(b)(c)

      63,968     $           679,340  

Chewy, Inc., Class A(b)(c)

      6,055       245,530  

Chipotle Mexican Grill, Inc.(b)

      1,771       2,640,703  

D.R. Horton, Inc.

      20,895       1,932,370  

Darden Restaurants, Inc.

      7,810       1,116,752  

Dollar General Corp.

      14,409       3,116,667  

Dollar Tree, Inc.(b)

      14,128       2,052,516  

Domino’s Pizza, Inc.

      2,257       663,581  

DoorDash, Inc., Class A(b)(c)

      14,950       817,167  

eBay, Inc.

      34,663         1,591,032  

Etsy, Inc.(b)

      8,046       976,865  

Expedia Group, Inc.(b)

      9,649       1,051,451  

Ford Motor Co.(c)

      252,287       3,045,104  

Garmin Ltd.

      9,771       958,828  

General Motors Co.

      90,748       3,515,577  

Genuine Parts Co.

      9,017       1,594,747  

Hasbro, Inc.

      8,375       460,709  

Hilton Worldwide Holdings, Inc.

      17,276       2,496,555  

Home Depot, Inc. (The)

      65,102       19,305,347  

Las Vegas Sands Corp.(b)

      21,965       1,262,328  

Lear Corp.

      3,763       525,503  

Lennar Corp., Class A

      16,274       1,574,347  

LKQ Corp.

      16,213       928,843  

Lowe’s Cos., Inc.

      38,626       7,947,299  

Lucid Group, Inc.(b)(c)

      26,835       245,003  

lululemon athletica, inc.(b)

      7,422       2,294,882  

Marriott International, Inc., Class A

      17,186       2,908,559  

McDonald’s Corp.

      46,784       12,346,765  

MercadoLibre, Inc. (Brazil)(b)

      2,890       3,525,800  

MGM Resorts International

      19,624       844,028  

Mohawk Industries, Inc.(b)

      3,247       333,954  

Newell Brands, Inc.

      24,983       367,000  

NIKE, Inc., Class B

      80,464       9,558,318  

NVR, Inc.(b)

      194       1,003,682  

O’Reilly Automotive, Inc.(b)

      3,997       3,317,910  

Pool Corp.(c)

      2,494       890,009  

PulteGroup, Inc.

      14,552       795,558  

Rivian Automotive, Inc., Class A(b)(c)

      20,282       391,443  

Ross Stores, Inc.

      22,169       2,450,561  

Royal Caribbean Cruises Ltd.(b)(c)

      14,660       1,035,582  

Starbucks Corp.

      73,317       7,484,932  

Target Corp.

      29,410       4,955,585  

Tesla, Inc.(b)

      171,449       35,268,774  

TJX Cos., Inc. (The)

      74,163       5,680,886  

Tractor Supply Co.

      7,062       1,647,282  

Ulta Beauty, Inc.(b)

      3,273       1,698,032  

Vail Resorts, Inc.(c)

      2,557       597,034  

VF Corp.

      20,951       520,004  

Whirlpool Corp.

      3,462       477,687  

Wynn Resorts Ltd.(b)

      6,894       747,103  

Yum! Brands, Inc.

      17,993       2,287,990  
    

 

 

  
       239,506,605  
    

 

 

  

Consumer Staples-6.50%

 

Altria Group, Inc.

      114,477       5,315,167  

Archer-Daniels-Midland Co.

      35,089       2,793,084  

Brown-Forman Corp., Class B

      19,797       1,284,231  

Bunge Ltd.

      9,569       913,840  

 

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

 

    3    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Consumer Staples-(continued)

 

Campbell Soup Co.

      13,392     $ 703,348  

Church & Dwight Co., Inc.

      15,577       1,305,041  

Clorox Co. (The)

      7,881       1,225,023  

Coca-Cola Co. (The)

      262,421            15,616,674  

Colgate-Palmolive Co.

      50,683         3,715,064  

Conagra Brands, Inc.

      30,576       1,113,272  

Constellation Brands, Inc., Class A

      10,603       2,371,891  

Costco Wholesale Corp.

      28,272       13,688,737  

Darling Ingredients, Inc.(b)(c)

      10,215       646,303  

Estee Lauder Cos., Inc. (The), Class A

      14,773       3,590,578  

General Mills, Inc.

      37,865       3,010,646  

Hershey Co. (The)

      9,388       2,237,348  

Hormel Foods Corp.

      19,111       848,146  

JM Smucker Co. (The)

      6,812       1,007,427  

Kellogg Co.

      16,350       1,078,119  

Keurig Dr Pepper, Inc.

      49,755       1,719,035  

Kimberly-Clark Corp.

      21,558       2,695,828  

Kraft Heinz Co. (The)

      46,946       1,828,077  

Kroger Co. (The)

      43,437       1,873,872  

Lamb Weston Holdings, Inc.

      9,174       923,271  

McCormick & Co., Inc.

      16,007       1,189,640  

Molson Coors Beverage Co., Class B

      12,153       646,418  

Mondelez International, Inc., Class A

      87,230       5,685,652  

Monster Beverage Corp.(b)

      24,995       2,543,491  

PepsiCo, Inc.

      88,003       15,271,161  

Philip Morris International, Inc. (Switzerland)

      99,021       9,634,743  

Procter & Gamble Co. (The)

      151,367       20,822,045  

Sysco Corp.

      32,370       2,413,831  

Tyson Foods, Inc., Class A

      18,418       1,091,082  

Walgreens Boots Alliance, Inc.

      46,955       1,668,311  

Walmart, Inc.

      95,356       13,552,948  
    

 

 

  
       146,023,344  
    

 

 

  

Energy-4.75%

 

APA Corp.

      20,537       788,210  

Baker Hughes Co., Class A

      63,970       1,957,482  

Cheniere Energy, Inc.

      14,304       2,250,591  

Chesapeake Energy Corp.

      7,274       587,812  

Chevron Corp.

      117,337       18,864,269  

ConocoPhillips

      79,594       8,226,040  

Coterra Energy, Inc.

      50,596       1,263,382  

Devon Energy Corp.

      39,668       2,138,899  

Diamondback Energy, Inc.

      10,680       1,501,394  

EOG Resources, Inc.

      37,520       4,240,510  

EQT Corp.

      21,163       702,188  

Exxon Mobil Corp.

      263,117       28,919,189  

Halliburton Co.

      58,002       2,101,412  

Hess Corp.

      17,710       2,385,537  

HF Sinclair Corp.

      9,616       478,108  

Kinder Morgan, Inc.

      129,530       2,209,782  

Marathon Oil Corp.

      40,566       1,020,235  

Marathon Petroleum Corp.

      29,936       3,700,090  

Occidental Petroleum Corp.

      46,446       2,719,878  

ONEOK, Inc.

      28,550       1,868,598  

Ovintiv, Inc.(c)

      15,858       678,247  

Phillips 66

      30,190       3,096,286  

Pioneer Natural Resources Co.

      14,429       2,891,716  

Schlumberger Ltd.

      90,576       4,819,549  

Targa Resources Corp.

      13,686       1,014,133  
         Shares       Value  

Energy-(continued)

 

Texas Pacific Land Corp.

      394     $ 701,395  

Valero Energy Corp.

      24,626       3,243,983  

Williams Cos., Inc. (The)

      77,823       2,342,472  
    

 

 

  
          106,711,387  
    

 

 

  

Financials-11.45%

 

Aflac, Inc.

      37,731       2,571,368  

Allstate Corp. (The)

      16,941       2,181,662  

Ally Financial, Inc.

      19,076       573,234  

American Express Co.

      40,571       7,058,948  

American Financial Group, Inc.

      4,623         619,991  

American International Group, Inc.

      47,459       2,900,219  

Ameriprise Financial, Inc.

      6,798       2,330,830  

Annaly Capital Management, Inc.

      29,862       617,546  

Aon PLC, Class A.

      13,213       4,017,413  

Apollo Global Management, Inc.

      25,589       1,814,260  

Arch Capital Group Ltd.(b)

      23,626       1,653,820  

Ares Management Corp., Class A

      9,970       803,881  

Arthur J. Gallagher & Co.

      13,468       2,523,230  

Assurant, Inc.

      3,405       433,763  

Bank of America Corp.

      461,401       15,826,054  

Bank of New York Mellon Corp. (The)

      49,048       2,495,562  

Berkshire Hathaway, Inc., Class B(b)

      83,165       25,380,295  

BlackRock, Inc.

      9,594       6,614,391  

Blackstone, Inc., Class A(c)

      44,822       4,069,838  

Brown & Brown, Inc.

      15,377       862,188  

Capital One Financial Corp.

      24,395       2,661,007  

Carlyle Group, Inc. (The)(c)

      12,664       435,642  

Cboe Global Markets, Inc.

      6,745       851,017  

Charles Schwab Corp. (The)

      92,834       7,233,625  

Chubb Ltd.

      26,512       5,594,562  

Cincinnati Financial Corp.

      9,538       1,151,237  

Citigroup, Inc.

      123,718       6,271,265  

Citizens Financial Group, Inc.

      31,510       1,315,858  

CME Group, Inc., Class A

      22,968       4,257,348  

Coinbase Global, Inc., Class A(b)(c)

      7,997       518,446  

Discover Financial Services

      17,453       1,954,736  

Equitable Holdings, Inc.

      23,637       742,675  

Erie Indemnity Co., Class A(c)

      1,644       386,981  

Everest Re Group Ltd.

      2,518       966,836  

FactSet Research Systems, Inc.

      2,434       1,009,015  

Fidelity National Financial, Inc.

      16,514       658,248  

Fifth Third Bancorp

      43,844       1,591,537  

First Citizens BancShares, Inc., Class A

      690       506,294  

First Horizon Corp.

      34,223       847,704  

First Republic Bank

      11,685       1,437,372  

Franklin Resources, Inc.

      19,059       561,669  

Globe Life, Inc.

      5,893       717,119  

Goldman Sachs Group, Inc. (The)

      21,631       7,606,541  

Hartford Financial Services Group, Inc. (The)

      20,319       1,590,571  

Huntington Bancshares, Inc.

      92,156       1,411,830  

Intercontinental Exchange, Inc.

      35,683       3,632,529  

Invesco Ltd.(d)

      21,678       382,833  

JPMorgan Chase & Co.

      187,361       26,858,199  

KeyCorp

      59,594       1,089,974  

KKR & Co., Inc., Class A

      35,753       2,014,682  

Loews Corp.

      12,891       787,511  

LPL Financial Holdings, Inc.

      5,070       1,265,269  

M&T Bank Corp.

      11,026       1,712,228  

 

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

 

    4    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Financials-(continued)

 

Markel Corp.(b)(c)

      859     $        1,142,350  

MarketAxess Holdings, Inc.

      2,397       818,456  

Marsh & McLennan Cos., Inc.

      31,683       5,137,082  

MetLife, Inc.

      42,600       3,055,698  

Moody’s Corp.

      10,528       3,054,699  

Morgan Stanley

      80,968       7,813,412  

MSCI, Inc.

      5,107         2,666,620  

Nasdaq, Inc.

      21,976       1,231,975  

Northern Trust Corp.

      12,647       1,204,880  

PNC Financial Services Group, Inc. (The)

      25,762       4,068,335  

Principal Financial Group, Inc.

      15,629       1,399,733  

Progressive Corp. (The)

      37,345       5,359,754  

Prudential Financial, Inc.

      23,506       2,350,600  

Raymond James Financial, Inc.

      12,367       1,341,325  

Regions Financial Corp.

      59,689       1,391,947  

S&P Global, Inc.

      21,271       7,257,665  

SEI Investments Co.

      7,355       443,139  

Signature Bank

      3,982       458,129  

State Street Corp.

      23,385       2,073,782  

SVB Financial Group(b)

      3,790       1,091,937  

Synchrony Financial

      28,779       1,027,698  

T. Rowe Price Group, Inc.(c)

      14,274       1,602,685  

Tradeweb Markets, Inc., Class A

      7,095       502,965  

Travelers Cos., Inc. (The)

      14,969       2,771,061  

Truist Financial Corp.

      84,765       3,979,717  

U.S. Bancorp

      90,150       4,302,859  

W.R. Berkley Corp.

      13,566       897,934  

Webster Financial Corp.(c)

      11,216       595,794  

Wells Fargo & Co.

      243,399       11,383,771  

Willis Towers Watson PLC

      6,914       1,620,365  
    

 

 

  
       257,417,220  
    

 

 

  

Health Care-14.22%

 

Abbott Laboratories

      111,372       11,328,760  

AbbVie, Inc.

      112,963       17,385,006  

Agilent Technologies, Inc.

      18,831       2,673,437  

Align Technology, Inc.(b)

      4,740       1,467,030  

Alnylam Pharmaceuticals, Inc.(b)

      7,859       1,504,606  

AmerisourceBergen Corp.

      9,848       1,531,955  

Amgen, Inc.

      34,084       7,895,899  

Avantor, Inc.(b)

      43,065       1,049,494  

Baxter International, Inc.

      32,201       1,286,430  

Becton, Dickinson and Co.

      18,101       4,245,590  

Biogen, Inc.(b)

      9,198       2,482,172  

BioMarin Pharmaceutical, Inc.(b)

      11,871       1,182,233  

Bio-Rad Laboratories, Inc., Class A(b)(c)

      1,433       684,745  

Bio-Techne Corp.

      10,027       728,361  

Boston Scientific Corp.(b)

      91,463       4,273,151  

Bristol-Myers Squibb Co.

      135,811       9,365,527  

Cardinal Health, Inc.

      16,744       1,267,688  

Catalent, Inc.(b)

      10,921       745,031  

Centene Corp.(b)

      36,170       2,474,028  

Charles River Laboratories International, Inc.(b)(c)

      3,248       712,416  

Cigna Group (The)

      19,529       5,704,421  

Cooper Cos., Inc. (The)

      3,151       1,030,282  

CVS Health Corp.

      83,931       7,011,596  

Danaher Corp.

      44,174       10,934,390  

DaVita, Inc.(b)

      3,480       286,265  

DENTSPLY SIRONA, Inc.

      13,668       520,341  
         Shares       Value  

Health Care-(continued)

 

DexCom, Inc.(b)

      24,673     $        2,738,950  

Edwards Lifesciences Corp.(b)

      39,431       3,171,830  

Elanco Animal Health, Inc.(b)(c)

      27,042       310,172  

Elevance Health, Inc.

      15,255       7,164,816  

Eli Lilly and Co.

      51,590       16,055,840  

Exact Sciences Corp.(b)(c)

      11,289       703,643  

GE HealthCare Technologies, Inc.(b)

      23,274       1,768,824  

Gilead Sciences, Inc.

      80,116         6,451,741  

HCA Healthcare, Inc.

      13,544       3,297,287  

Henry Schein, Inc.(b)

      8,647       677,147  

Hologic, Inc.(b)(c)

      15,703       1,250,587  

Horizon Therapeutics PLC(b)

      13,752       1,505,706  

Humana, Inc.

      8,081       4,000,257  

IDEXX Laboratories, Inc.(b)

      5,290       2,503,440  

Illumina, Inc.(b)

      10,048       2,001,562  

Incyte Corp.(b)

      12,032       926,223  

Insulet Corp.(b)

      4,436       1,225,933  

Intuitive Surgical, Inc.(b)

      22,573       5,178,020  

IQVIA Holdings, Inc.(b)

      11,867       2,473,913  

Jazz Pharmaceuticals PLC(b)

      3,991       560,336  

Johnson & Johnson.

      167,003       25,594,880  

Laboratory Corp. of America Holdings

      5,659       1,354,538  

Masimo Corp.(b)(c)

      3,197       534,890  

McKesson Corp.

      9,057       3,168,229  

Medtronic PLC

      84,965       7,035,102  

Merck & Co., Inc.

      161,951       17,205,674  

Mettler-Toledo International, Inc.(b)

      1,424       2,041,603  

Moderna, Inc.(b)

      20,859       2,895,438  

Molina Healthcare, Inc.(b)

      3,730       1,026,981  

Neurocrine Biosciences, Inc.(b)

      6,141       633,137  

Novocure Ltd.(b)(c)

      6,033       464,360  

PerkinElmer, Inc.

      8,069       1,005,155  

Pfizer, Inc.

      358,556       14,546,617  

Quest Diagnostics, Inc.

      7,275       1,006,569  

Regeneron Pharmaceuticals, Inc.(b)

      6,836       5,198,231  

Repligen Corp.(b)

      3,378       589,022  

ResMed, Inc.

      9,357       1,993,041  

Royalty Pharma PLC, Class A

      22,541       808,095  

Seagen, Inc.(b)

      8,895       1,598,343  

STERIS PLC

      6,376       1,198,879  

Stryker Corp.

      21,755       5,718,954  

Teleflex, Inc.

      3,003       715,405  

Thermo Fisher Scientific, Inc.

      25,052       13,572,171  

United Therapeutics Corp.(b)

      2,911       716,222  

UnitedHealth Group, Inc.

      59,682       28,405,051  

Universal Health Services, Inc., Class B

      4,098       547,370  

Veeva Systems, Inc., Class A(b)(c)

      8,976       1,486,964  

Vertex Pharmaceuticals, Inc.(b)

      16,382       4,755,531  

Viatris, Inc.

      77,097       878,906  

Waters Corp.(b)

      3,795       1,179,828  

West Pharmaceutical Services, Inc.

      4,729       1,499,235  

Zimmer Biomet Holdings, Inc.

      13,405       1,660,477  

Zoetis, Inc.

      29,771       4,971,757  
    

 

 

  
       319,743,736  
    

 

 

  

Industrials-8.73%

 

3M Co.

      35,297       3,802,899  

A.O. Smith Corp.

      8,184       537,116  

AECOM

      8,414       726,633  

Allegion PLC.

      5,584       629,373  

 

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

 

    5    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Industrials-(continued)

 

AMETEK, Inc.

      14,669       $        2,076,544  

Axon Enterprise, Inc.(b)

      4,318       864,939  

Boeing Co. (The)(b)

      36,166       7,289,257  

Booz Allen Hamilton Holding Corp.

      8,446       800,090  

C.H. Robinson Worldwide, Inc.

      7,519       751,599  

Carlisle Cos., Inc.(c)

      3,305       853,417  

Carrier Global Corp.

      53,493       2,408,790  

Caterpillar, Inc.

      33,242       7,963,121  

Cintas Corp.

      5,838       2,559,788  

Clarivate PLC(b)(c)

      19,288       195,387  

Copart, Inc.(b)

      27,382       1,929,336  

CoStar Group, Inc.(b)

      25,978       1,835,605  

CSX Corp.

      134,293       4,094,594  

Cummins, Inc.

      9,008       2,189,665  

Deere & Co.

      18,315       7,678,381  

Delta Air Lines, Inc.(b)

      10,120       388,001  

Dover Corp.

      8,965       1,343,853  

Eaton Corp. PLC

      25,403       4,443,747  

Emerson Electric Co.

      37,776       3,124,453  

Equifax, Inc.(c)

      7,797       1,579,126  

Expeditors International of Washington, Inc.

      10,165       1,062,852  

Fastenal Co.(c)

      36,543       1,884,157  

FedEx Corp.

      15,791       3,209,047  

Ferguson PLC

      13,273       1,912,639  

Fortive Corp.

      21,502       1,433,323  

Fortune Brands Innovations, Inc.

      8,208       508,486  

Generac Holdings, Inc.(b)

      4,048       485,800  

General Dynamics Corp.

      14,892       3,394,036  

General Electric Co.

      69,795       5,912,334  

Graco, Inc.

      10,765       748,598  

HEICO Corp.(c)

      2,758       456,642  

HEICO Corp., Class A

      4,719       614,178  

Honeywell International, Inc.

      42,926       8,219,470  

Howmet Aerospace, Inc.

      23,788       1,003,378  

Hubbell, Inc.

      3,431       863,034  

Huntington Ingalls Industries, Inc.

      2,529       544,241  

IDEX Corp.

      4,803       1,080,579  

Illinois Tool Works, Inc.

      19,622       4,575,065  

Ingersoll Rand, Inc.

      25,865       1,501,980  

J.B. Hunt Transport Services, Inc.

      5,305       959,091  

Jacobs Solutions, Inc.

      8,098       967,711  

Johnson Controls International PLC

      43,807       2,747,575  

Knight-Swift Transportation Holdings, Inc.

      9,747       554,019  

L3Harris Technologies, Inc.

      12,180       2,572,294  

Leidos Holdings, Inc.

      8,295       805,196  

Lennox International, Inc.

      2,037       519,089  

Lockheed Martin Corp.

      15,066       7,145,201  

Masco Corp.

      14,400       754,992  

Nordson Corp.

      3,290       722,616  

Norfolk Southern Corp.

      14,788       3,324,638  

Northrop Grumman Corp.

      9,340       4,334,787  

Old Dominion Freight Line, Inc.

      5,999       2,035,221  

Otis Worldwide Corp.

      26,610       2,251,738  

Owens Corning.

      5,970       583,806  

PACCAR, Inc.

      33,321       2,405,776  

Parker-Hannifin Corp.

      8,208       2,887,985  

Pentair PLC

      10,474       585,916  

Plug Power, Inc.(b)(c)

      33,510       498,294  

Quanta Services, Inc.

      9,128       1,473,259  
         Shares       Value  

Industrials-(continued)

 

Raytheon Technologies Corp.

      93,902       $        9,210,847  

Republic Services, Inc.

      14,129       1,821,652  

Robert Half International, Inc.

      6,969       561,841  

Rockwell Automation, Inc.

      7,348       2,167,146  

Rollins, Inc.

      14,156       498,291  

Sensata Technologies Holding PLC

      9,884       499,933  

Snap-on, Inc.(c)

      3,405       846,755  

Southwest Airlines Co.

      9,351       314,007  

Stanley Black & Decker, Inc.

      9,436       807,816  

Textron, Inc.

      13,335       967,188  

Toro Co. (The)

      6,644       733,763  

Trane Technologies PLC

      14,711       2,721,094  

TransDigm Group, Inc.

      3,300       2,454,771  

TransUnion

      12,295       804,462  

Uber Technologies, Inc.(b)

      95,546       3,177,860  

U-Haul Holding Co., Series N(c)

      5,646       314,087  

Union Pacific Corp.

      39,271       8,140,093  

United Parcel Service, Inc., Class B

      46,653       8,513,706  

United Rentals, Inc.

      4,427       2,074,182  

Verisk Analytics, Inc.

      9,994       1,710,073  

W.W. Grainger, Inc.

      2,905       1,941,789  

Wabtec Corp.

      11,036       1,151,386  

Waste Connections, Inc.

      16,428       2,200,038  

Waste Management, Inc.

      26,220       3,926,707  

Xylem, Inc.(c)

      11,512       1,181,707  
    

 

 

  
       196,345,951  
    

 

 

  

Information Technology-27.57%

 

Accenture PLC, Class A

      40,247       10,687,591  

Adobe, Inc.(b)

      29,696       9,620,019  

Advanced Micro Devices, Inc.(b)

      102,989       8,092,876  

Akamai Technologies, Inc.(b)

      10,044       729,194  

Amphenol Corp., Class A

      38,012       2,946,690  

Analog Devices, Inc.

      32,532       5,968,646  

ANSYS, Inc.(b)

      5,552       1,685,643  

Apple, Inc.

      1,016,663       149,866,293  

Applied Materials, Inc.

      54,953       6,382,791  

Arista Networks, Inc.(b)

      15,615       2,165,800  

Arrow Electronics, Inc.(b)

      3,929       463,583  

Aspen Technology, Inc.(b)(c)

      1,877       397,943  

Atlassian Corp., Class A(b)

      9,539       1,567,544  

Autodesk, Inc.(b)

      13,818       2,745,498  

Automatic Data Processing, Inc.

      26,496       5,824,351  

Bentley Systems, Inc., Class B(c)

      12,375       500,693  

BILL Holdings, Inc.(b)(c)

      6,075       514,127  

Black Knight, Inc.(b)

      9,968       594,093  

Block, Inc., Class A(b)

      34,328       2,633,987  

Broadcom, Inc.

      26,637       15,830,103  

Broadridge Financial Solutions, Inc.

      7,515       1,057,962  

Cadence Design Systems, Inc.(b)

      17,522       3,380,695  

CDW Corp.

      8,648       1,750,528  

Ceridian HCM Holding, Inc.(b)

      8,784       640,617  

Cisco Systems, Inc.

      262,409       12,705,844  

Cloudflare, Inc., Class A(b)(c)

      16,366       982,124  

Cognex Corp.

      11,028       522,948  

Cognizant Technology Solutions Corp., Class A

      32,916       2,061,529  

Corning, Inc.

      51,326       1,742,518  

Crowdstrike Holdings, Inc., Class A(b)

      13,037       1,573,436  

Datadog, Inc., Class A(b)

      15,857       1,213,378  

 

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

 

    6    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Information Technology-(continued)

 

Dell Technologies, Inc., Class C(c)

      16,552       $           672,673  

DocuSign, Inc.(b)

      12,744       781,844  

Dropbox, Inc., Class A(b)(c)

      17,554       358,102  

Dynatrace, Inc.(b)

      13,790       586,489  

Enphase Energy, Inc.(b)

      8,682       1,827,821  

Entegris, Inc.(c)

      9,510       810,537  

EPAM Systems, Inc.(b)(c)

      3,674       1,130,306  

F5, Inc.(b)

      3,856       551,331  

Fair Isaac Corp.(b)(c)

      1,595       1,080,437  

Fidelity National Information Services, Inc.

      37,903       2,401,913  

First Solar, Inc.(b)

      6,129       1,036,659  

Fiserv, Inc.(b)

      38,535       4,434,993  

FleetCor Technologies, Inc.(b)

      4,475       961,185  

Fortinet, Inc.(b)

      42,417       2,521,266  

Gartner, Inc.(b)

      5,037       1,651,179  

Gen Digital, Inc.

      37,446       730,571  

Global Payments, Inc.

      17,272       1,937,918  

GoDaddy, Inc., Class A(b)

      9,892       748,923  

Hewlett Packard Enterprise Co.

      82,148       1,282,330  

HP, Inc.

      64,255       1,896,808  

HubSpot, Inc.(b)

      2,948       1,140,463  

Intel Corp.

      263,616       6,571,947  

International Business Machines Corp.

      57,752       7,467,334  

Intuit, Inc.

      17,047       6,941,197  

Jack Henry & Associates, Inc.

      4,660       765,358  

Juniper Networks, Inc.

      20,731       638,100  

Keysight Technologies, Inc.(b)

      11,401       1,823,704  

KLA Corp.

      9,052       3,434,148  

Lam Research Corp.

      8,711       4,233,633  

Marvell Technology, Inc.

      54,461       2,458,914  

Mastercard, Inc., Class A

      54,833       19,481,617  

Microchip Technology, Inc.

      35,145       2,847,799  

Micron Technology, Inc.

      69,444       4,015,252  

Microsoft Corp.

      452,354       112,826,135  

MongoDB, Inc.(b)

      4,389       919,583  

Monolithic Power Systems, Inc.

      2,849       1,379,742  

Motorola Solutions, Inc.

      10,680       2,806,811  

NetApp, Inc.

      13,977       902,215  

NVIDIA Corp.

      157,151       36,484,176  

NXP Semiconductors N.V. (China)

      16,552       2,954,201  

Okta, Inc.(b)(c)

      9,700       691,513  

ON Semiconductor Corp.(b)

      27,621       2,138,142  

Oracle Corp.

      103,332       9,031,217  

Palantir Technologies, Inc., Class A(b)(c)

      107,464       842,518  

Palo Alto Networks, Inc.(b)(c)

      19,313       3,637,990  

Paychex, Inc.

      20,719       2,287,378  

Paycom Software, Inc.(b)

      3,260       942,336  

Paylocity Holding Corp.(b)

      2,649       510,224  

PayPal Holdings, Inc.(b)

      69,179       5,091,574  

PTC, Inc.(b)

      7,100       889,843  

Qorvo, Inc.(b)

      6,476       653,364  

QUALCOMM, Inc.

      71,582       8,842,524  

Roper Technologies, Inc.

      6,774       2,914,175  

salesforce.com, inc.(b)

      63,876       10,450,752  

Seagate Technology Holdings PLC

      12,523       808,485  

ServiceNow, Inc.(b)

      12,928       5,587,094  

Skyworks Solutions, Inc.

      10,215       1,139,688  

Snowflake, Inc., Class A(b)(c)

      14,308       2,208,869  

SolarEdge Technologies, Inc.(b)

      3,570       1,134,974  

Splunk, Inc.(b)(c)

      10,393       1,065,283  
         Shares       Value  

Information Technology-(continued)

 

SS&C Technologies Holdings, Inc.

      14,482     $ 850,093  

Synopsys, Inc.(b)

      9,767              3,552,844  

TE Connectivity Ltd.

      20,263       2,579,885  

Teledyne Technologies, Inc.(b)

      2,985       1,283,759  

Teradyne, Inc.

      9,983       1,009,681  

Texas Instruments, Inc.

      57,972       9,939,299  

Toast, Inc., Class A(b)

      16,021       303,117  

Trimble, Inc.(b)

      15,744       819,633  

Twilio,Inc.,Class A(b)

      11,148       749,257  

Tyler Technologies, Inc.(b)

      2,658         853,883  

Unity Software, Inc.(b)(c)

      15,780       480,343  

VeriSign, Inc.(b)

      6,090       1,198,695  

Visa, Inc., Class A(c)

      104,001       22,873,980  

VMware, Inc., Class A(b)

      13,557       1,493,032  

Western Digital Corp.(b)

      20,290       780,759  

Wolfspeed, Inc.(b)(c)

      7,937       587,179  

Workday, Inc., Class A(b)

      12,839       2,381,249  

Zebra Technologies Corp., Class A(b)

      3,294       989,024  

Zoom Video Communications, Inc., Class A(b)(c)

      14,122       1,053,360  

Zscaler, Inc.(b)(c)

      5,527       724,866  
    

 

 

  
       619,716,539  
    

 

 

  

Materials-2.81%

 

Air Products and Chemicals, Inc.

      14,172       4,052,909  

Albemarle Corp.(c)

      7,483       1,903,002  

Alcoa Corp.(c)

      11,302       553,120  

Amcor PLC

      95,113       1,059,559  

Avery Dennison Corp.

      5,177       943,198  

Ball Corp.

      19,977       1,122,907  

Celanese Corp.

      6,926       805,009  

CF Industries Holdings, Inc.

      12,532       1,076,373  

Cleveland-Cliffs, Inc.(b)(c)

      32,909       701,949  

Corteva, Inc.

      45,695       2,846,341  

Crown Holdings, Inc.

      7,658       662,494  

Dow, Inc.

      44,953       2,571,312  

DuPont de Nemours, Inc.

      31,733       2,317,461  

Eastman Chemical Co.

      7,665       653,058  

Ecolab, Inc.

      16,374       2,609,524  

FMC Corp.

      8,046       1,039,141  

Freeport-McMoRan, Inc.

      91,300       3,740,561  

International Flavors & Fragrances, Inc.(c)

      16,286       1,517,855  

International Paper Co.

      21,583       785,405  

Linde PLC (United Kingdom)

      31,549       10,990,725  

LyondellBasell Industries N.V., Class A

      16,604       1,593,818  

Martin Marietta Materials, Inc.

      3,953       1,422,566  

Mosaic Co. (The)

      21,749       1,156,829  

Newmont Corp.

      50,701       2,211,071  

Nucor Corp.

      16,387       2,743,839  

Packaging Corp. of America

      5,938       811,843  

PPG Industries, Inc.

      15,013       1,982,617  

Reliance Steel & Aluminum Co.

      3,749       929,152  

RPM International, Inc.(c)

      8,212       727,830  

Sealed Air Corp.

      9,268       450,610  

Sherwin-Williams Co. (The)

      15,725       3,480,729  

Steel Dynamics, Inc.

      11,215       1,414,324  

Vulcan Materials Co.

      8,490       1,535,926  

Westlake Corp.

      2,435       290,106  

WestRock Co.

      16,213       509,088  
    

 

 

  
       63,212,251  
    

 

 

  

 

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

 

    7    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Real Estate-2.79%

 

Alexandria Real Estate Equities, Inc.

      9,957     $        1,491,359  

American Homes 4 Rent, Class A(c)

      20,282       629,148  

American Tower Corp.

      29,720       5,884,857  

AvalonBay Communities, Inc.

      8,936         1,541,639  

Boston Properties, Inc.

      9,512       622,846  

Camden Property Trust

      6,429       737,792  

CBRE Group, Inc., Class A(b)

      20,182       1,718,295  

Crown Castle, Inc.

      27,661       3,616,676  

Digital Realty Trust, Inc.

      18,366       1,914,288  

Equinix, Inc.

      5,911       4,068,364  

Equity LifeStyle Properties, Inc.

      11,294       773,752  

Equity Residential

      22,933       1,433,771  

Essex Property Trust, Inc.(c)

      4,134       942,800  

Extra Space Storage, Inc.

      8,554       1,408,416  

Gaming and Leisure Properties, Inc.

      16,449       886,272  

Healthcare Realty Trust, Inc.

      24,071       469,385  

Healthpeak Properties, Inc.

      34,312       825,547  

Host Hotels & Resorts, Inc.

      45,613       766,298  

Invitation Homes, Inc.

      39,054       1,220,828  

Iron Mountain, Inc.

      18,487       975,189  

Kimco Realty Corp.

      39,336       810,715  

Medical Properties Trust, Inc.

      37,888       390,246  

Mid-America Apartment Communities, Inc.

      7,348       1,176,415  

Prologis, Inc.

      58,963       7,276,034  

Public Storage

      10,097       3,018,498  

Realty Income Corp.

      40,060       2,561,837  

Regency Centers Corp.

      9,838       618,810  

SBA Communications Corp., Class A

      6,896       1,788,478  

Simon Property Group, Inc.

      20,884       2,549,728  

Sun Communities, Inc.(c)

      7,914       1,132,810  

UDR, Inc.(c)

      20,794       890,815  

Ventas, Inc.(c)

      25,532       1,242,132  

VICI Properties, Inc.

      61,519       2,062,732  

W.P. Carey, Inc.(c)

      13,288       1,078,454  

Welltower, Inc.

      30,183       2,237,164  

Weyerhaeuser Co.

      47,061       1,470,656  

Zillow Group, Inc., Class C(b)(c)

      9,941       417,522  
    

 

 

  
       62,650,568  
    

 

 

  

Utilities-2.71%

 

AES Corp. (The)

      42,666       1,052,997  

Alliant Energy Corp.

      15,955       818,013  

Ameren Corp.

      16,513       1,365,790  

American Electric Power Co., Inc.

      32,824       2,887,527  

American Water Works Co., Inc.

      11,614       1,630,373  

Atmos Energy Corp.

      9,000       1,015,290  

CenterPoint Energy, Inc.

      40,212       1,118,698  

CMS Energy Corp.

      18,456       1,088,350  
         Shares       Value  

Utilities-(continued)

 

Consolidated Edison, Inc.

      22,667     $ 2,025,297  

Constellation Energy Corp.

      20,889       1,564,377  

Dominion Energy, Inc.

      53,226       2,960,430  

DTE Energy Co.

      12,334       1,353,163  

Duke Energy Corp.

      49,198       4,637,404  

Edison International

      24,393         1,615,061  

Entergy Corp.

      12,998       1,337,104  

Essential Utilities, Inc.

      15,832       677,293  

Evergy, Inc.

      14,609       859,155  

Eversource Energy

      22,248       1,676,609  

Exelon Corp.

      63,476       2,563,796  

FirstEnergy Corp.

      34,695       1,371,840  

NextEra Energy, Inc.

      126,932       9,015,980  

NiSource, Inc.

      25,942       711,589  

NRG Energy, Inc.

      14,709       482,308  

PG&E Corp.(b)

      95,225       1,487,415  

PPL Corp.

      47,033       1,273,183  

Public Service Enterprise Group, Inc.

      31,871       1,925,965  

Sempra Energy

      20,078       3,010,897  

Southern Co. (The)

      69,514       4,383,553  

UGI Corp.

      13,296       495,010  

Vistra Corp.

      22,878       503,087  

WEC Energy Group, Inc.

      20,149       1,786,410  

Xcel Energy, Inc.

      34,956       2,257,109  
    

 

 

  
       60,951,073  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $2,371,696,303)

    2,244,613,620  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.07%

 

Invesco Private Government Fund,
4.58%(d)(e)(f)

      19,320,951       19,320,951  

Invesco Private Prime Fund, 4.83%(d)(e)(f)

      49,672,510       49,682,443  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $69,006,547)

 

     69,003,394  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.93%
(Cost $2,440,702,850)

 

     2,313,617,014  

OTHER ASSETS LESS LIABILITIES-(2.93)%

 

     (65,812,255 ) 
    

 

 

  

NET ASSETS-100.00%

 

   $ 2,247,804,759  
    

 

 

  

 

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

 

    8    

 

  

 

 

 

Invesco PureBetaSM MSCI USA ETF (PBUS)–(continued)

February 28, 2023

(Unaudited)

    

 

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Non-income producing security.

(c) 

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

(d) 

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 Ltd.

           $ 367,742           $ 7,044      $ (19,281 )              $ 28,212                   $ (884 )                   $ 382,833               $ 8,244

Investments in Affiliated Money Market Funds:

                                                                        

Invesco Government & Agency Portfolio, Institutional Class

             -             20,883,762        (20,883,762 )            -                 -                 -             7,446

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                        

Invesco Private Government Fund

             77,205,584             135,427,194        (193,311,827 )            -                 -                 19,320,951             418,915 *

Invesco Private Prime Fund

             199,097,606             203,768,795        (353,188,208 )            (5,255 )                 9,505                 49,682,443             1,125,605 *
         

 

 

            

 

 

       

 

 

           

 

 

                

 

 

                

 

 

            

 

 

  

Total

           $ 276,670,932           $ 360,086,795      $ (567,403,078 )          $ 22,957               $ 8,621               $ 69,386,227           $ 1,560,210
         

 

 

            

 

 

       

 

 

           

 

 

                

 

 

                

 

 

            

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

Portfolio Composition

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

Information Technology

      27.57     

Health Care

      14.22     

Financials

      11.45     

Consumer Discretionary

      10.66     

Industrials

      8.73     

Communication Services

      7.67     

Consumer Staples

      6.50     

Energy

      4.75     

Sector Types Each Less Than 3%

      8.31     

Money Market Funds Plus Other Assets Less Liabilities

      0.14     

 

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

 

    9    

 

  

 

 

 

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)

February 28, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.77%

 

Communication Services-2.56%

 

Advantage Solutions, Inc.(b)(c)

      736       $           1,619  

Altice USA, Inc., Class A(b)

      1,992       7,888  

AMC Entertainment Holdings, Inc., Class A(b)(c)

     4,761       33,994  

AMC Entertainment Holdings, Inc., Preference Shares(b)(c)

      4,898       10,139  

AMC Networks, Inc., Class A(b)

      261       5,836  

Angi, Inc., Class A(b)(c)

      684       1,751  

Anterix, Inc.(b)

      122       3,684  

ATN International, Inc.

      102       4,289  

Bandwidth, Inc., Class A(b)

      215       3,418  

Boston Omaha Corp., Class A(b)(c)

      185       4,457  

Bumble, Inc., Class A(b)

      657       15,886  

Cable One, Inc.(c)

      45       31,077  

Cargurus, Inc.(b)(c)

      806       13,742  

Cars.com, Inc.(b)

      583       11,194  

Charge Enterprises, Inc.(b)

      1,047       1,183  

Cinemark Holdings, Inc.(b)(c)

      998       13,583  

Clear Channel Outdoor Holdings, Inc.(b)

      3,070       5,434  

Cogent Communications Holdings, Inc.

      398       25,767  

Consolidated Communications Holdings, Inc.(b)

     691       2,094  

E.W. Scripps Co. (The), Class A(b)

      494       6,234  

EchoStar Corp., Class A(b)(c)

      310       6,188  

Endeavor Group Holdings, Inc., Class A(b)

      800       17,848  

Eventbrite, Inc., Class A(b)(c)

      747       6,544  

EverQuote, Inc., Class A(b)

      180       2,457  

Frontier Communications Parent, Inc.(b)

      1,806       49,412  

fuboTV, Inc.(b)(c)

      1,709       3,264  

Globalstar, Inc.(b)(c)

      6,637       8,495  

Gogo, Inc.(b)

      528       8,691  

Gray Television, Inc.

      709       8,295  

IAC, Inc.(b)

      727       37,760  

IDT Corp., Class B(b)(c)

      176       5,352  

iHeartMedia, Inc., Class A(b)(c)

      1,066       7,739  

IMAX Corp.(b)

      413       7,616  

Iridium Communications, Inc.(b)

      1,042       63,948  

John Wiley & Sons, Inc., Class A

      408       18,152  

Liberty Latin America Ltd., Class A(b)

      344       3,034  

Liberty Latin America Ltd., Class C(b)

      1,342       11,783  

Liberty Media Corp.-Liberty Braves,
Class A(b)(c)

      71       2,432  

Liberty Media Corp.-Liberty Braves, Class C(b)(c)

      364       12,183  

Lions Gate Entertainment Corp.,
Class A(b)(c)

      538       5,708  

Lions Gate Entertainment Corp., Class B(b)

      1,138       11,323  

Lumen Technologies, Inc.

      8,578       29,165  

Madison Square Garden Entertainment Corp.(b)(c)

      230       13,922  

Madison Square Garden Sports Corp., Class A

      137       26,186  

Magnite, Inc.(b)(c)

      1,106       12,310  

Marcus Corp. (The)(c)

      202       3,250  

MediaAlpha, Inc., Class A(b)

      218       3,301  

New York Times Co. (The), Class A(c)

      1,517       58,404  

Nexstar Media Group, Inc., Class A

      347       64,507  

Nextdoor Holdings, Inc.(b)

      836       1,722  

Playstudios, Inc.(b)

      784       2,916  

PubMatic, Inc., Class A(b)(c)

      378       5,738  

QuinStreet, Inc.(b)

      469       7,959  
         Shares       Value  

Communication Services-(continued)

 

Radius Global Infrastructure, Inc., Class A(b)(c)

      746       $         10,168  

Scholastic Corp.

      272       12,406  

Shenandoah Telecommunications Co.(c)

      438       8,550  

Shutterstock, Inc.

      231       17,376  

Sinclair Broadcast Group, Inc., Class A

      401       6,524  

Stagwell, Inc.(b)(c)

      723       4,960  

TechTarget, Inc.(b)

      257       9,697  

TEGNA, Inc.

      1,954       34,000  

Telephone & Data Systems, Inc.

      929       11,789  

Thryv Holdings, Inc.(b)(c)

      191       4,553  

TripAdvisor, Inc.(b)(c)

      942       20,319  

United States Cellular Corp.(b)(c)

      144       3,475  

Vimeo, Inc.(b)

      1,374       5,262  

Vivid Seats, Inc.(b)(c)

      225       1,726  

WideOpenWest, Inc.(b)(c)

      485       5,301  

World Wrestling Entertainment, Inc., Class A

      399       33,516  

Yelp, Inc.(b)(c)

      642       19,273  

Ziff Davis, Inc.(b)(c)

      413       32,619  

ZipRecruiter, Inc., Class A(b)(c)

      331       5,647  
    

 

 

  
       978,034  
    

 

 

  

Consumer Discretionary-13.90%

 

1-800-Flowers.com, Inc., Class A(b)

      189       1,871  

2U, Inc.(b)

      720       6,451  

Aaron’s Co., Inc. (The)

      284       4,075  

Abercrombie & Fitch Co., Class A(b)

      456       13,411  

Academy Sports & Outdoors, Inc.(c)

      698       41,287  

Accel Entertainment, Inc.(b)

      524       4,795  

Acushnet Holdings Corp.(c)

      323       15,588  

Adient PLC(b)(c)

      874       37,337  

ADT, Inc.(c)

      1,582       11,928  

Adtalem Global Education, Inc.(b)

      418       16,352  

Allbirds, Inc., Class A(b)(c)

      886       2,534  

American Axle & Manufacturing Holdings,
Inc.(b)

      1,055       9,284  

American Eagle Outfitters, Inc.

      1,640       23,567  

America’s Car-Mart, Inc.(b)(c)

      56       4,758  

Arhaus, Inc.(b)

      195       2,829  

Arko Corp.(c)

      442       3,545  

Asbury Automotive Group, Inc.(b)(c)

      194       44,057  

Autoliv, Inc. (Sweden)

      758       70,176  

AutoNation, Inc.(b)

      297       40,543  

Bally’s Corp.(b)(c)

      283       5,589  

Bed Bath & Beyond, Inc.(b)(c)

      690       973  

Big Lots, Inc.(c)

      253       3,631  

BJ’s Restaurants, Inc.(b)

      215       6,880  

Bloomin’ Brands, Inc.

      768       20,045  

Bluegreen Vacations Holding Corp.

      111       3,682  

Boot Barn Holdings, Inc.(b)

      275       21,299  

Bowlero Corp.(b)

      354       5,445  

Boyd Gaming Corp.

      721       46,959  

Bright Horizons Family Solutions, Inc.(b)(c)

      532       41,943  

Brinker International, Inc.(b)(c)

      406       15,428  

Brunswick Corp.

      668       58,397  

Buckle, Inc. (The)

      277       11,299  

Caleres, Inc.(c)

      336       8,773  

Camping World Holdings, Inc., Class A

      369       8,424  

Canoo, Inc.(b)

      2,808       2,102  

 

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

 

    10    

 

  

 

 

 

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Consumer Discretionary-(continued)

 

Capri Holdings Ltd.(b)

      1,186       $         58,790  

CarParts.com, Inc.(b)(c)

      402       2,521  

Carriage Services, Inc.

      122       4,138  

Carter’s, Inc.(c)

      352       26,537  

Carvana Co.(b)(c)

      830       7,819  

Cavco Industries, Inc.(b)

      78       22,230  

Century Communities, Inc.

      263       15,730  

Cheesecake Factory, Inc. (The)(c)

      426       15,949  

Chegg, Inc.(b)(c)

      1,156       18,369  

Chico’s FAS, Inc.(b)

      1,152       6,624  

Children’s Place, Inc. (The)(b)(c)

      114       4,773  

Choice Hotels International, Inc.

      319       37,757  

Churchill Downs, Inc.(c)

      310       76,192  

Chuy’s Holdings, Inc.(b)

      166       5,935  

Clarus Corp.

      222       2,198  

Columbia Sportswear Co.

      315       27,468  

ContextLogic, Inc., Class A(b)(c)

      4,989       2,428  

Coursera, Inc.(b)

      540       6,086  

Cracker Barrel Old Country Store, Inc.(c)

      194       21,138  

Cricut, Inc., Class A

      241       2,571  

Crocs, Inc.(b)

      569       69,253  

Dana, Inc.

      1,189       18,834  

Dave & Buster’s Entertainment, Inc.(b)(c)

      355       14,207  

Deckers Outdoor Corp.(b)

      244       101,589  

Denny’s Corp.(b)

      527       6,150  

Designer Brands, Inc., Class A(c)

      494       4,836  

Dick’s Sporting Goods, Inc.

      551       70,875  

Dillard’s, Inc., Class A(c)

      48       17,108  

Dine Brands Global, Inc.(c)

      137       10,504  

Dorman Products, Inc.(b)(c)

      246       22,885  

DraftKings, Inc., Class A(b)(c)

      3,515       66,293  

Dream Finders Homes, Inc., Class A(b)(c)

      179       2,153  

Duolingo, Inc.(b)

      173       15,707  

Dutch Bros, Inc., Class A(b)(c)

      336       11,206  

El Pollo Loco Holdings, Inc.(c)

      188       2,250  

Ethan Allen Interiors, Inc.(c)

      210       6,206  

European Wax Center, Inc., Class A(c)

      271       5,003  

Everi Holdings, Inc.(b)(c)

      824       15,648  

EVgo, Inc.(b)(c)

      607       3,600  

First Watch Restaurant Group, Inc.(b)(c)

      164       2,506  

Fisker, Inc.(b)(c)

      1,654       12,289  

Five Below, Inc.(b)(c)

      511       104,397  

Floor & Decor Holdings, Inc., Class A(b)(c)

      978       89,790  

Foot Locker, Inc.(c)

      774       33,839  

Fox Factory Holding Corp.(b)(c)

      389       45,708  

Franchise Group, Inc.

      246       6,841  

frontdoor, inc.(b)(c)

      751       21,216  

Funko, Inc., Class A(b)(c)

      326       3,524  

GameStop Corp., Class A(b)(c)

      2,385       45,864  

Gap, Inc. (The)(c)

      1,850       24,069  

Genesco, Inc.(b)

      114       5,127  

Gentex Corp.(c)

      2,161       61,697  

Gentherm, Inc.(b)

      306       19,434  

G-III Apparel Group Ltd.(b)

      394       6,546  

Golden Entertainment, Inc.(b)

      171       7,030  

Goodyear Tire & Rubber Co. (The)(b)

      2,606       29,604  

GoPro, Inc., Class A(b)(c)

      1,195       6,202  

Graham Holdings Co., Class B

      35       21,933  

Grand Canyon Education, Inc.(b)

      287       32,514  

Green Brick Partners, Inc.(b)

      276       8,611  
         Shares       Value  

Consumer Discretionary-(continued)

 

Group 1 Automotive, Inc.

      128       $         28,297  

Guess?, Inc.

      301       6,333  

H&R Block, Inc.

      1,432       52,698  

Hanesbrands, Inc.(c)

      3,215       18,261  

Harley-Davidson, Inc.

      1,279       60,816  

Haverty Furniture Cos., Inc., (Acquired 12/08/2020 - 02/28/2023; Cost $4,078)(c)(d)

      130       4,906  

Helen of Troy Ltd.(b)(c)

      221       24,904  

Hibbett, Inc.(c)

      112       8,056  

Hilton Grand Vacations, Inc.(b)

      795       37,953  

Holley, Inc.(b)(c)

      436       950  

Hyatt Hotels Corp., Class A(b)

      443       51,494  

Installed Building Products, Inc.(c)

      224       25,845  

iRobot Corp.(b)

      252       10,355  

Jack in the Box, Inc.

      191       14,974  

Johnson Outdoors, Inc., Class A

      54       3,502  

KB Home

      710       25,042  

Kohl’s Corp.

      1,075       30,143  

Kontoor Brands, Inc.

      460       23,989  

Krispy Kreme, Inc.(c)

      617       8,027  

Kura Sushi USA, Inc., Class A(b)(c)

      40       2,505  

Latham Group, Inc.(b)

      432       1,374  

Laureate Education, Inc., Class A(c)

      1,299       15,406  

La-Z-Boy, Inc.

      396       12,822  

LCI Industries

      234       26,398  

Leggett & Platt, Inc.(c)

      1,221       42,112  

Leslie’s, Inc.(b)(c)

      1,433       18,070  

Levi Strauss & Co., Class A(c)

      847       15,195  

LGI Homes, Inc.(b)(c)

      193       20,132  

Life Time Group Holdings, Inc.(b)

      268       4,843  

Light & Wonder, Inc.(b)(c)

      820       51,340  

Lindblad Expeditions Holdings, Inc.(b)

      318       2,728  

Lithia Motors, Inc., Class A

      252       64,305  

Lovesac Co. (The)(b)(c)

      126       3,628  

Luminar Technologies, Inc.(b)(c)

      1,958       17,524  

M.D.C. Holdings, Inc.(c)

      525       19,425  

M/I Homes, Inc.(b)

      253       14,634  

Macy’s, Inc.

      2,497       51,089  

Malibu Boats, Inc., Class A(b)

      187       11,175  

MarineMax, Inc.(b)

      200       6,716  

Marriott Vacations Worldwide Corp.

      335       51,252  

Mattel, Inc.(b)

      3,265       58,737  

Membership Collective Group, Inc., Class A (United Kingdom)(b)

      258       1,726  

Meritage Homes Corp.(b)

      337       36,811  

Mister Car Wash, Inc.(b)(c)

      702       6,479  

Modine Manufacturing Co.(b)

      432       10,545  

Monarch Casino & Resort, Inc.

      131       9,644  

Monro, Inc.

      290       14,628  

Movado Group, Inc.

      145       5,020  

Murphy USA, Inc.

      198       50,508  

National Vision Holdings, Inc.(b)(c)

      727       27,161  

Nordstrom, Inc.

      1,030       20,064  

Norwegian Cruise Line Holdings Ltd.(b)(c)

      3,882       57,531  

ODP Corp. (The)(b)

      380       17,206  

Ollie’s Bargain Outlet Holdings, Inc.(b)

      519       29,863  

OneSpaWorld Holdings Ltd. (Bahamas)(b)(c)

      619       7,174  

Overstock.com, Inc.(b)(c)

      421       8,155  

Oxford Industries, Inc.(c)

      139       16,348  

 

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

 

    11    

 

  

 

 

 

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2023

(Unaudited)

    

 

         Shares       Value  

Consumer Discretionary-(continued)

 

Papa John’s International, Inc.

      309       $         25,941  

Patrick Industries, Inc.

      198       14,424  

Peloton Interactive, Inc., Class A(b)(c)

      2,744       35,452  

Penn Entertainment, Inc.(b)(c)

      1,429       43,627  

Penske Automotive Group, Inc.(c)

      263       37,911  

Perdoceo Education Corp.(b)

      619       8,533  

Petco Health & Wellness Co., Inc.(b)(c)

      840       8,652  

PetMed Express, Inc.(c)

      184       3,456  

Planet Fitness, Inc., Class A(b)(c)

      768       62,246  

Playa Hotels & Resorts N.V.(b)

      1,197       10,677  

Polaris, Inc.

      507       57,671  

Portillo’s, Inc., Class A(b)

      378       8,588  

Purple Innovation, Inc.(b)(c)

      627       2,709  

PVH Corp.

      601       48,224  

QuantumScape Corp.(b)

      2,463       23,571  

Qurate Retail, Inc., Class A(b)(c)

      3,272       6,904  

Ralph Lauren Corp.

      379       44,794  

RCI Hospitality Holdings, Inc.(c)

      77       6,450  

Red Rock Resorts, Inc., Class A

      481       21,005  

Revolve Group, Inc.(b)(c)

      375       10,155  

RH(b)(c)

      175       52,330  

Rover Group, Inc.(b)

      677       2,830  

Ruth’s Hospitality Group, Inc.

      291       5,427  

Sally Beauty Holdings, Inc.(b)(c)

      986       15,865  

SeaWorld Entertainment, Inc.(b)(c)

      383       24,742  

Service Corp. International

      1,417       95,690  

Shake Shack, Inc., Class A(b)

      344       19,192  

Shoe Carnival, Inc.(c)

      165       4,348  

Signet Jewelers Ltd.(c)

      426       30,510  

Six Flags Entertainment Corp.(b)

      689       18,190  

Skechers U.S.A., Inc., Class A(b)

      1,236       55,014  

Skyline Champion Corp.(b)(c)

      498       34,068  

Sleep Number Corp.(b)(c)

      203       8,092  

Smith & Wesson Brands, Inc.(c)

      422       4,617  

Snap One Holdings Corp.(b)

      140       1,637  

Solid Power, Inc.(b)(c)

      972       3,285  

Sonic Automotive, Inc., Class A(c)

      170       9,671  

Sonos, Inc.(b)(c)

      1,167       22,675  

Sportsman’s Warehouse Holdings, Inc.(b)(c)

      358       3,218  

Standard Motor Products, Inc.

      179       6,976  

Steven Madden Ltd.

      682       24,757  

Stitch Fix, Inc., Class A(b)(c)

      787       3,667  

Stoneridge, Inc.(b)

      252       6,000  

Strategic Education, Inc.

      214       18,244  

Stride, Inc.(b)

      377       16,011  

Sturm Ruger & Co., Inc.

      163       9,498  

Sweetgreen, Inc., Class A(b)(c)

      448       3,907  

Tapestry, Inc.

      2,220       96,592  

Target Hospitality Corp.(b)

      269       3,989  

Taylor Morrison Home Corp., Class A(b)

      948       33,967  

Tempur Sealy International, Inc.

      1,496       63,939  

Texas Roadhouse, Inc.

      586       59,502  

Thor Industries, Inc.(c)

      495       45,040  

Toll Brothers, Inc.

      992       59,460  

TopBuild Corp.(b)

      295       61,239  

Topgolf Callaway Brands Corp.(b)(c)

      1,277       29,601  

Traeger, Inc.(b)(c)

      508       2,022  

Travel + Leisure Co.

      749       31,421  

TravelCenters of America, Inc.(b)(c)

      123       10,375  

Tri Pointe Homes, Inc.(b)

      930       22,171  
         Shares       Value  

Consumer Discretionary-(continued)

 

Under Armour, Inc., Class A(b)

      1,738       $         17,258  

Under Armour, Inc., Class C(b)

      1,794       15,787  

Upbound Group, Inc.(c)

      487       13,076  

Urban Outfitters, Inc.(b)

      552       14,876  

Victoria’s Secret & Co.(b)(c)

      748       29,651  

Vista Outdoor, Inc.(b)

      521       14,880  

Visteon Corp.(b)

      259       43,263  

Vivint Smart Home, Inc.(b)

      393       4,417  

Vuzix Corp.(b)(c)

      558       2,316  

Warby Parker, Inc.(b)(c)

      619       8,053  

Wayfair, Inc., Class A(b)(c)

      675       27,331  

Wendy’s Co. (The)

      1,668       36,629  

Williams-Sonoma, Inc.(c)

      613       76,576  

Wingstop, Inc.

      276       47,017  

Winmark Corp.

      27       7,884  

Winnebago Industries, Inc.(c)

      267       16,971  

Wolverine World Wide, Inc.

      726       12,161  

Workhorse Group, Inc.(b)(c)

      1,512       3,115  

Wyndham Hotels & Resorts, Inc.

      814       62,694  

Xometry, Inc., Class A(b)

      124       3,771  

XPEL, Inc.(b)(c)(e)

      178       11,892  

Xponential Fitness, Inc., Class A(b)

      205       5,205  

YETI Holdings, Inc.(b)(c)

      795       30,989  

Zumiez, Inc.(b)(c)

      152       3,536  
    

 

 

  
       5,310,493  
    

 

 

  

Consumer Staples-3.61%

 

Andersons, Inc. (The)

      293       13,370  

B&G Foods, Inc.(c)

      660       8,362  

Beauty Health Co. (The)(b)(c)

      792       9,987  

BellRing Brands, Inc.(b)(c)

      1,246       38,476  

Benson Hill, Inc.(b)

      1,046       2,333  

Beyond Meat, Inc.(b)(c)

      528       9,420  

BJ’s Wholesale Club Holdings, Inc.(b)

      1,238       88,888  

Boston Beer Co., Inc. (The), Class A(b)(c)

      90       29,142  

BRC, Inc.(b)(c)

      251       1,672  

Calavo Growers, Inc.

      163       5,260  

Cal-Maine Foods, Inc.

      346       19,653  

Casey’s General Stores, Inc.

      343       71,327  

Celsius Holdings, Inc.(b)(c)

      386       35,049  

Central Garden & Pet Co.(b)

      93       3,766  

Central Garden & Pet Co., Class A(b)(c)

      380       14,603  

Chefs’ Warehouse, Inc. (The)(b)

      317       10,318  

Coca-Cola Consolidated, Inc.

      46       25,615