UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-22148
Invesco Actively Managed Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Brian Hartigan, President
3500 Lacey Road
Downers Grove, IL 60515
Registrant's telephone number, including area code:
(800) 983-0903
Date of fiscal year end:
October 31
Date of reporting period:
April 30, 2025
Item 1. Reports to Stockholders.
(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
TSR_logo
Invesco AAA CLO Floating Rate Note ETF
ICLO | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco AAA CLO Floating Rate Note ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco AAA CLO Floating Rate Note ETF $10 0.19%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $304,432,594
Total number of portfolio holdings 144
Portfolio turnover rate 37%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Signal Peak CLO 11 Ltd., Series 2024-11A, Class A1, 5.72%, 07/18/2037 3.19%
Park Blue CLO Ltd., Series 2022-1A, Class A1R, 5.69%, 10/20/2037 2.10%
GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR, 5.77%, 04/20/2037 2.07%
Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR, 5.69%, 07/20/2037 1.97%
Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, 5.65%, 07/18/2037 1.97%
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR2, 5.79%, 04/15/2037 1.76%
CIFC Funding Ltd., Series 2023-2A, Class A, 6.02%, 01/21/2037 1.65%
TICP CLO VII Ltd., Series 2017-7A, Class ASR2, 5.56%, 04/15/2033 1.64%
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class AR, 5.64%, 10/15/2037 1.64%
Palmer Square CLO 2023-1 Ltd., Series 2023-1A, Class AR, 5.52%, 01/20/2038 1.64%
* Excluding money market fund holdings, if any.
Duration allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
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P-ICLO-SAR
Invesco AAA CLO Floating Rate Note ETF
TSR_logo
Invesco Active U.S. Real Estate ETF
PSR | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Active U.S. Real Estate ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active U.S. Real Estate ETF $17 0.35%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $58,327,144
Total number of portfolio holdings 37
Portfolio turnover rate 60%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
American Tower Corp. 8.37%
Digital Realty Trust, Inc. 8.06%
Welltower, Inc. 7.93%
Equinix, Inc. 4.66%
Healthpeak Properties, Inc. 3.89%
CubeSmart 3.72%
EastGroup Properties, Inc. 3.60%
Simon Property Group, Inc. 3.53%
Brixmor Property Group, Inc. 3.46%
Equity Residential 3.37%
* Excluding money market fund holdings, if any.
Property type
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-PSR-SAR
Invesco Active U.S. Real Estate ETF
TSR_logo
Invesco High Yield Bond Factor ETF
IHYF | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Bond Factor ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco High Yield Bond Factor ETF $19 0.39%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $45,298,868
Total number of portfolio holdings 308
Portfolio turnover rate 36%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027 0.94%
Viasat, Inc., 5.63%, 04/15/2027 0.91%
Churchill Downs, Inc., 5.50%, 04/01/2027 0.87%
Venture Global LNG, Inc., 8.13%, 06/01/2028 0.87%
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028 0.82%
Paramount Global, 6.38%, 03/30/2062 0.81%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 0.78%
Bombardier, Inc., 6.00%, 02/15/2028 0.72%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051 0.70%
Noble Finance II LLC, 8.00%, 04/15/2030 0.69%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IHYF-SAR
Invesco High Yield Bond Factor ETF
TSR_logo
Invesco High Yield Select ETF
HIYS | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Select ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco High Yield Select ETF $22 0.44%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $7,755,873
Total number of portfolio holdings 167
Portfolio turnover rate 87%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Iliad Holding S.A.S.U., 8.50%, 04/15/2031 2.72%
Studio City Finance Ltd., 5.00%, 01/15/2029 2.27%
Eutelsat S.A., 9.75%, 04/13/2029 1.49%
Aircastle Ltd., 5.25% 1.48%
VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 1.36%
GFL Environmental, Inc., 4.00%, 08/01/2028 1.19%
Tenet Healthcare Corp., 6.75%, 05/15/2031 1.19%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028 1.17%
Vodafone Group PLC, 4.13%, 06/04/2081 1.16%
GGAM Finance Ltd., 6.88%, 04/15/2029 1.15%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-HIYS-SAR
Invesco High Yield Select ETF
TSR_logo
Invesco Managed Futures Strategy ETF
IMF | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Managed Futures Strategy ETF (the “Fund”) for the period March 17, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco Managed Futures Strategy ETF $6 0.50%†
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $305,924,514
Total number of portfolio holdings 52
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Futures exposure*
(% of total notional exposure)
Commodity Risk (Long) 6.4%
Commodity Risk (Short) 12.1%
Currency Risk (Long) 17.4%
Currency Risk (Short) 3.1%
Equity Risk (Long) 13.9%
Equity Risk (Short) 4.7%
Interest Rate Risk (Long) 29.9%
Interest Rate Risk (Short) 12.5%
* Futures exposure is calculated on the notional value as a percentage of total notional exposure.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IMF-SAR
Invesco Managed Futures Strategy ETF
TSR_logo
Invesco MSCI EAFE Income Advantage ETF
EFAA | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco MSCI EAFE Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco MSCI EAFE Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $136,592,755
Total number of portfolio holdings 713
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
SAP SE 1.32%
Nestle S.A. 1.20%
ASML Holding N.V. 1.14%
Roche Holding AG 0.99%
Novartis AG 0.97%
AstraZeneca PLC 0.96%
Novo Nordisk A/S, Class B 0.93%
HSBC Holdings PLC 0.86%
Shell PLC 0.85%
Toyota Motor Corp. 0.78%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-EFAA-SAR
Invesco MSCI EAFE Income Advantage ETF
TSR_logo
Invesco QQQ Income Advantage ETF
QQA | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco QQQ Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco QQQ Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $209,275,038
Total number of portfolio holdings 121
Portfolio turnover rate 5%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 6.82%
Microsoft Corp. 6.27%
NVIDIA Corp. 5.68%
Amazon.com, Inc. 4.17%
Broadcom, Inc. 3.19%
Meta Platforms, Inc., Class A 2.57%
Netflix, Inc. 2.54%
Costco Wholesale Corp. 2.31%
Tesla, Inc. 2.19%
Alphabet, Inc., Class A 1.98%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-QQA-SAR
Invesco QQQ Income Advantage ETF
TSR_logo
Invesco Real Assets ESG ETF
IVRA | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Real Assets ESG ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Real Assets ESG ETF $30 0.59%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $12,228,692
Total number of portfolio holdings 54
Portfolio turnover rate 49%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Prologis, Inc. 5.32%
American Tower Corp. 4.85%
Sempra 4.49%
Equinix, Inc. 4.14%
Cheniere Energy, Inc. 4.03%
ONEOK, Inc. 3.69%
Welltower, Inc. 3.60%
Williams Cos., Inc. (The) 3.45%
Kinder Morgan, Inc. 3.39%
Targa Resources Corp. 3.21%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IVRA-SAR
Invesco Real Assets ESG ETF
TSR_logo
Invesco Rochester High Yield Municipal ETF
IROC | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Rochester High Yield Municipal ETF (the “Fund”), formerly Invesco Municipal Strategic Income ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Rochester High Yield Municipal ETF $19 0.39%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $30,056,046
Total number of portfolio holdings 64
Portfolio turnover rate 48%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB, 6.00%, 04/01/2035 3.63%
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, RB, 5.38%, 09/01/2029 3.35%
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB, 5.75%, 09/01/2064 2.59%
Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB, 5.25%, 07/01/2039 2.49%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB, 5.00%, 05/01/2033 1.83%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB, 5.50%, 06/30/2038 1.77%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB, 4.00%, 12/01/2032 1.75%
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB, 6.00%, 06/30/2054 1.75%
Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 1.74%
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, RB, 5.00%, 07/01/2038 1.72%
* Excluding money market fund holdings, if any.
Credit sector allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-IROC-SAR
Invesco Rochester High Yield Municipal ETF
TSR_logo
Invesco S&P 500® Downside Hedged ETF
PHDG | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500® Downside Hedged ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P 500® Downside Hedged ETF $15 0.33%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $99,222,128
Total number of portfolio holdings 508
Portfolio turnover rate 799%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 3.69%
Microsoft Corp. 3.40%
NVIDIA Corp. 3.08%
Amazon.com, Inc. 2.01%
Meta Platforms, Inc., Class A 1.39%
Berkshire Hathaway, Inc., Class B 1.13%
Alphabet, Inc., Class A 1.07%
Broadcom, Inc. 1.04%
Tesla, Inc. 0.91%
Alphabet, Inc., Class C 0.88%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PHDG-SAR
Invesco S&P 500® Downside Hedged ETF
TSR_logo
Invesco S&P 500 Equal Weight Income Advantage ETF
RSPA | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco S&P 500 Equal Weight Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P 500 Equal Weight Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $296,923,663
Total number of portfolio holdings 523
Portfolio turnover rate 12%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
UBS AG (Invesco S&P 500 Equal Weight ETF) 0.51%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.43%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.37%
J.P. Morgan Chase & Co. (Invesco S&P 500 Equal Weight ETF) 0.36%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.35%
Wells Fargo Bank N.A. (Invesco S&P 500 Equal Weight ETF) 0.31%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.31%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
Canadian Imperial Bank of Commerce (Invesco S&P 500 Equal Weight ETF) 0.26%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
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P-RSPA-SAR
Invesco S&P 500 Equal Weight Income Advantage ETF
TSR_logo
Invesco Short Duration Total Return Bond ETF
GTOS | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Total Return Bond ETF (the “Fund”), formerly Invesco Short Duration Bond ETF, for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Short Duration Total Return Bond ETF $17 0.33%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $9,980,509
Total number of portfolio holdings 283
Portfolio turnover rate 182%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Notes, 3.75%, 04/30/2027 5.85%
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 2.57%
U.S. Treasury Notes, 3.88%, 04/30/2030 2.37%
NatWest Group PLC, 7.47%, 11/10/2026 2.03%
Barclays PLC, 7.33%, 11/02/2026 2.03%
Ford Motor Credit Co. LLC, 7.32%, 03/06/2026 2.02%
UBS AG, 5.80%, 09/11/2025 2.01%
U.S. Treasury Notes, 3.75%, 04/15/2028 1.68%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/2027 1.54%
Protective Life Global Funding, 5.37%, 01/06/2026 1.51%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-GTOS-SAR
Invesco Short Duration Total Return Bond ETF
TSR_logo
Invesco SteelPath MLP & Energy Infrastructure ETF
PIPE | Cboe BZX Exchange, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco SteelPath MLP & Energy Infrastructure ETF (the “Fund”) for the period February 18, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco SteelPath MLP & Energy Infrastructure ETF $14 0.75%
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $15,249,479
Total number of portfolio holdings 26
Portfolio turnover rate 1%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Williams Cos., Inc. (The) 6.47%
Targa Resources Corp. 6.46%
TC Energy Corp. 5.79%
Plains GP Holdings L.P., Class A 5.51%
ONEOK, Inc. 5.33%
Cheniere Energy, Inc. 5.20%
Pembina Pipeline Corp. 4.88%
Enbridge, Inc. 4.87%
South Bow Corp. 4.81%
Kinder Morgan, Inc. 4.71%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-PIPE-SAR
Invesco SteelPath MLP & Energy Infrastructure ETF
TSR_logo
Invesco Top QQQ ETF
QBIG | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Top QQQ ETF (the “Fund”) for the period December 2, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco Top QQQ ETF $9 0.23%†
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $22,734,617
Total number of portfolio holdings 13
Portfolio turnover rate 81%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 7.63%
Microsoft Corp. 7.02%
NVIDIA Corp. 6.35%
Amazon.com, Inc. 4.67%
Broadcom, Inc. 3.57%
Meta Platforms, Inc., Class A 2.88%
Tesla, Inc. 2.45%
Alphabet, Inc., Class A 2.21%
Alphabet, Inc., Class C 2.11%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-QBIG-SAR
Invesco Top QQQ ETF
TSR_logo
Invesco Total Return Bond ETF
GTO | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Total Return Bond ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Total Return Bond ETF $13 0.25%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,887,146,731
Total number of portfolio holdings 1,275
Portfolio turnover rate 308%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Bonds, 4.50%, 11/15/2054 4.28%
Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 4.17%
U.S. Treasury Notes, 3.88%, 04/30/2030 3.49%
Uniform Mortgage-Backed Securities, TBA, 2.50%, 06/01/2055 3.45%
U.S. Treasury Notes, 4.63%, 02/15/2035 2.77%
Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 2.69%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 2.64%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 05/01/2055 2.56%
U.S. Treasury Notes, 3.75%, 04/30/2027 2.33%
Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 1.77%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-GTO-SAR
Invesco Total Return Bond ETF
TSR_logo
Invesco Ultra Short Duration ETF
GSY | NYSE Arca, Inc.
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Ultra Short Duration ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Ultra Short Duration ETF $11 0.22%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $2,770,718,250
Total number of portfolio holdings 330
Portfolio turnover rate 23%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
APA Corp., 5.05%, 05/01/2025 1.11%
Jabil, Inc., 5.08%-5.13%, 05/05/2025 1.08%
Boston Properties L.P., 4.69%, 06/02/2025 0.93%
Kinder Morgan, Inc., 4.30%, 06/01/2025 0.93%
Crown Castle, Inc., 4.94%, 05/01/2025 0.90%
Conagra Brands, Inc., 5.07%, 05/19/2025 0.90%
Brunswick Corp., 5.06%-5.11%, 05/01/2025 0.75%
Eversource Energy, 4.83%, 05/12/2025 0.72%
Sonoco Products Co., 5.24%, 05/28/2025 0.72%
Quanta Services, Inc., 4.90%, 05/02/2025 0.70%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-GSY-SAR
Invesco Ultra Short Duration ETF
TSR_logo
Invesco Variable Rate Investment Grade ETF
VRIG | The Nasdaq Stock Market LLC
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about Invesco Variable Rate Investment Grade ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Variable Rate Investment Grade ETF $15 0.30%
*
Annualized.
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,266,364,679
Total number of portfolio holdings 385
Portfolio turnover rate 37%
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 14.90%
U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 7.68%
Freddie Mac, Series 2024-HQA1, Class A1, STACR®, 5.60%, 03/25/2044 0.79%
Freddie Mac REMICs, 5.85%, 04/25/2055 0.66%
Volkswagen Group of America Finance LLC, 5.44%, 03/25/2027 0.63%
ABN AMRO Bank N.V., 5.37%, 12/03/2028 0.60%
Santander Holdings USA, Inc., 5.98%, 03/20/2029 0.60%
Morgan Stanley, 5.40%, 04/13/2028 0.59%
General Motors Financial Co., Inc., 5.41%, 02/26/2027 0.59%
JPMorgan Chase & Co., 5.30%, 04/22/2028 0.59%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
TSR_QRcode
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
P-VRIG-SAR
Invesco Variable Rate Investment Grade ETF

(b) Not applicable.


Item 2. Code of Ethics.

Not applicable for a semi-annual report.


Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.


Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.


Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.


Item 6. Investments.

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

(b) Not applicable.


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


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
ICLO
Invesco AAA CLO Floating Rate Note ETF
PSR
Invesco Active U.S. Real Estate ETF
IHYF
Invesco High Yield Bond Factor ETF
HIYS
Invesco High Yield Select ETF
EFAA
Invesco MSCI EAFE Income Advantage ETF
QQA
Invesco QQQ Income Advantage ETF
PHDG
Invesco S&P 500® Downside Hedged ETF
RSPA
Invesco S&P 500 Equal Weight Income Advantage ETF
GTOS
Invesco Short Duration Total Return Bond ETF (formerly, Invesco Short Duration Bond ETF)
PIPE
Invesco SteelPath MLP & Energy Infrastructure ETF
QBIG
Invesco Top QQQ ETF
GTO
Invesco Total Return Bond ETF
GSY
Invesco Ultra Short Duration ETF
VRIG
Invesco Variable Rate Investment Grade ETF
Table of Contents 
Schedules of Investments
 
3
8
10
18
23
32
35
41
50
58
59
61
86
94
106
112
116
121
135
160
174
2
Invesco AAA CLO Floating Rate Note ETF (ICLO)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Principal
Amount
Value
Asset-Backed Securities-97.95%
522 Funding CLO Ltd.
 
Series 2019-5A, Class BR, 6.11% (3 mo.
Term SOFR + 1.85%), 04/15/2035(a)(b)
$
500,000
$493,460
Series 2020-6A, Class A1R2, 5.48% (3
mo. Term SOFR + 1.20%),
10/23/2034(a)(b)
 
130,000
129,304
ABPCI Direct Lending Fund CLO V Ltd.
(Cayman Islands)
 
Series 2019-5A, Class A1RR, 6.47% (3
mo. Term SOFR + 2.20%),
01/20/2036(a)(b)
 
1,300,000
1,307,383
Series 2019-5A, Class A1Z, 6.27% (3 mo.
Term SOFR + 2.00%), 01/20/2036(a)(b)
 
1,500,000
1,492,218
AGL CLO 13 Ltd. (Cayman Islands),
Series 2021-13A, Class A1, 5.69% (3 mo.
Term SOFR + 1.42%), 10/20/2034(a)(b)
 
1,250,000
1,251,065
AGL CLO 14 Ltd. (Cayman Islands),
Series 2021-14A, Class AR, 5.40% (3 mo.
Term SOFR + 1.13%), 12/02/2034(a)(b)
 
1,000,000
996,093
AGL CLO 20 Ltd. (Jersey), Series 2022-20A,
Class BR, 6.02% (3 mo. Term SOFR +
1.75%), 10/20/2037(a)(b)
 
250,000
249,996
AGL Clo 28 Ltd. (Jersey), Series 2023-28A,
Class AL2, 5.97% (3 mo. Term SOFR +
1.70%), 01/21/2037(a)(b)
 
300,000
300,690
AGL CLO 29 Ltd. (Jersey), Series 2024-29A,
Class A1, 5.84% (3 mo. Term SOFR +
1.57%), 04/21/2037(a)(b)
 
4,000,000
4,000,036
AGL Core CLO 27 Ltd. (Cayman Islands),
Series 2023-27A, Class A, 6.00% (3 mo.
Term SOFR + 1.73%), 10/21/2036(a)(b)
 
500,000
500,907
AGL Core CLO 31 Ltd. (Cayman Islands),
Series 2024-31A, Class A, 5.67% (3 mo.
Term SOFR + 1.40%), 07/20/2037(a)(b)
 
2,200,000
2,199,952
AGL Core CLO 4 Ltd. (Cayman Islands),
Series 2020-4A, Class AR2, 5.65% (3 mo.
Term SOFR + 1.38%), 10/20/2037(a)(b)
 
1,250,000
1,251,075
AIMCO CLO Ltd. (Cayman Islands)
 
Series 2019-10A, Class ARR, 5.68% (3
mo. Term SOFR + 1.41%),
07/22/2037(a)(b)
 
250,000
250,500
Series 2020-11A, Class A2R, 5.78% (3
mo. Term SOFR + 1.50%),
07/17/2037(a)(b)
 
4,250,000
4,228,962
Series 2021-16A, Class AR, 5.68% (3 mo.
Term SOFR + 1.40%), 07/17/2037(a)(b)
 
1,250,000
1,250,459
Antares CLO Ltd. (Cayman Islands)
 
Series 2018-3A, Class A2R, 6.07% (3 mo.
Term SOFR + 1.80%), 07/20/2036(a)(b)
 
1,400,000
1,398,642
Series 2020-1A, Class A1R, 6.00% (3 mo.
Term SOFR + 1.72%), 10/23/2033(a)(b)
 
4,000,000
4,005,000
Series 2021-1A, Class A1, 6.07% (3 mo.
Term SOFR + 1.79%), 07/25/2033(a)(b)
 
1,200,000
1,200,886
Apidos CLO XXVIII (Cayman Islands),
Series 2017-28A, Class A1B, 5.68% (3
mo. Term SOFR + 1.41%),
01/20/2031(a)(b)
 
2,000,000
1,995,980
 
Principal
Amount
Value
Apidos CLO XXXIX Ltd. (Cayman Islands),
Series 2022-39A, Class A1, 5.57% (3 mo.
Term SOFR + 1.30%), 04/21/2035(a)(b)
$
2,600,000
$2,594,686
Apidos Loan Fund Ltd. (Cayman Islands),
Series 2024-1A, Class A1, 5.55% (3 mo.
Term SOFR + 1.27%), 04/25/2035(a)(b)
 
300,000
299,774
Bain Capital Credit CLO Ltd. (Cayman
Islands), Series 2022-1A, Class A1, 5.59%
(3 mo. Term SOFR + 1.32%),
04/18/2035(a)(b)
 
2,600,000
2,592,187
Ballyrock CLO 14 Ltd. (Cayman Islands),
Series 2020-14A, Class A1A, 5.65% (3
mo. Term SOFR + 1.38%),
07/20/2037(a)(b)
 
1,500,000
1,494,731
Barings CLO Ltd. (Cayman Islands)
 
Series 2019-1A, Class AR, 5.65% (3 mo.
Term SOFR + 1.39%), 04/15/2035(a)(b)
 
1,850,000
1,850,507
Series 2022-3A, Class BR, 6.02% (3 mo.
Term SOFR + 1.75%), 10/20/2037(a)(b)
 
1,500,000
1,500,473
Series 2023-1A, Class A, 6.02% (3 mo.
Term SOFR + 1.75%), 04/20/2036(a)(b)
 
1,500,000
1,502,041
Series 2023-3A, Class A, 5.96% (3 mo.
Term SOFR + 1.70%), 10/15/2036(a)(b)
 
1,500,000
1,502,404
BCRED BSL CLO Ltd. (Cayman Islands),
Series 2021-1A, Class B, 6.33% (3 mo.
Term SOFR + 2.06%), 07/20/2034(a)(b)
 
1,000,000
1,001,426
Benefit Street Partners CLO XXIX Ltd.
(Jersey), Series 2022-29A, Class AR,
5.46% (3 mo. Term SOFR + 1.18%),
01/25/2038(a)(b)
 
2,500,000
2,493,840
Benefit Street Partners CLO XXVII Ltd.
(Jersey), Series 2022-27A, Class AR,
5.64% (3 mo. Term SOFR + 1.37%),
10/20/2037(a)(b)
 
2,200,000
2,191,917
Benefit Street Partners Clo XXXVII Ltd.
(Cayman Islands), Series 2024-37A,
Class A, 5.70% (3 mo. Term SOFR +
1.35%), 01/25/2038(a)(b)
 
2,000,000
1,996,860
Blueberry Park CLO Ltd. (Jersey),
Series 2024-1A, Class A, 5.62% (3 mo.
Term SOFR + 1.35%), 10/20/2037(a)(b)
 
4,000,000
3,985,180
Broad River Bsl Funding CLO Ltd. (Cayman
Islands), Series 2020-1A, Class AR, 5.70%
(3 mo. Term SOFR + 1.43%),
07/20/2034(a)(b)
 
1,670,000
1,667,956
Carlyle Global Market Strategies CLO Ltd.
(Cayman Islands)
 
Series 2012-3A, Class A1B2, 5.90% (3
mo. Term SOFR + 1.66%),
01/14/2032(a)(b)
 
1,000,000
999,451
Series 2014-1A, Class A2R2, 5.67% (3
mo. Term SOFR + 1.39%),
04/17/2031(a)(b)
 
2,000,000
1,997,784
Series 2014-2RA, Class A2, 5.91% (3 mo.
Term SOFR + 1.59%), 05/15/2031(a)(b)
 
1,000,000
998,649
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Carlyle US CLO 2022-3 Ltd. (Cayman
Islands), Series 2022-3A, Class AR, 5.82%
(3 mo. Term SOFR + 1.55%),
04/20/2037(a)(b)
$
2,500,000
$2,496,400
Carlyle US CLO Ltd. (Cayman Islands)
 
Series 2019-3A, Class A2RR, 6.32% (3
mo. Term SOFR + 2.05%),
04/20/2037(a)(b)
 
1,000,000
993,990
Series 2021-4A, Class A1, 5.64% (3 mo.
Term SOFR + 1.37%), 04/20/2034(a)(b)
 
1,300,000
1,301,170
Series 2021-4A, Class B1, 6.18% (3 mo.
Term SOFR + 1.91%), 04/20/2034(a)(b)
 
1,000,000
1,000,627
Series 2021-6A, Class A1R, 5.55% (3 mo.
Term SOFR + 1.29%), 01/15/2038(a)(b)
 
2,000,000
1,997,754
Series 2024-1A, Class A, 5.79% (3 mo.
Term SOFR + 1.53%), 04/15/2037(a)(b)
 
450,000
450,206
CBAMR Ltd. (Cayman Islands), Series 2019-
9A, Class AR, 5.89% (3 mo. Term SOFR +
1.63%), 07/15/2037(a)(b)
 
1,000,000
1,001,045
Cedar Funding II CLO Ltd. (Cayman Islands)
 
Series 2013-1A, Class ARR, 5.61% (3 mo.
Term SOFR + 1.34%), 04/20/2034(a)(b)
 
2,500,000
2,494,775
Series 2013-1A, Class BRR, 5.88% (3 mo.
Term SOFR + 1.61%), 04/20/2034(a)(b)
 
1,150,000
1,133,710
Cedar Funding IX CLO Ltd. (Cayman Islands),
Series 2018-9A, Class AR, 5.69% (3 mo.
Term SOFR + 1.42%), 07/20/2037(a)(b)
 
6,000,000
6,004,500
Cedar Funding XI CLO Ltd. (Cayman Islands),
Series 2019-11A, Class A1R2, 5.38% (3
mo. Term SOFR + 1.06%),
05/29/2032(a)(b)
 
919,359
917,485
Cedar Funding XII CLO Ltd. (Cayman
Islands), Series 2020-12A, Class ARR,
5.46% (3 mo. Term SOFR + 1.20%),
01/25/2038(a)(b)
 
1,250,000
1,241,759
Cedar Funding XIV CLO Ltd. (Cayman
Islands), Series 2021-14A, Class AR,
5.64% (3 mo. Term SOFR + 1.38%),
10/15/2037(a)(b)
 
5,000,000
4,991,975
Cerberus Loan Funding XL LLC,
Series 2023-1A, Class A, 6.66% (3 mo.
Term SOFR + 2.40%), 03/22/2035(a)(b)
 
1,550,000
1,550,679
Cerberus Loan Funding XLI LLC,
Series 2023-2A, Class A1, 6.81% (3 mo.
Term SOFR + 2.55%), 07/15/2035(a)(b)
 
512,000
520,527
CIFC Funding Ltd. (Cayman Islands)
 
Series 2013-2A, Class A2L2, 6.03% (3
mo. Term SOFR + 1.76%),
10/18/2030(a)(b)
 
500,000
500,881
Series 2014-4RA, Class A1A2, 5.27% (3
mo. Term SOFR + 0.99%),
01/17/2035(a)(b)
 
740,000
733,155
Series 2014-5A, Class A1R3, 5.66% (3
mo. Term SOFR + 1.38%),
07/17/2037(a)(b)
 
1,300,000
1,301,036
Series 2016-1A, Class AR3, 5.27% (3 mo.
Term SOFR + 1.00%), 10/21/2031(a)(b)
 
570,000
558,476
Series 2017-1A, Class ARR, 5.82% (3 mo.
Term SOFR + 1.55%), 04/21/2037(a)(b)
 
3,900,000
3,906,025
 
Principal
Amount
Value
Series 2017-5A, Class AR, 5.69% (3 mo.
Term SOFR + 1.41%), 07/17/2037(a)(b)
$
1,300,000
$1,298,625
Series 2020-3A, Class A2R, 5.88% (3 mo.
Term SOFR + 1.61%), 10/20/2034(a)(b)
 
1,500,000
1,499,000
Series 2023-2A, Class A, 6.02% (3 mo.
Term SOFR + 1.75%), 01/21/2037(a)(b)
 
5,000,000
5,011,280
Eaton Vance CLO Ltd. (Cayman Islands),
Series 2013-1A, Class A13R, 5.77% (3
mo. Term SOFR + 1.51%),
01/15/2034(a)(b)
 
2,200,000
2,198,900
Elmwood CLO 19 Ltd. (Cayman Islands),
Series 2022-6A, Class AR, 5.98% (3 mo.
Term SOFR + 1.70%), 10/17/2036(a)(b)
 
2,100,000
2,103,740
Elmwood CLO 21 Ltd. (Cayman Islands),
Series 2022-8A, Class AR, 5.92% (3 mo.
Term SOFR + 1.65%), 10/20/2036(a)(b)
 
1,300,000
1,302,865
Elmwood CLO 26 Ltd. (Cayman Islands),
Series 2024-1A, Class B, 6.27% (3 mo.
Term SOFR + 2.00%), 04/18/2037(a)(b)
 
1,100,000
1,102,641
Elmwood CLO 29 Ltd. (Cayman Islands),
Series 2024-5A, Class AR1, 5.79% (3 mo.
Term SOFR + 1.52%), 04/20/2037(a)(b)
 
520,000
520,419
Elmwood CLO III Ltd. (Cayman Islands)
 
Series 2019-3A, Class A1RR, 5.65% (3
mo. Term SOFR + 1.38%),
07/18/2037(a)(b)
 
6,000,000
6,001,500
Series 2019-3A, Class A2RR, 5.87% (3
mo. Term SOFR + 1.60%),
07/18/2037(a)(b)
 
325,000
324,549
Elmwood CLO VI Ltd. (Cayman Islands),
Series 2020-3A, Class ARR, 5.65% (3 mo.
Term SOFR + 1.38%), 07/18/2037(a)(b)
 
1,000,000
1,000,250
Elmwood CLO VIII Ltd. (Cayman Islands),
Series 2021-1A, Class AR, 5.82% (3 mo.
Term SOFR + 1.55%), 04/20/2037(a)(b)
 
1,800,000
1,800,022
Elmwood CLO X Ltd. (Cayman Islands),
Series 2021-3A, Class BR, 6.02% (3 mo.
Term SOFR + 1.75%), 04/20/2034(a)(b)
 
1,000,000
995,963
Empower CLO 2025-1 Ltd. (Cayman Islands)
 
Series 2025-1A, Class A, (3 mo. Term
SOFR + 1.31%)07/20/2038(a)(b)
 
5,000,000
4,987,470
Series 2025-1A, Class B, (3 mo. Term
SOFR + 1.80%)07/20/2038(a)(b)
 
1,750,000
1,740,504
Empower CLO Ltd. (Cayman Islands)
 
Series 2022-1A, Class A1R, 5.66% (3 mo.
Term SOFR + 1.39%), 10/20/2037(a)(b)
 
3,750,000
3,745,984
Series 2024-1A, Class A1, 5.88% (3 mo.
Term SOFR + 1.60%), 04/25/2037(a)(b)
 
4,800,000
4,804,627
Flatiron CLO 21 Ltd. (Cayman Islands),
Series 2021-1A, Class A1R, 5.63% (3 mo.
Term SOFR + 1.36%), 10/19/2037(a)(b)
 
1,945,000
1,946,420
Flatiron CLO 25 Ltd. (Cayman Islands),
Series 2024-2A, Class A, 5.63% (3 mo.
Term SOFR + 1.35%), 10/17/2037(a)(b)
 
3,500,000
3,485,289
Galaxy XXI CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 5.55% (3 mo.
Term SOFR + 1.28%), 04/20/2031(a)(b)
 
69,901
69,867
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, 2025
(Unaudited)
 
Principal
Amount
Value
Galaxy XXII CLO Ltd. (Cayman Islands),
Series 2016-22A, Class ARR, 5.50% (3
mo. Term SOFR + 1.24%),
04/16/2034(a)(b)
$
1,750,000
$1,742,907
Galaxy XXIV CLO Ltd. (Cayman Islands),
Series 2017-24A, Class AR, 5.80% (3 mo.
Term SOFR + 1.54%), 04/15/2037(a)(b)
 
1,250,000
1,250,589
GoldenTree Loan Management US CLO 12
Ltd. (Cayman Islands), Series 2022-12A,
Class AJR, 5.80% (3 mo. Term SOFR +
1.53%), 07/20/2037(a)(b)
 
2,000,000
1,994,942
GoldenTree Loan Management US CLO 9
Ltd., Series 2021-9A, Class AR, 5.77% (3
mo. Term SOFR + 1.50%),
04/20/2037(a)(b)
 
6,300,000
6,308,952
Golub Capital Partners CLO 49(M) Ltd.
(Cayman Islands), Series 2020-49A,
Class AR, 6.06% (3 mo. Term SOFR +
1.79%), 08/26/2033(a)(b)
 
1,400,000
1,399,086
Golub Capital Partners CLO 54(M) L.P.
(Cayman Islands), Series 2021-54A,
Class A, 6.05% (3 mo. Term SOFR +
1.79%), 08/05/2033(a)(b)
 
2,400,000
2,400,893
Golub Capital Partners CLO 61(M),
Series 2022-61A, Class A1A, 5.51% (3
mo. Term SOFR + 1.23%),
07/25/2035(a)(b)
 
5,000,000
4,973,410
Golub Capital Partners CLO 68B Ltd.
(Jersey), Series 2023-68A, Class B,
7.08% (3 mo. Term SOFR + 2.80%),
07/25/2036(a)(b)
 
1,100,000
1,103,111
Golub Capital Partners CLO 71(M),
Series 2024-71A, Class A, 6.25% (3 mo.
Term SOFR + 1.95%), 02/09/2037(a)(b)
 
1,000,000
1,001,865
Golub Capital Partners Static Ltd. (Cayman
Islands), Series 2024-1A, Class A1, 5.50%
(3 mo. Term SOFR + 1.23%),
04/20/2033(a)(b)
 
791,536
791,820
Ivy Hill Middle Market Credit Fund IX Ltd.
(Cayman Islands), Series 9A, Class A1,
5.89% (3 mo. Term SOFR + 1.62%),
04/23/2034(a)(b)
 
1,200,000
1,196,813
Ivy Hill Middle Market Credit Fund VII Ltd.
(Cayman Islands), 5.86% (3 mo. Term
SOFR + 1.60%), 10/15/2036(a)(b)
 
500,000
497,536
Madison Park Funding LXII Ltd. (Cayman
Islands), Series 2022-62A, Class AR,
6.13% (3 mo. Term SOFR + 1.85%),
07/17/2036(a)(b)
 
2,050,000
2,053,112
Madison Park Funding XIX Ltd. (Cayman
Islands), Series 2015-19A, Class AR3,
5.87% (3 mo. Term SOFR + 1.60%),
01/22/2037(a)(b)
 
1,000,000
1,001,576
Madison Park Funding XXXVII Ltd. (Cayman
Islands), Series 2019-37A, Class AR2,
5.79% (3 mo. Term SOFR + 1.53%),
04/15/2037(a)(b)
 
5,340,000
5,347,481
Magnetite XL Ltd. (Cayman Islands),
Series 2024-40A, Class A1, 5.71% (3 mo.
Term SOFR + 1.45%), 07/15/2037(a)(b)
 
2,500,000
2,498,715
 
Principal
Amount
Value
Magnetite XVII Ltd. (Cayman Islands),
Series 2016-17A, Class AR2, 5.77% (3
mo. Term SOFR + 1.50%),
04/20/2037(a)(b)
$
3,100,000
$3,104,036
Magnetite XXI Ltd. (Cayman Islands),
Series 2019-21A, Class AR, 5.55% (3 mo.
Term SOFR + 1.28%), 04/20/2034(a)(b)
 
2,500,000
2,500,717
Magnetite XXVII Ltd. (Cayman Islands)
 
Series 2020-27A, Class AR, 5.67% (3 mo.
Term SOFR + 1.40%), 10/20/2034(a)(b)
 
1,250,000
1,250,771
Series 2020-27A, Class BR, 6.08% (3 mo.
Term SOFR + 1.81%), 10/20/2034(a)(b)
 
930,000
924,403
Magnetite XXXVII Ltd. (Cayman Islands),
Series 2023-37A, Class A, 5.92% (3 mo.
Term SOFR + 1.65%), 10/20/2036(a)(b)
 
2,500,000
2,503,950
Morgan Stanley Eaton Vance CLO Ltd.
(Cayman Islands), Series 2022-16A,
Class B, 6.21% (3 mo. Term SOFR +
1.95%), 04/15/2035(a)(b)
 
630,000
626,609
Neuberger Berman Loan Advisers CLO 32
Ltd. (Cayman Islands), Series 2019-32A,
Class BR, 5.93% (3 mo. Term SOFR +
1.66%), 01/20/2032(a)(b)
 
2,500,000
2,497,425
Neuberger Berman Loan Advisers CLO 39
Ltd. (Cayman Islands), Series 2020-39A,
Class A1R, 5.80% (3 mo. Term SOFR +
1.53%), 04/20/2038(a)(b)
 
3,000,000
2,997,132
Neuberger Berman Loan Advisers CLO 40
Ltd. (Cayman Islands), Series 2021-40A,
Class A, 5.58% (3 mo. Term SOFR +
1.32%), 04/16/2033(a)(b)
 
3,743,921
3,747,085
Neuberger Berman Loan Advisers CLO 47
Ltd. (Cayman Islands), Series 2022-47A,
Class A, 5.54% (3 mo. Term SOFR +
1.30%), 04/14/2035(a)(b)
 
3,996,643
3,998,805
Neuberger Berman Loan Advisers NBLA CLO
52 Ltd. (Jersey), Series 2022-52A,
Class AR, 5.63% (3 mo. Term SOFR +
1.35%), 10/24/2038(a)(b)
 
2,500,000
2,501,432
OCP CLO Ltd. (Cayman Islands)
 
Series 2015-9A, Class AR3, 5.36% (3 mo.
Term SOFR + 1.10%), 01/15/2037(a)(b)
 
3,500,000
3,467,201
Series 2016-12A, Class A1R3, 5.64% (3
mo. Term SOFR + 1.37%),
10/18/2037(a)(b)
 
1,000,000
997,879
Series 2017-13A, Class AR2, 5.61% (3
mo. Term SOFR + 1.34%),
11/26/2037(a)(b)
 
1,500,000
1,497,000
Series 2019-17A, Class AR2, 5.67% (3
mo. Term SOFR + 1.40%),
07/20/2037(a)(b)
 
4,000,000
3,992,000
Series 2020-20A, Class A1R, 5.80% (3
mo. Term SOFR + 1.53%),
04/18/2037(a)(b)
 
1,000,000
1,000,941
Series 2024-31A, Class A1, 5.90% (3 mo.
Term SOFR + 1.63%), 04/20/2037(a)(b)
 
3,250,000
3,255,314
OHA Credit Funding 17 Ltd. (Bermuda),
Series 2024-17A, Class A, 5.75% (3 mo.
Term SOFR + 1.48%), 04/20/2037(a)(b)
 
2,000,000
1,999,042
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
OHA Credit Funding 4 Ltd. (Cayman Islands),
Series 2019-4A, Class AR2, 5.56% (3 mo.
Term SOFR + 1.29%), 01/22/2038(a)(b)
$
2,331,000
$2,324,657
Palmer Square CLO 2023-1 Ltd. (Cayman
Islands), Series 2023-1A, Class AR, 5.52%
(3 mo. Term SOFR + 1.25%),
01/20/2038(a)(b)
 
5,000,000
4,988,940
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-1A, Class A1A5, 5.38% (3
mo. Term SOFR + 1.05%),
05/21/2034(a)(b)
 
1,795,000
1,787,294
Park Blue CLO Ltd. (Cayman Islands)
 
Series 2022-1A, Class A1R, 5.69% (3 mo.
Term SOFR + 1.42%), 10/20/2037(a)(b)
 
6,400,000
6,386,669
Series 2022-2A, Class A1R, 5.69% (3 mo.
Term SOFR + 1.42%), 07/20/2037(a)(b)
 
1,280,000
1,276,783
Peace Park CLO Ltd. (Cayman Islands),
Series 2021-1A, Class B1, 6.13% (3 mo.
Term SOFR + 1.86%), 10/20/2034(a)(b)
 
795,000
795,425
Peebles Park CLO Ltd. (Jersey),
Series 2024-1A, Class A, 5.77% (3 mo.
Term SOFR + 1.50%), 04/21/2037(a)(b)
 
2,400,000
2,401,157
Pikes Peak CLO 4 (Cayman Islands),
Series 2019-4A, Class ARR, 5.47% (3 mo.
Term SOFR + 1.21%), 07/15/2034(a)(b)
 
1,250,000
1,244,213
Rad CLO 5 Ltd. (Cayman Islands),
Series 2019-5A, Class BR, 6.24% (3 mo.
Term SOFR + 1.96%), 07/24/2032(a)(b)
 
2,000,000
2,001,562
Regatta 30 Funding Ltd. (Cayman Islands),
Series 2024-4A, Class A2, 5.86% (3 mo.
Term SOFR + 1.55%), 01/25/2038(a)(b)
 
1,300,000
1,294,324
Regatta X Funding Ltd. (Cayman Islands),
Series 2017-3A, Class AR, 5.76% (3 mo.
Term SOFR + 1.48%), 07/17/2037(a)(b)
 
2,000,000
1,999,990
Regatta XVII Funding Ltd. (Cayman Islands),
Series 2020-1A, Class AR, 5.64% (3 mo.
Term SOFR + 1.38%), 10/15/2037(a)(b)
 
4,600,000
4,580,744
Regatta XX Funding Ltd. (Cayman Islands),
Series 2021-2A, Class AR, 5.44% (3 mo.
Term SOFR + 1.18%), 01/15/2038(a)(b)
 
1,350,000
1,343,382
Regatta XXII Funding Ltd. (Cayman Islands),
Series 2022-2A, Class AR, 5.52% (3 mo.
Term SOFR + 1.25%), 07/20/2035(a)(b)
 
3,000,000
2,991,387
RR 15 Ltd. (Cayman Islands), Series 2021-
15A, Class A2, 5.97% (3 mo. Term SOFR
+ 1.71%), 04/15/2036(a)(b)
 
2,100,000
2,065,119
RR 24 Ltd. (Bermuda), Series 2022-24A,
Class A1A2, 5.57% (3 mo. Term SOFR +
1.31%), 01/15/2037(a)(b)
 
900,000
898,028
RR 29 Ltd. (Cayman Islands), Series 2024-
29RA, Class A1R, 5.65% (3 mo. Term
SOFR + 1.39%), 07/15/2039(a)(b)
 
1,500,000
1,500,708
RR 38 Ltd. (Cayman Islands), Series 2025-
38A, Class A1A, 5.47% (3 mo. Term SOFR
+ 1.15%), 04/15/2040(a)(b)
 
1,300,000
1,296,009
RR 5 Ltd. (Cayman Islands), Series 2018-5A,
Class A1R, 5.76% (3 mo. Term SOFR +
1.50%), 07/15/2039(a)(b)
 
2,200,000
2,206,600
 
Principal
Amount
Value
Shackleton CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1R, 5.73% (3
mo. Term SOFR + 1.46%),
07/20/2034(a)(b)
$
1,250,000
$1,248,441
Signal Peak CLO 11 Ltd. (Cayman Islands),
Series 2024-11A, Class A1, 5.72% (3 mo.
Term SOFR + 1.45%), 07/18/2037(a)(b)
 
9,700,000
9,714,550
Signal Peak CLO 14 Ltd. (Cayman Islands),
Series 2024-14A, Class A, 5.59% (3 mo.
Term SOFR + 1.30%), 01/22/2038(a)(b)
 
2,000,000
1,996,000
Signal Peak CLO 9 Ltd. (Cayman Islands),
Series 2021-9A, Class A1R, 5.63% (3 mo.
Term SOFR + 1.36%), 01/21/2038(a)(b)
 
1,300,000
1,297,850
Symphony CLO 40 Ltd. (Bermuda),
Series 2023-40A, Class AR, 5.55% (3 mo.
Term SOFR + 1.31%), 01/05/2038(a)(b)
 
1,500,000
1,496,625
Symphony CLO XIX Ltd. (Cayman Islands)
 
Series 2018-19A, Class A, 5.48% (3 mo.
Term SOFR + 1.22%), 04/16/2031(a)(b)
 
1,406,121
1,406,110
Series 2018-19A, Class B, 5.87% (3 mo.
Term SOFR + 1.61%), 04/16/2031(a)(b)
 
900,000
898,943
Symphony CLO XX Ltd. (Cayman Islands),
Series 2018-20A, Class AR2, 5.36% (3
mo. Term SOFR + 1.10%),
01/16/2032(a)(b)
 
2,533,704
2,531,170
Symphony CLO XXII Ltd. (Cayman Islands),
Series 2020-22A, Class BR, 5.95% (3 mo.
Term SOFR + 1.68%), 04/18/2033(a)(b)
 
750,000
743,343
Symphony CLO XXV Ltd. (Cayman Islands),
Series 2021-25A, Class B, 5.88% (3 mo.
Term SOFR + 1.61%), 04/19/2034(a)(b)
 
3,213,000
3,169,435
Symphony CLO XXXII Ltd. (Cayman Islands),
Series 2022-32A, Class B, 6.13% (3 mo.
Term SOFR + 1.85%), 04/23/2035(a)(b)
 
500,000
495,759
TCI-Flatiron CLO Ltd. (Cayman Islands),
Series 2018-1A, Class BR, 5.94% (3 mo.
Term SOFR + 1.66%), 01/29/2032(a)(b)
 
2,620,000
2,623,529
Texas Debt Capital CLO Ltd. (Cayman
Islands), Series 2023-1A, Class A, 6.07%
(3 mo. Term SOFR + 1.80%),
04/20/2036(a)(b)
 
3,547,000
3,552,494
TICP CLO VII Ltd. (Cayman Islands),
Series 2017-7A, Class ASR2, 5.56% (3
mo. Term SOFR + 1.30%),
04/15/2033(a)(b)
 
5,000,000
5,004,050
Total Asset-Backed Securities
(Cost $299,658,407)
298,194,404
 
Shares
 
Money Market Funds-4.05%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(c)(d)
(Cost $12,314,165)
 
12,314,165
12,314,165
TOTAL INVESTMENTS IN SECURITIES-102.00%
(Cost $311,972,572)
310,508,569
OTHER ASSETS LESS LIABILITIES-(2.00)%
(6,075,975
)
NET ASSETS-100.00%
$304,432,594
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco AAA CLO Floating Rate Note ETF (ICLO)—(continued)
April 30, 2025
(Unaudited)
Investment Abbreviations:
BR
-Bearer Shares
SOFR
-Secured Overnight Financing Rate
 
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, 2025 was $298,194,404, which represented 97.95% of the Fund’s Net Assets.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$2,443,229
$26,746,415
$(29,189,644
)
$-
$-
$-
$60,908
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
20,089,771
(7,775,606
)
-
-
12,314,165
26,724
Total
$2,443,229
$46,836,186
$(36,965,250
)
$-
$-
$12,314,165
$87,632
 
(d)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Active U.S. Real Estate ETF (PSR)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.93%
Apartments -9.04%
AvalonBay Communities, Inc.
 
9,131
$1,917,327
Equity Residential
 
27,969
1,965,102
UDR, Inc.
 
33,145
1,388,113
 
 
5,270,542
Data Centers -12.72%
Digital Realty Trust, Inc.
 
29,299
4,703,662
Equinix, Inc.
 
3,155
2,715,666
 
 
7,419,328
Free Standing -5.64%
Agree Realty Corp.
 
10,323
801,168
Essential Properties Realty Trust, Inc.
 
20,367
655,206
Realty Income Corp.
 
31,654
1,831,501
 
 
3,287,875
Gaming REITs-3.29%
Gaming and Leisure Properties, Inc.
 
40,154
1,921,770
Health Care-15.42%
CareTrust REIT, Inc.
 
29,974
877,339
Healthpeak Properties, Inc.
 
127,142
2,268,213
Ventas, Inc.(b)
 
17,388
1,218,551
Welltower, Inc.
 
30,328
4,627,750
 
 
8,991,853
Industrial-11.04%
EastGroup Properties, Inc.(b)
 
12,859
2,101,418
First Industrial Realty Trust, Inc.
 
19,597
932,425
Prologis, Inc.
 
14,901
1,522,882
Rexford Industrial Realty, Inc.
 
56,839
1,881,371
 
 
6,438,096
Infrastructure REITs-13.37%
American Tower Corp.
 
21,656
4,881,479
Crown Castle, Inc.
 
14,551
1,538,914
SBA Communications Corp., Class A(b)
 
5,653
1,375,940
 
 
7,796,333
Lodging Resorts-2.95%
Hilton Worldwide Holdings, Inc.
 
2,474
557,838
Host Hotels & Resorts, Inc.
 
82,385
1,163,276
 
 
1,721,114
Manufactured Homes-1.99%
Equity LifeStyle Properties, Inc.
 
17,971
1,164,161
Office-2.28%
Vornado Realty Trust
 
37,684
1,329,491
Regional Malls-3.53%
Simon Property Group, Inc.
 
13,086
2,059,475
 
Shares
Value
Self Storage-6.21%
CubeSmart
 
53,316
$2,168,362
Public Storage(b)
 
4,843
1,454,982
 
 
3,623,344
Shopping Centers-5.56%
Brixmor Property Group, Inc.
 
81,120
2,020,699
Kite Realty Group Trust
 
27,986
605,897
Phillips Edison & Co., Inc.(b)
 
17,750
615,925
 
 
3,242,521
Single Family Homes-3.75%
American Homes 4 Rent, Class A
 
29,418
1,099,939
Invitation Homes, Inc.
 
31,779
1,086,524
 
 
2,186,463
Specialty-0.97%
Outfront Media, Inc.(b)
 
37,558
568,253
Timber REITs-2.17%
Rayonier, Inc.(b)
 
51,756
1,265,952
Total Common Stocks & Other Equity Interests
(Cost $57,003,018)
58,286,571
 
Money Market Funds-0.07%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $41,683)
 
41,683
41,683
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-100.00%
(Cost $57,044,701)
58,328,254
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.27%
Invesco Private Government Fund,
4.32%(c)(d)(e)
 
1,017,395
1,017,395
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
2,640,708
2,641,236
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,658,631)
3,658,631
TOTAL INVESTMENTS IN SECURITIES-106.27%
(Cost $60,703,332)
61,986,885
OTHER ASSETS LESS LIABILITIES-(6.27)%
(3,659,741
)
NET ASSETS-100.00%
$58,327,144
 
Investment Abbreviations:
REIT
-Real Estate Investment Trust
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Active U.S. Real Estate ETF (PSR)—(continued)
April 30, 2025
(Unaudited)
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, 2025.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$22,927
$1,037,036
$(1,018,280
)
$-
$-
$41,683
$1,055
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
2,322,376
10,678,077
(11,983,058
)
-
-
1,017,395
17,186
*
Invesco Private Prime Fund
5,958,527
26,301,162
(29,618,073
)
135
(515
)
2,641,236
45,178
*
Total
$8,303,830
$38,016,275
$(42,619,411
)
$135
$(515
)
$3,700,314
$63,419
 
*
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, 2025.
(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 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco High Yield Bond Factor ETF (IHYF)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-97.98%
Advertising-0.52%
Advantage Sales & Marketing, Inc., 6.50%,
11/15/2028(b)
$
126,000
$101,583
Belo Corp., 7.25%, 09/15/2027
 
130,000
133,592
 
 
235,175
Aerospace & Defense-0.72%
Bombardier, Inc. (Canada), 6.00%,
02/15/2028(b)(c)
 
330,000
326,680
Agricultural & Farm Machinery-0.32%
Titan International, Inc., 7.00%, 04/30/2028
 
150,000
147,002
Air Freight & Logistics-0.77%
Clue Opco LLC, 9.50%, 10/15/2031(b)(c)
 
86,000
82,273
Rand Parent LLC, 8.50%, 02/15/2030(b)
 
288,000
268,145
 
 
350,418
Alternative Carriers-0.42%
Intelsat Jackson Holdings S.A. (Luxembourg),
6.50%, 03/15/2030(b)
 
100,000
98,612
Zayo Group Holdings, Inc., 4.00%,
03/01/2027, (Acquired 11/02/2022;
Cost $89,123)(b)(d)
 
100,000
92,243
 
 
190,855
Aluminum-0.16%
Arsenal AIC Parent LLC, 11.50%,
10/01/2031(b)
 
65,000
71,451
Apparel Retail-1.13%
Foot Locker, Inc., 4.00%, 10/01/2029(b)
 
137,000
111,223
Gap, Inc. (The), 3.88%, 10/01/2031(b)
 
159,000
137,810
Victoria’s Secret & Co., 4.63%,
07/15/2029(b)(c)
 
300,000
261,991
 
 
511,024
Apparel, Accessories & Luxury Goods-0.26%
Under Armour, Inc., 3.25%, 06/15/2026
 
122,000
118,203
Application Software-0.99%
Cloud Software Group, Inc., 9.00%,
09/30/2029(b)
 
100,000
100,853
Open Text Holdings, Inc. (Canada), 4.13%,
02/15/2030(b)
 
140,000
129,561
SS&C Technologies, Inc., 5.50%,
09/30/2027(b)(c)
 
220,000
219,128
 
 
449,542
Asset Management & Custody Banks-0.78%
Acadian Asset Management, Inc., 4.80%,
07/27/2026
 
58,000
56,795
Prospect Capital Corp.
 
3.36%, 11/15/2026
 
100,000
93,757
3.44%, 10/15/2028(c)
 
230,000
201,379
 
 
351,931
Automotive Parts & Equipment-2.03%
American Axle & Manufacturing, Inc., 6.50%,
04/01/2027
 
100,000
97,658
ANGI Group LLC, 3.88%, 08/15/2028(b)
 
123,000
112,221
Dana, Inc., 5.38%, 11/15/2027
 
100,000
99,414
 
Principal
Amount
Value
Automotive Parts & Equipment-(continued)
Tenneco, Inc., 8.00%, 11/17/2028(b)
$
100,000
$95,630
United Rentals (North America), Inc.
 
3.88%, 11/15/2027
 
144,000
139,188
4.88%, 01/15/2028
 
97,000
95,706
ZF North America Capital, Inc. (Germany)
 
6.88%, 04/14/2028(b)
 
150,000
143,431
7.13%, 04/14/2030(b)
 
150,000
138,191
 
 
921,439
Automotive Retail-0.28%
Advance Auto Parts, Inc., 3.50%, 03/15/2032
 
100,000
83,650
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)
 
45,000
42,261
 
 
125,911
Broadcasting-3.21%
AMC Networks, Inc., 10.25%, 01/15/2029(b)
 
200,000
205,867
Gray Media, Inc.
 
7.00%, 05/15/2027(b)
 
100,000
97,383
10.50%, 07/15/2029(b)(c)
 
210,000
215,784
iHeartCommunications, Inc., 5.25%,
08/15/2027(b)
 
100,000
67,750
Liberty Interactive LLC, 8.25%, 02/01/2030
 
79,000
29,691
Paramount Global, 6.38%, 03/30/2062(c)(e)
 
380,000
365,815
Sirius XM Radio LLC, 5.00%, 08/01/2027(b)
 
250,000
247,219
Univision Communications, Inc.
 
6.63%, 06/01/2027(b)
 
100,000
96,859
8.50%, 07/31/2031(b)
 
100,000
94,507
Urban One, Inc., 7.38%, 02/01/2028(b)
 
67,000
32,233
 
 
1,453,108
Broadline Retail-2.49%
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)
 
90,000
81,430
Macy’s Retail Holdings LLC
 
5.88%, 03/15/2030(b)
 
180,000
167,838
6.70%, 07/15/2034(b)
 
107,000
89,757
Nordstrom, Inc.
 
4.00%, 03/15/2027
 
99,000
95,046
6.95%, 03/15/2028
 
124,000
125,518
4.38%, 04/01/2030
 
79,000
70,762
QVC, Inc., 4.38%, 09/01/2028
 
50,000
40,684
Rakuten Group, Inc. (Japan)
 
11.25%, 02/15/2027(b)
 
200,000
214,400
9.75%, 04/15/2029(b)
 
230,000
243,253
 
 
1,128,688
Building Products-3.22%
Adams Homes, Inc., 9.25%, 10/15/2028(b)
 
66,000
66,390
Builders FirstSource, Inc., 4.25%,
02/01/2032(b)
 
140,000
126,215
Griffon Corp., 5.75%, 03/01/2028
 
260,000
256,838
JELD-WEN, Inc., 4.88%, 12/15/2027(b)(c)
 
300,000
277,472
MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 02/01/2030(b)(c)
 
230,000
207,844
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Building Products-(continued)
Standard Industries, Inc.
 
5.00%, 02/15/2027(b)
$
89,000
$88,409
4.75%, 01/15/2028(b)
 
80,000
78,365
4.38%, 07/15/2030(b)
 
108,000
100,831
3.38%, 01/15/2031(b)
 
131,000
115,805
STL Holding Co. LLC, 8.75%, 02/15/2029(b)
 
140,000
142,347
 
 
1,460,516
Cable & Satellite-5.60%
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.50%, 05/01/2026(b)
 
195,000
194,905
5.13%, 05/01/2027(b)
 
109,000
107,600
4.50%, 05/01/2032
 
395,000
351,208
4.25%, 01/15/2034(b)
 
100,000
84,304
CSC Holdings LLC
 
11.75%, 01/31/2029(b)
 
200,000
189,209
4.63%, 12/01/2030(b)
 
200,000
92,704
Directv Financing LLC, 8.88%,
02/01/2030(b)(c)
 
210,000
200,602
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 5.88%, 08/15/2027(b)(c)
 
240,000
232,173
DISH DBS Corp.
 
7.75%, 07/01/2026
 
184,000
160,158
5.25%, 12/01/2026(b)
 
159,000
144,987
5.75%, 12/01/2028(b)
 
110,000
92,589
DISH Network Corp., 11.75%, 11/15/2027(b)
 
137,000
144,105
Radiate Holdco LLC/Radiate Finance, Inc.,
6.50%, 09/15/2028(b)
 
40,000
27,191
Sirius XM Radio LLC
 
3.13%, 09/01/2026(b)
 
100,000
97,399
4.00%, 07/15/2028(b)(c)
 
260,000
244,814
VZ Secured Financing B.V. (Netherlands),
5.00%, 01/15/2032(b)
 
200,000
174,725
 
 
2,538,673
Casinos & Gaming-2.67%
Affinity Interactive, 6.88%, 12/15/2027(b)
 
187,000
134,250
Churchill Downs, Inc., 5.50%, 04/01/2027(b)(c)
 
400,000
396,500
International Game Technology PLC, 6.25%,
01/15/2027(b)
 
200,000
201,083
Melco Resorts Finance Ltd. (Hong Kong),
5.38%, 12/04/2029(b)
 
200,000
181,375
MGM Resorts International, 4.63%,
09/01/2026
 
200,000
198,490
Wynn Las Vegas LLC/Wynn Las Vegas Capital
Corp., 5.25%, 05/15/2027(b)
 
100,000
99,066
 
 
1,210,764
Commercial & Residential Mortgage Finance-0.10%
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc., 2.88%, 10/15/2026(b)
 
49,000
47,327
Commercial Printing-1.21%
Deluxe Corp., 8.13%, 09/15/2029(b)
 
300,000
300,778
R.R. Donnelley & Sons Co., 9.50%,
08/01/2029(b)
 
260,000
247,850
 
 
548,628
Commodity Chemicals-0.48%
Methanex Corp. (Canada), 5.13%,
10/15/2027
 
220,000
216,147
 
Principal
Amount
Value
Communications Equipment-1.11%
Viasat, Inc., 5.63%, 04/15/2027(b)
$
420,000
$411,920
Viavi Solutions, Inc., 3.75%, 10/01/2029(b)(c)
 
100,000
91,734
 
 
503,654
Construction & Engineering-0.60%
Brand Industrial Services, Inc., 10.38%,
08/01/2030(b)
 
100,000
95,118
Brookfield Residential Properties, Inc./
Brookfield Residential U.S. LLC (Canada)
 
6.25%, 09/15/2027(b)
 
88,000
86,367
5.00%, 06/15/2029(b)
 
100,000
89,152
 
 
270,637
Construction Materials-0.78%
Smyrna Ready Mix Concrete LLC
 
6.00%, 11/01/2028(b)
 
150,000
146,729
8.88%, 11/15/2031(b)
 
200,000
205,379
 
 
352,108
Consumer Electronics-0.41%
Sensata Technologies B.V., 4.00%,
04/15/2029(b)
 
200,000
184,272
Consumer Finance-2.08%
Bread Financial Holdings, Inc., 9.75%,
03/15/2029(b)
 
220,000
231,630
Global Aircraft Leasing Co. Ltd. (Cayman
Islands), 8.75%, 09/01/2027(b)
 
130,000
129,692
LFS Topco LLC, 5.88%, 10/15/2026(b)
 
130,000
124,532
Navient Corp.
 
5.00%, 03/15/2027
 
116,000
114,938
11.50%, 03/15/2031
 
140,000
156,337
5.63%, 08/01/2033
 
62,000
53,215
OneMain Finance Corp., 6.63%, 01/15/2028
 
130,000
131,025
 
 
941,369
Diversified Banks-0.85%
APH Somerset Investor 2 LLC/APH2 Somerset
Investor 2 LLC/APH3 Somerset Investor 2
LLC, 7.88%, 11/01/2029(b)(c)
 
100,000
97,737
Freedom Mortgage Corp.
 
6.63%, 01/15/2027(b)
 
50,000
49,676
12.00%, 10/01/2028(b)
 
220,000
236,055
 
 
383,468
Diversified Chemicals-0.98%
Chemours Co. (The)
 
5.38%, 05/15/2027
 
68,000
66,291
5.75%, 11/15/2028(b)
 
160,000
145,151
4.63%, 11/15/2029(b)
 
54,000
45,295
INEOS Finance PLC (Luxembourg), 7.50%,
04/15/2029(b)
 
200,000
188,104
 
 
444,841
Diversified Financial Services-3.45%
Albion Financing 1 S.a.r.l./Aggreko Holdings,
Inc. (Luxembourg), 6.13%, 10/15/2026(b)
 
200,000
199,408
eG Global Finance PLC (United Kingdom),
12.00%, 11/30/2028(b)
 
200,000
220,192
Freedom Mortgage Holdings LLC, 9.25%,
02/01/2029(b)
 
150,000
152,935
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Financial Services-(continued)
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
5.00%, 08/15/2028(b)
$
400,000
$372,559
Midcap Financial Issuer Trust, 6.50%,
05/01/2028(b)
 
200,000
191,185
Resorts World Las Vegas LLC/RWLV Capital,
Inc.
 
4.63%, 04/16/2029(b)
 
200,000
172,305
4.63%, 04/06/2031(b)(c)
 
200,000
160,490
United Wholesale Mortgage LLC, 5.75%,
06/15/2027(b)
 
97,000
95,782
 
 
1,564,856
Diversified Metals & Mining-1.51%
Algoma Steel, Inc. (Canada), 9.13%,
04/15/2029(b)
 
200,000
168,847
Compass Minerals International, Inc., 6.75%,
12/01/2027(b)
 
99,000
97,936
Mineral Resources Ltd. (Australia), 9.25%,
10/01/2028(b)
 
221,000
209,279
Perenti Finance Pty Ltd. (Australia), 7.50%,
04/26/2029(b)
 
200,000
207,750
 
 
683,812
Diversified Real Estate Activities-0.11%
Five Point Operating Co. L.P./Five Point Capital
Corp., 7.88%, 11/15/2025(b)
 
51,000
51,260
Diversified REITs-0.56%
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)
 
76,000
71,091
Uniti Group L.P./Uniti Group Finance 2019,
Inc./CSL Capital LLC, 4.75%, 04/15/2028(b)
 
190,000
182,011
 
 
253,102
Diversified Support Services-1.85%
Crown Americas LLC/Crown Americas Capital
Corp. V, 4.25%, 09/30/2026
 
175,000
172,703
Neptune Bidco US, Inc., 9.29%,
04/15/2029(b)(c)
 
307,000
273,606
Prime Security Services Borrower LLC/Prime
Finance, Inc., 3.38%, 08/31/2027(b)
 
100,000
95,486
Sabre GLBL, Inc.
 
8.63%, 06/01/2027(b)
 
42,000
40,243
11.25%, 12/15/2027(b)
 
150,000
151,500
10.75%, 11/15/2029(b)
 
18,000
17,213
Saks Global Enterprises LLC, 11.00%,
12/15/2029(b)
 
140,000
85,072
 
 
835,823
Drug Retail-0.64%
Walgreens Boots Alliance, Inc.
 
3.45%, 06/01/2026
 
85,000
83,139
8.13%, 08/15/2029
 
200,000
208,280
 
 
291,419
Education Services-0.86%
Adtalem Global Education, Inc., 5.50%,
03/01/2028(b)
 
275,000
272,088
Grand Canyon University, 5.13%, 10/01/2028
 
125,000
117,962
 
 
390,050
 
Principal
Amount
Value
Electric Utilities-2.81%
Edison International, 7.88%, 06/15/2054(e)
$
200,000
$187,761
Mallinckrodt International Finance S.A.,
14.75%, 11/14/2028(b)
 
125,643
131,590
Pattern Energy Operations L.P./Pattern Energy
Operations, Inc., 4.50%, 08/15/2028(b)(c)
 
250,000
237,769
Vistra Operations Co. LLC
 
5.63%, 02/15/2027(b)
 
63,000
63,013
5.00%, 07/31/2027(b)(c)
 
240,000
238,117
XPLR Infrastructure Operating Partners L.P.
 
4.50%, 09/15/2027(b)
 
250,000
236,604
7.25%, 01/15/2029(b)
 
180,000
178,344
 
 
1,273,198
Electrical Components & Equipment-1.34%
Atkore, Inc., 4.25%, 06/01/2031(b)
 
170,000
151,022
EnerSys, 4.38%, 12/15/2027(b)
 
200,000
194,146
Nissan Motor Acceptance Co. LLC, 6.95%,
09/15/2026(b)
 
260,000
262,462
 
 
607,630
Electronic Components-0.46%
Sensata Technologies, Inc.
 
4.38%, 02/15/2030(b)
 
130,000
120,015
3.75%, 02/15/2031(b)
 
100,000
87,559
 
 
207,574
Electronic Manufacturing Services-0.36%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc.,
6.63%, 12/15/2030(b)
 
160,000
162,457
Fertilizers & Agricultural Chemicals-0.69%
Consolidated Energy Finance S.A. (Switzerland)
 
5.63%, 10/15/2028(b)
 
167,000
130,439
12.00%, 02/15/2031(b)
 
200,000
180,545
 
 
310,984
Food Distributors-0.41%
C&S Group Enterprises LLC, 5.00%,
12/15/2028(b)(c)
 
224,000
187,606
Food Retail-0.50%
Albertson’s Cos., Inc./Safeway, Inc./New
Albertson’s L.P./Albertson’s LLC
 
4.63%, 01/15/2027(b)
 
128,000
126,683
6.50%, 02/15/2028(b)
 
100,000
101,690
 
 
228,373
Gas Utilities-0.11%
AmeriGas Partners L.P./AmeriGas Finance
Corp., 9.38%, 06/01/2028(b)
 
50,000
49,748
Health Care Equipment-0.28%
Varex Imaging Corp., 7.88%, 10/15/2027(b)
 
130,000
124,906
Health Care Facilities-0.79%
LifePoint Health, Inc.
 
9.88%, 08/15/2030(b)
 
110,000
117,147
11.00%, 10/15/2030(b)
 
130,000
142,466
Tenet Healthcare Corp., 4.63%, 06/15/2028
 
100,000
97,461
 
 
357,074
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Health Care REITs-0.90%
MPT Operating Partnership L.P./MPT Finance
Corp.
 
5.00%, 10/15/2027
$
348,000
$307,716
4.63%, 08/01/2029
 
131,000
99,936
 
 
407,652
Health Care Services-2.84%
Community Health Systems, Inc.
 
5.63%, 03/15/2027(b)
 
180,000
175,689
6.00%, 01/15/2029(b)
 
160,000
149,234
5.25%, 05/15/2030(b)
 
200,000
170,818
CVS Health Corp., 7.00%, 03/10/2055(e)
 
300,000
304,215
DaVita, Inc., 4.63%, 06/01/2030(b)(c)
 
320,000
297,870
Global Medical Response, Inc., 6.50%,
10/01/2025(b)
 
10,000
9,139
ModivCare, Inc., 5.00%, 10/01/2029(b)
 
115,000
5,319
MPH Acquisition Holdings LLC
 
5.75%, 12/31/2030(b)
 
100,002
77,609
5% PIK Rate, 6.5% Cash Rate, ,
12/31/2030(b)(f)
 
107,299
98,837
 
 
1,288,730
Health Care Technology-0.52%
athenahealth Group, Inc., 6.50%,
02/15/2030(b)
 
244,000
233,462
Home Furnishings-0.71%
Somnigroup International, Inc.
 
4.00%, 04/15/2029(b)
 
250,000
232,412
3.88%, 10/15/2031(b)
 
100,000
87,904
 
 
320,316
Homebuilding-1.30%
Beazer Homes USA, Inc., 5.88%, 10/15/2027
 
200,000
195,573
LGI Homes, Inc.
 
8.75%, 12/15/2028(b)
 
100,000
101,043
4.00%, 07/15/2029(b)
 
202,000
175,983
Tri Pointe Homes, Inc., 5.25%, 06/01/2027
 
118,000
117,611
 
 
590,210
Hotel & Resort REITs-0.31%
Service Properties Trust, 4.95%, 02/15/2027
 
149,000
141,793
Hotels, Resorts & Cruise Lines-1.43%
Marriott Ownership Resorts, Inc., 4.75%,
01/15/2028(c)
 
256,000
242,882
Royal Caribbean Cruises Ltd., 4.25%,
07/01/2026(b)
 
220,000
217,146
Travel + Leisure Co., Series J, 6.00%,
04/01/2027
 
188,000
189,227
 
 
649,255
Housewares & Specialties-0.89%
Newell Brands, Inc.
 
6.38%, 09/15/2027
 
140,000
136,911
6.63%, 05/15/2032
 
100,000
89,898
6.88%, 04/01/2036
 
200,000
174,582
 
 
401,391
 
Principal
Amount
Value
Human Resource & Employment Services-0.52%
AMN Healthcare, Inc.
 
4.63%, 10/01/2027(b)
$
150,000
$143,850
4.00%, 04/15/2029(b)(c)
 
100,000
89,766
 
 
233,616
Independent Power Producers & Energy Traders-0.59%
AES Corp. (The), 6.95%, 07/15/2055(e)
 
200,000
187,018
Calpine Corp., 4.50%, 02/15/2028(b)
 
80,000
78,314
 
 
265,332
Insurance Brokers-0.52%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.00%, 01/15/2031(b)
 
100,000
101,590
HUB International Ltd., 7.38%, 01/31/2032(b)
 
130,000
134,012
 
 
235,602
Integrated Telecommunication Services-0.73%
Altice France S.A. (France)
 
5.50%, 01/15/2028(b)
 
200,000
165,797
5.13%, 07/15/2029(b)
 
200,000
163,466
 
 
329,263
Interactive Media & Services-0.28%
Cumulus Media New Holdings, Inc., 6.75%,
07/01/2026(b)
 
37,000
28,860
Nexstar Media, Inc., 5.63%, 07/15/2027(b)
 
100,000
99,153
 
 
128,013
Internet Services & Infrastructure-0.72%
Arches Buyer, Inc., 4.25%, 06/01/2028(b)(c)
 
300,000
282,407
Cogent Communications Group, Inc., 3.50%,
05/01/2026(b)
 
43,000
42,221
 
 
324,628
Investment Banking & Brokerage-1.51%
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.
 
6.25%, 05/15/2026
 
95,000
94,737
5.25%, 05/15/2027
 
100,000
94,958
4.38%, 02/01/2029(c)
 
330,000
275,518
StoneX Group, Inc., 7.88%, 03/01/2031(b)
 
210,000
218,835
 
 
684,048
IT Consulting & Other Services-1.02%
Conduent Business Services LLC/Conduent
State & Local Solutions, Inc., 6.00%,
11/01/2029(b)
 
250,000
230,132
EquipmentShare.com, Inc., 9.00%,
05/15/2028(b)
 
180,000
183,429
Unisys Corp., 6.88%, 11/01/2027(b)
 
49,000
47,230
 
 
460,791
Leisure Facilities-0.65%
Six Flags Entertainment Corp./Canada’s
Wonderland Co./Magnum Management Corp.,
5.38%, 04/15/2027
 
100,000
99,594
VOC Escrow Ltd., 5.00%, 02/15/2028(b)
 
200,000
196,320
 
 
295,914
Life Sciences Tools & Services-0.19%
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)
 
100,000
86,903
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Marine Transportation-0.67%
Seaspan Corp. (Hong Kong), 5.50%,
08/01/2029(b)
$
331,000
$302,474
Metal, Glass & Plastic Containers-1.40%
Ardagh Metal Packaging Finance USA LLC/
Ardagh Metal Packaging Finance PLC, 6.00%,
06/15/2027(b)
 
200,000
199,488
Ardagh Packaging Finance PLC/Ardagh
Holdings USA, Inc., 4.13%, 08/15/2026(b)
 
200,000
176,724
Owens-Brockway Glass Container, Inc.
 
7.25%, 05/15/2031(b)(c)
 
160,000
159,087
7.38%, 06/01/2032(b)
 
100,000
97,707
 
 
633,006
Mortgage REITs-0.23%
Blackstone Mortgage Trust, Inc., 7.75%,
12/01/2029(b)
 
100,000
103,967
Movies & Entertainment-0.17%
Live Nation Entertainment, Inc., 6.50%,
05/15/2027(b)
 
75,000
75,871
Multi-Utilities-0.69%
Algonquin Power & Utilities Corp. (Canada),
4.75%, 01/18/2082(e)
 
334,000
313,796
Office REITs-1.19%
Brandywine Operating Partnership L.P.
 
3.95%, 11/15/2027
 
100,000
94,343
8.88%, 04/12/2029
 
230,000
241,463
Hudson Pacific Properties L.P., 3.95%,
11/01/2027
 
100,000
86,982
Office Properties Income Trust, 9.00%,
09/30/2029(b)
 
157,000
116,573
 
 
539,361
Office Services & Supplies-0.83%
ACCO Brands Corp., 4.25%, 03/15/2029(b)
 
171,000
148,846
Pitney Bowes, Inc.
 
6.88%, 03/15/2027(b)
 
153,000
152,668
7.25%, 03/15/2029(b)
 
75,000
74,653
 
 
376,167
Oil & Gas Drilling-3.39%
Delek Logistics Partners L.P./Delek Logistics
Finance Corp., 8.63%, 03/15/2029(b)
 
100,000
102,755
Harvest Midstream I L.P., 7.50%,
09/01/2028(b)
 
307,000
311,023
Nabors Industries, Inc., 7.38%, 05/15/2027(b)
 
257,000
242,542
Noble Finance II LLC, 8.00%, 04/15/2030(b)(c)
 
330,000
314,708
Rockies Express Pipeline LLC, 6.88%,
04/15/2040(b)
 
214,000
202,224
Seadrill Finance Ltd. (Norway), 8.38%,
08/01/2030(b)
 
200,000
187,535
Valaris Ltd., 8.38%, 04/30/2030(b)
 
186,000
174,452
 
 
1,535,239
Oil & Gas Equipment & Services-1.14%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)
 
264,000
270,937
Oceaneering International, Inc., 6.00%,
02/01/2028
 
260,000
247,438
 
 
518,375
 
Principal
Amount
Value
Oil & Gas Exploration & Production-3.12%
Baytex Energy Corp. (Canada), 8.50%,
04/30/2030(b)(c)
$
100,000
$93,023
Civitas Resources, Inc., 8.75%,
07/01/2031(b)(c)
 
208,000
197,970
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
122,000
116,462
Crescent Energy Finance LLC
 
9.25%, 02/15/2028(b)
 
160,000
161,923
7.63%, 04/01/2032(b)
 
130,000
118,271
7.38%, 01/15/2033(b)
 
130,000
115,178
Hilcorp Energy I L.P./Hilcorp Finance Co.
 
6.00%, 04/15/2030(b)
 
75,000
68,579
6.25%, 04/15/2032(b)
 
150,000
130,671
8.38%, 11/01/2033(b)
 
200,000
190,445
Murphy Oil Corp., 5.88%, 12/01/2042
 
140,000
102,805
Talos Production, Inc., 9.38%, 02/01/2031(b)
 
125,000
117,681
 
 
1,413,008
Oil & Gas Refining & Marketing-0.71%
NuStar Logistics L.P.
 
6.00%, 06/01/2026
 
70,000
70,082
5.63%, 04/28/2027
 
145,000
144,666
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 02/15/2028
 
120,000
106,030
 
 
320,778
Oil & Gas Storage & Transportation-2.61%
Buckeye Partners L.P., 3.95%, 12/01/2026
 
71,000
69,288
Hess Midstream Operations L.P., 5.88%,
03/01/2028(b)
 
100,000
100,294
ITT Holdings LLC, 6.50%, 08/01/2029(b)
 
92,000
84,125
New Fortress Energy, Inc., 6.50%,
09/30/2026(b)(c)
 
300,000
246,055
Tallgrass Energy Partners L.P./Tallgrass Energy
Finance Corp.
 
6.00%, 03/01/2027(b)
 
51,000
50,390
5.50%, 01/15/2028(b)
 
55,000
53,524
7.38%, 02/15/2029(b)
 
85,000
84,774
Venture Global LNG, Inc.
 
8.13%, 06/01/2028(b)(c)
 
395,000
392,600
9.88%, 02/01/2032(b)
 
100,000
101,599
 
 
1,182,649
Other Specialized REITs-0.13%
Iron Mountain, Inc., 4.88%, 09/15/2027(b)
 
58,000
57,231
Other Specialty Retail-0.98%
Bath & Body Works, Inc., 6.69%, 01/15/2027
 
200,000
203,994
PetSmart, Inc./PetSmart Finance Corp., 4.75%,
02/15/2028(b)(c)
 
250,000
239,220
 
 
443,214
Packaged Foods & Meats-0.22%
B&G Foods, Inc., 8.00%, 09/15/2028(b)
 
100,000
99,339
Paper & Plastic Packaging Products & Materials-0.80%
Mauser Packaging Solutions Holding Co.,
7.88%, 08/15/2026(b)
 
110,000
108,487
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Paper & Plastic Packaging Products & Materials-(continued)
Sealed Air Corp.
 
6.13%, 02/01/2028(b)
$
45,000
$45,372
6.88%, 07/15/2033(b)
 
201,000
208,805
 
 
362,664
Paper Products-0.21%
Domtar Corp., 6.75%, 10/01/2028(b)
 
116,000
97,318
Passenger Airlines-1.56%
Air Canada (Canada), 3.88%, 08/15/2026(b)
 
58,000
56,958
Allegiant Travel Co., 7.25%, 08/15/2027(b)
 
200,000
184,891
American Airlines, Inc., 7.25%, 02/15/2028(b)
 
130,000
128,535
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.50%, 04/20/2026(b)
 
33,362
33,168
JetBlue Airways Corp./JetBlue Loyalty L.P.,
9.88%, 09/20/2031(b)(c)
 
330,000
304,230
 
 
707,782
Personal Care Products-0.25%
Edgewell Personal Care Co., 4.13%,
04/01/2029(b)
 
120,000
112,301
Pharmaceuticals-1.82%
AdaptHealth LLC
 
4.63%, 08/01/2029(b)
 
150,000
134,246
5.13%, 03/01/2030(b)
 
200,000
179,003
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc., 4.88%, 06/01/2029(b)
 
140,000
107,621
Organon & Co./Organon Foreign Debt Co-Issuer
B.V.
 
4.13%, 04/30/2028(b)
 
200,000
188,784
6.75%, 05/15/2034(b)
 
200,000
188,838
P&L Development LLC/PLD Finance Corp.,
3.50% PIK Rate, 9.00% Cash Rate,
05/15/2029(b)(f)
 
26,325
26,154
 
 
824,646
Real Estate Development-0.32%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
136,000
145,631
Real Estate Services-0.98%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/2030(b)(c)
 
229,000
203,379
Newmark Group, Inc., 7.50%, 01/12/2029
 
230,000
240,634
 
 
444,013
Regional Banks-0.20%
Veritiv Operating Co., 10.50%, 11/30/2030(b)
 
87,000
90,985
Reinsurance-1.16%
Alliance Resource Operating Partners
L.P./Alliance Resource Finance Corp., 8.63%,
06/15/2029(b)
 
200,000
206,662
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(e)
 
335,000
318,492
 
 
525,154
Research & Consulting Services-0.42%
Clarivate Science Holdings Corp., 3.88%,
07/01/2028(b)
 
200,000
188,909
 
Principal
Amount
Value
Retail REITs-0.50%
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LLC, 5.75%, 05/15/2026(b)
$
119,000
$118,003
Necessity Retail REIT, Inc. (The)/American
Finance Operating Partner L.P., 4.50%,
09/30/2028(b)
 
116,000
109,479
 
 
227,482
Security & Alarm Services-0.63%
Garda World Security Corp. (Canada), 4.63%,
02/15/2027(b)
 
130,000
127,896
GEO Group, Inc. (The), 8.63%, 04/15/2029
 
150,000
157,833
 
 
285,729
Semiconductors-0.34%
ams-OSRAM AG (Austria), 12.25%,
03/30/2029(b)
 
150,000
152,180
Specialized Consumer Services-0.42%
Sotheby’s, 7.38%, 10/15/2027(b)
 
200,000
188,712
Specialty Chemicals-0.79%
Wayfair LLC, 7.25%, 10/31/2029(b)
 
200,000
183,179
WR Grace Holdings LLC
 
4.88%, 06/15/2027(b)
 
100,000
96,934
5.63%, 08/15/2029(b)
 
90,000
79,877
 
 
359,990
Steel-0.94%
Cleveland-Cliffs, Inc.
 
4.63%, 03/01/2029(b)
 
100,000
91,641
6.88%, 11/01/2029(b)
 
130,000
126,059
6.75%, 04/15/2030(b)
 
130,000
125,345
7.00%, 03/15/2032(b)
 
90,000
84,666
 
 
427,711
Systems Software-0.36%
Gen Digital, Inc., 6.75%, 09/30/2027(b)
 
52,000
52,902
McAfee Corp., 7.38%, 02/15/2030(b)
 
129,000
111,562
 
 
164,464
Technology Hardware, Storage & Peripherals-0.14%
Seagate HDD Cayman, 4.88%, 06/01/2027
 
65,000
64,394
Tires & Rubber-0.94%
Goodyear Tire & Rubber Co. (The), 4.88%,
03/15/2027(c)
 
430,000
424,122
Trading Companies & Distributors-0.44%
Herc Holdings, Inc., 5.50%, 07/15/2027(b)
 
200,000
197,947
Transaction & Payment Processing Services-0.48%
Block, Inc., 2.75%, 06/01/2026
 
43,000
42,006
NCR Atleos Corp., 9.50%, 04/01/2029(b)
 
161,000
173,368
 
 
215,374
Water Utilities-0.27%
S&S Holdings LLC, 8.38%, 10/01/2031(b)
 
130,000
122,325
Total U.S. Dollar Denominated Bonds & Notes
(Cost $45,100,347)
44,384,930
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
U.S. Treasury Securities-0.26%
U.S. Treasury Bills-0.26%
4.23%–4.26%, 05/29/2025(g)(h)
(Cost $114,623)
$
115,000
$114,623
 
Shares
 
Common Stocks & Other Equity Interests-0.00%
Oil & Gas Exploration & Production-0.00%
Endo Guc Trust(i)(j)
 
2,630
0
Pharmaceuticals-0.00%
Endo, Inc.(i)
 
43
942
Total Common Stocks & Other Equity Interests
(Cost $2,303)
942
Money Market Funds-0.13%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(k)(l)
(Cost $59,680)
 
59,680
59,680
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-98.37%
(Cost $45,276,953)
44,560,175
 
Shares
Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.18%
Invesco Private Government Fund,
4.32%(k)(l)(m)
 
2,033,672
$2,033,672
Invesco Private Prime Fund, 4.46%(k)(l)(m)
 
5,294,776
5,295,835
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $7,329,813)
7,329,507
TOTAL INVESTMENTS IN SECURITIES-114.55%
(Cost $52,606,766)
51,889,682
OTHER ASSETS LESS LIABILITIES-(14.55)%
(6,590,814
)
NET ASSETS-100.00%
$45,298,868
 
Investment Abbreviations:
PIK
-Pay-in-Kind
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
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, 2025 was $34,457,072, which represented 76.07% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund’s Net Assets.
(e)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(g)
$109,639 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S.
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
Non-income producing security.
(j)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(k)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$513,041
$3,895,029
$(4,348,390
)
$-
$-
$59,680
$6,034
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, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
$3,579,801
$10,249,784
$(11,795,913
)
$-
$-
$2,033,672
$58,759
*
Invesco Private Prime Fund
8,691,255
20,354,714
(23,749,532
)
342
(944
)
5,295,835
158,225
*
Total
$12,784,097
$34,499,527
$(39,893,835
)
$342
$(944
)
$7,389,187
$223,018
 
*
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.
 
(l)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(m)
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 2P.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 10 Year Notes
22
June-2025
$2,468,813
$51,626
$51,626
U.S. Treasury 10 Year Ultra
3
June-2025
344,203
1,541
1,541
U.S. Treasury 5 Year Notes
29
June-2025
3,166,664
57,738
57,738
U.S. Treasury Ultra Bonds
1
June-2025
121,031
(213
)
(213
)
Subtotal—Long Futures Contracts
 
110,692
110,692
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
 
U.S. Treasury 2 Year Notes
37
June-2025
(7,701,492
)
(63,007
)
(63,007
)
Total Futures Contracts
$47,685
$47,685
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Invesco High Yield Select ETF (HIYS)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-90.54%
Advertising-0.61%
Clear Channel Outdoor Holdings, Inc., 5.13%,
08/15/2027(b)
$
49,000
$47,690
Aerospace & Defense-1.14%
TransDigm, Inc., 6.38%, 03/01/2029(b)
 
87,000
88,737
Alternative Carriers-0.62%
Lumen Technologies, Inc., 10.00%,
10/15/2032(b)
 
8,000
7,990
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/2031(b)
 
39,000
39,960
 
 
47,950
Apparel Retail-0.27%
Victoria’s Secret & Co., 4.63%,
07/15/2029(b)(c)
 
24,000
20,959
Application Software-1.15%
Cloud Software Group, Inc.
 
6.50%, 03/31/2029(b)
 
30,000
30,039
8.25%, 06/30/2032(b)
 
14,000
14,615
SS&C Technologies, Inc.
 
5.50%, 09/30/2027(b)
 
22,000
21,913
6.50%, 06/01/2032(b)
 
22,000
22,327
 
 
88,894
Automobile Manufacturers-1.04%
Allison Transmission, Inc., 3.75%,
01/30/2031(b)
 
90,000
80,937
Automotive Parts & Equipment-2.78%
Clarios Global L.P./Clarios US Finance Co.,
6.75%, 02/15/2030(b)
 
41,000
41,750
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
 
44,000
45,686
Forvia SE (France), 8.00%, 06/15/2030(b)(c)
 
32,000
31,899
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)
 
61,000
55,388
PHINIA, Inc.
 
6.75%, 04/15/2029(b)
 
11,000
11,131
6.63%, 10/15/2032(b)
 
30,000
29,472
 
 
215,326
Automotive Retail-3.53%
Carvana Co., 14.00% PIK Rate, 9.00% Cash
Rate, 06/01/2031(b)(d)
 
38,000
42,800
Group 1 Automotive, Inc.
 
4.00%, 08/15/2028(b)
 
44,000
41,871
6.38%, 01/15/2030(b)
 
41,000
41,496
LCM Investments Holdings II LLC
 
4.88%, 05/01/2029(b)
 
22,000
20,823
8.25%, 08/01/2031(b)
 
40,000
41,876
Lithia Motors, Inc.
 
4.63%, 12/15/2027(b)
 
20,000
19,438
4.38%, 01/15/2031(b)
 
44,000
40,453
Velocity Vehicle Group LLC, 8.00%,
06/01/2029(b)
 
25,000
25,282
 
 
274,039
Broadcasting-1.11%
Gray Media, Inc., 10.50%, 07/15/2029(b)(c)
 
10,000
10,275
 
Principal
Amount
Value
Broadcasting-(continued)
Sirius XM Radio LLC, 5.00%, 08/01/2027(b)
$
39,000
$38,566
Univision Communications, Inc.
 
6.63%, 06/01/2027(b)
 
31,000
30,027
7.38%, 06/30/2030(b)
 
8,000
7,295
 
 
86,163
Broadline Retail-0.71%
Kohl’s Corp., 5.13%, 05/01/2031
 
27,000
17,179
Macy’s Retail Holdings LLC, 6.70%,
07/15/2034(b)
 
45,000
37,748
 
 
54,927
Cable & Satellite-2.72%
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.13%, 05/01/2027(b)
 
50,000
49,358
5.38%, 06/01/2029(b)
 
6,000
5,876
4.75%, 02/01/2032(b)(c)
 
50,000
45,293
4.50%, 05/01/2032
 
51,000
45,346
4.25%, 01/15/2034(b)(c)
 
54,000
45,524
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.00%, 02/15/2031(b)
 
21,000
19,903
 
 
211,300
Casinos & Gaming-2.27%
Studio City Finance Ltd. (Macau), 5.00%,
01/15/2029(b)
 
200,000
175,838
Commercial & Residential Mortgage Finance-0.76%
PennyMac Financial Services, Inc., 4.25%,
02/15/2029(b)
 
22,000
20,559
Walker & Dunlop, Inc., 6.63%, 04/01/2033(b)
 
38,000
38,689
 
 
59,248
Construction Machinery & Heavy Transportation Equipment-0.53%
Northriver Midstream Finance L.P. (Canada),
6.75%, 07/15/2032(b)
 
41,000
40,786
Consumer Finance-3.55%
EZCORP, Inc., 7.38%, 04/01/2032(b)
 
74,000
77,655
FirstCash, Inc., 6.88%, 03/01/2032(b)
 
67,000
68,633
Navient Corp.
 
5.00%, 03/15/2027
 
31,000
30,716
9.38%, 07/25/2030
 
15,000
15,967
OneMain Finance Corp.
 
6.63%, 05/15/2029
 
20,000
20,083
4.00%, 09/15/2030(c)
 
46,000
40,841
6.75%, 03/15/2032
 
22,000
21,606
 
 
275,501
Diversified Capital Markets-0.50%
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp., 9.00%, 06/15/2030
 
41,000
38,781
Diversified Financial Services-5.00%
Freedom Mortgage Holdings LLC, 8.38%,
04/01/2032(b)(c)
 
20,000
19,581
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(b)
 
87,000
89,063
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Invesco High Yield Select ETF (HIYS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Financial Services-(continued)
Jane Street Group/JSG Finance, Inc.
 
4.50%, 11/15/2029(b)
$
40,000
$38,118
7.13%, 04/30/2031(b)
 
30,000
30,964
6.13%, 11/01/2032(b)
 
83,000
81,653
6.75%, 05/01/2033(b)
 
18,000
18,098
Nationstar Mortgage Holdings, Inc., 7.13%,
02/01/2032(b)
 
44,000
45,689
Provident Funding Associates L.P./PFG Finance
Corp., 9.75%, 09/15/2029(b)
 
63,000
64,777
 
 
387,943
Diversified REITs-1.17%
Iron Mountain Information Management
Services, Inc., 5.00%, 07/15/2032(b)
 
54,000
50,512
Uniti Group L.P./Uniti Group Finance 2019,
Inc./CSL Capital LLC, 10.50%,
02/15/2028(b)
 
38,000
40,378
 
 
90,890
Diversified Support Services-1.94%
RB Global Holdings, Inc. (Canada)
 
6.75%, 03/15/2028(b)
 
60,000
61,251
7.75%, 03/15/2031(b)
 
57,000
59,835
Saks Global Enterprises LLC, 11.00%,
12/15/2029(b)
 
48,000
29,168
 
 
150,254
Electric Utilities-1.98%
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC (United Kingdom), 6.38%,
02/15/2032(b)
 
50,000
49,156
Vistra Operations Co. LLC
 
5.00%, 07/31/2027(b)
 
48,000
47,623
7.75%, 10/15/2031(b)
 
54,000
57,135
 
 
153,914
Electrical Components & Equipment-0.80%
EnerSys
 
4.38%, 12/15/2027(b)
 
39,000
37,859
6.63%, 01/15/2032(b)
 
24,000
24,533
 
 
62,392
Electronic Components-0.55%
Sensata Technologies, Inc., 3.75%,
02/15/2031(b)
 
49,000
42,904
Electronic Manufacturing Services-0.80%
EMRLD Borrower L.P./Emerald Co-Issuer, Inc.,
6.63%, 12/15/2030(b)
 
61,000
61,937
Environmental & Facilities Services-1.77%
GFL Environmental, Inc.
 
4.00%, 08/01/2028(b)
 
97,000
92,491
3.50%, 09/01/2028(b)
 
47,000
44,609
 
 
137,100
Gold-1.10%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
83,000
84,978
Health Care Facilities-2.04%
Select Medical Corp., 6.25%, 12/01/2032(b)(c)
 
44,000
43,719
 
Principal
Amount
Value
Health Care Facilities-(continued)
Tenet Healthcare Corp.
 
6.13%, 10/01/2028
$
22,000
$21,964
6.75%, 05/15/2031
 
90,000
92,323
 
 
158,006
Health Care REITs-0.59%
Diversified Healthcare Trust, 0.00%,
01/15/2026(b)(e)
 
48,000
45,439
Health Care Services-2.16%
Community Health Systems, Inc.
 
5.63%, 03/15/2027(b)
 
20,000
19,521
8.00%, 12/15/2027(b)
 
18,000
18,020
5.25%, 05/15/2030(b)
 
25,000
21,352
4.75%, 02/15/2031(b)(c)
 
29,000
23,974
CVS Health Corp.
 
6.75%, 12/10/2054(f)
 
20,000
19,915
7.00%, 03/10/2055(f)
 
20,000
20,281
DaVita, Inc., 6.88%, 09/01/2032(b)
 
44,000
44,458
 
 
167,521
Homebuilding-0.58%
Taylor Morrison Communities, Inc., 5.13%,
08/01/2030(b)
 
46,000
44,612
Hotel & Resort REITs-2.12%
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b)
 
51,000
46,142
Service Properties Trust
 
5.50%, 12/15/2027
 
73,000
69,609
4.38%, 02/15/2030(c)
 
35,000
26,129
8.63%, 11/15/2031(b)
 
21,000
22,301
 
 
164,181
Hotels, Resorts & Cruise Lines-2.52%
Carnival Corp.
 
7.63%, 03/01/2026(b)
 
32,000
32,114
5.75%, 03/01/2027(b)
 
25,000
24,930
6.13%, 02/15/2033(b)(c)
 
40,000
39,687
Hilton Domestic Operating Co., Inc., 5.88%,
03/15/2033(b)
 
77,000
77,012
Royal Caribbean Cruises Ltd., 6.00%,
02/01/2033(b)
 
22,000
22,076
 
 
195,819
Household Products-0.53%
Energizer Holdings, Inc., 4.38%,
03/31/2029(b)
 
44,000
41,112
Housewares & Specialties-0.50%
Newell Brands, Inc., 5.70%, 04/01/2026
 
39,000
38,526
Independent Power Producers & Energy Traders-2.10%
Calpine Corp., 5.13%, 03/15/2028(b)
 
59,000
58,492
Vistra Corp.
 
8.00%(b)(f)(g)
 
24,000
24,551
Series C, 8.88%(b)(f)(g)
 
76,000
80,159
 
 
163,202
Industrial Machinery & Supplies & Components-1.18%
ESAB Corp., 6.25%, 04/15/2029(b)
 
45,000
45,715
Roller Bearing Co. of America, Inc., 4.38%,
10/15/2029(b)
 
48,000
45,593
 
 
91,308
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Invesco High Yield Select ETF (HIYS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Insurance Brokers-1.73%
Alliant Holdings Intermediate LLC/Alliant
Holdings Co-Issuer, 7.00%, 01/15/2031(b)
$
66,000
$67,049
HUB International Ltd., 7.25%, 06/15/2030(b)
 
65,000
67,465
 
 
134,514
Integrated Telecommunication Services-4.53%
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(b)
 
200,000
211,175
Level 3 Financing, Inc.
 
10.50%, 04/15/2029(b)
 
8,000
8,898
11.00%, 11/15/2029(b)
 
17,000
19,019
10.50%, 05/15/2030(b)
 
17,000
18,463
Telecom Italia Capital S.A. (Italy)
 
6.38%, 11/15/2033
 
48,000
48,039
7.72%, 06/04/2038
 
44,000
45,914
 
 
351,508
Leisure Products-0.52%
Amer Sports Co. (Finland), 6.75%,
02/16/2031(b)
 
40,000
40,511
Metal, Glass & Plastic Containers-0.59%
OI European Group B.V., 4.75%,
02/15/2030(b)(c)
 
49,000
45,417
Movies & Entertainment-1.05%
Lions Gate Capital Holdings 1, Inc., 5.50%,
04/15/2029(b)
 
49,000
44,345
WMG Acquisition Corp., 3.75%, 12/01/2029(b)
 
40,000
37,022
 
 
81,367
Multi-line Insurance-0.72%
Acrisure LLC/Acrisure Finance, Inc., 7.50%,
11/06/2030(b)
 
55,000
56,076
Multi-Utilities-0.48%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(f)
 
38,000
37,594
Office REITs-0.61%
Office Properties Income Trust, 9.00%,
03/31/2029(b)
 
49,000
47,081
Oil & Gas Drilling-1.32%
Delek Logistics Partners L.P./Delek Logistics
Finance Corp.
 
7.13%, 06/01/2028(b)
 
38,000
37,582
8.63%, 03/15/2029(b)
 
14,000
14,386
Summit Midstream Holdings LLC, 8.63%,
10/31/2029(b)
 
51,000
50,301
 
 
102,269
Oil & Gas Exploration & Production-1.93%
Aethon United BR L.P./Aethon United Finance
Corp., 7.50%, 10/01/2029(b)
 
64,000
64,329
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
45,000
42,957
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
 
44,000
42,302
 
 
149,588
Oil & Gas Refining & Marketing-0.58%
Sunoco L.P., 6.25%, 07/01/2033(b)
 
45,000
44,977
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-5.01%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
$
44,000
$44,503
Excelerate Energy L.P., 8.00%, 05/15/2030(b)
 
35,000
35,589
Genesis Energy L.P./Genesis Energy Finance
Corp.
 
7.88%, 05/15/2032
 
21,000
20,463
8.00%, 05/15/2033
 
37,000
35,940
Howard Midstream Energy Partners LLC,
7.38%, 07/15/2032(b)
 
40,000
40,988
NGL Energy Operating LLC/NGL Energy Finance
Corp., 8.38%, 02/15/2032(b)
 
16,000
14,605
Prairie Acquiror L.P., 9.00%, 08/01/2029(b)
 
40,000
40,364
Tallgrass Energy Partners L.P./Tallgrass Energy
Finance Corp., 7.38%, 02/15/2029(b)
 
44,000
43,883
Venture Global LNG, Inc.
 
9.88%, 02/01/2032(b)
 
54,000
54,863
9.00%(b)(f)(g)
 
67,000
57,650
 
 
388,848
Other Specialized REITs-0.59%
Iron Mountain, Inc., 4.50%, 02/15/2031(b)
 
49,000
45,443
Packaged Foods & Meats-0.63%
Lamb Weston Holdings, Inc., 4.38%,
01/31/2032(b)
 
53,000
48,608
Paper & Plastic Packaging Products & Materials-1.02%
Clydesdale Acquisition Holdings, Inc., 6.75%,
04/15/2032(b)
 
77,000
78,795
Passenger Airlines-0.75%
American Airlines, Inc./AAdvantage Loyalty IP
Ltd., 5.75%, 04/20/2029(b)
 
60,000
58,261
Passenger Ground Transportation-0.05%
Hertz Corp. (The), 12.63%, 07/15/2029(b)
 
4,000
3,894
Pharmaceuticals-1.09%
1261229 BC Ltd., 10.00%, 04/15/2032(b)
 
30,000
29,395
Bausch Health Cos., Inc., 11.00%,
09/30/2028(b)
 
12,000
11,294
Endo Finance Holdings, Inc., 8.50%,
04/15/2031(b)
 
42,000
43,721
 
 
84,410
Real Estate Development-1.12%
Cushman & Wakefield U.S. Borrower LLC,
8.88%, 09/01/2031(b)
 
42,000
44,974
Greystar Real Estate Partners LLC, 7.75%,
09/01/2030(b)
 
40,000
42,041
 
 
87,015
Reinsurance-0.59%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(f)
 
48,000
45,635
Security & Alarm Services-0.61%
Brink’s Co. (The), 6.75%, 06/15/2032(b)
 
46,000
47,135
Semiconductor Materials & Equipment-0.60%
Entegris, Inc., 4.75%, 04/15/2029(b)
 
48,000
46,776
Single-Family Residential REITs-1.17%
Ashton Woods USA LLC/Ashton Woods Finance
Co., 6.63%, 01/15/2028(b)
 
91,000
90,917
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Invesco High Yield Select ETF (HIYS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Specialized Consumer Services-0.81%
Carriage Services, Inc., 4.25%, 05/15/2029(b)
$
68,000
$62,588
Specialized Finance-1.62%
Jefferson Capital Holdings LLC
 
9.50%, 02/15/2029(b)
 
38,000
39,869
8.25%, 05/15/2030(b)
 
18,000
18,137
TrueNoord Capital DAC (Ireland), 8.75%,
03/01/2030(b)
 
66,000
67,492
 
 
125,498
Specialty Chemicals-0.83%
Celanese US Holdings LLC, 6.95%,
11/15/2033
 
64,000
64,170
Steel-0.77%
Cleveland-Cliffs, Inc.
 
5.88%, 06/01/2027
 
19,000
18,763
7.00%, 03/15/2032(b)(c)
 
33,000
31,044
6.25%, 10/01/2040
 
13,000
10,277
 
 
60,084
Systems Software-0.59%
Camelot Finance S.A., 4.50%, 11/01/2026(b)
 
46,000
45,367
Technology Hardware, Storage & Peripherals-0.04%
Xerox Holdings Corp., 5.50%, 08/15/2028(b)
 
5,000
3,216
Trading Companies & Distributors-4.15%
Air Lease Corp., Series B, 4.65%(f)(g)
 
87,000
84,475
Aircastle Ltd., 5.25%(b)(f)(g)
 
118,000
114,945
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)
 
49,000
46,649
H&E Equipment Services, Inc., 3.88%,
12/15/2028(b)
 
76,000
75,760
 
 
321,829
Transaction & Payment Processing Services-0.56%
WEX, Inc., 6.50%, 03/15/2033(b)
 
45,000
43,802
Wireless Telecommunication Services-1.16%
Vodafone Group PLC (United Kingdom), 4.13%,
06/04/2081(f)
 
101,000
89,905
Total U.S. Dollar Denominated Bonds & Notes
(Cost $6,998,668)
7,022,212
 
Principal
Amount
Value
Non-U.S. Dollar Denominated Bonds & Notes-2.85%(h)
Integrated Telecommunication Services-1.49%
Eutelsat S.A. (France), 9.75%, 04/13/2029(b)
EUR
100,000
$115,520
Wireless Telecommunication Services-1.36%
VMED O2 UK Financing I PLC (United Kingdom),
3.25%, 01/31/2031(b)
EUR
100,000
105,856
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $200,820)
221,376
 
Shares
 
Money Market Funds-4.26%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(i)(j)
(Cost $330,262)
 
330,262
330,262
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-97.65%
(Cost $7,529,750)
7,573,850
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-5.62%
Invesco Private Government Fund, 4.32%(i)(j)(k)
 
121,028
121,028
Invesco Private Prime Fund, 4.46%(i)(j)(k)
 
314,732
314,795
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $435,830)
435,823
TOTAL INVESTMENTS IN SECURITIES-103.27%
(Cost $7,965,580)
8,009,673
OTHER ASSETS LESS LIABILITIES-(3.27)%
(253,800
)
NET ASSETS-100.00%
$7,755,873
 
Investment Abbreviations:
ETF
-Exchange-Traded Fund
EUR
-Euro
PIK
-Pay-in-Kind
REIT
-Real Estate Investment Trust
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Invesco High Yield Select ETF (HIYS)—(continued)
April 30, 2025
(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)
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, 2025 was $6,268,782, which represented 80.83% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(e)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(f)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(g)
Perpetual bond with no specified maturity date.
(h)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(i)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Invesco Senior Loan ETF
$-
$715,640
$(704,100
)
$-
$(11,540
)
$-
$8,063
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio, Institutional
Class
100,914
2,362,109
(2,463,023
)
-
-
-
2,458
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
2,757,778
(2,427,516
)
-
-
330,262
2,795
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
619,935
2,009,000
(2,507,907
)
-
-
121,028
6,013
*
Invesco Private Prime Fund
1,611,942
4,415,416
(5,712,512
)
10
(61
)
314,795
16,404
*
Total
$2,332,791
$12,259,943
$(13,815,058
)
$10
$(11,601
)
$766,085
$35,733
 
*
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.
 
(j)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(k)
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 2P.
 
Open Forward Foreign Currency Contracts
Settlement Date
Counterparty
Contract to
Unrealized
Appreciation
Deliver
Receive
Currency Risk
 
 
 
7/31/2025
Barclays Bank PLC
EUR
172,000
USD
196,674
$8
 
Abbreviations:
EUR
-Euro
USD
-U.S. Dollar
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22
Invesco MSCI EAFE Income Advantage ETF (EFAA)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-76.25%
Australia-5.51%
ANZ Group Holdings Ltd.
 
17,482
$333,930
APA Group(a)
 
7,822
41,114
Aristocrat Leisure Ltd.
 
3,313
141,340
ASX Ltd.
 
1,138
51,474
BHP Group Ltd.
 
29,769
708,729
BlueScope Steel Ltd.
 
2,668
40,820
Brambles Ltd.
 
8,113
106,502
CAR Group Ltd.
 
2,206
47,034
Cochlear Ltd.
 
384
67,177
Coles Group Ltd.
 
7,864
106,675
Commonwealth Bank of Australia
 
9,818
1,045,349
Computershare Ltd.
 
3,093
80,736
CSL Ltd.
 
2,841
455,519
Fortescue Ltd.
 
9,936
102,504
Glencore PLC(b)
 
60,846
199,947
Goodman Group
 
11,916
227,869
GPT Group (The)
 
11,685
34,601
Insurance Australia Group Ltd.
 
13,877
72,809
James Hardie Industries PLC, CDI(a)(b)
 
2,522
59,132
Lottery Corp. Ltd. (The)
 
13,059
43,472
Macquarie Group Ltd.
 
2,124
262,187
Medibank Pvt. Ltd.
 
16,158
48,013
National Australia Bank Ltd.(a)
 
18,043
416,170
Northern Star Resources Ltd.
 
8,295
101,782
Origin Energy Ltd.
 
10,108
68,821
Pro Medicus Ltd.
 
345
50,532
Qantas Airways Ltd.
 
4,350
24,568
QBE Insurance Group Ltd.
 
8,832
121,924
REA Group Ltd.
 
310
49,199
Reece Ltd.
 
1,380
13,901
Rio Tinto Ltd.(a)
 
2,178
162,774
Rio Tinto PLC
 
6,616
395,131
Santos Ltd.
 
19,055
73,174
Scentre Group
 
30,519
70,627
SGH Ltd.
 
1,199
39,170
Sonic Healthcare Ltd.
 
2,761
46,050
South32 Ltd.
 
26,504
45,624
Stockland
 
14,006
49,167
Suncorp Group Ltd.
 
6,353
82,525
Telstra Group Ltd.
 
23,727
68,403
Transurban Group
 
18,212
163,936
Treasury Wine Estates Ltd.(a)
 
4,967
28,360
Vicinity Ltd.
 
23,556
35,586
Washington H Soul Pattinson & Co. Ltd.(a)
 
1,383
32,883
Wesfarmers Ltd.
 
6,658
333,176
Westpac Banking Corp.
 
20,140
422,180
WiseTech Global Ltd.
 
1,079
61,288
Woodside Energy Group Ltd.
 
11,140
145,053
Woolworths Group Ltd.
 
7,167
144,491
 
 
7,523,428
Austria-0.18%
Erste Group Bank AG
 
1,806
122,726
Mondi PLC
 
2,667
40,574
OMV AG
 
864
44,826
Verbund AG
 
400
30,846
 
 
238,972
 
Shares
Value
Belgium-0.59%
Ageas S.A./N.V.
 
875
$55,066
Anheuser-Busch InBev S.A./N.V.
 
5,272
348,668
D’Ieteren Group
 
128
25,650
Groupe Bruxelles Lambert N.V.
 
504
41,720
KBC Group N.V.
 
1,347
124,633
Lotus Bakeries N.V.
 
2
19,296
Sofina S.A.
 
94
26,353
Syensqo S.A.
 
432
31,009
UCB S.A.
 
742
136,506
 
 
808,901
Brazil-0.02%
Yara International ASA
 
1,010
32,884
Chile-0.04%
Antofagasta PLC
 
2,314
50,896
China-0.13%
BOC Hong Kong (Holdings) Ltd.
 
21,943
91,038
SITC International Holdings Co. Ltd.
 
6,481
17,948
Wharf (Holdings) Ltd. (The)
 
5,173
12,996
Wilmar International Ltd.
 
11,688
27,422
Yangzijiang Shipbuilding Holdings Ltd.
 
15,735
26,962
 
 
176,366
Denmark-1.77%
A.P. Moller - Maersk A/S, Class A
 
15
25,728
A.P. Moller - Maersk A/S, Class B
 
27
46,658
Carlsberg A/S, Class B
 
560
76,576
Coloplast A/S, Class B
 
740
84,041
Danske Bank A/S
 
4,047
142,509
Demant A/S(b)
 
540
19,736
DSV A/S(a)
 
1,199
255,051
Genmab A/S(b)
 
369
78,523
Novo Nordisk A/S, Class B
 
18,896
1,267,948
Novonesis (Novozymes) B, Class B
 
2,067
134,748
Orsted A/S(a)(b)(c)
 
987
39,416
Pandora A/S
 
481
71,860
Rockwool A/S
 
570
26,114
Tryg A/S
 
1,989
47,608
Vestas Wind Systems A/S
 
5,925
79,277
Zealand Pharma A/S(b)
 
395
28,037
 
 
2,423,830
Finland-0.79%
Elisa OYJ
 
831
44,485
Fortum OYJ
 
2,632
44,281
Kesko OYJ, Class B(a)
 
1,657
38,174
Kone OYJ, Class B
 
1,994
123,917
Metso OYJ(a)
 
3,771
41,116
Neste OYJ
 
2,578
26,835
Nokia OYJ
 
30,875
154,881
Nordea Bank Abp
 
18,495
257,018
Orion OYJ, Class B
 
647
40,649
Sampo OYJ
 
14,206
142,814
Stora Enso OYJ, Class R(a)
 
3,514
32,752
UPM-Kymmene OYJ
 
3,131
83,214
Wartsila OYJ Abp
 
2,951
54,711
 
 
1,084,847
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
France-8.04%
Accor S.A.
 
1,144
$56,562
Aeroports de Paris S.A.
 
184
23,088
Air Liquide S.A.
 
3,393
699,588
Airbus SE
 
3,486
593,578
Alstom S.A.(b)
 
2,031
49,216
Amundi S.A.(c)
 
370
29,327
Arkema S.A.
 
339
25,861
AXA S.A.(a)
 
10,396
493,381
bioMerieux
 
239
32,371
BNP Paribas S.A.
 
5,971
507,662
Bollore SE
 
4,323
26,832
Bouygues S.A.
 
1,107
48,826
Bureau Veritas S.A.
 
1,864
59,373
Capgemini SE
 
905
144,983
Carrefour S.A.(a)
 
3,182
49,247
Cie de Saint-Gobain S.A.
 
2,635
287,458
Cie Generale des Etablissements Michelin
S.C.A.
 
3,934
144,345
Covivio S.A.
 
337
18,962
Credit Agricole S.A.
 
6,245
117,538
Danone S.A.
 
3,788
327,066
Dassault Aviation S.A.
 
119
43,055
Dassault Systemes SE
 
3,926
147,638
Edenred SE
 
1,420
44,438
Eiffage S.A.
 
402
54,890
ENGIE S.A.
 
10,716
222,244
EssilorLuxottica S.A.
 
1,745
504,558
Eurazeo SE
 
258
18,930
FDJ United(c)
 
598
21,389
Gecina S.A.
 
276
28,431
Getlink SE
 
1,838
35,020
Hermes International S.C.A.
 
186
513,295
Ipsen S.A.
 
228
26,608
Kering S.A.
 
437
89,215
Klepierre S.A.
 
1,288
47,307
Legrand S.A.
 
1,539
169,718
L’Oreal S.A.
 
1,411
625,619
LVMH Moet Hennessy Louis Vuitton SE
 
1,615
897,676
Orange S.A.
 
10,925
159,046
Pernod Ricard S.A.
 
1,184
128,782
Publicis Groupe S.A.
 
1,343
137,117
Renault S.A.
 
1,128
60,116
Rexel S.A.
 
1,312
36,578
Safran S.A.
 
2,113
564,247
Sartorius Stedim Biotech
 
175
41,441
Schneider Electric SE
 
3,208
752,116
Societe Generale S.A.
 
4,226
221,098
Sodexo S.A.
 
519
33,058
STMicroelectronics N.V.
 
3,972
90,607
Teleperformance SE
 
316
34,770
Thales S.A.
 
544
152,911
TotalEnergies SE
 
12,661
723,592
Unibail-Rodamco-Westfield
 
718
60,992
Veolia Environnement S.A.
 
4,128
151,290
Vinci S.A.
 
2,902
409,040
 
 
10,982,096
Germany-7.85%
adidas AG
 
1,003
231,577
Allianz SE
 
2,266
940,391
 
Shares
Value
Germany-(continued)
BASF SE
 
5,237
$268,372
Bayer AG
 
5,764
151,578
Bayerische Motoren Werke AG
 
1,701
144,771
Bayerische Motoren Werke AG, Preference
Shares
 
338
27,369
Beiersdorf AG
 
582
82,285
Brenntag SE
 
720
48,250
Commerzbank AG
 
5,560
147,666
Continental AG
 
648
50,832
Covestro AG(b)(c)
 
1,107
74,038
CTS Eventim AG & Co. KGaA
 
371
44,110
Daimler Truck Holding AG
 
2,788
112,398
Deutsche Bank AG
 
10,859
285,707
Deutsche Boerse AG
 
1,105
357,139
Deutsche Lufthansa AG
 
3,680
26,534
Deutsche Post AG
 
5,632
241,473
Deutsche Telekom AG
 
20,479
738,088
Dr. Ing. h.c. F. Porsche AG, Preference
Shares(c)
 
679
34,252
E.ON SE
 
13,172
231,166
Evonik Industries AG
 
1,562
35,223
Fresenius Medical Care AG
 
1,205
61,516
Fresenius SE & Co. KGaA(b)
 
2,478
118,103
GEA Group AG
 
924
60,489
Hannover Rueck SE
 
354
114,025
Heidelberg Materials AG
 
801
160,682
Henkel AG & Co. KGaA
 
610
43,202
Henkel AG & Co. KGaA, Preference Shares
 
1,011
78,791
Infineon Technologies AG
 
7,662
254,662
Knorr-Bremse AG
 
440
43,788
LEG Immobilien SE
 
437
37,172
Mercedes-Benz Group AG
 
4,237
254,197
Merck KGaA
 
758
105,892
MTU Aero Engines AG
 
316
109,746
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen, Class R
 
785
539,269
Nemetschek SE
 
346
46,136
Porsche Automobil Holding SE, Preference
Shares
 
923
38,187
Puma SE
 
646
16,738
Rational AG
 
30
25,830
Rheinmetall AG
 
256
437,483
RWE AG
 
3,710
144,571
SAP SE
 
6,127
1,798,863
Sartorius AG, Preference Shares
 
154
40,115
Scout24 SE(c)
 
440
52,618
Siemens AG
 
4,459
1,030,270
Siemens Energy AG, Class A(b)
 
3,752
290,590
Siemens Healthineers AG(c)
 
1,655
89,524
Symrise AG
 
779
90,153
Talanx AG
 
372
42,841
Volkswagen AG, Preference Shares
 
1,210
132,114
Vonovia SE
 
4,345
144,620
Zalando SE(b)(c)
 
1,316
48,221
 
 
10,723,627
Hong Kong-1.39%
AIA Group Ltd.
 
63,411
475,189
CK Asset Holdings Ltd.
 
11,279
46,084
CK Hutchison Holdings Ltd.
 
15,710
88,600
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Hong Kong-(continued)
CK Infrastructure Holdings Ltd.
 
3,194
$21,529
CLP Holdings Ltd.
 
9,421
80,339
Futu Holdings Ltd., ADR
 
338
31,201
Hang Seng Bank Ltd.
 
4,508
62,934
Henderson Land Development Co. Ltd.
 
6,757
19,165
HKT Trust & HKT Ltd.
 
22,466
31,972
Hong Kong & China Gas Co. Ltd. (The)
 
65,406
58,858
Hong Kong Exchanges & Clearing Ltd.
 
7,047
307,917
Hongkong Land Holdings Ltd.
 
6,719
32,883
Jardine Matheson Holdings Ltd.
 
925
41,102
Link REIT
 
15,235
71,336
MTR Corp. Ltd.
 
9,322
32,186
Power Assets Holdings Ltd.
 
8,179
54,096
Prudential PLC
 
15,545
165,659
Sino Land Co. Ltd.
 
24,635
25,320
Sun Hung Kai Properties Ltd.
 
8,704
82,579
Swire Pacific Ltd., Class A(a)
 
1,532
13,250
Techtronic Industries Co. Ltd.
 
8,163
82,162
WH Group Ltd.
 
48,955
43,781
Wharf Real Estate Investment Co. Ltd.(a)
 
10,008
23,937
 
 
1,892,079
Ireland-0.33%
AerCap Holdings N.V.
 
1,175
124,550
AIB Group PLC
 
12,295
82,920
Bank of Ireland Group PLC
 
5,887
69,360
Kerry Group PLC, Class A
 
878
93,266
Kingspan Group PLC
 
924
78,240
 
 
448,336
Israel-0.63%
Azrieli Group Ltd.
 
275
20,021
Bank Hapoalim B.M.
 
7,729
113,374
Bank Leumi le-Israel B.M.
 
9,147
129,897
Check Point Software Technologies Ltd.(b)
 
537
117,904
Elbit Systems Ltd.
 
163
62,670
Global-e Online Ltd.(b)
 
608
21,833
ICL Group Ltd.
 
4,694
31,334
Israel Discount Bank Ltd., Class A
 
7,546
56,365
Mizrahi Tefahot Bank Ltd.
 
924
46,789
Nice Ltd.(b)
 
385
60,146
Nova Ltd.(b)
 
176
33,981
Teva Pharmaceutical Industries Ltd., ADR(b)
 
6,807
105,576
Wix.com Ltd.(b)
 
323
54,778
 
 
854,668
Italy-2.29%
Amplifon S.p.A.
 
735
14,116
Assicurazioni Generali S.p.A.(a)
 
5,525
202,621
Banco BPM S.p.A.(a)
 
7,556
84,634
BPER Banca S.p.A.
 
5,839
47,588
Coca-Cola HBC AG(b)
 
1,275
66,543
Davide Campari-Milano N.V.(a)
 
3,769
25,378
DiaSorin S.p.A.
 
127
14,563
Enel S.p.A.
 
47,719
415,099
Eni S.p.A.(a)
 
12,526
180,009
Ferrari N.V.
 
740
339,924
FinecoBank Banca Fineco S.p.A.
 
3,585
71,986
Infrastrutture Wireless Italiane S.p.A.(a)(c)
 
2,028
24,302
Intesa Sanpaolo S.p.A.
 
88,788
475,608
Leonardo S.p.A.
 
2,374
123,845
 
Shares
Value
Italy-(continued)
Mediobanca Banca di Credito Finanziario
S.p.A.
 
2,933
$60,198
Moncler S.p.A.
 
1,370
84,849
Nexi S.p.A.(a)(b)(c)
 
3,109
18,222
Poste Italiane S.p.A.(c)
 
2,682
54,625
Prysmian S.p.A.
 
1,649
90,895
Recordati Industria Chimica e Farmaceutica
S.p.A.
 
675
39,968
Snam S.p.A.
 
11,831
68,138
Telecom Italia S.p.A.(a)(b)
 
60,721
24,131
Terna S.p.A.
 
8,255
82,369
UniCredit S.p.A.
 
8,192
478,259
Unipol Assicurazioni S.p.A.
 
2,105
37,887
 
 
3,125,757
Japan-16.67%
Advantest Corp.
 
4,450
186,614
AEON Co. Ltd.
 
3,860
114,417
AGC, Inc.
 
1,120
35,052
Aisin Corp.(a)
 
3,185
40,550
Ajinomoto Co., Inc.
 
5,321
109,096
ANA Holdings, Inc.(a)
 
886
17,060
Asahi Group Holdings Ltd.
 
8,429
116,786
Asahi Kasei Corp.
 
7,335
51,238
ASICS Corp.
 
3,826
82,432
Astellas Pharma, Inc.
 
10,639
106,794
Bandai Namco Holdings, Inc.
 
3,480
121,227
Bridgestone Corp.
 
3,393
142,217
Canon, Inc.(a)
 
5,448
168,525
Capcom Co. Ltd.
 
2,014
58,445
Central Japan Railway Co.
 
4,493
94,775
Chiba Bank Ltd. (The)
 
3,219
28,690
Chubu Electric Power Co., Inc.
 
3,756
48,889
Chugai Pharmaceutical Co. Ltd.
 
3,966
229,024
Concordia Financial Group Ltd.
 
6,140
39,808
Dai Nippon Printing Co. Ltd.
 
2,335
32,625
Daifuku Co. Ltd.
 
1,872
49,641
Dai-ichi Life Holdings, Inc.
 
21,236
153,699
Daiichi Sankyo Co. Ltd.
 
10,326
264,775
Daikin Industries Ltd.
 
1,582
180,656
Daito Trust Construction Co. Ltd.
 
369
41,181
Daiwa House Industry Co. Ltd.
 
3,307
119,942
Daiwa Securities Group, Inc.
 
7,800
51,414
Denso Corp.
 
11,133
144,091
Dentsu Group, Inc.(a)
 
1,123
23,601
Disco Corp.
 
553
107,249
East Japan Railway Co.
 
5,321
115,618
Eisai Co. Ltd.
 
1,560
45,198
ENEOS Holdings, Inc.(a)
 
15,971
77,071
FANUC Corp.
 
5,597
142,389
Fast Retailing Co. Ltd.
 
1,162
383,145
Fuji Electric Co. Ltd.
 
818
36,461
FUJIFILM Holdings Corp.
 
6,607
135,650
Fujikura Ltd.
 
1,497
55,831
Fujitsu Ltd.
 
10,333
230,100
Hankyu Hanshin Holdings, Inc.
 
1,303
37,253
Hikari Tsushin, Inc.
 
95
26,414
Hitachi Ltd.
 
27,169
673,096
Honda Motor Co. Ltd.
 
26,371
268,958
Hoshizaki Corp.(a)
 
647
27,573
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Hoya Corp.
 
2,016
$237,780
Hulic Co. Ltd.
 
2,804
29,391
Idemitsu Kosan Co. Ltd.
 
5,520
34,289
Inpex Corp.
 
5,139
64,440
Isuzu Motors Ltd.
 
3,264
44,000
ITOCHU Corp.
 
7,022
359,982
Japan Airlines Co. Ltd.
 
831
15,091
Japan Exchange Group, Inc.
 
5,870
65,464
Japan Post Bank Co. Ltd.
 
10,594
109,187
Japan Post Holdings Co. Ltd.
 
11,288
109,984
Japan Post Insurance Co. Ltd.
 
1,096
22,086
Japan Tobacco, Inc.(a)
 
6,995
216,016
JFE Holdings, Inc.(a)
 
3,495
40,800
Kajima Corp.
 
2,345
56,127
Kansai Electric Power Co., Inc. (The)
 
5,534
68,344
Kao Corp.
 
2,753
118,169
Kawasaki Kisen Kaisha Ltd.(a)
 
2,268
31,178
KDDI Corp.
 
18,012
319,999
Keyence Corp.
 
1,097
459,740
Kikkoman Corp.
 
3,940
38,661
Kirin Holdings Co. Ltd.
 
4,595
69,673
Kobe Bussan Co. Ltd.
 
922
28,244
Komatsu Ltd.
 
5,283
153,146
Konami Group Corp.
 
544
77,877
Kubota Corp.
 
5,752
67,000
Kyocera Corp.
 
7,522
89,361
Kyowa Kirin Co. Ltd.
 
1,431
22,398
Lasertec Corp.
 
460
42,868
LY Corp.
 
16,782
63,621
M3, Inc.(b)
 
2,667
33,504
Makita Corp.
 
1,401
41,069
Marubeni Corp.
 
8,252
146,646
MatsukiyoCocokara & Co.
 
1,912
35,182
MEIJI Holdings Co. Ltd.
 
1,405
34,627
MINEBEA MITSUMI, Inc.
 
2,208
32,438
Mitsubishi Chemical Group Corp.
 
8,279
40,345
Mitsubishi Corp.
 
20,065
381,874
Mitsubishi Electric Corp.
 
11,166
216,526
Mitsubishi Estate Co. Ltd.
 
6,265
110,313
Mitsubishi HC Capital, Inc.(a)
 
5,393
38,242
Mitsubishi Heavy Industries Ltd.
 
18,804
371,564
Mitsubishi UFJ Financial Group, Inc.
 
67,307
850,031
Mitsui & Co. Ltd.
 
14,797
299,925
Mitsui Fudosan Co. Ltd.
 
15,483
153,812
Mitsui OSK Lines Ltd.(a)
 
2,013
67,200
Mizuho Financial Group, Inc.
 
14,121
353,904
MonotaRO Co. Ltd.
 
1,460
28,147
MS&AD Insurance Group Holdings, Inc.
 
7,523
171,404
Murata Manufacturing Co. Ltd.
 
9,765
139,449
NEC Corp.
 
7,196
175,589
Nexon Co. Ltd.
 
1,928
30,322
Nidec Corp.
 
4,946
88,107
Nintendo Co. Ltd.
 
6,524
542,914
Nippon Building Fund, Inc.
 
45
41,869
Nippon Paint Holdings Co. Ltd.
 
5,795
44,256
Nippon Sanso Holdings Corp.
 
1,030
33,042
Nippon Steel Corp.
 
5,663
119,477
Nippon Telegraph & Telephone Corp.
 
175,358
183,735
Nippon Yusen K.K.
 
2,541
83,220
Nissan Motor Co. Ltd.(a)(b)
 
13,517
32,256
 
Shares
Value
Japan-(continued)
Nissin Foods Holdings Co. Ltd.
 
1,122
$24,798
Nitori Holdings Co. Ltd.(a)
 
460
54,863
Nitto Denko Corp.
 
4,188
73,787
Nomura Holdings, Inc.
 
17,611
98,390
Nomura Research Institute Ltd.
 
2,202
83,583
NTT DATA Group Corp.
 
3,663
72,922
Obayashi Corp.(a)
 
3,858
60,000
OBIC Co. Ltd.
 
1,876
65,838
Olympus Corp.
 
6,597
86,647
Omron Corp.
 
1,002
29,815
Ono Pharmaceutical Co. Ltd.
 
2,301
26,550
Oriental Land Co. Ltd.
 
6,326
134,301
ORIX Corp.
 
6,819
137,115
Osaka Gas Co. Ltd.
 
2,111
53,658
Otsuka Corp.
 
1,303
28,968
Otsuka Holdings Co. Ltd.
 
2,598
126,956
Pan Pacific International Holdings Corp.
 
2,203
67,986
Panasonic Holdings Corp.
 
13,673
157,148
Rakuten Group, Inc.(b)
 
8,810
52,070
Recruit Holdings Co. Ltd.
 
8,217
456,433
Renesas Electronics Corp.
 
9,829
115,621
Resona Holdings, Inc.
 
12,276
98,710
Ricoh Co. Ltd.
 
3,114
32,831
SBI Holdings, Inc.
 
1,556
41,012
SCREEN Holdings Co. Ltd.(a)
 
460
30,662
SCSK Corp.
 
924
24,225
SECOM Co. Ltd.
 
2,476
91,261
Seiko Epson Corp.
 
1,751
24,350
Sekisui Chemical Co. Ltd.
 
2,204
38,604
Sekisui House Ltd.
 
3,491
80,450
Seven & i Holdings Co. Ltd.
 
12,987
191,632
SG Holdings Co. Ltd.
 
1,933
20,402
Shimadzu Corp.
 
1,372
35,203
Shimano, Inc.
 
458
64,679
Shin-Etsu Chemical Co. Ltd.
 
10,448
318,706
Shionogi & Co. Ltd.
 
4,464
75,176
Shiseido Co. Ltd.
 
2,310
38,070
SMC Corp.
 
348
112,895
SoftBank Corp.
 
167,880
254,649
SoftBank Group Corp.
 
5,589
283,307
Sompo Holdings, Inc.
 
5,218
171,407
Sony Group Corp.
 
36,120
955,218
Subaru Corp.
 
3,449
62,603
Sumitomo Corp.
 
6,424
157,225
Sumitomo Electric Industries Ltd.
 
4,224
68,056
Sumitomo Metal Mining Co. Ltd.
 
1,498
33,315
Sumitomo Mitsui Financial Group, Inc.
 
21,883
523,312
Sumitomo Mitsui Trust Group, Inc.
 
3,760
93,239
Sumitomo Realty & Development Co. Ltd.(a)
 
1,772
66,158
Suntory Beverage & Food Ltd.
 
829
29,035
Suzuki Motor Corp.
 
9,267
111,317
Sysmex Corp.
 
2,938
54,669
T&D Holdings, Inc.
 
2,862
61,045
Taisei Corp.
 
1,010
54,895
Takeda Pharmaceutical Co. Ltd.
 
9,381
284,439
TDK Corp.
 
11,440
122,372
Terumo Corp.
 
7,863
150,862
TIS, Inc.
 
1,220
35,297
Toho Co. Ltd.
 
648
37,083
Tokio Marine Holdings, Inc.
 
10,414
418,413
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Japan-(continued)
Tokyo Electron Ltd.
 
2,643
$394,476
Tokyo Gas Co. Ltd.
 
2,085
69,435
Tokyo Metro Co. Ltd.
 
1,752
22,253
Tokyu Corp.
 
3,075
37,383
TOPPAN Holdings, Inc.
 
1,403
39,480
Toray Industries, Inc.
 
8,161
52,245
Toyota Industries Corp.
 
981
115,321
Toyota Motor Corp.
 
55,564
1,063,770
Toyota Tsusho Corp.
 
3,765
74,999
Trend Micro, Inc.
 
766
55,092
Unicharm Corp.
 
6,569
61,139
West Japan Railway Co.
 
2,600
54,824
Yakult Honsha Co. Ltd.
 
1,462
30,104
Yamaha Motor Co. Ltd.(a)
 
5,427
42,724
Yaskawa Electric Corp.
 
1,373
28,997
Yokogawa Electric Corp.
 
1,303
28,264
Zensho Holdings Co. Ltd.
 
554
34,315
ZOZO, Inc.
 
2,366
24,085
 
 
22,774,314
Jordan-0.02%
Hikma Pharmaceuticals PLC
 
1,010
26,825
Luxembourg-0.11%
ArcelorMittal S.A.
 
2,752
81,661
CVC Capital Partners PLC(b)(c)
 
1,285
23,007
Eurofins Scientific SE
 
793
50,216
 
 
154,884
Macau-0.05%
Galaxy Entertainment Group Ltd.(a)
 
12,585
45,457
Sands China Ltd.(b)
 
13,685
24,512
 
 
69,969
Netherlands-3.31%
ABN AMRO Bank N.V., CVA(c)
 
2,688
55,895
Adyen N.V.(b)(c)
 
129
209,468
Aegon Ltd.
 
7,758
50,071
Akzo Nobel N.V.(a)
 
1,012
64,112
argenx SE(b)
 
354
229,631
ASM International N.V.
 
275
134,879
ASML Holding N.V.
 
2,311
1,552,407
ASR Nederland N.V.
 
930
58,884
BE Semiconductor Industries N.V.
 
476
51,730
Euronext N.V.(c)
 
460
77,152
EXOR N.V.
 
583
55,233
Heineken Holding N.V.
 
760
59,629
Heineken N.V.
 
1,690
151,802
IMCD N.V.
 
345
46,036
ING Groep N.V.
 
18,466
359,832
JDE Peet’s N.V.
 
1,046
25,410
Koninklijke Ahold Delhaize N.V.
 
5,401
222,524
Koninklijke KPN N.V.
 
22,817
106,507
Koninklijke Philips N.V.(b)
 
4,688
119,390
NN Group N.V.
 
1,578
97,097
Prosus N.V.(b)
 
8,026
377,591
Randstad N.V.(a)
 
647
26,060
Universal Music Group N.V.
 
4,830
142,517
Wolters Kluwer N.V.
 
1,399
247,857
 
 
4,521,714
 
Shares
Value
New Zealand-0.21%
Auckland International Airport Ltd.
 
9,867
$44,040
Contact Energy Ltd.
 
4,896
25,768
Fisher & Paykel Healthcare Corp. Ltd.
 
3,439
69,311
Infratil Ltd.
 
5,569
34,873
Meridian Energy Ltd.
 
7,908
25,718
Xero Ltd.(b)
 
853
89,734
 
 
289,444
Norway-0.45%
Aker BP ASA
 
1,854
39,929
DNB Bank ASA
 
5,254
131,764
Equinor ASA
 
4,916
111,636
Gjensidige Forsikring ASA
 
1,200
28,169
Kongsberg Gruppen ASA
 
516
83,400
Mowi ASA
 
2,731
50,239
Norsk Hydro ASA
 
8,517
45,323
Orkla ASA
 
4,237
47,405
SalMar ASA
 
372
18,442
Telenor ASA
 
3,613
54,442
 
 
610,749
Poland-0.02%
InPost S.A.(b)
 
1,367
23,171
Portugal-0.11%
EDP S.A.
 
18,411
72,820
Galp Energia SGPS S.A.
 
2,448
38,059
Jeronimo Martins SGPS S.A.
 
1,661
40,339
 
 
151,218
Singapore-1.24%
CapitaLand Ascendas REIT
 
21,929
44,698
CapitaLand Integrated Commercial Trust
 
34,238
56,363
CapitaLand Investment Ltd.
 
14,366
30,287
DBS Group Holdings Ltd.
 
11,644
378,420
Genting Singapore Ltd.
 
36,888
20,924
Grab Holdings Ltd., Class A(b)
 
14,114
68,876
Keppel Ltd.
 
8,835
44,433
Oversea-Chinese Banking Corp. Ltd.
 
19,841
245,623
Sea Ltd., ADR(b)
 
2,248
301,345
Sembcorp Industries Ltd.
 
5,427
27,459
Singapore Airlines Ltd.
 
8,706
44,692
Singapore Exchange Ltd.
 
5,043
55,494
Singapore Technologies Engineering Ltd.
 
9,181
52,148
Singapore Telecommunications Ltd.
 
43,562
126,072
United Overseas Bank Ltd.
 
7,427
197,313
 
 
1,694,147
South Africa-0.15%
Anglo American PLC
 
7,455
203,968
South Korea-0.02%
Delivery Hero SE(b)(c)
 
1,143
32,415
Spain-2.35%
Acciona S.A.
 
152
22,226
ACS Actividades de Construccion y Servicios
S.A.
 
1,046
65,763
Aena SME S.A.(c)
 
440
110,916
Amadeus IT Group S.A.
 
2,643
208,755
Banco Bilbao Vizcaya Argentaria S.A.
 
33,814
465,663
Banco de Sabadell S.A.
 
31,918
93,450
Banco Santander S.A.
 
88,901
628,094
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Spain-(continued)
CaixaBank S.A.
 
23,153
$178,060
Cellnex Telecom S.A.(c)
 
3,109
126,252
EDP Renovaveis S.A.
 
1,851
17,394
EDP Renovaveis S.A., Rts., expiring
05/05/2025(a)(b)
 
1,790
183
Endesa S.A.
 
1,864
56,173
Grifols S.A.(b)
 
1,837
17,454
Iberdrola S.A.
 
34,185
618,336
Industria de Diseno Textil S.A.
 
6,400
345,345
Redeia Corp. S.A.
 
2,381
50,102
Repsol S.A.
 
6,791
83,297
Telefonica S.A.
 
23,287
120,043
 
 
3,207,506
Sweden-2.81%
Addtech AB, Class B
 
1,525
51,414
Alfa Laval AB(a)
 
1,698
70,576
Assa Abloy AB, Class B
 
5,881
178,893
Atlas Copco AB, Class A
 
15,759
244,450
Atlas Copco AB, Class B
 
9,158
127,437
Beijer Ref AB(a)
 
2,207
33,736
Boliden AB(b)
 
1,605
49,282
Epiroc AB, Class A
 
3,867
83,840
Epiroc AB, Class B
 
2,288
44,967
EQT AB
 
2,185
63,276
Essity AB, Class B
 
3,580
103,751
Evolution AB(c)
 
932
64,702
Fastighets AB Balder, Class B(a)(b)
 
4,045
29,139
H & M Hennes & Mauritz AB, Class B(a)
 
3,323
48,255
Hexagon AB, Class B
 
12,181
118,806
Holmen AB, Class B(a)
 
458
18,148
Industrivarden AB, Class A
 
735
25,885
Industrivarden AB, Class C(a)
 
925
32,552
Indutrade AB
 
1,657
44,924
Investment AB Latour, Class B(a)
 
921
24,908
Investor AB, Class B
 
10,155
301,520
L E Lundbergforetagen AB, Class B
 
458
24,218
Lifco AB, Class B
 
1,383
53,657
NIBE Industrier AB, Class B(a)
 
9,204
39,333
Saab AB, Class B(a)
 
1,879
87,682
Sagax AB, Class B(a)
 
1,306
29,748
Sandvik AB(a)
 
6,256
129,427
Securitas AB, Class B(a)
 
2,962
47,038
Skandinaviska Enskilda Banken AB,
Class A(a)
 
9,310
148,044
Skanska AB, Class B
 
2,029
47,248
SKF AB, Class B
 
2,029
39,856
Spotify Technology S.A.(b)
 
942
578,369
Svenska Cellulosa AB S.C.A., Class B(a)
 
3,560
46,131
Svenska Handelsbanken AB, Class A
 
8,558
112,262
Swedbank AB, Class A
 
4,981
124,611
Swedish Orphan Biovitrum AB, Class B(b)
 
1,197
36,484
Tele2 AB, Class B
 
3,238
47,876
Telefonaktiebolaget LM Ericsson, Class B
 
16,298
137,969
Telia Co. AB
 
13,842
52,108
Trelleborg AB, Class B
 
1,288
44,507
Volvo AB, Class B
 
9,320
253,892
 
 
3,840,921
Switzerland-5.99%
ABB Ltd.
 
9,279
492,178
 
Shares
Value
Switzerland-(continued)
Avolta AG
 
516
$23,616
Baloise Holding AG
 
242
54,074
Banque Cantonale Vaudoise(a)
 
182
22,498
Barry Callebaut AG(a)
 
18
16,208
BKW AG
 
126
25,372
Chocoladefabriken Lindt & Spruengli AG,
PC(a)
 
12
175,654
Cie Financiere Richemont S.A.
 
3,154
559,770
DSM-Firmenich AG
 
1,091
118,927
EMS-Chemie Holding AG
 
41
30,362
Galderma Group AG, Class A
 
503
58,677
Geberit AG
 
196
136,368
Givaudan S.A.
 
54
261,657
Helvetia Holding AG
 
218
48,301
Julius Baer Group Ltd.
 
1,209
78,745
Kuehne + Nagel International AG, Class R
 
283
65,460
Logitech International S.A., Class R
 
892
68,080
Lonza Group AG
 
424
305,983
Nestle S.A.
 
15,372
1,643,323
Partners Group Holding AG
 
133
175,030
Roche Holding AG
 
4,122
1,353,743
Roche Holding AG, BR
 
184
64,290
Sandoz Group AG(a)
 
2,452
106,821
Schindler Holding AG
 
128
45,580
Schindler Holding AG, PC
 
239
87,796
SGS S.A.
 
889
87,201
SIG Group AG(b)
 
1,840
35,649
Sika AG
 
894
224,396
Sonova Holding AG, Class A
 
294
90,776
Straumann Holding AG
 
655
80,218
Swatch Group AG (The), BR(a)
 
173
30,154
Swiss Life Holding AG
 
169
169,479
Swiss Prime Site AG(a)
 
459
65,005
Swisscom AG
 
152
101,810
Temenos AG
 
340
24,461
UBS Group AG
 
19,297
588,334
VAT Group AG(c)
 
158
57,286
Zurich Insurance Group AG
 
859
611,933
 
 
8,185,215
United Kingdom-9.72%
3i Group PLC
 
5,711
324,491
Admiral Group PLC
 
1,528
66,606
Ashtead Group PLC
 
2,559
137,298
Associated British Foods PLC
 
1,924
53,155
AstraZeneca PLC
 
9,097
1,306,231
Auto Trader Group PLC(c)
 
5,212
58,688
Aviva PLC
 
15,710
117,971
BAE Systems PLC
 
17,659
410,304
Barclays PLC
 
84,601
337,779
Barratt Redrow PLC
 
8,088
50,536
British American Tobacco PLC
 
11,661
509,077
BT Group PLC
 
37,972
88,330
Bunzl PLC
 
1,940
61,101
Centrica PLC
 
29,791
63,927
Coca-Cola Europacific Partners PLC(a)
 
1,259
114,242
Compass Group PLC
 
9,959
336,522
Croda International PLC
 
778
30,780
DCC PLC
 
601
39,368
Diageo PLC
 
13,055
367,415
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
United Kingdom-(continued)
Entain PLC
 
3,686
$31,582
Haleon PLC
 
53,117
267,879
Halma PLC
 
2,227
82,387
HSBC Holdings PLC
 
104,864
1,171,590
Imperial Brands PLC
 
4,652
191,315
Informa PLC
 
7,805
76,418
InterContinental Hotels Group PLC
 
930
99,464
Intertek Group PLC
 
947
58,291
J Sainsbury PLC
 
10,119
36,045
JD Sports Fashion PLC
 
15,824
16,697
Kingfisher PLC
 
10,638
40,979
Land Securities Group PLC
 
4,321
34,318
Legal & General Group PLC
 
34,576
109,128
Lloyds Banking Group PLC
 
355,647
350,202
London Stock Exchange Group PLC
 
2,806
437,910
M&G PLC
 
13,799
38,377
Marks & Spencer Group PLC
 
12,036
62,686
Melrose Industries PLC
 
7,543
43,949
National Grid PLC
 
28,703
415,235
NatWest Group PLC
 
44,893
289,415
Next PLC
 
689
113,925
Pearson PLC
 
3,518
56,525
Phoenix Group Holdings PLC
 
4,237
33,974
Reckitt Benckiser Group PLC
 
4,025
260,385
RELX PLC
 
10,911
596,810
Rentokil Initial PLC
 
14,812
68,011
Rolls-Royce Holdings PLC
 
49,899
506,238
Sage Group PLC (The)
 
5,882
97,735
Schroders PLC
 
4,876
21,533
Segro PLC
 
7,541
68,752
Severn Trent PLC
 
1,585
59,090
Shell PLC
 
35,762
1,156,700
Smith & Nephew PLC
 
4,874
68,744
Smiths Group PLC
 
2,011
50,226
Spirax Group PLC
 
432
34,125
SSE PLC
 
6,474
146,292
Standard Chartered PLC
 
12,067
174,195
Tesco PLC
 
39,550
196,174
Unilever PLC
 
14,538
927,717
United Utilities Group PLC
 
4,001
60,288
Vodafone Group PLC
 
119,306
117,506
Whitbread PLC
 
1,035
36,027
Wise PLC, Class A(b)
 
3,909
51,387
WPP PLC
 
6,329
49,176
 
 
13,279,223
United States-3.46%
Alcon AG
 
2,932
286,123
BP PLC
 
94,587
437,728
CyberArk Software Ltd.(b)
 
284
100,013
Experian PLC
 
5,396
269,061
Ferrovial SE
 
2,782
136,180
GSK PLC
 
24,320
482,198
Holcim AG(b)
 
3,058
343,222
Monday.com Ltd.(b)
 
226
63,504
Novartis AG
 
11,564
1,324,737
Oracle Corp.
 
236
28,440
QIAGEN N.V.(b)
 
1,265
54,475
Sanofi S.A.
 
6,670
732,156
Stellantis N.V.
 
11,894
111,060
 
Shares
Value
United States-(continued)
Swiss Re AG
 
1,770
$319,115
Tenaris S.A.
 
2,471
41,346
 
 
4,729,358
Total Common Stocks & Other Equity Interests
(Cost $97,981,539)
104,161,728
 
 
Principal
Amount
Equity Linked Notes-4.28%
 
 
 
Canada-1.20%
 
 
 
Bank of Montreal (iShares MSCI EAFE ETF),
154.29%, 05/08/2025(c)
 
270,000
196,400
Bank of Montreal (iShares MSCI EAFE ETF),
147.27%, 05/21/2025(c)
 
348,000
343,381
Royal Bank of Canada (iShares MSCI EAFE
ETF), 161.86%, 05/09/2025(c)
 
527,000
491,291
Royal Bank of Canada (iShares MSCI EAFE
ETF), 129.38%, 05/16/2025(c)
 
323,000
301,402
Toronto-Dominion Bank (The) (iShares MSCI
EAFE ETF), 145.00%, 05/23/2025(c)
 
309,000
311,339
 
 
1,643,813
United States-3.08%
 
 
 
Citigroup Global Markets Holdings, Inc.
(iShares MSCI EAFE ETF), 130.45%,
05/15/2025(c)
 
333,000
303,635
Citigroup Global Markets Holdings, Inc.
(iShares MSCI EAFE ETF), 119.95%,
05/19/2025(c)
 
323,000
301,662
Citigroup Global Markets Holdings, Inc.
(iShares MSCI EAFE ETF), 176.00%,
05/20/2025(c)
 
487,000
444,815
Citigroup Global Markets Holdings, Inc.
(iShares MSCI EAFE ETF), 129.31%,
05/28/2025(c)
 
481,000
478,679
Goldman Sachs Group, Inc. (The) (iShares
MSCI EAFE ETF), 141.39%,
05/12/2025(c)
 
438,000
388,812
Goldman Sachs Group, Inc. (The) (iShares
MSCI EAFE ETF), 140.23%,
05/13/2025(c)
 
438,000
388,578
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 135.52%, 05/07/2025
 
298,000
289,771
J.P. Morgan Chase & Co. (iShares MSCI EAFE
ETF), 154.67%, 05/22/2025
 
222,000
219,630
J.P. Morgan Structured Products B.V.
(iShares MSCI EAFE ETF), 114.22%,
05/29/2025(c)
 
522,000
522,000
Wells Fargo Bank N.A. (iShares MSCI EAFE
ETF), 154.29%, 05/14/2025(c)
 
418,000
382,977
Wells Fargo Bank N.A. (iShares MSCI EAFE
ETF), 131.07%, 05/27/2025(c)
 
481,000
480,498
 
 
4,201,057
Total Equity Linked Notes
(Cost $6,218,000)
5,844,870
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-16.41%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(d)(e)
(Cost $22,410,493)
 
22,410,493
$22,410,493
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-96.94%
(Cost $126,610,032)
132,417,091
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-2.53%
Invesco Private Government Fund,
4.32%(d)(e)(f)
 
956,517
956,517
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(d)(e)(f)
 
2,494,815
$2,495,314
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,452,008)
3,451,831
TOTAL INVESTMENTS IN SECURITIES-99.47%
(Cost $130,062,040)
135,868,922
OTHER ASSETS LESS LIABILITIES-0.53%
723,833
NET ASSETS-100.00%
$136,592,755
 
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
ETF-Exchange-Traded Fund
PC-Participation Certificate
REIT-Real Estate Investment Trust
Rts.-Rights
 
Notes to Schedule of Investments:
(a)
All or a portion of this security was out on loan at April 30, 2025.
(b)
Non-income producing security.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $6,637,184, which represented 4.86% of the Fund’s Net Assets.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$24,563,266
$8,771,419
$(33,334,685
)
$-
$-
$-
$384,022
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
26,123,635
(3,713,142
)
-
-
22,410,493
74,523
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
79,384
2,881,958
(2,004,825
)
-
-
956,517
11,973
*
Invesco Private Prime Fund
207,437
7,155,447
(4,867,317
)
(177
)
(76
)
2,495,314
31,953
*
Total
$24,850,087
$44,932,459
$(43,919,969
)
$(177
)
$(76
)
$25,862,324
$502,471
 
*
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.
30
Invesco MSCI EAFE Income Advantage ETF (EFAA)—(continued)
April 30, 2025
(Unaudited)
(e)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(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 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31
Invesco QQQ Income Advantage ETF (QQA)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-76.98%
Advertising-0.13%
Trade Desk, Inc. (The), Class A(b)
 
4,946
$265,254
Aerospace & Defense-0.25%
Axon Enterprise, Inc.(b)
 
839
514,559
Apparel Retail-0.24%
Ross Stores, Inc.
 
3,655
508,045
Apparel, Accessories & Luxury Goods-0.17%
lululemon athletica, inc.(b)
 
1,279
346,315
Application Software-6.32%
Adobe, Inc.(b)
 
4,778
1,791,654
ANSYS, Inc.(b)
 
979
315,120
AppLovin Corp., Class A(b)
 
3,398
915,115
Atlassian Corp., Class A(b)
 
1,809
413,013
Autodesk, Inc.(b)
 
2,371
650,247
Cadence Design Systems, Inc.(b)
 
3,016
897,984
Datadog, Inc., Class A(b)
 
3,487
356,232
Intuit, Inc.
 
3,083
1,934,490
MicroStrategy, Inc., Class A(b)
 
2,623
997,029
Palantir Technologies, Inc., Class A(b)
 
24,729
2,928,903
Roper Technologies, Inc.
 
1,182
662,015
Synopsys, Inc.(b)
 
1,709
784,448
Workday, Inc., Class A(b)
 
2,357
577,465
 
 
13,223,715
Automobile Manufacturers-2.19%
Tesla, Inc.(b)
 
16,237
4,581,432
Automotive Retail-0.43%
O’Reilly Automotive, Inc.(b)
 
632
894,406
Biotechnology-2.63%
Amgen, Inc.
 
5,891
1,713,810
Biogen, Inc.(b)
 
1,586
192,033
Gilead Sciences, Inc.
 
13,676
1,457,041
Regeneron Pharmaceuticals, Inc.
 
1,188
711,327
Vertex Pharmaceuticals, Inc.(b)
 
2,827
1,440,356
 
 
5,514,567
Broadline Retail-5.16%
Amazon.com, Inc.(b)
 
47,363
8,734,684
MercadoLibre, Inc. (Brazil)(b)
 
556
1,295,953
PDD Holdings, Inc., ADR (China)(b)
 
7,332
774,039
 
 
10,804,676
Cable & Satellite-0.97%
Charter Communications, Inc., Class A(b)
 
1,560
611,302
Comcast Corp., Class A
 
41,476
1,418,479
 
 
2,029,781
Cargo Ground Transportation-0.17%
Old Dominion Freight Line, Inc.
 
2,361
361,894
Communications Equipment-1.21%
Cisco Systems, Inc.
 
43,769
2,526,784
Construction Machinery & Heavy Transportation Equipment-0.25%
PACCAR, Inc.
 
5,763
519,880
Consumer Staples Merchandise Retail-2.32%
Costco Wholesale Corp.
 
4,875
4,848,188
 
Shares
Value
Diversified Support Services-0.76%
Cintas Corp.
 
4,417
$934,991
Copart, Inc.(b)
 
10,609
647,467
 
 
1,582,458
Electric Utilities-1.13%
American Electric Power Co., Inc.(c)
 
5,860
634,872
Constellation Energy Corp.
 
3,452
771,315
Exelon Corp.
 
11,065
518,948
Xcel Energy, Inc.(c)
 
6,318
446,683
 
 
2,371,818
Health Care Equipment-1.47%
DexCom, Inc.(b)
 
4,300
306,934
GE HealthCare Technologies, Inc.
 
5,030
353,760
IDEXX Laboratories, Inc.(b)
 
901
389,818
Intuitive Surgical, Inc.(b)
 
3,922
2,022,967
 
 
3,073,479
Hotels, Resorts & Cruise Lines-1.50%
Airbnb, Inc., Class A(b)
 
4,762
580,583
Booking Holdings, Inc.
 
362
1,845,939
Marriott International, Inc., Class A
 
3,030
722,898
 
 
3,149,420
Human Resource & Employment Services-0.92%
Automatic Data Processing, Inc.(c)
 
4,480
1,346,688
Paychex, Inc.(c)
 
3,951
581,271
 
 
1,927,959
Industrial Conglomerates-0.72%
Honeywell International, Inc.
 
7,145
1,504,023
Industrial Gases-1.13%
Linde PLC
 
5,205
2,359,062
Interactive Home Entertainment-0.41%
Electronic Arts, Inc.
 
2,868
416,118
Take-Two Interactive Software, Inc.(b)
 
1,929
450,074
 
 
866,192
Interactive Media & Services-6.43%
Alphabet, Inc., Class A
 
26,077
4,141,028
Alphabet, Inc., Class C
 
24,564
3,952,102
Meta Platforms, Inc., Class A
 
9,790
5,374,710
 
 
13,467,840
Internet Services & Infrastructure-0.07%
MongoDB, Inc.(b)
 
817
140,663
IT Consulting & Other Services-0.19%
Cognizant Technology Solutions Corp.,
Class A
 
5,470
402,428
Movies & Entertainment-2.65%
Netflix, Inc.(b)
 
4,696
5,314,557
Warner Bros. Discovery, Inc.(b)
 
26,999
234,082
 
 
5,548,639
Oil & Gas Equipment & Services-0.18%
Baker Hughes Co., Class A(c)
 
10,891
385,541
Oil & Gas Exploration & Production-0.20%
Diamondback Energy, Inc.
 
3,188
420,848
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32
Invesco QQQ Income Advantage ETF (QQA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Packaged Foods & Meats-0.64%
Kraft Heinz Co. (The)
 
13,131
$382,112
Mondelez International, Inc., Class A
 
14,218
968,672
 
 
1,350,784
Pharmaceuticals-0.22%
AstraZeneca PLC, ADR (United Kingdom)
 
6,408
460,030
Rail Transportation-0.28%
CSX Corp.
 
20,824
584,530
Real Estate Services-0.16%
CoStar Group, Inc.(b)(c)
 
4,502
333,913
Research & Consulting Services-0.22%
Verisk Analytics, Inc.
 
1,555
460,949
Restaurants-0.88%
DoorDash, Inc., Class A(b)
 
4,331
835,406
Starbucks Corp.
 
12,456
997,103
 
 
1,832,509
Semiconductor Materials & Equipment-1.94%
Applied Materials, Inc.
 
8,943
1,347,799
ASML Holding N.V., New York Shares
(Netherlands)
 
996
665,408
KLA Corp.
 
1,462
1,027,333
Lam Research Corp.
 
14,123
1,012,195
 
 
4,052,735
Semiconductors-13.65%
Advanced Micro Devices, Inc.(b)
 
17,841
1,736,821
Analog Devices, Inc.
 
5,468
1,065,823
ARM Holdings PLC, ADR(b)(c)
 
1,445
164,802
Broadcom, Inc.
 
34,643
6,667,738
GLOBALFOUNDRIES, Inc.(b)
 
6,067
212,770
Intel Corp.
 
47,615
957,062
Marvell Technology, Inc.
 
9,519
555,624
Microchip Technology, Inc.
 
5,891
271,457
Micron Technology, Inc.(c)
 
12,251
942,715
NVIDIA Corp.
 
109,060
11,878,815
NXP Semiconductors N.V. (Netherlands)
 
2,775
511,460
ON Semiconductor Corp.(b)
 
4,679
185,756
QUALCOMM, Inc.
 
12,166
1,806,164
Texas Instruments, Inc.
 
10,008
1,601,781
 
 
28,558,788
Soft Drinks & Non-alcoholic Beverages-1.75%
Coca-Cola Europacific Partners PLC (United
Kingdom)
 
5,054
458,600
Keurig Dr Pepper, Inc.(c)
 
14,925
516,256
Monster Beverage Corp.(b)
 
10,705
643,584
PepsiCo, Inc.
 
15,088
2,045,631
 
 
3,664,071
Systems Software-8.05%
CrowdStrike Holdings, Inc., Class A(b)
 
2,567
1,100,909
Fortinet, Inc.(b)
 
8,449
876,668
Microsoft Corp.
 
33,223
13,131,723
Palo Alto Networks, Inc.(b)(c)
 
7,271
1,359,168
Zscaler, Inc.(b)(c)
 
1,673
378,383
 
 
16,846,851
Technology Distributors-0.11%
CDW Corp.
 
1,466
235,381
 
Shares
Value
Technology Hardware, Storage & Peripherals-6.82%
Apple, Inc.
 
67,139
$14,267,038
Trading Companies & Distributors-0.24%
Fastenal Co.
 
6,309
510,840
Transaction & Payment Processing Services-0.34%
PayPal Holdings, Inc.(b)
 
10,882
716,471
Wireless Telecommunication Services-1.48%
T-Mobile US, Inc.
 
12,553
3,099,963
Total Common Stocks & Other Equity Interests
(Cost $161,626,561)
161,114,719
 
 
Principal
Amount
 
Equity Linked Notes-5.58%
 
 
 
Diversified Banks-5.58%
 
 
 
Bank of Montreal (NASDAQ 100 Stock
Index), 197.14%, 05/12/2025
 
$1,140,000
1,174,458
Bank of Montreal (NASDAQ 100 Stock
Index), 210.00%, 05/15/2025
 
672,000
631,637
Bank of Montreal (NASDAQ 100 Stock
Index), 207.23%, 05/16/2025
 
672,000
630,802
Bank of Montreal (NASDAQ 100 Stock
Index), 0.00%, 05/27/2025(d)
 
866,000
881,499
Bank of Montreal (NASDAQ 100 Stock
Index), 201.91%, 05/28/2025(e)
 
691,000
700,257
Barclays Bank PLC (NASDAQ 100 Stock
Index), 232.00%, 05/21/2025(e)
 
386,000
362,004
BNP Paribas Issuance B.V. (NASDAQ 100
Stock Index), 253.87%, 05/09/2025
 
461,000
453,045
BNP Paribas Issuance B.V. (NASDAQ 100
Stock Index), 217.91%, 05/06/2025(e)
 
832,000
623,970
BNP Paribas Issuance B.V. (NASDAQ 100
Stock Index), 257.11%, 05/08/2025(e)
 
461,000
452,896
Citigroup Global Markets Holdings, Inc.
(NASDAQ 100 Stock Index), 182.95%,
05/07/2025(e)
 
662,000
681,667
Citigroup Global Markets Holdings, Inc.
(NASDAQ 100 Stock Index), 203.23%,
05/29/2025(e)
 
756,000
752,599
J.P. Morgan Chase & Co. (NASDAQ 100
Stock Index), 0.00%, 05/13/2025(d)
 
1,048,000
1,060,890
J.P. Morgan Chase & Co. (NASDAQ 100
Stock Index), 0.00%, 05/20/2025(d)
 
650,000
578,976
J.P. Morgan Structured Products B.V.
(NASDAQ 100 Stock Index), 164.80%,
05/19/2025(e)
 
441,000
408,264
Mizuho Markets Cayman L.P. (NASDAQ 100
Stock Index), 209.70%, 05/23/2025(e)
 
941,000
963,778
Royal Bank of Canada (NASDAQ 100 Stock
Index), 171.19%, 05/14/2025
 
851,000
844,377
Royal Bank of Canada (NASDAQ 100 Stock
Index), 216.95%, 05/22/2025(e)
 
484,000
474,854
 
 
11,675,973
Total Equity Linked Notes
(Cost $12,014,000)
11,675,973
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33
Invesco QQQ Income Advantage ETF (QQA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Money Market Funds-18.12%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(f)(g)
(Cost $37,921,414)
 
37,921,414
$37,921,414
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.68%
(Cost $211,561,975)
210,712,106
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.52%
Invesco Private Government Fund,
4.32%(f)(g)(h)
 
1,461,573
1,461,573
 
Shares
Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 4.46%(f)(g)(h)
 
3,804,714
$3,805,475
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $5,267,048)
5,267,048
TOTAL INVESTMENTS IN SECURITIES-103.20%
(Cost $216,829,023)
215,979,154
OTHER ASSETS LESS LIABILITIES-(3.20)%
(6,704,116
)
NET ASSETS-100.00%
$209,275,038
 
Investment Abbreviations:
ADR
-American Depositary Receipt
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(e)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $5,420,289, which represented 2.59% of the Fund’s Net Assets.
(f)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$24,679,350
$29,744,118
$(54,423,468
)
$-
$-
$-
$537,773
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
43,261,652
(5,340,238
)
-
-
37,921,414
136,471
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
89,525
13,379,464
(12,007,416
)
-
-
1,461,573
17,311
*
Invesco Private Prime Fund
504,696
27,610,850
(24,309,887
)
2
(186
)
3,805,475
44,862
*
Total
$25,273,571
$113,996,084
$(96,081,009
)
$2
$(186
)
$43,188,462
$736,417
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
(g)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(h)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34
Invesco S&P 500® Downside Hedged ETF (PHDG)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-54.54%
Communication Services-5.08%
Alphabet, Inc., Class A
 
6,688
$1,062,054
Alphabet, Inc., Class C
 
5,421
872,185
AT&T, Inc.
 
8,231
227,999
Charter Communications, Inc., Class A(b)
 
111
43,496
Comcast Corp., Class A
 
4,325
147,915
Electronic Arts, Inc.
 
272
39,464
Fox Corp., Class A
 
250
12,448
Fox Corp., Class B
 
151
6,982
Interpublic Group of Cos., Inc. (The)
 
427
10,726
Live Nation Entertainment, Inc.(b)
 
180
23,841
Match Group, Inc.
 
288
8,542
Meta Platforms, Inc., Class A
 
2,511
1,378,539
Netflix, Inc.(b)
 
490
554,543
News Corp., Class A
 
433
11,743
News Corp., Class B
 
128
4,022
Omnicom Group, Inc.
 
225
17,136
Paramount Global, Class B
 
682
8,007
Take-Two Interactive Software, Inc.(b)
 
188
43,864
TKO Group Holdings, Inc.
 
76
12,381
T-Mobile US, Inc.
 
550
135,823
Verizon Communications, Inc.
 
4,827
212,678
Walt Disney Co. (The)
 
2,073
188,539
Warner Bros. Discovery, Inc.(b)
 
2,560
22,195
 
 
5,045,122
Consumer Discretionary-5.64%
Airbnb, Inc., Class A(b)
 
496
60,472
Amazon.com, Inc.(b)
 
10,815
1,994,502
Aptiv PLC (Jersey)(b)
 
263
15,007
AutoZone, Inc.(b)
 
19
71,489
Best Buy Co., Inc.
 
223
14,872
Booking Holdings, Inc.
 
38
193,773
Caesars Entertainment, Inc.(b)
 
244
6,603
CarMax, Inc.(b)
 
176
11,382
Carnival Corp.(b)
 
1,201
22,026
Chipotle Mexican Grill, Inc.(b)
 
1,554
78,508
D.R. Horton, Inc.
 
325
41,061
Darden Restaurants, Inc.
 
134
26,886
Deckers Outdoor Corp.(b)
 
174
19,284
Domino’s Pizza, Inc.
 
40
19,615
DoorDash, Inc., Class A(b)
 
389
75,034
eBay, Inc.
 
549
37,420
Expedia Group, Inc.
 
141
22,127
Ford Motor Co.
 
4,463
44,675
Garmin Ltd.
 
176
32,889
General Motors Co.
 
1,141
51,619
Genuine Parts Co.
 
159
18,690
Hasbro, Inc.
 
150
9,285
Hilton Worldwide Holdings, Inc.
 
276
62,233
Home Depot, Inc. (The)
 
1,139
410,598
Las Vegas Sands Corp.
 
394
14,448
Lennar Corp., Class A
 
268
29,107
LKQ Corp.
 
298
11,387
Lowe’s Cos., Inc.
 
647
144,643
lululemon athletica, inc.(b)
 
128
34,659
Marriott International, Inc., Class A
 
262
62,508
McDonald’s Corp.
 
822
262,752
 
Shares
Value
Consumer Discretionary-(continued)
MGM Resorts International(b)
 
257
$8,085
Mohawk Industries, Inc.(b)
 
60
6,381
NIKE, Inc., Class B
 
1,354
76,366
Norwegian Cruise Line Holdings Ltd.(b)
 
504
8,079
NVR, Inc.(b)
 
3
21,377
O’Reilly Automotive, Inc.(b)
 
66
93,403
Pool Corp.
 
44
12,898
PulteGroup, Inc.
 
232
23,799
Ralph Lauren Corp.
 
46
10,348
Ross Stores, Inc.
 
378
52,542
Royal Caribbean Cruises Ltd.
 
284
61,034
Starbucks Corp.
 
1,302
104,225
Tapestry, Inc.
 
237
16,744
Tesla, Inc.(b)
 
3,209
905,451
TJX Cos., Inc. (The)
 
1,289
165,869
Tractor Supply Co.
 
613
31,030
Ulta Beauty, Inc.(b)
 
53
20,969
Williams-Sonoma, Inc.
 
141
21,780
Wynn Resorts Ltd.
 
103
8,272
Yum! Brands, Inc.
 
320
48,141
 
 
5,596,347
Consumer Staples-3.36%
Altria Group, Inc.
 
1,943
114,928
Archer-Daniels-Midland Co.
 
549
26,215
Brown-Forman Corp., Class B
 
209
7,282
Bunge Global S.A.
 
153
12,044
Church & Dwight Co., Inc.
 
282
28,014
Clorox Co. (The)
 
141
20,064
Coca-Cola Co. (The)
 
4,439
322,049
Colgate-Palmolive Co.
 
931
85,829
Conagra Brands, Inc.
 
547
13,516
Constellation Brands, Inc., Class A
 
178
33,382
Costco Wholesale Corp.
 
509
506,201
Dollar General Corp.
 
252
23,610
Dollar Tree, Inc.(b)
 
232
18,971
Estee Lauder Cos., Inc. (The), Class A
 
269
16,129
General Mills, Inc.
 
632
35,860
Hershey Co. (The)
 
169
28,255
Hormel Foods Corp.
 
334
9,987
J.M. Smucker Co. (The)
 
122
14,185
Kellanova
 
308
25,493
Kenvue, Inc.
 
2,198
51,873
Keurig Dr Pepper, Inc.
 
1,369
47,354
Kimberly-Clark Corp.
 
380
50,076
Kraft Heinz Co. (The)
 
1,000
29,100
Kroger Co. (The)
 
763
55,096
Lamb Weston Holdings, Inc.
 
164
8,661
McCormick & Co., Inc.
 
290
22,231
Molson Coors Beverage Co., Class B
 
197
11,333
Mondelez International, Inc., Class A
 
1,483
101,037
Monster Beverage Corp.(b)
 
803
48,276
PepsiCo, Inc.
 
1,573
213,267
Philip Morris International, Inc.
 
1,783
305,535
Procter & Gamble Co. (The)
 
2,689
437,151
Sysco Corp.
 
561
40,055
Target Corp.
 
525
50,768
The Campbell’s Company
 
226
8,240
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Consumer Staples-(continued)
Tyson Foods, Inc., Class A
 
328
$20,087
Walgreens Boots Alliance, Inc.
 
822
9,017
Walmart, Inc.
 
4,974
483,722
 
 
3,334,893
Energy-1.73%
APA Corp.
 
424
6,589
Baker Hughes Co., Class A
 
1,135
40,179
Chevron Corp.
 
1,916
260,691
ConocoPhillips
 
1,463
130,382
Coterra Energy, Inc.
 
844
20,729
Devon Energy Corp.
 
753
22,899
Diamondback Energy, Inc.
 
214
28,250
EOG Resources, Inc.
 
645
71,163
EQT Corp.
 
684
33,817
Expand Energy Corp.
 
241
25,040
Exxon Mobil Corp.
 
4,991
527,199
Halliburton Co.
 
995
19,721
Hess Corp.
 
317
40,909
Kinder Morgan, Inc.
 
2,217
58,307
Marathon Petroleum Corp.
 
362
49,742
Occidental Petroleum Corp.
 
775
30,543
ONEOK, Inc.
 
711
58,416
Phillips 66
 
474
49,324
Schlumberger N.V.
 
1,606
53,399
Targa Resources Corp.
 
250
42,725
Texas Pacific Land Corp.
 
22
28,355
Valero Energy Corp.
 
363
42,141
Williams Cos., Inc. (The)
 
1,398
81,881
 
 
1,722,401
Financials-7.89%
Aflac, Inc.
 
568
61,730
Allstate Corp. (The)
 
304
60,311
American Express Co.
 
636
169,437
American International Group, Inc.
 
680
55,434
Ameriprise Financial, Inc.
 
110
51,812
Aon PLC, Class A
 
248
87,988
Apollo Global Management, Inc.
 
513
70,014
Arch Capital Group Ltd.
 
430
38,992
Arthur J. Gallagher & Co.
 
292
93,641
Assurant, Inc.
 
59
11,372
Bank of America Corp.
 
7,592
302,769
Bank of New York Mellon Corp. (The)
 
823
66,177
Berkshire Hathaway, Inc., Class B(b)
 
2,102
1,120,891
BlackRock, Inc.
 
167
152,681
Blackstone, Inc., Class A
 
839
110,505
Brown & Brown, Inc.
 
272
30,083
Capital One Financial Corp.
 
437
78,774
Cboe Global Markets, Inc.
 
120
26,616
Charles Schwab Corp. (The)
 
1,954
159,056
Chubb Ltd.
 
427
122,156
Cincinnati Financial Corp.
 
179
24,919
Citigroup, Inc.
 
2,152
147,154
Citizens Financial Group, Inc.
 
501
18,482
CME Group, Inc., Class A
 
413
114,434
Corpay, Inc.(b)
 
80
26,030
Discover Financial Services
 
288
52,609
Erie Indemnity Co., Class A
 
29
10,400
Everest Group Ltd.
 
49
17,583
FactSet Research Systems, Inc.
 
44
19,018
 
Shares
Value
Financials-(continued)
Fidelity National Information Services, Inc.
 
607
$47,880
Fifth Third Bancorp
 
768
27,602
Fiserv, Inc.(b)
 
652
120,340
Franklin Resources, Inc.
 
355
6,660
Global Payments, Inc.
 
284
21,672
Globe Life, Inc.
 
96
11,841
Goldman Sachs Group, Inc. (The)
 
358
196,023
Hartford Insurance Group, Inc. (The)
 
330
40,481
Huntington Bancshares, Inc.
 
1,667
24,222
Intercontinental Exchange, Inc.
 
659
110,692
Invesco Ltd.(c)
 
514
7,160
Jack Henry & Associates, Inc.
 
84
14,568
JPMorgan Chase & Co.
 
3,206
784,252
KeyCorp
 
1,142
16,947
KKR & Co., Inc., Class A
 
774
88,445
Loews Corp.
 
203
17,626
M&T Bank Corp.
 
190
32,254
MarketAxess Holdings, Inc.
 
43
9,528
Marsh & McLennan Cos., Inc.
 
563
126,940
Mastercard, Inc., Class A
 
934
511,888
MetLife, Inc.
 
664
50,046
Moody’s Corp.
 
177
80,202
Morgan Stanley
 
1,419
163,781
MSCI, Inc.
 
89
48,515
Nasdaq, Inc.
 
475
36,200
Northern Trust Corp.
 
225
21,145
PayPal Holdings, Inc.(b)
 
1,134
74,663
PNC Financial Services Group, Inc. (The)
 
454
72,953
Principal Financial Group, Inc.
 
241
17,870
Progressive Corp. (The)
 
672
189,329
Prudential Financial, Inc.
 
406
41,700
Raymond James Financial, Inc.
 
211
28,915
Regions Financial Corp.
 
1,042
21,267
S&P Global, Inc.
 
361
180,518
State Street Corp.
 
331
29,161
Synchrony Financial
 
446
23,170
T. Rowe Price Group, Inc.
 
255
22,580
Travelers Cos., Inc. (The)
 
260
68,674
Truist Financial Corp.
 
1,509
57,855
U.S. Bancorp
 
1,789
72,168
Visa, Inc., Class A
 
1,976
682,708
W.R. Berkley Corp.
 
344
24,661
Wells Fargo & Co.
 
3,771
267,779
Willis Towers Watson PLC
 
114
35,089
 
 
7,829,038
Health Care-5.91%
Abbott Laboratories
 
1,989
260,062
AbbVie, Inc.
 
2,024
394,882
Agilent Technologies, Inc.
 
327
35,185
Align Technology, Inc.(b)
 
80
13,864
Amgen, Inc.
 
616
179,207
Baxter International, Inc.
 
585
18,235
Becton, Dickinson and Co.
 
329
68,133
Biogen, Inc.(b)
 
168
20,341
Bio-Techne Corp.
 
181
9,113
Boston Scientific Corp.(b)
 
1,690
173,850
Bristol-Myers Squibb Co.
 
2,327
116,815
Cardinal Health, Inc.
 
277
39,137
Cencora, Inc.
 
198
57,949
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Health Care-(continued)
Centene Corp.(b)
 
569
$34,055
Charles River Laboratories International,
Inc.(b)
 
59
6,999
Cigna Group (The)
 
314
106,773
Cooper Cos., Inc. (The)(b)
 
229
18,702
CVS Health Corp.
 
1,446
96,463
Danaher Corp.
 
734
146,308
DaVita, Inc.(b)
 
50
7,078
DexCom, Inc.(b)
 
448
31,978
Edwards Lifesciences Corp.(b)
 
676
51,031
Elevance Health, Inc.
 
266
111,874
Eli Lilly and Co.
 
903
811,752
GE HealthCare Technologies, Inc.
 
524
36,853
Gilead Sciences, Inc.
 
1,429
152,246
HCA Healthcare, Inc.
 
205
70,741
Henry Schein, Inc.(b)
 
143
9,291
Hologic, Inc.(b)
 
257
14,957
Humana, Inc.
 
138
36,189
IDEXX Laboratories, Inc.(b)
 
94
40,669
Incyte Corp.(b)
 
184
11,529
Insulet Corp.(b)
 
80
20,183
Intuitive Surgical, Inc.(b)
 
409
210,962
IQVIA Holdings, Inc.(b)
 
192
29,773
Johnson & Johnson
 
2,761
431,572
Labcorp Holdings, Inc.
 
96
23,137
McKesson Corp.
 
144
102,642
Medtronic PLC
 
1,470
124,597
Merck & Co., Inc.
 
2,901
247,165
Mettler-Toledo International, Inc.(b)
 
24
25,694
Moderna, Inc.(b)
 
388
11,074
Molina Healthcare, Inc.(b)
 
64
20,929
Pfizer, Inc.
 
6,498
158,616
Quest Diagnostics, Inc.
 
127
22,634
Regeneron Pharmaceuticals, Inc.
 
121
72,450
ResMed, Inc.
 
168
39,747
Revvity, Inc.
 
140
13,080
Solventum Corp.(b)
 
158
10,447
STERIS PLC
 
113
25,396
Stryker Corp.
 
394
147,325
Thermo Fisher Scientific, Inc.
 
439
188,331
UnitedHealth Group, Inc.
 
1,055
434,069
Universal Health Services, Inc., Class B
 
67
11,864
Vertex Pharmaceuticals, Inc.(b)
 
294
149,793
Viatris, Inc.
 
1,369
11,527
Waters Corp.(b)
 
68
23,646
West Pharmaceutical Services, Inc.
 
83
17,537
Zimmer Biomet Holdings, Inc.
 
228
23,495
Zoetis, Inc.
 
513
80,233
 
 
5,860,179
Industrials-4.66%
3M Co.
 
623
86,541
A.O. Smith Corp.
 
135
9,161
Allegion PLC
 
100
13,920
AMETEK, Inc.
 
265
44,939
Automatic Data Processing, Inc.
 
467
140,380
Axon Enterprise, Inc.(b)
 
83
50,904
Boeing Co. (The)(b)
 
860
157,586
Broadridge Financial Solutions, Inc.
 
134
32,482
Builders FirstSource, Inc.(b)
 
132
15,791
 
Shares
Value
Industrials-(continued)
C.H. Robinson Worldwide, Inc.
 
136
$12,134
Carrier Global Corp.
 
926
57,912
Caterpillar, Inc.
 
548
169,480
Cintas Corp.
 
393
83,190
Copart, Inc.(b)
 
1,005
61,335
CSX Corp.
 
2,211
62,063
Cummins, Inc.
 
158
46,427
Dayforce, Inc.(b)
 
182
10,532
Deere & Co.
 
290
134,432
Delta Air Lines, Inc.
 
736
30,640
Dover Corp.
 
157
26,792
Eaton Corp. PLC
 
453
133,350
Emerson Electric Co.
 
647
68,006
Equifax, Inc.
 
142
36,938
Expeditors International of Washington, Inc.
 
160
17,586
Fastenal Co.
 
657
53,197
FedEx Corp.
 
254
53,424
Fortive Corp.
 
391
27,249
GE Vernova, Inc.
 
316
117,179
Generac Holdings, Inc.(b)
 
68
7,778
General Dynamics Corp.
 
291
79,187
General Electric Co.
 
1,231
248,096
Honeywell International, Inc.
 
746
157,033
Howmet Aerospace, Inc.
 
464
64,301
Hubbell, Inc.
 
62
22,517
Huntington Ingalls Industries, Inc.
 
45
10,365
IDEX Corp.
 
87
15,135
Illinois Tool Works, Inc.
 
306
73,412
Ingersoll Rand, Inc.
 
462
34,849
J.B. Hunt Transport Services, Inc.
 
91
11,883
Jacobs Solutions, Inc.
 
141
17,456
Johnson Controls International PLC
 
757
63,512
L3Harris Technologies, Inc.
 
216
47,524
Leidos Holdings, Inc.
 
150
22,077
Lennox International, Inc.
 
37
20,230
Lockheed Martin Corp.
 
240
114,660
Masco Corp.
 
243
14,728
Nordson Corp.
 
62
11,753
Norfolk Southern Corp.
 
260
58,253
Northrop Grumman Corp.
 
156
75,894
Old Dominion Freight Line, Inc.
 
215
32,955
Otis Worldwide Corp.
 
455
43,803
PACCAR, Inc.
 
601
54,216
Parker-Hannifin Corp.
 
148
89,549
Paychex, Inc.
 
367
53,993
Paycom Software, Inc.
 
54
12,225
Pentair PLC
 
189
17,148
Quanta Services, Inc.
 
169
49,465
Republic Services, Inc.
 
233
58,425
Rockwell Automation, Inc.
 
130
32,198
Rollins, Inc.
 
322
18,396
RTX Corp.
 
1,527
192,600
Snap-on, Inc.
 
60
18,829
Southwest Airlines Co.
 
680
19,013
Stanley Black & Decker, Inc.
 
177
10,624
Textron, Inc.
 
209
14,707
Trane Technologies PLC
 
257
98,511
TransDigm Group, Inc.
 
64
90,436
Uber Technologies, Inc.(b)
 
2,395
194,019
Union Pacific Corp.
 
693
149,452
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Industrials-(continued)
United Airlines Holdings, Inc.(b)
 
377
$25,945
United Parcel Service, Inc., Class B
 
839
79,957
United Rentals, Inc.
 
75
47,359
Veralto Corp.
 
284
27,236
Verisk Analytics, Inc.
 
162
48,022
W.W. Grainger, Inc.
 
51
52,240
Wabtec Corp.
 
196
36,209
Waste Management, Inc.
 
419
97,778
Xylem, Inc.
 
279
33,639
 
 
4,623,162
Information Technology-16.54%
Accenture PLC, Class A (Ireland)
 
717
214,491
Adobe, Inc.(b)
 
499
187,115
Advanced Micro Devices, Inc.(b)
 
1,858
180,876
Akamai Technologies, Inc.(b)
 
172
13,860
Amphenol Corp., Class A
 
1,389
106,884
Analog Devices, Inc.
 
569
110,909
ANSYS, Inc.(b)
 
100
32,188
Apple, Inc.
 
17,225
3,660,312
Applied Materials, Inc.
 
932
140,462
Arista Networks, Inc.(b)
 
1,184
97,408
Autodesk, Inc.(b)
 
247
67,740
Broadcom, Inc.
 
5,375
1,034,526
Cadence Design Systems, Inc.(b)
 
314
93,490
CDW Corp.
 
153
24,566
Cisco Systems, Inc.
 
4,567
263,653
Cognizant Technology Solutions Corp.,
Class A
 
567
41,714
Corning, Inc.
 
884
39,232
CrowdStrike Holdings, Inc., Class A(b)
 
282
120,941
Dell Technologies, Inc., Class C
 
358
32,850
Enphase Energy, Inc.(b)
 
152
6,778
EPAM Systems, Inc.(b)
 
65
10,199
F5, Inc.(b)
 
66
17,473
Fair Isaac Corp.(b)
 
28
55,711
First Solar, Inc.(b)
 
123
15,476
Fortinet, Inc.(b)
 
729
75,641
Gartner, Inc.(b)
 
88
37,055
Gen Digital, Inc.
 
622
16,091
GoDaddy, Inc., Class A(b)
 
162
30,509
Hewlett Packard Enterprise Co.
 
1,506
24,427
HP, Inc.
 
1,075
27,488
Intel Corp.
 
4,965
99,797
International Business Machines Corp.
 
1,060
256,329
Intuit, Inc.
 
321
201,418
Jabil, Inc.
 
126
18,467
Juniper Networks, Inc.
 
380
13,802
Keysight Technologies, Inc.(b)
 
198
28,789
KLA Corp.
 
152
106,809
Lam Research Corp.
 
1,472
105,498
Microchip Technology, Inc.
 
617
28,431
Micron Technology, Inc.
 
1,278
98,342
Microsoft Corp.
 
8,524
3,369,196
Monolithic Power Systems, Inc.
 
55
32,621
Motorola Solutions, Inc.
 
192
84,555
NetApp, Inc.
 
233
20,912
NVIDIA Corp.
 
28,081
3,058,583
NXP Semiconductors N.V. (Netherlands)
 
291
53,634
ON Semiconductor Corp.(b)
 
483
19,175
 
Shares
Value
Information Technology-(continued)
Oracle Corp.
 
1,860
$261,739
Palantir Technologies, Inc., Class A(b)
 
2,350
278,334
Palo Alto Networks, Inc.(b)
 
759
141,880
PTC, Inc.(b)
 
138
21,386
QUALCOMM, Inc.
 
1,268
188,247
Roper Technologies, Inc.
 
123
68,890
Salesforce, Inc.
 
1,097
294,775
Seagate Technology Holdings PLC
 
243
22,120
ServiceNow, Inc.(b)
 
236
225,382
Skyworks Solutions, Inc.
 
184
11,828
Super Micro Computer, Inc.(b)
 
577
18,383
Synopsys, Inc.(b)
 
177
81,245
TE Connectivity PLC (Switzerland)
 
342
50,062
Teledyne Technologies, Inc.(b)
 
53
24,700
Teradyne, Inc.
 
187
13,877
Texas Instruments, Inc.
 
1,044
167,092
Trimble, Inc.(b)
 
282
17,523
Tyler Technologies, Inc.(b)
 
49
26,622
VeriSign, Inc.(b)
 
93
26,237
Western Digital Corp.(b)
 
399
17,500
Workday, Inc., Class A(b)
 
245
60,025
Zebra Technologies Corp., Class A(b)
 
59
14,769
 
 
16,409,039
Materials-1.10%
Air Products and Chemicals, Inc.
 
255
69,128
Albemarle Corp.
 
135
7,904
Amcor PLC
 
2,620
24,104
Avery Dennison Corp.
 
92
15,742
Ball Corp.
 
342
17,764
CF Industries Holdings, Inc.
 
200
15,674
Corteva, Inc.
 
786
48,724
Dow, Inc.
 
807
24,686
DuPont de Nemours, Inc.
 
479
31,609
Eastman Chemical Co.
 
132
10,164
Ecolab, Inc.
 
289
72,663
Freeport-McMoRan, Inc.
 
1,648
59,377
International Flavors & Fragrances, Inc.
 
293
22,989
International Paper Co.
 
605
27,636
Linde PLC
 
546
247,464
LyondellBasell Industries N.V., Class A
 
297
17,288
Martin Marietta Materials, Inc.
 
70
36,679
Mosaic Co. (The)
 
364
11,066
Newmont Corp.
 
1,305
68,747
Nucor Corp.
 
269
32,111
Packaging Corp. of America
 
102
18,932
PPG Industries, Inc.
 
266
28,957
Sherwin-Williams Co. (The)
 
266
93,877
Smurfit WestRock PLC
 
567
23,825
Steel Dynamics, Inc.
 
162
21,013
Vulcan Materials Co.
 
151
39,612
 
 
1,087,735
Real Estate-1.23%
Alexandria Real Estate Equities, Inc.
 
177
12,861
American Tower Corp.
 
536
120,820
AvalonBay Communities, Inc.
 
163
34,227
BXP, Inc.
 
167
10,643
Camden Property Trust
 
122
13,884
CBRE Group, Inc., Class A(b)
 
339
41,419
CoStar Group, Inc.(b)
 
483
35,824
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Real Estate-(continued)
Crown Castle, Inc.
 
498
$52,668
Digital Realty Trust, Inc.
 
363
58,276
Equinix, Inc.
 
112
96,404
Equity Residential
 
392
27,542
Essex Property Trust, Inc.
 
74
20,657
Extra Space Storage, Inc.
 
243
35,604
Federal Realty Investment Trust
 
88
8,274
Healthpeak Properties, Inc.
 
802
14,308
Host Hotels & Resorts, Inc.
 
802
11,324
Invitation Homes, Inc.
 
653
22,326
Iron Mountain, Inc.
 
337
30,219
Kimco Realty Corp.
 
779
15,564
Mid-America Apartment Communities, Inc.
 
134
21,393
Prologis, Inc.
 
1,063
108,639
Public Storage
 
181
54,378
Realty Income Corp.
 
1,004
58,091
Regency Centers Corp.
 
187
13,498
SBA Communications Corp., Class A
 
123
29,938
Simon Property Group, Inc.
 
352
55,398
UDR, Inc.
 
345
14,449
Ventas, Inc.
 
501
35,110
VICI Properties, Inc.
 
1,209
38,712
Welltower, Inc.
 
699
106,660
Weyerhaeuser Co.
 
832
21,557
 
 
1,220,667
Utilities-1.40%
AES Corp. (The)
 
815
8,150
Alliant Energy Corp.
 
294
17,946
Ameren Corp.
 
309
30,665
American Electric Power Co., Inc.
 
611
66,196
American Water Works Co., Inc.
 
223
32,783
Atmos Energy Corp.
 
182
29,235
CenterPoint Energy, Inc.
 
747
28,969
CMS Energy Corp.
 
343
25,262
Consolidated Edison, Inc.
 
397
44,762
Constellation Energy Corp.
 
359
80,215
 
Shares
Value
Utilities-(continued)
Dominion Energy, Inc.
 
963
$52,368
DTE Energy Co.
 
238
32,606
Duke Energy Corp.
 
890
108,598
Edison International
 
444
23,758
Entergy Corp.
 
492
40,920
Evergy, Inc.
 
264
18,242
Eversource Energy
 
421
25,041
Exelon Corp.
 
1,153
54,076
FirstEnergy Corp.
 
588
25,213
NextEra Energy, Inc.
 
2,358
157,703
NiSource, Inc.
 
539
21,080
NRG Energy, Inc.
 
232
25,422
PG&E Corp.
 
2,515
41,548
Pinnacle West Capital Corp.
 
130
12,373
PPL Corp.
 
847
30,915
Public Service Enterprise Group, Inc.
 
571
45,640
Sempra
 
726
53,920
Southern Co. (The)
 
1,256
115,414
Vistra Corp.
 
390
50,556
WEC Energy Group, Inc.
 
364
39,865
Xcel Energy, Inc.
 
658
46,521
 
 
1,385,962
Total Common Stocks & Other Equity Interests
(Cost $54,117,425)
54,114,545
Money Market Funds-99.84%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(c)(d)
(Cost $99,068,839)
 
99,068,839
99,068,839
TOTAL INVESTMENTS IN SECURITIES-154.38%
(Cost $153,186,264)
153,183,384
OTHER ASSETS LESS LIABILITIES-(54.38)%
(53,961,256
)
NET ASSETS-100.00%
$99,222,128
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Invesco Ltd.
$13,352
$78,175
$(80,117
)
$(1,185
)
$(3,065
)
$7,160
$293
Investments in
Affiliated Money Market
Funds:
Invesco Premier
U.S. Government Money
Portfolio, Institutional
Class
23,065,238
587,608,583
(511,604,982
)
-
-
99,068,839
785,500
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
$320,258
$10,265,110
$(10,585,368
)
$-
$-
$-
$10,527
*
Invesco Private Prime
Fund
845,086
21,225,958
(22,063,814
)
-
(7,230
)
-
28,282
*
Total
$24,243,934
$619,177,826
$(544,334,281
)
$(1,185
)
$(10,295
)
$99,075,999
$824,602
 
*
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, 2025.
 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
CBOE Volatility Index
888
May-2025
$21,321,679
$2,203
$2,203
CBOE Volatility Index
695
June-2025
16,377,814
466
466
CBOE Volatility Index
85
July-2025
1,985,889
(932
)
(932
)
E-Mini S&P 500 Index
19
June-2025
5,307,650
2,098
2,098
Total Futures Contracts
$3,835
$3,835
 
(a)
Futures contracts collateralized by $3,980 cash held with Merrill Lynch International, the futures commission merchant.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-76.17%
Advertising-0.29%
Interpublic Group of Cos., Inc. (The)
 
17,313
$434,903
Omnicom Group, Inc.(b)
 
5,702
434,264
 
 
869,167
Aerospace & Defense-1.96%
Axon Enterprise, Inc.(c)
 
818
501,679
Boeing Co. (The)(c)
 
2,873
526,449
General Dynamics Corp.
 
1,755
477,572
General Electric Co.
 
2,339
471,402
Howmet Aerospace, Inc.
 
3,566
494,176
Huntington Ingalls Industries, Inc.
 
2,379
547,979
L3Harris Technologies, Inc.
 
2,183
480,304
Lockheed Martin Corp.
 
988
472,017
Northrop Grumman Corp.
 
960
467,040
RTX Corp.
 
3,565
449,653
Textron, Inc.
 
6,273
441,431
TransDigm Group, Inc.
 
344
486,096
 
 
5,815,798
Agricultural & Farm Machinery-0.15%
Deere & Co.
 
968
448,726
Agricultural Products & Services-0.32%
Archer-Daniels-Midland Co.
 
9,690
462,698
Bunge Global S.A.
 
6,238
491,055
 
 
953,753
Air Freight & Logistics-0.55%
C.H. Robinson Worldwide, Inc.
 
4,743
423,171
Expeditors International of Washington, Inc.
 
3,896
428,209
FedEx Corp.
 
1,873
393,948
United Parcel Service, Inc., Class B
 
3,958
377,197
 
 
1,622,525
Apparel Retail-0.34%
Ross Stores, Inc.
 
3,606
501,234
TJX Cos., Inc. (The)
 
3,955
508,929
 
 
1,010,163
Apparel, Accessories & Luxury Goods-0.44%
lululemon athletica, inc.(b)(c)
 
1,441
390,179
Ralph Lauren Corp.
 
2,025
455,524
Tapestry, Inc.
 
6,363
449,546
 
 
1,295,249
Application Software-2.11%
Adobe, Inc.(c)
 
1,040
389,979
ANSYS, Inc.(c)
 
1,437
462,542
Autodesk, Inc.(c)
 
1,811
496,667
Cadence Design Systems, Inc.(c)
 
1,907
567,790
Fair Isaac Corp.(c)
 
256
509,358
Intuit, Inc.
 
772
484,407
Palantir Technologies, Inc., Class A(c)
 
5,454
645,972
PTC, Inc.(c)
 
2,906
450,343
Roper Technologies, Inc.
 
805
450,864
Salesforce, Inc.
 
1,603
430,742
Synopsys, Inc.(c)
 
1,055
484,255
Tyler Technologies, Inc.(c)
 
802
435,727
Workday, Inc., Class A(c)
 
1,888
462,560
 
 
6,271,206
 
Shares
Value
Asset Management & Custody Banks-1.50%
Ameriprise Financial, Inc.
 
949
$446,998
Bank of New York Mellon Corp. (The)
 
5,649
454,236
BlackRock, Inc.
 
501
458,044
Blackstone, Inc., Class A
 
3,246
427,531
Franklin Resources, Inc.(b)
 
23,747
445,494
Invesco Ltd.(d)
 
29,914
416,702
KKR & Co., Inc., Class A
 
3,989
455,823
Northern Trust Corp.(b)
 
4,644
436,443
State Street Corp.
 
5,319
468,604
T. Rowe Price Group, Inc.
 
4,891
433,098
 
 
4,442,973
Automobile Manufacturers-0.48%
Ford Motor Co.
 
47,569
476,166
General Motors Co.
 
9,524
430,866
Tesla, Inc.(c)
 
1,839
518,892
 
 
1,425,924
Automotive Parts & Equipment-0.14%
Aptiv PLC (Jersey)(c)
 
7,155
408,264
Automotive Retail-0.47%
AutoZone, Inc.(c)
 
129
485,375
CarMax, Inc.(b)(c)
 
6,289
406,710
O’Reilly Automotive, Inc.(c)
 
348
492,490
 
 
1,384,575
Biotechnology-1.12%
AbbVie, Inc.
 
2,151
419,660
Amgen, Inc.
 
1,460
424,743
Biogen, Inc.(b)(c)
 
3,254
393,995
Gilead Sciences, Inc.
 
4,002
426,373
Incyte Corp.(c)
 
6,735
422,015
Moderna, Inc.(b)(c)
 
13,030
371,876
Regeneron Pharmaceuticals, Inc.
 
662
396,379
Vertex Pharmaceuticals, Inc.(c)
 
921
469,250
 
 
3,324,291
Brewers-0.15%
Molson Coors Beverage Co., Class B(b)
 
7,683
442,003
Broadcasting-0.30%
Fox Corp., Class A
 
5,588
278,227
Fox Corp., Class B
 
3,384
156,476
Paramount Global, Class B(b)
 
39,395
462,497
 
 
897,200
Broadline Retail-0.30%
Amazon.com, Inc.(c)
 
2,294
423,059
eBay, Inc.
 
7,004
477,393
 
 
900,452
Building Products-1.24%
A.O. Smith Corp.
 
6,950
471,627
Allegion PLC
 
3,681
512,395
Builders FirstSource, Inc.(c)
 
3,524
421,576
Carrier Global Corp.
 
6,972
436,029
Johnson Controls International PLC
 
5,798
486,452
Lennox International, Inc.
 
801
437,947
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Building Products-(continued)
Masco Corp.
 
6,413
$388,692
Trane Technologies PLC
 
1,344
515,169
 
 
3,669,887
Cable & Satellite-0.32%
Charter Communications, Inc., Class A(c)
 
1,304
510,985
Comcast Corp., Class A
 
12,964
443,369
 
 
954,354
Cargo Ground Transportation-0.27%
J.B. Hunt Transport Services, Inc.
 
2,954
385,733
Old Dominion Freight Line, Inc.
 
2,773
425,046
 
 
810,779
Casinos & Gaming-0.58%
Caesars Entertainment, Inc.(b)(c)
 
16,698
451,848
Las Vegas Sands Corp.
 
10,661
390,939
MGM Resorts International(b)(c)
 
14,721
463,122
Wynn Resorts Ltd.(b)
 
5,325
427,651
 
 
1,733,560
Commodity Chemicals-0.25%
Dow, Inc.
 
12,761
390,359
LyondellBasell Industries N.V., Class A
 
6,319
367,829
 
 
758,188
Communications Equipment-0.78%
Arista Networks, Inc.(c)
 
5,685
467,705
Cisco Systems, Inc.
 
7,545
435,573
F5, Inc.(c)
 
1,715
454,029
Juniper Networks, Inc.
 
12,811
465,295
Motorola Solutions, Inc.
 
1,105
486,631
 
 
2,309,233
Computer & Electronics Retail-0.14%
Best Buy Co., Inc.
 
6,280
418,813
Construction & Engineering-0.18%
Quanta Services, Inc.
 
1,831
535,915
Construction Machinery & Heavy Transportation Equipment-0.57%
Caterpillar, Inc.
 
1,349
417,205
Cummins, Inc.
 
1,379
405,206
PACCAR, Inc.
 
4,458
402,156
Wabtec Corp.
 
2,592
478,846
 
 
1,703,413
Construction Materials-0.35%
Martin Marietta Materials, Inc.
 
982
514,548
Vulcan Materials Co.
 
2,008
526,759
 
 
1,041,307
Consumer Electronics-0.13%
Garmin Ltd.
 
2,116
395,417
Consumer Finance-0.64%
American Express Co.
 
1,750
466,217
Capital One Financial Corp.
 
2,676
482,376
Discover Financial Services
 
2,787
509,101
Synchrony Financial
 
8,509
442,043
 
 
1,899,737
Consumer Staples Merchandise Retail-0.87%
Costco Wholesale Corp.
 
492
489,294
Dollar General Corp.
 
6,095
571,041
 
Shares
Value
Consumer Staples Merchandise Retail-(continued)
Dollar Tree, Inc.(c)
 
7,367
$602,400
Target Corp.
 
4,252
411,168
Walmart, Inc.
 
5,354
520,676
 
 
2,594,579
Copper-0.15%
Freeport-McMoRan, Inc.
 
12,403
446,880
Data Center REITs-0.32%
Digital Realty Trust, Inc.
 
3,008
482,904
Equinix, Inc.
 
534
459,641
 
 
942,545
Data Processing & Outsourced Services-0.17%
Broadridge Financial Solutions, Inc.
 
2,027
491,345
Distillers & Vintners-0.31%
Brown-Forman Corp., Class B(b)
 
13,339
464,731
Constellation Brands, Inc., Class A
 
2,481
465,287
 
 
930,018
Distributors-0.42%
Genuine Parts Co.
 
3,760
441,988
LKQ Corp.
 
10,724
409,764
Pool Corp.(b)
 
1,369
401,309
 
 
1,253,061
Diversified Banks-1.21%
Bank of America Corp.
 
11,430
455,829
Citigroup, Inc.
 
6,714
459,103
Fifth Third Bancorp
 
11,840
425,530
JPMorgan Chase & Co.
 
2,002
489,729
KeyCorp
 
29,470
437,335
PNC Financial Services Group, Inc. (The)
 
2,668
428,721
U.S. Bancorp
 
10,945
441,521
Wells Fargo & Co.
 
6,618
469,944
 
 
3,607,712
Diversified Financial Services-0.15%
Apollo Global Management, Inc.(b)
 
3,381
461,439
Diversified Support Services-0.35%
Cintas Corp.
 
2,373
502,317
Copart, Inc.(c)
 
8,601
524,919
 
 
1,027,236
Drug Retail-0.15%
Walgreens Boots Alliance, Inc.
 
40,731
446,819
Electric Utilities-2.71%
Alliant Energy Corp.
 
7,337
447,851
American Electric Power Co., Inc.
 
4,431
480,055
Constellation Energy Corp.
 
2,118
473,246
Duke Energy Corp.
 
3,911
477,220
Edison International
 
8,223
440,013
Entergy Corp.
 
5,520
459,098
Evergy, Inc.
 
6,881
475,477
Eversource Energy
 
7,673
456,390
Exelon Corp.
 
10,706
502,111
FirstEnergy Corp.
 
11,939
511,944
NextEra Energy, Inc.
 
6,256
418,401
NRG Energy, Inc.
 
4,933
540,558
PG&E Corp.
 
28,125
464,625
Pinnacle West Capital Corp.(b)
 
5,000
475,900
PPL Corp.
 
13,429
490,159
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Electric Utilities-(continued)
Southern Co. (The)
 
5,144
$472,682
Xcel Energy, Inc.(b)
 
6,626
468,458
 
 
8,054,188
Electrical Components & Equipment-0.89%
AMETEK, Inc.
 
2,574
436,499
Eaton Corp. PLC
 
1,562
459,806
Emerson Electric Co.
 
4,116
432,633
Generac Holdings, Inc.(c)
 
3,475
397,470
Hubbell, Inc.
 
1,363
495,014
Rockwell Automation, Inc.
 
1,741
431,211
 
 
2,652,633
Electronic Components-0.34%
Amphenol Corp., Class A
 
7,261
558,734
Corning, Inc.
 
10,048
445,930
 
 
1,004,664
Electronic Equipment & Instruments-0.58%
Keysight Technologies, Inc.(c)
 
3,042
442,307
Teledyne Technologies, Inc.(c)
 
940
438,068
Trimble, Inc.(c)
 
6,772
420,812
Zebra Technologies Corp., Class A(c)
 
1,634
409,023
 
 
1,710,210
Electronic Manufacturing Services-0.32%
Jabil, Inc.
 
3,402
498,597
TE Connectivity PLC (Switzerland)
 
3,186
466,367
 
 
964,964
Environmental & Facilities Services-0.66%
Republic Services, Inc.
 
1,978
495,983
Rollins, Inc.
 
9,023
515,484
Veralto Corp.
 
4,780
458,402
Waste Management, Inc.
 
2,047
477,688
 
 
1,947,557
Fertilizers & Agricultural Chemicals-0.51%
CF Industries Holdings, Inc.
 
5,870
460,032
Corteva, Inc.
 
7,732
479,306
Mosaic Co. (The)
 
18,477
561,701
 
 
1,501,039
Financial Exchanges & Data-1.43%
Cboe Global Markets, Inc.
 
2,188
485,298
CME Group, Inc., Class A
 
1,777
492,371
FactSet Research Systems, Inc.(b)
 
1,061
458,586
Intercontinental Exchange, Inc.
 
2,699
453,351
MarketAxess Holdings, Inc.
 
2,204
488,384
Moody’s Corp.
 
1,032
467,620
MSCI, Inc.
 
837
456,257
Nasdaq, Inc.
 
6,251
476,389
S&P Global, Inc.
 
954
477,048
 
 
4,255,304
Food Distributors-0.15%
Sysco Corp.
 
6,195
442,323
Food Retail-0.17%
Kroger Co. (The)
 
7,019
506,842
 
Shares
Value
Footwear-0.26%
Deckers Outdoor Corp.(c)
 
3,752
$415,834
NIKE, Inc., Class B
 
6,200
349,680
 
 
765,514
Gas Utilities-0.17%
Atmos Energy Corp.(b)
 
3,100
497,953
Gold-0.19%
Newmont Corp.
 
10,456
550,822
Health Care Distributors-0.66%
Cardinal Health, Inc.
 
3,597
508,220
Cencora, Inc.
 
1,796
525,635
Henry Schein, Inc.(c)
 
6,523
423,799
McKesson Corp.
 
712
507,507
 
 
1,965,161
Health Care Equipment-2.45%
Abbott Laboratories
 
3,502
457,886
Baxter International, Inc.
 
13,257
413,221
Becton, Dickinson and Co.
 
2,038
422,049
Boston Scientific Corp.(c)
 
4,731
486,678
DexCom, Inc.(c)
 
6,447
460,187
Edwards Lifesciences Corp.(c)
 
6,659
502,688
GE HealthCare Technologies, Inc.
 
5,444
382,876
Hologic, Inc.(c)
 
7,466
434,521
IDEXX Laboratories, Inc.(c)
 
1,106
478,511
Insulet Corp.(c)
 
1,837
463,457
Intuitive Surgical, Inc.(c)
 
917
472,989
Medtronic PLC
 
4,985
422,529
ResMed, Inc.
 
2,072
490,214
STERIS PLC
 
2,032
456,672
Stryker Corp.
 
1,254
468,896
Zimmer Biomet Holdings, Inc.
 
4,385
451,874
 
 
7,265,248
Health Care Facilities-0.33%
HCA Healthcare, Inc.
 
1,458
503,126
Universal Health Services, Inc., Class B
 
2,738
484,818
 
 
987,944
Health Care REITs-0.57%
Alexandria Real Estate Equities, Inc.(b)
 
4,630
336,416
Healthpeak Properties, Inc.
 
22,584
402,898
Ventas, Inc.
 
6,875
481,800
Welltower, Inc.
 
3,095
472,266
 
 
1,693,380
Health Care Services-0.80%
Cigna Group (The)
 
1,467
498,839
CVS Health Corp.
 
7,036
469,371
DaVita, Inc.(b)(c)
 
3,198
452,677
Labcorp Holdings, Inc.
 
1,926
464,185
Quest Diagnostics, Inc.(b)
 
2,741
488,501
 
 
2,373,573
Health Care Supplies-0.46%
Align Technology, Inc.(c)
 
2,772
480,388
Cooper Cos., Inc. (The)(c)
 
5,769
471,154
Solventum Corp.(c)
 
6,164
407,564
 
 
1,359,106
Heavy Electrical Equipment-0.19%
GE Vernova, Inc.
 
1,527
566,242
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Home Furnishings-0.14%
Mohawk Industries, Inc.(c)
 
4,022
$427,740
Home Improvement Retail-0.30%
Home Depot, Inc. (The)
 
1,251
450,973
Lowe’s Cos., Inc.
 
1,998
446,673
 
 
897,646
Homebuilding-0.59%
D.R. Horton, Inc.
 
3,545
447,875
Lennar Corp., Class A
 
3,836
416,628
NVR, Inc.(c)
 
62
441,797
PulteGroup, Inc.
 
4,406
451,967
 
 
1,758,267
Homefurnishing Retail-0.14%
Williams-Sonoma, Inc.
 
2,608
402,858
Hotel & Resort REITs-0.14%
Host Hotels & Resorts, Inc.
 
30,191
426,297
Hotels, Resorts & Cruise Lines-1.21%
Airbnb, Inc., Class A(c)
 
3,605
439,522
Booking Holdings, Inc.
 
104
530,325
Carnival Corp.(c)
 
23,394
429,046
Expedia Group, Inc.
 
2,807
440,502
Hilton Worldwide Holdings, Inc.
 
1,997
450,284
Marriott International, Inc., Class A
 
1,871
446,383
Norwegian Cruise Line Holdings Ltd.(c)
 
23,997
384,672
Royal Caribbean Cruises Ltd.
 
2,200
472,802
 
 
3,593,536
Household Products-0.74%
Church & Dwight Co., Inc.
 
4,184
415,639
Clorox Co. (The)
 
3,093
440,134
Colgate-Palmolive Co.
 
5,023
463,070
Kimberly-Clark Corp.
 
3,259
429,471
Procter & Gamble Co. (The)
 
2,709
440,402
 
 
2,188,716
Human Resource & Employment Services-0.65%
Automatic Data Processing, Inc.
 
1,551
466,231
Dayforce, Inc.(b)(c)
 
8,554
495,020
Paychex, Inc.
 
3,146
462,840
Paycom Software, Inc.(b)
 
2,209
500,095
 
 
1,924,186
Independent Power Producers & Energy Traders-0.29%
AES Corp. (The)
 
38,562
385,620
Vistra Corp.
 
3,742
485,075
 
 
870,695
Industrial Conglomerates-0.30%
3M Co.
 
3,036
421,731
Honeywell International, Inc.
 
2,211
465,415
 
 
887,146
Industrial Gases-0.30%
Air Products and Chemicals, Inc.
 
1,548
419,647
Linde PLC
 
1,011
458,216
 
 
877,863
Industrial Machinery & Supplies & Components-1.74%
Dover Corp.
 
2,510
428,331
Fortive Corp.
 
6,175
430,336
IDEX Corp.(b)
 
2,508
436,317
 
Shares
Value
Industrial Machinery & Supplies & Components-(continued)
Illinois Tool Works, Inc.
 
1,815
$435,437
Ingersoll Rand, Inc.
 
5,598
422,257
Nordson Corp.
 
2,228
422,362
Otis Worldwide Corp.
 
4,566
439,569
Parker-Hannifin Corp.
 
744
450,165
Pentair PLC
 
5,333
483,863
Snap-on, Inc.
 
1,401
439,648
Stanley Black & Decker, Inc.(b)
 
5,621
337,372
Xylem, Inc.
 
3,713
447,676
 
 
5,173,333
Industrial REITs-0.14%
Prologis, Inc.
 
3,942
402,872
Insurance Brokers-0.73%
Aon PLC, Class A
 
1,145
406,234
Arthur J. Gallagher & Co.
 
1,403
449,928
Brown & Brown, Inc.
 
3,890
430,234
Marsh & McLennan Cos., Inc.
 
1,985
447,558
Willis Towers Watson PLC
 
1,421
437,384
 
 
2,171,338
Integrated Oil & Gas-0.42%
Chevron Corp.
 
2,988
406,547
Exxon Mobil Corp.
 
4,180
441,534
Occidental Petroleum Corp.(b)
 
9,896
390,001
 
 
1,238,082
Integrated Telecommunication Services-0.32%
AT&T, Inc.
 
17,737
491,315
Verizon Communications, Inc.
 
10,711
471,927
 
 
963,242
Interactive Home Entertainment-0.34%
Electronic Arts, Inc.
 
3,351
486,197
Take-Two Interactive Software, Inc.(c)
 
2,222
518,437
 
 
1,004,634
Interactive Media & Services-0.43%
Alphabet, Inc., Class A
 
1,500
238,200
Alphabet, Inc., Class C
 
1,216
195,642
Match Group, Inc.
 
14,840
440,155
Meta Platforms, Inc., Class A
 
736
404,064
 
 
1,278,061
Internet Services & Infrastructure-0.50%
Akamai Technologies, Inc.(c)
 
5,727
461,482
GoDaddy, Inc., Class A(c)
 
2,617
492,860
VeriSign, Inc.(c)
 
1,936
546,184
 
 
1,500,526
Investment Banking & Brokerage-0.63%
Charles Schwab Corp. (The)
 
6,146
500,284
Goldman Sachs Group, Inc. (The)
 
852
466,513
Morgan Stanley
 
4,002
461,911
Raymond James Financial, Inc.
 
3,230
442,639
 
 
1,871,347
IT Consulting & Other Services-0.70%
Accenture PLC, Class A (Ireland)
 
1,407
420,904
Cognizant Technology Solutions Corp.,
Class A
 
5,739
422,218
EPAM Systems, Inc.(c)
 
2,411
378,310
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
IT Consulting & Other Services-(continued)
Gartner, Inc.(c)
 
992
$417,712
International Business Machines Corp.
 
1,827
441,805
 
 
2,080,949
Leisure Products-0.15%
Hasbro, Inc.
 
7,375
456,513
Life & Health Insurance-0.75%
Aflac, Inc.
 
4,358
473,627
Globe Life, Inc.
 
3,729
459,935
MetLife, Inc.
 
5,761
434,207
Principal Financial Group, Inc.
 
5,561
412,348
Prudential Financial, Inc.
 
4,300
441,653
 
 
2,221,770
Life Sciences Tools & Services-1.33%
Agilent Technologies, Inc.
 
3,806
409,526
Bio-Techne Corp.
 
7,573
381,300
Charles River Laboratories International,
Inc.(c)
 
2,674
317,190
Danaher Corp.
 
2,226
443,708
IQVIA Holdings, Inc.(c)
 
2,460
381,472
Mettler-Toledo International, Inc.(c)
 
375
401,464
Revvity, Inc.(b)
 
4,091
382,222
Thermo Fisher Scientific, Inc.
 
890
381,810
Waters Corp.(c)
 
1,223
425,274
West Pharmaceutical Services, Inc.
 
2,034
429,764
 
 
3,953,730
Managed Health Care-0.77%
Centene Corp.(c)
 
7,805
467,129
Elevance Health, Inc.
 
1,110
466,844
Humana, Inc.
 
1,831
480,161
Molina Healthcare, Inc.(c)
 
1,448
473,511
UnitedHealth Group, Inc.(b)
 
948
390,045
 
 
2,277,690
Metal, Glass & Plastic Containers-0.16%
Ball Corp.
 
8,898
462,162
Movies & Entertainment-0.79%
Live Nation Entertainment, Inc.(c)
 
3,711
491,522
Netflix, Inc.(c)
 
496
561,333
TKO Group Holdings, Inc.
 
3,098
504,695
Walt Disney Co. (The)
 
4,619
420,098
Warner Bros. Discovery, Inc.(c)
 
43,780
379,573
 
 
2,357,221
Multi-Family Residential REITs-0.91%
AvalonBay Communities, Inc.
 
2,172
456,076
Camden Property Trust
 
3,853
438,471
Equity Residential
 
6,614
464,700
Essex Property Trust, Inc.
 
1,558
434,916
Mid-America Apartment Communities, Inc.
 
2,820
450,213
UDR, Inc.
 
10,616
444,598
 
 
2,688,974
Multi-line Insurance-0.16%
American International Group, Inc.
 
5,675
462,626
Multi-Sector Holdings-0.16%
Berkshire Hathaway, Inc., Class B(c)
 
920
490,590
Multi-Utilities-1.61%
Ameren Corp.
 
4,681
464,542
 
Shares
Value
Multi-Utilities-(continued)
CenterPoint Energy, Inc.(b)
 
13,204
$512,051
CMS Energy Corp.
 
6,409
472,023
Consolidated Edison, Inc.
 
4,445
501,174
Dominion Energy, Inc.
 
8,492
461,795
DTE Energy Co.
 
3,473
475,801
NiSource, Inc.
 
11,685
457,000
Public Service Enterprise Group, Inc.
 
5,733
458,239
Sempra
 
6,616
491,370
WEC Energy Group, Inc.
 
4,355
476,960
 
 
4,770,955
Office REITs-0.15%
BXP, Inc.(b)
 
6,903
439,928
Oil & Gas Equipment & Services-0.38%
Baker Hughes Co., Class A
 
10,739
380,161
Halliburton Co.(b)
 
18,462
365,917
Schlumberger N.V.
 
11,390
378,717
 
 
1,124,795
Oil & Gas Exploration & Production-1.41%
APA Corp.
 
23,216
360,777
ConocoPhillips
 
4,667
415,923
Coterra Energy, Inc.
 
16,753
411,454
Devon Energy Corp.
 
13,128
399,223
Diamondback Energy, Inc.
 
3,113
410,947
EOG Resources, Inc.
 
3,671
405,021
EQT Corp.
 
9,319
460,731
Expand Energy Corp.
 
4,525
470,148
Hess Corp.
 
3,167
408,701
Texas Pacific Land Corp.(b)
 
338
435,638
 
 
4,178,563
Oil & Gas Refining & Marketing-0.42%
Marathon Petroleum Corp.
 
3,327
457,163
Phillips 66
 
3,680
382,941
Valero Energy Corp.
 
3,644
423,032
 
 
1,263,136
Oil & Gas Storage & Transportation-0.59%
Kinder Morgan, Inc.
 
17,202
452,413
ONEOK, Inc.
 
4,907
403,159
Targa Resources Corp.
 
2,439
416,825
Williams Cos., Inc. (The)
 
8,103
474,593
 
 
1,746,990
Other Specialized REITs-0.31%
Iron Mountain, Inc.
 
5,277
473,189
VICI Properties, Inc.(b)
 
14,216
455,196
 
 
928,385
Other Specialty Retail-0.33%
Tractor Supply Co.(b)
 
8,713
441,052
Ulta Beauty, Inc.(c)
 
1,386
548,357
 
 
989,409
Packaged Foods & Meats-1.83%
Conagra Brands, Inc.
 
17,607
435,069
General Mills, Inc.
 
7,599
431,167
Hershey Co. (The)(b)
 
2,669
446,230
Hormel Foods Corp.(b)
 
15,612
466,799
J.M. Smucker Co. (The)
 
4,109
477,753
Kellanova
 
5,544
458,877
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Packaged Foods & Meats-(continued)
Kraft Heinz Co. (The)
 
15,056
$438,130
Lamb Weston Holdings, Inc.
 
8,891
469,534
McCormick & Co., Inc.
 
5,594
428,836
Mondelez International, Inc., Class A
 
7,020
478,273
The Campbell’s Company(b)
 
11,825
431,139
Tyson Foods, Inc., Class A
 
7,585
464,505
 
 
5,426,312
Paper & Plastic Packaging Products & Materials-0.72%
Amcor PLC(b)
 
45,941
422,657
Avery Dennison Corp.(b)
 
2,576
440,780
International Paper Co.
 
9,010
411,577
Packaging Corp. of America
 
2,312
429,130
Smurfit WestRock PLC
 
10,309
433,184
 
 
2,137,328
Passenger Airlines-0.43%
Delta Air Lines, Inc.
 
10,070
419,214
Southwest Airlines Co.(b)
 
15,156
423,762
United Airlines Holdings, Inc.(c)
 
6,296
433,291
 
 
1,276,267
Passenger Ground Transportation-0.17%
Uber Technologies, Inc.(c)
 
6,407
519,031
Personal Care Products-0.30%
Estee Lauder Cos., Inc. (The), Class A
 
6,866
411,685
Kenvue, Inc.
 
19,774
466,667
 
 
878,352
Pharmaceuticals-1.02%
Bristol-Myers Squibb Co.
 
7,627
382,875
Eli Lilly and Co.
 
555
498,917
Johnson & Johnson
 
2,801
437,824
Merck & Co., Inc.
 
4,887
416,373
Pfizer, Inc.
 
17,744
433,131
Viatris, Inc.
 
49,371
415,704
Zoetis, Inc.
 
2,822
441,361
 
 
3,026,185
Property & Casualty Insurance-1.71%
Allstate Corp. (The)
 
2,301
456,495
Arch Capital Group Ltd.
 
5,117
464,010
Assurant, Inc.
 
2,263
436,171
Chubb Ltd.
 
1,606
459,444
Cincinnati Financial Corp.
 
3,259
453,685
Erie Indemnity Co., Class A(b)
 
1,089
390,537
Hartford Insurance Group, Inc. (The)
 
3,940
483,320
Loews Corp.
 
5,431
471,574
Progressive Corp. (The)
 
1,644
463,181
Travelers Cos., Inc. (The)
 
1,810
478,075
W.R. Berkley Corp.
 
7,412
531,366
 
 
5,087,858
Publishing-0.16%
News Corp., Class A
 
12,727
345,156
News Corp., Class B
 
3,761
118,171
 
 
463,327
Rail Transportation-0.43%
CSX Corp.
 
15,438
433,344
 
Shares
Value
Rail Transportation-(continued)
Norfolk Southern Corp.
 
1,975
$442,499
Union Pacific Corp.
 
1,921
414,283
 
 
1,290,126
Real Estate Services-0.30%
CBRE Group, Inc., Class A(c)
 
3,585
438,015
CoStar Group, Inc.(b)(c)
 
5,935
440,199
 
 
878,214
Regional Banks-0.74%
Citizens Financial Group, Inc.
 
11,272
415,824
Huntington Bancshares, Inc.
 
31,353
455,559
M&T Bank Corp.
 
2,651
450,034
Regions Financial Corp.
 
21,661
442,101
Truist Financial Corp.
 
11,451
439,031
 
 
2,202,549
Reinsurance-0.16%
Everest Group Ltd.
 
1,312
470,785
Research & Consulting Services-0.65%
Equifax, Inc.
 
1,906
495,808
Jacobs Solutions, Inc.
 
3,748
464,002
Leidos Holdings, Inc.
 
3,415
502,620
Verisk Analytics, Inc.
 
1,584
469,545
 
 
1,931,975
Restaurants-1.09%
Chipotle Mexican Grill, Inc.(b)(c)
 
9,115
460,490
Darden Restaurants, Inc.(b)
 
2,403
482,138
Domino’s Pizza, Inc.(b)
 
1,040
509,985
DoorDash, Inc., Class A(c)
 
2,430
468,723
McDonald’s Corp.
 
1,524
487,146
Starbucks Corp.
 
4,622
369,991
Yum! Brands, Inc.
 
2,955
444,550
 
 
3,223,023
Retail REITs-0.75%
Federal Realty Investment Trust
 
4,697
441,612
Kimco Realty Corp.
 
21,859
436,743
Realty Income Corp.
 
8,093
468,261
Regency Centers Corp.
 
6,336
457,333
Simon Property Group, Inc.
 
2,751
432,952
 
 
2,236,901
Self-Storage REITs-0.30%
Extra Space Storage, Inc.
 
3,057
447,912
Public Storage(b)
 
1,503
451,546
 
 
899,458
Semiconductor Materials & Equipment-0.71%
Applied Materials, Inc.
 
3,060
461,173
Enphase Energy, Inc.(c)
 
7,801
347,847
KLA Corp.
 
670
470,802
Lam Research Corp.
 
5,956
426,866
Teradyne, Inc.
 
5,259
390,270
 
 
2,096,958
Semiconductors-2.01%
Advanced Micro Devices, Inc.(c)
 
4,526
440,606
Analog Devices, Inc.
 
2,208
430,383
Broadcom, Inc.
 
2,349
452,112
First Solar, Inc.(b)(c)
 
3,353
421,874
Intel Corp.
 
22,059
443,386
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Shares
Value
Semiconductors-(continued)
Microchip Technology, Inc.
 
8,790
$405,043
Micron Technology, Inc.(b)
 
4,770
367,052
Monolithic Power Systems, Inc.(b)
 
782
463,804
NVIDIA Corp.
 
3,942
429,363
NXP Semiconductors N.V. (Netherlands)
 
2,231
411,196
ON Semiconductor Corp.(c)
 
10,646
422,646
QUALCOMM, Inc.
 
2,986
443,302
Skyworks Solutions, Inc.(b)
 
6,723
432,154
Texas Instruments, Inc.
 
2,596
415,490
 
 
5,978,411
Single-Family Residential REITs-0.16%
Invitation Homes, Inc.
 
13,782
471,207
Soft Drinks & Non-alcoholic Beverages-0.63%
Coca-Cola Co. (The)
 
6,523
473,244
Keurig Dr Pepper, Inc.
 
13,904
480,939
Monster Beverage Corp.(c)
 
8,386
504,166
PepsiCo, Inc.
 
3,079
417,451
 
 
1,875,800
Specialty Chemicals-0.99%
Albemarle Corp.(b)
 
6,265
366,816
DuPont de Nemours, Inc.
 
6,042
398,711
Eastman Chemical Co.
 
4,937
380,149
Ecolab, Inc.
 
1,788
449,557
International Flavors & Fragrances, Inc.
 
5,735
449,968
PPG Industries, Inc.
 
4,111
447,523
Sherwin-Williams Co. (The)
 
1,304
460,208
 
 
2,952,932
Steel-0.30%
Nucor Corp.
 
3,486
416,124
Steel Dynamics, Inc.
 
3,693
479,019
 
 
895,143
Systems Software-1.14%
CrowdStrike Holdings, Inc., Class A(c)
 
1,316
564,393
Fortinet, Inc.(c)
 
4,658
483,314
Gen Digital, Inc.(b)
 
17,086
442,015
Microsoft Corp.
 
1,190
470,359
Oracle Corp.
 
3,023
425,397
Palo Alto Networks, Inc.(c)
 
2,542
475,176
ServiceNow, Inc.(c)
 
541
516,660
 
 
3,377,314
Technology Distributors-0.15%
CDW Corp.
 
2,737
439,453
Technology Hardware, Storage & Peripherals-1.19%
Apple, Inc.
 
2,102
446,675
Dell Technologies, Inc., Class C
 
4,823
442,558
Hewlett Packard Enterprise Co.
 
30,231
490,347
HP, Inc.
 
16,024
409,734
NetApp, Inc.
 
4,986
447,494
Seagate Technology Holdings PLC
 
5,260
478,818
Super Micro Computer, Inc.(b)(c)
 
10,741
342,208
Western Digital Corp.(b)(c)
 
10,619
465,749
 
 
3,523,583
Telecom Tower REITs-0.51%
American Tower Corp.
 
2,207
497,480
 
Shares
Value
Telecom Tower REITs-(continued)
Crown Castle, Inc.
 
4,787
$506,273
SBA Communications Corp., Class A
 
2,107
512,844
 
 
1,516,597
Timber REITs-0.14%
Weyerhaeuser Co.
 
15,586
403,833
Tobacco-0.33%
Altria Group, Inc.
 
7,891
466,753
Philip Morris International, Inc.
 
3,015
516,650
 
 
983,403
Trading Companies & Distributors-0.49%
Fastenal Co.
 
6,003
486,063
United Rentals, Inc.
 
749
472,956
W.W. Grainger, Inc.
 
471
482,450
 
 
1,441,469
Transaction & Payment Processing Services-1.21%
Corpay, Inc.(c)
 
1,366
444,456
Fidelity National Information Services, Inc.
 
6,697
528,259
Fiserv, Inc.(c)
 
2,159
398,487
Global Payments, Inc.
 
4,911
374,758
Jack Henry & Associates, Inc.(b)
 
2,635
456,988
Mastercard, Inc., Class A
 
870
476,812
PayPal Holdings, Inc.(c)
 
6,648
437,704
Visa, Inc., Class A
 
1,371
473,681
 
 
3,591,145
Water Utilities-0.16%
American Water Works Co., Inc.
 
3,239
476,165
Wireless Telecommunication Services-0.15%
T-Mobile US, Inc.
 
1,785
440,806
Total Common Stocks & Other Equity Interests
(Cost $228,618,720)
226,173,854
 
 
Principal
Amount
 
Equity Linked Notes-4.78%
 
 
 
Diversified Banks-4.27%
 
 
 
BNP Paribas Issuance B.V. (Invesco S&P 500
Equal Weight ETF), 177.68%,
05/13/2025(e)
 
$1,108,000
1,107,914
BNP Paribas Issuance B.V. (Invesco S&P 500
Equal Weight ETF), 245.99%,
05/20/2025(e)
 
986,000
929,355
Canadian Imperial Bank of Commerce
(Invesco S&P 500 Equal Weight ETF),
177.75%, 05/15/2025
 
780,000
760,131
Canadian Imperial Bank of Commerce
(Invesco S&P 500 Equal Weight ETF),
173.00%, 05/19/2025
 
625,000
607,804
Citigroup Global Markets Holdings, Inc.
(Invesco S&P 500 Equal Weight ETF),
163.88%, 05/08/2025(e)
 
762,000
762,384
Citigroup Global Markets Holdings, Inc.
(Invesco S&P 500 Equal Weight ETF),
160.89%, 05/09/2025(e)
 
762,000
760,026
J.P. Morgan Chase & Co. (Invesco S&P 500
Equal Weight ETF), 0.00%, 05/14/2025(f)
 
770,000
750,827
J.P. Morgan Chase & Co. (Invesco S&P 500
Equal Weight ETF), 0.00%, 05/23/2025(f)
 
1,025,000
1,056,742
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
 
Principal
Amount
Value
Diversified Banks-(continued)
 
 
 
Mizuho Markets Cayman L.P. (Invesco
S&P 500 Equal Weight ETF), 194.40%,
05/06/2025(e)
 
$1,193,000
$1,034,775
Mizuho Markets Cayman L.P. (Invesco
S&P 500 Equal Weight ETF), 137.70%,
05/07/2025(e)
 
1,252,000
1,279,639
Royal Bank of Canada (Invesco S&P 500
Equal Weight ETF), 209.76%,
05/21/2025(e)
 
470,000
470,031
Societe Generale S.A. (Invesco S&P 500
Equal Weight ETF), 206.30%,
05/28/2025(e)
 
562,000
562,717
Toronto-Dominion Bank (The) (Invesco
S&P 500 Equal Weight ETF), 172.00%,
05/27/2025(e)
 
647,000
638,568
Toronto-Dominion Bank (The) (Invesco
S&P 500 Equal Weight ETF), 170.00%,
05/29/2025(e)
 
412,000
407,634
Wells Fargo Bank N.A. (Invesco S&P 500
Equal Weight ETF), 242.80%,
05/16/2025(e)
 
975,000
933,678
Wells Fargo Bank N.A. (Invesco S&P 500
Equal Weight ETF), 209.44%,
05/22/2025(e)
 
603,000
606,724
 
 
12,668,949
Diversified Capital Markets-0.51%
 
 
 
UBS AG (Invesco S&P 500 Equal Weight ETF),
191.70%, 05/12/2025(e)
 
1,507,000
1,518,911
Total Equity Linked Notes
(Cost $14,439,000)
14,187,860
 
Shares
Value
Money Market Funds-19.23%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(d)(g)
(Cost $57,102,317)
 
57,102,317
$57,102,317
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.18%
(Cost $300,160,037)
297,464,031
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.78%
Invesco Private Government Fund,
4.32%(d)(g)(h)
 
5,893,972
5,893,972
Invesco Private Prime Fund, 4.46%(d)(g)(h)
 
14,227,591
14,230,437
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $20,124,796)
20,124,409
TOTAL INVESTMENTS IN SECURITIES-106.96%
(Cost $320,284,833)
317,588,440
OTHER ASSETS LESS LIABILITIES-(6.96)%
(20,664,777
)
NET ASSETS-100.00%
$296,923,663
 
Investment Abbreviations:
ETF
-Exchange-Traded Fund
REIT
-Real Estate Investment Trust
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
All or a portion of this security was out on loan at April 30, 2025.
(c)
Non-income producing security.
(d)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Invesco Ltd.
$439,777
$147,680
$(80,011
)
$(88,473
)
$(2,271
)
$416,702
$10,046
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$50,749,067
$30,838,256
$(81,587,323
)
$-
$-
$-
$899,892
Invesco Premier
U.S. Government Money
Portfolio, Institutional
Class
-
64,010,827
(6,908,510
)
-
-
57,102,317
177,432
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
1,891,489
34,278,023
(30,275,540
)
-
-
5,893,972
92,035
*
Invesco Private Prime
Fund
4,915,419
68,872,491
(59,556,124
)
(204
)
(1,145
)
14,230,437
239,913
*
Total
$57,995,752
$198,147,277
$(178,407,508
)
$(88,677
)
$(3,416
)
$77,643,428
$1,419,318
 
*
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)
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, 2025 was $11,012,356, which represented 3.71% of the Fund’s Net Assets.
(f)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(g)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(h)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return
of the securities loaned. See Note 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49
Invesco Short Duration Total Return Bond ETF (GTOS)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-73.88%
Advertising-0.24%
Lamar Media Corp., 4.88%, 01/15/2029
$
25,000
$24,296
Aerospace & Defense-1.30%
Boeing Co. (The)
 
6.26%, 05/01/2027
 
9,000
9,274
6.30%, 05/01/2029
 
12,000
12,626
L3Harris Technologies, Inc., 5.40%, 01/15/2027
 
14,000
14,228
RTX Corp.
 
5.00%, 02/27/2026
 
9,000
9,037
5.75%, 11/08/2026
 
22,000
22,431
TransDigm, Inc.
 
6.75%, 08/15/2028(b)
 
12,000
12,256
6.38%, 03/01/2029(b)
 
49,000
49,978
 
 
129,830
Agricultural & Farm Machinery-0.40%
AGCO Corp., 5.45%, 03/21/2027
 
2,000
2,018
CNH Industrial Capital LLC
 
5.45%, 10/14/2025
 
28,000
28,116
4.75%, 03/21/2028
 
10,000
10,050
 
 
40,184
Apparel Retail-0.06%
Gap, Inc. (The), 3.63%, 10/01/2029(b)
 
7,000
6,338
Application Software-0.84%
Intuit, Inc.
 
5.25%, 09/15/2026
 
11,000
11,162
5.13%, 09/15/2028
 
28,000
28,973
Roper Technologies, Inc., 4.50%, 10/15/2029
 
16,000
15,937
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)
 
15,000
14,940
Synopsys, Inc., 4.85%, 04/01/2030
 
13,000
13,147
 
 
84,159
Asset Management & Custody Banks-1.34%
Bank of New York Mellon Corp. (The), 4.98%,
03/14/2030(c)(d)
 
4,000
4,091
Blackstone Secured Lending Fund, 5.88%,
11/15/2027
 
10,000
10,129
New Mountain Finance Corp., 6.20%,
10/15/2027
 
13,000
12,997
State Street Corp.
 
4.99%, 03/18/2027
 
13,000
13,202
4.54%, 02/28/2028
 
45,000
45,481
5.33% (SOFR + 0.95%), 04/24/2028(e)
 
22,000
22,051
4.53%, 02/20/2029(d)
 
13,000
13,074
5.68%, 11/21/2029(c)(d)
 
12,000
12,499
 
 
133,524
Automobile Manufacturers-4.78%
Allison Transmission, Inc., 4.75%,
10/01/2027(b)
 
50,000
49,122
American Honda Finance Corp., 5.80%,
10/03/2025
 
34,000
34,176
Daimler Truck Finance North America LLC
(Germany), 4.95%, 01/13/2028(b)
 
35,000
35,280
Ford Motor Credit Co. LLC
 
7.32% (SOFR + 2.95%), 03/06/2026(e)
 
200,000
201,097
5.85%, 05/17/2027
 
50,000
49,791
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Hyundai Capital America
 
5.80%, 06/26/2025(b)
$
22,000
$22,024
5.50%, 03/30/2026(b)
 
9,000
9,053
5.65%, 06/26/2026(b)
 
13,000
13,140
5.30%, 03/19/2027(b)
 
11,000
11,105
5.00%, 01/07/2028(b)
 
24,000
24,072
5.30%, 01/08/2030(b)
 
10,000
10,096
Toyota Motor Credit Corp.
 
4.55%, 08/07/2026
 
10,000
10,043
4.55%, 08/09/2029
 
8,000
8,054
 
 
477,053
Automotive Parts & Equipment-0.27%
Clarios Global L.P./Clarios US Finance Co.,
6.75%, 02/15/2030(b)
 
2,000
2,037
PHINIA, Inc., 6.75%, 04/15/2029(b)
 
25,000
25,298
 
 
27,335
Automotive Retail-1.14%
Advance Auto Parts, Inc., 5.90%, 03/09/2026
 
30,000
29,803
Asbury Automotive Group, Inc., 4.50%,
03/01/2028
 
50,000
48,447
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)
 
25,000
23,790
O’Reilly Automotive, Inc., 5.75%, 11/20/2026
 
11,000
11,215
 
 
113,255
Biotechnology-0.23%
AbbVie, Inc.
 
4.80%, 03/15/2027
 
13,000
13,172
4.80%, 03/15/2029
 
10,000
10,202
 
 
23,374
Broadline Retail-0.24%
Macy’s Retail Holdings LLC, 5.88%,
04/01/2029(b)
 
25,000
23,743
Cable & Satellite-1.14%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026(b)
 
99,000
98,952
Charter Communications Operating LLC/Charter
Communications Operating Capital Corp.,
6.15%, 11/10/2026
 
14,000
14,275
 
 
113,227
Cargo Ground Transportation-0.63%
Penske Truck Leasing Co. L.P./PTL Finance Corp.
 
5.75%, 05/24/2026(b)
 
14,000
14,154
5.35%, 01/12/2027(b)
 
3,000
3,035
4.40%, 07/01/2027(b)
 
17,000
16,939
6.05%, 08/01/2028(b)
 
10,000
10,405
Ryder System, Inc.
 
5.30%, 03/15/2027
 
11,000
11,162
4.90%, 12/01/2029
 
7,000
7,024
 
 
62,719
Construction Machinery & Heavy Transportation Equipment-0.24%
Caterpillar Financial Services Corp., 5.15%,
08/11/2025
 
24,000
24,035
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Consumer Finance-1.07%
American Express Co.
 
5.65%, 04/23/2027(d)
$
14,000
$14,150
4.73%, 04/25/2029(c)(d)
 
35,000
35,330
5.64% (SOFR + 1.26%), 04/25/2029(e)
 
29,000
29,153
Capital One Financial Corp., 7.15%,
10/29/2027(d)
 
10,000
10,351
General Motors Financial Co., Inc., 5.40%,
04/06/2026
 
18,000
18,041
 
 
107,025
Consumer Staples Merchandise Retail-0.24%
Walmart, Inc., 4.81% (SOFR + 0.43%),
04/28/2027(e)
 
24,000
24,043
Distributors-0.12%
Genuine Parts Co., 6.50%, 11/01/2028
 
11,000
11,649
Diversified Banks-18.73%
Bank of America Corp., 5.82%, 09/15/2029(d)
 
11,000
11,461
Bank of America N.A.
 
5.65%, 08/18/2025
 
68,000
68,171
5.53%, 08/18/2026
 
68,000
69,136
Bank of Montreal (Canada), 5.92%, 09/25/2025
 
41,000
41,217
Barclays PLC (United Kingdom), 7.33%,
11/02/2026(d)
 
200,000
202,269
Citigroup, Inc.
 
5.61%, 09/29/2026(d)
 
66,000
66,232
4.79%, 03/04/2029(d)
 
45,000
45,230
4.54%, 09/19/2030(d)
 
17,000
16,832
Fifth Third Bancorp, 6.34%, 07/27/2029(c)(d)
 
4,000
4,196
Goldman Sachs Bank USA, 5.28%,
03/18/2027(d)
 
44,000
44,302
JPMorgan Chase & Co.
 
6.07%, 10/22/2027(d)
 
17,000
17,431
5.04%, 01/23/2028(d)
 
11,000
11,109
5.57%, 04/22/2028(d)
 
12,000
12,275
4.98%, 07/22/2028(d)
 
42,000
42,496
4.51%, 10/22/2028(d)
 
23,000
23,070
6.09%, 10/23/2029(d)
 
11,000
11,565
Series CC, 7.12% (3 mo. Term SOFR +
2.84%)(c)(e)(f)
 
66,000
65,975
Macquarie Bank Ltd. (Australia), 5.39%,
12/07/2026(b)
 
13,000
13,234
Manufacturers & Traders Trust Co., 4.65%,
01/27/2026
 
100,000
99,961
Morgan Stanley Bank N.A., 5.88%, 10/30/2026
 
250,000
256,075
NatWest Group PLC (United Kingdom), 7.47%,
11/10/2026(d)
 
200,000
202,794
PNC Financial Services Group, Inc. (The)
 
5.81%, 06/12/2026(d)
 
12,000
12,011
6.62%, 10/20/2027(d)
 
11,000
11,332
Royal Bank of Canada (Canada), 4.88%,
01/19/2027
 
11,000
11,138
Toronto-Dominion Bank (The) (Canada), 4.99%
(SOFR + 0.62%), 12/17/2026(e)
 
60,000
59,883
U.S. Bancorp, 6.79%, 10/26/2027(d)
 
45,000
46,524
UBS AG (Switzerland), 5.80%, 09/11/2025
 
200,000
200,787
 
Principal
Amount
Value
Diversified Banks-(continued)
Wells Fargo & Co.
 
5.71%, 04/22/2028(d)
$
10,000
$10,225
4.97%, 04/23/2029(d)
 
22,000
22,281
5.75% (SOFR + 1.37%), 04/23/2029(e)
 
13,000
13,091
5.57%, 07/25/2029(d)
 
13,000
13,378
6.30%, 10/23/2029(d)
 
13,000
13,723
7.63%(c)(d)(f)
 
13,000
13,718
Wells Fargo Bank N.A.
 
5.55%, 08/01/2025
 
47,000
47,078
5.45%, 08/07/2026
 
28,000
28,407
Westpac Banking Corp. (Australia), 4.84% (SOFR
+ 0.46%), 10/20/2026(e)
 
41,000
41,007
 
 
1,869,614
Diversified Financial Services-3.36%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)
 
6.50%, 07/15/2025
 
150,000
150,229
6.10%, 01/15/2027
 
150,000
153,259
LPL Holdings, Inc.
 
5.70%, 05/20/2027
 
9,000
9,177
6.75%, 11/17/2028(c)
 
10,000
10,633
Macquarie Airfinance Holdings Ltd. (United
Kingdom), 5.15%, 03/17/2030(b)
 
12,000
11,788
 
 
335,086
Diversified Metals & Mining-0.61%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2026
 
24,000
24,339
Glencore Funding LLC (Australia)
 
4.91%, 04/01/2028(b)
 
4,000
4,041
5.37%, 04/04/2029(b)
 
12,000
12,239
Rio Tinto Finance (USA) PLC (Australia)
 
4.38%, 03/12/2027(c)
 
14,000
14,077
4.50%, 03/14/2028
 
6,000
6,053
 
 
60,749
Diversified Support Services-0.84%
Element Fleet Management Corp. (Canada),
5.04%, 03/25/2030(b)
 
55,000
54,768
RB Global Holdings, Inc. (Canada), 6.75%,
03/15/2028(b)
 
28,000
28,584
 
 
83,352
Electric Utilities-3.88%
Duke Energy Corp.
 
5.00%, 12/08/2025(c)
 
47,000
47,189
4.85%, 01/05/2027
 
13,000
13,129
4.85%, 01/05/2029
 
4,000
4,056
Exelon Corp.
 
5.15%, 03/15/2029
 
8,000
8,182
5.13%, 03/15/2031
 
15,000
15,276
FirstEnergy Transmission LLC, 4.55%,
01/15/2030
 
14,000
13,870
Georgia Power Co., 5.11% (SOFR + 0.75%),
05/08/2025(e)
 
28,000
28,002
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Electric Utilities-(continued)
National Rural Utilities Cooperative Finance Corp.
 
5.60%, 11/13/2026
$
12,000
$12,237
5.18% (SOFR + 0.80%), 02/05/2027(e)
 
50,000
50,005
4.12%, 09/16/2027
 
22,000
22,017
4.85%, 02/07/2029
 
9,000
9,137
NextEra Energy Capital Holdings, Inc.
 
5.75%, 09/01/2025
 
42,000
42,134
4.95%, 01/29/2026
 
30,000
30,069
Oncor Electric Delivery Co. LLC, 4.65%,
11/01/2029
 
9,000
9,087
PacifiCorp, 5.10%, 02/15/2029
 
10,000
10,204
Vistra Operations Co. LLC
 
5.05%, 12/30/2026(b)
 
10,000
10,051
5.63%, 02/15/2027(b)
 
25,000
25,005
Wisconsin Public Service Corp., 5.35%,
11/10/2025
 
34,000
34,155
Xcel Energy, Inc., 4.75%, 03/21/2028
 
3,000
3,025
 
 
386,830
Electrical Components & Equipment-1.11%
EnerSys, 4.38%, 12/15/2027(b)
 
9,000
8,737
Regal Rexnord Corp., 6.05%, 02/15/2026
 
53,000
53,316
Vertiv Group Corp., 4.13%, 11/15/2028(b)
 
50,000
48,347
 
 
110,400
Electronic Equipment & Instruments-0.16%
Keysight Technologies, Inc., 5.35%, 07/30/2030
 
15,000
15,404
Environmental & Facilities Services-0.53%
Veralto Corp.
 
5.50%, 09/18/2026
 
41,000
41,596
5.35%, 09/18/2028
 
11,000
11,356
 
 
52,952
Financial Exchanges & Data-0.10%
Nasdaq, Inc., 5.65%, 06/28/2025
 
10,000
10,013
Health Care Equipment-0.72%
Smith & Nephew PLC (United Kingdom), 5.15%,
03/20/2027
 
7,000
7,086
Stryker Corp.
 
4.55%, 02/10/2027
 
28,000
28,155
4.70%, 02/10/2028
 
36,000
36,431
 
 
71,672
Health Care Facilities-0.20%
HCA, Inc., 5.00%, 03/01/2028(c)
 
20,000
20,234
Health Care Services-0.58%
CVS Health Corp., 7.00%, 03/10/2055(d)
 
57,000
57,801
Health Care Supplies-0.66%
Solventum Corp.
 
5.45%, 02/25/2027
 
10,000
10,151
5.40%, 03/01/2029
 
55,000
56,114
 
 
66,265
Hotels, Resorts & Cruise Lines-1.26%
Carnival Corp., 5.75%, 03/15/2030(b)(c)
 
40,000
39,747
Hilton Domestic Operating Co., Inc.
 
5.75%, 05/01/2028(b)
 
25,000
25,036
5.88%, 04/01/2029(b)
 
24,000
24,268
 
Principal
Amount
Value
Hotels, Resorts & Cruise Lines-(continued)
Marriott International, Inc.
 
4.88%, 05/15/2029(c)
$
4,000
$4,036
4.80%, 03/15/2030
 
8,000
8,012
Royal Caribbean Cruises Ltd., 5.50%,
04/01/2028(b)
 
25,000
24,993
 
 
126,092
Housewares & Specialties-0.07%
Newell Brands, Inc., 6.38%, 05/15/2030
 
8,000
7,302
Independent Power Producers & Energy Traders-0.25%
Clearway Energy Operating LLC, 4.75%,
03/15/2028(b)
 
25,000
24,455
Industrial Machinery & Supplies & Components-0.44%
ESAB Corp., 6.25%, 04/15/2029(b)
 
25,000
25,397
Ingersoll Rand, Inc., 5.20%, 06/15/2027
 
9,000
9,135
Nordson Corp., 5.60%, 09/15/2028
 
9,000
9,290
 
 
43,822
Industrial REITs-0.06%
LXP Industrial Trust, 6.75%, 11/15/2028
 
6,000
6,381
Insurance Brokers-0.13%
Arthur J. Gallagher & Co., 4.60%, 12/15/2027
 
13,000
13,105
Integrated Oil & Gas-1.64%
Chevron USA, Inc.
 
4.73% (SOFR + 0.36%), 02/26/2027(e)
 
62,000
61,883
4.84% (SOFR + 0.47%), 02/26/2028(c)(e)
 
37,000
37,037
Occidental Petroleum Corp.
 
5.00%, 08/01/2027
 
11,000
11,003
5.20%, 08/01/2029
 
3,000
2,959
Petroleos Mexicanos (Mexico), 6.88%,
10/16/2025
 
51,000
50,852
 
 
163,734
Integrated Telecommunication Services-0.09%
T-Mobile USA, Inc., 4.95%, 03/15/2028
 
9,000
9,147
Interactive Media & Services-0.34%
Match Group Holdings II LLC, 5.00%,
12/15/2027(b)
 
25,000
24,615
Meta Platforms, Inc., 4.30%, 08/15/2029
 
9,000
9,087
 
 
33,702
Investment Banking & Brokerage-1.34%
Charles Schwab Corp. (The), 5.88%,
08/24/2026
 
41,000
41,810
Goldman Sachs Group, Inc. (The)
 
4.94%, 04/23/2028(d)
 
36,000
36,338
5.67% (SOFR + 1.29%), 04/23/2028(e)
 
37,000
37,142
Morgan Stanley
 
5.65%, 04/13/2028(d)
 
10,000
10,214
5.45%, 07/20/2029(d)
 
8,000
8,214
 
 
133,718
Life & Health Insurance-3.46%
Athene Global Funding
 
5.62%, 05/08/2026(b)
 
29,000
29,299
4.86%, 08/27/2026(b)
 
33,000
33,142
5.52%, 03/25/2027(b)
 
11,000
11,180
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Life & Health Insurance-(continued)
Corebridge Global Funding
 
5.68% (SOFR + 1.30%), 09/25/2026(b)(e)
$
13,000
$13,097
4.65%, 08/20/2027(b)
 
16,000
16,095
5.90%, 09/19/2028(b)
 
9,000
9,401
5.20%, 06/24/2029(b)
 
10,000
10,177
Pacific Life Global Funding II
 
5.43% (SOFR + 1.05%), 07/28/2026(b)(e)
 
13,000
13,088
5.50%, 08/28/2026(b)
 
26,000
26,443
4.50%, 08/28/2029(b)
 
33,000
33,077
Protective Life Global Funding, 5.37%,
01/06/2026(b)
 
150,000
150,757
 
 
345,756
Managed Health Care-0.36%
Elevance Health, Inc., 5.35%, 10/15/2025(c)
 
33,000
33,080
UnitedHealth Group, Inc., 4.75%, 07/15/2026
 
3,000
3,024
 
 
36,104
Metal, Glass & Plastic Containers-0.26%
Ball Corp., 6.88%, 03/15/2028
 
25,000
25,628
Multi-Family Residential REITs-0.45%
Camden Property Trust, 5.85%, 11/03/2026
 
44,000
44,925
Multi-Utilities-0.58%
Algonquin Power & Utilities Corp. (Canada),
5.37%, 06/15/2026
 
18,000
18,122
DTE Energy Co., 4.95%, 07/01/2027
 
7,000
7,073
Sempra, 6.63%, 04/01/2055(d)
 
34,000
32,236
 
 
57,431
Office REITs-0.15%
Brandywine Operating Partnership L.P., 8.88%,
04/12/2029
 
14,000
14,698
Oil & Gas Exploration & Production-1.63%
Diamondback Energy, Inc.
 
5.20%, 04/18/2027
 
10,000
10,145
5.15%, 01/30/2030
 
26,000
26,394
EQT Corp., 6.50%, 07/01/2027(b)
 
47,000
47,809
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%,
02/01/2029(b)
 
25,000
23,432
Pioneer Natural Resources Co., 5.10%,
03/29/2026
 
10,000
10,063
Transocean Titan Financing Ltd., 8.38%,
02/01/2028(b)
 
45,238
44,855
 
 
162,698
Oil & Gas Storage & Transportation-2.78%
Columbia Pipelines Holding Co. LLC, 6.06%,
08/15/2026(b)
 
5,000
5,072
Energy Transfer L.P., 6.05%, 12/01/2026
 
62,000
63,265
Kinder Morgan, Inc., 5.10%, 08/01/2029
 
13,000
13,204
ONEOK, Inc.
 
5.85%, 01/15/2026
 
30,000
30,153
5.55%, 11/01/2026
 
6,000
6,075
4.25%, 09/24/2027
 
33,000
32,818
Plains All American Pipeline L.P., Series B, 8.70%
(3 mo. Term SOFR + 4.37%)(e)(f)
 
24,000
23,732
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
South Bow USA Infrastructure Holdings LLC
(Canada)
 
4.91%, 09/01/2027(b)
$
24,000
$24,129
5.03%, 10/01/2029(b)
 
14,000
13,892
Transcanada Trust (Canada), 5.63%,
05/20/2075(d)
 
16,000
15,972
Venture Global LNG, Inc., 7.00%, 01/15/2030(b)
 
30,000
28,284
Williams Cos., Inc. (The), 4.80%, 11/15/2029
 
21,000
21,145
 
 
277,741
Packaged Foods & Meats-1.24%
Lamb Weston Holdings, Inc., 4.13%,
01/31/2030(b)
 
15,000
14,089
Mars, Inc.
 
4.45%, 03/01/2027(b)
 
40,000
40,260
4.60%, 03/01/2028(b)
 
44,000
44,486
4.80%, 03/01/2030(b)
 
15,000
15,189
The Campbell’s Company, 5.30%, 03/20/2026
 
10,000
10,060
 
 
124,084
Paper & Plastic Packaging Products & Materials-1.07%
Cascades, Inc./Cascades USA, Inc. (Canada),
5.13%, 01/15/2026(b)
 
50,000
49,774
Sealed Air Corp.
 
6.13%, 02/01/2028(b)
 
25,000
25,207
7.25%, 02/15/2031(b)
 
30,000
31,278
 
 
106,259
Passenger Airlines-0.07%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%,
10/20/2025(b)
 
6,730
6,669
Personal Care Products-0.25%
Coty, Inc./HFC Prestige Products, Inc./HFC
Prestige International US LLC, 4.75%,
01/15/2029(b)(c)
 
19,000
18,297
Kenvue, Inc., 5.35%, 03/22/2026
 
7,000
7,056
 
 
25,353
Pharmaceuticals-1.01%
AstraZeneca Finance LLC (United Kingdom)
 
4.80%, 02/26/2027
 
12,000
12,167
4.85%, 02/26/2029
 
28,000
28,629
Bristol-Myers Squibb Co., 4.95%, 02/20/2026
 
12,000
12,068
Johnson & Johnson, 4.70%, 03/01/2030
 
9,000
9,254
Novartis Capital Corp., 3.80%, 09/18/2029
 
9,000
8,896
Zoetis, Inc., 5.40%, 11/14/2025
 
30,000
30,112
 
 
101,126
Real Estate Development-0.70%
Piedmont Operating Partnership L.P., 9.25%,
07/20/2028
 
64,000
69,348
Regional Banks-0.33%
Santander Holdings USA, Inc., 6.12%,
05/31/2027(d)
 
12,000
12,133
Synovus Financial Corp., 5.20%, 08/11/2025
 
21,000
20,985
 
 
33,118
Restaurants-0.88%
Raising Cane’s Restaurants LLC, 9.38%,
05/01/2029(b)
 
83,000
88,063
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Retail REITs-0.12%
Realty Income Corp., 5.05%, 01/13/2026
$
12,000
$11,992
Self-Storage REITs-0.52%
Public Storage Operating Co.
 
5.08% (SOFR + 0.70%), 04/16/2027(e)
 
42,000
41,773
5.13%, 01/15/2029(c)
 
10,000
10,327
 
 
52,100
Semiconductors-0.35%
Broadcom, Inc.
 
5.05%, 07/12/2027
 
13,000
13,208
4.15%, 02/15/2028
 
22,000
21,922
 
 
35,130
Soft Drinks & Non-alcoholic Beverages-0.47%
Keurig Dr Pepper, Inc., 4.97% (SOFR + 0.58%),
11/15/2026(e)
 
47,000
47,042
Sovereign Debt-1.75%
Romanian Government International Bond
(Romania)
 
6.63%, 02/17/2028(b)
 
128,000
131,133
5.88%, 01/30/2029(b)
 
44,000
43,626
 
 
174,759
Specialty Chemicals-0.28%
Wayfair LLC, 7.25%, 10/31/2029(b)
 
30,000
27,477
Steel-0.49%
Cleveland-Cliffs, Inc., 6.88%, 11/01/2029(b)
 
50,000
48,484
Systems Software-1.24%
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029
 
25,000
23,214
Oracle Corp., 5.80%, 11/10/2025
 
100,000
100,687
 
 
123,901
Telecom Tower REITs-0.49%
SBA Communications Corp., 3.88%,
02/15/2027
 
50,000
48,956
Tobacco-0.19%
Altria Group, Inc., 4.88%, 02/04/2028
 
11,000
11,131
Philip Morris International, Inc.
 
4.38%, 11/01/2027
 
5,000
5,024
5.25%, 09/07/2028
 
3,000
3,093
 
 
19,248
Trading Companies & Distributors-0.19%
Air Lease Corp.
 
3.38%, 07/01/2025
 
15,000
14,963
Series B, 4.65%(d)(f)
 
4,000
3,884
 
 
18,847
Transaction & Payment Processing Services-1.19%
Block, Inc., 2.75%, 06/01/2026
 
50,000
48,844
Fiserv, Inc., 5.15%, 03/15/2027
 
69,000
69,834
 
 
118,678
Total U.S. Dollar Denominated Bonds & Notes
(Cost $7,312,517)
7,373,234
 
Asset-Backed Securities-11.26%
Avis Budget Rental Car Funding (AESOP) LLC
 
Series 2022-3A, Class A, 4.62%,
02/20/2027(b)
 
100,000
99,914
 
Principal
Amount
Value
 
Series 2023-2A, Class A, 5.20%,
10/20/2027(b)
$
100,000
$100,717
Series 2023-4A, Class A, 5.49%,
06/20/2029(b)
 
100,000
102,342
BX Trust
 
Series 2025-VLT6, Class A, 5.77% (1 mo.
Term SOFR + 1.44%), 03/15/2042(b)(e)
 
40,000
39,671
Series 2025-VLT6, Class B, 6.21% (1 mo.
Term SOFR + 1.89%), 03/15/2042(b)(e)
 
15,000
14,856
Extended Stay America Trust, Series 2021-ESH,
Class B, 5.82% (1 mo. Term SOFR + 1.49%),
07/15/2038(b)(e)
 
85,948
85,700
Frontier Issuer LLC, Series 2023-1, Class A2,
6.60%, 08/20/2053(b)
 
25,000
25,411
GCAT Trust, Series 2024-INV1, Class 2A2,
6.50%, 01/25/2054(b)(g)
 
68,263
69,322
Morgan Stanley Residential Mortgage Loan Trust,
Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(b)(g)
 
95,727
96,398
OBX Trust, Series 2023-NQM1, Class A1, 6.12%,
11/25/2062(b)(g)
 
68,468
68,485
PRKCM Trust, Series 2023-AFC4, Class A1,
7.23%, 11/25/2058(b)
 
76,366
77,776
Qdoba Funding LLC, Series 2023-1A, Class A2,
8.50%, 09/14/2053(b)
 
28,928
30,415
Subway Funding LLC
 
Series 2024-1A, Class A2I, 6.03%,
07/30/2054(b)
 
36,815
37,313
Series 2024-3A, Class A2I, 5.25%,
07/30/2054(b)
 
24,875
24,716
Synchrony Card Funding LLC, Series 2024-A2,
Class A, 4.93%, 07/15/2030
 
10,000
10,174
TierPoint Issuer LLC
 
Series 2023-1A, Class A2, 6.00%,
06/25/2053(b)
 
778
779
Series 2025-1A, Class A2, 6.15%,
04/26/2055(b)
 
25,000
25,185
UBS Commercial Mortgage Trust, Series 2017-
C6, Class AS, 3.93%, 12/15/2050(g)
 
50,000
47,633
Verus Securitization Trust, Series 2021-R3,
Class A1, 1.02%, 04/25/2064(b)(g)
 
62,156
59,015
WEST Trust 2025-ROSE, Series 2025-ROSE,
Class A, 5.45%, 04/10/2030(b)(g)
 
50,000
50,440
Ziply Fiber Issuer LLC, Series 2024-1A, Class A2,
6.64%, 04/20/2054(b)
 
56,000
57,440
Total Asset-Backed Securities
(Cost $1,105,249)
1,123,702
U.S. Treasury Securities-10.27%
U.S. Treasury Bills-0.37%
4.21%–4.27%, 05/29/2025(h)(i)
 
37,000
36,879
U.S. Treasury Notes-9.90%
3.75%, 04/30/2027
 
582,400
584,129
3.75%, 04/15/2028
 
166,800
167,575
3.88%, 04/30/2030
 
234,800
236,488
 
 
988,192
Total U.S. Treasury Securities
(Cost $1,022,628)
1,025,071
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Municipal Obligations-0.70%
New Jersey (State of) Transportation Trust Fund
Authority, Series 2024 BB, Ref. RB, 5.09%,
06/15/2025
(Cost $70,000)
$
70,000
$70,021
 
Agency Credit Risk Transfer Notes-0.54%
Fannie Mae Connecticut Avenue Securities,
Series 2023-R02, Class 1M1, 6.65% (30 Day
Average SOFR + 2.30%), 01/25/2043(b)(e)(j)
 
20,588
20,997
Freddie Mac, Series 2023-DNA1, Class M1,
STACR®, 6.45% (30 Day Average SOFR +
2.10%), 03/25/2043(b)(e)(k)
 
31,946
32,490
Total Agency Credit Risk Transfer Notes
(Cost $52,534)
53,487
 
Shares
 
Preferred Stocks-0.29%
Diversified Financial Services-0.29%
Apollo Global Management, Inc., Pfd., 7.63%,
09/15/2053(d)
(Cost $27,500)
 
1,100
29,205
Money Market Funds-3.08%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(l)(m)
(Cost $307,132)
 
307,132
307,132
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-100.02%
(Cost $9,897,560)
9,981,852
 
Shares
Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-3.11%
Invesco Private Government Fund, 4.32%(l)(m)(n)
 
86,416
$86,416
Invesco Private Prime Fund, 4.46%(l)(m)(n)
 
224,526
224,571
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $310,987)
310,987
TOTAL INVESTMENTS IN SECURITIES-103.13%
(Cost $10,208,547)
10,292,839
OTHER ASSETS LESS LIABILITIES-(3.13)%
(312,330
)
NET ASSETS-100.00%
$9,980,509
 
Investment Abbreviations:
Pfd.
-Preferred
RB
-Revenue Bonds
Ref.
-Refunding
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(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)
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, 2025 was $3,117,705, which represented 31.24% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.
(f)
Perpetual bond with no specified maturity date.
(g)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on April 30, 2025.
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
$33,888 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S.
(j)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(k)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(l)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$339,476
$1,228,819
$(1,568,295
)
$-
$-
$-
$4,367
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
2,068,574
(1,761,442
)
-
-
307,132
1,513
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund
173,811
954,885
(1,042,280
)
-
-
86,416
2,112
*
Invesco Private Prime Fund
451,470
1,909,462
(2,136,342
)
31
(50
)
224,571
5,587
*
Total
$964,757
$6,161,740
$(6,508,359
)
$31
$(50
)
$618,119
$13,579
 
*
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.
 
(m)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(n)
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 2P.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 2 Year Notes
25
June-2025
$5,203,711
$24,515
$24,515
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56
Invesco Short Duration Total Return Bond ETF (GTOS)—(continued)
April 30, 2025
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 5 Year Notes
9
June-2025
$(982,758
)
$(15,620
)
$(15,620
)
U.S. Treasury 10 Year Notes
2
June-2025
(224,437
)
(4,864
)
(4,864
)
Subtotal—Short Futures Contracts
 
(20,484
)
(20,484
)
Total Futures Contracts
$4,031
$4,031
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)
April 30, 2025
(Unaudited)
Schedule of Investments
 
 
Shares
Value
Common Stocks & Other Equity Interests-70.88%(a)
Gas Utilities-1.95%
AltaGas Ltd. (Canada)
 
10,067
$297,353
Oil & Gas Equipment & Services-4.93%
Archrock, Inc.
 
11,631
273,678
Kodiak Gas Services, Inc.
 
14,051
477,874
 
 
751,552
Oil & Gas Storage & Transportation-64.00%
Antero Midstream Corp.
 
28,785
476,392
Cheniere Energy, Inc.
 
3,430
792,707
DT Midstream, Inc.
 
3,189
309,971
Enbridge, Inc. (Canada)
 
15,914
743,025
Gibson Energy, Inc. (Canada)
 
9,796
153,823
Hess Midstream L.P., Class A
 
7,950
295,502
Keyera Corp. (Canada)
 
22,161
686,505
Kinder Morgan, Inc.
 
27,313
718,332
Kinetik Holdings, Inc., Class A
 
10,661
440,726
ONEOK, Inc.
 
9,887
812,316
Pembina Pipeline Corp. (Canada)
 
19,469
743,716
South Bow Corp. (Canada)
 
29,703
733,367
Targa Resources Corp.
 
5,766
985,409
TC Energy Corp. (Canada)
 
17,501
882,225
Williams Cos., Inc. (The)
 
16,846
986,670
 
 
9,760,686
Total Common Stocks & Other Equity Interests
(Cost $11,143,023)
10,809,591
 
Shares
Value
Master Limited Partnerships &
Related Entities-28.18%
 
 
 
Oil & Gas Storage & Transportation-25.00%
 
 
 
Energy Transfer L.P.
 
39,993
$661,484
Genesis Energy L.P.
 
39,083
537,000
MPLX L.P.
 
13,398
682,360
Enterprise Products Partners L.P.
 
21,723
649,518
Western Midstream Partners L.P.
 
11,748
441,725
Plains GP Holdings L.P., Class A(b)
 
45,039
839,527
 
 
3,811,614
Oil & Gas Refining & Marketing-3.18%
 
 
 
Sunoco L.P.
 
8,340
484,971
Total Master Limited Partnerships & Related Entities
(Cost $4,554,411)
4,296,585
Money Market Funds-0.34%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $51,175)
 
51,175
51,175
TOTAL INVESTMENTS IN SECURITIES-99.40%
(Cost $15,748,609)
15,157,351
OTHER ASSETS LESS LIABILITIES-0.60%
92,128
NET ASSETS-100.00%
$15,249,479
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$208,673
$(157,498
)
$-
$-
$51,175
$446
Investments Purchased with
Cash Collateral from Securities
on Loan:
Invesco Private Government
Fund ˂˂No Caption Available˃˃
-
1,011,086
(1,011,086
)
-
-
-
577
*
Invesco Private Prime Fund
˂˂No Caption Available˃˃
-
866,789
(866,743
)
-
(46
)
-
1,327
*
Total
$-
$2,086,548
$(2,035,327
)
$-
$(46
)
$51,175
$2,350
 
*
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, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58
Invesco Top QQQ ETF (QBIG)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-38.89%
Communication Services-7.20%
Alphabet, Inc., Class A
 
3,168
$503,078
Alphabet, Inc., Class C
 
2,986
480,418
Meta Platforms, Inc., Class A
 
1,190
653,310
 
 
1,636,806
Consumer Discretionary-7.12%
Amazon.com, Inc.(b)
 
5,757
1,061,706
Tesla, Inc.(b)
 
1,974
556,984
 
 
1,618,690
Information Technology-24.57%
Apple, Inc.
 
8,160
1,734,000
Broadcom, Inc.
 
4,212
810,684
Microsoft Corp.
 
4,039
1,596,455
NVIDIA Corp.
 
13,256
1,443,843
 
 
5,584,982
Total Common Stocks & Other Equity Interests
(Cost $10,101,444)
8,840,478
 
Shares
Value
Money Market Funds-59.15%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(c)(d)
(Cost $13,448,593)
 
13,448,593
$13,448,593
TOTAL INVESTMENTS IN SECURITIES-98.04%
(Cost $23,550,037)
22,289,071
OTHER ASSETS LESS LIABILITIES-1.96%
445,546
NET ASSETS-100.00%
$22,734,617
 
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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$-
$20,425,166
$(20,425,166
)
$-
$-
$-
$181,505
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
-
16,242,476
(2,793,883
)
-
-
13,448,593
46,446
Total
$-
$36,667,642
$(23,219,049
)
$-
$-
$13,448,593
$227,951
 
(d)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
 
Open Over-The-Counter Total Return Swap Agreements(a)
Counterparty
Pay/
Receive
Reference Entity
Rate
Payment
Frequency
Maturity Date
Notional Value(b)
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
 
 
Bank of
America, N.A.
Pay
Bank of America MLQBIGG5R
Index
SOFR + 0.73
%
Quarterly
March-2026
$
5,094,360
$-
$(501,333
)
$(501,333
)
Goldman
Sachs
International
Pay
Goldman Sachs GSQBIGG5R
Index
SOFR + 0.82
%
Quarterly
March-2026
 
5,095,312
-
(501,896
)
(501,896
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59
Invesco Top QQQ ETF (QBIG)—(continued)
April 30, 2025
(Unaudited)
Open Over-The-Counter Total Return Swap Agreements(a)—(continued)
Counterparty
Pay/
Receive
Reference Entity
Rate
Payment
Frequency
Maturity Date
Notional Value(b)
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services LLC
Pay
Morgan Stanley MSQBIGG5R
Index
SOFR
+
0.88
%
Quarterly
March-2026
$
5,096,323
$-
$(504,449
)
$(504,449
)
Total Over-The-Counter Total Return Swap Agreements
 
 
$—
$(1,507,678
)
$(1,507,678
)
 
Abbreviations:
SOFR
-Secured Overnight Financing Rate
 
(a)
The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.
(b)
Notional Value is denominated in U.S. Dollars unless otherwise noted.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60
Invesco Total Return Bond ETF (GTO)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-40.71%
Aerospace & Defense-0.57%
BAE Systems PLC (United Kingdom)
 
5.00%, 03/26/2027(b)
$
913,000
$925,272
5.13%, 03/26/2029(b)
 
662,000
676,137
5.50%, 03/26/2054(b)(c)
 
630,000
612,522
Boeing Co. (The)
 
6.26%, 05/01/2027
 
100,000
103,042
6.30%, 05/01/2029
 
169,000
177,822
6.39%, 05/01/2031
 
165,000
176,197
6.53%, 05/01/2034(c)
 
817,000
878,178
5.81%, 05/01/2050
 
235,000
220,449
General Dynamics Corp., 4.95%,
08/15/2035
 
1,294,000
1,298,813
Howmet Aerospace, Inc., 4.85%,
10/15/2031
 
201,000
202,105
Huntington Ingalls Industries, Inc.
 
5.35%, 01/15/2030
 
260,000
265,131
5.75%, 01/15/2035(c)
 
480,000
489,463
L3Harris Technologies, Inc., 5.40%,
07/31/2033
 
15,000
15,244
Lockheed Martin Corp.
 
5.10%, 11/15/2027
 
15,000
15,418
4.50%, 02/15/2029
 
142,000
143,336
4.80%, 08/15/2034(c)
 
453,000
449,525
5.90%, 11/15/2063
 
9,000
9,168
RTX Corp.
 
5.75%, 01/15/2029
 
117,000
122,342
5.15%, 02/27/2033
 
42,000
42,472
6.40%, 03/15/2054
 
54,000
58,043
TransDigm, Inc.
 
6.75%, 08/15/2028(b)
 
681,000
695,535
6.38%, 03/01/2029(b)
 
3,089,000
3,150,663
 
 
10,726,877
Agricultural & Farm Machinery-0.12%
AGCO Corp.
 
5.45%, 03/21/2027
 
92,000
92,837
5.80%, 03/21/2034
 
234,000
232,598
CNH Industrial Capital LLC, 4.75%,
03/21/2028(c)
 
693,000
696,461
Deere & Co., 5.45%, 01/16/2035
 
624,000
645,487
John Deere Capital Corp.
 
4.70%, 06/10/2030
 
76,000
77,389
5.10%, 04/11/2034
 
442,000
448,176
 
 
2,192,948
Air Freight & Logistics-0.09%
GXO Logistics, Inc.
 
6.25%, 05/06/2029
 
314,000
319,542
6.50%, 05/06/2034(c)
 
223,000
223,030
United Parcel Service, Inc.
 
5.15%, 05/22/2034(c)
 
293,000
297,259
5.50%, 05/22/2054(c)
 
411,000
392,155
5.60%, 05/22/2064
 
387,000
367,226
 
 
1,599,212
Apparel Retail-0.08%
Gap, Inc. (The), 3.63%, 10/01/2029(b)
 
1,737,000
1,572,789
 
Principal
Amount
Value
Application Software-0.16%
Cadence Design Systems, Inc., 4.70%,
09/10/2034(c)
$
218,000
$213,689
Intuit, Inc., 5.20%, 09/15/2033
 
78,000
80,219
Roper Technologies, Inc.
 
4.50%, 10/15/2029
 
376,000
374,516
4.75%, 02/15/2032
 
428,000
423,864
4.90%, 10/15/2034
 
455,000
442,407
SS&C Technologies, Inc.
 
5.50%, 09/30/2027(b)
 
679,000
676,310
6.50%, 06/01/2032(b)
 
140,000
142,081
Synopsys, Inc., 5.70%, 04/01/2055
 
760,000
735,203
 
 
3,088,289
Asset Management & Custody Banks-0.91%
Affiliated Managers Group, Inc., 5.50%,
08/20/2034
 
1,089,000
1,061,410
Ameriprise Financial, Inc.
 
5.70%, 12/15/2028
 
122,000
127,802
5.15%, 05/15/2033
 
55,000
55,712
5.20%, 04/15/2035
 
2,475,000
2,479,975
Bank of New York Mellon Corp. (The)
 
4.89%, 07/21/2028(d)
 
527,000
533,426
4.98%, 03/14/2030(d)
 
58,000
59,324
5.06%, 07/22/2032(d)
 
311,000
315,852
5.83%, 10/25/2033(d)
 
14,000
14,764
5.19%, 03/14/2035(d)
 
59,000
59,665
Series I, 3.75%(d)(e)
 
14,000
13,268
Series J, 4.97%, 04/26/2034(d)
 
31,000
30,813
Blackstone Secured Lending Fund
 
2.13%, 02/15/2027(c)
 
771,000
729,946
5.88%, 11/15/2027
 
267,000
270,432
Brookfield Asset Management Ltd.
(Canada), 5.80%, 04/24/2035
 
2,813,000
2,859,588
Citadel L.P.
 
6.00%, 01/23/2030(b)
 
218,000
221,978
6.38%, 01/23/2032(b)
 
379,000
390,171
Northern Trust Corp., 6.13%,
11/02/2032
 
10,000
10,773
State Street Corp.
 
5.33% (SOFR + 0.95%), 04/24/2028(f)
 
1,157,000
1,159,708
5.68%, 11/21/2029(d)
 
150,000
156,243
4.73%, 02/28/2030
 
1,939,000
1,962,709
6.12%, 11/21/2034(d)
 
94,000
98,414
5.15%, 02/28/2036(d)
 
2,242,000
2,252,830
6.45%(d)(e)
 
2,432,000
2,389,471
 
 
17,254,274
Automobile Manufacturers-1.33%
American Honda Finance Corp.
 
5.09% (SOFR + 0.71%), 01/09/2026(f)
 
1,141,000
1,141,827
4.90%, 01/10/2034(c)
 
294,000
288,786
Daimler Truck Finance North America LLC
(Germany)
 
5.00%, 01/15/2027(b)(c)
 
596,000
600,331
5.38%, 01/18/2034(b)
 
556,000
552,058
5.63%, 01/13/2035(b)
 
829,000
829,445
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Ford Motor Credit Co. LLC
 
6.95%, 06/10/2026
$
792,000
$800,516
2.70%, 08/10/2026
 
1,239,000
1,191,114
7.35%, 11/04/2027
 
889,000
915,522
5.92%, 03/20/2028(c)
 
1,296,000
1,288,688
6.80%, 05/12/2028
 
896,000
909,781
6.80%, 11/07/2028
 
806,000
822,675
7.20%, 06/10/2030(c)
 
879,000
905,663
Hyundai Capital America
 
5.65%, 06/26/2026(b)
 
91,000
91,977
5.00%, 01/07/2028(b)
 
2,481,000
2,488,422
5.60%, 03/30/2028(b)
 
50,000
50,859
5.35%, 03/19/2029(b)
 
99,000
99,810
5.30%, 01/08/2030(b)(c)
 
1,062,000
1,072,202
5.80%, 04/01/2030(b)
 
9,000
9,234
Hyundai Capital Services, Inc. (South
Korea), 5.25%, 01/22/2028(b)(c)
 
2,198,000
2,233,434
Mercedes-Benz Finance North America LLC
(Germany)
 
4.80%, 01/11/2027(b)(c)
 
750,000
752,483
5.10%, 08/03/2028(b)
 
625,000
632,961
4.85%, 01/11/2029(b)
 
690,000
692,065
5.00%, 01/11/2034(b)
 
337,000
329,024
5.13%, 08/01/2034(b)(c)
 
1,588,000
1,563,195
PACCAR Financial Corp., 4.00%,
09/26/2029
 
813,000
805,455
Toyota Motor Credit Corp.
 
4.55%, 08/09/2029
 
288,000
289,937
5.10%, 03/21/2031
 
337,000
345,282
Volkswagen Group of America Finance LLC
(Germany)
 
4.90%, 08/14/2026(b)
 
1,035,000
1,036,518
5.25%, 03/22/2029(b)
 
804,000
807,560
4.95%, 08/15/2029(b)(c)
 
882,000
875,537
5.60%, 03/22/2034(b)(c)
 
603,000
595,170
 
 
25,017,531
Automotive Parts & Equipment-0.49%
Clarios Global L.P./Clarios US Finance Co.,
6.75%, 02/15/2030(b)(c)
 
1,350,000
1,374,705
ERAC USA Finance LLC
 
5.00%, 02/15/2029(b)
 
114,000
116,016
4.90%, 05/01/2033(b)
 
55,000
54,335
PHINIA, Inc., 6.75%, 04/15/2029(b)
 
3,000,000
3,035,773
ZF North America Capital, Inc. (Germany)
 
6.88%, 04/14/2028(b)
 
2,787,000
2,664,950
7.13%, 04/14/2030(b)
 
853,000
785,848
6.75%, 04/23/2030(b)
 
176,000
160,779
6.88%, 04/23/2032(b)
 
1,246,000
1,094,886
 
 
9,287,292
Automotive Retail-0.03%
AutoZone, Inc., 5.20%, 08/01/2033
 
58,000
57,956
O’Reilly Automotive, Inc., 5.00%,
08/19/2034
 
580,000
567,137
 
 
625,093
 
Principal
Amount
Value
Biotechnology-0.08%
AbbVie, Inc.
 
4.80%, 03/15/2029
$
442,000
$450,904
5.05%, 03/15/2034
 
347,000
350,042
5.40%, 03/15/2054(c)
 
256,000
245,538
5.50%, 03/15/2064
 
206,000
198,181
Amgen, Inc.
 
5.15%, 03/02/2028
 
49,000
50,095
5.25%, 03/02/2030
 
17,000
17,489
Gilead Sciences, Inc.
 
5.25%, 10/15/2033
 
81,000
82,731
5.55%, 10/15/2053
 
72,000
70,246
 
 
1,465,226
Broadcasting-0.03%
Paramount Global
 
5.85%, 09/01/2043
 
375,000
318,147
4.95%, 05/19/2050(c)
 
375,000
276,796
 
 
594,943
Broadline Retail-0.07%
El Puerto de Liverpool S.A.B. de C.V.
(Mexico), 6.66%, 01/22/2037(b)
 
1,246,000
1,257,563
Building Products-0.37%
Carrier Global Corp., 5.90%, 03/15/2034
 
35,000
36,870
Holcim Finance US LLC (Switzerland)
 
4.60%, 04/07/2027(b)
 
1,704,000
1,710,413
4.70%, 04/07/2028(b)
 
1,462,000
1,473,293
4.95%, 04/07/2030(b)
 
794,000
802,525
5.40%, 04/07/2035(b)(c)
 
2,625,000
2,625,162
HP Communities LLC
 
5.78%, 03/15/2046(b)
 
150,000
138,869
5.86%, 09/15/2053(b)
 
100,000
87,889
Lennox International, Inc., 5.50%,
09/15/2028
 
64,000
65,706
 
 
6,940,727
Cable & Satellite-0.04%
CCO Holdings LLC/CCO Holdings Capital
Corp.
 
6.38%, 09/01/2029(b)(c)
 
472,000
476,660
7.38%, 03/01/2031(b)(c)
 
67,000
69,048
Charter Communications Operating LLC/
Charter Communications Operating
Capital Corp., 6.65%, 02/01/2034
 
139,000
143,953
Comcast Corp., 5.50%, 11/15/2032
 
26,000
27,046
Cox Communications, Inc., 5.70%,
06/15/2033(b)
 
22,000
22,143
 
 
738,850
Cargo Ground Transportation-0.17%
Penske Truck Leasing Co. L.P./PTL Finance
Corp.
 
5.75%, 05/24/2026(b)
 
20,000
20,220
5.35%, 01/12/2027(b)
 
58,000
58,683
5.70%, 02/01/2028(b)
 
25,000
25,667
5.55%, 05/01/2028(b)
 
39,000
39,970
6.05%, 08/01/2028(b)
 
55,000
57,229
5.25%, 02/01/2030(b)
 
2,070,000
2,105,587
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Cargo Ground Transportation-(continued)
Ryder System, Inc.
 
4.90%, 12/01/2029
$
772,000
$774,617
6.60%, 12/01/2033
 
130,000
140,601
 
 
3,222,574
Commercial & Residential Mortgage Finance-0.06%
Aviation Capital Group LLC
 
6.25%, 04/15/2028(b)
 
40,000
41,410
6.75%, 10/25/2028(b)
 
112,000
118,580
Nationwide Building Society (United
Kingdom), 6.56%, 10/18/2027(b)(d)
 
834,000
857,273
Radian Group, Inc., 6.20%, 05/15/2029
 
183,000
189,036
 
 
1,206,299
Computer & Electronics Retail-0.00%
Leidos, Inc., 5.75%, 03/15/2033
 
28,000
28,708
Construction Machinery & Heavy Transportation Equipment-0.01%
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(b)
 
195,000
193,981
Consumer Electronics-0.08%
LG Electronics, Inc. (South Korea), 5.63%,
04/24/2029(b)(c)
 
1,108,000
1,141,788
Sensata Technologies B.V., 4.00%,
04/15/2029(b)(c)
 
342,000
315,105
 
 
1,456,893
Consumer Finance-0.95%
American Express Co.
 
5.65%, 04/23/2027(c)(d)
 
409,000
413,376
4.73%, 04/25/2029(c)(d)
 
1,781,000
1,797,808
5.64% (SOFR + 1.26%),
04/25/2029(c)(f)
 
5,492,000
5,521,061
5.53%, 04/25/2030(d)
 
368,000
380,703
5.02%, 04/25/2031(c)(d)
 
2,930,000
2,978,436
5.44%, 01/30/2036(d)
 
817,000
824,944
5.67%, 04/25/2036(d)
 
977,000
1,003,249
Capital One Financial Corp., 7.15%,
10/29/2027(d)
 
48,000
49,682
FirstCash, Inc.
 
4.63%, 09/01/2028(b)
 
3,000,000
2,911,445
6.88%, 03/01/2032(b)
 
2,047,000
2,096,889
General Motors Financial Co., Inc., 5.40%,
04/06/2026
 
7,000
7,016
 
 
17,984,609
Consumer Staples Merchandise Retail-0.26%
Dollar General Corp., 5.50%, 11/01/2052
 
15,000
13,453
Target Corp., 5.00%, 04/15/2035
 
838,000
829,523
Walmart, Inc., 4.90%, 04/28/2035
 
3,950,000
4,002,696
 
 
4,845,672
Distillers & Vintners-0.00%
Constellation Brands, Inc., 4.90%,
05/01/2033
 
9,000
8,788
Distributors-0.08%
Genuine Parts Co.
 
6.50%, 11/01/2028
 
166,000
175,788
4.95%, 08/15/2029
 
1,114,000
1,120,218
6.88%, 11/01/2033
 
174,000
191,806
 
 
1,487,812
 
Principal
Amount
Value
Diversified Banks-7.68%
Africa Finance Corp. (Supranational)
 
4.38%, 04/17/2026(b)
$
280,000
$277,306
7.50%(b)(d)(e)
 
3,560,000
3,482,392
Australia and New Zealand Banking Group
Ltd. (Australia)
 
6.74%, 12/08/2032(b)(c)
 
817,000
879,159
5.20%, 09/30/2035(b)(d)
 
2,441,000
2,355,296
6.75%(b)(d)(e)
 
636,000
643,585
Banco Bilbao Vizcaya Argentaria S.A.
(Spain), 9.38%(d)(e)
 
622,000
671,451
Banco Santander S.A. (Spain)
 
5.55%, 03/14/2028(d)
 
800,000
812,541
9.63%(d)(e)
 
1,000,000
1,091,853
9.63%(c)(d)(e)
 
1,200,000
1,358,629
Bank of America Corp.
 
5.43% (SOFR + 1.05%), 02/04/2028(f)
 
24,000
24,090
4.95%, 07/22/2028(d)
 
7,000
7,076
4.98%, 01/24/2029(c)(d)
 
4,169,000
4,225,205
5.21% (SOFR + 0.83%),
01/24/2029(c)(f)
 
1,004,000
996,387
5.20%, 04/25/2029(d)
 
87,000
88,889
5.16%, 01/24/2031(c)(d)
 
466,000
474,830
5.39% (SOFR + 1.01%), 01/24/2031(f)
 
892,000
882,398
5.43%, 08/15/2035(c)(d)
 
746,000
730,440
5.51%, 01/24/2036(c)(d)
 
3,024,000
3,066,294
6.63%(d)(e)
 
2,035,000
2,041,025
Bank of Montreal (Canada)
 
5.30%, 06/05/2026
 
31,000
31,303
7.70%, 05/26/2084(c)(d)
 
953,000
972,450
7.30%, 11/26/2084(d)
 
1,073,000
1,057,148
Bank of New York Mellon (The)
 
4.59%, 04/20/2027(c)(d)
 
1,430,000
1,435,504
5.09% (SOFR + 0.71%), 04/20/2027(f)
 
1,964,000
1,968,492
Bank of New Zealand (New Zealand),
5.70%, 01/28/2035(b)(d)
 
1,010,000
1,025,377
Bank of Nova Scotia (The) (Canada)
 
8.63%, 10/27/2082(d)
 
853,000
883,997
8.00%, 01/27/2084(c)(d)
 
731,000
749,793
Barclays PLC (United Kingdom)
 
5.37%, 02/25/2031(d)
 
891,000
903,232
6.69%, 09/13/2034(d)
 
676,000
722,448
BBVA Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero BBVA Mexico
(Mexico), 8.13%, 01/08/2039(b)(d)
 
76,000
77,510
BNP Paribas S.A. (France)
 
4.79%, 05/09/2029(b)(d)
 
1,457,000
1,457,000
5.84% (SOFR + 1.43%),
05/09/2029(b)(f)
 
4,857,000
4,857,000
5.09%, 05/09/2031(b)(d)
 
4,629,000
4,624,557
BPCE S.A. (France)
 
6.29%, 01/14/2036(b)(d)
 
1,457,000
1,509,970
6.92%, 01/14/2046(b)(c)(d)
 
979,000
996,408
Canadian Imperial Bank of Commerce
(Canada), 6.95%, 01/28/2085(d)
 
914,000
883,572
Citibank N.A., 4.93%, 08/06/2026
 
1,373,000
1,383,993
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Citigroup, Inc.
 
5.17%, 02/13/2030(d)
$
100,000
$101,496
4.54%, 09/19/2030(d)
 
1,085,000
1,074,276
6.17%, 05/25/2034(d)
 
72,000
73,720
5.83%, 02/13/2035(d)
 
272,000
270,491
5.41%, 09/19/2039(d)
 
975,000
931,001
5.61%, 03/04/2056(d)
 
3,258,000
3,115,680
Series AA, 7.63%(c)(d)(e)
 
1,931,000
1,987,638
Series BB, 7.20%(d)(e)
 
1,641,000
1,634,079
Series DD, 7.00%(c)(d)(e)
 
2,242,000
2,229,991
Series W, 4.00%(c)(d)(e)
 
425,000
416,672
Series Z, 7.38%(c)(d)(e)
 
1,892,000
1,920,266
Comerica, Inc., 5.98%, 01/30/2030(d)
 
67,000
67,851
Cooperatieve Rabobank U.A.
(Netherlands), 3.65%,
04/06/2028(b)(c)(d)
 
652,000
642,108
Corporacion Financiera de Desarrollo S.A.
(Peru), 5.95%, 04/30/2029(b)(c)
 
915,000
936,960
Federation des caisses Desjardins du
Quebec (Canada), 4.55%,
08/23/2027(b)
 
774,000
777,963
Fifth Third Bancorp
 
1.71%, 11/01/2027(d)
 
10,000
9,570
6.34%, 07/27/2029(d)
 
8,000
8,391
4.77%, 07/28/2030(d)
 
32,000
31,906
5.63%, 01/29/2032(d)
 
108,000
110,674
Goldman Sachs Bank USA, 5.28%,
03/18/2027(d)
 
440,000
443,017
HSBC Holdings PLC (United Kingdom)
 
5.60%, 05/17/2028(d)
 
842,000
856,614
5.21%, 08/11/2028(c)(d)
 
656,000
664,255
5.29%, 11/19/2030(d)
 
1,122,000
1,139,315
5.13%, 03/03/2031(d)
 
1,232,000
1,242,188
7.40%, 11/13/2034(d)
 
506,000
556,416
6.33%, 03/09/2044(d)
 
664,000
697,355
6.88%(d)(e)
 
823,000
818,240
6.95%(c)(d)(e)
 
865,000
845,508
ING Groep N.V. (Netherlands), 5.34%,
03/19/2030(c)(d)
 
790,000
806,925
JPMorgan Chase & Co.
 
5.57%, 04/22/2028(d)
 
296,000
302,790
4.85%, 07/25/2028(d)
 
9,000
9,099
4.92%, 01/24/2029(d)
 
421,000
427,042
5.30%, 07/24/2029(d)
 
54,000
55,350
6.09%, 10/23/2029(d)
 
72,000
75,697
5.01%, 01/23/2030(d)
 
54,000
54,918
5.58%, 04/22/2030(d)
 
237,000
245,664
5.00%, 07/22/2030(d)
 
527,000
534,807
4.60%, 10/22/2030(d)
 
1,114,000
1,113,649
5.14%, 01/24/2031(d)
 
975,000
996,026
5.10%, 04/22/2031(c)(d)
 
2,131,000
2,170,140
5.72%, 09/14/2033(d)
 
26,000
26,828
5.34%, 01/23/2035(d)
 
57,000
57,498
5.50%, 01/24/2036(c)(d)
 
1,081,000
1,100,293
5.53%, 11/29/2045(d)
 
2,378,000
2,343,647
Series NN, 6.88%(d)(e)
 
185,000
191,030
Series OO, 6.50%(d)(e)
 
4,336,000
4,343,604
 
Principal
Amount
Value
Diversified Banks-(continued)
KeyBank N.A.
 
3.30%, 06/01/2025
$
590,000
$589,038
4.15%, 08/08/2025(c)
 
330,000
329,380
5.85%, 11/15/2027(c)
 
571,000
586,515
KeyCorp, 2.55%, 10/01/2029
 
14,000
12,706
Manufacturers & Traders Trust Co., 4.70%,
01/27/2028
 
798,000
802,230
Mitsubishi UFJ Financial Group, Inc.
(Japan)
 
5.02%, 07/20/2028(d)
 
679,000
686,925
5.26%, 04/17/2030(d)
 
953,000
974,162
5.16%, 04/24/2031(c)(d)
 
859,000
874,991
5.86% (SOFR + 1.48%),
04/24/2031(c)(f)
 
1,771,000
1,791,477
5.41%, 04/19/2034(c)(d)
 
542,000
552,136
5.43%, 04/17/2035(d)
 
883,000
890,767
5.57%, 01/16/2036(d)
 
1,558,000
1,588,638
5.62%, 04/24/2036(d)
 
6,186,000
6,323,767
8.20%(c)(d)(e)
 
1,787,000
1,910,155
Mizuho Financial Group, Inc. (Japan)
 
5.78%, 07/06/2029(d)
 
570,000
590,424
5.38%, 07/10/2030(d)
 
899,000
919,819
5.59%, 07/10/2035(d)
 
1,016,000
1,034,112
Morgan Stanley Bank N.A.
 
4.75%, 04/21/2026
 
548,000
550,070
5.88%, 10/30/2026
 
896,000
917,773
5.02%, 01/12/2029(c)(d)
 
980,000
994,946
National Australia Bank Ltd. (Australia),
5.90%, 01/14/2036(b)(c)(d)
 
2,067,000
2,089,929
National Securities Clearing Corp.
 
5.10%, 11/21/2027(b)
 
1,096,000
1,123,572
5.00%, 05/30/2028(b)(c)
 
560,000
572,543
Nordea Bank Abp (Finland), 6.30%(b)(d)(e)
 
1,028,000
981,871
Norinchukin Bank (The) (Japan), 5.09%,
10/16/2029(b)
 
823,000
830,300
PNC Financial Services Group, Inc. (The)
 
6.62%, 10/20/2027(d)
 
85,000
87,567
5.58%, 06/12/2029(d)
 
58,000
59,812
6.04%, 10/28/2033(d)
 
12,000
12,543
5.07%, 01/24/2034(d)
 
22,000
21,764
6.88%, 10/20/2034(d)
 
64,000
70,378
Series V, 6.20%(d)(e)
 
28,000
28,052
Series W, 6.25%(d)(e)
 
46,000
45,372
Royal Bank of Canada (Canada)
 
5.09% (SOFR + 0.71%), 01/21/2027(f)
 
20,000
20,032
4.95%, 02/01/2029
 
46,000
46,966
5.00%, 02/01/2033
 
24,000
24,121
7.50%, 05/02/2084(c)(d)
 
1,056,000
1,087,388
Standard Chartered PLC (United Kingdom)
 
6.19%, 07/06/2027(b)(d)
 
523,000
531,419
6.75%, 02/08/2028(b)(c)(d)
 
448,000
463,235
7.02%, 02/08/2030(b)(c)(d)
 
525,000
564,032
5.01%, 10/15/2030(b)(c)(d)
 
1,217,000
1,223,112
2.68%, 06/29/2032(b)(d)
 
810,000
702,416
7.75%(b)(d)(e)
 
1,166,000
1,189,178
Sumitomo Mitsui Financial Group, Inc.
(Japan), 6.60%(c)(d)(e)
 
1,866,000
1,824,472
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Sumitomo Mitsui Trust Bank Ltd. (Japan)
 
5.65%, 03/09/2026(b)
$
555,000
$561,225
5.65%, 09/14/2026(b)(c)
 
558,000
568,266
5.55%, 09/14/2028(b)
 
687,000
711,429
5.20%, 03/07/2029(b)
 
969,000
996,745
5.35%, 03/07/2034(b)(c)
 
928,000
945,576
Synovus Bank, 5.63%, 02/15/2028
 
730,000
732,696
Toronto-Dominion Bank (The) (Canada)
 
4.78%, 12/17/2029(c)
 
1,195,000
1,206,803
8.13%, 10/31/2082(d)
 
701,000
726,296
7.25%, 07/31/2084(c)(d)
 
1,011,000
1,006,863
U.S. Bancorp
 
5.78%, 06/12/2029(d)
 
46,000
47,594
5.38%, 01/23/2030(d)
 
110,000
112,675
UBS AG (Switzerland), 5.65%,
09/11/2028
 
674,000
700,784
Wells Fargo & Co.
 
5.71%, 04/22/2028(d)
 
182,000
186,103
4.81%, 07/25/2028(d)
 
10,000
10,064
5.75% (SOFR + 1.37%), 04/23/2029(f)
 
2,336,000
2,352,384
5.57%, 07/25/2029(d)
 
37,000
38,075
6.30%, 10/23/2029(d)
 
51,000
53,836
5.20%, 01/23/2030(d)
 
64,000
65,302
5.15%, 04/23/2031(d)
 
2,417,000
2,455,047
4.90%, 07/25/2033(d)
 
9,000
8,845
5.39%, 04/24/2034(d)
 
27,000
27,119
5.56%, 07/25/2034(d)
 
100,000
101,398
5.50%, 01/23/2035(d)
 
92,000
92,740
5.61%, 04/23/2036(d)
 
5,116,000
5,196,925
6.85%(d)(e)
 
382,000
387,122
7.63%(d)(e)
 
41,000
43,264
Westpac Banking Corp. (Australia)
 
6.82%, 11/17/2033
 
174,000
189,421
5.62%, 11/20/2035(d)
 
797,000
790,420
 
 
144,942,370
Diversified Capital Markets-0.26%
Ares Strategic Income Fund, 5.70%,
03/15/2028(b)(c)
 
1,205,000
1,203,168
Credit Suisse Group AG (Switzerland)
 
4.50%(b)(d)(e)(g)(h)
 
332,000
19,920
5.25%(b)(d)(e)(g)(h)
 
271,000
16,260
UBS Group AG (Switzerland)
 
5.71%, 01/12/2027(b)(c)(d)
 
491,000
494,284
5.43%, 02/08/2030(b)(d)
 
527,000
539,870
7.13%(b)(d)(e)
 
967,000
927,239
Series 28, 9.25%(b)(d)(e)
 
784,000
849,066
Series 33, 9.25%(b)(d)(e)
 
721,000
807,729
 
 
4,857,536
Diversified Chemicals-0.05%
Sasol Financing USA LLC (South Africa),
8.75%, 05/03/2029(b)
 
951,000
902,396
Diversified Financial Services-1.40%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)
 
5.10%, 01/19/2029
 
429,000
433,829
6.50%, 01/31/2056(c)(d)
 
1,313,000
1,278,328
 
Principal
Amount
Value
Diversified Financial Services-(continued)
AMC East Communities LLC, 6.01%,
01/15/2053(b)
$
180,233
$168,591
Apollo Global Management, Inc., 6.38%,
11/15/2033
 
106,000
114,755
Avolon Holdings Funding Ltd. (Ireland)
 
4.95%, 01/15/2028(b)
 
1,152,000
1,146,746
6.38%, 05/04/2028(b)
 
109,000
112,436
BlackRock Funding, Inc., 4.90%,
01/08/2035
 
195,000
195,489
Corebridge Financial, Inc.
 
6.05%, 09/15/2033
 
80,000
83,329
5.75%, 01/15/2034
 
132,000
134,658
Gabon Blue Bond Master Trust (Gabon),
Series 2, 6.10%, 08/01/2038(b)
 
1,270,000
1,279,704
Horizon Mutual Holdings, Inc., 6.20%,
11/15/2034(b)
 
8,793,000
8,612,486
Jane Street Group/JSG Finance, Inc.
 
4.50%, 11/15/2029(b)
 
2,000,000
1,905,913
7.13%, 04/30/2031(b)
 
459,000
473,753
6.13%, 11/01/2032(b)
 
1,974,000
1,941,961
6.75%, 05/01/2033(b)
 
2,021,000
2,032,036
LPL Holdings, Inc.
 
5.70%, 05/20/2027
 
348,000
354,823
5.15%, 06/15/2030
 
1,648,000
1,654,032
5.65%, 03/15/2035
 
24,000
23,752
Mid-Atlantic Military Family
Communities LLC, 5.30%,
08/01/2050(b)
 
210,772
167,479
OPEC Fund for International Development
(The) (Supranational), 4.50%,
01/26/2026(b)
 
1,730,000
1,732,542
Pacific Beacon LLC
 
5.38%, 07/15/2026(b)
 
22,813
22,990
5.51%, 07/15/2036(b)
 
500,000
497,706
Pershing Square Holdings Ltd., 3.25%,
10/01/2031(b)
 
2,300,000
1,966,688
 
 
26,334,026
Diversified Metals & Mining-0.92%
BHP Billiton Finance (USA) Ltd. (Australia)
 
5.10%, 09/08/2028
 
99,000
101,590
5.25%, 09/08/2030
 
70,000
72,286
5.25%, 09/08/2033
 
126,000
127,476
Corporacion Nacional del Cobre de Chile
(Chile), 5.13%, 02/02/2033(b)
 
674,000
653,412
Glencore Funding LLC (Australia)
 
5.44% (SOFR + 1.06%),
04/04/2027(b)(f)
 
310,000
311,479
4.91%, 04/01/2028(b)(c)
 
1,685,000
1,702,390
5.37%, 04/04/2029(b)
 
208,000
212,139
5.19%, 04/01/2030(b)
 
1,303,000
1,319,736
5.63%, 04/04/2034(b)
 
135,000
135,081
5.67%, 04/01/2035(b)
 
1,915,000
1,911,172
5.89%, 04/04/2054(b)
 
128,000
120,863
6.14%, 04/01/2055(b)
 
739,000
716,861
Hudbay Minerals, Inc. (Canada), 6.13%,
04/01/2029(b)
 
3,000,000
2,989,929
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Metals & Mining-(continued)
Rio Tinto Finance (USA) PLC (Australia)
 
4.38%, 03/12/2027(c)
$
1,104,000
$1,110,081
4.50%, 03/14/2028(c)
 
391,000
394,429
4.88%, 03/14/2030(c)
 
1,156,000
1,173,980
5.00%, 03/14/2032
 
1,265,000
1,274,340
5.25%, 03/14/2035
 
1,641,000
1,648,072
5.75%, 03/14/2055
 
1,117,000
1,103,281
5.88%, 03/14/2065
 
344,000
340,129
 
 
17,418,726
Diversified REITs-0.02%
Fort Moore Family Communities LLC,
5.81%, 01/15/2051(b)
 
200,000
170,774
VICI Properties L.P.
 
5.75%, 04/01/2034
 
103,000
103,648
6.13%, 04/01/2054
 
72,000
69,044
 
 
343,466
Diversified Support Services-0.16%
Element Fleet Management Corp. (Canada)
 
6.32%, 12/04/2028(b)
 
142,000
149,426
5.04%, 03/25/2030(b)
 
2,323,000
2,313,216
RB Global Holdings, Inc. (Canada)
 
6.75%, 03/15/2028(b)
 
197,000
201,109
7.75%, 03/15/2031(b)
 
366,000
384,202
 
 
3,047,953
Drug Retail-0.04%
CK Hutchison International (23) Ltd.
(United Kingdom), 4.88%,
04/21/2033(b)
 
760,000
744,456
Electric Utilities-2.68%
Alabama Power Co., 5.85%, 11/15/2033
 
69,000
73,413
Alexander Funding Trust II, 7.47%,
07/31/2028(b)
 
456,000
484,394
American Electric Power Co., Inc.
 
5.75%, 11/01/2027
 
13,000
13,414
5.20%, 01/15/2029
 
101,000
103,093
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/2028
 
45,000
46,405
4.80%, 03/15/2030(c)
 
727,000
739,473
5.05%, 03/01/2035(c)
 
753,000
747,875
Series AJ, 4.85%, 10/01/2052
 
32,000
28,305
Chile Electricity Lux MPC II S.a.r.l. (Chile),
5.58%, 10/20/2035(b)
 
3,352,000
3,259,395
Consolidated Edison Co. of New York, Inc.
 
5.50%, 03/15/2034
 
51,000
52,860
5.90%, 11/15/2053
 
69,000
69,528
Constellation Energy Generation LLC
 
6.13%, 01/15/2034
 
62,000
65,201
6.50%, 10/01/2053
 
30,000
31,095
5.75%, 03/15/2054
 
145,000
137,137
Duke Energy Carolinas LLC
 
4.85%, 03/15/2030
 
227,000
231,681
5.25%, 03/15/2035
 
1,176,000
1,193,694
5.35%, 01/15/2053
 
23,000
21,638
Duke Energy Corp.
 
4.85%, 01/05/2029
 
163,000
165,272
5.00%, 08/15/2052
 
14,000
11,987
 
Principal
Amount
Value
Electric Utilities-(continued)
Duke Energy Indiana LLC, 5.40%,
04/01/2053
$
30,000
$28,033
Electricite de France S.A. (France)
 
5.70%, 05/23/2028(b)
 
336,000
346,810
6.38%, 01/13/2055(b)
 
2,395,000
2,371,346
9.13%(b)(d)(e)
 
685,000
767,868
Enel Finance International N.V. (Italy),
7.05%, 10/14/2025(b)
 
672,000
677,081
Entergy Corp., 7.13%, 12/01/2054(d)
 
174,000
175,381
Entergy Louisiana LLC
 
5.15%, 09/15/2034
 
245,000
245,845
5.80%, 03/15/2055
 
1,049,000
1,036,633
Entergy Texas, Inc.
 
5.25%, 04/15/2035
 
947,000
948,627
5.55%, 09/15/2054
 
254,000
240,448
Evergy Metro, Inc., 4.95%, 04/15/2033
 
32,000
31,726
Exelon Corp.
 
5.15%, 03/15/2029
 
106,000
108,413
5.13%, 03/15/2031
 
1,841,000
1,874,895
5.45%, 03/15/2034
 
174,000
176,638
5.60%, 03/15/2053
 
189,000
177,487
5.88%, 03/15/2055
 
1,482,000
1,443,612
FirstEnergy Pennsylvania Electric Co.,
5.20%, 04/01/2028(b)
 
8,000
8,158
FirstEnergy Transmission LLC
 
4.55%, 01/15/2030
 
562,000
556,767
5.00%, 01/15/2035
 
313,000
308,737
Florida Power & Light Co., 4.80%,
05/15/2033
 
17,000
16,932
Georgia Power Co., 4.95%, 05/17/2033
 
28,000
27,947
MidAmerican Energy Co.
 
5.35%, 01/15/2034
 
29,000
29,839
5.85%, 09/15/2054
 
41,000
41,513
5.30%, 02/01/2055
 
195,000
182,059
National Rural Utilities Cooperative Finance
Corp.
 
4.85%, 02/07/2029
 
455,000
461,940
5.00%, 02/07/2031
 
151,000
154,601
5.80%, 01/15/2033
 
11,000
11,535
5.00%, 08/15/2034
 
1,121,000
1,116,462
7.13%, 09/15/2053(d)
 
607,000
625,189
NextEra Energy Capital Holdings, Inc.
 
4.90%, 03/15/2029
 
252,000
255,359
5.05%, 03/15/2030
 
990,000
1,006,190
5.45%, 03/15/2035
 
2,854,000
2,876,658
6.75%, 06/15/2054(d)
 
181,000
183,296
6.38%, 08/15/2055(d)
 
662,000
665,050
Niagara Mohawk Power Corp., 5.29%,
01/17/2034(b)
 
100,000
99,478
Northern States Power Co.
 
5.05%, 05/15/2035
 
2,065,000
2,072,908
5.65%, 05/15/2055
 
1,586,000
1,573,787
Oglethorpe Power Corp., 5.90%,
02/01/2055(b)
 
126,000
123,316
Ohio Power Co., 5.65%, 06/01/2034
 
197,000
199,847
Oklahoma Gas and Electric Co., 5.60%,
04/01/2053(c)
 
848,000
816,946
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Electric Utilities-(continued)
Oncor Electric Delivery Co. LLC
 
4.50%, 03/20/2027(b)
$
1,359,000
$1,368,595
4.65%, 11/01/2029
 
1,462,000
1,476,063
5.65%, 11/15/2033
 
105,000
109,176
5.80%, 04/01/2055(b)
 
3,340,000
3,303,568
Pacific Gas and Electric Co.
 
5.90%, 10/01/2054
 
561,000
514,124
6.15%, 03/01/2055
 
1,534,000
1,439,722
PacifiCorp
 
5.10%, 02/15/2029
 
113,000
115,306
5.30%, 02/15/2031
 
153,000
157,222
5.45%, 02/15/2034
 
116,000
116,938
5.80%, 01/15/2055
 
106,000
101,225
PPL Capital Funding, Inc., 5.25%,
09/01/2034
 
153,000
153,070
Public Service Co. of Colorado, 5.25%,
04/01/2053
 
23,000
20,826
Public Service Co. of New Hampshire,
5.35%, 10/01/2033
 
41,000
42,047
San Diego Gas & Electric Co.
 
5.35%, 04/01/2053
 
46,000
42,448
5.55%, 04/15/2054
 
342,000
324,670
Sierra Pacific Power Co., 5.90%,
03/15/2054
 
22,000
21,844
Southern Co. (The)
 
5.70%, 10/15/2032
 
10,000
10,401
4.85%, 03/15/2035
 
709,000
687,525
Series B, 4.00%, 01/15/2051(d)
 
321,000
316,736
Southwestern Electric Power Co., 5.30%,
04/01/2033
 
27,000
26,900
Trans-Allegheny Interstate Line Co.,
5.00%, 01/15/2031(b)
 
131,000
133,298
Union Electric Co.
 
5.20%, 04/01/2034
 
251,000
253,605
5.25%, 04/15/2035(c)
 
789,000
801,145
5.13%, 03/15/2055
 
367,000
331,862
Virginia Electric & Power Co., 5.00%,
04/01/2033
 
28,000
27,818
Vistra Operations Co. LLC
 
5.05%, 12/30/2026(b)
 
619,000
622,188
5.63%, 02/15/2027(b)
 
3,000,000
3,000,640
7.75%, 10/15/2031(b)
 
847,000
896,170
6.88%, 04/15/2032(b)
 
455,000
471,650
6.95%, 10/15/2033(b)
 
59,000
63,396
6.00%, 04/15/2034(b)
 
150,000
151,654
5.70%, 12/30/2034(b)(c)
 
1,407,000
1,401,543
Xcel Energy, Inc., 4.75%, 03/21/2028
 
476,000
479,953
 
 
50,524,545
Electrical Components & Equipment-0.28%
EnerSys, 4.38%, 12/15/2027(b)
 
5,311,000
5,155,559
Regal Rexnord Corp.
 
6.30%, 02/15/2030
 
15,000
15,504
6.40%, 04/15/2033
 
57,000
58,124
 
 
5,229,187
 
Principal
Amount
Value
Electronic Components-0.05%
Amphenol Corp.
 
5.00%, 01/15/2035(c)
$
586,000
$587,735
5.38%, 11/15/2054(c)
 
306,000
297,555
 
 
885,290
Electronic Equipment & Instruments-0.09%
Keysight Technologies, Inc., 5.35%,
07/30/2030
 
1,731,000
1,777,600
Electronic Manufacturing Services-0.03%
EMRLD Borrower L.P./Emerald Co-Issuer,
Inc., 6.63%, 12/15/2030(b)
 
644,000
653,891
Environmental & Facilities Services-0.10%
Republic Services, Inc.
 
4.88%, 04/01/2029
 
142,000
144,589
5.00%, 12/15/2033
 
82,000
82,557
5.00%, 04/01/2034
 
13,000
13,079
Veralto Corp.
 
5.50%, 09/18/2026
 
254,000
257,689
5.35%, 09/18/2028
 
90,000
92,915
Waste Management, Inc., 5.35%,
10/15/2054(c)
 
1,405,000
1,350,700
 
 
1,941,529
Financial Exchanges & Data-0.01%
Intercontinental Exchange, Inc.
 
4.95%, 06/15/2052
 
11,000
9,786
5.20%, 06/15/2062
 
27,000
24,359
Nasdaq, Inc.
 
5.35%, 06/28/2028
 
15,000
15,422
5.55%, 02/15/2034
 
36,000
36,981
5.95%, 08/15/2053
 
8,000
8,063
6.10%, 06/28/2063
 
35,000
35,235
 
 
129,846
Food Distributors-0.03%
Sysco Corp., 5.10%, 09/23/2030
 
641,000
653,108
Food Retail-0.09%
Kroger Co. (The)
 
5.00%, 09/15/2034
 
708,000
694,217
5.65%, 09/15/2064
 
1,102,000
1,024,462
 
 
1,718,679
Gas Utilities-0.20%
Atmos Energy Corp.
 
5.90%, 11/15/2033
 
43,000
45,764
6.20%, 11/15/2053
 
35,000
37,242
5.00%, 12/15/2054(c)
 
333,000
297,402
Piedmont Natural Gas Co., Inc., 5.40%,
06/15/2033
 
45,000
45,611
Southwest Gas Corp., 5.45%, 03/23/2028
 
18,000
18,420
Venture Global Plaquemines LNG LLC
 
7.50%, 05/01/2033(b)
 
1,190,000
1,221,800
7.75%, 05/01/2035(b)
 
2,137,000
2,196,223
 
 
3,862,462
Gold-0.03%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
547,000
560,038
Health Care Distributors-0.04%
Cardinal Health, Inc., 5.45%, 02/15/2034
 
108,000
109,172
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Health Care Distributors-(continued)
Cencora, Inc., 5.13%, 02/15/2034
$
108,000
$108,295
McKesson Corp., 4.25%, 09/15/2029(c)
 
534,000
533,050
 
 
750,517
Health Care Equipment-0.28%
Smith & Nephew PLC (United Kingdom)
 
5.15%, 03/20/2027
 
108,000
109,329
5.40%, 03/20/2034
 
309,000
308,574
Stryker Corp.
 
4.55%, 02/10/2027
 
370,000
372,052
4.25%, 09/11/2029
 
592,000
588,906
4.85%, 02/10/2030
 
1,661,000
1,684,631
5.20%, 02/10/2035
 
2,192,000
2,210,127
 
 
5,273,619
Health Care Facilities-0.24%
Adventist Health System, 5.76%,
12/01/2034
 
144,000
143,576
HCA, Inc.
 
5.00%, 03/01/2028(c)
 
600,000
607,010
5.45%, 09/15/2034
 
303,000
300,799
5.75%, 03/01/2035
 
1,104,000
1,114,287
5.90%, 06/01/2053
 
42,000
39,826
6.20%, 03/01/2055
 
987,000
968,167
Universal Health Services, Inc.
 
4.63%, 10/15/2029
 
465,000
453,276
5.05%, 10/15/2034(c)
 
826,000
771,912
UPMC
 
5.04%, 05/15/2033
 
141,000
140,192
5.38%, 05/15/2043
 
80,000
76,615
 
 
4,615,660
Health Care REITs-0.02%
Alexandria Real Estate Equities, Inc.
 
5.25%, 05/15/2036
 
62,000
59,682
5.63%, 05/15/2054
 
252,000
230,754
 
 
290,436
Health Care Services-0.87%
CommonSpirit Health
 
5.32%, 12/01/2034
 
857,000
849,491
5.55%, 12/01/2054
 
545,000
499,848
CVS Health Corp.
 
5.00%, 01/30/2029
 
45,000
45,506
5.25%, 01/30/2031
 
7,000
7,105
6.75%, 12/10/2054(c)(d)
 
2,249,000
2,239,479
7.00%, 03/10/2055(d)
 
9,185,000
9,314,034
6.00%, 06/01/2063
 
17,000
15,820
DaVita, Inc., 6.88%, 09/01/2032(b)
 
27,000
27,281
Icon Investments Six DAC
 
5.81%, 05/08/2027(c)
 
831,000
847,835
5.85%, 05/08/2029
 
721,000
738,648
6.00%, 05/08/2034
 
640,000
639,509
Laboratory Corp. of America Holdings,
4.35%, 04/01/2030
 
903,000
887,958
Piedmont Healthcare, Inc., 2.86%,
01/01/2052
 
278,000
166,427
Quest Diagnostics, Inc., 6.40%,
11/30/2033
 
64,000
69,497
 
 
16,348,438
 
Principal
Amount
Value
Health Care Supplies-0.05%
Solventum Corp.
 
5.45%, 02/25/2027
$
198,000
$200,996
5.40%, 03/01/2029
 
379,000
386,674
5.60%, 03/23/2034(c)
 
269,000
272,125
 
 
859,795
Highways & Railtracks-0.02%
TransJamaican Highway Ltd. (Jamaica),
5.75%, 10/10/2036(b)
 
336,409
308,655
Home Improvement Retail-0.05%
Americold Realty Operating Partnership
L.P., 5.41%, 09/12/2034(c)
 
770,000
748,031
Home Depot, Inc. (The), 4.90%,
04/15/2029
 
148,000
152,041
Lowe’s Cos., Inc.
 
5.80%, 09/15/2062
 
2,000
1,889
5.85%, 04/01/2063
 
3,000
2,850
 
 
904,811
Homebuilding-0.02%
D.R. Horton, Inc., 5.00%, 10/15/2034
 
410,000
398,223
Hotel & Resort REITs-0.03%
Phillips Edison Grocery Center Operating
Partnership I L.P.
 
5.75%, 07/15/2034
 
112,000
113,380
4.95%, 01/15/2035
 
412,000
391,878
 
 
505,258
Hotels, Resorts & Cruise Lines-0.31%
Carnival Corp.
 
7.88%, 06/01/2027
 
827,000
867,750
7.00%, 08/15/2029(b)
 
117,000
122,142
5.75%, 03/15/2030(b)(c)
 
1,121,000
1,113,908
Expedia Group, Inc., 5.40%, 02/15/2035
 
1,312,000
1,292,309
Hilton Domestic Operating Co., Inc.
 
5.88%, 04/01/2029(b)
 
413,000
417,611
6.13%, 04/01/2032(b)
 
192,000
194,734
Marriott International, Inc.
 
4.88%, 05/15/2029
 
66,000
66,594
4.80%, 03/15/2030
 
575,000
575,849
5.30%, 05/15/2034
 
79,000
77,898
5.35%, 03/15/2035(c)
 
376,000
369,954
Royal Caribbean Cruises Ltd.
 
6.25%, 03/15/2032(b)
 
350,000
355,543
6.00%, 02/01/2033(b)
 
397,000
398,367
 
 
5,852,659
Human Resource & Employment Services-0.08%
Paychex, Inc.
 
5.10%, 04/15/2030
 
1,101,000
1,117,853
5.60%, 04/15/2035
 
412,000
419,844
 
 
1,537,697
Independent Power Producers & Energy Traders-0.35%
AES Corp. (The)
 
5.80%, 03/15/2032
 
3,660,000
3,653,016
6.95%, 07/15/2055(d)
 
868,000
811,658
FIEMEX Energia - Banco Actinver S.A.
Institucion de Banca Multiple (Mexico),
7.25%, 01/31/2041(b)
 
639,303
635,307
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Independent Power Producers & Energy Traders-(continued)
Vistra Corp.
 
7.00%(b)(d)(e)
$
619,000
$625,590
Series C, 8.88%(b)(d)(e)
 
888,000
936,597
 
 
6,662,168
Industrial Conglomerates-0.06%
Honeywell International, Inc.
 
4.88%, 09/01/2029
 
230,000
235,003
4.95%, 09/01/2031
 
279,000
284,672
5.00%, 03/01/2035
 
230,000
229,200
5.35%, 03/01/2064
 
349,000
322,408
 
 
1,071,283
Industrial Machinery & Supplies & Components-0.07%
Ingersoll Rand, Inc.
 
5.20%, 06/15/2027
 
229,000
232,439
5.40%, 08/14/2028
 
9,000
9,257
Nordson Corp.
 
5.60%, 09/15/2028
 
28,000
28,903
5.80%, 09/15/2033
 
46,000
47,206
nVent Finance S.a.r.l. (United Kingdom),
5.65%, 05/15/2033
 
57,000
56,490
Weir Group, Inc. (United Kingdom), 5.35%,
05/06/2030(b)
 
919,000
923,622
 
 
1,297,917
Industrial REITs-0.00%
LXP Industrial Trust, 6.75%, 11/15/2028
 
50,000
53,177
Insurance Brokers-0.07%
Arthur J. Gallagher & Co.
 
4.85%, 12/15/2029
 
212,000
214,754
5.00%, 02/15/2032(c)
 
247,000
248,207
5.15%, 02/15/2035
 
410,000
407,184
6.75%, 02/15/2054
 
55,000
59,856
AssuredPartners, Inc., 7.50%,
02/15/2032(b)
 
256,000
272,366
Marsh & McLennan Cos., Inc.
 
5.40%, 09/15/2033
 
64,000
65,905
5.45%, 03/15/2053
 
17,000
16,258
5.70%, 09/15/2053
 
57,000
56,603
 
 
1,341,133
Integrated Oil & Gas-0.57%
BP Capital Markets PLC, 6.13%(c)(d)(e)
 
1,697,000
1,642,295
Ecopetrol S.A. (Colombia)
 
8.88%, 01/13/2033
 
1,780,000
1,782,916
8.38%, 01/19/2036
 
729,000
682,863
Eni S.p.A. (Italy), 5.50%, 05/15/2034(b)(c)
 
743,000
736,927
Occidental Petroleum Corp.
 
5.00%, 08/01/2027
 
261,000
261,058
5.20%, 08/01/2029
 
279,000
275,148
5.38%, 01/01/2032
 
377,000
358,966
5.55%, 10/01/2034(c)
 
3,189,000
2,979,358
6.45%, 09/15/2036
 
113,000
110,196
4.63%, 06/15/2045
 
2,738,000
1,971,316
 
 
10,801,043
 
Principal
Amount
Value
Integrated Telecommunication Services-0.49%
AT&T, Inc.
 
5.40%, 02/15/2034
$
49,000
$50,054
3.55%, 09/15/2055
 
2,000
1,341
British Telecommunications PLC (United
Kingdom), 4.25%, 11/23/2081(b)(c)(d)
 
1,460,000
1,418,093
Iliad Holding S.A.S.U. (France), 8.50%,
04/15/2031(b)
 
184,000
194,281
T-Mobile USA, Inc.
 
5.65%, 01/15/2053
 
38,000
36,313
6.00%, 06/15/2054
 
5,000
5,000
5.88%, 11/15/2055
 
1,299,000
1,281,537
Verizon Communications, Inc., 5.25%,
04/02/2035
 
4,749,000
4,775,178
Zegona Finance PLC (United Kingdom),
8.63%, 07/15/2029(b)
 
1,333,000
1,421,425
 
 
9,183,222
Interactive Media & Services-0.37%
Alphabet, Inc.
 
5.25%, 05/15/2055
 
1,294,000
1,278,153
5.30%, 05/15/2065
 
1,372,000
1,356,616
Meta Platforms, Inc.
 
4.30%, 08/15/2029(c)
 
772,000
779,435
4.55%, 08/15/2031(c)
 
483,000
489,837
4.75%, 08/15/2034(c)
 
1,191,000
1,186,712
5.40%, 08/15/2054
 
1,333,000
1,283,737
5.75%, 05/15/2063
 
53,000
53,055
5.55%, 08/15/2064
 
655,000
630,823
 
 
7,058,368
Investment Banking & Brokerage-2.18%
Brookfield Finance, Inc. (Canada), 5.97%,
03/04/2054
 
114,000
111,216
Charles Schwab Corp. (The)
 
Series G, 5.38%(d)(e)
 
999,000
998,188
Series I, 4.00%(d)(e)
 
2,158,000
2,092,480
Series K, 5.00%(d)(e)
 
28,000
27,381
Goldman Sachs Group, Inc. (The)
 
5.16% (SOFR + 0.79%), 12/09/2026(f)
 
18,000
18,004
5.67% (SOFR + 1.29%), 04/23/2028(f)
 
1,873,000
1,880,201
5.73%, 04/25/2030(c)(d)
 
220,000
228,098
5.05%, 07/23/2030(d)
 
437,000
442,327
4.69%, 10/23/2030(d)
 
652,000
650,612
5.21%, 01/28/2031(d)
 
947,000
963,414
5.22%, 04/23/2031(d)
 
2,449,000
2,494,784
5.85%, 04/25/2035(d)
 
259,000
267,146
5.33%, 07/23/2035(d)
 
1,224,000
1,216,890
5.54%, 01/28/2036(c)(d)
 
3,383,000
3,417,656
5.73%, 01/28/2056(d)
 
2,015,000
1,964,192
6.85%(d)(e)
 
2,762,000
2,730,968
Series V, 4.13%(c)(d)(e)
 
459,000
438,977
Series W, 7.50%(c)(d)(e)
 
2,962,000
3,074,355
Series X, 7.50%(d)(e)
 
2,979,000
3,045,322
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Investment Banking & Brokerage-(continued)
Morgan Stanley
 
5.12%, 02/01/2029(d)
$
13,000
$13,208
4.99%, 04/12/2029(d)
 
1,065,000
1,079,711
5.16%, 04/20/2029(d)
 
90,000
91,649
5.45%, 07/20/2029(d)
 
28,000
28,750
6.41%, 11/01/2029(d)
 
66,000
69,896
5.17%, 01/16/2030(d)
 
63,000
64,181
5.04%, 07/19/2030(d)
 
1,177,000
1,191,882
4.65%, 10/18/2030(d)
 
967,000
964,246
5.23%, 01/15/2031(d)
 
4,379,000
4,466,072
5.19%, 04/17/2031(d)
 
3,139,000
3,196,712
5.25%, 04/21/2034(d)
 
100,000
100,032
5.42%, 07/21/2034(d)
 
41,000
41,446
5.47%, 01/18/2035(d)
 
64,000
64,673
5.83%, 04/19/2035(d)
 
218,000
225,172
5.32%, 07/19/2035(d)
 
487,000
484,975
5.59%, 01/18/2036(d)
 
2,378,000
2,413,203
5.66%, 04/17/2036(d)
 
603,000
615,938
5.95%, 01/19/2038(d)
 
13,000
13,110
 
 
41,187,067
IT Consulting & Other Services-0.70%
International Business Machines Corp.
 
4.80%, 02/10/2030
 
5,601,000
5,672,405
5.20%, 02/10/2035(c)
 
4,033,000
4,039,818
5.70%, 02/10/2055(c)
 
3,662,000
3,554,019
 
 
13,266,242
Leisure Products-0.01%
Brunswick Corp., 5.85%, 03/18/2029
 
126,000
127,723
Life & Health Insurance-1.55%
200 Park Funding Trust, 5.74%,
02/15/2055(b)(c)
 
1,592,000
1,555,714
AIA Group Ltd. (Hong Kong)
 
5.38%, 04/05/2034(b)
 
1,045,000
1,055,211
4.95%, 03/30/2035(b)(c)
 
2,160,000
2,113,822
5.40%, 09/30/2054(b)(c)
 
1,241,000
1,129,171
Amazon Conservation DAC (Ecuador),
6.03%, 01/16/2042(b)
 
3,415,000
3,415,750
American National Global Funding, 5.55%,
01/28/2030(b)
 
247,000
252,709
Athene Global Funding, 5.58%,
01/09/2029(b)
 
409,000
418,712
Athene Holding Ltd., 6.25%, 04/01/2054
 
159,000
154,306
Corebridge Global Funding
 
5.90%, 09/19/2028(b)
 
69,000
72,077
5.20%, 01/12/2029(b)(c)
 
483,000
492,987
5.20%, 06/24/2029(b)
 
427,000
434,571
Dai-ichi Life Insurance Co. Ltd. (The)
(Japan), 6.20%(b)(d)(e)
 
1,408,000
1,400,077
Delaware Life Global Funding, Series 21-1,
2.66%, 06/29/2026(b)
 
4,125,000
4,020,142
F&G Annuities & Life, Inc., 7.40%,
01/13/2028
 
35,000
36,576
GA Global Funding Trust, 5.50%,
01/08/2029(b)
 
658,000
674,888
High Street Funding Trust III, 5.81%,
02/15/2055(b)(c)
 
1,015,000
987,551
 
Principal
Amount
Value
Life & Health Insurance-(continued)
MAG Mutual Holding Co., 4.75%,
04/30/2041(b)(h)
$
3,179,000
$2,867,458
MetLife, Inc.
 
5.25%, 01/15/2054
 
42,000
39,245
Series G, 6.35%, 03/15/2055(c)(d)
 
954,000
949,278
Series G, 3.85%(d)(e)
 
5,000
4,950
Nippon Life Insurance Co. (Japan)
 
5.95%, 04/16/2054(b)(d)
 
990,000
987,030
6.50%, 04/30/2055(b)(d)
 
1,503,000
1,525,783
Penn Mutual Life Insurance Co. (The),
3.80%, 04/29/2061(b)
 
4,000
2,602
Pricoa Global Funding I, 4.65%,
08/27/2031(b)
 
659,000
659,710
Prudential Financial, Inc., 5.20%,
03/14/2035
 
3,295,000
3,305,848
Sumitomo Life Insurance Co. (Japan),
5.88%(b)(d)(e)
 
779,000
762,001
 
 
29,318,169
Managed Health Care-0.04%
Humana, Inc., 5.75%, 12/01/2028
 
49,000
50,838
UnitedHealth Group, Inc.
 
5.25%, 02/15/2028
 
22,000
22,655
5.30%, 02/15/2030
 
35,000
36,345
5.35%, 02/15/2033
 
29,000
29,727
5.05%, 04/15/2053
 
24,000
21,236
5.63%, 07/15/2054
 
193,000
185,748
5.75%, 07/15/2064
 
345,000
333,280
 
 
679,829
Marine Transportation-0.09%
A.P. Moller - Maersk A/S (Denmark),
5.88%, 09/14/2033(b)
 
50,000
51,147
Stena International S.A. (Sweden), 7.63%,
02/15/2031(b)
 
1,571,000
1,582,500
 
 
1,633,647
Movies & Entertainment-0.05%
Netflix, Inc., 5.40%, 08/15/2054
 
91,000
88,380
WarnerMedia Holdings, Inc.
 
4.28%, 03/15/2032(c)
 
443,000
379,491
5.05%, 03/15/2042
 
19,000
14,332
5.14%, 03/15/2052
 
667,000
456,274
5.39%, 03/15/2062
 
21,000
14,296
 
 
952,773
Multi-Family Residential REITs-0.07%
AvalonBay Communities, Inc., 5.30%,
12/07/2033
 
102,000
103,291
Essex Portfolio L.P., 5.50%, 04/01/2034
 
101,000
101,611
Invitation Homes Operating Partnership
L.P., 4.88%, 02/01/2035
 
441,000
419,521
Mid-America Apartments L.P., 5.30%,
02/15/2032
 
459,000
470,385
UDR, Inc., 5.13%, 09/01/2034
 
182,000
177,620
 
 
1,272,428
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Multi-line Insurance-0.15%
Allianz SE (Germany), 3.50%(b)(d)(e)
$
2,200,000
$2,117,961
Metropolitan Life Global Funding I, 5.15%,
03/28/2033(b)
 
662,000
668,479
 
 
2,786,440
Multi-Utilities-0.48%
Algonquin Power & Utilities Corp. (Canada),
5.37%, 06/15/2026
 
156,000
157,053
Ameren Illinois Co., 4.95%, 06/01/2033
 
37,000
37,015
Black Hills Corp., 6.15%, 05/15/2034
 
118,000
122,472
CMS Energy Corp., 6.50%, 06/01/2055(d)
 
1,039,000
1,015,561
Dominion Energy, Inc., 5.38%,
11/15/2032
 
30,000
30,399
DTE Energy Co.
 
4.95%, 07/01/2027
 
455,000
459,769
5.85%, 06/01/2034
 
89,000
91,791
ENGIE S.A. (France)
 
5.25%, 04/10/2029(b)
 
978,000
1,001,445
5.63%, 04/10/2034(b)
 
678,000
686,828
5.88%, 04/10/2054(b)(c)
 
714,000
694,867
NiSource, Inc.
 
5.25%, 03/30/2028
 
7,000
7,155
5.35%, 04/01/2034
 
179,000
180,308
5.85%, 04/01/2055
 
1,448,000
1,420,651
Public Service Enterprise Group, Inc.,
5.88%, 10/15/2028
 
109,000
113,891
Sempra
 
6.88%, 10/01/2054(c)(d)
 
217,000
210,078
6.55%, 04/01/2055(d)
 
1,483,000
1,354,097
6.63%, 04/01/2055(d)
 
1,622,000
1,537,859
WEC Energy Group, Inc., 5.15%,
10/01/2027
 
26,000
26,428
 
 
9,147,667
Office REITs-0.12%
Brandywine Operating Partnership L.P.
 
8.30%, 03/15/2028(c)
 
351,000
363,139
8.88%, 04/12/2029
 
1,037,000
1,088,684
Cousins Properties L.P.
 
5.38%, 02/15/2032
 
373,000
369,973
5.88%, 10/01/2034
 
390,000
390,462
 
 
2,212,258
Oil & Gas Equipment & Services-0.00%
Northern Natural Gas Co., 5.63%,
02/01/2054(b)
 
59,000
55,816
Oil & Gas Exploration & Production-0.18%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%, 10/01/2029(b)
 
600,000
603,083
ConocoPhillips Co., 5.70%, 09/15/2063
 
60,000
56,184
Diamondback Energy, Inc.
 
5.20%, 04/18/2027
 
201,000
203,900
5.15%, 01/30/2030
 
308,000
312,670
5.90%, 04/18/2064
 
123,000
109,202
Expand Energy Corp., 5.38%,
03/15/2030
 
159,000
158,011
Hilcorp Energy I L.P./Hilcorp Finance Co.
 
6.88%, 05/15/2034(b)
 
301,000
256,174
7.25%, 02/15/2035(b)
 
549,000
479,031
 
Principal
Amount
Value
Oil & Gas Exploration & Production-(continued)
Transocean Titan Financing Ltd., 8.38%,
02/01/2028(b)
$
19,000
$18,839
Uzbekneftegaz JSC (Uzbekistan), 4.75%,
11/16/2028(b)
 
1,278,000
1,156,909
 
 
3,354,003
Oil & Gas Refining & Marketing-0.17%
Empresa Nacional del Petroleo (Chile),
5.95%, 07/30/2034(b)
 
929,000
939,204
Phillips 66 Co., 5.30%, 06/30/2033
 
41,000
40,613
Raizen Fuels Finance S.A. (Brazil)
 
5.70%, 01/17/2035(b)
 
445,000
415,252
6.70%, 02/25/2037(b)(c)
 
918,000
898,883
6.95%, 03/05/2054(b)(c)
 
932,000
881,852
 
 
3,175,804
Oil & Gas Storage & Transportation-1.79%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
 
1,125,000
1,137,855
Cheniere Energy Partners L.P., 5.95%,
06/30/2033
 
41,000
41,873
Columbia Pipelines Holding Co. LLC
 
6.06%, 08/15/2026(b)
 
29,000
29,418
5.10%, 10/01/2031(b)
 
380,000
375,295
Columbia Pipelines Operating Co. LLC,
5.70%, 10/01/2054(b)
 
983,000
893,333
Eastern Energy Gas Holdings LLC, 5.65%,
10/15/2054(c)
 
559,000
526,792
Enbridge, Inc. (Canada)
 
5.70%, 03/08/2033
 
31,000
31,650
7.63%, 01/15/2083(d)
 
28,000
28,629
Energy Transfer L.P.
 
6.05%, 12/01/2026
 
63,000
64,285
5.50%, 06/01/2027
 
5,000
5,079
6.10%, 12/01/2028
 
37,000
38,717
6.40%, 12/01/2030
 
28,000
29,790
5.55%, 05/15/2034
 
183,000
180,203
5.95%, 05/15/2054
 
135,000
122,882
8.00%, 05/15/2054(c)(d)
 
940,000
976,707
6.05%, 09/01/2054
 
1,121,000
1,025,777
7.13%, 10/01/2054(c)(d)
 
3,561,000
3,539,581
GreenSaif Pipelines Bidco S.a.r.l. (Saudi
Arabia)
 
5.85%, 02/23/2036(b)
 
4,380,000
4,414,186
6.13%, 02/23/2038(b)
 
383,000
391,537
6.51%, 02/23/2042(b)
 
970,000
996,169
6.10%, 08/23/2042(b)
 
2,330,000
2,313,177
Kinder Morgan, Inc.
 
7.80%, 08/01/2031
 
11,000
12,480
4.80%, 02/01/2033
 
9,000
8,654
5.20%, 06/01/2033
 
39,000
38,398
MPLX L.P., 4.95%, 03/14/2052
 
7,000
5,630
NGL Energy Operating LLC/NGL Energy
Finance Corp., 8.38%, 02/15/2032(b)
 
555,000
506,609
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Oil & Gas Storage & Transportation-(continued)
ONEOK, Inc.
 
4.25%, 09/24/2027
$
718,000
$714,035
5.65%, 11/01/2028
 
28,000
28,877
4.40%, 10/15/2029
 
578,000
569,253
5.80%, 11/01/2030
 
41,000
42,474
6.05%, 09/01/2033
 
78,000
80,065
6.63%, 09/01/2053
 
84,000
83,733
Plains All American Pipeline L.P., 5.95%,
06/15/2035
 
1,625,000
1,626,878
South Bow Canadian Infrastructure
Holdings Ltd. (Canada)
 
7.50%, 03/01/2055(b)(c)(d)
 
946,000
930,841
7.63%, 03/01/2055(b)(d)
 
1,650,000
1,650,201
South Bow USA Infrastructure
Holdings LLC (Canada)
 
4.91%, 09/01/2027(b)(c)
 
645,000
648,460
5.03%, 10/01/2029(b)(c)
 
830,000
823,578
5.58%, 10/01/2034(b)
 
607,000
587,321
6.18%, 10/01/2054(b)
 
385,000
356,530
Southern Co. Gas Capital Corp., 5.75%,
09/15/2033
 
46,000
47,485
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp., 7.38%,
02/15/2029(b)
 
1,092,000
1,089,099
Targa Resources Corp.
 
5.50%, 02/15/2035
 
172,000
168,079
6.25%, 07/01/2052
 
10,000
9,632
Venture Global LNG, Inc.
 
9.50%, 02/01/2029(b)
 
1,100,000
1,140,544
7.00%, 01/15/2030(b)
 
194,000
182,906
9.88%, 02/01/2032(b)
 
729,000
740,656
Western Midstream Operating L.P.
 
6.15%, 04/01/2033
 
42,000
42,453
5.45%, 11/15/2034
 
570,000
541,985
5.30%, 03/01/2048
 
2,000,000
1,608,598
Williams Cos., Inc. (The)
 
5.30%, 08/15/2028
 
124,000
126,892
4.80%, 11/15/2029
 
539,000
542,710
5.65%, 03/15/2033
 
38,000
38,876
5.15%, 03/15/2034
 
174,000
170,708
5.80%, 11/15/2054
 
414,000
392,904
6.00%, 03/15/2055
 
1,170,000
1,139,702
 
 
33,860,181
Other Specialized REITs-0.07%
Simon Property Group L.P., 4.75%,
09/26/2034
 
1,353,000
1,294,390
Other Specialty Retail-0.00%
Tractor Supply Co., 5.25%, 05/15/2033
 
15,000
15,072
Packaged Foods & Meats-0.91%
General Mills, Inc., 5.50%, 10/17/2028
 
81,000
83,814
J.M. Smucker Co. (The), 6.20%,
11/15/2033
 
43,000
45,894
Lamb Weston Holdings, Inc., 4.13%,
01/31/2030(b)(c)
 
727,000
682,849
 
Principal
Amount
Value
Packaged Foods & Meats-(continued)
Mars, Inc.
 
4.60%, 03/01/2028(b)(c)
$
3,644,000
$3,684,289
4.80%, 03/01/2030(b)(c)
 
1,029,000
1,041,941
5.00%, 03/01/2032(b)
 
2,570,000
2,591,869
5.20%, 03/01/2035(b)
 
2,540,000
2,551,044
5.65%, 05/01/2045(b)
 
1,471,000
1,461,887
5.70%, 05/01/2055(b)
 
1,862,000
1,836,724
5.80%, 05/01/2065(b)
 
1,260,000
1,242,911
McCormick & Co., Inc., 4.70%,
10/15/2034
 
760,000
728,315
Minerva (Luxembourg) S.A. (Brazil),
8.88%, 09/13/2033(b)
 
252,000
268,977
Post Holdings, Inc., 6.25%,
10/15/2034(b)(c)
 
303,000
301,242
The Campbell’s Company
 
5.30%, 03/20/2026
 
91,000
91,549
5.20%, 03/21/2029
 
92,000
94,020
5.40%, 03/21/2034(c)
 
120,000
121,046
5.25%, 10/13/2054(c)
 
336,000
301,792
 
 
17,130,163
Paper & Plastic Packaging Products & Materials-0.28%
Graphic Packaging International LLC,
6.38%, 07/15/2032(b)
 
832,000
837,134
Sealed Air Corp., 7.25%, 02/15/2031(b)(c)
 
3,125,000
3,258,125
Smurfit Kappa Treasury Unlimited Co.
(Ireland)
 
5.20%, 01/15/2030(b)(c)
 
700,000
710,057
5.44%, 04/03/2034(b)
 
558,000
558,688
 
 
5,364,004
Paper Products-0.02%
Magnera Corp., 7.25%, 11/15/2031(b)(c)
 
303,000
286,823
Passenger Airlines-0.20%
American Airlines Pass-Through Trust
 
Series 2021-1, Class A, 2.88%,
07/11/2034
 
39,833
34,577
Series 2021-1, Class B, 3.95%,
07/11/2030
 
308,450
289,353
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.50%, 04/20/2026(b)
 
1,668,147
1,658,422
AS Mileage Plan IP Ltd.
 
5.02%, 10/20/2029(b)
 
454,000
440,624
5.31%, 10/20/2031(b)
 
433,000
415,082
British Airways Pass-Through Trust (United
Kingdom), Series 2021-1, Class A,
2.90%, 03/15/2035(b)
 
144,878
129,651
Delta Air Lines, Inc./SkyMiles IP Ltd.
 
4.50%, 10/20/2025(b)
 
7,498
7,430
4.75%, 10/20/2028(b)
 
19,498
19,385
United Airlines Pass-Through Trust
 
Series 2020-1, Class A, 5.88%,
10/15/2027
 
5,541
5,266
Series 24-A, 5.88%, 02/15/2037
 
460,953
458,199
Series AA, 5.45%, 02/15/2037
 
384,623
383,778
 
 
3,841,767
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Passenger Ground Transportation-0.16%
Uber Technologies, Inc.
 
6.25%, 01/15/2028(b)(c)
$
931,000
$936,698
4.30%, 01/15/2030
 
1,399,000
1,382,836
5.35%, 09/15/2054
 
666,000
610,400
 
 
2,929,934
Personal Care Products-0.07%
Coty, Inc., 5.00%, 04/15/2026(b)
 
1,158,000
1,151,274
Kenvue, Inc.
 
5.05%, 03/22/2028
 
28,000
28,832
5.00%, 03/22/2030
 
105,000
108,328
4.90%, 03/22/2033
 
59,000
59,746
5.20%, 03/22/2063
 
28,000
25,967
 
 
1,374,147
Pharmaceuticals-0.38%
AstraZeneca Finance LLC (United Kingdom)
 
4.85%, 02/26/2029
 
280,000
286,289
4.90%, 02/26/2031
 
639,000
656,405
Bristol-Myers Squibb Co.
 
4.90%, 02/22/2029
 
102,000
104,535
5.75%, 02/01/2031
 
84,000
89,448
5.90%, 11/15/2033
 
55,000
58,735
6.25%, 11/15/2053
 
57,000
59,967
6.40%, 11/15/2063
 
90,000
96,106
Eli Lilly and Co.
 
4.70%, 02/09/2034
 
37,000
36,709
5.00%, 02/09/2054
 
221,000
205,444
5.10%, 02/09/2064
 
277,000
254,718
5.20%, 08/14/2064
 
190,000
178,428
Johnson & Johnson, 4.70%, 03/01/2030
 
1,285,000
1,321,252
Merck & Co., Inc.
 
4.30%, 05/17/2030
 
110,000
110,532
4.90%, 05/17/2044
 
105,000
97,502
5.15%, 05/17/2063
 
15,000
13,684
Novartis Capital Corp.
 
3.80%, 09/18/2029
 
774,000
765,071
4.00%, 09/18/2031
 
587,000
575,460
4.20%, 09/18/2034(c)
 
1,346,000
1,287,151
4.70%, 09/18/2054
 
1,036,000
918,899
 
 
7,116,335
Property & Casualty Insurance-0.09%
Fairfax Financial Holdings Ltd. (Canada),
6.10%, 03/15/2055
 
564,000
541,545
Markel Group, Inc., 6.00%(d)(e)
 
1,217,000
1,214,477
Travelers Cos., Inc. (The), 5.45%,
05/25/2053
 
25,000
24,537
 
 
1,780,559
Rail Transportation-0.16%
Canadian Pacific Railway Co. (Canada),
5.20%, 03/30/2035
 
1,128,000
1,132,967
Norfolk Southern Corp.
 
5.05%, 08/01/2030
 
50,000
51,485
5.55%, 03/15/2034
 
54,000
56,208
5.10%, 05/01/2035
 
839,000
842,337
5.95%, 03/15/2064
 
57,000
57,828
 
Principal
Amount
Value
Rail Transportation-(continued)
TTX Co., 5.05%, 11/15/2034(b)
$
847,000
$857,105
Union Pacific Corp., 5.15%, 01/20/2063
 
37,000
33,004
 
 
3,030,934
Real Estate Development-0.06%
Piedmont Operating Partnership L.P.
 
9.25%, 07/20/2028
 
565,000
612,214
6.88%, 07/15/2029
 
418,000
426,377
 
 
1,038,591
Regional Banks-0.09%
Citizens Financial Group, Inc., 5.64%,
05/21/2037(d)
 
15,000
14,545
Regions Financial Corp., 5.72%,
06/06/2030(c)(d)
 
323,000
330,344
Synovus Financial Corp., 6.17%,
11/01/2030(d)
 
371,000
374,526
Truist Financial Corp., Series P,
4.95%(c)(d)(e)
 
276,000
274,653
Zions Bancorporation N.A., 6.82%,
11/19/2035(d)
 
791,000
780,589
 
 
1,774,657
Reinsurance-0.23%
Global Atlantic (Fin) Co.
 
6.75%, 03/15/2054(b)
 
376,000
369,082
7.95%, 10/15/2054(b)(d)
 
923,000
939,632
RenaissanceRe Holdings Ltd. (Bermuda),
5.75%, 06/05/2033
 
2,915,000
2,977,172
 
 
4,285,886
Renewable Electricity-0.01%
DTE Electric Co., 5.20%, 03/01/2034
 
88,000
89,117
Idaho Power Co., 5.20%, 08/15/2034
 
152,000
153,421
 
 
242,538
Restaurants-0.71%
1011778 BC ULC/New Red Finance, Inc.
(Canada), 5.63%, 09/15/2029(b)
 
770,000
768,414
Arcos Dorados B.V. (Brazil), 6.38%,
01/29/2032(b)
 
2,805,000
2,859,754
McDonald’s Corp.
 
4.80%, 08/14/2028
 
206,000
209,772
4.60%, 05/15/2030
 
1,291,000
1,300,651
4.95%, 08/14/2033
 
148,000
149,479
4.95%, 03/03/2035(c)
 
888,000
881,412
Raising Cane’s Restaurants LLC, 9.38%,
05/01/2029(b)
 
6,885,000
7,305,013
 
 
13,474,495
Retail REITs-0.12%
Agree L.P., 5.63%, 06/15/2034
 
145,000
146,479
Brixmor Operating Partnership L.P.,
5.75%, 02/15/2035
 
125,000
126,579
Kimco Realty OP LLC, 4.85%,
03/01/2035
 
453,000
434,724
Kite Realty Group L.P.
 
4.95%, 12/15/2031
 
309,000
306,016
5.50%, 03/01/2034
 
45,000
45,093
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Retail REITs-(continued)
NNN REIT, Inc.
 
5.60%, 10/15/2033
$
37,000
$37,495
5.50%, 06/15/2034
 
139,000
139,397
Realty Income Corp.
 
2.20%, 06/15/2028
 
4,000
3,750
5.63%, 10/13/2032
 
12,000
12,388
5.13%, 04/15/2035
 
591,000
585,966
5.38%, 09/01/2054
 
153,000
144,019
Regency Centers L.P.
 
5.25%, 01/15/2034
 
71,000
71,125
5.10%, 01/15/2035(c)
 
193,000
190,572
 
 
2,243,603
Self-Storage REITs-0.10%
Extra Space Storage L.P.
 
5.70%, 04/01/2028
 
14,000
14,449
5.40%, 02/01/2034
 
132,000
130,953
Goodman US Finance Six LLC (Australia),
5.13%, 10/07/2034(b)
 
199,000
195,773
Prologis L.P.
 
4.88%, 06/15/2028
 
39,000
39,741
5.13%, 01/15/2034
 
34,000
34,033
5.00%, 03/15/2034
 
297,000
294,416
5.00%, 01/31/2035
 
459,000
454,032
5.25%, 03/15/2054
 
573,000
530,076
Public Storage Operating Co.
 
5.13%, 01/15/2029
 
9,000
9,294
5.10%, 08/01/2033
 
60,000
60,982
5.35%, 08/01/2053
 
156,000
148,034
 
 
1,911,783
Semiconductors-0.61%
Broadcom, Inc.
 
5.05%, 07/12/2027
 
625,000
635,013
5.05%, 07/12/2029
 
417,000
425,286
5.15%, 11/15/2031
 
1,319,000
1,344,985
Foundry JV Holdco LLC
 
5.90%, 01/25/2030(b)(c)
 
644,000
668,947
5.50%, 01/25/2031(b)
 
914,000
926,244
6.15%, 01/25/2032(b)
 
711,000
739,207
5.90%, 01/25/2033(b)
 
517,000
527,760
5.88%, 01/25/2034(b)
 
754,000
757,932
6.25%, 01/25/2035(b)
 
733,000
758,676
6.10%, 01/25/2036(b)
 
879,000
896,606
6.20%, 01/25/2037(b)
 
987,000
1,011,878
6.40%, 01/25/2038(b)
 
480,000
504,080
6.30%, 01/25/2039(b)
 
1,040,000
1,080,825
Micron Technology, Inc.
 
5.30%, 01/15/2031
 
79,000
79,389
6.05%, 11/01/2035
 
1,148,000
1,164,510
 
 
11,521,338
Single-Family Residential REITs-0.05%
American Homes 4 Rent L.P.
 
2.38%, 07/15/2031
 
4,000
3,445
5.50%, 07/15/2034
 
431,000
428,174
5.25%, 03/15/2035
 
443,000
431,878
 
 
863,497
 
Principal
Amount
Value
Soft Drinks & Non-alcoholic Beverages-0.43%
Coca-Cola Co. (The), 5.40%, 05/13/2064
$
669,000
$649,553
Keurig Dr Pepper, Inc.
 
4.60%, 05/15/2030
 
4,307,000
4,308,444
5.15%, 05/15/2035
 
992,000
990,416
PepsiCo, Inc.
 
4.60%, 02/07/2030(c)
 
1,975,000
2,011,117
5.00%, 02/07/2035
 
236,000
238,463
 
 
8,197,993
Sovereign Debt-1.63%
Brazilian Government International Bond
(Brazil), 6.13%, 03/15/2034(c)
 
2,001,000
1,965,591
Costa Rica Government International Bond
(Costa Rica), 7.30%, 11/13/2054(b)
 
528,000
538,860
Dominican Republic International Bond
(Dominican Republic)
 
6.95%, 03/15/2037(b)
 
4,739,000
4,711,988
7.15%, 02/24/2055(b)
 
2,730,000
2,677,038
Guatemala Government Bond (Guatemala)
 
6.05%, 08/06/2031(b)
 
3,287,000
3,272,732
6.55%, 02/06/2037(b)
 
1,315,000
1,312,459
Peruvian Government International Bond
(Peru), 5.38%, 02/08/2035
 
1,806,000
1,783,084
Republic of Kenya Government
International Bond (Kenya), 9.50%,
03/05/2036(b)
 
1,772,000
1,558,874
Republic of Poland Government
International Bond (Poland), 5.38%,
02/12/2035
 
3,370,000
3,410,496
Romanian Government International Bond
(Romania)
 
6.63%, 02/17/2028(b)
 
932,000
954,812
5.88%, 01/30/2029(b)
 
3,084,000
3,057,763
7.13%, 01/17/2033(b)
 
536,000
541,502
5.75%, 03/24/2035(b)
 
3,305,000
2,931,601
Trinidad & Tobago Government
International Bond (Trinidad), 6.40%,
06/26/2034(b)
 
2,215,000
2,098,065
 
 
30,814,865
Specialized Consumer Services-0.51%
Rentokil Terminix Funding LLC
 
5.00%, 04/28/2030(b)
 
4,222,000
4,215,821
5.63%, 04/28/2035(b)(c)
 
5,353,000
5,373,589
 
 
9,589,410
Specialized Finance-0.16%
Blackstone Private Credit Fund, 4.95%,
09/26/2027(b)
 
393,000
389,408
Jefferson Capital Holdings LLC
 
9.50%, 02/15/2029(b)
 
423,000
443,806
8.25%, 05/15/2030(b)
 
2,217,000
2,233,863
 
 
3,067,077
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Specialty Chemicals-0.18%
OCP S.A. (Morocco)
 
6.10%, 04/30/2030(b)
$
1,527,000
$1,529,530
6.70%, 03/01/2036(b)
 
1,698,000
1,684,556
Sociedad Quimica y Minera de Chile S.A.
(Chile), 6.50%, 11/07/2033(b)(c)
 
185,000
192,978
 
 
3,407,064
Steel-0.38%
Cleveland-Cliffs, Inc.
 
5.88%, 06/01/2027(c)
 
2,446,000
2,415,521
6.88%, 11/01/2029(b)
 
1,873,000
1,816,217
POSCO (South Korea), 5.63%,
01/17/2026(b)
 
774,000
779,875
POSCO Holdings, Inc. (South Korea)
 
5.13%, 05/07/2030(b)
 
1,381,000
1,381,983
5.75%, 05/07/2035(b)
 
860,000
855,970
 
 
7,249,566
Systems Software-0.25%
Oracle Corp.
 
6.25%, 11/09/2032
 
15,000
16,002
4.90%, 02/06/2033
 
32,000
31,470
4.70%, 09/27/2034
 
916,000
872,039
6.90%, 11/09/2052
 
20,000
21,535
5.38%, 09/27/2054
 
1,065,000
944,736
6.00%, 08/03/2055
 
716,000
697,113
5.50%, 09/27/2064
 
803,000
713,285
6.13%, 08/03/2065
 
1,372,000
1,339,834
 
 
4,636,014
Technology Hardware, Storage & Peripherals-0.31%
Dell International LLC/EMC Corp., 5.50%,
04/01/2035
 
4,383,000
4,305,501
Hewlett Packard Enterprise Co.
 
5.00%, 10/15/2034
 
683,000
659,661
5.60%, 10/15/2054
 
975,000
900,169
 
 
5,865,331
Tobacco-0.56%
B.A.T Capital Corp. (United Kingdom)
 
5.83%, 02/20/2031
 
260,000
270,818
6.00%, 02/20/2034
 
110,000
115,035
7.08%, 08/02/2043
 
35,000
37,566
7.08%, 08/02/2053
 
18,000
19,581
 
Principal
Amount
Value
Tobacco-(continued)
Philip Morris International, Inc.
 
4.75%, 02/12/2027
$
267,000
$269,896
4.38%, 11/01/2027
 
956,000
960,514
4.88%, 02/15/2028
 
92,000
93,681
4.13%, 04/28/2028
 
311,000
310,726
5.25%, 09/07/2028
 
77,000
79,393
4.88%, 02/13/2029
 
327,000
332,386
4.63%, 11/01/2029
 
1,238,000
1,249,230
4.38%, 04/30/2030
 
1,742,000
1,732,072
5.13%, 02/13/2031
 
108,000
110,793
4.75%, 11/01/2031
 
965,000
968,915
5.75%, 11/17/2032
 
5,000
5,248
5.38%, 02/15/2033
 
114,000
116,782
5.63%, 09/07/2033
 
78,000
80,973
5.25%, 02/13/2034
 
354,000
357,736
4.90%, 11/01/2034(c)
 
1,697,000
1,673,207
4.88%, 04/30/2035
 
1,887,000
1,851,073
 
 
10,635,625
Trading Companies & Distributors-0.25%
Air Lease Corp., Series B, 4.65%(d)(e)
 
1,242,000
1,205,950
Ferguson Enterprises, Inc., 5.00%,
10/03/2034
 
415,000
401,846
GATX Corp., 6.05%, 06/05/2054
 
1,042,000
1,010,806
Mitsubishi Corp. (Japan)
 
5.00%, 07/02/2029(b)(c)
 
957,000
979,577
5.13%, 07/17/2034(b)(c)
 
1,069,000
1,087,492
 
 
4,685,671
Transaction & Payment Processing Services-0.03%
Fiserv, Inc.
 
5.38%, 08/21/2028
 
106,000
108,806
5.63%, 08/21/2033
 
68,000
69,304
5.45%, 03/15/2034
 
257,000
258,121
Mastercard, Inc., 4.85%, 03/09/2033
 
55,000
55,596
 
 
491,827
Wireless Telecommunication Services-0.03%
Vodafone Group PLC (United Kingdom),
5.13%, 06/04/2081(d)
 
780,000
581,446
Total U.S. Dollar Denominated Bonds & Notes
(Cost $769,072,921)
768,210,585
U.S. Government Sponsored Agency Mortgage-Backed
Securities-30.72%
Collateralized Mortgage Obligations-1.89%
Freddie Mac Military Housing Bonds
Resecuritization Trust Ctfs.,
Series 2015-R1, Class B1, 5.25%,
11/25/2055(b)(i)
 
882,111
767,451
Freddie Mac Multifamily Structured
Pass-Through Ctfs.
 
Series 2017-K066, Class AM, 3.20%,
06/25/2027
 
250,000
245,367
Series 2017-KGX1, Class AFX, 3.00%,
10/25/2027
 
1,000,000
973,869
Series 2018-K074, Class AM, 3.60%,
02/25/2028
 
1,000,000
986,987
Series 2018-K154, Class A3, 3.46%,
11/25/2032(i)
 
1,000,000
940,965
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
75
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Collateralized Mortgage Obligations-(continued)
Series K-161, Class A2, 4.90%,
10/25/2033(i)
$
10,000,000
$10,271,079
Series K-162, Class A2, 5.15%,
12/25/2033(i)
 
10,000,000
10,428,213
Series K-164, Class A2, 5.00%,
05/25/2034
 
10,000,000
10,321,770
Freddie Mac STRIPS, 0.00%,
09/15/2030(j)
 
350,000
282,757
Seasoned Credit Risk Transfer Trust
 
Series 2017-3, Class HT, 3.25%,
07/25/2056
 
241,371
213,848
Series 2017-4, Class HT, 3.25%,
06/25/2057
 
357,074
322,916
 
 
35,755,222
Federal Home Loan Mortgage Corp. (FHLMC)-1.36%
0.00%, 12/14/2029(j)
 
150,000
125,560
3.55%, 10/01/2033
 
450,797
420,764
3.00%, 10/01/2034
 
178,371
171,483
4.00%, 11/01/2048 to 07/01/2049
 
223,333
210,649
3.50%, 08/01/2049
 
1,463,328
1,337,311
6.00%, 06/01/2053 to 08/01/2054
 
16,852,783
17,238,979
5.50%, 07/01/2053
 
6,096,512
6,132,467
 
 
25,637,213
Federal National Mortgage Association (FNMA)-0.77%
2.82%, 10/01/2029
 
468,676
445,582
2.90%, 11/01/2029
 
478,364
453,989
3.08%, 10/01/2032
 
743,702
688,578
3.31%, 01/01/2033
 
961,885
900,944
2.50%, 10/01/2034 to 12/01/2034
 
1,777,154
1,670,321
3.50%, 05/01/2047 to 06/01/2047
 
1,436,230
1,325,040
4.00%, 11/01/2047
 
65,896
62,441
3.00%, 09/01/2049 to 10/01/2049
 
2,620,650
2,316,312
5.50%, 09/01/2053
 
6,644,535
6,676,496
 
 
14,539,703
Government National Mortgage Association (GNMA)-7.28%
4.00%, 07/20/2049
 
36,749
34,549
TBA, 2.00%, 05/01/2055(k)
 
4,826,634
3,938,940
TBA, 2.50%, 05/01/2055(k)
 
30,422,321
25,932,618
TBA, 4.50%, 05/01/2055(k)
 
22,606,070
21,643,522
TBA, 5.00%, 05/01/2055(k)
 
28,938,000
28,392,828
TBA, 5.50%, 05/01/2055(k)
 
28,482,317
28,475,974
TBA, 6.00%, 05/01/2055(k)
 
28,542,000
28,875,362
 
 
137,293,793
Uniform Mortgage-Backed Securities-19.42%
TBA, 1.50%, 05/01/2040(k)
 
8,760,000
7,734,338
TBA, 2.00%, 05/01/2040(k)
 
4,687,000
4,259,061
TBA, 3.00%, 05/01/2055(k)
 
58,373,007
50,668,628
TBA, 3.50%, 05/01/2055(k)
 
36,982,766
33,381,460
TBA, 4.00%, 05/01/2055(k)
 
30,352,117
28,290,550
TBA, 4.50%, 05/01/2055(k)
 
52,156
49,886
TBA, 5.00%, 05/01/2055(k)
 
50,977,512
49,909,564
TBA, 5.50%, 05/01/2055(k)
 
78,829,478
78,671,620
 
Principal
Amount
Value
Uniform Mortgage-Backed Securities-(continued)
TBA, 6.00%, 05/01/2055(k)
$
47,680,572
$48,375,155
TBA, 2.50%, 06/01/2055(k)
 
78,261,929
65,091,828
 
 
366,432,090
Total U.S. Government Sponsored Agency Mortgage-
Backed Securities
(Cost $580,007,108)
579,658,021
 
Asset-Backed Securities-22.70%
AGL CLO 17 Ltd. (Cayman Islands),
Series 2022-17A, Class AR, 5.22% (3
mo. Term SOFR + 0.95%),
01/21/2035(b)(f)
 
4,125,000
4,083,791
AGL CLO 29 Ltd. (Jersey), Series 2024-
29A, Class A1, 5.84% (3 mo. Term
SOFR + 1.57%), 04/21/2037(b)(f)
 
6,019,000
6,019,054
AMSR Trust, Series 2021-SFR3, Class B,
1.73%, 10/17/2038(b)
 
4,460,000
4,265,144
Angel Oak Mortgage Trust
 
Series 2020-1, Class A1, 2.16%,
12/25/2059(b)(i)
 
39,086
37,868
Series 2020-3, Class A1, 1.69%,
04/25/2065(b)(i)
 
157,969
148,949
Series 2020-5, Class A1, 1.37%,
05/25/2065(b)(i)
 
144,964
139,079
Series 2021-3, Class A1, 1.07%,
05/25/2066(b)(i)
 
928,522
803,238
Series 2022-1, Class A1, 2.88%,
12/25/2066(b)
 
2,213,583
2,048,306
Series 2023-6, Class A1, 6.50%,
12/25/2067(b)
 
656,210
662,295
Series 2024-10, Class A1, 5.35%,
10/25/2069(b)
 
2,933,169
2,962,197
Series 2024-2, Class A1, 5.99%,
01/25/2069(b)
 
2,988,305
3,007,051
Series 2024-8, Class A1, 5.34%,
05/27/2069(b)
 
8,054,700
8,039,646
Series 2025-HB1, Class A1, 6.15%
(30 Day Average SOFR + 1.80%),
02/25/2055(b)(f)
 
925,000
925,578
Apidos CLO XII (Cayman Islands),
Series 2013-12A, Class ARR, 5.34% (3
mo. Term SOFR + 1.08%),
04/15/2031(b)(f)
 
2,366,025
2,364,795
Apidos CLO XXV (Cayman Islands),
Series 2016-25A, Class A1R3, 5.41% (3
mo. Term SOFR + 1.14%),
01/20/2037(b)(f)
 
3,677,000
3,651,250
Avis Budget Rental Car Funding (AESOP)
LLC
 
Series 2023-1A, Class A, 5.25%,
04/20/2029(b)
 
718,000
730,360
Series 2023-4A, Class A, 5.49%,
06/20/2029(b)
 
2,738,000
2,802,126
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Bain Capital Credit CLO Ltd. (Cayman
Islands)
 
Series 2021-1A, Class AR, 5.21% (3
mo. Term SOFR + 0.94%),
04/18/2034(b)(f)
$
2,267,000
$2,250,066
Series 2022-1A, Class A1, 5.59% (3 mo.
Term SOFR + 1.32%), 04/18/2035(b)(f)
 
1,692,000
1,686,916
Bank5, Series 2024-5YR10, Class A,
5.64%, 10/15/2057
 
1,020,000
1,033,733
Bayview MSR Opportunity Master Fund
Trust
 
Series 2021-4, Class A3, 3.00%,
10/25/2051(b)(i)
 
1,538,383
1,309,615
Series 2021-4, Class A4, 2.50%,
10/25/2051(b)(i)
 
1,538,383
1,256,302
Series 2021-4, Class A8, 2.50%,
10/25/2051(b)(i)
 
1,364,178
1,214,399
Series 2021-5, Class A1, 3.00%,
11/25/2051(b)(i)
 
1,694,767
1,444,330
Series 2021-5, Class A2, 2.50%,
11/25/2051(b)(i)
 
2,067,998
1,688,806
Bear Stearns Asset Backed Securities I
Trust, Series 2006-HE9, Class 2A,
4.72% (1 mo. Term SOFR + 0.39%),
11/25/2036(f)
 
79,385
78,326
Benchmark Mortgage Trust
 
Series 2018-B3, Class C, 4.71%,
04/10/2051(i)
 
2,500,000
2,129,601
Series 2019-B15, Class B, 3.56%,
12/15/2072
 
2,000,000
1,722,782
Benefit Street Partners CLO XXV Ltd.
(Cayman Islands), Series 2021-25A,
Class A1R, 5.26% (3 mo. Term SOFR +
1.00%), 01/15/2035(b)(f)
 
5,715,000
5,671,040
BMO Mortgage Trust, Series 2024-5C5,
Class AS, 6.36%, 02/15/2057(i)
 
3,600,000
3,774,576
BRAVO Residential Funding Trust
 
Series 2021-NQM2, Class A1, 0.97%,
03/25/2060(b)(i)
 
200,062
193,254
Series 2021-NQM2, Class A2, 1.28%,
03/25/2060(b)(i)
 
656,990
634,560
Buckhorn Park CLO Ltd. (Cayman Islands),
Series 2019-1A, Class ARR, 5.34% (3
mo. Term SOFR + 1.07%),
07/18/2034(b)(f)
 
3,826,000
3,806,931
BX Commercial Mortgage Trust
 
Series 2021-VOLT, Class C, 5.54% (1
mo. Term SOFR + 1.21%),
09/15/2036(b)(f)
 
3,005,000
2,965,851
Series 2021-VOLT, Class D, 6.09% (1
mo. Term SOFR + 1.76%),
09/15/2036(b)(f)
 
8,799,000
8,675,035
Series 2024-VLT5, Class A, 5.59%,
11/13/2046(b)(i)
 
3,115,000
3,103,137
Series 2024-VLT5, Class B, 6.00%,
11/13/2046(b)(i)
 
1,995,000
1,989,540
BX Trust
 
Series 2021-LGCY, Class B, 5.29% (1
mo. Term SOFR + 0.97%),
10/15/2036(b)(f)
 
10,000,000
9,917,991
 
Principal
Amount
Value
 
Series 2022-LBA6, Class A, 5.32% (1
mo. Term SOFR + 1.00%),
01/15/2039(b)(f)
$
2,085,000
$2,076,147
Series 2022-LBA6, Class B, 5.62% (1
mo. Term SOFR + 1.30%),
01/15/2039(b)(f)
 
1,285,000
1,278,213
Series 2022-LBA6, Class C, 5.92% (1
mo. Term SOFR + 1.60%),
01/15/2039(b)(f)
 
690,000
686,060
Series 2025-VLT6, Class A, 5.77% (1
mo. Term SOFR + 1.44%),
03/15/2042(b)(f)
 
6,020,000
5,970,539
Series 2025-VLT6, Class B, 6.21% (1
mo. Term SOFR + 1.89%),
03/15/2042(b)(f)
 
4,375,000
4,332,967
Carlyle Global Market Strategies CLO Ltd.
(Cayman Islands)
 
Series 2015-4A, Class A1RR, 5.49% (3
mo. Term SOFR + 1.22%),
07/20/2032(b)(f)
 
1,462,811
1,463,624
Series 2015-5A, Class A1R3, 5.37% (3
mo. Term SOFR + 1.10%),
01/20/2032(b)(f)
 
917,568
916,868
CarMax Auto Owner Trust, Series 2024-1,
Class A3, 4.92%, 10/16/2028
 
3,710,000
3,735,343
Cedar Funding XI CLO Ltd. (Cayman
Islands), Series 2019-11A, Class A1R2,
5.38% (3 mo. Term SOFR + 1.06%),
05/29/2032(b)(f)
 
6,433,320
6,420,209
Chase Home Lending Mortgage Trust
 
Series 2019-ATR2, Class A3, 3.50%,
07/25/2049(b)(i)
 
69,118
62,819
Series 2024-9, Class A4, 5.50%,
09/25/2055(b)(i)
 
5,513,783
5,525,576
Series 2024-9, Class A6, 5.50%,
09/25/2055(b)(i)
 
835,607
836,273
CIFC Funding Ltd. (Cayman Islands),
Series 2016-1A, Class AR3, 5.27% (3
mo. Term SOFR + 1.00%),
10/21/2031(b)(f)
 
1,599,000
1,566,671
Citigroup Mortgage Loan Trust, Inc.
 
Series 2021-INV3, Class A3, 2.50%,
05/25/2051(b)(i)
 
1,566,011
1,277,887
Series 2024-1, Class A3A, 6.00%,
07/25/2054(b)(i)
 
2,600,557
2,617,643
Clover CLO LLC, Series 2021-3A,
Class AR, 5.35% (3 mo. Term SOFR +
1.07%), 01/25/2035(b)(f)
 
6,000,000
5,953,902
COLT Mortgage Loan Trust
 
Series 2022-1, Class A1, 2.28%,
12/27/2066(b)(i)
 
1,212,619
1,092,634
Series 2022-2, Class A1, 2.99%,
02/25/2067(b)
 
1,289,250
1,214,705
Commercial Mortgage Trust, Series 2015-
CR25, Class B, 4.66%, 08/10/2048(i)
 
2,400,000
2,385,679
Credit Suisse Mortgage Capital Trust
 
Series 2021-NQM1, Class A1, 0.81%,
05/25/2065(b)(i)
 
335,738
306,952
Series 2021-NQM2, Class A1, 1.18%,
02/25/2066(b)(i)
 
203,622
184,084
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
77
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2022-ATH1, Class A1A, 2.87%,
01/25/2067(b)(i)
$
1,557,590
$1,504,883
Series 2022-ATH1, Class A1B, 3.35%,
01/25/2067(b)(i)
 
1,160,000
1,051,649
Cross Mortgage Trust
 
Series 2024-H2, Class A1, 6.09%,
04/25/2069(b)
 
3,055,070
3,075,405
Series 2024-H8, Class A1, 5.55%,
12/25/2069(b)(i)
 
4,680,282
4,695,748
CSAIL Commercial Mortgage Trust,
Series 2020-C19, Class A3, 2.56%,
03/15/2053
 
1,459,000
1,312,670
DLLST LLC, Series 2024-1A, Class A3,
5.05%, 08/20/2027(b)
 
2,050,000
2,060,430
Domino’s Pizza Master Issuer LLC,
Series 2019-1A, Class A2, 3.67%,
10/25/2049(b)
 
1,920,000
1,810,741
Ellington Financial Mortgage Trust
 
Series 2019-2, Class A1, 2.74%,
11/25/2059(b)(i)
 
116,010
110,105
Series 2020-1, Class A1, 2.01%,
05/25/2065(b)(i)
 
9,114
9,002
Series 2021-1, Class A1, 0.80%,
02/25/2066(b)(i)
 
218,713
186,050
Series 2022-1, Class A1, 2.21%,
01/25/2067(b)(i)
 
1,188,544
1,037,430
Series 2024-INV2, Class A1, 5.04%,
10/25/2069(b)
 
1,712,293
1,700,956
Empower CLO Ltd. (Cayman Islands),
Series 2024-1A, Class A1, 5.88% (3 mo.
Term SOFR + 1.60%), 04/25/2037(b)(f)
 
2,575,000
2,577,482
Enterprise Fleet Financing LLC
 
Series 2024-2, Class A2, 5.74%,
12/20/2026(b)
 
734,226
738,002
Series 2024-2, Class A3, 5.61%,
04/20/2028(b)
 
440,000
448,827
Series 2024-2, Class A4, 5.69%,
12/20/2030(b)
 
515,000
532,342
Series 2024-4, Class A3, 4.56%,
11/20/2028(b)
 
1,310,000
1,319,996
Extended Stay America Trust,
Series 2021-ESH, Class B, 5.82% (1 mo.
Term SOFR + 1.49%), 07/15/2038(b)(f)
 
8,156,473
8,132,925
Flagstar Mortgage Trust
 
Series 2021-11IN, Class A6, 3.70%,
11/25/2051(b)(i)
 
2,455,100
2,193,554
Series 2021-8INV, Class A6, 2.50%,
09/25/2051(b)(i)
 
863,610
774,374
Fort Greene Park CLO LLC, Series 2025-
2A, Class AR, 5.22% (3 mo. Term SOFR
+ 0.95%), 04/22/2034(b)(f)
 
6,446,000
6,402,238
Frontier Issuer LLC, Series 2023-1,
Class A2, 6.60%, 08/20/2053(b)
 
2,515,295
2,556,634
GCAT Trust
 
Series 2019-NQM3, Class A1, 3.69%,
11/25/2059(b)(i)
 
165,653
161,436
Series 2024-INV1, Class 2A2, 6.50%,
01/25/2054(b)(i)
 
6,826,261
6,932,165
 
Principal
Amount
Value
 
Goldentree Loan Management US CLO 1
Ltd. (Cayman Islands), Series 2017-1A,
Class A1R3, 5.24% (3 mo. Term SOFR +
0.97%), 04/20/2034(b)(f)
$
1,539,000
$1,529,511
GoldenTree Loan Management US CLO 5
Ltd. (Cayman Islands), Series 2019-5A,
Class ARR, 5.34% (3 mo. Term SOFR +
1.07%), 10/20/2032(b)(f)
 
4,125,837
4,123,435
GoldenTree Loan Management US CLO 8
Ltd. (Cayman Islands), Series 2020-8A,
Class ARR, 5.42% (3 mo. Term SOFR +
1.15%), 10/20/2034(b)(f)
 
5,223,000
5,197,574
Golub Capital Partners CLO 53(B) Ltd.
(Cayman Islands), Series 2021-53A,
Class AR, 5.29% (3 mo. Term SOFR +
0.98%), 07/20/2034(b)(f)
 
5,796,000
5,745,285
GS Mortgage Securities Trust
 
Series 2020-GC45, Class A5, 2.91%,
02/13/2053
 
1,560,000
1,446,704
Series 2020-GC47, Class A5, 2.38%,
05/12/2053
 
1,530,000
1,374,569
GS Mortgage-Backed Securities Trust,
Series 2021-INV1, Class A6, 2.50%,
12/25/2051(b)(i)
 
3,462,252
3,081,682
Hertz Vehicle Financing III L.P.
 
Series 2021-2A, Class A, 1.68%,
12/27/2027(b)
 
539,000
515,503
Series 2021-2A, Class B, 2.12%,
12/27/2027(b)
 
286,000
272,356
HPEFS Equipment Trust, Series 2023-2A,
Class A2, 6.04%, 01/21/2031(b)
 
185,905
186,247
Invitation Homes Trust, Series 2024-SFR1,
Class A, 4.00%, 09/17/2041(b)
 
4,182,835
4,053,055
JP Morgan Mortgage Trust
 
Series 2021-LTV2, Class A1, 2.52%,
05/25/2052(b)(i)
 
2,000,041
1,723,462
Series 2024-8, Class A3, 5.50%,
01/25/2055(b)(i)
 
6,788,436
6,751,099
Series 2024-VIS1, Class A1, 5.99%,
07/25/2064(b)(i)
 
2,096,421
2,113,222
JPMDB Commercial Mortgage Securities
Trust, Series 2020-COR7, Class C,
3.86%, 05/13/2053(i)
 
2,908,000
1,722,960
KKR CLO 15 Ltd. (Cayman Islands),
Series 15, Class A1R2, 5.37% (3 mo.
Term SOFR + 1.10%), 01/18/2032(b)(f)
 
6,350,079
6,345,539
KKR Financial CLO Ltd. (Cayman Islands),
Series 2013-1A, Class A1R2, 5.36% (3
mo. Term SOFR + 1.10%),
04/15/2029(b)(f)
 
148,093
148,141
Life Mortgage Trust, Series 2021-BMR,
Class C, 5.54% (1 mo. Term SOFR +
1.21%), 03/15/2038(b)(f)
 
53,400
52,762
Madison Park Funding XXXIII Ltd. (Cayman
Islands), Series 2019-33A, Class AR,
5.55% (3 mo. Term SOFR + 1.29%),
10/15/2032(b)(f)
 
2,321,000
2,320,223
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Mello Mortgage Capital Acceptance Trust
 
Series 2021-INV2, Class A4, 2.50%,
08/25/2051(b)(i)
$
888,214
$787,743
Series 2021-INV3, Class A4, 2.50%,
10/25/2051(b)(i)
 
954,201
851,039
MFA Trust, Series 2021-INV2, Class A1,
1.91%, 11/25/2056(b)(i)
 
3,308,567
2,943,955
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class B, 5.34% (1
mo. Term SOFR + 1.01%),
07/15/2038(b)(f)
 
615,000
611,430
Morgan Stanley Bank of America Merrill
Lynch Trust, Series 2015-C25, Class B,
4.67%, 10/15/2048(i)
 
1,032,000
1,009,161
Morgan Stanley Capital I Trust,
Series 2019-L3, Class AS, 3.49%,
11/15/2052
 
1,580,000
1,453,049
Morgan Stanley Residential Mortgage Loan
Trust
 
Series 2024-3, Class A1, 6.00%,
07/25/2054(b)(i)
 
5,517,048
5,542,950
Series 2024-NQM5, Class A1, 5.65%,
10/25/2069(b)(i)
 
5,897,440
5,926,136
Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(b)(i)
 
7,155,626
7,205,779
MSC Trust, Series 2021-ILP, Class A,
5.21% (1 mo. Term SOFR + 0.89%),
11/15/2036(b)(f)
 
5,354,294
5,331,021
Navient Refinance Loan Trust,
Series 2025-A, Class A, 5.15%,
02/16/2055(b)
 
2,479,000
2,503,474
Neuberger Berman Loan Advisers CLO 40
Ltd. (Cayman Islands), Series 2021-40A,
Class A, 5.58% (3 mo. Term SOFR +
1.32%), 04/16/2033(b)(f)
 
957,508
958,317
Neuberger Berman Loan Advisers CLO 49
Ltd. (Cayman Islands), Series 2022-49A,
Class AR, 5.43% (3 mo. Term SOFR +
1.15%), 07/25/2035(b)(f)
 
2,628,000
2,622,663
New Residential Mortgage Loan Trust
 
Series 2019-NQM4, Class A1, 2.49%,
09/25/2059(b)(i)
 
108,388
102,700
Series 2020-NQM1, Class A1, 2.46%,
01/26/2060(b)(i)
 
403,685
381,330
Series 2022-NQM2, Class A1, 3.08%,
03/27/2062(b)(i)
 
1,245,236
1,172,003
Series 2024-NQM3, Class A1, 5.47%,
11/25/2064(b)
 
979,689
982,377
Oaktree CLO Ltd. (Cayman Islands),
Series 2021-2A, Class AR, 5.23% (3
mo. Term SOFR + 0.97%),
01/15/2035(b)(f)
 
6,445,000
6,373,512
OBX Trust
 
Series 2021-NQM4, Class A1, 1.96%,
10/25/2061(b)(i)
 
1,615,220
1,363,920
Series 2022-NQM1, Class A1, 2.31%,
11/25/2061(b)(i)
 
1,448,593
1,289,345
Series 2022-NQM2, Class A1B, 3.38%,
01/25/2062(b)
 
1,415,000
1,265,553
 
Principal
Amount
Value
 
Series 2024-NQM14, Class A1, 4.94%,
09/25/2064(b)
$
2,030,349
$2,018,346
Series 2024-NQM18, Class A1, 5.41%,
10/25/2064(b)(i)
 
1,310,583
1,313,118
Oceanview Mortgage Trust, Series 2021-3,
Class A5, 2.50%, 07/25/2051(b)(i)
 
995,004
892,245
OCP CLO Ltd. (Cayman Islands),
Series 2020-8RA, Class AR, 5.53% (3
mo. Term SOFR + 1.25%),
10/17/2036(b)(f)
 
6,049,000
6,024,804
One Bryant Park Trust, Series 2019-OBP,
Class A, 2.52%, 09/15/2054(b)
 
457,000
408,837
Pikes Peak CLO 6 (Cayman Islands),
Series 2020-6A, Class ARR, 5.26% (3
mo. Term SOFR + 0.94%),
05/18/2034(b)(f)
 
4,742,000
4,702,144
PMT Loan Trust, Series 2025-INV1,
Class A7, 6.00%, 01/25/2060(b)(i)
 
1,581,933
1,604,610
PPM CLO 3 Ltd., Series 2019-3A,
Class AR, 5.63% (3 mo. Term SOFR +
1.35%), 04/17/2034(b)(f)
 
250,000
249,448
Qdoba Funding LLC, Series 2023-1A,
Class A2, 8.50%, 09/14/2053(b)
 
6,383,003
6,711,172
Rate Mortgage Trust
 
Series 2024-J4, Class A1, 6.00%,
12/25/2054(b)(i)
 
2,315,838
2,332,121
Series 2025-J1, Class A4, 6.00%,
03/25/2055(b)(i)
 
2,161,726
2,184,824
Regatta XIII Funding Ltd. (Cayman Islands),
Series 2018-2A, Class A1R, 5.36% (3
mo. Term SOFR + 1.10%),
07/15/2031(b)(f)
 
1,377,506
1,377,091
Residential Mortgage Loan Trust,
Series 2020-1, Class A1, 2.38%,
01/26/2060(b)(i)
 
10,208
10,090
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%,
03/27/2062(b)(i)
 
2,304,518
2,128,098
Shackleton CLO Ltd. (Cayman Islands),
Series 2015-7RA, Class ARR, 5.36% (3
mo. Term SOFR + 1.10%),
07/15/2031(b)(f)
 
975,840
974,048
Signal Peak CLO 1 Ltd., Series 2014-1A,
Class AR4, 5.36% (3 mo. Term SOFR +
1.08%), 04/17/2034(b)(f)
 
6,080,000
6,043,538
Sonic Capital LLC
 
Series 2020-1A, Class A2I, 3.85%,
01/20/2050(b)
 
1,552,027
1,517,591
Series 2021-1A, Class A2I, 2.19%,
08/20/2051(b)
 
1,774,067
1,616,922
Series 2021-1A, Class A2II, 2.64%,
08/20/2051(b)
 
1,812,634
1,529,875
STAR Trust, Series 2021-1, Class A1,
1.22%, 05/25/2065(b)(i)
 
602,946
564,082
Starwood Mortgage Residential Trust
 
Series 2020-1, Class A1, 2.28%,
02/25/2050(b)(i)
 
10,626
10,155
Series 2020-INV1, Class A1, 1.03%,
11/25/2055(b)(i)
 
310,613
292,529
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
79
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2021-6, Class A1, 1.92%,
11/25/2066(b)(i)
$
1,967,449
$1,741,912
Series 2022-1, Class A1, 2.45%,
12/25/2066(b)(i)
 
1,513,797
1,344,244
Store Master Funding I-VII, Series 2016-
1A, Class A2, 4.32%, 10/20/2046(b)
 
418,653
411,388
Subway Funding LLC
 
Series 2024-1A, Class A23, 6.51%,
07/30/2054(b)
 
2,658,640
2,700,906
Series 2024-1A, Class A2I, 6.03%,
07/30/2054(b)
 
2,039,750
2,067,327
Series 2024-1A, Class A2I, 6.27%,
07/30/2054(b)
 
2,021,840
2,061,764
Series 2024-3A, Class A23, 5.91%,
07/30/2054(b)
 
3,263,600
3,250,266
Series 2024-3A, Class A2I, 5.25%,
07/30/2054(b)
 
5,049,625
5,017,368
Series 2024-3A, Class A2I, 5.57%,
07/30/2054(b)
 
3,094,450
3,076,327
Symphony CLO XVI Ltd. (Cayman Islands),
Series 2015-16A, Class ARR, 5.46% (3
mo. Term SOFR + 1.20%),
10/15/2031(b)(f)
 
1,116,670
1,116,276
Symphony CLO XX Ltd. (Cayman Islands),
Series 2018-20A, Class AR2, 5.36% (3
mo. Term SOFR + 1.10%),
01/16/2032(b)(f)
 
2,142,676
2,140,533
Symphony CLO XXI Ltd. (Cayman Islands),
Series 2019-21A, Class AR2, 5.16% (3
mo. Term SOFR + 0.90%),
07/15/2032(b)(f)
 
4,137,530
4,125,721
Symphony CLO XXII Ltd. (Cayman Islands),
Series 2020-22A, Class A1AR, 5.45% (3
mo. Term SOFR + 1.18%),
04/18/2033(b)(f)
 
3,825,000
3,820,605
Synchrony Card Funding LLC,
Series 2024-A2, Class A, 4.93%,
07/15/2030
 
8,085,000
8,225,939
Taco Bell Funding LLC, Series 2016-1A,
Class A23, 4.97%, 05/25/2046(b)
 
140,625
140,673
Textainer Marine Containers VII Ltd.
(China), Series 2021-2A, Class A,
2.23%, 04/20/2046(b)
 
1,094,800
1,010,238
TierPoint Issuer LLC
 
Series 2023-1A, Class A2, 6.00%,
06/25/2053(b)
 
79,583
478,481
Series 2025-1A, Class A2, 6.15%,
04/26/2055(b)
 
4,120,000
4,150,430
Series 2025-2A, Class A2, 6.40%,
04/26/2055(b)
 
3,221,000
3,212,419
Tricon American Homes Trust,
Series 2020-SFR2, Class A, 1.48%,
11/17/2039(b)
 
912,058
850,357
Tricon Residential Trust, Series 2025-
SFR1, Class A, 5.42% (1 mo. Term
SOFR + 1.10%), 03/17/2042(b)(f)
 
4,665,000
4,658,550
Verus Securitization Trust
 
Series 2021-1, Class A1B, 0.82%,
01/25/2066(b)(i)
 
655,033
580,637
 
Principal
Amount
Value
 
Series 2021-2, Class A1, 1.03%,
02/25/2066(b)(i)
$
895,751
$794,907
Series 2021-7, Class A1, 1.83%,
10/25/2066(b)
 
1,564,127
1,406,688
Series 2021-R1, Class A1, 0.82%,
10/25/2063(b)(i)
 
389,457
375,192
Series 2022-1, Class A1, 2.72%,
01/25/2067(b)
 
1,235,881
1,148,765
Series 2024-7, Class A1, 5.10%,
09/25/2069(b)(i)
 
2,709,106
2,696,396
Visio Trust, Series 2020-1R, Class A1,
1.31%, 11/25/2055(b)
 
106,057
101,517
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS5, Class XA, IO, 1.51%,
01/15/2059(l)
 
1,110,010
5,889
Wendy’s Funding LLC, Series 2019-1A,
Class A2II, 4.08%, 06/15/2049(b)
 
443,715
426,991
WEST Trust 2025-ROSE, Series 2025-
ROSE, Class A, 5.45%, 04/10/2030(b)(i)
 
3,098,000
3,125,261
WF Card Issuance Trust, Series 2024-A1,
Class A, 4.94%, 02/15/2029
 
9,926,000
10,068,218
WFRBS Commercial Mortgage Trust,
Series 2014-C23, Class B, 4.43%,
10/15/2057(i)
 
307,000
287,922
Zaxby’s Funding LLC
 
Series 2021-1A, Class A2, 3.24%,
07/30/2051(b)
 
4,138,750
3,803,799
Series 2024-1A, Class A2I, 6.59%,
04/30/2054(b)
 
1,191,000
1,236,517
Ziply Fiber Issuer LLC, Series 2024-1A,
Class A2, 6.64%, 04/20/2054(b)
 
2,331,000
2,390,943
Total Asset-Backed Securities
(Cost $438,726,247)
428,405,197
U.S. Treasury Securities-14.22%
U.S. Treasury Bills-0.37%(m)
4.24%, 05/29/2025(n)
 
6,982,000
6,959,112
U.S. Treasury Bonds-4.38%
4.75%, 02/15/2045
 
1,868,100
1,881,381
4.50%, 11/15/2054
 
83,466,100
80,818,660
 
 
82,700,041
U.S. Treasury Notes-9.47%
3.75%, 04/30/2027
 
43,810,700
43,940,763
3.75%, 04/15/2028
 
5,661,100
5,687,415
3.88%, 04/30/2030
 
65,464,400
65,934,925
4.00%, 04/30/2032
 
10,787,800
10,835,839
4.63%, 02/15/2035
 
50,441,200
52,336,686
 
 
178,735,628
Total U.S. Treasury Securities
(Cost $266,450,601)
268,394,781
 
Municipal Obligations-1.09%
Illinois (State of), Series 2010-1, GO
Bonds, (INS - AGM), 6.63%,
02/01/2035(o)
 
153,846
163,702
Los Angeles (City of), CA Department of
Water & Power, Series 2010, RB,
6.57%, 07/01/2045
 
255,000
266,286
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
New Jersey (State of) Transportation
Trust Fund Authority, Series 2024 BB,
Ref. RB, 5.09%, 06/15/2025
$
8,575,000
$8,577,538
Virgin Islands Public Finance Authority,
Series 2024 B, RB, 9.00%,
04/01/2053(b)(p)
 
12,000,000
11,587,289
Total Municipal Obligations(q)
(Cost $21,099,539)
20,594,815
Variable Rate Senior Loan Interests-0.68%(r)(s)
Restaurants-0.27%
Raising Cane’s Restaurants LLC, Term
Loan B, 6.32% (1 mo. SOFR + 2.00%),
09/10/2031
 
4,987,469
4,984,376
Wireless Telecommunication Services-0.41%
X Corp.
 
Term Loan B, 9.50% (3 mo. SOFR +
6.50%), 10/27/2029
 
5,000,000
4,884,375
Term Loan B, 10.95% (3 mo. SOFR +
6.50%), 10/27/2029
 
2,992,347
2,905,195
 
 
7,789,570
Total Variable Rate Senior Loan Interests
(Cost $12,992,258)
12,773,946
 
Shares
 
Preferred Stocks-0.33%
Aerospace & Defense-0.04%
Boeing Co. (The), Conv. Pfd., 6.00%,
10/15/2027
 
12,000
736,560
Diversified Financial Services-0.16%
Apollo Global Management, Inc., Pfd.,
7.63%, 09/15/2053(d)
 
111,250
2,953,688
Regional Banks-0.13%
M&T Bank Corp., Series J, Pfd., 7.50%
 
91,792
2,449,928
Total Preferred Stocks
(Cost $5,676,050)
6,140,176
 
Principal
Amount
 
Agency Credit Risk Transfer Notes-0.23%
Fannie Mae Connecticut Avenue Securities
 
Series 2022-R03, Class 1M1, 6.45%
(30 Day Average SOFR + 2.10%),
03/25/2042(b)(f)(t)
$
1,329,168
1,341,190
Series 2022-R04, Class 1M1, 6.35%
(30 Day Average SOFR + 2.00%),
03/25/2042(b)(f)(t)
 
642,375
647,374
Series 2023-R02, Class 1M1, 6.65%
(30 Day Average SOFR + 2.30%),
01/25/2043(b)(f)(t)
 
494,099
503,944
Freddie Mac
 
Series 2022-DNA3, Class M1A, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 04/25/2042(b)(f)(u)
 
829,724
839,930
 
Principal
Amount
Value
Series 2022-HQA3, Class M1, STACR®,
6.65% (30 Day Average SOFR +
2.30%), 08/25/2042(b)(f)(u)
$
638,559
$648,050
Series 2023-DNA1, Class M1, STACR®,
6.45% (30 Day Average SOFR +
2.10%), 03/25/2043(b)(f)(u)
 
392,934
399,623
Total Agency Credit Risk Transfer Notes
(Cost $4,326,858)
4,380,111
 
U.S. Government Sponsored Agency Securities-0.13%
Fannie Mae STRIPS
 
0.00%, 05/15/2029(j)
 
450,000
385,641
0.00%, 01/15/2030(j)
 
1,300,000
1,085,842
0.00%, 05/15/2030(j)
 
850,000
699,738
Tennessee Valley Authority
 
5.38%, 04/01/2056(c)
 
100,000
100,317
4.25%, 09/15/2065(c)
 
250,000
201,476
Total U.S. Government Sponsored Agency Securities
(Cost $2,189,816)
2,473,014
 
Shares
 
Exchange-Traded Funds-0.10%
Invesco High Yield Bond Factor ETF(v)
 
65,000
1,425,125
Invesco High Yield Select ETF(c)(v)
 
9,000
224,604
Invesco Short Duration Total Return Bond
ETF(c)(v)
 
12,000
299,578
Total Exchange-Traded Funds
(Cost $1,993,358)
1,949,307
Options Purchased-0.08%
(Cost $1,377,698)†
1,528,232
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-110.99%
(Cost $2,103,912,454)
2,094,508,185
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.17%
Invesco Private Government Fund,
4.32%(v)(w)(x)
 
37,534,227
37,534,227
Invesco Private Prime Fund, 4.46%(v)(w)(x)
 
97,721,830
97,741,374
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $135,282,492)
135,275,601
TOTAL INVESTMENTS IN SECURITIES-118.16%
(Cost $2,239,194,946)
2,229,783,786
OTHER ASSETS LESS LIABILITIES-(18.16)%
(342,637,055
)
NET ASSETS-100.00%
$1,887,146,731
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
81
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
Conv.
-Convertible
Ctfs.
-Certificates
ETF
-Exchange-Traded Fund
GO
-General Obligation
INS
-Insurer
IO
-Interest Only
Pfd.
-Preferred
RB
-Revenue Bonds
Ref.
-Refunding
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
STRIPS
-Separately Traded Registered Interest and Principal Security
TBA
-To Be Announced
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(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)
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, 2025 was $725,982,873, which represented 38.47% of the Fund’s Net Assets.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
Perpetual bond with no specified maturity date.
(f)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.
(g)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30,
2025 was $36,180, which represented less than 1% of the Fund’s Net Assets.
(h)
Security valued using significant unobservable inputs (Level 3). See Note 4.
(i)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate
shown is the rate in effect on April 30, 2025.
(j)
Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(k)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 2K.
(l)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined
periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on
April 30, 2025.
(m)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(n)
$6,959,112 was pledged as collateral to cover margin requirements for open futures contracts. See Note 2S.
(o)
Principal and/or interest payments are secured by the bond insurance company listed.
(p)
All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.
(q)
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.
(r)
Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which
borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity
may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average
life of three to five years.
(s)
Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal
restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured
Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above
a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(t)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(u)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(v)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Invesco High Yield Bond
Factor ETF
$-
$1,469,690
$-
$(44,565
)
$-
$1,425,125
$17,192
Invesco High Yield Select
ETF
256,498
-
(25,349
)
(6,979
)
434
224,604
8,208
Invesco Short Duration
Total Return Bond ETF
299,460
-
-
118
-
299,578
7,912
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
83
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments Purchased
with Cash Collateral
from Securities on
Loan:
Invesco Private
Government Fund
$48,617,053
$181,321,585
$(192,404,411
)
$-
$-
$37,534,227
$975,706
*
Invesco Private Prime
Fund
126,919,544
357,327,218
(386,495,815
)
907
(10,480
)
97,741,374
2,627,753
*
Total
$176,092,555
$540,118,493
$(578,925,575
)
$(50,519
)
$(10,046
)
$137,224,908
$3,636,771
 
*
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.
 
(w)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(x)
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 2P.
†
The table below details options purchased.
 
Open Exchange-Traded Index Options Purchased*
Description
Type of
Contract
Expiration Date
Number of
Contracts
Exercise Price
Notional
Value**
Value
Equity Risk
S&P 500 Index
Call
07/31/2025
21
$5,600
$11,760,000
$499,065
 
Open Exchange-Traded Index Options Written*
Description
Type of
Contract
Expiration
Date
Number of
Contracts
Exercise
Price
Notional
Value**
Value
Equity Risk
S&P 500 Index
Call
07/31/2025
14
$5,880
$8,232,000
$(133,280
)
 
*
Open Exchange-Traded Index Options Purchased collateralized by $1,773,857 cash held with Counterparties.
**
Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
 
Open Over-The-Counter Foreign Currency Options Purchased
Description
Type of
Contract
Counterparty
Expiration
Date
Exercise
Price
Notional
Value
Value
Currency Risk
 
USD versus JPY
Put
Goldman Sachs International
07/30/2025
JPY
142
JPY
39,700,000
$1,029,167
 
Open Over-The-Counter Foreign Currency Options Written
Description
Type of
Contract
Counterparty
Expiration
Date
Exercise
Price
Notional
Value
Value
Currency Risk
 
USD versus JPY
Put
Goldman Sachs International
07/30/2025
JPY
136
JPY
39,700,000
$(445,390
)
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
 
U.S. Treasury 10 Year Notes
1,246
June-2025
$139,824,563
$1,381,914
$1,381,914
U.S. Treasury 2 Year Notes
1,775
June-2025
369,463,477
20,324
20,324
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84
Invesco Total Return Bond ETF (GTO)—(continued)
April 30, 2025
(Unaudited)
Open Futures Contracts—(continued)
Long Futures Contracts—(continued)
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury Long Bonds
453
June-2025
$52,831,125
$329,856
$329,856
U.S. Treasury Ultra Bonds
344
June-2025
41,634,750
193,100
193,100
Subtotal—Long Futures Contracts
 
1,925,194
1,925,194
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
 
U.S. Treasury 5 Year Notes
337
June-2025
(36,798,820
)
(403,243
)
(403,243
)
U.S. Treasury 10 Year Ultra Notes
1,794
June-2025
(205,833,469
)
(3,591,893
)
(3,591,893
)
Subtotal—Short Futures Contracts
 
(3,995,136
)
(3,995,136
)
Total Futures Contracts
$(2,069,942
)
$(2,069,942
)
 
Abbreviations:
USD - U.S. Dollar
JPY - Japanese Yen
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
85
Invesco Ultra Short Duration ETF (GSY)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-56.70%
Aerospace & Defense-0.41%
L3Harris Technologies, Inc., 5.40%,
01/15/2027
$
11,141,000
$11,322,623
Agricultural & Farm Machinery-1.18%
John Deere Capital Corp.
 
4.88% (SOFR + 0.50%), 07/03/2025(b)
 
8,737,000
8,737,536
4.81% (SOFR + 0.44%), 03/06/2026(b)
 
12,000,000
12,000,570
4.87% (SOFR + 0.50%), 03/06/2028(b)
 
12,000,000
11,979,616
 
 
32,717,722
Agricultural Products & Services-0.43%
Cargill, Inc., 4.97% (SOFR + 0.61%),
02/11/2028(b)(c)
 
12,000,000
11,967,172
Application Software-0.11%
Synopsys, Inc., 4.55%, 04/01/2027
 
3,000,000
3,017,237
Asset Management & Custody Banks-1.71%
Ares Capital Corp.
 
3.25%, 07/15/2025
 
10,000,000
9,968,250
3.88%, 01/15/2026
 
7,700,000
7,640,774
7.00%, 01/15/2027
 
4,285,000
4,405,074
Blue Owl Capital Corp.
 
3.75%, 07/22/2025
 
11,714,000
11,683,500
4.25%, 01/15/2026
 
12,000,000
11,918,631
State Street Corp., 4.54%, 04/24/2028(d)
 
1,719,000
1,731,642
 
 
47,347,871
Automobile Manufacturers-4.46%
American Honda Finance Corp.
 
4.88% (SOFR + 0.50%),
01/12/2026(b)(e)
 
10,000,000
9,987,531
5.10% (SOFR + 0.72%), 10/05/2026(b)
 
10,000,000
10,005,016
5.19% (SOFR + 0.82%), 03/03/2028(b)
 
12,000,000
11,983,910
BMW US Capital LLC (Germany), 5.16%
(SOFR + 0.80%), 08/13/2026(b)(c)
 
7,207,000
7,217,349
Daimler Truck Finance North America LLC
(Germany), 5.13%, 09/25/2027(c)
 
5,905,000
5,973,177
Ford Motor Credit Co. LLC, 5.13%,
06/16/2025
 
9,500,000
9,493,052
Mercedes-Benz Finance North America LLC
(Germany), 5.16% (SOFR + 0.78%),
04/01/2027(b)(c)(e)
 
12,000,000
11,953,497
Toyota Motor Credit Corp.
 
5.03% (SOFR + 0.65%), 01/05/2026(b)
 
10,000,000
10,008,010
4.83% (SOFR + 0.45%), 04/10/2026(b)
 
12,000,000
11,988,710
5.13% (SOFR + 0.77%), 08/07/2026(b)
 
5,000,000
5,009,963
Volkswagen Group of America Finance LLC
(Germany)
 
5.80%, 09/12/2025(c)
 
10,000,000
10,024,076
5.20% (SOFR + 0.83%),
03/20/2026(b)(c)
 
15,000,000
14,999,418
5.42% (SOFR + 1.06%),
08/14/2026(b)(c)
 
5,000,000
5,000,904
 
 
123,644,613
Biotechnology-0.43%
Amgen, Inc., 3.13%, 05/01/2025
 
12,000,000
12,000,000
 
Principal
Amount
Value
Broadline Retail-0.18%
eBay, Inc., 1.40%, 05/10/2026
$
5,250,000
$5,086,652
Commercial & Residential Mortgage Finance-0.10%
Aviation Capital Group LLC, 4.75%,
04/14/2027(c)
 
2,904,000
2,908,219
Computer & Electronics Retail-0.32%
Leidos, Inc., 3.63%, 05/15/2025
 
9,000,000
8,993,267
Consumer Finance-0.81%
General Motors Financial Co., Inc., 5.55%
(SOFR + 1.17%), 04/04/2028(b)
 
12,000,000
11,800,915
Synchrony Financial, 4.50%, 07/23/2025
 
10,686,000
10,669,980
 
 
22,470,895
Diversified Banks-15.10%
Bank of America N.A., 5.53%,
08/18/2026
 
12,000,000
12,200,419
Bank of Montreal (Canada)
 
5.33% (SOFR + 0.95%), 09/25/2025(b)
 
5,000,000
5,008,456
5.53% (SOFR + 1.16%), 12/11/2026(b)
 
10,000,000
10,075,945
Bank of New York Mellon (The), 5.09%
(SOFR + 0.71%), 04/20/2027(b)
 
4,961,000
4,972,347
Bank of Nova Scotia (The) (Canada)
 
5.46% (SOFR + 1.09%), 06/12/2025(b)
 
15,000,000
15,013,846
1.35%, 06/24/2026
 
11,500,000
11,125,500
Barclays Bank PLC (United Kingdom),
4.95% (SOFR + 0.58%), 08/14/2026(b)
 
10,000,000
9,952,681
Barclays PLC (United Kingdom)
 
5.83%, 05/09/2027(d)
 
12,000,000
12,126,686
6.50%, 09/13/2027(d)
 
12,000,000
12,273,464
BPCE S.A. (France), 5.33% (SOFR +
0.96%), 09/25/2025(b)(c)
 
9,500,000
9,504,636
Canadian Imperial Bank of Commerce
(Canada)
 
5.60% (SOFR + 1.22%), 10/02/2026(b)
 
10,000,000
10,062,524
5.30% (SOFR + 0.93%), 09/11/2027(b)
 
10,000,000
9,983,169
Citibank N.A.
 
5.18% (SOFR + 0.81%), 09/29/2025(b)
 
9,524,000
9,535,251
5.49%, 12/04/2026
 
9,783,000
9,971,859
Cooperatieve Rabobank U.A.
(Netherlands), 4.99% (SOFR + 0.62%),
08/28/2026(b)
 
6,429,000
6,437,777
Credit Agricole S.A. (France), 5.58%
(SOFR + 1.21%), 09/11/2028(b)(c)(e)
 
6,000,000
6,000,449
Fifth Third Bank N.A.
 
3.95%, 07/28/2025
 
11,000,000
10,971,466
5.19% (SOFR + 0.81%), 01/28/2028(b)
 
6,366,000
6,316,993
HSBC Holdings PLC (United Kingdom),
2.10%, 06/04/2026(d)
 
8,986,000
8,962,210
Huntington National Bank (The), 5.10%
(SOFR + 0.72%), 04/12/2028(b)
 
8,276,000
8,243,367
ING Groep N.V. (Netherlands), 1.73%,
04/01/2027(d)
 
6,750,000
6,575,852
JPMorgan Chase & Co.
 
5.58% (SOFR + 1.20%), 01/23/2028(b)
 
5,556,000
5,585,931
5.30% (SOFR + 0.92%), 04/22/2028(b)
 
10,000,000
10,010,124
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
86
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Lloyds Banking Group PLC (United
Kingdom), 5.92% (SOFR + 1.56%),
08/07/2027(b)
$
9,474,000
$9,535,256
Macquarie Bank Ltd. (Australia), 5.57%
(SOFR + 1.20%), 12/07/2026(b)(c)
 
6,213,000
6,258,568
Mizuho Markets Cayman L.P. (Japan),
5.21% (SOFR + 0.85%), 08/14/2026(b)
 
10,000,000
10,039,519
Morgan Stanley Bank N.A.
 
5.06% (SOFR + 0.69%), 10/15/2027(b)
 
10,000,000
9,965,508
5.46% (SOFR + 1.08%), 01/14/2028(b)
 
10,000,000
10,025,568
National Bank of Canada (Canada)
 
5.17% (SOFR + 0.80%), 08/20/2026(b)
 
10,000,000
9,979,591
5.41% (SOFR + 1.03%), 07/02/2027(b)
 
5,797,000
5,798,854
5.60%, 07/02/2027(d)
 
7,000,000
7,084,421
PNC Bank N.A., 4.78%, 01/15/2027(d)
 
12,000,000
12,008,863
PNC Financial Services Group, Inc. (The),
5.81%, 06/12/2026(d)
 
12,405,000
12,416,911
Royal Bank of Canada (Canada)
 
5.33% (SOFR + 0.95%), 01/19/2027(b)
 
8,333,000
8,360,609
5.10% (SOFR + 0.72%), 10/18/2027(b)
 
15,000,000
14,984,845
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.20%, 03/07/2027(c)
 
4,372,000
4,444,691
Swedbank AB (Sweden)
 
5.75% (SOFR + 1.38%),
06/15/2026(b)(c)
 
15,000,000
15,119,981
6.14%, 09/12/2026(c)
 
4,065,000
4,163,931
Toronto-Dominion Bank (The) (Canada)
 
5.46% (SOFR + 1.08%), 07/17/2026(b)
 
12,500,000
12,567,336
5.38% (SOFR + 1.00%), 10/20/2026(b)
 
9,800,000
9,795,448
5.21% (SOFR + 0.82%),
01/31/2028(b)(e)
 
10,550,000
10,519,483
Wells Fargo & Co.
 
5.16% (SOFR + 0.78%), 01/24/2028(b)
 
8,953,000
8,911,607
5.45% (SOFR + 1.07%), 04/22/2028(b)
 
10,000,000
10,034,657
Wells Fargo Bank N.A.
 
5.19% (SOFR + 0.80%), 08/01/2025(b)
 
10,000,000
10,006,950
5.09% (SOFR + 0.71%), 01/15/2026(b)
 
5,333,000
5,341,710
 
 
418,275,259
Diversified Capital Markets-0.53%
UBS Group AG (Switzerland), 1.36%,
01/30/2027(c)(d)
 
15,000,000
14,638,983
Diversified Financial Services-0.85%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 4.45%,
10/01/2025
 
13,250,000
13,226,450
USAA Capital Corp., 5.25%,
06/01/2027(c)
 
10,000,000
10,235,749
 
 
23,462,199
Diversified Metals & Mining-1.06%
BHP Billiton Finance (USA) Ltd. (Australia),
5.25%, 09/08/2026
 
14,815,000
15,024,330
 
Principal
Amount
Value
Diversified Metals & Mining-(continued)
Glencore Funding LLC (Australia)
 
5.13% (SOFR + 0.75%),
10/01/2026(b)(c)
$
6,429,000
$6,423,696
5.44% (SOFR + 1.06%),
04/04/2027(b)(c)
 
5,682,000
5,709,111
Rio Tinto Finance (USA) PLC (Australia),
4.38%, 03/12/2027(e)
 
2,089,000
2,100,507
 
 
29,257,644
Electric Utilities-2.32%
Georgia Power Co., 5.11% (SOFR +
0.75%), 05/08/2025(b)
 
10,000,000
10,000,592
National Rural Utilities Cooperative Finance
Corp., 5.19% (SOFR + 0.82%),
09/16/2027(b)
 
10,000,000
9,992,723
NextEra Energy Capital Holdings, Inc.
 
5.75%, 09/01/2025
 
5,490,000
5,507,585
5.14% (SOFR + 0.76%),
01/29/2026(b)(e)
 
11,456,000
11,462,941
5.18% (SOFR + 0.80%), 02/04/2028(b)
 
8,796,000
8,805,559
Pinnacle West Capital Corp., 5.19% (SOFR
+ 0.82%), 06/10/2026(b)
 
15,294,000
15,291,452
State Street Bank and Trust Co., 4.83%
(SOFR + 0.46%), 11/25/2026(b)
 
3,161,000
3,158,383
 
 
64,219,235
Fertilizers & Agricultural Chemicals-0.26%
Nutrien Ltd. (Canada), 4.50%,
03/12/2027
 
7,165,000
7,185,420
Food Retail-0.14%
Whole Foods Market, Inc., 5.20%,
12/03/2025
 
3,985,000
3,985,003
Home Improvement Retail-0.16%
Home Depot, Inc. (The), 5.15%,
06/25/2026
 
4,505,000
4,562,886
Integrated Oil & Gas-0.28%
Chevron USA, Inc., 4.73% (SOFR +
0.36%), 02/26/2027(b)
 
7,758,000
7,743,387
Integrated Telecommunication Services-0.37%
Verizon Communications, Inc., 5.16%
(SOFR + 0.79%), 03/20/2026(b)
 
10,134,000
10,136,332
Interactive Home Entertainment-0.28%
Electronic Arts, Inc., 4.80%, 03/01/2026
 
7,717,000
7,728,315
Investment Banking & Brokerage-2.94%
Charles Schwab Corp. (The), 4.88% (SOFR
+ 0.52%), 05/13/2026(b)
 
5,251,000
5,247,209
Goldman Sachs Group, Inc. (The)
 
5.43% (SOFR + 1.07%),
08/10/2026(b)(e)
 
10,000,000
10,017,021
1.43%, 03/09/2027(d)
 
13,000,000
12,654,982
4.94%, 04/23/2028(d)
 
6,155,000
6,212,828
Jefferies Financial Group, Inc.
 
5.00%, 02/10/2026
 
11,413,000
11,429,427
5.03%, 03/16/2026(e)
 
13,660,000
13,695,500
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
87
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Investment Banking & Brokerage-(continued)
Morgan Stanley
 
5.40% (SOFR + 1.02%), 04/13/2028(b)
$
10,000,000
$10,031,463
5.76% (SOFR + 1.38%), 04/12/2029(b)
 
12,000,000
12,080,398
 
 
81,368,828
Life & Health Insurance-8.42%
Athene Global Funding
 
5.62%, 05/08/2026(c)
 
12,000,000
12,123,580
5.40% (SOFR + 1.03%),
08/27/2026(b)(c)
 
10,000,000
10,018,598
2.95%, 11/12/2026(c)
 
5,000,000
4,887,709
5.21% (SOFR + 0.83%),
01/07/2027(b)(c)
 
10,000,000
9,980,084
5.52%, 03/25/2027(c)
 
12,711,000
12,919,416
Brighthouse Financial Global Funding,
5.55%, 04/09/2027(c)
 
8,150,000
8,297,639
Corebridge Global Funding
 
5.75%, 07/02/2026(c)
 
6,336,000
6,435,639
5.68% (SOFR + 1.30%),
09/25/2026(b)(c)
 
10,000,000
10,074,309
5.13% (SOFR + 0.75%),
01/07/2028(b)(c)
 
10,000,000
9,943,936
GA Global Funding Trust, 4.40%,
09/23/2027(c)
 
5,000,000
4,977,293
Jackson National Life Global Funding
 
5.50%, 01/09/2026(c)
 
16,667,000
16,764,381
5.55%, 07/02/2027(c)
 
6,719,000
6,861,235
MassMutual Global Funding II
 
5.15% (SOFR + 0.77%),
01/29/2027(b)(c)
 
10,700,000
10,719,469
5.12% (SOFR + 0.74%),
04/09/2027(b)(c)
 
10,000,000
9,986,312
Met Tower Global Funding, 5.40%,
06/20/2026(c)
 
12,000,000
12,158,525
New York Life Global Funding
 
5.01% (SOFR + 0.65%),
05/02/2025(b)(c)
 
7,000,000
7,000,096
5.05% (SOFR + 0.67%),
04/02/2027(b)(c)(e)
 
15,000,000
14,982,626
4.40%, 04/25/2028(c)
 
4,434,000
4,471,689
Pacific Life Global Funding II
 
4.98% (SOFR + 0.60%),
03/27/2026(b)(c)
 
9,750,000
9,765,448
4.99% (SOFR + 0.62%),
06/04/2026(b)(c)
 
6,420,000
6,430,388
5.43% (SOFR + 1.05%),
07/28/2026(b)(c)
 
12,500,000
12,584,911
4.45%, 05/01/2028(c)
 
11,321,000
11,391,136
Principal Life Global Funding II, 5.00%,
01/16/2027(c)
 
3,000,000
3,037,786
Protective Life Global Funding, 5.37%,
01/06/2026(c)
 
10,339,000
10,391,194
Reliance Standard Life Global Funding II,
5.24%, 02/02/2026(c)
 
7,125,000
7,154,189
 
 
233,357,588
Movies & Entertainment-0.43%
Netflix, Inc., 3.63%, 06/15/2025(c)
 
11,840,000
11,816,552
 
Principal
Amount
Value
Oil & Gas Exploration & Production-0.99%
Canadian Natural Resources Ltd. (Canada),
2.05%, 07/15/2025
$
10,700,000
$10,636,978
CNO Global Funding, 4.88%,
12/10/2027(c)
 
4,918,000
4,959,317
Pioneer Natural Resources Co., 1.13%,
01/15/2026
 
12,000,000
11,728,245
 
 
27,324,540
Oil & Gas Refining & Marketing-0.32%
Phillips 66, 1.30%, 02/15/2026
 
8,989,000
8,756,261
Oil & Gas Storage & Transportation-3.11%
Enbridge, Inc. (Canada), 5.25%,
04/05/2027
 
4,666,000
4,736,609
Energy Transfer L.P., 2.90%, 05/15/2025
 
6,814,000
6,808,670
Kinder Morgan, Inc.
 
4.30%, 06/01/2025
 
25,679,000
25,661,105
1.75%, 11/15/2026
 
12,698,000
12,212,225
MPLX L.P., 1.75%, 03/01/2026
 
6,165,000
6,007,602
Plains All American Pipeline L.P./PAA
Finance Corp.
 
4.65%, 10/15/2025
 
12,000,000
11,982,187
4.50%, 12/15/2026
 
10,000,000
10,004,116
Williams Cos., Inc. (The), 5.40%,
03/02/2026
 
8,598,000
8,646,469
 
 
86,058,983
Packaged Foods & Meats-0.65%
Mars, Inc., 4.45%, 03/01/2027(c)
 
7,446,000
7,494,309
The Campbell’s Company, 5.30%,
03/20/2026
 
10,352,000
10,414,506
 
 
17,908,815
Pharmaceuticals-0.45%
Bristol-Myers Squibb Co., 4.85% (SOFR +
0.49%), 02/20/2026(b)
 
4,651,000
4,651,177
GlaxoSmithKline Capital PLC (United
Kingdom), 4.87% (SOFR + 0.50%),
03/12/2027(b)(e)
 
7,912,000
7,904,238
 
 
12,555,415
Regional Banks-0.86%
Truist Financial Corp.
 
4.26%, 07/28/2026(d)
 
12,072,000
12,047,692
1.27%, 03/02/2027(d)
 
12,000,000
11,663,438
 
 
23,711,130
Restaurants-0.43%
Starbucks Corp., 4.75%, 02/15/2026
 
12,000,000
12,011,654
Retail REITs-0.13%
Realty Income Corp., 5.05%, 01/13/2026
 
3,687,000
3,684,634
Self-Storage REITs-0.36%
Public Storage Operating Co., 5.08%
(SOFR + 0.70%), 04/16/2027(b)
 
10,000,000
9,945,937
Semiconductor Materials & Equipment-0.36%
NXP B.V./NXP Funding LLC/NXP USA, Inc.
(Multinational), 2.70%, 05/01/2025
 
10,000,000
10,000,000
Semiconductors-0.44%
Advanced Micro Devices, Inc., 4.21%,
09/24/2026
 
12,000,000
12,054,660
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Soft Drinks & Non-alcoholic Beverages-0.97%
Keurig Dr Pepper, Inc.
 
3.40%, 11/15/2025
$
10,000,000
$9,945,923
4.97% (SOFR + 0.58%), 11/15/2026(b)
 
12,000,000
12,010,820
5.25% (SOFR + 0.88%),
03/15/2027(b)(e)
 
5,000,000
5,013,907
 
 
26,970,650
Specialized Finance-0.22%
Blackstone Private Credit Fund, 2.63%,
12/15/2026
 
6,490,000
6,228,820
Specialty Chemicals-0.52%
Sherwin-Williams Co. (The)
 
3.45%, 08/01/2025
 
4,500,000
4,483,783
4.25%, 08/08/2025
 
10,000,000
9,986,564
 
 
14,470,347
Systems Software-1.63%
Oracle Corp.
 
2.95%, 05/15/2025
 
10,000,000
9,992,997
1.65%, 03/25/2026
 
15,000,000
14,621,517
VMware LLC
 
4.50%, 05/15/2025
 
10,000,000
9,996,240
1.40%, 08/15/2026
 
11,000,000
10,561,826
 
 
45,172,580
Telecom Tower REITs-1.16%
American Tower Corp.
 
1.60%, 04/15/2026
 
7,000,000
6,801,745
1.45%, 09/15/2026
 
13,000,000
12,471,217
Crown Castle, Inc., 1.35%, 07/15/2025
 
13,000,000
12,907,132
 
 
32,180,094
Trading Companies & Distributors-0.75%
Air Lease Corp.
 
3.38%, 07/01/2025
 
11,000,000
10,972,789
1.88%, 08/15/2026
 
10,300,000
9,941,735
 
 
20,914,524
Transaction & Payment Processing Services-0.07%
PayPal Holdings, Inc., 5.04% (SOFR +
0.67%), 03/06/2028(b)(e)
 
1,851,000
1,851,995
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,566,075,155)
1,571,014,941
 
Asset-Backed Securities-13.33%
Amur Equipment Finance Receivables
XII LLC, Series 2023-1A, Class A2,
6.09%, 12/20/2029(c)
 
7,709,163
7,800,084
Angel Oak Mortgage Trust
 
Series 2020-1, Class A1, 2.16%,
12/25/2059(c)(f)
 
652,784
632,439
Series 2020-5, Class A1, 1.37%,
05/25/2065(c)(f)
 
1,088,971
1,044,762
Series 2024-8, Class A1, 5.34%,
05/27/2069(c)
 
8,054,700
8,039,646
Series 2025-2, Class A1, 5.64%,
02/25/2070(c)
 
4,447,243
4,463,336
AUF Funding LLC, Series 2022-1A,
Class A1LN, 6.77% (3 mo. Term SOFR +
2.50%), 01/20/2031(b)(c)
 
1,614,445
1,616,497
 
Principal
Amount
Value
 
Barclays Dryrock Issuance Trust,
Series 2023-2, Class A, 5.25% (30 Day
Average SOFR + 0.90%),
08/15/2028(b)
$
9,260,000
$9,276,349
Bear Stearns Asset Backed Securities I
Trust, Series 2006-HE9, Class 2A,
4.72% (1 mo. Term SOFR + 0.39%),
11/25/2036(b)
 
476,307
469,954
BINOM Securitization Trust, Series 2021-
INV1, Class A1, 2.03%,
06/25/2056(c)(f)
 
3,042,849
2,749,224
BMW Vehicle Lease Trust, Series 2024-2,
Class A2B, 4.77% (30 Day Average
SOFR + 0.42%), 01/25/2027(b)
 
3,646,535
3,645,479
BRAVO Residential Funding Trust,
Series 2021-NQM2, Class A1, 0.97%,
03/25/2060(c)(f)
 
1,491,502
1,440,755
CarMax Auto Owner Trust, Series 2025-2,
Class A2A, 4.59%, 07/17/2028
 
4,360,000
4,365,334
CBAM Ltd. (Cayman Islands), Series 2018-
5A, Class A, 5.56% (3 mo. Term SOFR +
1.28%), 04/17/2031(b)(c)
 
2,002,218
2,003,185
CCG Receivables Trust, Series 2025-1,
Class A2, 4.48%, 10/14/2032(c)
 
5,450,000
5,456,939
Chase Auto Owner Trust, Series 2024-3A,
Class A2, 5.53%, 09/27/2027(c)
 
2,956,202
2,965,970
Chesapeake Funding II LLC (Canada)
 
Series 2023-1A, Class A2, 5.60%
(30 Day Average SOFR + 1.25%),
05/15/2035(b)(c)
 
5,894,539
5,920,443
Series 2023-2A, Class A2, 5.45%
(30 Day Average SOFR + 1.10%),
10/15/2035(b)(c)
 
6,756,706
6,785,144
Series 2024-1A, Class A2, 5.12%
(30 Day Average SOFR + 0.77%),
05/15/2036(b)(c)
 
1,964,903
1,966,928
Citizens Auto Receivables Trust
 
Series 2023-2, Class A2B, 5.08%
(30 Day Average SOFR + 0.73%),
10/15/2026(b)(c)
 
394,799
394,887
Series 2024-2, Class A3, 5.33%,
08/15/2028(c)
 
7,625,000
7,695,261
COLT Mortgage Loan Trust, Series 2020-
2R, Class A1, 1.33%, 10/26/2065(c)(f)
 
1,337,191
1,246,158
Cross Mortgage Trust
 
Series 2023-H1, Class A1, 6.62%,
03/25/2068(c)
 
3,798,750
3,831,337
Series 2024-H5, Class A1, 5.85%,
08/26/2069(c)
 
8,788,917
8,845,034
CWABS, Inc. Asset-Backed Ctfs. Trust,
Series 2004-4, Class M1, 5.16% (1 mo.
Term SOFR + 0.83%), 07/25/2034(b)
 
234,059
239,783
Deephaven Residential Mortgage Trust,
Series 2021-2, Class A1, 0.90%,
04/25/2066(c)(f)
 
3,842,744
3,423,610
Dell Equipment Finance Trust
 
Series 2024-1, Class A3, 5.39%,
03/22/2030(c)
 
2,750,000
2,781,994
Series 2025-1, Class A3, 4.61%,
02/24/2031(c)
 
2,970,000
2,975,125
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
89
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
DLLST LLC, Series 2024-1A, Class A3,
5.05%, 08/20/2027(c)
$
2,730,000
$2,743,889
Dryden 30 Senior Loan Fund (Cayman
Islands), Series 2013-30A, Class AR,
5.41% (3 mo. Term SOFR + 1.08%),
11/15/2028(b)(c)
 
1,124,846
1,125,337
Ellington Financial Mortgage Trust
 
Series 2019-2, Class A1, 2.74%,
11/25/2059(c)(f)
 
835,702
793,163
Series 2020-2, Class A1, 1.18%,
10/25/2065(c)(f)
 
222,470
208,623
Enterprise Fleet Financing LLC
 
Series 2023-3, Class A2, 6.40%,
03/20/2030(c)
 
5,148,204
5,233,918
Series 2024-1, Class A2, 5.23%,
03/20/2030(c)
 
2,344,099
2,363,111
Series 2024-3, Class A2, 5.31%,
04/20/2027(c)
 
3,521,385
3,533,787
Series 2024-4, Class A2, 4.69%,
07/20/2027(c)
 
4,125,000
4,136,542
Series 2025-2, Class A2, 4.51%,
02/22/2028(c)
 
4,500,000
4,502,329
First National Master Note Trust,
Series 2024-1, Class A, 5.34%,
05/15/2030
 
3,870,000
3,953,910
FS KKR MM CLO 1 LLC, Series 2019-1A,
Class A1R, 6.37% (3 mo. Term SOFR +
2.11%), 01/15/2031(b)(c)
 
2,917,359
2,919,465
GMF Floorplan Owner Revolving Trust,
Series 2023-1, Class A2, 5.50% (30 Day
Average SOFR + 1.15%),
06/15/2028(b)(c)
 
15,000,000
15,090,663
Golub Capital Partners CLO 36(M) Ltd.
(Cayman Islands), Series 2018-36A,
Class A, 5.82% (3 mo. Term SOFR +
1.56%), 02/05/2031(b)(c)
 
440,120
440,099
GreatAmerica Leasing Receivables
Funding LLC
 
Series 2024-2, Class A2, 5.28%,
03/15/2027(c)
 
2,700,000
2,712,314
Series 2025-1, Class A2, 4.52%,
10/15/2027(c)
 
3,150,000
3,155,007
GS Mortgage-Backed Securities Trust
 
Series 2020-NQM1, Class A1, 1.38%,
09/27/2060(c)(f)
 
1,189,444
1,124,342
Series 2025-PJ1, Class A7, 6.00%,
06/25/2055(c)(f)
 
9,135,058
9,205,845
Harley-Davidson Motorcycle Trust,
Series 2024-B, Class A2, 4.62%,
08/16/2027
 
3,113,895
3,114,160
HPEFS Equipment Trust, Series 2024-2A,
Class A2, 5.50%, 10/20/2031(c)
 
5,151,218
5,165,044
HSI Asset Securitization Corp. Trust,
Series 2006-OPT2, Class M2, 5.03% (1
mo. Term SOFR + 0.70%),
01/25/2036(b)
 
261,280
258,759
 
Principal
Amount
Value
 
Hyundai Auto Lease Securitization Trust
 
Series 2024-C, Class A2B, 4.85%
(30 Day Average SOFR + 0.50%),
03/15/2027(b)(c)
$
4,625,671
$4,624,451
Series 2025-B, Class A3, 4.53%,
04/17/2028(c)
 
3,800,000
3,805,047
Hyundai Auto Receivables Trust,
Series 2025-A, Class A2B, 4.69%
(30 Day Average SOFR + 0.34%),
12/15/2027(b)
 
9,318,000
9,307,643
J.P. Morgan Mortgage Trust, Series 2024-
INV1, Class A4, 6.00%,
04/25/2055(c)(f)
 
7,558,539
7,659,709
John Deere Owner Trust, Series 2025-A,
Class A2B, 4.64% (30 Day Average
SOFR + 0.29%), 03/15/2028(b)
 
5,300,000
5,298,923
KKR CLO 21 Ltd. (Cayman Islands),
Series A, 5.52% (3 mo. Term SOFR +
1.26%), 04/15/2031(b)(c)
 
683,040
682,289
Madison Park Funding XLII Ltd. (Cayman
Islands), Series 2024-13A, Class AR,
5.43% (3 mo. Term SOFR + 1.15%),
11/21/2030(b)(c)
 
1,603,072
1,602,271
Mercedes-Benz Auto Lease Trust,
Series 2024-A, Class A2A, 5.44%,
02/16/2027
 
4,281,210
4,293,446
Morgan Stanley Residential Mortgage Loan
Trust
 
Series 2023-NQM1, Class A1, 7.28%,
09/25/2068(c)
 
5,917,721
6,014,813
Series 2024-NQM3, Class A1, 5.04%,
07/25/2069(c)(f)
 
8,793,382
8,747,595
Series 2025-NQM1, Class A1, 5.74%,
11/25/2069(c)(f)
 
9,955,654
10,025,431
Navient Private Education Refi Loan Trust
 
Series 2020-FA, Class A, 1.22%,
07/15/2069(c)
 
1,223,614
1,146,642
Series 2021-FA, Class A, 1.11%,
02/18/2070(c)
 
2,774,779
2,473,075
New Residential Mortgage Loan Trust
 
Series 2017-5A, Class A1, 5.94% (1 mo.
Term SOFR + 1.61%), 06/25/2057(b)(c)
 
202,415
204,684
Series 2019-NQM4, Class A1, 2.49%,
09/25/2059(c)(f)
 
1,300,650
1,232,402
Series 2020-NQM1, Class A1, 2.46%,
01/26/2060(c)(f)
 
967,161
913,602
OBX Trust
 
Series 2024-NQM12, Class A1, 5.48%,
07/25/2064(c)
 
5,469,689
5,474,312
Series 2024-NQM18, Class A1, 5.41%,
10/25/2064(c)(f)
 
5,256,128
5,266,294
Series 2024-NQM6, Class A1, 6.45%,
02/25/2064(c)
 
4,180,469
4,227,605
Octagon Investment Partners XVII Ltd.
(Cayman Islands), Series 2013-1A,
Class A1R2, 5.54% (3 mo. Term SOFR +
1.26%), 01/25/2031(b)(c)
 
503,251
503,787
PMT Loan Trust, Series 2025-INV1,
Class A7, 6.00%, 01/25/2060(c)(f)
 
3,485,120
3,535,080
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Porsche Innovative Lease Owner Trust
 
Series 2024-1A, Class A2A, 4.84%,
01/20/2027(c)
$
6,051,159
$6,053,704
Series 2024-2A, Class A2B, 4.79%
(30 Day Average SOFR + 0.44%),
12/21/2026(b)(c)
 
3,899,117
3,898,087
PRKCM Trust, Series 2023-AFC4,
Class A1, 7.23%, 11/25/2058(c)
 
5,632,022
5,735,955
Residential Mortgage Loan Trust,
Series 2020-1, Class A1, 2.38%,
01/26/2060(c)(f)
 
215,984
213,485
SBNA Auto Lease Trust
 
Series 2023-A, Class A3, 6.51%,
04/20/2027(c)
 
12,000,000
12,068,414
Series 2024-C, Class A3, 4.56%,
02/22/2028(c)
 
2,000,000
2,003,355
Starwood Mortgage Residential Trust
 
Series 2020-1, Class A1, 2.28%,
02/25/2050(c)(f)
 
175,610
167,834
Series 2020-INV1, Class A1, 1.03%,
11/25/2055(c)(f)
 
1,554,424
1,463,930
Series 2021-2, Class A1, 0.94%,
05/25/2065(c)(f)
 
1,740,019
1,629,467
Synchrony Card Funding LLC
 
Series 2023-A2, Class A, 5.74%,
10/15/2029
 
8,500,000
8,677,257
Series 2024-A1, Class A, 5.04%,
03/15/2030
 
10,000,000
10,168,454
Toyota Auto Receivables 2025-B Owner
Trust, Series 2025-B, Class A2A, 4.46%,
03/15/2028
 
8,300,000
8,310,658
Verus Securitization Trust
 
Series 2020-1, Class A1, 3.42%,
01/25/2060(c)
 
711,963
698,591
Series 2020-5, Class A1, 2.22%,
05/25/2065(c)
 
1,825,130
1,766,490
Series 2022-INV2, Class A1, 6.79%,
10/25/2067(c)
 
5,967,116
5,977,005
Series 2023-7, Class A1, 7.07%,
10/25/2068(c)
 
6,840,618
6,941,994
Series 2023-INV2, Class A1, 6.44%,
08/25/2068(c)
 
6,731,238
6,789,424
Visio Trust, Series 2020-1R, Class A1,
1.31%, 11/25/2055(c)
 
1,318,131
1,261,713
Volvo Financial Equipment LLC,
Series 2025-1A, Class A2, 4.41%,
11/15/2027(c)
 
3,780,000
3,780,218
Wheels Fleet Lease Funding 1 LLC
 
Series 2024-1A, Class A2, 5.15% (1 mo.
Term SOFR + 0.83%), 02/18/2039(b)(c)
 
4,093,971
4,098,601
Series 2024-2A, Class A2, 5.32% (1 mo.
Term SOFR + 1.00%), 06/21/2039(b)(c)
 
6,000,000
6,023,864
Series 2025-1A, Class A1, 4.57%,
01/18/2040(c)
 
8,250,000
8,276,621
 
Principal
Amount
Value
 
World Omni Automobile Lease
Securitization Trust, Series 2025-A,
Class A2B, 4.74% (30 Day Average
SOFR + 0.39%), 12/15/2027(b)
$
2,320,000
$2,317,187
Total Asset-Backed Securities
(Cost $369,139,157)
369,217,373
 
Shares
 
Exchange-Traded Funds-0.25%
Invesco AAA CLO Floating Rate Note ETF(g)
(Cost $7,059,850)
 
274,672
6,984,909
 
Principal
Amount
 
Commercial Paper-27.91%(h)
APA Corp., 5.05%, 05/01/2025(c)
$
30,800,000
30,795,700
Arrow Electronics, Inc.
 
5.06%, 05/05/2025(c)
 
16,200,000
16,189,162
5.00%, 05/12/2025(c)
 
18,000,000
17,970,984
BAT International Finance PLC
 
4.69%, 08/25/2025(c)
 
10,000,000
9,849,700
4.81%, 10/21/2025(c)
 
15,000,000
14,670,630
Boston Properties L.P.
 
4.84%, 05/14/2025(c)
 
13,700,000
13,675,299
4.69%–4.69%, 06/02/2025(c)
 
25,800,000
25,689,189
4.83%, 06/16/2025(c)
 
11,000,000
10,932,735
Broadcom, Inc., 4.86%, 05/09/2025(c)
 
1,000,000
998,852
Brookfield BRP Holdings Canada, Inc.
 
5.05%, 05/22/2025
 
6,000,000
5,982,996
5.06%, 06/11/2025
 
3,000,000
2,983,671
5.04%, 06/13/2025
 
15,000,000
14,914,470
Brookfield Infrastructure Holdings Canada,
Inc.
 
4.83%, 07/29/2025
 
15,000,000
14,823,930
4.93%, 11/18/2025
 
15,000,000
14,618,865
Brunswick Corp., 5.06%–5.11%,
05/01/2025(c)
 
20,700,000
20,697,164
Brunswick Corp./DE, 5.11%,
05/06/2025(c)
 
13,000,000
12,989,327
Canadian Natural Resources Ltd.
 
5.02%, 05/07/2025(c)
 
15,000,000
14,986,215
5.17%, 05/13/2025(c)
 
15,000,000
14,974,365
Charles Schwab Corp. (The), 4.57%,
08/26/2025(c)
 
9,600,000
9,463,382
Conagra Brands, Inc.
 
5.06%, 05/06/2025(c)
 
15,000,000
14,988,270
5.07%, 05/19/2025(c)
 
25,000,000
24,936,650
Constellation Brands, Inc.
 
4.84%, 05/02/2025(c)
 
11,000,000
10,997,074
4.82%, 05/16/2025(c)
 
10,000,000
9,978,550
Crown Castle, Inc., 4.94%, 05/01/2025(c)
 
25,000,000
24,996,650
Discovery Communications LLC, 5.26%,
05/08/2025(c)
 
15,000,000
14,982,660
Eversource Energy, 4.83%,
05/12/2025(c)
 
20,000,000
19,969,120
Genuine Parts Co., 4.88%, 05/21/2025(c)
 
15,000,000
14,959,410
Glencore Funding LLC
 
4.63%, 06/04/2025(c)
 
12,000,000
11,947,164
4.64%, 08/29/2025(c)
 
12,000,000
11,816,340
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
91
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Global Payments, Inc.
 
4.96%, 05/02/2025
$
9,000,000
$8,997,543
5.01%, 05/05/2025
 
14,000,000
13,990,466
5.01%, 05/06/2025
 
15,000,000
14,987,730
5.01%, 05/07/2025
 
10,000,000
9,990,460
5.01%, 05/14/2025
 
11,700,000
11,677,485
Harley-Davidson Financial Services, Inc.
 
4.94%, 05/01/2025(c)
 
15,000,000
14,998,050
5.10%, 05/09/2025(c)
 
1,000,000
998,825
5.12%, 05/12/2025(c)
 
3,000,000
2,995,284
4.96%, 06/02/2025(c)
 
10,000,000
9,955,820
5.16%, 06/20/2025(c)
 
15,000,000
14,897,342
5.21%, 07/01/2025(c)
 
10,000,000
9,916,680
HSBC USA, Inc.
 
5.73%, 07/01/2025(c)
 
12,000,000
11,906,904
4.82%, 11/03/2025(c)
 
12,000,000
11,725,716
Jabil, Inc., 5.08%–5.13%, 05/05/2025(c)
 
30,000,000
29,978,640
National Fuel Gas Co., 5.12%,
05/13/2025
 
14,500,000
14,474,553
Quanta Services, Inc., 4.90%,
05/02/2025(c)
 
19,500,000
19,494,813
Sonoco Products Co.
 
5.09%, 05/01/2025
 
1,500,000
1,499,790
5.22%, 05/07/2025
 
8,000,000
7,991,808
5.19%, 05/12/2025
 
13,000,000
12,977,822
5.24%, 05/28/2025
 
20,000,000
19,919,222
Stanley Black & Decker, Inc.
 
4.82%, 06/23/2025(c)
 
15,000,000
14,895,705
4.79%, 06/25/2025(c)
 
2,700,000
2,680,533
TELUS Corp.
 
5.04%, 05/21/2025(c)
 
12,000,000
11,967,564
5.01%, 06/09/2025(c)
 
12,000,000
11,937,792
4.78%, 08/26/2025(c)
 
12,000,000
11,818,152
WGL Holdings, Inc., 5.01%, 05/06/2025(c)
 
5,000,000
4,996,295
White Plains Capital Co. LLC
 
4.97%, 05/02/2025(c)
 
15,000,000
14,996,235
4.92%, 06/10/2025(c)
 
10,000,000
9,946,970
WPP CP LLC
 
4.79%, 05/07/2025(c)
 
8,000,000
7,992,864
4.81%, 06/10/2025(c)
 
12,000,000
11,936,244
Total Commercial Paper
(Cost $773,308,104)
773,321,831
Certificates of Deposit-1.99%
Diversified Banks-1.99%
Natixis S.A. (France), 4.96% (SOFR +
0.60%), 08/04/2025(b)
 
10,000,000
10,011,117
Bank of America N.A., 5.50%,
05/08/2025
 
10,000,000
10,002,010
Intesa Sanpaolo S.p.A. (Italy)
 
5.71%07/16/2025
 
9,500,000
9,518,117
5.00%01/07/2026
 
10,000,000
10,018,840
5.33% (SOFR + 1.00%), 10/16/2026(b)
 
15,500,000
15,574,950
 
 
55,125,034
Total Certificates of Deposit
(Cost $55,000,000)
55,125,034
 
Repurchase
Amount
Value
Repurchase Agreements-1.08%(i)
CF Secured LLC, joint open agreement
dated 02/07/2025 (collateralized by
agency mortgage-backed securities and
agency and non-agency asset-backed
securities valued at $26,652,392;
1.12% - 11.00%; 05/25/2036 -
03/26/2068), 5.11%, 05/01/2025(j)
$
10,042,458
$10,000,000
Nomura Securities International, Inc., joint
term agreement dated 04/16/2025,
aggregate maturing value of
$30,004,233 (collateralized by
non-agency mortgage-backed securities
and non-agency asset-backed securities
valued at $33,000,001; 0.84% -
10.03%; 09/25/2029 - 08/25/2069),
5.08%, 05/01/2025(k)
 
10,001,411
10,000,000
Santander US Capital Markets LLC, joint
term agreement dated 04/07/2025,
aggregate maturing value of
$30,004,217 (collateralized by agency
and non-agency mortgage-backed
securities and agency and non-agency
asset-backed securities valued at
$33,421,444; 0.00% - 10.60%;
12/25/2030 - 07/25/2067), 5.06%,
05/01/2025(k)
 
10,001,406
10,000,000
Total Repurchase Agreements
(Cost $30,000,000)
30,000,000
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-101.26%
(Cost $2,800,582,266)
2,805,664,088
 
Shares
 
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.65%
Invesco Private Government Fund,
4.32%(g)(l)(m)
 
5,002,246
5,002,246
Invesco Private Prime Fund, 4.46%(g)(l)(m)
 
13,015,126
13,017,729
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $18,020,618)
18,019,975
TOTAL INVESTMENTS IN SECURITIES-101.91%
(Cost $2,818,602,884)
2,823,684,063
OTHER ASSETS LESS LIABILITIES-(1.91)%
(52,965,813
)
NET ASSETS-100.00%
$2,770,718,250
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92
Invesco Ultra Short Duration ETF (GSY)—(continued)
April 30, 2025
(Unaudited)
Investment Abbreviations:
CP
-Commercial Paper
Ctfs.
-Certificates
ETF
-Exchange-Traded Fund
REIT
-Real Estate Investment Trust
SOFR
-Secured Overnight Financing Rate
 
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)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $1,309,182,470, which represented 47.25% of the Fund’s Net Assets.
(d)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(e)
All or a portion of this security was out on loan at April 30, 2025.
(f)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on April 30, 2025.
(g)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Invesco AAA CLO Floating
Rate Note ETF
$3,053,540
$4,000,770
$(3,593
)
$(69,401
)
$3,593
$6,984,909
$172,254
Investments Purchased
with Cash Collateral
from Securities on Loan:
Invesco Private
Government Fund
3,163,640
47,707,080
(45,868,474
)
-
-
5,002,246
78,210
*
Invesco Private Prime
Fund
8,238,473
96,864,526
(92,083,306
)
(643
)
(1,321
)
13,017,729
203,017
*
Total
$14,455,653
$148,572,376
$(137,955,373
)
$(70,044
)
$2,272
$25,004,884
$453,481
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
Principal amount equals value at period end. See Note 2L.
(j)
Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date
represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 
(k)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset
date.
(l)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(m)
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 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93
Invesco Variable Rate Investment Grade ETF (VRIG)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes-39.52%
Agricultural & Farm Machinery-0.03%
John Deere Capital Corp.
 
4.86% (SOFR + 0.48%),
10/22/2025(b)
$
300,000
$303,459
4.98% (SOFR + 0.60%),
04/19/2027(b)
 
75,000
75,095
 
 
378,554
Asset Management & Custody Banks-0.02%
Bank of New York Mellon Corp. (The),
5.21% (SOFR + 0.83%),
07/21/2028(b)
 
125,000
124,771
State Street Corp., 5.23% (SOFR +
0.85%), 08/03/2026(b)
 
75,000
75,009
 
 
199,780
Automobile Manufacturers-5.51%
American Honda Finance Corp., 4.91%
(SOFR + 0.55%), 05/11/2026(b)(c)
 
5,500,000
5,494,315
BMW US Capital LLC (Germany)
 
4.98% (SOFR + 0.62%),
08/11/2025(b)(d)
 
100,000
100,037
5.28% (SOFR + 0.92%),
08/13/2027(b)(d)
 
150,000
150,103
Daimler Truck Finance North America LLC
(Germany)
 
5.33% (SOFR + 0.96%),
09/25/2027(b)(d)
 
4,250,000
4,233,141
5.22% (SOFR + 0.84%),
01/13/2028(b)(d)
 
4,000,000
3,980,405
Ford Motor Credit Co. LLC
 
7.32% (SOFR + 2.95%),
03/06/2026(b)(c)
 
5,025,000
5,052,563
5.83% (SOFR + 1.45%),
11/05/2026(b)
 
7,625,000
7,490,296
Hyundai Capital America
 
5.70% (SOFR + 1.32%),
11/03/2025(b)(d)
 
600,000
602,156
5.88% (SOFR + 1.50%),
01/08/2027(b)(d)
 
4,700,000
4,727,967
5.41% (SOFR + 1.04%),
03/19/2027(b)(d)
 
4,000,000
3,993,923
5.37% (SOFR + 0.99%),
03/25/2027(b)(c)(d)
 
5,000,000
4,973,205
5.42% (SOFR + 1.04%),
06/24/2027(b)(d)
 
5,225,000
5,197,823
5.30% (SOFR + 0.92%),
01/07/2028(b)(d)
 
3,000,000
2,965,062
Mercedes-Benz Finance North
America LLC (Germany)
 
4.95% (SOFR + 0.57%),
08/01/2025(b)(d)
 
1,000,000
1,000,246
5.05% (SOFR + 0.67%),
01/09/2026(b)(d)
 
500,000
500,131
 
Principal
Amount
Value
Automobile Manufacturers-(continued)
Toyota Motor Credit Corp.
 
5.02% (SOFR + 0.65%),
09/11/2025(b)
$
75,000
$75,064
5.25% (SOFR + 0.89%),
05/18/2026(b)
 
250,000
250,811
5.02% (SOFR + 0.65%),
03/19/2027(b)
 
75,000
75,021
Volkswagen Group of America
Finance LLC (Germany)
 
5.30% (SOFR + 0.93%),
09/12/2025(b)(d)
 
250,000
250,307
5.20% (SOFR + 0.83%),
03/20/2026(b)(d)
 
4,000,000
3,999,845
5.42% (SOFR + 1.06%),
08/14/2026(b)(d)
 
6,700,000
6,701,211
5.44% (SOFR + 1.06%),
03/25/2027(b)(d)
 
8,000,000
7,963,121
 
 
69,776,753
Commercial & Residential Mortgage Finance-0.32%
Nationwide Building Society (United
Kingdom), 5.65% (SOFR + 1.29%),
02/16/2028(b)(d)
 
4,000,000
4,010,677
Construction Machinery & Heavy Transportation Equipment-0.01%
Caterpillar Financial Services Corp.
 
4.83% (SOFR + 0.46%),
02/27/2026(b)
 
75,000
75,015
4.88% (SOFR + 0.52%),
05/14/2027(b)
 
75,000
74,905
 
 
149,920
Consumer Finance-2.48%
American Express Co.
 
5.12% (SOFR + 0.76%),
02/13/2026(b)
 
125,000
125,269
5.73% (SOFR + 1.35%),
10/30/2026(b)
 
100,000
100,407
5.35% (SOFR + 0.97%),
07/28/2027(b)
 
4,294,000
4,307,521
5.31% (SOFR + 0.93%),
07/26/2028(b)
 
4,075,000
4,091,192
General Motors Financial Co., Inc.
 
5.41% (SOFR + 1.04%),
02/26/2027(b)(c)
 
7,597,000
7,518,374
5.71% (SOFR + 1.35%),
05/08/2027(b)
 
6,500,000
6,443,204
5.43% (SOFR + 1.05%),
07/15/2027(b)
 
4,000,000
3,932,328
5.55% (SOFR + 1.17%),
04/04/2028(b)(c)
 
5,000,000
4,917,048
 
 
31,435,343
Diversified Banks-19.13%
ABN AMRO Bank N.V. (Netherlands)
 
6.15% (SOFR + 1.78%),
09/18/2027(b)(d)
 
7,000,000
7,068,297
5.37% (SOFR + 1.00%),
12/03/2028(b)(d)
 
7,600,000
7,591,452
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
94
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Banco Santander S.A. (Spain)
 
5.75% (SOFR + 1.38%),
03/14/2028(b)(c)
$
1,200,000
$1,203,341
5.50% (SOFR + 1.12%),
07/15/2028(b)
 
5,000,000
4,990,530
Bank of America Corp.
 
5.32% (3 mo. Term SOFR + 1.02%),
09/15/2026(b)
 
2,706,000
2,703,631
5.35% (SOFR + 0.97%),
07/22/2027(b)(c)
 
7,114,000
7,124,326
5.43% (SOFR + 1.05%),
02/04/2028(b)(c)
 
1,685,000
1,691,349
5.21% (SOFR + 0.83%),
01/24/2029(b)
 
200,000
198,483
Bank of America N.A., 5.14% (SOFR +
0.78%), 08/18/2025(b)
 
75,000
75,055
Bank of Montreal (Canada)
 
5.70% (SOFR + 1.33%),
06/05/2026(b)
 
275,000
277,052
5.53% (SOFR + 1.16%),
12/11/2026(b)
 
3,000,000
3,022,784
5.24% (SOFR + 0.86%),
01/27/2029(b)
 
125,000
124,315
Bank of Nova Scotia (The) (Canada)
 
5.15% (SOFR + 0.78%),
06/04/2027(b)
 
450,000
449,594
5.25%, 06/12/2028(c)
 
2,500,000
2,571,081
5.26% (SOFR + 0.89%),
02/14/2029(b)(c)
 
5,625,000
5,583,347
Banque Federative du Credit Mutuel
(France), 5.51% (SOFR + 1.13%),
01/23/2027(b)(d)
 
75,000
75,271
Banque Federative du Credit Mutuel S.A.
(France), 5.61% (SOFR + 1.23%),
01/22/2030(b)(d)
 
5,000,000
5,003,336
Barclays PLC (United Kingdom)
 
6.25% (SOFR + 1.88%),
09/13/2027(b)
 
2,750,000
2,784,524
5.86% (SOFR + 1.49%),
03/12/2028(b)(c)
 
6,500,000
6,549,326
BNP Paribas S.A. (France), 5.84% (SOFR
+ 1.43%), 05/09/2029(b)(d)
 
6,250,000
6,250,000
BPCE S.A. (France), 6.36% (SOFR +
1.98%), 10/19/2027(b)(c)(d)
 
6,250,000
6,340,864
Canadian Imperial Bank of Commerce
(Canada)
 
5.32% (SOFR + 0.94%),
06/28/2027(b)
 
250,000
250,188
5.10% (SOFR + 0.72%),
01/13/2028(b)
 
5,000,000
4,967,819
5.41% (SOFR + 1.03%),
03/30/2029(b)(c)
 
4,000,000
3,985,110
Citibank N.A.
 
5.18% (SOFR + 0.81%),
09/29/2025(b)
 
75,000
75,089
5.43% (SOFR + 1.06%),
12/04/2026(b)
 
75,000
75,251
 
Principal
Amount
Value
Diversified Banks-(continued)
Citigroup, Inc.
 
5.81% (3 mo. Term SOFR + 1.51%),
07/01/2026(b)
$
1,882,000
$1,885,652
5.14% (SOFR + 0.77%),
06/09/2027(b)
 
975,000
974,531
5.65% (SOFR + 1.28%),
02/24/2028(b)
 
6,077,000
6,123,281
5.24% (SOFR + 0.87%),
03/04/2029(b)
 
3,274,000
3,242,591
Commonwealth Bank of Australia
(Australia), 4.78% (SOFR + 0.40%),
07/07/2025(b)(d)
 
150,000
150,037
Cooperatieve Rabobank U.A.
(Netherlands), 5.28% (SOFR + 0.90%),
10/05/2026(b)
 
175,000
175,896
Credit Agricole S.A. (France)
 
5.67% (SOFR + 1.29%),
07/05/2026(b)(d)
 
175,000
176,027
5.58% (SOFR + 1.21%),
09/11/2028(b)(d)
 
75,000
75,006
Fifth Third Bank N.A., 5.19% (SOFR +
0.81%), 01/28/2028(b)(c)
 
2,634,000
2,613,723
HSBC Holdings PLC (United Kingdom)
 
5.94% (3 mo. Term SOFR + 1.64%),
09/12/2026(b)
 
75,000
75,251
5.93% (SOFR + 1.57%),
08/14/2027(b)
 
2,500,000
2,522,967
5.40% (SOFR + 1.03%),
03/03/2029(b)
 
3,636,000
3,612,547
5.65% (SOFR + 1.29%),
11/19/2030(b)
 
5,000,000
4,994,389
HSBC USA, Inc., 5.33% (SOFR + 0.96%),
03/04/2027(b)(c)
 
5,000,000
5,022,859
Huntington National Bank (The), 5.10%
(SOFR + 0.72%), 04/12/2028(b)
 
3,103,000
3,090,764
ING Groep N.V. (Netherlands)
 
5.93% (SOFR + 1.56%),
09/11/2027(b)
 
6,575,000
6,626,754
5.39% (SOFR + 1.01%),
03/25/2029(b)
 
5,000,000
4,966,852
JPMorgan Chase & Co.
 
5.26% (SOFR + 0.89%),
04/22/2027(b)
 
250,000
250,562
5.58% (SOFR + 1.20%),
01/23/2028(b)
 
1,667,000
1,675,980
5.55% (SOFR + 1.18%),
02/24/2028(b)(c)
 
3,500,000
3,514,157
5.30% (SOFR + 0.92%),
04/22/2028(b)(c)
 
7,500,000
7,507,593
5.31% (SOFR + 0.93%),
07/22/2028(b)
 
5,000,000
4,999,198
5.18% (SOFR + 0.80%),
01/24/2029(b)(c)
 
5,200,000
5,197,463
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Lloyds Banking Group PLC (United
Kingdom)
 
5.92% (SOFR + 1.56%),
08/07/2027(b)
$
3,158,000
$3,178,419
5.96% (SOFR + 1.58%),
01/05/2028(b)
 
4,575,000
4,615,452
5.43% (SOFR + 1.06%),
11/26/2028(b)
 
125,000
124,757
Macquarie Bank Ltd. (Australia)
 
5.57% (SOFR + 1.20%),
12/07/2026(b)(d)
 
4,000,000
4,029,337
5.30% (SOFR + 0.92%),
07/02/2027(b)(c)(d)
 
500,000
502,285
Mitsubishi UFJ Financial Group, Inc.
(Japan), 5.86% (SOFR + 1.48%),
04/24/2031(b)(c)
 
1,246,000
1,260,407
Mizuho Financial Group, Inc. (Japan)
 
5.32% (SOFR + 0.96%),
05/22/2026(b)
 
150,000
150,064
5.44% (SOFR + 1.08%),
05/13/2031(b)(c)
 
5,000,000
4,993,492
Morgan Stanley Bank N.A.
 
5.16% (SOFR + 0.78%),
07/16/2025(b)
 
75,000
75,030
5.55% (SOFR + 1.17%),
10/30/2026(b)
 
175,000
176,079
5.46% (SOFR + 1.08%),
01/14/2028(b)
 
250,000
250,639
5.23% (SOFR + 0.87%),
05/26/2028(b)
 
3,200,000
3,195,384
5.32% (SOFR + 0.94%),
07/14/2028(b)
 
5,000,000
5,000,708
National Australia Bank Ltd. (Australia)
 
5.12% (SOFR + 0.76%),
05/13/2025(b)(d)
 
650,000
650,112
5.02% (SOFR + 0.65%),
12/10/2025(b)(d)
 
150,000
150,245
4.99% (SOFR + 0.62%),
06/11/2027(b)(c)(d)
 
4,000,000
4,002,830
NatWest Group PLC (United Kingdom),
5.66% (SOFR + 1.30%),
11/15/2028(b)
 
3,500,000
3,507,278
Royal Bank of Canada (Canada)
 
4.90% (SOFR + 0.53%),
01/20/2026(b)
 
150,000
150,182
4.95% (SOFR + 0.57%),
04/27/2026(b)
 
275,000
275,430
5.46% (SOFR + 1.08%),
07/20/2026(b)
 
500,000
503,577
5.33% (SOFR + 0.95%),
01/19/2027(b)
 
2,917,000
2,926,665
5.24% (SOFR + 0.86%),
10/18/2028(b)
 
200,000
199,084
Societe Generale S.A. (France)
 
5.46% (SOFR + 1.10%),
02/19/2027(b)(d)
 
2,000,000
1,993,164
6.04% (SOFR + 1.66%),
01/19/2028(b)(d)
 
5,575,000
5,606,963
 
Principal
Amount
Value
Diversified Banks-(continued)
Standard Chartered Bank (United
Kingdom), 5.03% (SOFR + 0.65%),
10/08/2026(b)(c)
$
3,000,000
$2,998,207
Standard Chartered PLC (United
Kingdom)
 
6.39% (SOFR + 2.03%),
02/08/2028(b)(d)
 
4,000,000
4,057,349
5.53% (SOFR + 1.17%),
05/14/2028(b)(d)
 
4,000,000
4,005,804
5.62% (SOFR + 1.24%),
01/21/2029(b)(d)
 
3,500,000
3,501,657
Sumitomo Mitsui Financial Group, Inc.
(Japan), 5.81% (SOFR + 1.43%),
01/13/2026(b)
 
2,000,000
2,013,629
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.35% (SOFR + 0.98%),
09/10/2027(b)(d)
 
125,000
125,238
Svenska Handelsbanken AB (Sweden)
 
5.62% (SOFR + 1.25%),
06/15/2026(b)(d)
 
1,350,000
1,358,439
5.03% (SOFR + 0.66%),
05/28/2027(b)(c)(d)
 
5,475,000
5,472,380
Swedbank AB (Sweden), 5.75% (SOFR +
1.38%), 06/15/2026(b)(d)
 
75,000
75,600
Toronto-Dominion Bank (The) (Canada)
 
5.39% (SOFR + 1.02%),
06/06/2025(b)
 
100,000
100,075
5.46% (SOFR + 1.08%),
07/17/2026(b)
 
1,914,000
1,924,310
UBS AG (Switzerland), 5.30% (SOFR +
0.93%), 09/11/2025(b)
 
75,000
75,086
USB Realty Corp., 5.67% (3 mo. Term
SOFR + 1.41%)(b)(d)(e)
 
1,100,000
864,317
Wells Fargo & Co.
 
5.16% (SOFR + 0.78%),
01/24/2028(b)
 
5,596,000
5,570,127
5.45% (SOFR + 1.07%),
04/22/2028(b)
 
7,075,000
7,099,520
5.75% (SOFR + 1.37%),
04/23/2029(b)(c)
 
1,250,000
1,258,767
Wells Fargo Bank N.A.
 
5.19% (SOFR + 0.80%),
08/01/2025(b)
 
75,000
75,052
5.09% (SOFR + 0.71%),
01/15/2026(b)
 
150,000
150,245
5.42% (SOFR + 1.06%),
08/07/2026(b)
 
75,000
75,275
5.44% (SOFR + 1.07%),
12/11/2026(b)
 
3,000,000
3,017,771
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Diversified Banks-(continued)
Westpac Banking Corp. (Australia)
 
5.37% (SOFR + 1.00%),
08/26/2025(b)
$
75,000
$75,194
5.08% (SOFR + 0.72%),
11/17/2025(b)
 
150,000
150,272
4.89% (SOFR + 0.52%),
06/03/2026(b)
 
75,000
75,034
5.19% (SOFR + 0.81%),
04/16/2029(b)
 
125,000
125,444
 
 
242,267,870
Diversified Capital Markets-0.84%
Deutsche Bank AG (Germany)
 
5.58% (SOFR + 1.22%),
11/16/2027(b)
 
4,050,000
4,029,257
5.59% (SOFR + 1.21%),
01/10/2029(b)
 
6,597,000
6,548,580
Macquarie Group Ltd. (Australia), 5.29%
(SOFR + 0.92%), 09/23/2027(b)(d)
 
75,000
75,114
 
 
10,652,951
Diversified Financial Services-0.13%
LPL Holdings, Inc., 4.90%,
04/03/2028(c)
 
1,629,000
1,636,743
Diversified Metals & Mining-0.96%
Glencore Funding LLC (Australia)
 
5.13% (SOFR + 0.75%),
10/01/2026(b)(d)
 
3,214,000
3,211,348
5.44% (SOFR + 1.06%),
04/04/2027(b)(d)
 
6,223,000
6,252,692
Rio Tinto Finance (USA) PLC (Australia),
5.21% (SOFR + 0.84%),
03/14/2028(b)
 
2,716,000
2,719,812
 
 
12,183,852
Electric Utilities-1.27%
Consolidated Edison Co. of New York,
Inc., 4.88% (SOFR + 0.52%),
11/18/2027(b)
 
1,324,000
1,320,638
Georgia Power Co., 4.65% (SOFR +
0.28%), 09/15/2026(b)
 
3,679,000
3,663,986
National Rural Utilities Cooperative
Finance Corp.
 
5.18% (SOFR + 0.80%),
02/05/2027(b)
 
5,000,000
5,000,486
5.19% (SOFR + 0.82%),
09/16/2027(b)
 
4,000,000
3,997,089
Pacific Gas and Electric Co., 5.32% (SOFR
+ 0.95%), 09/04/2025(b)
 
1,900,000
1,898,779
Pinnacle West Capital Corp., 5.19%
(SOFR + 0.82%), 06/10/2026(b)
 
200,000
199,967
 
 
16,080,945
Insurance Brokers-0.02%
Marsh & McLennan Cos., Inc., 5.06%
(SOFR + 0.70%), 11/08/2027(b)(c)
 
250,000
249,732
 
Principal
Amount
Value
Investment Banking & Brokerage-2.70%
Charles Schwab Corp. (The)
 
4.88% (SOFR + 0.52%),
05/13/2026(b)
$
6,858,000
$6,853,050
5.42% (SOFR + 1.05%),
03/03/2027(b)(c)
 
4,000,000
4,020,262
Goldman Sachs Group, Inc. (The)
 
5.43% (SOFR + 1.07%),
08/10/2026(b)
 
75,000
75,128
5.18% (SOFR + 0.81%),
03/09/2027(b)
 
2,460,000
2,461,654
5.19% (SOFR + 0.82%),
09/10/2027(b)(c)
 
3,500,000
3,500,740
5.30% (SOFR + 0.92%),
10/21/2027(b)
 
125,000
124,742
6.29% (3 mo. Term SOFR + 2.01%),
10/28/2027(b)
 
1,220,000
1,240,157
6.22% (SOFR + 1.85%),
03/15/2028(b)
 
3,500,000
3,548,456
5.67% (SOFR + 1.29%),
04/23/2028(b)(c)
 
1,308,000
1,313,029
Morgan Stanley
 
5.40% (SOFR + 1.02%),
04/13/2028(b)
 
7,500,000
7,523,597
5.76% (SOFR + 1.38%),
04/12/2029(b)(c)
 
3,500,000
3,523,449
 
 
34,184,264
Life & Health Insurance-4.48%
Athene Global Funding
 
5.21% (SOFR + 0.85%),
05/08/2026(b)(d)
 
6,775,000
6,774,416
5.40% (SOFR + 1.03%),
08/27/2026(b)(d)
 
6,000,000
6,011,159
5.59% (SOFR + 1.21%),
03/25/2027(b)(d)
 
5,000,000
5,027,966
5.32% (SOFR + 0.95%),
03/06/2028(b)(d)
 
3,000,000
2,985,241
Corebridge Global Funding
 
5.68% (SOFR + 1.30%),
09/25/2026(b)(d)
 
4,320,000
4,352,101
5.13% (SOFR + 0.75%),
01/07/2028(b)(d)
 
7,000,000
6,960,755
Jackson National Life Global Funding,
5.35% (SOFR + 0.97%),
01/14/2028(b)(d)
 
5,000,000
4,993,520
MassMutual Global Funding II
 
5.15% (SOFR + 0.77%),
01/29/2027(b)(d)
 
1,000,000
1,001,820
5.12% (SOFR + 0.74%),
04/09/2027(b)(d)
 
2,500,000
2,496,578
New York Life Global Funding, 4.85%
(SOFR + 0.48%), 06/09/2026(b)(d)
 
100,000
100,027
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Life & Health Insurance-(continued)
Pacific Life Global Funding II
 
4.99% (SOFR + 0.62%),
06/04/2026(b)(d)
$
4,222,000
$4,228,832
5.43% (SOFR + 1.05%),
07/28/2026(b)(d)
 
2,265,000
2,280,386
5.23% (SOFR + 0.85%),
02/05/2027(b)(d)
 
6,500,000
6,506,827
Protective Life Global Funding, 5.08%
(SOFR + 0.70%), 04/10/2026(b)(d)
 
3,000,000
3,002,158
 
 
56,721,786
Managed Health Care-0.01%
UnitedHealth Group, Inc., 4.88% (SOFR +
0.50%), 07/15/2026(b)
 
100,000
99,908
Pharmaceuticals-0.09%
Bristol-Myers Squibb Co., 4.85% (SOFR +
0.49%), 02/20/2026(b)
 
1,172,000
1,172,045
Regional Banks-0.60%
Santander Holdings USA, Inc., 5.98%
(SOFR + 1.61%), 03/20/2029(b)
 
7,500,000
7,525,847
Soft Drinks & Non-alcoholic Beverages-0.88%
Keurig Dr Pepper, Inc.
 
4.97% (SOFR + 0.58%),
11/15/2026(b)
 
6,000,000
6,005,410
5.25% (SOFR + 0.88%),
03/15/2027(b)(c)
 
5,000,000
5,013,908
PepsiCo, Inc., 4.76% (SOFR + 0.40%),
02/13/2026(b)
 
175,000
175,285
 
 
11,194,603
Transaction & Payment Processing Services-0.04%
PayPal Holdings, Inc., 5.04% (SOFR +
0.67%), 03/06/2028(b)
 
500,000
500,269
Total U.S. Dollar Denominated Bonds & Notes
(Cost $500,409,702)
500,421,842
U.S. Treasury Securities-22.58%
U.S. Treasury Floating Rate Notes-22.58%
4.45% (3 mo. U.S. Treasury Bill Money
Market Yield Rate + 0.21%),
10/31/2026(b)
 
97,125,000
97,219,398
4.34% (3 mo. U.S. Treasury Bill Money
Market Yield Rate + 0.10%),
01/31/2027(b)
 
188,750,000
188,662,741
Total U.S. Treasury Securities
(Cost $285,996,063)
285,882,139
 
Asset-Backed Securities-15.60%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, 0.71%,
02/25/2035(f)
 
13,666
13,564
Amur Equipment Finance Receivables
XIII LLC, Series 2024-1A, Class A2,
5.38%, 01/21/2031(d)
 
2,594,075
2,619,598
Angel Oak Mortgage Trust, Series 2025-
HB1, Class A1, 6.15% (30 Day
Average SOFR + 1.80%),
02/25/2055(b)(d)
 
1,755,000
1,756,097
 
Principal
Amount
Value
 
Avis Budget Rental Car Funding (AESOP)
LLC, Series 2020-2A, Class C, 4.25%,
02/20/2027(d)
$
1,300,000
$1,289,449
BAMLL Commercial Mortgage Securities
Trust, Series 2022-DKLX, Class A,
5.47% (1 mo. Term SOFR + 1.15%),
01/15/2039(b)(d)
 
906,906
901,245
BBCMS Mortgage Trust, Series 2019-
BWAY, Class B, 5.75% (1 mo. Term
SOFR + 1.42%), 11/15/2034(b)(d)
 
3,250,000
273,341
Bear Stearns Adjustable Rate Mortgage
Trust
 
Series 2003-7, Class 6A, 6.37%,
10/25/2033(f)
 
77,484
73,713
Series 2003-8, Class 4A1, 6.95%,
01/25/2034(f)
 
101,011
99,985
BIG Commercial Mortgage Trust,
Series 2022, Class A, 5.66% (1 mo.
Term SOFR + 1.34%),
02/15/2039(b)(d)
 
1,460,351
1,453,107
BX Commercial Mortgage Trust
 
Series 2021-ACNT, Class B, 5.69% (1
mo. Term SOFR + 1.36%),
11/15/2038(b)(d)
 
3,429,194
3,412,087
Series 2021-VINO, Class B, 5.29% (1
mo. Term SOFR + 0.97%),
05/15/2038(b)(d)
 
1,645,000
1,635,735
Series 2021-VOLT, Class A, 5.14% (1
mo. Term SOFR + 0.81%),
09/15/2036(b)(d)
 
700,000
693,784
Series 2021-VOLT, Class B, 5.39% (1
mo. Term SOFR + 1.06%),
09/15/2036(b)(d)
 
3,252,772
3,220,182
Series 2021-VOLT, Class C, 5.54% (1
mo. Term SOFR + 1.21%),
09/15/2036(b)(d)
 
4,000,000
3,947,888
Series 2021-VOLT, Class D, 6.09% (1
mo. Term SOFR + 1.76%),
09/15/2036(b)(d)
 
1,250,000
1,232,389
BX Trust
 
Series 2021-LGCY, Class B, 5.29% (1
mo. Term SOFR + 0.97%),
10/15/2036(b)(d)
 
3,630,000
3,600,231
Series 2022-IND, Class C, 6.61% (1
mo. Term SOFR + 2.29%),
04/15/2037(b)(d)
 
2,450,000
2,453,000
Series 2022-LBA6, Class B, 5.62% (1
mo. Term SOFR + 1.30%),
01/15/2039(b)(d)
 
1,000,000
994,718
CarMax Auto Owner Trust, Series 2024-
1, Class C, 5.47%, 08/15/2029
 
2,000,000
2,029,468
Carmax Select Receivables Trust 2024-A,
Series 2024-A, Class C, 5.62%,
01/15/2030
 
1,400,000
1,410,350
CCG Receivables Trust, Series 2023-2,
Class A2, 6.28%, 04/14/2032(d)
 
1,914,443
1,942,207
Chase Home Lending Mortgage Trust
 
Series 2024-6, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
05/25/2055(b)(d)
 
3,752,945
3,710,865
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
98
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2024-7, Class A11, 5.65%
(30 Day Average SOFR + 1.30%),
06/25/2055(b)(d)
$
4,007,573
$3,970,894
Series 2025-1, Class A11, 5.55%
(30 Day Average SOFR + 1.20%),
11/25/2055(b)(d)
 
4,857,704
4,793,844
Citigroup Mortgage Loan Trust,
Series 2024-1, Class A11, 5.70%
(30 Day Average SOFR + 1.35%),
07/25/2054(b)(d)
 
3,858,393
3,875,613
Commonbond Student Loan Trust
 
Series 2017-BGS, Class A2, 5.09% (1
mo. Term SOFR + 0.76%),
09/25/2042(b)(d)
 
105,856
104,145
Series 2018-AGS, Class A2, 4.94% (1
mo. Term SOFR + 0.61%),
02/25/2044(b)(d)
 
209,161
206,577
Series 2018-CGS, Class A2, 5.24% (1
mo. Term SOFR + 0.91%),
02/25/2046(b)(d)
 
467,487
462,530
CPS Auto Receivables Trust
 
Series 2023-D, Class C, 7.17%,
01/15/2030(d)
 
4,000,000
4,094,887
Series 2024-D, Class C, 4.76%,
01/15/2031(d)
 
1,558,000
1,555,842
Edsouth Indenture No. 9 LLC,
Series 2015-1, Class A, 5.27% (30 Day
Average SOFR + 0.91%),
10/25/2056(b)(d)
 
227,979
225,178
Extended Stay America Trust,
Series 2021-ESH, Class B, 5.82% (1
mo. Term SOFR + 1.49%),
07/15/2038(b)(d)
 
4,297,404
4,284,997
Ford Credit Auto Lease Trust,
Series 2024-B, Class B, 5.18%,
02/15/2028
 
5,000,000
5,050,972
Ford Credit Floorplan Master Owner
Trust, Series 2023-1, Class A2, 5.60%
(30 Day Average SOFR + 1.25%),
05/15/2028(b)(d)
 
2,500,000
2,511,763
GMF Floorplan Owner Revolving Trust,
Series 2023-1, Class A2, 5.50%
(30 Day Average SOFR + 1.15%),
06/15/2028(b)(d)
 
4,000,000
4,024,177
GS Mortgage-Backed Securities Trust,
Series 2024-HE1, Class A1, 5.95%
(30 Day Average SOFR + 1.60%),
08/25/2054(b)(d)
 
1,149,330
1,148,931
HPEFS Equipment Trust, Series 2023-2A,
Class D, 6.97%, 07/21/2031(d)
 
1,500,000
1,528,780
J.P. Morgan Mortgage Trust
 
Series 2024-11, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
04/25/2055(b)(d)
 
2,770,009
2,738,941
Series 2024-9, Class A11, 5.70%
(30 Day Average SOFR + 1.35%),
02/25/2055(b)(d)
 
2,477,654
2,464,380
 
Principal
Amount
Value
 
JP Morgan Chase Commercial Mortgage
Securities Trust, Series 2018-PHH,
Class B, 5.83% (1 mo. Term SOFR +
1.51%), 06/15/2035(b)(d)
$
2,385,000
$1,843,904
JP Morgan Mortgage Trust
 
Series 2019-6, Class A11, 5.34% (1
mo. Term SOFR + 1.01%),
12/25/2049(b)(d)
 
43,855
41,913
Series 2019-INV2, Class A1, 5.34% (1
mo. Term SOFR + 1.01%),
02/25/2050(b)(d)
 
155,716
148,708
Series 2019-INV3, Class A11, 5.44%
(1 mo. Term SOFR + 1.11%),
05/25/2050(b)(d)
 
70,888
67,780
Series 2019-LTV3, Class A1, 5.29% (1
mo. Term SOFR + 0.96%),
03/25/2050(b)(d)
 
11,458
11,399
Series 2020-8, Class A11, 5.24%
(30 Day Average SOFR + 0.90%),
03/25/2051(b)(d)
 
177,596
167,634
Series 2020-LTV1, Class A11, 5.44%
(1 mo. Term SOFR + 1.11%),
06/25/2050(b)(d)
 
5,999
5,962
Series 2021-1, Class A11, 4.99%
(30 Day Average SOFR + 0.65%),
06/25/2051(b)(d)
 
566,657
527,191
Series 2024-5, Class A11, 5.60%
(30 Day Average SOFR + 1.25%),
11/25/2054(b)(d)
 
4,726,886
4,674,660
MED Commercial Mortgage Trust,
Series 2024-MOB, Class A, 5.91% (1
mo. Term SOFR + 1.59%),
05/15/2041(b)(d)
 
5,000,000
4,981,176
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A1, 5.00%
(30 Day Average SOFR + 0.95%),
08/25/2051(b)(d)
 
2,685,219
2,505,046
Merchants Fleet Funding LLC,
Series 2023-1A, Class A, 7.21%,
05/20/2036(d)
 
1,415,339
1,425,677
Merrill Lynch Mortgage Investors Trust
 
Series 2003-F, Class A1, 5.08% (1 mo.
Term SOFR + 0.75%), 10/25/2028(b)
 
29,242
27,547
Series 2005-A2, Class A5, 5.54%,
02/25/2035(f)
 
36,148
33,783
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class B, 5.54% (1
mo. Term SOFR + 1.22%),
04/15/2038(b)(d)
 
2,800,000
2,794,024
MHP, Series 2021-STOR, Class C, 5.49%
(1 mo. Term SOFR + 1.16%),
07/15/2038(b)(d)
 
4,353,000
4,322,606
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class B, 5.34% (1
mo. Term SOFR + 1.01%),
07/15/2038(b)(d)
 
2,500,000
2,485,489
Morgan Stanley Residential Mortgage
Loan Trust, Series 2024-4, Class AF,
5.70% (30 Day Average SOFR +
1.35%), 09/25/2054(b)(d)
 
4,132,777
4,087,310
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
99
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
MSC Trust, Series 2021-ILP, Class A,
5.21% (1 mo. Term SOFR + 0.89%),
11/15/2036(b)(d)
$
4,983,520
$4,961,859
Navient Student Loan Trust
 
Series 2021-1A, Class A1B, 5.07%
(30 Day Average SOFR + 0.71%),
12/26/2069(b)(d)
 
3,918,301
3,829,258
Series 2021-2A, Class A1B, 5.02%
(30 Day Average SOFR + 0.66%),
02/25/2070(b)(d)
 
1,041,048
1,021,297
Navistar Financial Dealer Note Master
Owner Trust
 
Series 2024-1, Class B, 5.79%,
04/25/2029(d)
 
2,080,000
2,099,641
Series 2024-1, Class C, 6.13%,
04/25/2029(d)
 
850,000
857,668
Nelnet Student Loan Trust
 
Series 2006-2, Class A7, 5.21%
(90 Day Average SOFR + 0.84%),
01/26/2037(b)(d)
 
3,857,634
3,790,153
Series 2014-3A, Class A, 5.05%
(30 Day Average SOFR + 0.69%),
06/25/2041(b)(d)
 
527,544
521,286
Series 2020-5A, Class A, 5.32% (1 mo.
Term SOFR + 0.99%),
10/25/2068(b)(d)
 
3,157,556
3,138,748
Series 2021-A, Class A2, 5.46% (1 mo.
Term SOFR + 1.14%),
04/20/2062(b)(d)
 
2,680,000
2,655,730
Nelnet Student Loan Trust 2025-A,
Series 2025-AA, Class A1B, 0.00%
(30 Day Average SOFR + 1.10%),
03/15/2057(b)(d)
 
1,530,000
1,517,553
NextGear Floorplan Master Owner Trust,
Series 2024-1A, Class A1, 5.25%
(30 Day Average SOFR + 0.90%),
03/15/2029(b)(d)
 
4,000,000
4,009,449
OBX Trust
 
Series 2018-EXP2, Class 2A2, 5.39%
(1 mo. Term SOFR + 1.06%),
07/25/2058(b)(d)
 
8,652
8,658
Series 2019-EXP1, Class 2A1B, 5.39%
(1 mo. Term SOFR + 1.06%),
01/25/2059(b)(d)
 
463,524
462,997
Series 2019-EXP1, Class 2A2, 5.59%
(1 mo. Term SOFR + 1.26%),
01/25/2059(b)(d)
 
46,353
46,509
Series 2019-EXP2, Class 2A2, 5.64%
(1 mo. Term SOFR + 1.31%),
06/25/2059(b)(d)
 
108,653
107,411
Series 2019-INV2, Class A11, 5.39%
(1 mo. Term SOFR + 1.06%),
05/27/2049(b)(d)
 
2,547,267
2,449,730
Series 2020-EXP1, Class 2A2, 5.39%
(1 mo. Term SOFR + 1.06%),
02/25/2060(b)(d)
 
204,182
201,817
Series 2020-EXP3, Class 2A2, 5.64%
(1 mo. Term SOFR + 1.31%),
01/25/2060(b)(d)
 
224,010
225,054
 
Principal
Amount
Value
 
Series 2020-INV1, Class A11, 5.34%
(1 mo. Term SOFR + 1.01%),
12/25/2049(b)(d)
$
168,812
$160,419
Series 2024-NQM5, Class A1, 5.99%,
01/25/2064(d)
 
713,654
717,855
Series 2025-HE1, Class A1, 5.95%
(30 Day Average SOFR + 1.60%),
02/25/2055(b)(d)
 
2,583,701
2,576,276
OneMain Financial Issuance Trust,
Series 2023-2A, Class A2, 5.84%
(30 Day Average SOFR + 1.50%),
09/15/2036(b)(d)
 
4,000,000
4,022,350
RLGH Trust, Series 2021-TROT, Class B,
5.60% (1 mo. Term SOFR + 1.28%),
04/15/2036(b)(d)
 
3,000,000
2,983,437
SMB Private Education Loan Trust
 
Series 2019-B, Class A2B, 5.44% (1
mo. Term SOFR + 1.11%),
06/15/2037(b)(d)
 
1,081,987
1,083,000
Series 2020-A, Class A2B, 5.27% (1
mo. Term SOFR + 0.94%),
09/15/2037(b)(d)
 
717,658
717,331
Series 2021-A, Class A2A2, 5.17% (1
mo. Term SOFR + 0.84%),
01/15/2053(b)(d)
 
2,399,967
2,382,143
Series 2022-B, Class A1B, 5.80%
(30 Day Average SOFR + 1.45%),
02/16/2055(b)(d)
 
1,780,968
1,795,250
Series 2022-C, Class A1B, 6.20%
(30 Day Average SOFR + 1.85%),
05/16/2050(b)(d)
 
1,738,760
1,756,660
Series 2023-C, Class A1B, 5.90%
(30 Day Average SOFR + 1.55%),
11/15/2052(b)(d)
 
1,460,753
1,476,683
Series 2024-D, Class A1B, 5.45%
(30 Day Average SOFR + 1.10%),
07/15/2053(b)(d)
 
3,627,921
3,595,209
Series 2024-F, Class A1B, 5.35%
(30 Day Average SOFR + 1.00%),
03/16/2054(b)(d)
 
6,996,501
6,929,497
SMRT, Series 2022-MINI, Class B, 5.67%
(1 mo. Term SOFR + 1.35%),
01/15/2039(b)(d)
 
4,655,000
4,589,344
SREIT Trust, Series 2021-PALM, Class A,
5.03% (1 mo. Term SOFR + 0.70%),
10/15/2034(b)(d)
 
3,015,000
2,995,517
Tesla Auto Lease Trust, Series 2023-A,
Class B, 6.41%, 07/20/2027(d)
 
3,500,000
3,515,875
WaMu Mortgage Pass-Through Ctfs.
Trust, Series 2004-AR3, Class A2,
4.52%, 06/25/2034(f)
 
37,300
33,998
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS5, Class A6FL, 5.99%
(1 mo. Term SOFR + 1.66%),
01/15/2059(b)(d)
 
2,500,000
2,490,316
Westlake Automobile Receivables Trust,
Series 2023-4A, Class C, 6.64%,
11/15/2028(d)
 
3,000,000
3,081,800
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Wheels Fleet Lease Funding 1 LLC,
Series 2025-1A, Class A1, 4.57%,
01/18/2040(d)
$
6,750,000
$6,771,781
Total Asset-Backed Securities
(Cost $200,799,847)
197,536,822
 
Agency Credit Risk Transfer Notes-14.84%
Fannie Mae Connecticut Avenue
Securities
 
Series 2021-R03, Class 1M1, 5.20%
(30 Day Average SOFR + 0.85%),
12/25/2041(b)(d)(g)
 
988,585
985,991
Series 2022-R01, Class 1M1, 5.35%
(30 Day Average SOFR + 1.00%),
12/25/2041(b)(d)(g)
 
1,184,720
1,182,749
Series 2022-R01, Class 1M2, 6.25%
(30 Day Average SOFR + 1.90%),
12/25/2041(b)(d)(g)
 
4,994,000
5,020,051
Series 2022-R02, Class 2M1, 5.55%
(30 Day Average SOFR + 1.20%),
01/25/2042(b)(d)(g)
 
736,515
736,161
Series 2022-R02, Class 2M2, 7.35%
(30 Day Average SOFR + 3.00%),
01/25/2042(b)(d)(g)
 
4,000,000
4,083,339
Series 2022-R03, Class 1M1, 6.45%
(30 Day Average SOFR + 2.10%),
03/25/2042(b)(d)(g)
 
964,828
973,554
Series 2022-R04, Class 1M1, 6.35%
(30 Day Average SOFR + 2.00%),
03/25/2042(b)(d)(g)
 
3,330,296
3,356,212
Series 2022-R04, Class 1M2, 7.45%
(30 Day Average SOFR + 3.10%),
03/25/2042(b)(d)(g)
 
4,510,000
4,635,758
Series 2022-R05, Class 2M1, 6.25%
(30 Day Average SOFR + 1.90%),
04/25/2042(b)(d)(g)
 
1,011,756
1,015,070
Series 2022-R05, Class 2M2, 7.35%
(30 Day Average SOFR + 3.00%),
04/25/2042(b)(d)(g)
 
1,750,000
1,790,851
Series 2022-R06, Class 1M1, 7.10%
(30 Day Average SOFR + 2.75%),
05/25/2042(b)(d)(g)
 
822,434
838,159
Series 2022-R07, Class 1M1, 7.30%
(30 Day Average SOFR + 2.95%),
06/25/2042(b)(d)(g)
 
2,282,234
2,337,901
Series 2022-R08, Class 1M1, 6.90%
(30 Day Average SOFR + 2.55%),
07/25/2042(b)(d)(g)
 
4,193,253
4,280,392
Series 2023-R01, Class 1M1, 6.75%
(30 Day Average SOFR + 2.40%),
12/25/2042(b)(d)(g)
 
4,119,070
4,216,988
Series 2023-R01, Class 1M2, 8.10%
(30 Day Average SOFR + 3.75%),
12/25/2042(b)(d)(g)
 
1,225,000
1,285,647
Series 2023-R02, Class 1M1, 6.65%
(30 Day Average SOFR + 2.30%),
01/25/2043(b)(d)(g)
 
2,727,839
2,782,192
 
Principal
Amount
Value
 
Series 2023-R02, Class 1M2, 7.70%
(30 Day Average SOFR + 3.35%),
01/25/2043(b)(d)(g)
$
700,000
$728,343
Series 2023-R03, Class 2M1, 6.85%
(30 Day Average SOFR + 2.50%),
04/25/2043(b)(d)(g)
 
2,723,106
2,757,657
Series 2023-R03, Class 2M2, 8.25%
(30 Day Average SOFR + 3.90%),
04/25/2043(b)(d)(g)
 
4,046,476
4,269,640
Series 2023-R04, Class 1M1, 6.65%
(30 Day Average SOFR + 2.30%),
05/25/2043(b)(d)(g)
 
6,516,933
6,640,312
Series 2023-R04, Class 1M2, 7.90%
(30 Day Average SOFR + 3.55%),
05/25/2043(b)(d)(g)
 
4,000,000
4,202,584
Series 2023-R05, Class 1M1, 6.25%
(30 Day Average SOFR + 1.90%),
06/25/2043(b)(d)(g)
 
1,151,864
1,161,174
Series 2023-R05, Class 1M2, 7.45%
(30 Day Average SOFR + 3.10%),
06/25/2043(b)(d)(g)
 
1,100,000
1,144,211
Series 2023-R06, Class 1M1, 6.05%
(30 Day Average SOFR + 1.70%),
07/25/2043(b)(d)(g)
 
1,224,929
1,230,027
Series 2023-R06, Class 1M2, 7.05%
(30 Day Average SOFR + 2.70%),
07/25/2043(b)(d)(g)
 
5,180,000
5,344,492
Series 2023-R07, Class 2M2, 7.60%
(30 Day Average SOFR + 3.25%),
09/25/2043(b)(d)(g)
 
2,500,000
2,590,765
Series 2023-R08, Class 1M1, 5.85%
(30 Day Average SOFR + 1.50%),
10/25/2043(b)(d)(g)
 
1,108,179
1,110,475
Series 2023-R08, Class 1M2, 6.85%
(30 Day Average SOFR + 2.50%),
10/25/2043(b)(d)(g)
 
780,000
800,728
Series 2024-R03, Class 2M2, 6.30%
(30 Day Average SOFR + 1.95%),
03/25/2044(b)(d)(g)
 
4,500,000
4,508,865
Series 2024-R04, Class 1M1, 5.45%
(30 Day Average SOFR + 1.10%),
05/25/2044(b)(d)(g)
 
1,327,912
1,327,091
Series 2025-R02, Class 1M1, 5.50%
(30 Day Average SOFR + 1.15%),
02/25/2045(b)(d)(g)
 
2,804,518
2,808,165
Series 2025-R03, Class 2M2, 6.60%
(30 Day Average SOFR + 2.25%),
03/25/2045(b)(d)(g)
 
1,000,000
1,008,125
Freddie Mac
 
Series 2021-DNA5, Class M2, STACR®,
6.00% (30 Day Average SOFR +
1.65%), 01/25/2034(b)(d)(h)
 
1,553,278
1,558,416
Series 2021-DNA6, Class M2, STACR®,
5.85% (30 Day Average SOFR +
1.50%), 10/25/2041(b)(d)(h)
 
5,350,235
5,345,085
Series 2021-HQA4, Class M1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 12/25/2041(b)(d)(h)
 
6,710,423
6,662,142
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
101
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
 
Series 2022-DNA2, Class M1A,
STACR®, 5.65% (30 Day Average
SOFR + 1.30%), 02/25/2042(b)(d)(h)
$
864,430
$864,107
Series 2022-DNA2, Class M1B,
STACR®, 6.75% (30 Day Average
SOFR + 2.40%), 02/25/2042(b)(d)(h)
 
4,250,000
4,341,297
Series 2022-DNA3, Class M1A,
STACR®, 6.35% (30 Day Average
SOFR + 2.00%), 04/25/2042(b)(d)(h)
 
1,745,919
1,767,396
Series 2022-DNA3, Class M1B,
STACR®, 7.25% (30 Day Average
SOFR + 2.90%), 04/25/2042(b)(d)(h)
 
4,730,000
4,859,585
Series 2022-DNA4, Class M1, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 05/25/2042(b)(d)(h)
 
2,500,000
2,593,266
Series 2022-DNA4, Class M1A,
STACR®, 6.55% (30 Day Average
SOFR + 2.20%), 05/25/2042(b)(d)(h)
 
1,300,728
1,321,012
Series 2022-DNA5, Class M1A,
STACR®, 7.30% (30 Day Average
SOFR + 2.95%), 06/25/2042(b)(d)(h)
 
4,520,117
4,611,862
Series 2022-DNA6, Class M1, STACR®,
8.05% (30 Day Average SOFR +
3.70%), 09/25/2042(b)(d)(h)
 
2,750,000
2,881,404
Series 2022-HQA1, Class M1A,
STACR®, 6.45% (30 Day Average
SOFR + 2.10%), 03/25/2042(b)(d)(h)
 
1,115,082
1,120,480
Series 2022-HQA2, Class M1A,
STACR®, 7.00% (30 Day Average
SOFR + 2.65%), 07/25/2042(b)(d)(h)
 
998,273
1,019,134
Series 2022-HQA3, Class M1,
STACR®, 6.65% (30 Day Average
SOFR + 2.30%), 08/25/2042(b)(d)(h)
 
3,227,057
3,275,024
Series 2023-DNA1, Class M1, STACR®,
7.45% (30 Day Average SOFR +
3.10%), 03/25/2043(b)(d)(h)
 
7,125,000
7,395,748
Series 2023-DNA1, Class M1, STACR®,
6.45% (30 Day Average SOFR +
2.10%), 03/25/2043(b)(d)(h)
 
2,311,603
2,350,953
Series 2023-DNA2, Class M1, STACR®,
6.45% (30 Day Average SOFR +
2.10%), 04/25/2043(b)(d)(h)
 
5,154,383
5,222,286
Series 2023-DNA2, Class M1, STACR®,
7.60% (30 Day Average SOFR +
3.25%), 04/25/2043(b)(d)(h)
 
2,700,000
2,825,418
Series 2023-HQA1, Class M1, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 05/25/2043(b)(d)(h)
 
3,902,668
3,930,465
Series 2023-HQA2, Class M1, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 06/25/2043(b)(d)(h)
 
869,866
874,684
Series 2023-HQA2, Class M1, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 06/25/2043(b)(d)(h)
 
2,500,000
2,602,876
Series 2023-HQA3, Class M2, STACR®,
6.20% (30 Day Average SOFR +
1.85%), 11/25/2043(b)(d)(h)
 
1,090,455
1,095,956
Series 2023-HQA3, Class M2, STACR®,
7.70% (30 Day Average SOFR +
3.35%), 11/25/2043(b)(d)(h)
 
6,000,000
6,275,845
 
Principal
Amount
Value
 
Series 2024-DNA2, Class A1, STACR®,
5.60% (30 Day Average SOFR +
1.25%), 05/25/2044(b)(d)(h)
$
2,768,626
$2,768,529
Series 2024-DNA2, Class M1, STACR®,
5.55% (30 Day Average SOFR +
1.20%), 05/25/2044(b)(d)(h)
 
4,500,131
4,499,096
Series 2024-DNA3, Class A1, STACR®,
5.40% (30 Day Average SOFR +
1.05%), 10/25/2044(b)(d)(h)
 
921,875
919,318
Series 2024-HQA1, Class A1, STACR®,
5.60% (30 Day Average SOFR +
1.25%), 03/25/2044(b)(d)(h)
 
9,954,784
9,950,752
Series 2024-HQA1, Class M2, STACR®,
6.35% (30 Day Average SOFR +
2.00%), 03/25/2044(b)(d)(h)
 
3,000,000
3,009,738
Series 2024-HQA2, Class M1, STACR®,
5.55% (30 Day Average SOFR +
1.20%), 08/25/2044(b)(d)(h)
 
1,995,384
1,991,318
Series 2025-DNA1, Class A1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 01/25/2045(b)(d)(h)
 
2,125,000
2,115,844
Series 2025-HQA1, Class A1, STACR®,
5.30% (30 Day Average SOFR +
0.95%), 02/25/2045(b)(d)(h)
 
2,218,750
2,208,513
Series 2025-HQA1, Class M1, STACR®,
5.50% (30 Day Average SOFR +
1.15%), 02/25/2045(b)(d)(h)
 
4,587,631
4,578,030
Total Agency Credit Risk Transfer Notes
(Cost $186,416,055)
187,989,248
U.S. Government Sponsored Agency Mortgage-Backed
Securities-7.51%
Collateralized Mortgage Obligations-6.42%
Fannie Mae REMICs
 
4.77% (30 Day Average SOFR +
0.41%), 04/25/2035(b)
 
147,983
147,918
4.79%, (30 Day Average SOFR +
0.43%), 01/25/45 to 12/25/47(b)
 
511,513
500,760
4.97% (30 Day Average SOFR +
0.61%), 05/25/2046(b)
 
182,389
179,404
4.77% (30 Day Average SOFR +
0.41%), 09/25/2047(b)
 
433,306
427,521
5.45%, (30 Day Average SOFR +
1.10%), 07/25/54 to 02/25/55(b)
 
9,537,093
9,520,296
5.55% (30 Day Average SOFR +
1.20%), 07/25/2054(b)
 
4,848,993
4,845,549
5.50%, (30 Day Average SOFR +
1.15%), 10/25/54 to 01/25/55(b)
 
12,210,451
12,167,791
Freddie Mac Multifamily Structured Credit
Risk, Series 2021-MN2, Class M1,
6.15% (30 Day Average SOFR +
1.80%), 07/25/2041(b)(d)
 
972,421
955,631
Freddie Mac Multifamily Structured
Pass-Through Ctfs.
 
Series KF151, Class AS, 4.84%
(30 Day Average SOFR + 0.51%),
12/25/2032(b)
 
803,152
802,909
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
102
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
 
Principal
Amount
Value
Collateralized Mortgage Obligations-(continued)
Series KF158, Class AS, 5.05% (30 Day
Average SOFR + 0.72%),
07/25/2033(b)
$
4,343,433
$4,360,108
Series KF35, Class A, 4.84% (30 Day
Average SOFR + 0.50%),
10/25/2025(b)
 
650,001
649,591
Series KF65, Class A, 4.97% (30 Day
Average SOFR + 0.63%),
07/25/2029(b)
 
1,449,708
1,447,748
Series KF81, Class AS, 4.73% (30 Day
Average SOFR + 0.40%),
06/25/2027(b)
 
619,391
617,786
Freddie Mac REMICs
 
4.82% (30 Day Average SOFR +
0.46%), 09/15/2038(b)
 
383,849
378,994
4.92% (30 Day Average SOFR +
0.56%), 09/15/2040(b)
 
333,649
325,940
4.96% (30 Day Average SOFR +
0.61%), 06/15/2041(b)
 
122,770
121,407
4.79% (30 Day Average SOFR +
0.43%), 08/15/2043(b)
 
414,459
410,181
4.81% (30 Day Average SOFR +
0.46%), 01/15/2048(b)
 
2,128,459
2,063,600
5.45% (30 Day Average SOFR +
1.10%), 07/25/2054(b)
 
7,500,000
7,467,638
5.40% (30 Day Average SOFR +
1.05%), 10/25/2054(b)
 
7,118,957
7,089,370
5.50% (30 Day Average SOFR +
1.15%), 11/25/2054(b)
 
6,835,699
6,789,050
5.25% (30 Day Average SOFR +
0.90%), 02/25/2055(b)
 
4,817,487
4,766,174
5.55% (30 Day Average SOFR +
1.20%), 04/25/2055(b)
 
6,899,059
6,860,474
5.85% (30 Day Average SOFR +
1.50%), 04/25/2055(b)
 
8,383,544
8,357,692
 
 
81,253,532
Federal Home Loan Mortgage Corp. (FHLMC)-0.67%
ARM, 6.59% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.57%),
06/01/2037(b)
 
177,521
181,468
ARM, 7.22% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.73%),
11/01/2038(b)
 
199,454
206,036
ARM, 6.99% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.72%),
03/01/2043(b)
 
161,953
168,683
ARM, 7.04% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.76%),
11/01/2047(b)
 
2,708,112
2,818,376
ARM, 5.10% (1 yr. U.S. Treasury Yield
Curve Rate + 2.16%), 11/01/2048(b)
 
2,447,030
2,507,772
ARM, 6.93% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.63%),
01/01/2049(b)
 
2,588,672
2,677,114
 
 
8,559,449
 
Principal
Amount
Value
Federal National Mortgage Association (FNMA)-0.21%
ARM, 6.64% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.64%),
02/01/2035(b)
$
40,605
$41,460
ARM, 6.38% (6 mo. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.57%),
07/01/2035(b)
 
24,171
24,872
ARM, 7.17% (1 yr. U.S. Treasury Yield
Curve Rate + 2.38%), 07/01/2035(b)
 
410,901
426,873
ARM, 7.16% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.66%),
10/01/2036(b)
 
79,078
81,027
ARM, 6.75% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.75%),
03/01/2037(b)
 
128,163
131,476
ARM, 6.72% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.54%),
11/01/2037(b)
 
45,871
46,569
ARM, 6.80% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.58%),
04/01/2045(b)
 
1,837,846
1,903,005
 
 
2,655,282
Government National Mortgage Association (GNMA)-0.21%
ARM, 5.00% (1 yr. U.S. Treasury Yield
Curve Rate + 1.50%), 08/20/2049(b)
 
2,643,607
2,671,539
Total U.S. Government Sponsored Agency Mortgage-
Backed Securities
(Cost $95,174,058)
95,139,802
 
Shares
 
Money Market Funds-0.76%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(i)(j)
(Cost $9,597,268)
 
9,597,268
9,597,268
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral
from securities on loan)-100.81%
(Cost $1,278,392,993)
1,276,567,121
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.46%
Invesco Private Government Fund,
4.32%(i)(j)(k)
 
8,658,232
8,658,232
Invesco Private Prime Fund, 4.46%(i)(j)(k)
 
22,490,719
22,495,217
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $31,154,169)
31,153,449
TOTAL INVESTMENTS IN SECURITIES-103.27%
(Cost $1,309,547,162)
1,307,720,570
OTHER ASSETS LESS LIABILITIES-(3.27)%
(41,355,891
)
NET ASSETS-100.00%
$1,266,364,679
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
103
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
April 30, 2025
(Unaudited)
Investment Abbreviations:
ARM
-Adjustable Rate Mortgage
Ctfs.
-Certificates
IBOR
-Interbank Offered Rate
REMICs
-Real Estate Mortgage Investment Conduits
SOFR
-Secured Overnight Financing Rate
STACR®
-Structured Agency Credit Risk
USD
-U.S. Dollar
 
Notes to Schedule of Investments:
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is
the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2025.
(c)
All or a portion of this security was out on loan at April 30, 2025.
(d)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $568,444,631, which represented 44.89% of the Fund’s Net Assets.
(e)
Perpetual bond with no specified maturity date.
(f)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown
is the rate in effect on April 30, 2025.
(g)
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a
large and diverse reference pool.
(h)
Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from
the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(i)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government &
Agency Portfolio,
Institutional Class
$10,381,524
$185,738,464
$(186,522,720
)
$-
$-
$9,597,268
$282,010
Investments Purchased
with Cash Collateral from
Securities on Loan:
Invesco Private
Government Fund
12,816,702
60,029,864
(64,188,334
)
-
-
8,658,232
253,526
*
Invesco Private Prime Fund
32,769,399
131,633,380
(141,904,887
)
1,304
(3,979
)
22,495,217
671,817
*
Total
$55,967,625
$377,401,708
$(392,615,941
)
$1,304
$(3,979
)
$40,750,717
$1,207,353
 
*
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.
 
(j)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(k)
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 2P.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
104
105
Statements of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco
AAA CLO
Floating
Rate Note
ETF (ICLO)
Invesco
Active
U.S. Real
Estate
ETF (PSR)
Invesco High Yield
Bond Factor
ETF (IHYF)
Assets:
Unaffiliated investments in securities, at value(a)
$298,194,404
$58,286,571
$44,500,495
Affiliated investments in securities, at value
12,314,165
3,700,314
7,389,187
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding
-
-
-
Cash
-
-
-
Foreign currencies, at value
-
-
30
Receivable for:
Dividends and interest
727,132
15,309
683,992
Securities lending
-
129
3,724
Investments sold
-
-
67,737
Investments sold - affiliated broker
-
-
-
Expenses absorbed
776
-
-
Foreign tax reclaims
-
-
-
Total assets
311,236,477
62,002,323
52,645,165
Liabilities:
Due to custodian
4,132
-
207
Due to broker
-
-
-
Payable for:
Variation margin on futures contracts
-
-
837
Investments purchased
6,750,000
-
-
Collateral upon return of securities loaned
-
3,658,631
7,329,813
Accrued unitary management fees
49,751
16,548
15,440
Accrued tax expenses
-
-
-
Total liabilities
6,803,883
3,675,179
7,346,297
Net Assets
$304,432,594
$58,327,144
$45,298,868
Net assets consist of:
Shares of beneficial interest
$306,335,495
$77,686,951
$50,846,058
Distributable earnings (loss)
(1,902,901
)
(19,359,807
)
(5,547,190
)
Net Assets
$304,432,594
$58,327,144
$45,298,868
Shares outstanding (unlimited amount authorized, $0.01 par value)
11,950,001
640,000
2,060,001
Net asset value
$25.48
$91.14
$21.99
Market price
$25.46
$91.07
$21.93
Unaffiliated investments in securities, at cost
$299,658,407
$57,003,018
$45,217,273
Affiliated investments in securities, at cost
$12,314,165
$3,700,314
$7,389,493
Foreign currencies (due to foreign custodian), at cost
$-
$-
$28
(a)Includes securities on loan with an aggregate value of:
$-
$3,619,742
$7,061,614
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
106
 
Invesco
High Yield Select
ETF (HIYS)
Invesco
MSCI EAFE Income
Advantage ETF (EFAA)
Invesco
QQQ Income
Advantage
ETF (QQA)
$7,243,588
$110,006,598
$172,790,692
766,085
25,862,324
43,188,462
8
-
-
-
842,162
-
12,565
5,159
-
108,850
566,694
597,732
177
1,733
498
116,766
4,453,004
1,349,481
-
950,058
-
-
37,450
44,904
-
56,993
-
8,248,039
142,782,175
217,971,769
-
-
-
-
26,877
130,779
-
-
-
53,313
2,672,560
3,254,000
435,830
3,452,008
5,267,048
3,023
37,440
44,904
-
535
-
492,166
6,189,420
8,696,731
$7,755,873
$136,592,755
$209,275,038
$7,720,519
$134,396,887
$217,188,201
35,354
2,195,868
(7,913,163
)
$7,755,873
$136,592,755
$209,275,038
310,001
2,760,001
4,580,001
$25.02
$49.49
$45.69
$24.94
$49.71
$45.70
$7,199,488
$104,199,539
$173,640,561
$766,092
$25,862,501
$43,188,462
$12,201
$5,110
$-
$418,721
$3,216,218
$5,180,353
107
Statements of Assets and Liabilities—(continued)
April 30, 2025
(Unaudited)
 
 
Invesco
S&P 500®
Downside Hedged
ETF (PHDG)
Invesco
S&P 500 Equal Weight Income
Advantage
ETF (RSPA)
Invesco
Short Duration
Total Return
Bond ETF (GTOS)
Assets:
Unaffiliated investments in securities, at value(a)
$54,107,385
$239,945,012
$9,674,720
Affiliated investments in securities, at value
99,075,999
77,643,428
618,119
Other investments:
Unrealized appreciation on futures contracts
3,835
-
-
Cash
-
5,094
-
Due from broker
-
111,747
-
Foreign currencies, at value
-
-
-
Deposits with brokers:
Cash collateral-futures contracts
3,980
-
-
Cash collateral-centrally cleared swap agreements
-
-
-
Cash collateral-TBAs
-
-
-
Cash collateral-options
-
-
-
Receivable for:
Dividends and interest
175,908
867,333
105,229
Variation margin on futures contracts
3,867
-
2,299
Securities lending
200
2,024
162
Investments sold
-
1,119,821
590,691
Investments sold - affiliated broker
-
-
-
Expenses absorbed
6,179
67,109
56
Investments matured, at value
-
-
-
Total assets
153,377,353
319,761,568
10,991,276
Liabilities:
Other investments:
Unrealized depreciation on swap agreements — OTC
-
-
-
Open written options, at value
-
-
-
Due to custodian
3,867
-
188
Due to foreign custodian
-
-
-
Payable for:
Variation margin on futures contracts
-
-
-
Investments purchased
54,117,411
2,646,000
697,138
Investments purchased - affiliated broker
-
-
-
Collateral upon return of securities loaned
-
20,124,796
310,987
Accrued unitary management fees
33,947
67,109
2,454
Other payables
-
-
-
Total liabilities
54,155,225
22,837,905
1,010,767
Net Assets
$99,222,128
$296,923,663
$9,980,509
Net assets consist of:
Shares of beneficial interest
$190,734,495
$312,686,733
$9,998,898
Distributable earnings (loss)
(91,512,367
)
(15,763,070
)
(18,389
)
Net Assets
$99,222,128
$296,923,663
$9,980,509
Shares outstanding (unlimited amount authorized, $0.01 par value)
2,950,000
6,260,001
400,001
Net asset value
$33.63
$47.43
$24.95
Market price
$33.62
$47.53
$24.97
Unaffiliated investments in securities, at cost
$54,110,261
$242,574,563
$9,590,428
Affiliated investments in securities, at cost
$99,076,003
$77,710,270
$618,119
Foreign currencies (due to foreign custodian), at cost
$-
$-
$-
Investments matured, at cost
$-
$-
$-
Premium received on written options
$-
$-
$-
(a)Includes securities on loan with an aggregate value of:
$-
$19,560,248
$301,160
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
108
 
Invesco
SteelPath MLP & Energy
Infrastructure ETF (PIPE)
Invesco Top QQQ ETF (QBIG)
Invesco Total Return
Bond ETF (GTO)
$15,106,176
$8,840,478
$2,092,558,878
51,175
13,448,593
137,224,908
-
-
-
-
310,000
290,940,990
-
-
-
-
-
756,361
-
-
-
-
1,600,000
-
-
-
2,541,000
-
-
1,773,857
34,991
46,446
13,262,275
-
-
-
46
-
18,901
48,548
-
200,034,468
16,354
-
-
-
1,896
-
-
-
14,850
15,257,290
24,247,413
2,739,126,488
-
1,507,678
-
-
-
578,670
-
-
-
15
-
-
-
-
185,380
-
-
212,283,526
-
-
503,263,598
-
-
135,282,492
7,796
5,118
374,977
-
-
11,114
7,811
1,512,796
851,979,757
$15,249,479
$22,734,617
$1,887,146,731
$15,803,126
$28,060,974
$2,075,639,837
(553,647
)
(5,326,357
)
(188,493,106
)
$15,249,479
$22,734,617
$1,887,146,731
650,001
850,001
40,450,000
$23.46
$26.75
$46.65
$23.48
$26.69
$46.65
$15,697,434
$10,101,444
$2,101,919,096
$51,175
$13,448,593
$137,275,850
$(15
)
$-
$739,791
$-
$-
$201,246
$-
$-
$486,521
$-
$-
$130,609,389
109
Statements of Assets and Liabilities—(continued)
April 30, 2025
(Unaudited)
 
 
Invesco Ultra Short
Duration ETF (GSY)
Invesco
Variable Rate
Investment Grade
ETF (VRIG)
Assets:
Unaffiliated investments in securities, at value(a)
$2,798,679,179
$1,266,969,853
Affiliated investments in securities, at value
25,004,884
40,750,717
Cash
717,165
-
Foreign currencies, at value
151
-
Receivable for:
Dividends and interest
14,973,156
4,169,167
Securities lending
5,437
7,362
Investments sold
-
5,757,216
Other assets
7,513
-
Total assets
2,839,387,485
1,317,654,315
Liabilities:
Due to custodian
-
59,666
Payable for:
Investments purchased
50,041,878
12,250,000
Collateral upon return of securities loaned
18,020,618
31,154,169
Fund shares repurchased
-
7,500,543
Accrued unitary management fees
-
325,258
Accrued advisory fees
452,698
-
Accrued trustees’ and officer’s fees
45,881
-
Accrued expenses
108,160
-
Total liabilities
68,669,235
51,289,636
Net Assets
$2,770,718,250
$1,266,364,679
Net assets consist of:
Shares of beneficial interest
$2,793,262,910
$1,274,501,159
Distributable earnings (loss)
(22,544,660
)
(8,136,480
)
Net Assets
$2,770,718,250
$1,266,364,679
Shares outstanding (unlimited amount authorized, $0.01 par value)
55,300,000
50,650,001
Net asset value
$50.10
$25.00
Market price
$50.11
$25.01
Unaffiliated investments in securities, at cost
$2,793,522,416
$1,268,795,725
Affiliated investments in securities, at cost
$25,080,468
$40,751,437
Foreign currencies (due to foreign custodian), at cost
$150
$-
(a)Includes securities on loan with an aggregate value of:
$17,587,041
$30,381,056
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
110
111
Statements of Operations
For the six months ended April 30, 2025
(Unaudited)

 
 
Invesco
AAA CLO
Floating
Rate Note
ETF (ICLO)
Invesco
Active
U.S. Real
Estate
ETF (PSR)
Invesco High Yield
Bond Factor
ETF (IHYF)
Invesco
High Yield Select
ETF (HIYS)
Investment income:
Unaffiliated interest income
$8,394,940
$-
$1,988,283
$318,100
Unaffiliated dividend income
-
1,081,264
-
11
Affiliated dividend income
87,632
1,055
6,034
13,316
Securities lending income, net
-
1,650
31,264
2,030
Foreign withholding tax
-
-
-
-
Total investment income
8,482,572
1,083,969
2,025,581
333,457
Expenses:
Unitary management fees
272,765
111,238
102,405
22,736
Tax expenses
-
-
-
-
Total expenses
272,765
111,238
102,405
22,736
Less: Waivers
(2,321
)
(23
)
(126
)
(1,821
)
Net expenses
270,444
111,215
102,279
20,915
Net investment income
8,212,128
972,754
1,923,302
312,542
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(631,550
)
(32,525
)
(281,246
)
28,870
Affiliated investment securities
-
(515
)
(944
)
(11,601
)
Unaffiliated in-kind redemptions
-
416,414
-
-
Affiliated in-kind redemptions
-
-
-
-
Foreign currencies
-
-
-
(335
)
Forward foreign currency contracts
-
-
-
4,200
Futures contracts
-
-
(96,416
)
-
Net realized gain (loss)
(631,550
)
383,374
(378,606
)
21,134
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(1,922,194
)
(3,626,060
)
(1,460,090
)
(181,789
)
Affiliated investment securities
-
135
342
10
Foreign currencies
-
-
2
387
Forward foreign currency contracts
-
-
-
(3,974
)
Futures contracts
-
-
135,812
-
Change in net unrealized appreciation (depreciation)
(1,922,194
)
(3,625,925
)
(1,323,934
)
(185,366
)
Net realized and unrealized gain (loss)
(2,553,744
)
(3,242,551
)
(1,702,540
)
(164,232
)
Net increase (decrease) in net assets resulting from operations
$5,658,384
$(2,269,797
)
$220,762
$148,310
 
(a)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
112
 
Invesco
MSCI EAFE Income
Advantage ETF (EFAA)
Invesco
QQQ Income
Advantage
ETF (QQA)
Invesco
S&P 500®
Downside Hedged
ETF (PHDG)
Invesco
S&P 500 Equal Weight Income
Advantage
ETF (RSPA)
Invesco
Short Duration
Total Return
Bond ETF (GTOS)
Invesco
SteelPath MLP & Energy
Infrastructure ETF (PIPE)(a)
$2,522,287
$6,813,841
$221,481
$8,812,515
$266,380
$-
1,395,217
458,758
426,135
1,990,260
1,051
72,571
458,545
674,244
785,793
1,087,370
5,880
446
4,390
1,770
1,165
9,722
1,662
46
(152,437
)
(1,064
)
(132
)
(1,051
)
-
(5,628
)
4,228,002
7,947,549
1,434,442
11,898,816
274,973
67,435
208,664
226,574
219,636
394,792
16,398
16,738
535
-
-
-
-
-
209,199
226,574
219,636
394,792
16,398
16,738
(208,674
)
(226,574
)
(32,435
)
(394,792
)
(151
)
(9
)
525
-
187,201
-
16,247
16,729
4,227,477
7,947,549
1,247,241
11,898,816
258,726
50,706
(3,711,230
)
(6,432,279
)
(11,006,183
)
(11,046,779
)
15,654
(3,126
)
(76
)
(186
)
(3,075
)
(6,514
)
(50
)
(46
)
1,111,842
983,475
-
1,490,080
-
82,636
-
-
-
3,098
-
-
(13,960
)
-
-
-
-
141
-
-
-
-
-
-
-
-
(651,972
)
-
(11,985
)
-
(2,613,424
)
(5,448,990
)
(11,661,230
)
(9,560,115
)
3,619
79,605
6,319,586
(4,563,674
)
(2,150,540
)
(9,758,704
)
(14,898
)
(591,258
)
(177
)
2
(1,185
)
(88,677
)
31
-
20,971
-
-
-
-
-
-
-
-
-
-
-
-
-
164,556
-
18,021
-
6,340,380
(4,563,672
)
(1,987,169
)
(9,847,381
)
3,154
(591,258
)
3,726,956
(10,012,662
)
(13,648,399
)
(19,407,496
)
6,773
(511,653
)
$7,954,433
$(2,065,113
)
$(12,401,158
)
$(7,508,680
)
$265,499
$(460,947
)
113
Statements of Operations—(continued)
For the six months ended April 30, 2025
(Unaudited)
 
 
Invesco Top QQQ ETF (QBIG)(b)
Invesco Total Return
Bond ETF (GTO)
Invesco Ultra Short
Duration ETF (GSY)
Invesco
Variable Rate
Investment Grade
ETF (VRIG)
Investment income:
Unaffiliated interest income
$-
$43,279,703
$64,363,345
$32,355,260
Unaffiliated dividend income
19,649
208,745
-
-
Affiliated dividend income
227,951
33,312
172,254
282,010
Securities lending income, net
-
152,665
38,565
75,602
Total investment income
247,600
43,674,425
64,574,164
32,712,872
Expenses:
Unitary management fees
27,795
3,999,995
-
1,797,482
Advisory fees
-
-
2,486,971
-
Accounting & administration fees
-
-
84,321
-
Custodian & transfer agent fees
-
-
4,177
-
Trustees’ and officer’s fees
-
-
13,981
-
Other expenses
-
-
127,654
-
Total expenses
27,795
3,999,995
2,717,104
1,797,482
Less: Waivers
(5,730
)
(1,731,948
)
(5,567
)
(5,884
)
Net expenses
22,065
2,268,047
2,711,537
1,791,598
Net investment income
225,535
41,406,378
61,862,627
30,921,274
Realized and unrealized gain (loss)
from:
Net realized gain (loss) from:
Unaffiliated investment securities
(2,610,441
)
(26,610,073
)
1,710,086
(555,070
)
Affiliated investment securities
-
(10,046
)
2,272
(3,979
)
Foreign currencies
-
822
-
-
Futures contracts
-
(3,310,180
)
-
-
Swap agreements
(172,807
)
-
-
-
Written options
-
72,495
-
-
Net realized gain (loss)
(2,783,248
)
(29,856,982
)
1,712,358
(559,049
)
Change in net unrealized appreciation
(depreciation) of:
Unaffiliated investment securities
(1,260,966
)
19,834,803
(2,185,621
)
(3,972,526
)
Affiliated investment securities
-
(50,519
)
(70,044
)
1,304
Foreign currencies
-
11,773
10
-
Futures contracts
-
(1,013,764
)
-
-
Swap agreements
(1,507,678
)
-
-
-
Written options
-
(92,149
)
-
-
Change in net unrealized appreciation
(depreciation)
(2,768,644
)
18,690,144
(2,255,655
)
(3,971,222
)
Net realized and unrealized gain (loss)
(5,551,892
)
(11,166,838
)
(543,297
)
(4,530,271
)
Net increase (decrease) in net assets resulting
from operations
$(5,326,357
)
$30,239,540
$61,319,330
$26,391,003
 
(b)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
114
115
Statements of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)

 
 
Invesco AAA
CLO Floating Rate
Note ETF (ICLO)
Invesco Active U.S. Real Estate
ETF (PSR)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$8,212,128
$6,718,330
$972,754
$2,120,994
Net realized gain (loss)
(631,550
)
170,267
383,374
(7,964,407
)
Change in net unrealized appreciation (depreciation)
(1,922,194
)
85,931
(3,625,925
)
25,465,020
Net increase (decrease) in net assets resulting from operations
5,658,384
6,974,528
(2,269,797
)
19,621,607
Distributions to Shareholders from:
Distributable earnings
(8,229,615
)
(6,900,691
)
(870,015
)
(2,259,259
)
Shareholder Transactions:
Proceeds from shares sold
187,250,798
146,074,337
2,851,717
17,165,074
Value of shares repurchased
(57,328,147
)
(2,570,906
)
(8,949,210
)
(50,523,377
)
Transaction fees
371,873
-
-
-
Net increase (decrease) in net assets resulting from share transactions
130,294,524
143,503,431
(6,097,493
)
(33,358,303
)
Net increase (decrease) in net assets
127,723,293
143,577,268
(9,237,305
)
(15,995,955
)
Net assets:
Beginning of period
176,709,301
33,132,033
67,564,449
83,560,404
End of period
$304,432,594
$176,709,301
$58,327,144
$67,564,449
Changes in Shares Outstanding:
Shares sold
7,300,000
5,700,000
30,000
200,000
Shares repurchased
(2,250,000
)
(100,000
)
(100,000
)
(580,000
)
Shares outstanding, beginning of period
6,900,001
1,300,001
710,000
1,090,000
Shares outstanding, end of period
11,950,001
6,900,001
640,000
710,000
 
(a)
For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
116
 
Invesco High Yield
Bond Factor ETF (IHYF)
Invesco High Yield Select
ETF (HIYS)
Invesco MSCI EAFE Income
Advantage ETF (EFAA)
Invesco QQQ
Income Advantage
ETF (QQA)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Period Ended
October 31,
2024(a)
Six Months Ended
April 30,
2025
Period Ended
October 31,
2024(a)
$1,923,302
$3,636,156
$312,542
$691,466
$4,227,477
$2,779,249
$7,947,549
$3,685,705
(378,606
)
(174,076
)
21,134
78,802
(2,613,424
)
(875,049
)
(5,448,990
)
(1,524,195
)
(1,323,934
)
3,728,315
(185,366
)
527,673
6,340,380
(524,543
)
(4,563,672
)
3,713,803
220,762
7,190,395
148,310
1,297,941
7,954,433
1,379,657
(2,065,113
)
5,875,313
(1,901,944
)
(3,639,460
)
(317,029
)
(716,226
)
(5,022,411
)
(1,735,949
)
(8,351,355
)
(3,179,903
)
11,053,292
15,871,359
5,702
-
40,806,566
125,748,255
97,065,434
131,713,690
(16,563,967
)
(8,656,694
)
(2,280,851
)
-
(26,531,208
)
(6,006,588
)
(9,385,495
)
(2,397,533
)
69,043
-
-
-
-
-
-
-
(5,441,632
)
7,214,665
(2,275,149
)
-
14,275,358
119,741,667
87,679,939
129,316,157
(7,122,814
)
10,765,600
(2,443,868
)
581,715
17,207,380
119,385,375
77,263,471
132,011,567
52,421,682
41,656,082
10,199,741
9,618,026
119,385,375
-
132,011,567
-
$45,298,868
$52,421,682
$7,755,873
$10,199,741
$136,592,755
$119,385,375
$209,275,038
$132,011,567
490,000
720,000
-
-
850,000
2,580,001
2,050,000
2,780,001
(760,000
)
(390,000
)
(90,000
)
-
(550,000
)
(120,000
)
(200,000
)
(50,000
)
2,330,001
2,000,001
400,001
400,001
2,460,001
-
2,730,001
-
2,060,001
2,330,001
310,001
400,001
2,760,001
2,460,001
4,580,001
2,730,001
117
Statements of Changes in Net Assets—(continued)
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)
 
 
Invesco S&P 500® Downside
Hedged ETF (PHDG)
Invesco S&P 500
Equal Weight Income Advantage
ETF (RSPA)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Period Ended
October 31,
2024(a)
Operations:
Net investment income
$1,247,241
$2,394,813
$11,898,816
$7,074,244
Net realized gain (loss)
(11,661,230
)
23,457,543
(9,560,115
)
(1,835,840
)
Change in net unrealized appreciation (depreciation)
(1,987,169
)
1,713,470
(9,847,381
)
7,150,988
Net increase (decrease) in net assets resulting from operations
(12,401,158
)
27,565,826
(7,508,680
)
12,389,392
Distributions to Shareholders from:
Distributable earnings
(966,866
)
(2,621,385
)
(12,952,508
)
(6,179,890
)
Shareholder Transactions:
Proceeds from shares sold
9,307,469
10,801,461
65,261,942
291,736,930
Value of shares repurchased
(10,560,134
)
(55,066,469
)
(15,591,532
)
(30,231,991
)
Net increase (decrease) in net assets resulting from share transactions
(1,252,665
)
(44,265,008
)
49,670,410
261,504,939
Net increase (decrease) in net assets
(14,620,689
)
(19,320,567
)
29,209,222
267,714,441
Net assets:
Beginning of period
113,842,817
133,163,384
267,714,441
-
End of period
$99,222,128
$113,842,817
$296,923,663
$267,714,441
Changes in Shares Outstanding:
Shares sold
250,000
300,000
1,320,000
5,840,001
Shares repurchased
(300,000
)
(1,550,000
)
(300,000
)
(600,000
)
Shares outstanding, beginning of period
3,000,000
4,250,000
5,240,001
-
Shares outstanding, end of period
2,950,000
3,000,000
6,260,001
5,240,001
 
(a)
For the period July 15, 2024 (commencement of investment operations) through October 31, 2024.
(b)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
(c)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
118
 
Invesco Short Duration
Total Return Bond ETF (GTOS)
Invesco
SteelPath MLP & Energy
Infrastructure ETF (PIPE)
Invesco Top QQQ ETF (QBIG)
Invesco Total Return Bond ETF (GTO)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Period Ended
April 30,
2025(b)
Period Ended
April 30,
2025(c)
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
$258,726
$549,417
$50,706
$225,535
$41,406,378
$59,442,242
3,619
37,615
79,605
(2,783,248
)
(29,856,982
)
28,786,639
3,154
172,563
(591,258
)
(2,768,644
)
18,690,144
47,423,258
265,499
759,595
(460,947
)
(5,326,357
)
30,239,540
135,652,139
(263,720
)
(552,129
)
(92,700
)
-
(41,219,870
)
(59,344,297
)
-
-
23,045,417
33,741,830
250,442,069
733,572,709
-
-
(7,242,291
)
(5,680,856
)
(76,709,965
)
(102,369,762
)
-
-
15,803,126
28,060,974
173,732,104
631,202,947
1,779
207,466
15,249,479
22,734,617
162,751,774
707,510,789
9,978,730
9,771,264
-
-
1,724,394,957
1,016,884,168
$9,980,509
$9,978,730
$15,249,479
$22,734,617
$1,887,146,731
$1,724,394,957
-
-
950,001
1,050,001
5,350,000
15,650,000
-
-
(300,000
)
(200,000
)
(1,650,000
)
(2,200,000
)
400,001
400,001
-
-
36,750,000
23,300,000
400,001
400,001
650,001
850,001
40,450,000
36,750,000
119
Statements of Changes in Net Assets—(continued)
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)
 
 
Invesco Ultra Short Duration ETF (GSY)
Invesco Variable Rate Investment
Grade ETF (VRIG)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$61,862,627
$110,175,187
$30,921,274
$57,258,999
Net realized gain (loss)
1,712,358
(4,350,750
)
(559,049
)
26,757
Change in net unrealized appreciation (depreciation)
(2,255,655
)
26,889,127
(3,971,222
)
6,657,172
Net increase in net assets resulting from operations
61,319,330
132,713,564
26,391,003
63,942,928
Distributions to Shareholders from:
Distributable earnings
(62,979,018
)
(116,677,202
)
(31,991,142
)
(57,755,653
)
Shareholder Transactions:
Proceeds from shares sold
2,120,994,803
3,244,731,647
450,585,101
499,001,958
Value of shares repurchased
(1,583,697,167
)
(2,913,407,745
)
(241,344,862
)
(208,173,379
)
Net increase in net assets resulting from share transactions
537,297,636
331,323,902
209,240,239
290,828,579
Net increase in net assets
535,637,948
347,360,264
203,640,100
297,015,854
Net assets:
Beginning of period
2,235,080,302
1,887,720,038
1,062,724,579
765,708,725
End of period
$2,770,718,250
$2,235,080,302
$1,266,364,679
$1,062,724,579
Changes in Shares Outstanding:
Shares sold
42,300,000
64,900,000
17,950,000
19,900,000
Shares repurchased
(31,600,000
)
(58,300,000
)
(9,650,000
)
(8,300,000
)
Shares outstanding, beginning of period
44,600,000
38,000,000
42,350,001
30,750,001
Shares outstanding, end of period
55,300,000
44,600,000
50,650,001
42,350,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
120
Financial Highlights
Invesco AAA CLO Floating Rate Note ETF (ICLO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Year ended October 31,
2024
For the Period
December 7, 2022(a)
Through
October 31,
2023
Per Share Operating Performance:
Net asset value at beginning of period
$25.61
$25.49
$25.00
Net investment income(b)
0.72
1.74
1.48
Net realized and unrealized gain (loss) on investments
(0.12
)
0.23
0.38
Total from investment operations
0.60
1.97
1.86
Distributions to shareholders from:
Net investment income
(0.76
)
(1.85
)
(1.37
)
Transaction fees(b)
0.03
-
-
Net asset value at end of period
$25.48
$25.61
$25.49
Market price at end of period(c)
$25.46
$25.64
$25.50
Net Asset Value Total Return(d)
2.31
%
8.00
%
7.60
%(e)
Market Price Total Return(d)
2.11
%
8.08
%
7.63
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$304,433
$176,709
$33,132
Ratio to average net assets of:
Expenses, after Waivers
0.19
%(f)
0.14
%
0.17
%(f)
Expenses, prior to Waivers
0.19
%(f)
0.21
%
0.27
%(f)
Net investment income
5.72
%(f)
6.83
%
6.44
%(f)
Portfolio turnover rate(g)
37
%
53
%
88
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 7.51%. The market
price total return from Fund Inception to October 31, 2023 was 7.25%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
121
Financial Highlights—(continued)
Invesco Active U.S. Real Estate ETF (PSR) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$95.16
$76.66
$87.42
$110.25
$78.27
$97.24
Net investment income(a)
1.40
2.57
2.47
1.83
1.59
2.11
Net realized and unrealized gain (loss) on investments
(4.52
)
18.69
(10.61
)
(22.07
)
32.99
(18.34
)
Total from investment operations
(3.12
)
21.26
(8.14
)
(20.24
)
34.58
(16.23
)
Distributions to shareholders from:
Net investment income
(0.90
)
(2.76
)
(2.62
)
(2.59
)
(2.60
)
(2.74
)
Net asset value at end of period
$91.14
$95.16
$76.66
$87.42
$110.25
$78.27
Market price at end of period(b)
$91.07
$95.21
$76.72
$87.45
$110.26
$78.23
Net Asset Value Total Return(c)
(2.91
)%
28.00
%
(9.59
)%
(18.66
)%
44.71
%
(16.56
)%
Market Price Total Return(c)
(3.04
)%
27.96
%
(9.55
)%
(18.65
)%
44.82
%
(16.52
)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$58,327
$67,564
$83,560
$112,770
$130,094
$78,270
Ratio to average net assets of:
Expenses
0.35
%(d)
0.35
%
0.35
%
0.35
%
0.35
%
0.35
%
Net investment income
3.06
%(d)
2.91
%
2.84
%
1.77
%
1.61
%
2.46
%
Portfolio turnover rate(e)
60
%
222
%
51
%
68
%
83
%
51
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
122
Financial Highlights—(continued)
Invesco High Yield Bond Factor ETF (IHYF) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
For the Period
November 30, 2020(a)
Through
October 31,
2021
 
2024
2023
2022
Per Share Operating Performance:
Net asset value at beginning of period
$22.50
$20.83
$21.00
$25.45
$25.00
Net investment income(b)
0.82
1.63
1.48
1.12
0.97
Net realized and unrealized gain (loss) on investments
(0.59
)
1.66
(0.15
)
(4.14
)
0.43
Total from investment operations
0.23
3.29
1.33
(3.02
)
1.40
Distributions to shareholders from:
Net investment income
(0.77
)
(1.62
)
(1.50
)
(1.22
)
(0.95
)
Net realized gains
-
-
-
(0.11
)
-
Return of capital
-
-
-
(0.10
)
-
Total distributions
(0.77
)
(1.62
)
(1.50
)
(1.43
)
(0.95
)
Transaction fees(b)
0.03
-
-
-
-
Net asset value at end of period
$21.99
$22.50
$20.83
$21.00
$25.45
Market price at end of period(c)
$21.93
$22.52
$20.90
$21.05
$25.51
Net Asset Value Total Return(d)
1.31
%
16.18
%
6.47
%
(12.57
)%
5.65
%(e)
Market Price Total Return(d)
0.94
%
15.88
%
6.50
%
(12.59
)%
5.88
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$45,299
$52,422
$41,656
$34,020
$41,491
Ratio to average net assets of:
Expenses
0.39
%(f)
0.39
%
0.39
%
0.39
%
0.40
%(f)
Net investment income
7.32
%(f)
7.32
%
6.94
%
4.82
%
4.14
%(f)
Portfolio turnover rate(g)
36
%
62
%
53
%
71
%
49
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 2, 2020, the first day of trading on the exchange) to October 31, 2021 was 5.39%. The market
price total return from Fund Inception to October 31, 2021 was 5.30%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
123
Financial Highlights—(continued)
Invesco High Yield Select ETF (HIYS) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Year ended October 31,
2024
For the Period
December 7, 2022(a)
Through
October 31,
2023
Per Share Operating Performance:
Net asset value at beginning of period
$25.50
$24.05
$25.00
Net investment income(b)
0.83
1.73
1.56
Net realized and unrealized gain (loss) on investments
1.16
1.51
(0.96
)
Total from investment operations
1.99
3.24
0.60
Distributions to shareholders from:
Net investment income
(0.28
)
(1.79
)
(1.55
)
Net realized gains
(2.19
)
-
-
Total distributions
(2.47
)
(1.79
)
(1.55
)
Net asset value at end of period
$25.02
$25.50
$24.05
Market price at end of period(c)
$24.94
$25.64
$24.18
Net Asset Value Total Return(d)
1.46
%
13.80
%
2.41
%(e)
Market Price Total Return(d)
0.57
%
13.76
%
2.94
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$7,756
$10,200
$9,618
Ratio to average net assets of:
Expenses, after Waivers
0.44
%(f)
0.48
%
0.49
%(f)
Expenses, prior to Waivers
0.48
%(f)
0.48
%
0.50
%(f)
Net investment income
6.60
%(f)
6.83
%
6.95
%(f)
Portfolio turnover rate(g)
87
%
142
%
103
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.45%. The market
price total return from Fund Inception to October 31, 2023 was 2.61%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
124
Financial Highlights—(continued)
Invesco MSCI EAFE Income Advantage ETF (EFAA) 
 
Six Months Ended
April 30,
2025
(Unaudited)
For the Period
July 15, 2024(a)
Through
October 31,
2024
Per Share Operating Performance:
Net asset value at beginning of period
$48.53
$50.00
Net investment income(b)
1.88
1.30
Net realized and unrealized gain (loss) on investments
0.61
(2.06
)
Total from investment operations
2.49
(0.76
)
Distributions to shareholders from:
Net investment income
(1.53
)
(0.71
)
Net asset value at end of period
$49.49
$48.53
Market price at end of period(c)
$49.71
$48.59
Net Asset Value Total Return(d)
6.75
%
(1.56
)%(e)
Market Price Total Return(d)
7.07
%
(1.44
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$136,593
$119,385
Ratio to average net assets of:
Expenses, after Waivers
0.00
%(f)
-
%(f)
Expenses, prior to Waivers
0.39
%(f)
0.39
%(f)
Net investment income
7.90
%(f)
8.88
%(f)
Portfolio turnover rate(g)
3
%
2
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was (1.35)%. The market price
total return from Fund Inception to October 31, 2024 was (1.26)%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
125
Financial Highlights—(continued)
Invesco QQQ Income Advantage ETF (QQA) 
 
Six Months Ended
April 30,
2025
(Unaudited)
For the Period
July 15, 2024(a)
Through
October 31,
2024
Per Share Operating Performance:
Net asset value at beginning of period
$48.36
$50.00
Net investment income(b)
2.44
1.67
Net realized and unrealized gain (loss) on investments
(4.33
)
(2.05
)(c)
Total from investment operations
(1.89
)
(0.38
)
Distributions to shareholders from:
Net investment income
(0.78
)
(1.26
)
Net asset value at end of period
$45.69
$48.36
Market price at end of period(d)
$45.70
$48.50
Net Asset Value Total Return(e)
(0.45
)%
(0.76
)%(f)
Market Price Total Return(e)
(0.72
)%
(0.47
)%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$209,275
$132,012
Ratio to average net assets of:
Expenses, after Waivers
-
%(g)
-
%(g)
Expenses, prior to Waivers
0.29
%(g)
0.29
%(g)
Net investment income
10.17
%(g)
11.82
%(g)
Portfolio turnover rate(h)
5
%
1
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was 1.68%. The market price
total return from Fund Inception to October 31, 2024 was 1.72%.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
126
Financial Highlights—(continued)
Invesco S&P 500® Downside Hedged ETF (PHDG) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$37.95
$31.33
$35.18
$36.82
$32.51
$26.72
Net investment income(a)
0.41
0.71
0.67
0.30
0.18
0.21
Net realized and unrealized gain (loss) on investments
(3.90
)
6.68
(3.85
)
(1.69
)
4.31
5.94
Total from investment operations
(3.49
)
7.39
(3.18
)
(1.39
)
4.49
6.15
Distributions to shareholders from:
Net investment income
(0.83
)
(0.77
)
(0.67
)
(0.25
)
(0.18
)
(0.36
)
Net asset value at end of period
$33.63
$37.95
$31.33
$35.18
$36.82
$32.51
Market price at end of period(b)
$33.62
$37.91
$31.35
$35.24
$36.78
$32.58
Net Asset Value Total Return(c)
(10.64
)%
23.72
%
(9.09
)%
(3.78
)%
13.86
%
23.19
%
Market Price Total Return(c)
(10.57
)%
23.51
%
(9.19
)%
(3.51
)%
13.49
%
23.78
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$99,222
$113,843
$133,163
$279,696
$250,377
$143,042
Ratio to average net assets of:
Expenses, after Waivers(d)
0.33
%(e)
0.36
%
0.36
%
0.38
%
0.38
%
0.34
%
Expenses, prior to Waivers(d)
0.39
%(e)
0.39
%
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income
2.21
%(e)
1.96
%
2.04
%
0.84
%
0.52
%
0.68
%
Portfolio turnover rate(f)
799
%
683
%
1,213
%
1,189
%
597
%
1,172
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment
companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that
are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated
investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.
(e)
Annualized.
(f)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
127
Financial Highlights—(continued)
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) 
 
Six Months Ended
April 30,
2025
(Unaudited)
For the Period
July 15, 2024(a)
Through
October 31,
2024
Per Share Operating Performance:
Net asset value at beginning of period
$51.09
$50.00
Net investment income(b)
2.17
1.57
Net realized and unrealized gain (loss) on investments
(4.41
)
0.72
Total from investment operations
(2.24
)
2.29
Distributions to shareholders from:
Net investment income
(1.42
)
(1.20
)
Net asset value at end of period
$47.43
$51.09
Market price at end of period(c)
$47.53
$51.09
Net Asset Value Total Return(d)
(2.67
)%
4.59
%(e)
Market Price Total Return(d)
(2.48
)%
4.59
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$296,924
$267,714
Ratio to average net assets of:
Expenses, after Waivers
-
%(f)
-
%(f)
Expenses, prior to Waivers
0.29
%(f)
0.29
%(f)
Net investment income
8.74
%(f)
10.41
%(f)
Portfolio turnover rate(g)
12
%
10
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (July 17, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.62%. The market price
total return from Fund Inception to October 31, 2024 was 3.49%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
128
Financial Highlights—(continued)
Invesco Short Duration Total Return Bond ETF (GTOS) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Year ended October 31,
2024
For the Period
December 7, 2022(a)
Through
October 31,
2023
Per Share Operating Performance:
Net asset value at beginning of period
$24.95
$24.43
$25.00
Net investment income(b)
0.65
1.37
1.17
Net realized and unrealized gain (loss) on investments
0.08
0.53
(0.58
)
Total from investment operations
0.73
1.90
0.59
Distributions to shareholders from:
Net investment income
(0.73
)
(1.38
)
(1.16
)
Net asset value at end of period
$24.95
$24.95
$24.43
Market price at end of period(c)
$24.97
$24.96
$24.44
Net Asset Value Total Return(d)
2.68
%
7.95
%
2.39
%(e)
Market Price Total Return(d)
2.72
%
7.95
%
2.43
%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$9,981
$9,979
$9,771
Ratio to average net assets of:
Expenses
0.33
%(f)
0.35
%
0.36
%(f)
Net investment income
5.23
%(f)
5.52
%
5.21
%(f)
Portfolio turnover rate(g)
182
%
117
%
314
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was 2.47%. The market
price total return from Fund Inception to October 31, 2023 was 2.39%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
129
Financial Highlights—(continued)
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) 
 
For the Period
February 18, 2025(a)
Through
April 30,
2025
(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period
$25.00
Net investment income(b)
0.10
Net realized and unrealized gain on investments
0.05
Total from investment operations
0.15
Distributions to shareholders from:
Net investment income
(1.69
)
Net asset value at end of period
$23.46
Market price at end of period(c)
$23.48
Net Asset Value Total Return(d)
(5.46
)%(e)
Market Price Total Return(d)
(5.38
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$15,249
Ratio to average net assets of:
Expenses
0.75
%(f)
Net investment income
2.27
%(f)
Portfolio turnover rate(g)
1
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (February 20, 2025, the first day of trading on the exchange) to April 30, 2025 was (5.19)%. The market
price total return from Fund Inception to April 30, 2025 was (5.23)%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
130
Financial Highlights—(continued)
Invesco Top QQQ ETF (QBIG) 
 
For the Period
December 2, 2024(a)
Through
April 30,
2025
(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period
$30.00
Net investment income(b)
0.28
Net realized and unrealized gain (loss) on investments
(3.06
)
Total from investment operations
(2.78
)
Distributions to shareholders from:
Net investment income
(0.47
)
Net asset value at end of period
$26.75
Market price at end of period(c)
$26.69
Net Asset Value Total Return(d)
(10.87
)%(e)
Market Price Total Return(d)
(11.03
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$22,735
Ratio to average net assets of:
Expenses, after Waivers
0.23
%(f)
Expenses, prior to Waivers
0.29
%(f)
Net investment income
2.35
%(f)
Portfolio turnover rate(g)
81
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 4, 2024, the first day of trading on the exchange) to April 30, 2025 was (12.96)%. The market
price total return from Fund Inception to April 30, 2025 was (13.17)%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
131
Financial Highlights—(continued)
Invesco Total Return Bond ETF (GTO) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$46.92
$43.64
$44.73
$56.63
$57.57
$54.39
Net investment income(a)
1.06
2.06
1.93
1.43
1.11
1.26
Net realized and unrealized gain (loss) on investments
(0.78
)
3.27
(1.10
)
(11.85
)
0.08
3.47
Total from investment operations
0.28
5.33
0.83
(10.42
)
1.19
4.73
Distributions to shareholders from:
Net investment income
(0.55
)
(2.05
)
(1.92
)
(1.48
)
(1.04
)
(1.29
)
Net realized gains
-
-
-
-
(1.09
)
(0.26
)
Total distributions
(0.55
)
(2.05
)
(1.92
)
(1.48
)
(2.13
)
(1.55
)
Net asset value at end of period
$46.65
$46.92
$43.64
$44.73
$56.63
$57.57
Market price at end of period(b)
$46.65
$46.94
$43.67
$44.67
$56.67
$57.57
Net Asset Value Total Return(c)
1.69
%
12.34
%
1.69
%
(18.65
)%
2.06
%
8.85
%
Market Price Total Return(c)
1.64
%
12.31
%
1.90
%
(18.81
)%
2.14
%
8.77
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,887,147
$1,724,395
$1,016,884
$738,113
$996,607
$463,457
Ratio to average net assets of:
Expenses, after Waivers
0.25
%(d)
0.25
%
0.41
%
0.50
%
0.50
%
0.50
%
Expenses, prior to Waivers
0.44
%(d)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
4.56
%(d)
4.40
%
4.17
%
2.79
%
1.96
%
2.25
%
Portfolio turnover rate(e)
308
%
549
%
496
%
361
%
475
%
434
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
132
Financial Highlights—(continued)
Invesco Ultra Short Duration ETF (GSY) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$50.11
$49.68
$49.25
$50.38
$50.53
$50.42
Net investment income(a)
1.24
2.71
2.09
0.58
0.32
0.84
Net realized and unrealized gain (loss) on
investments
(0.82
)
0.56
0.52
(1.15
)
(0.14
)
0.17
Total from investment operations
0.42
3.27
2.61
(0.57
)
0.18
1.01
Distributions to shareholders from:
Net investment income
(0.43
)
(2.84
)
(2.18
)
(0.56
)
(0.33
)
(0.88
)
Net realized gains
-
-
-
-
-
(0.02
)
Total distributions
(0.43
)
(2.84
)
(2.18
)
(0.56
)
(0.33
)
(0.90
)
Net asset value at end of period
$50.10
$50.11
$49.68
$49.25
$50.38
$50.53
Market price at end of period(b)
$50.11
$50.11
$49.68
$49.24
$50.38
$50.54
Net Asset Value Total Return(c)
2.46
%
6.76
%
5.40
%
(1.13
)%
0.36
%
2.01
%
Market Price Total Return(c)
2.48
%
6.76
%
5.42
%
(1.15
)%
0.34
%
2.04
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$2,770,718
$2,235,080
$1,887,720
$2,108,024
$2,942,228
$3,011,607
Ratio to average net assets of:
Expenses
0.22
%(d)
0.22
%
0.23
%
0.22
%
0.22
%
0.22
%
Net investment income
4.97
%(d)
5.43
%
4.20
%
1.16
%
0.63
%
1.68
%
Portfolio turnover rate(e)
23
%
50
%
93
%
28
%
57
%
53
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
133
Financial Highlights—(continued)
Invesco Variable Rate Investment Grade ETF (VRIG) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
 
2024
2023
2022
2021
2020
Per Share Operating Performance:
Net asset value at beginning of period
$25.09
$24.90
$24.57
$25.09
$24.89
$24.94
Net investment income(a)
0.64
1.53
1.43
0.43
0.19
0.40
Net realized and unrealized gain (loss) on investments
(0.07
)
0.22
0.33
(0.54
)
0.21
0.02
Total from investment operations
0.57
1.75
1.76
(0.11
)
0.40
0.42
Distributions to shareholders from:
Net investment income
(0.66
)
(1.56
)
(1.43
)
(0.41
)
(0.20
)
(0.44
)
Return of capital
-
-
-
-
-
(0.03
)
Total distributions
(0.66
)
(1.56
)
(1.43
)
(0.41
)
(0.20
)
(0.47
)
Net asset value at end of period
$25.00
$25.09
$24.90
$24.57
$25.09
$24.89
Market price at end of period(b)
$25.01
$25.10
$24.92
$24.56
$25.10
$24.89
Net Asset Value Total Return(c)
2.31
%
7.21
%
7.32
%
(0.45
)%
1.62
%
1.75
%
Market Price Total Return(c)
2.31
%
7.16
%
7.46
%
(0.53
)%
1.66
%
1.72
%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$1,266,365
$1,062,725
$765,709
$571,327
$471,652
$453,021
Ratio to average net assets of:
Expenses, after Waivers
0.30
%(d)
0.30
%
0.30
%
0.30
%
0.30
%
0.29
%
Expenses, prior to Waivers
0.30
%(d)
0.30
%
0.30
%
0.30
%
0.30
%
0.30
%
Net investment income
5.16
%(d)
6.11
%
5.74
%
1.75
%
0.77
%
1.64
%
Portfolio turnover rate(e)
37
%
64
%
91
%
101
%
93
%
99
%
 
(a)
Based on average shares outstanding.
(b)
The mean between the last bid and ask prices.
(c)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(d)
Annualized.
(e)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
134
Notes to Financial Statements
Invesco Actively Managed Exchange-Traded Fund Trust
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios: 
Full Name
Short Name
Invesco AAA CLO Floating Rate Note ETF (ICLO)
"AAA CLO Floating Rate Note ETF"
Invesco Active U.S. Real Estate ETF (PSR)
"Active U.S. Real Estate ETF"
Invesco High Yield Bond Factor ETF (IHYF)
"High Yield Bond Factor ETF"
Invesco High Yield Select ETF (HIYS)
"High Yield Select ETF"
Invesco MSCI EAFE Income Advantage ETF (EFAA)
"MSCI EAFE Income Advantage ETF"
Invesco QQQ Income Advantage ETF (QQA)
"QQQ Income Advantage ETF"
Invesco S&P 500® Downside Hedged ETF (PHDG)
"S&P 500® Downside Hedged ETF"
Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA)
"S&P 500 Equal Weight Income Advantage ETF"
Invesco Short Duration Total Return Bond ETF (GTOS)(a)
"Short Duration Total Return Bond ETF"
Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE)
"SteelPath MLP & Energy Infrastructure ETF"
Invesco Top QQQ ETF (QBIG)
"Top QQQ ETF"
Invesco Total Return Bond ETF (GTO)
"Total Return Bond ETF"
Invesco Ultra Short Duration ETF (GSY)
"Ultra Short Duration ETF"
Invesco Variable Rate Investment Grade ETF (VRIG)
"Variable Rate Investment Grade ETF"
 
(a)
Effective February 24, 2025, the Fund’s name changed from Invesco Short Duration Bond ETF to Invesco Short Duration Total Return Bond ETF.
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges: 
Fund
Exchange
AAA CLO Floating Rate Note ETF
Cboe BZX Exchange, Inc.
Active U.S. Real Estate ETF
NYSE Arca, Inc.
High Yield Bond Factor ETF
The Nasdaq Stock Market LLC
High Yield Select ETF
Cboe BZX Exchange, Inc.
MSCI EAFE Income Advantage ETF
NYSE Arca, Inc.
QQQ Income Advantage ETF
The Nasdaq Stock Market LLC
S&P 500® Downside Hedged ETF
NYSE Arca, Inc.
S&P 500 Equal Weight Income Advantage ETF
NYSE Arca, Inc.
Short Duration Total Return Bond ETF
Cboe BZX Exchange, Inc.
SteelPath MLP & Energy Infrastructure ETF
Cboe BZX Exchange, Inc.
Top QQQ ETF
The Nasdaq Stock Market LLC
Total Return Bond ETF
NYSE Arca, Inc.
Ultra Short Duration ETF
NYSE Arca, Inc.
Variable Rate Investment Grade ETF
The Nasdaq Stock Market LLC
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in each Fund’s prospectus. Creation Units of each Fund (except for Active U.S. Real Estate ETF, MSCI EAFE Income Advantage ETF, QQQ Income Advantage ETF, S&P 500® Downside Hedged ETF, S&P 500 Equal Weight Income Advantage ETF, SteelPath MLP & Energy Infrastructure ETF and Top QQQ ETF) are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities (“Deposit Securities”). Creation Units of Active U.S. Real Estate ETF and SteelPath MLP & Energy Infrastructure ETF are issued and redeemed principally in exchange for the deposit or delivery of Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units in exchange for cash. Creation Units of MSCI EAFE Income Advantage
135
ETF, QQQ Income Advantage ETF, S&P 500® Downside Hedged ETF, S&P 500 Equal Weight Income Advantage ETF and Top QQQ ETF are issued and redeemed partially in exchange for the deposit or delivery of cash and partially in exchange for Deposit Securities, though each Fund reserves the right to issue and redeem Creation Units principally in exchange for cash or for Deposit Securities. Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is listed below. 
Fund
Investment Objective
AAA CLO Floating Rate Note ETF
To seek current income and capital preservation.
Active U.S. Real Estate ETF
To seek to achieve high total return through growth of capital and current
income.
High Yield Bond Factor ETF
To seek total return.
High Yield Select ETF
To seek current income.
MSCI EAFE Income Advantage ETF
To seek total return through current income and long-term growth of capital.
QQQ Income Advantage ETF
To seek total return through current income and long-term growth of capital.
S&P 500® Downside Hedged ETF
To seek to achieve positive total returns in rising or falling markets that are
not directly correlated to broad equity or fixed income market returns.
S&P 500 Equal Weight Income Advantage ETF
To seek total return through current income and long-term growth of capital.
Short Duration Total Return Bond ETF
To seek total return, comprised of income and capital appreciation.
SteelPath MLP & Energy Infrastructure ETF
To seek total return.
Top QQQ ETF
To seek total return through long-term growth of capital.
Total Return Bond ETF
To seek maximum total return, comprised of income and capital appreciation.
Ultra Short Duration ETF
To seek maximum current income, consistent with preservation of capital and
daily liquidity.
Variable Rate Investment Grade ETF
To seek to generate current income while maintaining low portfolio duration as
a primary objective and capital appreciation as a secondary objective.
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign
136
exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Equity-linked notes are valued using an independent pricing service provider whose calculations are based on various data points that are included in the trade terms.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and
137
accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - Each Fund (except Active U.S. Real Estate ETF, S&P 500® Downside Hedged ETF and Top QQQ ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Active U.S. Real Estate ETF and S&P 500® Downside Hedged ETF each declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Top QQQ ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Each Fund (except for Ultra Short Duration ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers (as defined below) for each Fund (except S&P 500® Downside Hedged ETF and Top QQQ ETF), and for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary
138
expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit.
Ultra Short Duration ETF is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Commercial Mortgage-Backed Securities - Certain Funds may invest in both single and multi-issuer Commercial Mortgage-Backed Securities (“CMBS”). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.
Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. Each Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the
139
Statements of Operations as Net realized gain (loss) from investment securities and Change in net unrealized appreciation (depreciation) of investment securities, respectively.
K.
Securities Purchased on a When-Issued and Delayed Delivery Basis - The Funds may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.
L.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.
M.
Master Limited Partnerships (“MLPs”) - SteelPath MLP & Energy Infrastructure ETF invests in MLPs, which are generally publicly traded limited partnerships or limited liability companies. Investments in MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the value of the Fund’s investment, and consequently your investment in the Fund and lower income. Also, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.
In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to the Fund, which right would continue after the Fund sold its investment in the MLP.
N.
Return of Capital - Distributions received from SteelPath MLP & Energy Infrastructure ETF’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.
O.
Equity-Linked Notes - Certain Funds may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing a Fund’s turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, a Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, a Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN
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issuer will default or become bankrupt. In such an event, a Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.
ELNs utilized by a Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to such Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose a Fund to losing more than the principal amount of the ELN. Should the prices of the underlying securities move in an unexpected manner, a Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include a Fund’s entire principal investment. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to a Fund than if the Fund had invested in the underlying securities directly.
P.
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund (except for AAA CLO Floating Rate Note ETF, High Yield Bond Factor ETF, High Yield Select ETF, Short Duration Total Return Bond ETF, Top QQQ ETF and Variable Rate Investment Grade ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income, net on the Statements of Operations, were incurred by each applicable Fund as listed below: 
 
Amount
Active U.S. Real Estate ETF
$166
MSCI EAFE Income Advantage ETF
4
QQQ Income Advantage ETF
173
S&P 500® Downside Hedged ETF
126
S&P 500 Equal Weight Income Advantage ETF
1,047
SteelPath MLP & Energy Infrastructure ETF(a)
5
Total Return Bond ETF
1,654
Ultra Short Duration ETF
304
 
(a)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
 
Q.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes
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withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
R.
Forward Foreign Currency Contracts - Certain Funds may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis at the rate prevailing in the currency exchange market at the time or through forward foreign currency contracts to manage or minimize currency or exchange rate risk.
A Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statements of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statements of Assets and Liabilities.
S.
Futures Contracts - Certain Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate,  and market price movements and/or currency risks and provide exposure to markets and indexes.
A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.
The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund
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would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling." If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. The contracts included in the VIX Index historically have traded in “contango” markets, resulting in a roll cost, which could adversely affect the value of Shares of the S&P 500® Downside Hedged ETF. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.
T.
Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.
When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
U.
Put Options Purchased and Written - Certain Funds may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.
Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying portfolio securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statements of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and option contracts written, respectively.
A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
V.
Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s
143
NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.
Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant ("FCM")) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.
W.
Other Risks
ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Agency Debt Risk. Certain Funds may invest in debt issued by government agencies, including the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Instruments issued by government agencies generally are backed only by the general creditworthiness and reputation of the government agency issuing the instrument and are not backed by the full faith and credit of the U.S. Government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able
144
to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease a Fund’s net asset value. These costs may also decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.
Collateralized Loan Obligations (“CLOs”) and Collateralized Debt Obligations (“CDOs”) Risk. Certain Funds may invest in CLOs and CDOs. CLOs bear many of the same risks as other forms of asset-backed securities (“ABS”), including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches’’ that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Each Fund’s investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.
Commercial Paper Risk. Certain Funds may invest in commercial paper. The value of the Fund’s investment in commercial paper, which is an unsecured promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates.
Commodity Pool Risk. S&P 500® Downside Hedged ETF’s investments in futures contracts have caused it to be deemed a commodity pool, thereby subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator (“CPO”) and as a commodity trading advisor (“CTA”), and will manage the Fund in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program. Additionally, the Fund’s positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments
145
in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
Environmental, Social and Governance ("ESG") Considerations Risk. The ESG considerations that may be assessed as part of a credit research process to implement certain Funds’ investment strategies in pursuit of their investment objectives may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment, and not every investment or issuer may be evaluated for ESG considerations. The incorporation of ESG factors as part of a credit analysis may affect a Fund’s exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be additive to a Fund’s performance.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer
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because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.
Industry Concentration Risk. Certain Funds are concentrated to a significant degree in securities of issuers operating in a single industry or industry group. By concentrating their investments in an industry or industry group, such Funds may face more risks than if they were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which some Funds invest, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Interest Rate Risk. Interest rate risk refers to the risk that fixed income securities’ prices generally fall as interest rates rise; conversely, fixed income securities’ prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. “Duration risk” is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security’s price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.
Leverage Risk. Leverage occurs when a Fund’s market exposure exceeds amounts invested. A Fund’s exposure to derivatives and other investment techniques can create a leveraging effect on the portfolio. This leverage will vary over time and may at times be significant. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not used leverage. A Fund may have a substantial cash position due to margin and collateral requirements related to a Fund’s use of derivatives. Such margin and collateral requirements may limit a Fund’s ability to take advantage of other investment opportunities, and a Fund also may have to sell or liquidate a portion of its assets at inopportune times to satisfy these requirements. This may negatively affect a Fund’s ability to achieve its investment objective. In addition, a Fund’s assets that are used as collateral to secure these transactions may decrease in value while the positions are outstanding, which may force a Fund to use its other assets to increase collateral. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount of a Fund’s assets. There is no assurance that a leveraging strategy will be successful.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Management Risk. The Funds are subject to management risk because they are actively managed portfolios. In managing a Fund’s portfolio holdings, the Adviser or a sub-adviser (as applicable and as set forth below) applies investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these actions will produce the desired results.
Market Risk. Securities held by the Funds are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in a Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.
Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.
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Non-Diversified Fund Risk. Because AAA CLO Floating Rate Note ETF, High Yield Select ETF, MSCI EAFE Income Advantage ETF, QQQ Income Advantage ETF, S&P 500 Equal Weight Income Advantage ETF, Short Duration Total Return Bond ETF, SteelPath MLP & Energy Infrastructure ETF and Top QQQ ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. 
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Risk of Investing in Loans. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. A Fund’s investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. A Fund is also subject to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of a Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. Thus, to the extent a Fund effects redemptions in cash, the Fund is subject to the risk of selling other investments or taking other actions necessary to raise cash to meet its redemption obligations.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
To-be-Announced ("TBA") Transactions Risk. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to the settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose a Fund to potential loss and could affect the Fund’s returns. In addition, TBA transactions may significantly increase a Fund’s portfolio turnover rate.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio
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security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.
NOTE 3—Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs, providing certain clerical, bookkeeping and other administrative services, and for each Fund (except S&P 500® Downside Hedged ETF and Top QQQ ETF), oversight of Invesco, Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”).
Pursuant to an Investment Advisory Agreement, each Fund (except Ultra Short Duration ETF) accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to the Affiliated Sub-Advisers for each Fund (except S&P 500® Downside Hedged ETF and Top QQQ ETF), and for each Fund the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including, for AAA CLO Floating Rate Note ETF, interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). For AAA CLO Floating Rate Note ETF, the Adviser also pays out of the unitary management fee the set-up fees and commitment fees associated with the line of credit. The unitary management fee is paid by each Fund to the Adviser at the following annual rates: 
 
Unitary Management Fees
(as a % of average daily net assets)
AAA CLO Floating Rate Note ETF
0.19
%
Active U.S. Real Estate ETF
0.35
%
High Yield Bond Factor ETF
0.39
%
High Yield Select ETF
0.48
%
MSCI EAFE Income Advantage ETF(a)
0.39
%
QQQ Income Advantage ETF(a)
0.29
%
S&P 500® Downside Hedged ETF
0.39
%
S&P 500 Equal Weight Income Advantage ETF(a)
0.29
%
Short Duration Total Return Bond ETF(b)
0.35
%
SteelPath MLP & Energy Infrastructure ETF
0.75
%
Top QQQ ETF
0.29
%
Total Return Bond ETF(c)
0.50
%
Variable Rate Investment Grade ETF
0.30
%
 
(a)
The Adviser has agreed to waive 100% of its unitary management fee for the Fund through June 30, 2025.
(b)
Effective February 24, 2025, the Fund’s unitary management fee was reduced from 0.35% to 0.30%.
(c)
Effective February 24, 2025, the Fund’s unitary management fee was reduced from 0.50% to 0.35%. However, the Adviser has agreed to waive a portion of
its unitary management fee for the Fund, resulting in a net unitary management fee of 0.25%, through August 31, 2025. The Adviser may not terminate the
agreement prior to August 31, 2025.
Pursuant to another Investment Advisory Agreement, Ultra Short Duration ETF accrues daily and pays monthly to the Adviser an annual management fee equal to 0.20% of the Fund’s average daily net assets. Ultra Short Duration ETF is responsible for all of its own expenses, including its management fee, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, Acquired Fund Fees and Expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Independent Trustees and officers, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Advisers for each Fund (except S&P 500® Downside Hedged ETF and Top QQQ ETF). The sub-advisory fee for these Funds is paid by the Adviser to the Affiliated Sub-Advisers at 40% of the Adviser’s compensation of the sub-advised assets of each Fund.
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The Adviser has contractually agreed to waive fees and/or pay Fund expenses for Ultra Short Duration ETF to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2027. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.
Further, the Adviser has contractually agreed to waive the management fee payable by each Fund (except for Total Return Bond ETF and Ultra Short Duration ETF) in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser (collectively, “Underlying Affiliated Investments”) or (ii) the management fee available to be waived. For Total Return Bond ETF and Ultra Short Duration ETF, the Adviser has contractually agreed to waive a portion of the management fee payable and/or reimburse Fund expenses in an amount equal to 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s Underlying Affiliated Investments. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. These waivers (except for Total Return Bond ETF and Ultra Short Duration ETF) are in place through at least August 31, 2027, and there is no guarantee that the Adviser will extend them past that date. These waivers are not subject to recapture by the Adviser. 
For the six months ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts: 
AAA CLO Floating Rate Note ETF
$2,321
Active U.S. Real Estate ETF
23
High Yield Bond Factor ETF
126
High Yield Select ETF
1,821
MSCI EAFE Income Advantage ETF
208,674
QQQ Income Advantage ETF
226,574
S&P 500® Downside Hedged ETF
32,435
S&P 500 Equal Weight Income Advantage ETF
394,792
Short Duration Total Return Bond ETF
151
SteelPath MLP & Energy Infrastructure ETF(a)
9
Top QQQ ETF(b)
5,730
Total Return Bond ETF
1,731,948
Ultra Short Duration ETF
5,567
Variable Rate Investment Grade ETF
5,884
 
(a)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
(b)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
The fees waived and/or expenses borne by the Adviser for Ultra Short Duration ETF pursuant to the Expense Cap are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
There are no amounts available for potential recapture by the Adviser as of April 30, 2025.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the six months ended April 30, 2025, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below: 
Active U.S. Real Estate ETF
$10,750
MSCI EAFE Income Advantage ETF
587
QQQ Income Advantage ETF
190
S&P 500® Downside Hedged ETF
48,958
S&P 500 Equal Weight Income Advantage ETF
1,622
Top QQQ ETF(a)
25
 
(a)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
150
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of April 30, 2025, for each Fund (except for SteelPath MLP & Energy Infrastructure ETF). As of April 30, 2025, all of the securities in SteelPath MLP & Energy Infrastructure ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
AAA CLO Floating Rate Note ETF
Investments in Securities
Asset-Backed Securities
$-
$298,194,404
$-
$298,194,404
Money Market Funds
12,314,165
-
-
12,314,165
Total Investments
$12,314,165
$298,194,404
$-
$310,508,569
Active U.S. Real Estate ETF
Investments in Securities
Common Stocks & Other Equity Interests
$58,286,571
$-
$-
$58,286,571
Money Market Funds
41,683
3,658,631
-
3,700,314
Total Investments
$58,328,254
$3,658,631
$-
$61,986,885
High Yield Bond Factor ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$44,384,930
$-
$44,384,930
U.S. Treasury Securities
-
114,623
-
114,623
Common Stocks & Other Equity Interests
-
942
0
942
Money Market Funds
59,680
7,329,507
-
7,389,187
Total Investments in Securities
59,680
51,830,002
0
51,889,682
Other Investments - Assets*
Futures Contracts
110,905
-
-
110,905
Other Investments - Liabilities*
Futures Contracts
(63,220
)
-
-
(63,220
)
Total Other Investments
47,685
-
-
47,685
Total Investments
$107,365
$51,830,002
$0
$51,937,367
151
 
Level 1
Level 2
Level 3
Total
High Yield Select ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$7,022,212
$-
$7,022,212
Non-U.S. Dollar Denominated Bonds & Notes
-
221,376
-
221,376
Money Market Funds
330,262
435,823
-
766,085
Total Investments in Securities
330,262
7,679,411
-
8,009,673
Other Investments - Assets*
Forward Foreign Currency Contracts
-
8
-
8
Total Investments
$330,262
$7,679,419
$-
$8,009,681
MSCI EAFE Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$1,682,374
$102,479,354
$-
$104,161,728
Equity Linked Notes
-
5,844,870
-
5,844,870
Money Market Funds
22,410,493
3,451,831
-
25,862,324
Total Investments
$24,092,867
$111,776,055
$-
$135,868,922
QQQ Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$161,114,719
$-
$-
$161,114,719
Equity Linked Notes
-
11,675,973
-
11,675,973
Money Market Funds
37,921,414
5,267,048
-
43,188,462
Total Investments
$199,036,133
$16,943,021
$-
$215,979,154
S&P 500® Downside Hedged ETF
Investments in Securities
Common Stocks & Other Equity Interests
$54,114,545
$-
$-
$54,114,545
Money Market Funds
99,068,839
-
-
99,068,839
Total Investments in Securities
153,183,384
-
-
153,183,384
Other Investments - Assets*
Futures Contracts
4,767
-
-
4,767
Other Investments - Liabilities*
Futures Contracts
(932
)
-
-
(932
)
Total Other Investments
3,835
-
-
3,835
Total Investments
$153,187,219
$-
$-
$153,187,219
S&P 500 Equal Weight Income Advantage ETF
Investments in Securities
Common Stocks & Other Equity Interests
$226,173,854
$-
$-
$226,173,854
Equity Linked Notes
-
14,187,860
-
14,187,860
Money Market Funds
57,102,317
20,124,409
-
77,226,726
Total Investments
$283,276,171
$34,312,269
$-
$317,588,440
152
 
Level 1
Level 2
Level 3
Total
Short Duration Total Return Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$7,373,234
$-
$7,373,234
Asset-Backed Securities
-
1,123,702
-
1,123,702
U.S. Treasury Securities
-
1,025,071
-
1,025,071
Municipal Obligations
-
70,021
-
70,021
Agency Credit Risk Transfer Notes
-
53,487
-
53,487
Preferred Stocks
29,205
-
-
29,205
Money Market Funds
307,132
310,987
-
618,119
Total Investments in Securities
336,337
9,956,502
-
10,292,839
Other Investments - Assets*
Futures Contracts
24,515
-
-
24,515
Other Investments - Liabilities*
Futures Contracts
(20,484
)
-
-
(20,484
)
Total Other Investments
4,031
-
-
4,031
Total Investments
$340,368
$9,956,502
$-
$10,296,870
Top QQQ ETF
Investments in Securities
Common Stocks & Other Equity Interests
$8,840,478
$-
$-
$8,840,478
Money Market Funds
13,448,593
-
-
13,448,593
Total Investments in Securities
22,289,071
-
-
22,289,071
Other Investments - Liabilities*
Swap Agreements
-
(1,507,678
)
-
(1,507,678
)
Total Investments
$22,289,071
$(1,507,678
)
$-
$20,781,393
Total Return Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$765,306,947
$2,903,638
$768,210,585
U.S. Government Sponsored Agency Mortgage-Backed Securities
-
579,658,021
-
579,658,021
Asset-Backed Securities
-
428,405,197
-
428,405,197
U.S. Treasury Securities
-
268,394,781
-
268,394,781
Municipal Obligations
-
20,594,815
-
20,594,815
Variable Rate Senior Loan Interests
-
12,773,946
-
12,773,946
Preferred Stocks
6,140,176
-
-
6,140,176
Agency Credit Risk Transfer Notes
-
4,380,111
-
4,380,111
U.S. Government Sponsored Agency Securities
-
2,473,014
-
2,473,014
Exchange-Traded Funds
1,949,307
-
-
1,949,307
Options Purchased
499,065
1,029,167
-
1,528,232
Money Market Funds
-
135,275,601
-
135,275,601
Total Investments in Securities
8,588,548
2,218,291,600
2,903,638
2,229,783,786
Other Investments - Assets*
Futures Contracts
1,925,194
-
-
1,925,194
Investments Matured
-
14,850
-
14,850
 
1,925,194
14,850
-
1,940,044
Other Investments - Liabilities*
Futures Contracts
(3,995,136
)
-
-
(3,995,136
)
Options Written
(133,280
)
(445,390
)
-
(578,670
)
 
(4,128,416
)
(445,390
)
-
(4,573,806
)
Total Other Investments
(2,203,222
)
(430,540
)
-
(2,633,762
)
Total Investments
$6,385,326
$2,217,861,060
$2,903,638
$2,227,150,024
153
 
Level 1
Level 2
Level 3
Total
Ultra Short Duration ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$1,571,014,941
$-
$1,571,014,941
Commercial Paper
-
773,321,831
-
773,321,831
Asset-Backed Securities
-
369,217,373
-
369,217,373
Certificates of Deposit
-
55,125,034
-
55,125,034
Repurchase Agreements
-
30,000,000
-
30,000,000
Exchange-Traded Funds
6,984,909
-
-
6,984,909
Money Market Funds
-
18,019,975
-
18,019,975
Total Investments
$6,984,909
$2,816,699,154
$-
$2,823,684,063
Variable Rate Investment Grade ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$-
$500,421,842
$-
$500,421,842
U.S. Treasury Securities
-
285,882,139
-
285,882,139
Asset-Backed Securities
-
197,536,822
-
197,536,822
Agency Credit Risk Transfer Notes
-
187,989,248
-
187,989,248
U.S. Government Sponsored Agency Mortgage-Backed Securities
-
95,139,802
-
95,139,802
Money Market Funds
9,597,268
31,153,449
-
40,750,717
Total Investments
$9,597,268
$1,298,123,302
$-
$1,307,720,570
 
*
Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured and
options written are shown at value.
NOTE 5—Derivative Investments
The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2025: 
 
Value
 
High Yield
Bond Factor ETF
High Yield
Select ETF
S&P 500®
Downside
Hedged ETF
Short Duration
Bond ETF
Top QQQ ETF
Total Return Bond ETF
Derivative Assets
Interest Rate
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Equity
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Unrealized appreciation on
forward foreign currency
contracts outstanding
$-
$8
$-
$-
$-
$-
$-
$-
Unrealized appreciation on
futures contracts—Exchange-
Traded(a)
110,905
-
4,767
24,515
-
-
-
1,925,194
Purchased options, at value -
Exchange-Traded
-
-
-
-
-
-
499,065
-
Purchased options, at value —
OTC
-
-
-
-
-
1,029,167
-
-
Total Derivative Assets
110,905
8
4,767
24,515
-
1,029,167
499,065
1,925,194
Derivatives not subject to
master netting agreements
(110,905
)
-
(4,767
)
(24,515
)
-
-
(499,065
)
(1,925,194
)
Total Derivative Assets
subject to master netting
agreements
$-
$8
$-
$-
$-
$1,029,167
$-
$-
154
Derivative Liabilities
Interest Rate
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Equity
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Unrealized depreciation on
futures contracts—Exchange-
Traded(a)
$(63,220
)
$-
$(932
)
$(20,484
)
$-
$-
$-
$(3,995,136
)
Unrealized depreciation on
swap agreements—OTC
-
-
-
-
(1,507,678
)
-
-
-
Options written, at value -
Exchange-Traded
-
-
-
-
-
-
(133,280
)
-
Options written, at value —
OTC
-
-
-
-
-
(445,390
)
-
-
Total Derivative Liabilities
(63,220
)
-
(932
)
(20,484
)
(1,507,678
)
(445,390
)
(133,280
)
(3,995,136
)
Derivatives not subject to
master netting agreements
63,220
-
932
20,484
-
-
133,280
3,995,136
Total Derivative Liabilities
subject to master netting
agreements
$-
$-
$-
$-
$(1,507,678
)
$(445,390
)
$-
$-
 
(a)
Except for Total Return Bond ETF, values are disclosed on the Statements of Assets and Liabilities under the caption Unrealized appreciation on futures
contracts and Unrealized depreciation on futures contracts. For Total Return Bond ETF, values include cumulative appreciation (depreciation) on futures
contracts. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
Offsetting Assets and Liabilities
The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2025:
High Yield Select ETF 
 
Financial Derivative
Assets
Financial Derivative
Liabilities
 
Collateral
(Received)/Pledged
 
Counterparty
Forward foreign
currency contracts
Forward foreign
currency contracts
Net Value of
Derivatives
Non-Cash
Cash
Net Amount
Barclays Bank PLC
$8
$−
$8
$-
$-
$8
Top QQQ ETF 
 
Financial Derivative
Assets
Financial Derivative
Liabilities
 
Collateral
(Received)/Pledged
 
Counterparty
Swap Agreements
Swap Agreements
Net Value of
Derivatives
Non-Cash
Cash
Net Amount
Bank of America, N.A.
$−
$(501,333
)
$(501,333
)
$-
$-
$(501,333
)
Goldman Sachs International
−
(501,896
)
(501,896
)
-
-
(501,896
)
Morgan Stanley Capital Services LLC
−
(504,449
)
(504,449
)
-
-
(504,449
)
Total
$−
$(1,507,678
)
$(1,507,678
)
$-
$-
$(1,507,678
)
Total Return Bond ETF 
 
Financial Derivative
Assets
Financial Derivative
Liabilities
 
Collateral
(Received)/Pledged
 
Counterparty
OTC Purchased options
OTC Written options
Net Value of
Derivatives
Non-Cash
Cash
Net Amount
Goldman Sachs International
$1,029,167
$(445,390
)
$583,777
$-
$1,773,857
$2,357,634
155
Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on Statements of Operations
 
High Yield
Bond Factor ETF
High Yield
Select ETF
S&P 500®
Downside
Hedged ETF
Short Duration
Bond ETF
 
Interest
Rate Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Realized Gain (Loss):
Forward foreign currency contracts
$-
$4,200
$-
$-
Futures contracts
(96,416
)
-
(651,972
)
(11,985
)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts
-
(3,974
)
-
-
Futures contracts
135,812
-
164,556
18,021
Total
$39,396
$226
$(487,416
)
$6,036
 
 
Location of Gain (Loss) on Statements of Operations
 
Top QQQ ETF
Total Return Bond ETF
 
Equity
Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Realized Gain (Loss):
Futures contracts
$-
$-
$-
$(3,310,180
)
$(3,310,180
)
Options written
-
-
72,495
-
72,495
Swap agreements
(172,807
)
-
-
-
-
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts
-
-
-
(1,013,764
)
(1,013,764
)
Options purchased(a)
-
-
512,375
-
512,375
Options written
-
(78,165
)
(13,984
)
-
(92,149
)
Swap agreements
(1,507,678
)
-
-
-
-
Total
$(1,680,485
)
$(78,165
)
$570,886
$(4,323,944
)
$(3,831,223
)
 
(a)
Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on
investment securities.
The table below summarizes the average notional value of derivatives held during the period. 
 
Average Notional Value
 
High Yield
Bond Factor ETF
High Yield
Select ETF
S&P 500®
Downside
Hedged ETF
Short Duration
Bond ETF
Top QQQ ETF
Total Return Bond ETF
Forward foreign currency contracts
$-
$307,367
$-
$-
$-
$-
Futures contracts
10,421,325
-
29,810,945
4,042,133
-
583,216,494
Options purchased
-
-
-
-
-
21,456,214
Options written
-
-
-
-
-
(1,176,000
)
Swap agreements
-
-
-
-
11,028,849
-
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
156
The Funds had capital loss carryforwards as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total*
Active U.S. Real Estate ETF
$6,967,757
$12,025,486
$18,993,243
High Yield Bond Factor ETF
817,474
3,745,317
4,562,791
High Yield Select ETF
18,431
-
18,431
MSCI EAFE Income Advantage ETF
1,259,537
-
1,259,537
QQQ Income Advantage ETF
1,703,970
-
1,703,970
S&P 500® Downside Hedged ETF
-
78,277,350
78,277,350
S&P 500 Equal Weight Income Advantage ETF
3,310,238
-
3,310,238
Short Duration Total Return Bond ETF
106,118
15,076
121,194
Total Return Bond ETF
59,074,403
87,950,619
147,025,022
Ultra Short Duration ETF
10,190,314
17,993,108
28,183,422
Variable Rate Investment Grade ETF
1,089,975
4,288,829
5,378,804
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows: 
 
Purchases
Sales
AAA CLO Floating Rate Note ETF
$177,488,984
$103,190,354
Active U.S. Real Estate ETF
38,766,819
39,423,916
High Yield Bond Factor ETF
18,407,186
23,540,809
High Yield Select ETF
8,054,562
10,916,015
MSCI EAFE Income Advantage ETF
2,387,629
6,438,779
QQQ Income Advantage ETF
6,614,117
10,865,017
S&P 500® Downside Hedged ETF
529,234,591
544,197,052
S&P 500 Equal Weight Income Advantage ETF
25,459,777
34,545,809
Short Duration Total Return Bond ETF
6,112,118
6,163,981
SteelPath MLP & Energy Infrastructure ETF(a)
9,950,468
96,422
Top QQQ ETF(b)
19,273,619
8,035,764
Total Return Bond ETF
4,907,463,234
4,825,981,132
Ultra Short Duration ETF
617,487,070
376,698,893
Variable Rate Investment Grade ETF
355,108,567
444,022,739
 
(a)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
(b)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows: 
 
In-kind
Purchases
In-kind
Sales
AAA CLO Floating Rate Note ETF
$52,837,027
$-
Active U.S. Real Estate ETF
1,900,656
7,097,845
High Yield Bond Factor ETF
-
-
High Yield Select ETF
-
-
MSCI EAFE Income Advantage ETF
31,160,210
19,834,383
QQQ Income Advantage ETF
74,021,307
7,139,617
S&P 500® Downside Hedged ETF
-
-
S&P 500 Equal Weight Income Advantage ETF
50,965,348
12,060,625
Short Duration Total Return Bond ETF
-
-
SteelPath MLP & Energy Infrastructure ETF(a)
12,988,452
7,206,458
Top QQQ ETF(b)
-
-
Total Return Bond ETF
-
-
157
 
In-kind
Purchases
In-kind
Sales
Ultra Short Duration ETF
$-
$-
Variable Rate Investment Grade ETF
17,374,359
-
 
(a)
For the period February 18, 2025 (commencement of investment operations) through April 30, 2025.
(b)
For the period December 2, 2024 (commencement of investment operations) through April 30, 2025.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
 
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Cost
AAA CLO Floating Rate Note ETF
$118,727
$(1,582,730
)
$(1,464,003
)
$311,972,572
Active U.S. Real Estate ETF
4,021,045
(4,873,722
)
(852,677
)
62,839,562
High Yield Bond Factor ETF
849,177
(1,471,336
)
(622,159
)
52,559,526
High Yield Select ETF
111,435
(74,719
)
36,716
7,972,965
MSCI EAFE Income Advantage ETF
10,419,173
(4,689,123
)
5,730,050
130,138,872
QQQ Income Advantage ETF
8,586,555
(9,448,754
)
(862,199
)
216,841,353
S&P 500® Downside Hedged ETF
4,767
(1,991,936
)
(1,987,169
)
155,174,388
S&P 500 Equal Weight Income Advantage ETF
15,073,449
(17,806,829
)
(2,733,380
)
320,321,820
Short Duration Total Return Bond ETF
138,852
(39,252
)
99,600
10,197,270
SteelPath MLP & Energy Infrastructure ETF
253,998
(845,256
)
(591,258
)
15,748,609
Top QQQ ETF
-
(2,768,644
)
(2,768,644
)
23,550,037
Total Return Bond ETF
17,211,269
(29,295,312
)
(12,084,043
)
2,239,234,067
Ultra Short Duration ETF
8,208,003
(3,126,824
)
5,081,179
2,818,602,884
Variable Rate Investment Grade ETF
4,395,635
(6,587,616
)
(2,191,981
)
1,309,912,551
NOTE 8—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee (except for Ultra Short Duration ETF), pays for such compensation for each Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Borrowing
AAA CLO Floating Rate Note ETF is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 7, 2026. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $300,000,000, (2) 20% of the value of the Fund’s net assets or (3) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.
During the six months ended April 30, 2025, there were no borrowings from the line of credit.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which
158
undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 11—Subsequent Event
At a meeting held on March 13, 2025, the Board of Trustees of the Trust approved, and has recommended that shareholders approve, changing the Active U.S. Real Estate ETF’s sub-classification under the 1940 Act from “diversified” to “non-diversified” and the elimination of related fundamental investment restrictions (the “Proposal”). The Proposal requires approval by the shareholders of the Fund and will be submitted to shareholders at a Special Meeting of Shareholders to be held on or about July 10, 2025. If approved, the Proposal is anticipated to become effective in July 2025.
159
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on September 19, 2024, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Mega QQQ ETF (subsequently renamed Invesco Top QQQ ETF) (the “Fund”).
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”).  The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of the Fund.  The Trustees considered information regarding the Fund’s investment objective, strategies and process.  The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd.  The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures.  Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.  
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds.  The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses.  The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below: 
Fund
Passive
ETF Peer
Group
(Number of Peers)
Open-End
Index Fund
Peer Group
(Number of Peers)
Open-End
Active Fund
Peer Group
(Number of Peers)
Select
Peer Group
(Number of Peers)
Invesco Mega QQQ ETF
Lower than
median (18)
Higher than
median (2)
Lower than
median (35)
Lower than
median (2)
Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees also considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations.  However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
160
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund.  The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund.  The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund’s distributor and will be paid a distribution fee by the Adviser.  The Board concluded that the Fund’s proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
161
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on December 13, 2024, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Advisory Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco SteelPath MLP & Energy Infrastructure ETF (the “Fund”) and the Investment Sub-Advisory Agreement for the Fund, between the Adviser and the following seven affiliated sub-advisers (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc. (as the initial sub-adviser for the Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee level reflects any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identities of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”).  The Trustees considered information regarding the Fund’s investment objective, strategies and process.  The Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd.  The Trustees reviewed information related to the Adviser’s and Sub-Advisers’ portfolio transaction policies and procedures.  Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian, transfer agent and the Sub-Advisers.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.  
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable active ETFs, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds.  The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses.  The Trustees also noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below: 
Fund
Active ETF
Peer Group
(Number of Peers)
Open-End
Active Fund
Peer Group
(Number of Peers)
Select
Peer Group
(Number of Peers)
Invesco SteelPath MLP & Energy Infrastructure ETF
Lower than
median (3)
Lower than
median (17)
Lower than
median (5)
Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees also considered the sub-advisory fees to be paid by the Adviser for the Fund.  The Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund
162
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
had not yet commenced operations.  However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 and April 18, 2024 meetings regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund.  The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund.  The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund’s distributor and will be paid a distribution fee by the Adviser.  The Board concluded that the Fund’s proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for the Fund at a meeting held on December 13, 2024.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services to be provided to the Fund under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel manage the Fund, and the investment personnel responsible for the day-to-day management of the Fund.  The Board considered additional information it received regarding the Fund’s investment strategy during presentations from the initial sub-adviser’s portfolio managers for the Fund at the Board’s September 19, 2024 meeting.
Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to the Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.
Fees and Expenses.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fees to be charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for the Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Advisory Agreement for the Fund, the Trustees considered the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Fund’s and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser
163
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
will waive its fees with respect to the Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Board concluded that the sub-advisory fee with respect to the Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
164
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”): 
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco S&P 500® Downside Hedged ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”); with respect to each of the following Funds (the “Sub-Advisory Agreement”):
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Investment Advisory Agreement 
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.  The Trustees noted that, unlike most of the other exchange-traded funds (“ETFs”) for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.
The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund’s Lipper Inc. (“Lipper”) peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024.  Based on the information
165
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.
The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.
The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the
166
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period.  The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.
The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers.  The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.   
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.19% of the Fund’s average daily net assets for Invesco AAA CLO Floating Rate Note ETF;
●
0.30% of the Fund’s average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;
●
0.39% of the Fund’s average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;
●
0.48% of the Fund’s average daily net assets for Invesco High Yield Select ETF; and
●
0.59% of the Fund’s average daily net assets for Invesco Real Assets ESG ETF.
The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund’s average daily net assets, effective May 13, 2025.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below.  The Trustees also noted that the net
167
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds. 
Invesco Fund
Equal
to/Lower
than ETF
Peer
Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Equal to/
Lower than
Open-End
Active Fund
Peer Median
Invesco AAA CLO Floating Rate Note ETF
X
N/A
X
Invesco Active U.S. Real Estate ETF
X
 
X
Invesco High Yield Bond Factor ETF
X
X
X
Invesco High Yield Select ETF
X
X
X
Invesco Real Assets ESG ETF
X
N/A
X
Invesco Rochester High Yield Municipal ETF
X
N/A
X
Invesco S&P 500® Downside Hedged ETF
X
N/A
X
Invesco Short Duration Total Return Bond ETF
 
 
X
Invesco Total Return Bond ETF
X
 
X
Invesco Variable Rate Investment Grade ETF
 
 
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this
column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco
168
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a “Sub-Advised Fund” and collectively, the “Sub-Advised Funds”) at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF’s, Invesco Active U.S. Real Estate ETF’s, Invesco High Yield Bond Factor ETF’s, Invesco High Yield Select ETF’s, Invesco Real Assets ESG ETF’s, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF’s, Invesco Total Return Bond ETF’s and Invesco Variable Rate Investment Grade ETF’s assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds.  The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
169
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund.  No single factor was determinative in the Board’s analysis.
170
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Ultra Short Duration ETF (the “Fund”) and the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for the Fund (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Fund.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Fund.  The Trustees noted that, unlike most of the other exchange-traded funds (“ETFs”) for which the Adviser serves as investment adviser, the Fund is not designed to track the performance of an index, and investment decisions are the primary responsibility of the Sub-Advisers.  
The Trustees reviewed information on the performance of the Fund, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and ICE BofA US Treasury Bill Index) and the Fund’s Lipper Inc. (“Lipper”) peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year, three-year, five-year, ten-year and since-inception (February 12, 2008) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the one-year, three-year, five-year and ten-year periods, and underperformed the Bloomberg U.S. Aggregate Bond Index for the since-inception period.  The Trustees also noted that the Fund outperformed the ICE BofA US Treasury Bill Index for each period.  The Trustees further noted that the Fund ranked in the 2nd quartile of its Lipper peer group for the one-year, three-year and five-year periods, in the 1st quartile of its Lipper peer group for the ten-year period and ranked in the 3rd quartile of its Lipper peer group for the since-inception period.  The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.
The Trustees considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent and the Sub-Advisers.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios.  The Trustees noted that the annual contractual advisory fee charged to the Fund is 0.20% and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.27% of the Fund’s average daily net assets, until at least August 31, 2027.
The Trustees compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper databases on the net advisory fees and net expense ratios of comparable ETFs, an open-end (non-ETF) index fund and
171
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end (non-ETF) actively-managed funds.  The Trustees noted that the Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF, open-end index and open-end actively managed peer funds.  The Trustees also noted that the Fund’s net expense ratio was higher than the median net expense ratios of its ETF peer funds and open-end index peer fund and lower than the median net expense ratio of its open-end actively-managed peer funds.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to that of the Fund.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Fund and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Fund requires substantially more labor and expense.
Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed the Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser.  The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as the Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that the Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for the Fund at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
172
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided or to be provided under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage the Fund’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Fund. 
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by each Sub-Adviser to the Fund under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fee relates to the overall advisory fee for the Fund and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees reviewed the financial statements provided by Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by the firm.  The Trustees noted that the Adviser compensates the Sub-Adviser from its fee and that the Adviser provided profitability information with respect to the Fund.  
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for the Fund, the Trustees considered the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Fund’s and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to the Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Fund and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Fund.  The Board concluded that the sub-advisory fee with respect to the Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for the Fund.  No single factor was determinative in the Board’s analysis.
173
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds’ trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
174
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-AM-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
IVRA
Invesco Real Assets ESG ETF
Table of Contents 
3
5
6
7
8
9
18
24
2
Invesco Real Assets ESG ETF (IVRA)
April 30, 2025
(Unaudited)
Schedule of Investments(a)
 
 
Shares
Value
Common Stocks & Other Equity Interests-99.43%
Consumer Staples-0.49%
Archer-Daniels-Midland Co.
 
1,257
$60,022
Energy-25.97%
Cheniere Energy, Inc.
 
2,131
492,496
Enbridge, Inc. (Canada)(b)
 
7,650
357,052
Keyera Corp. (Canada)
 
5,046
156,315
Kinder Morgan, Inc.
 
15,763
414,567
ONEOK, Inc.
 
5,495
451,469
Pembina Pipeline Corp. (Canada)
 
8,214
313,384
Targa Resources Corp.
 
2,300
393,070
TC Energy Corp. (Canada)
 
3,479
175,423
Williams Cos., Inc. (The)
 
7,196
421,469
 
 
3,175,245
Materials-10.70%
Agnico Eagle Mines Ltd. (Canada)
 
559
65,572
Corteva, Inc.
 
4,549
281,992
Freeport-McMoRan, Inc.
 
2,684
96,705
International Paper Co.
 
1,969
89,944
Lundin Mining Corp. (Chile)(b)
 
8,957
73,145
Newmont Corp.
 
4,195
220,993
Nutrien Ltd. (Canada)(b)
 
3,194
181,979
Smurfit WestRock PLC
 
3,749
157,533
West Fraser Timber Co. Ltd. (Canada)
 
1,899
140,325
 
 
1,308,188
Real Estate-52.21%
Alexandria Real Estate Equities, Inc.(b)
 
2,122
154,184
American Homes 4 Rent, Class A
 
2,217
82,894
American Tower Corp.
 
2,632
593,279
AvalonBay Communities, Inc.
 
841
176,593
Brixmor Property Group, Inc.
 
8,227
204,935
Crown Castle, Inc.
 
2,813
297,503
CubeSmart
 
2,871
116,764
Digital Realty Trust, Inc.
 
1,193
191,524
EastGroup Properties, Inc.(b)
 
276
45,104
Equinix, Inc.
 
588
506,121
Equity LifeStyle Properties, Inc.
 
869
56,294
Equity Residential
 
2,911
204,527
Extra Space Storage, Inc.
 
667
97,729
Federal Realty Investment Trust
 
2,959
278,205
Healthpeak Properties, Inc.
 
12,600
224,784
Host Hotels & Resorts, Inc.
 
9,038
127,617
Invitation Homes, Inc.
 
4,350
148,726
Kimco Realty Corp.
 
4,352
86,953
PotlatchDeltic Corp.
 
544
20,884
 
Shares
Value
Real Estate-(continued)
Prologis, Inc.
 
6,364
$650,401
Public Storage
 
970
291,417
Realty Income Corp.
 
5,405
312,733
Rexford Industrial Realty, Inc.
 
7,763
256,955
SBA Communications Corp., Class A
 
1,384
336,866
Simon Property Group, Inc.
 
1,782
280,451
Welltower, Inc.
 
2,887
440,527
Weyerhaeuser Co.(b)
 
7,767
201,243
 
 
6,385,213
Utilities-10.06%
American Water Works Co., Inc.
 
1,248
183,468
CenterPoint Energy, Inc.
 
1,165
45,179
Consolidated Edison, Inc.
 
2,567
289,429
Essential Utilities, Inc.
 
3,986
163,944
Sempra
 
7,388
548,707
 
 
1,230,727
Total Common Stocks & Other Equity Interests
(Cost $11,445,878)
12,159,395
Money Market Funds-0.46%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)(d)
(Cost $56,814)
 
56,814
56,814
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.89%
(Cost $11,502,692)
12,216,209
Investments Purchased with Cash Collateral from Securities
on Loan
Money Market Funds-7.34%
Invesco Private Government Fund, 4.32%(c)(d)(e)
 
248,538
248,538
Invesco Private Prime Fund, 4.46%(c)(d)(e)
 
648,312
648,442
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $896,980)
896,980
TOTAL INVESTMENTS IN SECURITIES-107.23%
(Cost $12,399,672)
13,113,189
OTHER ASSETS LESS LIABILITIES-(7.23)%
(884,497
)
NET ASSETS-100.00%
$12,228,692
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Real Assets ESG ETF (IVRA)—(continued)
April 30, 2025
(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)
All or a portion of this security was out on loan at April 30, 2025.
(c)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class
$153,643
$633,462
$(730,291
)
$-
$-
$56,814
$1,525
Investments Purchased with
Cash Collateral from
Securities on Loan:
Invesco Private Government
Fund
291,212
3,276,709
(3,319,383
)
-
-
248,538
5,156
*
Invesco Private Prime Fund
841,753
7,224,963
(7,418,215
)
-
(59
)
648,442
13,619
*
Total
$1,286,608
$11,135,134
$(11,467,889
)
$-
$(59
)
$953,794
$20,300
 
*
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement 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, 2025.
(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 2J.
 
This Fund has holdings greater than 10% of net assets in the following country:
 
Canada
11.37%
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Statement of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco Real Assets
ESG ETF (IVRA)
Assets:
Unaffiliated investments in securities, at value(a)
$12,159,395
Affiliated investments in securities, at value
953,794
Cash
351
Receivable for:
Dividends and interest
7,244
Securities lending
106
Investments sold
128,589
Investments sold - affiliated broker
67,058
Total assets
13,316,537
Liabilities:
Due to foreign custodian
202
Payable for:
Investments purchased
184,718
Collateral upon return of securities loaned
896,980
Accrued unitary management fees
5,829
Accrued tax expenses
116
Total liabilities
1,087,845
Net Assets
$12,228,692
Net assets consist of:
Shares of beneficial interest
$11,320,644
Distributable earnings
908,048
Net Assets
$12,228,692
Shares outstanding (unlimited amount authorized, $0.01 par value)
770,001
Net asset value
$15.88
Market price
$15.92
Unaffiliated investments in securities, at cost
$11,445,878
Affiliated investments in securities, at cost
$953,794
Foreign currencies (due to foreign custodian), at cost
$(202
)
(a)Includes securities on loan with an aggregate value of:
$865,286
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Statement of Operations
For the six months ended April 30, 2025
(Unaudited)

 
 
Invesco Real Assets
ESG ETF (IVRA)
Investment income:
Unaffiliated dividend income
$197,652
Affiliated dividend income
1,525
Securities lending income, net
1,550
Foreign withholding tax
(4,007
)
Total investment income
196,720
Expenses:
Unitary management fees
33,430
Less: Waivers
(22
)
Net expenses
33,408
Net investment income
163,312
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
219,379
Affiliated investment securities
(59
)
In-kind redemptions
27,834
Foreign currencies
(440
)
Net realized gain
246,714
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(120,011
)
Foreign currencies
(3
)
Change in net unrealized appreciation (depreciation)
(120,014
)
Net realized and unrealized gain
126,700
Net increase in net assets resulting from operations
$290,012
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Statement of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited)

 
 
Invesco Real Assets
ESG ETF (IVRA)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$163,312
$139,808
Net realized gain
246,714
172,770
Change in net unrealized appreciation (depreciation)
(120,014
)
1,139,457
Net increase in net assets resulting from operations
290,012
1,452,035
Distributions to Shareholders from:
Distributable earnings
(287,167
)
(146,010
)
Shareholder Transactions:
Proceeds from shares sold
2,345,654
5,967,458
Value of shares repurchased
(154,705
)
-
Net increase in net assets resulting from share transactions
2,190,949
5,967,458
Net increase in net assets
2,193,794
7,273,483
Net assets:
Beginning of period
10,034,898
2,761,415
End of period
$12,228,692
$10,034,898
Changes in Shares Outstanding:
Shares sold
150,000
400,000
Shares repurchased
(10,000
)
-
Shares outstanding, beginning of period
630,001
230,001
Shares outstanding, end of period
770,001
630,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Financial Highlights
Invesco Real Assets ESG ETF (IVRA) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Years Ended October 31,
For the Period
December 17, 2020(a)
Through
October 31,
2021
 
2024
2023
2022
Per Share Operating Performance:
Net asset value at beginning of period
$15.93
$12.01
$13.05
$14.88
$12.00
Net investment income(b)
0.23
0.39
0.33
0.29
0.22
Net realized and unrealized gain (loss) on investments
(0.12
)(c)
3.92
(1.06
)
(1.43
)
3.04
Total from investment operations
0.11
4.31
(0.73
)
(1.14
)
3.26
Distributions to shareholders from:
Net investment income
(0.16
)
(0.39
)
(0.31
)
(0.29
)
(0.38
)
Net realized gains
-
-
-
(0.40
)
-
Total distributions
(0.16
)
(0.39
)
(0.31
)
(0.69
)
(0.38
)
Net asset value at end of period
$15.88
$15.93
$12.01
$13.05
$14.88
Market price at end of period(d)
$15.92
$15.95
$12.03
$13.10
$14.96
Net Asset Value Total Return(e)
2.36
%
36.28
%
(5.80
)%
(8.01
)%
27.65
%(f)
Market Price Total Return(e)
2.49
%
36.22
%
(6.00
)%
(8.16
)%
28.33
%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$12,229
$10,035
$2,761
$3,002
$1,934
Ratio to average net assets of:
Expenses
0.59
%(g)
0.59
%
0.59
%
0.59
%
0.60
%(g)
Net investment income
2.88
%(g)
2.65
%
2.49
%
2.02
%
1.86
%(g)
Portfolio turnover rate(h)
49
%
132
%
80
%
82
%
52
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of
shareholder transactions in relation to the fluctuating market values of the Fund’s investments.
(d)
The mean between the last bid and ask prices.
(e)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(f)
The net asset value total return from Fund Inception (December 22, 2020, the first day of trading on the exchange) to October 31, 2021 was 32.40%. The market
price total return from Fund Inception to October 31, 2021 was 32.53%.
(g)
Annualized.
(h)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Notes to Financial Statements
Invesco Actively Managed Exchange-Traded Fund Trust
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes Invesco Real Assets ESG ETF (IVRA) (the "Fund").
The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund’s Shares." The Fund’s Shares are listed and traded on the Cboe BZX Exchange, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in the Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for (1) select recently disclosed portfolio holdings ("Strategy Components"), (2) an amount of cash corresponding to the value of ETFs that convey information about the types of instruments in which the Fund invests ("Representative ETFs") and (3) cash and cash equivalents, which, together with the Strategy Components and Representative ETFs, constitute the “Tracking Basket.” However, the Fund reserves the right to issue and redeem Creation Units in exchange solely for cash and/or cash equivalents. Except when aggregated in Creation Units by authorized participants (“APs”), Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek capital appreciation with a secondary objective of current income.
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a
9
particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of
10
capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.’s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
11
G.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements. Adoption of the new standard impacted the Fund’s financial statement note disclosures only and did not affect the Fund’s financial position or the results of its operations.
J.
Securities Lending - The Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement of Assets and Liabilities.
Invesco, an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, the Fund paid Invesco $39 in fees for securities lending agent services. Fees paid to Invesco for securities lending agent services are included in Securities lending income, net on the Statement of Operations. 
K.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of
12
securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
L.
Other Risks
ADR Risk. The Fund may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened due to the fact that the Fund does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. Also, this risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Emerging Markets Investment Risk. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
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Environmental, Social and Governance ("ESG") Risk. Because the Affiliated Sub-Adviser evaluates  ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Affiliated Sub-Adviser’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by the Affiliated Sub-Adviser to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Affiliated Sub-Adviser’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the assessment of an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Fluctuation of Net Asset Value and Share Price Risk. Shares may trade at a larger premium or discount to the NAV than shares of other ETFs. The NAV of the Fund will generally fluctuate with changes in the market value of the Fund’s holdings. The Shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Shares may result in the Shares trading significantly above (at a premium) or below (at a discount) NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Industry Concentration Risk. The Fund concentrates in securities of companies principally engaged in the U.S. real estate and infrastructure industries. By concentrating its investments in an industry or industry group, the Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.
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Market Risk. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.
Portfolio Turnover Risk. The Fund may engage in frequent trading of its respective portfolio securities, which may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. 
Real Assets Companies Risk. Investments in real assets companies may involve a higher degree of risk, including significant financial, operating, and competitive risks, and may expose the Fund to adverse macroeconomic conditions, such as changes and volatility in commodity prices, a rise in interest rates or a downturn in the economy in which the asset is located, elevating the risk of loss. 
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.
Pursuant to the Investment Advisory Agreement, the Fund accrued daily and paid monthly to the Adviser an annual unitary management fee of 0.59% of the Fund’s average daily net assets during the period ended April 30, 2025. Effective May 13, 2025, the Fund’s annual unitary management fee was reduced to 0.58%. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser’s fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser’s compensation of the sub-advised assets of the Fund.
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2025, the Adviser waived fees of $22.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
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The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$12,159,395
$-
$-
$12,159,395
Money Market Funds
56,814
896,980
-
953,794
Total Investments
$12,216,209
$896,980
$-
$13,113,189
NOTE 5—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total*
 
$-
$-
$-
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 6—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $5,770,867 and $5,615,963, respectively.
For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were $2,090,051 and $120,377, respectively.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Aggregate unrealized appreciation of investments
$1,191,818
Aggregate unrealized (depreciation) of investments
(525,066
)
Net unrealized appreciation of investments
$666,752
Cost of investments for tax purposes is $12,446,437.
NOTE 7—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 8—Capital
Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.
To the extent that the Fund issues or redeems Creation Units in-kind, the Fund may issue Shares in advance of receipt of the underlying securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing securities.
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.
NOTE 9—Subsequent Event
The Fund previously operated as a “non-transparent” ETF, meaning it did not publicly disclose its portfolio holdings on a daily basis pursuant to an exemptive order from the U.S. Securities and Exchange Commission (the “Order”). At a meeting held on March 13, 2025, the Board of Trustees of the Trust approved a change to the Fund’s structure from a “non-transparent” ETF to a “transparent” ETF that discloses its portfolio holdings daily and operates in reliance on Rule 6c-11 under the 1940 Act. This change in the Fund’s structure became effective on May 13, 2025 (the “Effective Date”).
In connection with this change to a fully “transparent” structure, the Fund changed as follows on the Effective Date:
The Fund no longer publishes on its website a “Tracking Basket” (comprised of Strategy Components, Representative ETFs, and cash and cash equivalents) and “Tracking Basket Weight Overlap”, which is the percentage weight overlap between the holdings of the prior business day’s Tracking Basket compared to the holdings of the Fund that formed the basis for the Fund’s calculation of NAV per share at the end of the prior business day.
The Fund issues and redeems Creation Units generally in exchange for the deposit or delivery of a basket of securities. However, the Fund also continues to reserve the right to permit or require Creation Units to be issued or redeemed in exchange for cash.
The Fund no longer operates in reliance on the Order, which had restricted its investments to exchange-traded instruments, cash and cash equivalents and prohibited the Fund from investing in securities that were considered illiquid investments and penny stocks. These limitations required by the Order have been removed.
The Fund’s investment objective and principal investment strategies did not change as a result of these changes.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”): 
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco S&P 500® Downside Hedged ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”); with respect to each of the following Funds (the “Sub-Advisory Agreement”):
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Investment Advisory Agreement 
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.  The Trustees noted that, unlike most of the other exchange-traded funds (“ETFs”) for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.
The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund’s Lipper Inc. (“Lipper”) peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024.  Based on the information
18
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.
The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.
The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the
19
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period.  The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.
The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers.  The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.   
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.19% of the Fund’s average daily net assets for Invesco AAA CLO Floating Rate Note ETF;
●
0.30% of the Fund’s average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;
●
0.39% of the Fund’s average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;
●
0.48% of the Fund’s average daily net assets for Invesco High Yield Select ETF; and
●
0.59% of the Fund’s average daily net assets for Invesco Real Assets ESG ETF.
The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund’s average daily net assets, effective May 13, 2025.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below.  The Trustees also noted that the net
20
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds. 
Invesco Fund
Equal
to/Lower
than ETF
Peer
Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Equal to/
Lower than
Open-End
Active Fund
Peer Median
Invesco AAA CLO Floating Rate Note ETF
X
N/A
X
Invesco Active U.S. Real Estate ETF
X
 
X
Invesco High Yield Bond Factor ETF
X
X
X
Invesco High Yield Select ETF
X
X
X
Invesco Real Assets ESG ETF
X
N/A
X
Invesco Rochester High Yield Municipal ETF
X
N/A
X
Invesco S&P 500® Downside Hedged ETF
X
N/A
X
Invesco Short Duration Total Return Bond ETF
 
 
X
Invesco Total Return Bond ETF
X
 
X
Invesco Variable Rate Investment Grade ETF
 
 
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this
column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco
21
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a “Sub-Advised Fund” and collectively, the “Sub-Advised Funds”) at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF’s, Invesco Active U.S. Real Estate ETF’s, Invesco High Yield Bond Factor ETF’s, Invesco High Yield Select ETF’s, Invesco Real Assets ESG ETF’s, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF’s, Invesco Total Return Bond ETF’s and Invesco Variable Rate Investment Grade ETF’s assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds.  The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
22
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund.  No single factor was determinative in the Board’s analysis.
23
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Fund’s trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
24
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-AMNT-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
IMF
Invesco Managed Futures Strategy ETF
Table of Contents 
3
6
7
8
9
10
19
22
2
Invesco Managed Futures Strategy ETF (IMF)
April 30, 2025
(Unaudited)
Consolidated Schedule of Investments(a)
 
 
Shares
Value
Money Market Funds-86.68%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 4.26%(b)(c)
 
205,726,250
$205,726,251
Invesco Liquidity Funds PLC, Invesco US
Dollar Liquidity Portfolio, Institutional
Class, 4.14%(b)(c)
 
59,453,331
59,453,331
TOTAL INVESTMENTS IN SECURITIES-86.68%
(Cost $265,179,582)
265,179,582
OTHER ASSETS LESS LIABILITIES-13.32%
40,744,932
NET ASSETS-100.00%
$305,924,514
 
Notes to Consolidated Schedule of Investments:
(a)
The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been
eliminated in consolidations.
(b)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the period ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
$-
$315,065,440
$(109,339,189
)
$-
$-
$205,726,251
$703,787
Invesco Liquidity Funds
PLC, Invesco US Dollar
Liquidity Portfolio,
Institutional Class
-
71,860,584
(12,407,253
)
-
-
59,453,331
203,577
Total
$-
$386,926,024
$(121,746,442
)
$-
$-
$265,179,582
$907,364
 
(c)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Commodity Risk
 
COMEX E-Micro Gold
1,011
June-2025
$33,556,101
$753,445
$753,445
Natural Gas
123
December-2025
5,704,740
(1,843
)
(1,843
)
Silver
74
July-2025
12,146,360
(139,251
)
(139,251
)
Soybean Oil
707
July-2025
20,773,074
334,802
334,802
Subtotal—Commodity Risk
 
947,153
947,153
Currency Risk
 
CME British Pound Currency
639
June-2025
53,284,613
607,756
607,756
CME Euro Foreign Exchange Currency
433
June-2025
61,594,250
(151,843
)
(151,843
)
CME Japanese Yen Currency
224
June-2025
19,716,200
15,946
15,946
CME New Zealand Dollar Currency
70
June-2025
4,162,900
(9,035
)
(9,035
)
CME Swiss Franc Currency
378
June-2025
57,725,325
49,149
49,149
Subtotal—Currency Risk
 
511,973
511,973
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
3
Invesco Managed Futures Strategy ETF (IMF)—(continued)
April 30, 2025
(Unaudited)
Open Futures Contracts(a)—(continued)
Long Futures Contracts—(continued)
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
 
Eurex DAX Index
32
June-2025
$20,556,996
$918,020
$918,020
EURO STOXX 50
323
June-2025
18,751,393
1,487
1,487
FTSE 100 Index
182
June-2025
20,575,767
(27,485
)
(27,485
)
FTSE/MIB Index
89
June-2025
18,747,960
807,911
807,911
HKG Hang Seng Index
125
May-2025
17,800,495
94,424
94,424
MEFF Madrid IBEX 35 Index
165
May-2025
24,846,957
620,012
620,012
MSCI Emerging Markets Index
188
June-2025
10,434,000
(2,823
)
(2,823
)
S&P/TSX 60 Index
94
June-2025
20,347,499
265,351
265,351
Tokyo Stock Price Index
26
June-2025
4,856,772
(4,630
)
(4,630
)
Subtotal—Equity Risk
 
2,672,267
2,672,267
Interest Rate Risk
 
Australia 10 Year Bonds
385
June-2025
28,322,464
121,422
121,422
Canada 10 Year Bonds
155
June-2025
13,876,276
(349
)
(349
)
Euro-Bobl
267
June-2025
36,309,187
87,291
87,291
EURO-BTP
315
June-2025
43,073,012
330,356
330,356
Euro-Schatz
371
June-2025
45,365,974
13,944
13,944
SFE 3 Year Australian Bonds
1,067
June-2025
73,496,230
256,480
256,480
U.S. Treasury 10 Year Notes
219
June-2025
24,575,906
(1,892
)
(1,892
)
U.S. Treasury 2 Year Notes
175
June-2025
36,425,977
108,678
108,678
U.S. Treasury 5 Year Notes
333
June-2025
36,362,039
134,059
134,059
Subtotal—Interest Rate Risk
 
1,049,989
1,049,989
Subtotal—Long Futures Contracts
 
5,181,382
5,181,382
Short Futures Contracts
 
 
 
 
 
Commodity Risk
 
Brent Crude Oil
189
August-2025
(11,466,630
)
638,237
638,237
Corn
308
July-2025
(7,322,700
)
(1,274
)
(1,274
)
Gasoline RBOB
99
June-2025
(8,389,597
)
60,311
60,311
LME Copper
19
December-2025
(4,319,099
)
(80,115
)
(80,115
)
LME Primary Aluminum
356
June-2025
(21,357,063
)
289,042
289,042
Low Sulphur Gasoil
222
June-2025
(13,286,700
)
374,610
374,610
New York Harbor Ultra-Low Sulfur Diesel
150
June-2025
(12,611,340
)
386,999
386,999
Soybean
302
July-2025
(15,771,950
)
6,148
6,148
Soybean Meal
572
July-2025
(17,045,600
)
295,566
295,566
Wheat
566
July-2025
(15,020,225
)
769,971
769,971
WTI Crude Oil
189
August-2025
(10,808,910
)
619,340
619,340
Subtotal—Commodity Risk
 
3,358,835
3,358,835
Interest Rate Risk
 
Euro-Bund
298
June-2025
(44,640,693
)
(38,764
)
(38,764
)
Euro-Buxl
199
June-2025
(28,073,077
)
(372,292
)
(372,292
)
Euro-OAT
51
June-2025
(7,283,888
)
(40,211
)
(40,211
)
Long Gilt
260
June-2025
(32,477,819
)
(617,227
)
(617,227
)
U.S. Treasury Long Bonds
250
June-2025
(29,156,250
)
(425,867
)
(425,867
)
Subtotal—Interest Rate Risk
 
(1,494,361
)
(1,494,361
)
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
4
Invesco Managed Futures Strategy ETF (IMF)—(continued)
April 30, 2025
(Unaudited)
Open Futures Contracts(a)—(continued)
Short Futures Contracts—(continued)
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Currency Risk
 
Canadian Dollar
82
June-2025
$(5,962,630
)
$(27,975
)
$(27,975
)
CME Australian Dollar Currency
456
June-2025
(29,215,920
)
(294,690
)
(294,690
)
Subtotal—Currency Risk
 
(322,665
)
(322,665
)
Equity Risk
 
E-Mini Russell 2000 Index
151
June-2025
(14,871,990
)
(106,142
)
(106,142
)
E-Mini S&P 500 Index
36
June-2025
(10,056,600
)
(55,546
)
(55,546
)
Euronext CAC 40 Index
80
May-2025
(6,849,149
)
(196,311
)
(196,311
)
OML Stockholm OMXS30 Index
745
May-2025
(18,650,297
)
(562,624
)
(562,624
)
SPI 200 Index
23
June-2025
(2,995,554
)
(57,068
)
(57,068
)
Subtotal—Equity Risk
 
(977,691
)
(977,691
)
Subtotal—Short Futures Contracts
 
564,118
564,118
Total Futures Contracts
$5,745,500
$5,745,500
 
(a)
Futures contracts collateralized by $46,467,617 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
5
Consolidated Statement of Assets and Liabilities
April 30, 2025
(Unaudited)

 
 
Invesco
Managed Futures
Strategy ETF (IMF)
Assets:
Affiliated investments in securities, at value
$265,179,582
Other investments:
Unrealized appreciation on LME futures contracts
208,927
Cash
19,804
Deposits with brokers:
Cash collateral-futures contracts
46,467,617
Receivable for:
Dividends
789,054
Expenses absorbed
31,521
Total assets
312,696,505
Liabilities:
Payable for:
Variation margin on non-LME futures contracts
5,525,406
LME futures contracts
1,112,892
Accrued unitary management fees
133,693
Total liabilities
6,771,991
Net Assets
$305,924,514
Net assets consist of:
Shares of beneficial interest
$334,333,912
Distributable earnings (loss)
(28,409,398
)
Net Assets
$305,924,514
Shares outstanding (unlimited amount authorized, $0.01 par value)
7,040,001
Net asset value
$43.46
Market price
$43.49
Affiliated investments in securities, at cost
$265,179,582
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
6
Consolidated Statement of Operations
For the period ended April 30, 2025
(Unaudited)

 
 
Invesco
Managed Futures
Strategy ETF (IMF)(a)
Investment income:
Unaffiliated interest income
$6,321
Affiliated dividend income
907,364
Total investment income
913,685
Expenses:
Unitary management fees
150,125
Less: Waivers
(35,419
)
Net expenses
114,706
Net investment income
798,979
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
1,965
Foreign currencies
(202,313
)
Futures contracts
(34,482,823
)
Net realized gain (loss)
(34,683,171
)
Change in net unrealized appreciation (depreciation) of:
Foreign currencies
(270,706
)
Futures contracts
5,745,500
Change in net unrealized appreciation
5,474,794
Net realized and unrealized gain (loss)
(29,208,377
)
Net increase (decrease) in net assets resulting from operations
$(28,409,398
)
 
(a)
For the period March 17, 2025 (commencement of investment operations) through April 30, 2025.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
7
Consolidated Statement of Changes in Net Assets
For the period ended April 30, 2025
(Unaudited)

 
 
Invesco
Managed Futures
Strategy ETF (IMF)
 
Period Ended
April 30,
2025(a)
Operations:
Net investment income
$798,979
Net realized gain (loss)
(34,683,171
)
Change in net unrealized appreciation
5,474,794
Net increase (decrease) in net assets resulting from operations
(28,409,398
)
Shareholder Transactions:
Proceeds from shares sold
334,333,912
Net increase in net assets resulting from share transactions
334,333,912
Net increase in net assets
305,924,514
Net assets:
Beginning of period
-
End of period
$305,924,514
Changes in Shares Outstanding:
Shares sold
7,040,001
Shares outstanding, beginning of period
-
Shares outstanding, end of period
7,040,001
 
(a)
For the period March 17, 2025 (commencement of investment operations) through April 30, 2025.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
8
Consolidated Financial Highlights
Invesco Managed Futures Strategy ETF (IMF) 
 
For the Period
March 17, 2025(a)
Through
April 30,
2025
(Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period
$50.00
Net investment income(b)
0.18
Net realized and unrealized gain (loss) on investments
(6.72
)
Total from investment operations
(6.54
)
Net asset value at end of period
$43.46
Market price at end of period(c)
$43.49
Net Asset Value Total Return(d)
(13.08
)%(e)
Market Price Total Return(d)
(13.02
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$305,925
Ratio to average net assets of:
Expenses, after Waivers(f)
0.50
%(g)
Expenses, prior to Waivers(f)
0.65
%(g)
Net investment income
3.46
%(g)
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (March 19, 2025, the first day of trading on the exchange) to April 30, 2025 was (13.85)%. The market price
total return from Fund Inception to April 30, 2025 was (13.61)%.
(f)
In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying fund in
which the Fund invests. Indirect expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying
fund and are deducted from the value of the fund your Fund invests in. The effect of the underlying fund expenses that you bear indirectly is included in your
Fund’s total return. For the period ended April 30, 2025, indirect net expenses paid were 0.10%.
(g)
Annualized.
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.
9
Notes to Consolidated Financial Statements
Invesco Actively Managed Exchange-Traded Fund Trust
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes Invesco Managed Futures Strategy ETF (IMF) (the "Fund") and the Invesco Managed Futures Strategy Cayman Ltd. (the "Subsidiary"), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands.
The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund’s Shares." The Fund’s Shares are listed and traded on the Cboe BZX Exchange, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in the Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants (“APs”), Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek long term capital appreciation. The Fund’s investment in its Subsidiary is expected to provide the Fund with exposure to commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its consolidated financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter ("OTC") market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for
10
certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
11
C.
Country Determination - For the purposes of presentation in the Consolidated Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s consolidated financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.’s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying consolidated financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G.
Accounting Estimates - The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Also, under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee
12
and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements. Adoption of the new standard impacted the Fund’s financial statement note disclosures only and did not affect the Fund’s financial position or the results of its operations. 
J.
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
K.
Futures Contracts - The Fund will enter into futures contracts to simulate full investment in securities or manage exposure to equity, interest rate, commodities, and market price movements and/or currency risks and provide exposure to markets and indexes.
A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, index, commodity or financial instrument for a specified price at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on commodity futures contracts that do not trade on the London Metals Exchange (the "LME"), depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. For LME contracts, subsequent variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net
13
realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations.
For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statement of Assets and Liabilities.
The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling." If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.
L.
Other Risks
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund’s net asset value. These costs may also decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.
Commodity-Linked Derivatives Risk. Investments linked to the prices of commodities may be considered speculative. The Fund’s significant investment exposure to commodities may subject the Fund to greater volatility than investments in traditional securities. Therefore, the value of such instruments may be volatile and fluctuate widely based on a variety of macroeconomic factors or commodity-specific factors. At times, price fluctuations may be quick and significant and may not correlate to price movements in other asset classes, such as stocks, bonds and cash. 
Commodity Pool Risk. The Subsidiary’s investments in futures contracts have caused it and the Fund to be deemed commodity pools, thereby subjecting the Subsidiary and the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission ("CFTC") rules. The Adviser is registered as a commodity pool operator (“CPO”) and as a commodity trading advisor (“CTA”), and will manage both the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO or CTA subjects the Adviser to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund or the Subsidiary. Registration as a commodity pool may have negative effects on the ability of the Fund or the Subsidiary to engage in its planned investment program. Additionally, the Subsidiary’s positions in futures contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.
Futures Contracts Risk. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying reference asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures
14
contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash or must sell securities to meet those margin requirements; (vi) the possibility that a failure to close a position may result in the Fund receiving an illiquid asset; and (vii) unfavorable execution prices from rapid selling.
Interest Rate Risk. The Fund’s investments in U.S. Government securities and commercial paper will change in value in response to interest rate changes and other factors, such as the perception of an issuer’s creditworthiness. For example, the value of fixed-income securities generally decrease when interest rates rise, which may cause the Fund’s value to decrease. Also, investments in fixed-income securities with longer maturities fluctuate more in response to interest rate changes.
Leveraging Risk. The Fund’s use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of the reference asset underlying an instrument, which means the Fund will have the potential for greater losses than if the Fund did not use instruments with a leveraging effect. Leveraging may cause the Fund’s net asset value to experience heightened volatility.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price. There is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time, which may make it difficult for the Fund to sell them at an acceptable price, purchase a sufficient quantity at an acceptable price, or to accurately value them.
Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.
Market Risk. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.
Non-Diversified Fund Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance. 
Subsidiary Investment Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with its Subsidiary’s investments. The Subsidiary is not registered under the 1940 Act; therefore the Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.
Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company (“RIC”) and be subject to federal income tax at the Fund level. As a RIC, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code. The IRS has issued a number of private letter rulings to other RICs (upon which only the Fund that received the private letter ruling can rely), which indicate that income from the Fund’s investment in certain commodity-linked notes and a wholly owned foreign subsidiary that invests in commodity-linked derivatives, such as the Subsidiary, constitutes qualifying income. However, the portion of such rulings relating to the treatment of a corporation as a RIC that require a determination of whether a financial instrument or position is a security under section 2(a)(36) of the 1940 Act was revoked because of changes in the IRS’s position. (A financial instrument or position that constitutes a security under section 2(a)(36) of the 1940 Act generates qualifying income for a corporation taxed as a RIC.) Accordingly, the Fund may invest in certain commodity-linked notes: (a) directly, relying on an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the IRS issue further guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund’s use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could limit the Fund’s ability to pursue its investment strategy and the Fund might not qualify as a RIC for one or more years. In this event, the Fund’s Board may authorize a significant change in investment strategy or other action. In lieu of potential disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the income requirement, which, in general, are limited to those due to
15
reasonable cause and not willful neglect. The Fund also may incur transaction and other costs to comply with any new or additional guidance from the IRS.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.
Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser’s fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser’s compensation of the sub-advised assets of the Fund.
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the period March 17, 2025 (commencement of investment operations) through April 30, 2025, the Adviser waived fees of $35,419.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
16
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of April 30, 2025, all of the securities in the Fund were valued based on Level 1 inputs (see the Consolidated Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 5—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which the Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2025: 
 
Value
Derivative Assets
Commodity
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Unrealized appreciation on futures contracts—Exchange-Traded(a)
$4,528,471
$672,851
$2,707,205
$1,052,230
Derivatives not subject to master netting agreements
(4,528,471
)
(672,851
)
(2,707,205
)
(1,052,230
)
Total Derivative Assets subject to master netting agreements
$-
$-
$-
$-
 
Value
Derivative Liabilities
Commodity
Risk
Currency
Risk
Equity
Risk
Interest Rate
Risk
Unrealized depreciation on futures contracts—Exchange-Traded(a)
$(222,483
)
$(483,543
)
$(1,012,629
)
$(1,496,602
)
Derivatives not subject to master netting agreements
222,483
483,543
1,012,629
1,496,602
Total Derivative Liabilities subject to master netting agreements
$-
$-
$-
$-
 
(a)
Includes cumulative appreciation (depreciation) on futures contracts. Only current day’s variation margin receivable (payable) is reported within the
Consolidated Statement of Assets and Liabilities for non-LME futures contracts.
Effect of Derivative Investments for the period March 17, 2025 (commencement of investment operations) through April 30, 2025
The table below summarizes the Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain
on Consolidated
Statement of Operations
 
Commodity
Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Realized Gain (Loss):
Futures contracts
$(7,981,548
)
$(1,993,432
)
$(19,560,741
)
$(4,947,102
)
$(34,482,823
)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts
4,305,988
189,308
1,694,576
(444,372
)
5,745,500
Total
$(3,675,560
)
$(1,804,124
)
$(17,866,165
)
$(5,391,474
)
$(28,737,323
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures Contracts
Average notional value
$840,657,071
17
NOTE 6—Investment Transactions
There were no securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) purchased or sold by the Fund during the period March 17, 2025 (commencement of investment operations) through April 30, 2025.
In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period. As of April 30, 2025, the cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation (depreciation) was $4,377,418 consisting of gross appreciation of $10,194,940 and gross depreciation of $(5,817,522).
NOTE 7—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 8—Capital
Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Consolidated Statement of Changes in Net Assets.
18
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on March 13, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Advisory Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Managed Futures Strategy ETF, Invesco International Growth Focus ETF, Invesco QQQ Hedged Advantage ETF and Invesco Comstock Contrarian Equity ETF (each, a “Fund” and collectively, the “Funds”) and the Investment Sub-Advisory Agreement for each Fund, between the Adviser and the following seven affiliated sub-advisers (the “Sub-Advisory Agreement”):  Invesco Advisers, Inc. (as the initial sub-adviser for each Fund); Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Advisory Agreement
The Trustees reviewed information from the Adviser describing:  (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”).  The Trustees considered information regarding each Fund’s investment objective, strategies and process.  The Trustees noted other information the Board received and considered describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd.  The Trustees reviewed information related to the Adviser’s and Sub-Advisers’ portfolio transaction policies and procedures.  Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian, transfer agent and the Sub-Advisers.  They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for each Fund.  
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and to Adviser-identified select peer funds, as applicable.  The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Advisers, except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses.  The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below: 
Fund
Passive ETF
Peer Group
(Number of Peers)
Open-End
Index Fund
Peer Group
(Number of Peers)
Open-End
Active Fund
Peer Group
(Number of Peers)
Select
Peer Group
(Number of Peers)
Invesco Managed Futures Strategy ETF
Lower than
median (12)
N/A
Lower than
median (19)
Lower than
median (4)
Invesco International Growth Focus ETF
Lower than
median (11)
Higher than
median (2)
Lower than
median (82)
Lower than
median (4)
19
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Fund
Passive ETF
Peer Group
(Number of Peers)
Open-End
Index Fund
Peer Group
(Number of Peers)
Open-End
Active Fund
Peer Group
(Number of Peers)
Select
Peer Group
(Number of Peers)
Invesco QQQ Hedged Advantage ETF
Lower than
median (210)
Lower than
median (4)
Lower than
median (17)
Lower than
median (4)
Invesco Comstock Contrarian Equity ETF
Lower than
median (24)
Higher than
median (12)
Lower than
median (161)
Lower than
median (4)
Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund.  The Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations.  However, the Trustees noted other information the Board received and considered regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund.  The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of each Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as each Fund’s distributor and will be paid a distribution fee by the Adviser.  The Board concluded that each Fund’s proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the Sub-Advisory Agreement for each Fund at a meeting held on March 13, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services to be provided by each Sub-Adviser, the investment approach of each Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund.  The Board considered additional information it received regarding each Fund’s investment strategy during presentations from certain of the initial sub-adviser’s portfolio managers for the Funds at the Board’s December 12, 2024 meeting.
Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Advisers to each Fund under the Sub-Advisory Agreement were expected to be appropriate and reasonable.
Fees and Expenses.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fees to be charged by the
20
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Advisers from its fee.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. will receive management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser will waive its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees considered that Invesco Advisers, Inc. may use or generate soft-dollars with respect to the Invesco International Growth Focus ETF and the Invesco Comstock Contrarian Equity ETF.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they would derive from their relationships with the Funds.  The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits expected to be received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Sub-Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
21
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Fund’s trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
22
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-MF-NCSRS
invesco.com/ETFs


 
Invesco Semi-Annual Financial Statements and Other Information
April 30, 2025 
IROC
Invesco Rochester High Yield Municipal ETF (formerly, Invesco Municipal Strategic Income
ETF)
Table of Contents 
3
7
8
9
10
11
19
25
2
Invesco Rochester High Yield Municipal ETF (IROC)
April 30, 2025
(Unaudited)
Schedule of Investments 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-97.34%
 
 
 
 
 
Alabama-1.58%
 
 
 
 
 
Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC), Series 2024, RB(a)
5.00%
06/01/2054
$
500
$475,017
Arizona-1.60%
 
 
 
 
 
Pima (County of), AZ Industrial Development Authority (American Leadership Academy) (The),
Series 2022, Ref. RB(b)
4.00%
06/15/2031
 
500
479,488
Arkansas-1.69%
 
 
 
 
 
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds), Series 2023,
RB(a)
5.70%
05/01/2053
 
500
506,898
California-6.70%
 
 
 
 
 
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail)
(Green Bonds), Series 2025 B, Ref. RB(a)(b)(c)
9.50%
01/01/2035
 
500
482,898
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023,
RB(a)(b)
5.00%
07/01/2038
 
500
516,978
California (State of) Public Finance Authority (California University of Science and Medicine),
Series 2019 A, RB(b)
6.25%
07/01/2054
 
500
515,086
California (State of) Statewide Communities Development Authority (Loma Linda University Medical
Center), Series 2014, RB
5.25%
12/01/2034
 
500
500,206
 
 
 
 
2,015,168
Colorado-1.59%
 
 
 
 
 
Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB(b)
5.00%
12/01/2037
 
500
476,641
District of Columbia-1.08%
 
 
 
 
 
District of Columbia (Provident Group - Howard Properties LLC), Series 2013, RB
5.00%
10/01/2045
 
350
324,719
Florida-7.28%
 
 
 
 
 
Capital Projects Finance Authority (Millenia Orlando), Series 2025 A, RB(b)
6.75%
01/01/2045
 
500
492,967
Capital Trust Authority (St.Johns Classical Academy, Inc.), Series 2025, Ref. RB(b)
5.13%
06/15/2050
 
250
232,654
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref.
RB(a)(b)(c)
12.00%
07/15/2028
 
250
259,520
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref.
RB(a)
5.50%
07/01/2053
 
500
500,325
Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024 B-3,
RB
4.13%
11/15/2029
 
200
198,738
Miami Beach (City of), FL, Series 2017, Ref. RB
5.00%
09/01/2047
 
500
504,026
 
 
 
 
2,188,230
Illinois-5.63%
 
 
 
 
 
Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds
5.00%
12/01/2033
 
500
500,041
Chicago (City of), IL Board of Education, Series 2015 C, GO Bonds
5.25%
12/01/2035
 
500
499,889
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB
5.00%
11/15/2038
 
445
444,996
Marion (City of), IL (Star Bond District Project Area No. 1), Series 2025, RB
6.38%
06/01/2045
 
250
245,948
 
 
 
 
1,690,874
Indiana-2.49%
 
 
 
 
 
Indiana (State of) Finance Authority (U.S. Steel Corp.), Series 2021 A, Ref. RB
4.13%
12/01/2026
 
500
498,101
Whiting (City of), IN (BP Products North America, Inc.), Series 2015, RB(a)(c)
4.40%
06/10/2031
 
250
250,627
 
 
 
 
748,728
Iowa-1.75%
 
 
 
 
 
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(c)(d)
4.00%
12/01/2032
 
500
524,896
Kentucky-1.64%
 
 
 
 
 
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky
Information Highway), Series 2015 A, RB
4.25%
07/01/2035
 
500
493,948
Louisiana-2.59%
 
 
 
 
 
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB(a)
5.75%
09/01/2064
 
750
778,609
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Rochester High Yield Municipal ETF (IROC)—(continued)
April 30, 2025
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Maryland-3.30%
 
 
 
 
 
Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB(a)
5.00%
11/12/2028
$
500
$503,663
Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB
5.00%
11/01/2037
 
500
489,524
 
 
 
 
993,187
Massachusetts-1.66%
 
 
 
 
 
Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.), Series 2025,
RB
5.25%
07/01/2055
 
500
500,072
Michigan-1.65%
 
 
 
 
 
Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB(a)(c)
4.00%
10/01/2026
 
500
497,286
New Jersey-1.61%
 
 
 
 
 
Tobacco Settlement Financing Corp., Series 2018 B, Ref. RB
5.00%
06/01/2046
 
500
485,393
New York-9.43%
 
 
 
 
 
Build NYC Resource Corp. (Brooklyn Navy Yard), Series 2019, Ref. RB,
(LOC - Santander Bank N.A.)(a)(b)(e)
5.25%
12/31/2033
 
250
247,082
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International
Airport), Series 2021, Ref. RB(a)
3.00%
08/01/2031
 
500
462,916
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal
One) (Green Bonds), Series 2023, RB(a)
6.00%
06/30/2054
 
500
524,396
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment),
Series 2023, RB(a)
6.00%
04/01/2035
 
1,000
1,091,753
New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds),
Series 2024, Ref. RB(a)
5.50%
12/31/2060
 
500
507,933
 
 
 
 
2,834,080
North Dakota-1.34%
 
 
 
 
 
Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB
5.00%
06/01/2034
 
410
403,710
Ohio-3.15%
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB
5.00%
06/01/2055
 
500
436,967
Ohio (State of) Housing Finance Agency (Haven’s Edge Apartments), Series 2025, RB(b)
5.70%
08/01/2043
 
500
509,728
 
 
 
 
946,695
Oregon-2.49%
 
 
 
 
 
Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB(a)
5.25%
07/01/2039
 
700
747,242
Pennsylvania-4.93%
 
 
 
 
 
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref.
RB
5.00%
05/01/2033
 
525
550,081
Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation LLC),
Series 2023 B, Ref. RB
4.10%
06/01/2029
 
400
399,513
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges
(The)), Series 2022, RB(a)
5.50%
06/30/2038
 
500
530,887
 
 
 
 
1,480,481
Puerto Rico-3.29%
 
 
 
 
 
Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds
4.00%
07/01/2033
 
500
477,816
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB(b)
5.00%
07/01/2028
 
500
510,262
 
 
 
 
988,078
South Carolina-1.74%
 
 
 
 
 
Patriots Energy Group Financing Agency, Series 2023 A-1, RB(c)
5.25%
08/01/2031
 
500
523,345
Texas-8.52%
 
 
 
 
 
Arlington Higher Education Finance Corp. (Newman International Academy), Series 2021, RB
5.00%
08/15/2051
 
150
106,025
Harris County Industrial Development Corp. (Energy Transfer L.P.), Series 2023, Ref. RB(c)
4.05%
06/01/2033
 
250
246,939
Houston (City of), TX, Series 2023 A, Ref. RB, (INS - AGM)(a)(f)
5.25%
07/01/2048
 
500
513,840
Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB(a)
4.00%
07/15/2041
 
500
449,613
Houston (City of), TX (United Airlines, Inc.), Series 2024 B, RB(a)
5.50%
07/15/2038
 
500
505,972
Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB(a)(b)
4.63%
10/01/2031
 
500
496,294
New Hope Cultural Education Facilities Finance Corp., Series 2025 A, RB
6.50%
10/01/2060
 
250
243,665
 
 
 
 
2,562,348
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Rochester High Yield Municipal ETF (IROC)—(continued)
April 30, 2025
(Unaudited)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Utah-1.55%
 
 
 
 
 
Black Desert Public Infrastructure District, Series 2021 A, GO Bonds(b)
3.25%
03/01/2031
$
500
$466,217
Virgin Islands-0.84%
 
 
 
 
 
Virgin Islands (Government of) Public Finance Authority (Frenchman’s Reef Hotel Development),
Series 2024 A, RB(b)
6.00%
04/01/2053
 
250
251,412
Virginia-5.00%
 
 
 
 
 
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. -
Harbor’s Edge), Series 2019 A, RB
5.00%
01/01/2034
 
500
495,828
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023
B-3, RB
5.38%
09/01/2029
 
1,000
1,006,729
 
 
 
 
1,502,557
Washington-4.95%
 
 
 
 
 
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%
07/01/2043
 
500
501,513
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
5.00%
07/01/2048
 
500
484,073
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A,
RB
5.00%
10/01/2042
 
500
500,903
 
 
 
 
1,486,489
West Virginia-0.82%
 
 
 
 
 
West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.),
Series 2025, Ref. RB(a)(b)(c)
5.45%
03/27/2035
 
250
247,842
Wisconsin-5.45%
 
 
 
 
 
Public Finance Authority (KSU Bixby Real Estate Foundation LLC), Series 2025, RB
5.25%
06/15/2055
 
500
503,986
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019,
Ref. RB
5.00%
11/01/2046
 
500
450,341
Wisconsin (State of) Public Finance Authority, Series 2024, RB(c)(d)
5.50%
06/01/2025
 
500
500,756
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB
5.00%
12/01/2027
 
180
182,101
 
 
 
 
1,637,184
Total Municipal Obligations
(Cost $29,046,571)
29,256,834
 
 
 
Shares
 
Money Market Funds-4.51%
 
 
 
 
 
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.26%(g)(h)
(Cost $1,354,973)
 
1,354,973
1,354,973
TOTAL INVESTMENTS IN SECURITIES(i)-101.85%
(Cost $30,401,544)
30,611,807
OTHER ASSETS LESS LIABILITIES-(1.85%)
(555,761
)
NET ASSETS-100.00%
$30,056,046
 
Investment Abbreviations:
AGM
-Assured Guaranty Municipal Corp.
GO
-General Obligation
INS
-Insurer
LOC
-Letter of Credit
RB
-Revenue Bonds
Ref.
-Refunding
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Rochester High Yield Municipal ETF (IROC)—(continued)
April 30, 2025
(Unaudited)
Notes to Schedule of Investments:
(a)
Security subject to the alternative minimum tax.
(b)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
April 30, 2025 was $6,185,069, which represented 20.58% of the Fund’s Net Assets.
(c)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(f)
Principal and/or interest payments are secured by the bond insurance company listed.
(g)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended April 30, 2025.
 
 
Value
October 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
April 30, 2025
Dividend Income
Investments in Affiliated
Money Market Funds:
Invesco Premier
U.S. Government Money
Portfolio, Institutional Class
$-
$4,536,459
$(3,181,486
)
$-
$-
$1,354,973
$4,930
 
(h)
The rate shown is the 7-day SEC standardized yield as of April 30, 2025.
(i)
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Statement of Assets and Liabilities
April 30, 2025
(Unaudited) 
 
Invesco Rochester
High YieldMunicipal ETF (IROC)
Assets:
Unaffiliated investments in securities, at value
$29,256,834
Affiliated investments in securities, at value
1,354,973
Receivable for:
Dividends and interest
428,203
Expenses absorbed
113
Total assets
31,040,123
Liabilities:
Payable for:
Investments purchased
974,415
Accrued unitary management fees
9,623
Accrued tax expenses
39
Total liabilities
984,077
Net Assets
$30,056,046
Net assets consist of:
Shares of beneficial interest
$30,006,669
Distributable earnings
49,377
Net Assets
$30,056,046
Shares outstanding (unlimited amount authorized, $0.01 par value)
600,001
Net asset value
$50.09
Market price
$50.32
Unaffiliated investments in securities, at cost
$29,046,571
Affiliated investments in securities, at cost
$1,354,973
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Statement of Operations
For the six months ended April 30, 2025
(Unaudited) 
 
Invesco Rochester
High YieldMunicipal ETF (IROC)
Investment income:
Unaffiliated interest income
$690,011
Affiliated dividend income
4,930
Total investment income
694,941
Expenses:
Unitary management fees
59,137
Less: Waivers
(204
)
Net expenses
58,933
Net investment income
636,008
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments
(82,430
)
Change in net unrealized appreciation (depreciation) on unaffiliated investment securities
(580,893
)
Net realized and unrealized gain (loss)
(663,323
)
Net increase (decrease) in net assets resulting from operations
$(27,315
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Statement of Changes in Net Assets
For the six months ended April 30, 2025 and the year ended October 31, 2024
(Unaudited) 
 
Invesco Rochester High Yield Municipal ETF (IROC)
 
Six Months Ended
April 30,
2025
Year Ended
October 31,
2024
Operations:
Net investment income
$636,008
$1,266,784
Net realized gain (loss)
(82,430
)
(6,245
)
Change in net unrealized appreciation (depreciation)
(580,893
)
2,177,246
Net increase (decrease) in net assets resulting from operations
(27,315
)
3,437,785
Distributions to Shareholders from:
Distributable earnings
(638,983
)
(1,248,578
)
Shareholder Transactions:
Proceeds from shares sold
-
1,035,084
Value of shares repurchased
-
(1,028,426
)
Net increase in net assets resulting from share transactions
-
6,658
Net increase (decrease) in net assets
(666,298
)
2,195,865
Net assets:
Beginning of period
30,722,344
28,526,479
End of period
$30,056,046
$30,722,344
Changes in Shares Outstanding:
Shares sold
-
20,000
Shares repurchased
-
(20,000
)
Shares outstanding, beginning of period
600,001
600,001
Shares outstanding, end of period
600,001
600,001
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Financial Highlights
Invesco Rochester High Yield Municipal ETF (IROC) 
 
Six Months Ended
April 30,
2025
(Unaudited)
Year ended October 31,
2024
For the Period
December 7, 2022(a)
Through
October 31,
2023
Per Share Operating Performance:
Net asset value at beginning of period
$51.20
$47.54
$50.00
Net investment income(b)
1.06
2.11
1.72
Net realized and unrealized gain (loss) on investments
(1.22
)
3.63
(2.48
)
Total from investment operations
(0.16
)
5.74
(0.76
)
Distributions to shareholders from:
Net investment income
(0.95
)
(2.08
)
(1.70
)
Net asset value at end of period
$50.09
$51.20
$47.54
Market price at end of period(c)
$50.32
$51.21
$47.53
Net Asset Value Total Return(d)
(0.10
)%
12.18
%
(1.61
)%(e)
Market Price Total Return(d)
0.33
%
12.23
%
(1.63
)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)
$30,056
$30,722
$28,526
Ratio to average net assets of:
Expenses
0.39
%(f)
0.39
%
0.39
%(f)
Net investment income
4.19
%(f)
4.15
%
3.82
%(f)
Portfolio turnover rate(g)
48
%
23
%
87
%
 
(a)
Commencement of investment operations.
(b)
Based on average shares outstanding.
(c)
The mean between the last bid and ask prices.
(d)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return
is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price
during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not
annualized.
(e)
The net asset value total return from Fund Inception (December 9, 2022, the first day of trading on the exchange) to October 31, 2023 was (1.67)%. The market
price total return from Fund Inception to October 31, 2023 was (2.08)%.
(f)
Annualized.
(g)
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing
creations or redemptions. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Notes to Financial Statements
Invesco Actively Managed Exchange-Traded Fund Trust
April 30, 2025
(Unaudited)
NOTE 1—Organization
Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”) was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes Invesco Rochester High Yield Municipal ETF (IROC) (the "Fund"). Prior to February 24, 2025, the Fund’s name was Invesco Municipal Strategic Income ETF.
The Fund represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund’s Shares." The Fund’s Shares are listed and traded on the Cboe BZX Exchange, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit”, as set forth in the Fund’s prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants (“APs”), Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek current income exempt from federal income tax.
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A.
Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing
11
price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the
12
Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.
C.
Country Determination - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end.
E.
Federal Income Taxes - The Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays Invesco Advisers, Inc.’s (the "Affiliated Sub-Adviser" or "Invesco") fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G.
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers
13
that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements. Adoption of the new standard impacted the Fund’s financial statement note disclosures only and did not affect the Fund’s financial position or the results of its operations.
J.
Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate and municipal fixed-income securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.
K.
Other Risks
Alternative Minimum Tax Risk. Although the interest received from municipal securities generally is exempt from federal income tax, the Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, investment in the Fund could cause shareholders to be subject to, or result in an increased liability under, the federal alternative minimum tax.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind. To the extent any transaction costs are not offset by transaction fees imposed on APs, such costs may decrease the Fund’s net asset value. These costs may also decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and
14
reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payments of interest and principal. The values of junk bonds often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.
Interest Rate Risk. Interest rate risk refers to the risk that fixed income securities’ prices generally fall as interest rates rise; conversely, fixed income securities’ prices generally rise as interest rates fall. Specific fixed income securities differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration. “Duration risk” is related to interest rate risk; it refers to the risks associated with the sensitivity of a fixed income security’s price to a one percent change in interest rates. Fixed income securities with longer durations (i.e., a greater length of time until they reach maturity) face greater duration risk, meaning that they tend to exhibit greater volatility and are more sensitive to changes in interest rates than fixed income securities with shorter durations.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the Affiliated Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.
Market Risk. Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.
During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.
Municipal Issuer Focus Risk. The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.
Municipal Securities Risk.  The Fund invests in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market.
15
If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Diversified Fund Risk. Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance. 
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs, providing certain clerical, bookkeeping and other administrative services, and oversight of the Affiliated Sub-Adviser.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.39% of the Fund’s average daily net assets. Effective July 1, 2025, the Adviser has agreed to waive 100% of its unitary management fee for the Fund through June 30, 2026. Out of the unitary management fee, the Adviser pays the Affiliated Sub-Adviser’s fees and substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
The Adviser has entered into an Investment Sub-Advisory Agreement with the Affiliated Sub-Adviser. The sub-advisory fee for the Fund is paid by the Adviser to the Affiliated Sub-Adviser at 40% of the Adviser’s compensation of the sub-advised assets of the Fund.
Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2025, the Adviser waived fees of $204.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent
16
uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Municipal Obligations
$-
$29,256,834
$-
$29,256,834
Money Market Funds
1,354,973
-
-
1,354,973
Total Investments
$1,354,973
$29,256,834
$-
$30,611,807
NOTE 5—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of October 31, 2024, as follows: 
 
No expiration
 
 
Short-Term
Long-Term
Total
 
$101,685
$-
$101,685
NOTE 6—Investment Transactions
For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $14,403,146 and $13,606,836, respectively.
As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Aggregate unrealized appreciation of investments
$419,788
Aggregate unrealized (depreciation) of investments
(209,525
)
Net unrealized appreciation of investments
$210,263
Cost of investments for tax purposes is $30,401,544.
NOTE 7—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 8—Capital
Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
17
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.
18
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Actively Managed Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”): 
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco S&P 500® Downside Hedged ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers: Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”); with respect to each of the following Funds (the “Sub-Advisory Agreement”):
Invesco AAA CLO Floating Rate Note ETF
Invesco Active U.S. Real Estate ETF
Invesco High Yield Bond Factor ETF
Invesco High Yield Select ETF
Invesco Real Assets ESG ETF
Invesco Rochester High Yield Municipal ETF
Invesco Short Duration Total Return Bond ETF
Invesco Total Return Bond ETF
Invesco Variable Rate Investment Grade ETF
Investment Advisory Agreement 
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services.  In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds.  The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.  The Trustees noted that, unlike most of the other exchange-traded funds (“ETFs”) for which the Adviser serves as investment adviser, the Funds are not designed to track the performance of an index, and investment decisions are the primary responsibility of the Adviser or Sub-Advisers, as applicable.
The Trustees reviewed information on the performance of Invesco AAA CLO Floating Rate Note ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and JP Morgan CLOIE AAA Total Return Index) and the Fund’s Lipper Inc. (“Lipper”) peer group rankings (the 1st quartile being the best performers and the 4th quartile being the worst performers) for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, performed the same as the JP Morgan CLOIE AAA Total Return Index for the one-year period and outperformed the JP Morgan CLOIE AAA Total Return Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for each period.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco AAA CLO Floating Rate Note ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco Active U.S. Real Estate ETF, its benchmark indexes (FTSE NAREIT All Equity REITs Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (November 20, 2008) periods ended December 31, 2024.  Based on the information
19
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
provided, the Trustees noted that the Fund underperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 4th quartile of its Lipper peer group for the one-year, three-year and five-year periods, and the Fund ranked in the 3rd quartile of its Lipper peer group for the ten-year and since-inception periods.  In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the performance of Invesco Active U.S. Real Estate ETF for the one-year period ended December 31, 2024.  The Adviser explained the factors that detracted from the Fund’s performance during the period. 
The Trustees reviewed information on the performance of Invesco High Yield Bond Factor ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 2, 2020) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index for the three-year and since-inception periods.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco High Yield Select ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index for each period, outperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the one-year period and underperformed the Bloomberg U.S. Corporate High Yield Ba/B 2% Issuer Cap Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for the one-year period and in the 4th quartile of its Lipper peer group for the since-inception period.
The Trustees reviewed information on the performance of Invesco Rochester High Yield Municipal ETF, its benchmark indexes (S&P Municipal Bond 50% Investment Grade/50% High Yield Index, S&P Municipal Bond High Yield Index and S&P Municipal Bond Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the one-year period, underperformed the S&P Municipal Bond 50% Investment Grade/50% High Yield Index for the since-inception period, underperformed the S&P Municipal Bond High Yield Index for each period and outperformed the S&P Municipal Bond Index for each period.  The Trustees also noted that the Fund ranked in the 3rd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Real Assets ESG ETF, its benchmark indexes (S&P U.S., Canada & Mexico Real Assets Equity Index and S&P 500® Index) and the Fund’s Lipper peer group rankings for the one-year, three-year and since-inception (December 22, 2020) periods ended December 31, 2024. Based on the information provided, the Trustees noted that the Fund outperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the one-year and three-year periods, underperformed the S&P U.S., Canada & Mexico Real Assets Equity Index for the since-inception period, underperformed the S&P 500® Index for the one-year and three-year periods and outperformed the S&P 500® Index for the since-inception period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco S&P 500® Downside Hedged ETF, its benchmark indexes (S&P 500® Dynamic VEQTOR Index, S&P 500® Index and U.S. 3-Month Treasury Bill Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year, ten-year and since-inception (December 6, 2012) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund underperformed the S&P 500® Dynamic VEQTOR Index and the S&P 500® Index for each period, outperformed the U.S. 3-Month Treasury Bill Index for the one-year, five-year, ten-year and since-inception periods and underperformed the U.S. 3-Month Treasury Bill Index for the three-year period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year, ten-year and since-inception periods and ranked in the 3rd quartile of its Lipper peer group for the three-year period.
The Trustees reviewed information on the performance of Invesco Short Duration Total Return Bond ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government and Credit 1-3 Year Index) and the Fund’s Lipper peer group rankings for the one-year and since-inception (December 9, 2022) periods ended December 31, 2024.  Based on the
20
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 2nd quartile of its Lipper peer group for each period.
The Trustees reviewed information on the performance of Invesco Total Return Bond ETF, its benchmark index (Bloomberg U.S. Aggregate Bond Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (February 10, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed its benchmark for the one-year, five-year and since-inception periods and underperformed its benchmark for the three-year period. The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for the one-year, five-year and since-inception periods, and in the 3rd quartile of its Lipper peer group for the three-year period.  The Trustees considered that the Fund was created in connection with the purchase by Invesco of the ETFs business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF.
The Trustees reviewed information on the performance of Invesco Variable Rate Investment Grade ETF, its benchmark indexes (Bloomberg U.S. Aggregate Bond Index and Bloomberg US Floating Rate Note Index) and the Fund’s Lipper peer group rankings for the one-year, three-year, five-year and since-inception (September 22, 2016) periods ended December 31, 2024.  Based on the information provided, the Trustees noted that the Fund outperformed both benchmark indexes for each period.  The Trustees also noted that the Fund ranked in the 1st quartile of its Lipper peer group for each period.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian, transfer agent and, for all Funds except Invesco S&P 500® Downside Hedged ETF, the Sub-Advisers.  The Trustees noted the significant amount of time, effort and resources that had been devoted to this oversight function.   
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee.  The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco AAA CLO Floating Rate Note ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
●
0.19% of the Fund’s average daily net assets for Invesco AAA CLO Floating Rate Note ETF;
●
0.30% of the Fund’s average daily net assets for Invesco Short Duration Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF;
●
0.35% of the Fund’s average daily net assets for Invesco Active U.S. Real Estate ETF and Invesco Total Return Bond ETF;
●
0.39% of the Fund’s average daily net assets for Invesco S&P 500® Downside Hedged ETF, Invesco High Yield Bond Factor ETF and Invesco Rochester High Yield Municipal ETF;
●
0.48% of the Fund’s average daily net assets for Invesco High Yield Select ETF; and
●
0.59% of the Fund’s average daily net assets for Invesco Real Assets ESG ETF.
The Trustees considered that on March 13, 2025 the Adviser proposed and the Board of Trustees approved a permanent reduction in the annual unitary advisory fee rate for Invesco Real Assets ESG ETF from 0.59% to 0.58% of the Fund’s average daily net assets, effective May 13, 2025.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable.  The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF peers and open-end index peer funds, as illustrated in the table below.  The Trustees also noted that the net expense ratios for all Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds. 
21
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Invesco Fund
Equal
to/Lower
than ETF
Peer
Median*
Equal to/Lower
than Open-End
Index Fund
Peer Median*
Equal to/
Lower than
Open-End
Active Fund
Peer Median
Invesco AAA CLO Floating Rate Note ETF
X
N/A
X
Invesco Active U.S. Real Estate ETF
X
 
X
Invesco High Yield Bond Factor ETF
X
X
X
Invesco High Yield Select ETF
X
X
X
Invesco Real Assets ESG ETF
X
N/A
X
Invesco Rochester High Yield Municipal ETF
X
N/A
X
Invesco S&P 500® Downside Hedged ETF
X
N/A
X
Invesco Short Duration Total Return Bond ETF
 
 
X
Invesco Total Return Bond ETF
X
 
X
Invesco Variable Rate Investment Grade ETF
 
 
X
 
*
The information provided by the Adviser indicated that certain Funds did not have any open-end index fund peers. Those Funds have been designated in this
column with an “N/A” for not available.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have investment strategies comparable to those of the Funds.  The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory was reasonable and appropriate in light of the services provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds.  The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund.  With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s.  Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders.  The Trustees reviewed each Fund’s asset size and unitary advisory fee.  The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds.  The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers.  The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits.  The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.  The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent.  The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser.  The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.Based on all of the information considered and the conclusions reached, the Board, including the
22
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund.  No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco AAA CLO Floating Rate Note ETF, Invesco Active U.S. Real Estate ETF, Invesco High Yield Bond Factor ETF, Invesco High Yield Select ETF, Invesco Real Assets ESG ETF, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF, Invesco Total Return Bond ETF and Invesco Variable Rate Investment Grade ETF (each such Fund, a “Sub-Advised Fund” and collectively, the “Sub-Advised Funds”) at a meeting held on April 24, 2025.  The review process followed by the Board is described in detail above.  In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others. 
Nature, Extent and Quality of Services.  The Trustees considered the nature, extent and quality of services provided to each Sub-Advised Fund under the Sub-Advisory Agreement.  The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco AAA CLO Floating Rate Note ETF’s, Invesco Active U.S. Real Estate ETF’s, Invesco High Yield Bond Factor ETF’s, Invesco High Yield Select ETF’s, Invesco Real Assets ESG ETF’s, Invesco Rochester High Yield Municipal ETF, Invesco Short Duration Total Return Bond ETF’s, Invesco Total Return Bond ETF’s and Invesco Variable Rate Investment Grade ETF’s assets and the experience and skills of the investment personnel responsible for the day-to-day management of such Sub-Advised Funds. 
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to each Sub-Advised Fund under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability.  The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement.  The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates.  The Trustees considered how the sub-advisory fee relates to the overall advisory fee for each Sub-Advised Fund and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. in connection with the March 13 and April 24, 2025 Board Meetings, and Invesco Advisers, Inc. in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm.  The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to each Sub-Advised Fund. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.  As part of their review of the Investment Advisory Agreement for each Sub-Advised Fund, the Trustees considered the extent to which economies of scale may be realized as each Sub-Advised Fund grows and whether fee levels reflect economies of scale for the benefit of the Sub-Advised Fund’s shareholders.  The Board considered whether the sub-advisory fee rate for each Sub-Advised Fund was reasonable in relation to the asset size (if any) of the Sub-Advised Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits.  The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Sub-Advised Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Sub-Advised Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Sub-Advised Fund’s excess cash invested in the affiliated money market funds.  The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs.  The Trustees considered that Invesco Advisers, Inc. may participate in soft-dollar arrangements for Invesco Real Assets ESG ETF, but that the Sub-Advisers otherwise generally do not use or generate soft-dollars with respect to the Sub-Advised Funds.  The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with the Sub-Advised Funds.  The Board concluded that the sub-advisory fee with respect to each Sub-Advised Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
23
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for each Sub-Advised Fund.  No single factor was determinative in the Board’s analysis.
24
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Fund’s trustees or officers and others, if any, is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
25
©2025 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515
P-MS-NCSRS
invesco.com/ETFs


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

Not applicable.


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

Not applicable.


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

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


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

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


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

Not applicable.


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

Not applicable.


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

Not applicable.


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

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


Item 16. Controls and Procedures.

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

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


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

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.



  

SIGNATURES 

  

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

  

(Registrant) Invesco Actively Managed Exchange-Traded Fund Trust 

  

By:    /s/ Brian Hartigan                                          . 

Name: Brian Hartigan 

Title:Principal Executive Officer 

  

Date: July 3, 2025  

  

  

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

  

  

By:    /s/ Brian Hartigan                                          .. 

Name:Brian Hartigan 

Title:Principal Executive Officer 

Date: July 3, 2025 

  

  

  

By:       /s/ Kelli Gallegos                                             ____                                         

  

Name:Kelli Gallegos 

Title:Principal Financial Officer 

  

Date:July 3, 2025 



Exhibit 99.CERT 

EXHIBIT (a)(3) 

  

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF 

THE SARBANES-OXLEY ACT OF 2002 

  

I, Brian Hartigan, certify that: 

1.

I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust; 

  

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  

  

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;  

  

4.

The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:  

  

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  

  

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  

  

(c)

Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; 

  

(d)

Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 

  

5.

The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):  

  

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and  

  

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. 

  

  

Date:     July 3, 2025/s/ Brian Hartigan 

               Brian Hartigan 

                Principal Executive Officer 

Exhibit 99.CERT 

EXHIBIT (a)(3) 

  

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF 

THE SARBANES-OXLEY ACT OF 2002 

  

I, Kelli Gallegos, certify that: 

1.

I have reviewed this report on Form N-CSR of Invesco Actively Managed Exchange-Traded Fund Trust; 

  

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  

  

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;  

  

4.

The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:  

  

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  

  

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  

  

(c)

Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; 

  

(d)

Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 

  

5.

The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): 

  

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and  

  

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. 

  

  

  

  

Date:July 3, 2025                               /s/ Kelli Gallegos 

                                 Kelli Gallegos 

                                  Principal Financial Officer 

  

  

  

  



Exhibit 99.906 

  EXHIBIT (b)   

                            

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 

In connection with the report of Invesco Actively Managed Exchange-Traded Fund Trust (the “Registrant”) on Form N-CSR for the period ended April 30, 2025 (the “Report”), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge: 

  

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

  

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. 

  

Dated: July 3, 2025 

  

/s/ Brian Hartigan                                             

Name:Brian Hartigan 

  

Title:   Principal Executive Officer 

  

  

Dated:  July 3, 2025 

  

   /s/ Kelli Gallegos                              

Name:  Kelli Gallegos 

Title:   Principal Financial Officer                                  


This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document. 

  

  

  



v3.25.2
Form N-CSR Cover
 6 Months Ended
Apr. 30, 2025
Shareholder Report [Line Items]  
Document Type N-CSRS
Amendment Flag false
Registrant Name Invesco Actively Managed Exchange-Traded Fund Trust
Entity Central Index Key 0001418144
Entity Investment Company Type N-1A
Document Period End Date Apr. 30, 2025

v3.25.2
Shareholder Report
 6 Months Ended
Apr. 30, 2025
USD ($)
Holding
Shareholder Report [Line Items]  
Document Type N-CSRS
Amendment Flag false
Registrant Name Invesco Actively Managed Exchange-Traded Fund Trust
Entity Central Index Key 0001418144
Entity Investment Company Type N-1A
Document Period End Date Apr. 30, 2025
C000068414 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Active U.S. Real Estate ETF
Class Name Invesco Active U.S. Real Estate ETF
Trading Symbol PSR
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Active U.S. Real Estate ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active U.S. Real Estate ETF $17 0.35%
*
Annualized.
Expenses Paid, Amount $ 17
Expense Ratio, Percent 0.35% [1]
Net Assets $ 58,327,144
Holdings Count | Holding 37
Investment Company Portfolio Turnover 60.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $58,327,144
Total number of portfolio holdings 37
Portfolio turnover rate 60%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
American Tower Corp. 8.37%
Digital Realty Trust, Inc. 8.06%
Welltower, Inc. 7.93%
Equinix, Inc. 4.66%
Healthpeak Properties, Inc. 3.89%
CubeSmart 3.72%
EastGroup Properties, Inc. 3.60%
Simon Property Group, Inc. 3.53%
Brixmor Property Group, Inc. 3.46%
Equity Residential 3.37%
* Excluding money market fund holdings, if any.
Property type
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
American Tower Corp. 8.37%
Digital Realty Trust, Inc. 8.06%
Welltower, Inc. 7.93%
Equinix, Inc. 4.66%
Healthpeak Properties, Inc. 3.89%
CubeSmart 3.72%
EastGroup Properties, Inc. 3.60%
Simon Property Group, Inc. 3.53%
Brixmor Property Group, Inc. 3.46%
Equity Residential 3.37%
* Excluding money market fund holdings, if any.
C000112015 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco S&P 500® Downside Hedged ETF
Class Name Invesco S&P 500® Downside Hedged ETF
Trading Symbol PHDG
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco S&P 500® Downside Hedged ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P 500® Downside Hedged ETF $15 0.33%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 15
Expense Ratio, Percent 0.33% [2],[3]
Net Assets $ 99,222,128
Holdings Count | Holding 508
Investment Company Portfolio Turnover 799.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $99,222,128
Total number of portfolio holdings 508
Portfolio turnover rate 799%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 3.69%
Microsoft Corp. 3.40%
NVIDIA Corp. 3.08%
Amazon.com, Inc. 2.01%
Meta Platforms, Inc., Class A 1.39%
Berkshire Hathaway, Inc., Class B 1.13%
Alphabet, Inc., Class A 1.07%
Broadcom, Inc. 1.04%
Tesla, Inc. 0.91%
Alphabet, Inc., Class C 0.88%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Apple, Inc. 3.69%
Microsoft Corp. 3.40%
NVIDIA Corp. 3.08%
Amazon.com, Inc. 2.01%
Meta Platforms, Inc., Class A 1.39%
Berkshire Hathaway, Inc., Class B 1.13%
Alphabet, Inc., Class A 1.07%
Broadcom, Inc. 1.04%
Tesla, Inc. 0.91%
Alphabet, Inc., Class C 0.88%
* Excluding money market fund holdings, if any.
C000162616 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Variable Rate Investment Grade ETF
Class Name Invesco Variable Rate Investment Grade ETF
Trading Symbol VRIG
Security Exchange Name NASDAQ
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Variable Rate Investment Grade ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Variable Rate Investment Grade ETF $15 0.30%
*
Annualized.
Expenses Paid, Amount $ 15
Expense Ratio, Percent 0.30% [4]
Net Assets $ 1,266,364,679
Holdings Count | Holding 385
Investment Company Portfolio Turnover 37.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,266,364,679
Total number of portfolio holdings 385
Portfolio turnover rate 37%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 14.90%
U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 7.68%
Freddie Mac, Series 2024-HQA1, Class A1, STACR®, 5.60%, 03/25/2044 0.79%
Freddie Mac REMICs, 5.85%, 04/25/2055 0.66%
Volkswagen Group of America Finance LLC, 5.44%, 03/25/2027 0.63%
ABN AMRO Bank N.V., 5.37%, 12/03/2028 0.60%
Santander Holdings USA, Inc., 5.98%, 03/20/2029 0.60%
Morgan Stanley, 5.40%, 04/13/2028 0.59%
General Motors Financial Co., Inc., 5.41%, 02/26/2027 0.59%
JPMorgan Chase & Co., 5.30%, 04/22/2028 0.59%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
U.S. Treasury Floating Rate Notes, 4.34%, 01/31/2027 14.90%
U.S. Treasury Floating Rate Notes, 4.45%, 10/31/2026 7.68%
Freddie Mac, Series 2024-HQA1, Class A1, STACR®, 5.60%, 03/25/2044 0.79%
Freddie Mac REMICs, 5.85%, 04/25/2055 0.66%
Volkswagen Group of America Finance LLC, 5.44%, 03/25/2027 0.63%
ABN AMRO Bank N.V., 5.37%, 12/03/2028 0.60%
Santander Holdings USA, Inc., 5.98%, 03/20/2029 0.60%
Morgan Stanley, 5.40%, 04/13/2028 0.59%
General Motors Financial Co., Inc., 5.41%, 02/26/2027 0.59%
JPMorgan Chase & Co., 5.30%, 04/22/2028 0.59%
* Excluding money market fund holdings, if any.
C000197599 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Ultra Short Duration ETF
Class Name Invesco Ultra Short Duration ETF
Trading Symbol GSY
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Ultra Short Duration ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Ultra Short Duration ETF $11 0.22%
*
Annualized.
Expenses Paid, Amount $ 11
Expense Ratio, Percent 0.22% [5]
Net Assets $ 2,770,718,250
Holdings Count | Holding 330
Investment Company Portfolio Turnover 23.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $2,770,718,250
Total number of portfolio holdings 330
Portfolio turnover rate 23%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
APA Corp., 5.05%, 05/01/2025 1.11%
Jabil, Inc., 5.08%-5.13%, 05/05/2025 1.08%
Boston Properties L.P., 4.69%, 06/02/2025 0.93%
Kinder Morgan, Inc., 4.30%, 06/01/2025 0.93%
Crown Castle, Inc., 4.94%, 05/01/2025 0.90%
Conagra Brands, Inc., 5.07%, 05/19/2025 0.90%
Brunswick Corp., 5.06%-5.11%, 05/01/2025 0.75%
Eversource Energy, 4.83%, 05/12/2025 0.72%
Sonoco Products Co., 5.24%, 05/28/2025 0.72%
Quanta Services, Inc., 4.90%, 05/02/2025 0.70%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
APA Corp., 5.05%, 05/01/2025 1.11%
Jabil, Inc., 5.08%-5.13%, 05/05/2025 1.08%
Boston Properties L.P., 4.69%, 06/02/2025 0.93%
Kinder Morgan, Inc., 4.30%, 06/01/2025 0.93%
Crown Castle, Inc., 4.94%, 05/01/2025 0.90%
Conagra Brands, Inc., 5.07%, 05/19/2025 0.90%
Brunswick Corp., 5.06%-5.11%, 05/01/2025 0.75%
Eversource Energy, 4.83%, 05/12/2025 0.72%
Sonoco Products Co., 5.24%, 05/28/2025 0.72%
Quanta Services, Inc., 4.90%, 05/02/2025 0.70%
* Excluding money market fund holdings, if any.
C000197600 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Total Return Bond ETF
Class Name Invesco Total Return Bond ETF
Trading Symbol GTO
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Total Return Bond ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Total Return Bond ETF $13 0.25%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 13
Expense Ratio, Percent 0.25% [6],[7]
Net Assets $ 1,887,146,731
Holdings Count | Holding 1,275
Investment Company Portfolio Turnover 308.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $1,887,146,731
Total number of portfolio holdings 1,275
Portfolio turnover rate 308%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Bonds, 4.50%, 11/15/2054 4.28%
Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 4.17%
U.S. Treasury Notes, 3.88%, 04/30/2030 3.49%
Uniform Mortgage-Backed Securities, TBA, 2.50%, 06/01/2055 3.45%
U.S. Treasury Notes, 4.63%, 02/15/2035 2.77%
Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 2.69%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 2.64%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 05/01/2055 2.56%
U.S. Treasury Notes, 3.75%, 04/30/2027 2.33%
Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 1.77%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
U.S. Treasury Bonds, 4.50%, 11/15/2054 4.28%
Uniform Mortgage-Backed Securities, TBA, 5.50%, 05/01/2055 4.17%
U.S. Treasury Notes, 3.88%, 04/30/2030 3.49%
Uniform Mortgage-Backed Securities, TBA, 2.50%, 06/01/2055 3.45%
U.S. Treasury Notes, 4.63%, 02/15/2035 2.77%
Uniform Mortgage-Backed Securities, TBA, 3.00%, 05/01/2055 2.69%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 05/01/2055 2.64%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 05/01/2055 2.56%
U.S. Treasury Notes, 3.75%, 04/30/2027 2.33%
Uniform Mortgage-Backed Securities, TBA, 3.50%, 05/01/2055 1.77%
* Excluding money market fund holdings, if any.
C000218086 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco High Yield Bond Factor ETF
Class Name Invesco High Yield Bond Factor ETF
Trading Symbol IHYF
Security Exchange Name NASDAQ
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco High Yield Bond Factor ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco High Yield Bond Factor ETF $19 0.39%
*
Annualized.
Expenses Paid, Amount $ 19
Expense Ratio, Percent 0.39% [8]
Net Assets $ 45,298,868
Holdings Count | Holding 308
Investment Company Portfolio Turnover 36.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $45,298,868
Total number of portfolio holdings 308
Portfolio turnover rate 36%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027 0.94%
Viasat, Inc., 5.63%, 04/15/2027 0.91%
Churchill Downs, Inc., 5.50%, 04/01/2027 0.87%
Venture Global LNG, Inc., 8.13%, 06/01/2028 0.87%
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028 0.82%
Paramount Global, 6.38%, 03/30/2062 0.81%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 0.78%
Bombardier, Inc., 6.00%, 02/15/2028 0.72%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051 0.70%
Noble Finance II LLC, 8.00%, 04/15/2030 0.69%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027 0.94%
Viasat, Inc., 5.63%, 04/15/2027 0.91%
Churchill Downs, Inc., 5.50%, 04/01/2027 0.87%
Venture Global LNG, Inc., 8.13%, 06/01/2028 0.87%
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028 0.82%
Paramount Global, 6.38%, 03/30/2062 0.81%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 0.78%
Bombardier, Inc., 6.00%, 02/15/2028 0.72%
Global Atlantic (Fin) Co., 4.70%, 10/15/2051 0.70%
Noble Finance II LLC, 8.00%, 04/15/2030 0.69%
* Excluding money market fund holdings, if any.
C000222994 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Real Assets ESG ETF
Class Name Invesco Real Assets ESG ETF
Trading Symbol IVRA
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Real Assets ESG ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Real Assets ESG ETF $30 0.59%
*
Annualized.
Expenses Paid, Amount $ 30
Expense Ratio, Percent 0.59% [9]
Net Assets $ 12,228,692
Holdings Count | Holding 54
Investment Company Portfolio Turnover 49.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $12,228,692
Total number of portfolio holdings 54
Portfolio turnover rate 49%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Prologis, Inc. 5.32%
American Tower Corp. 4.85%
Sempra 4.49%
Equinix, Inc. 4.14%
Cheniere Energy, Inc. 4.03%
ONEOK, Inc. 3.69%
Welltower, Inc. 3.60%
Williams Cos., Inc. (The) 3.45%
Kinder Morgan, Inc. 3.39%
Targa Resources Corp. 3.21%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Prologis, Inc. 5.32%
American Tower Corp. 4.85%
Sempra 4.49%
Equinix, Inc. 4.14%
Cheniere Energy, Inc. 4.03%
ONEOK, Inc. 3.69%
Welltower, Inc. 3.60%
Williams Cos., Inc. (The) 3.45%
Kinder Morgan, Inc. 3.39%
Targa Resources Corp. 3.21%
* Excluding money market fund holdings, if any.
C000239743 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco AAA CLO Floating Rate Note ETF
Class Name Invesco AAA CLO Floating Rate Note ETF
Trading Symbol ICLO
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco AAA CLO Floating Rate Note ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco AAA CLO Floating Rate Note ETF $10 0.19%
*
Annualized.
Expenses Paid, Amount $ 10
Expense Ratio, Percent 0.19% [10]
Net Assets $ 304,432,594
Holdings Count | Holding 144
Investment Company Portfolio Turnover 37.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $304,432,594
Total number of portfolio holdings 144
Portfolio turnover rate 37%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Signal Peak CLO 11 Ltd., Series 2024-11A, Class A1, 5.72%, 07/18/2037 3.19%
Park Blue CLO Ltd., Series 2022-1A, Class A1R, 5.69%, 10/20/2037 2.10%
GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR, 5.77%, 04/20/2037 2.07%
Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR, 5.69%, 07/20/2037 1.97%
Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, 5.65%, 07/18/2037 1.97%
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR2, 5.79%, 04/15/2037 1.76%
CIFC Funding Ltd., Series 2023-2A, Class A, 6.02%, 01/21/2037 1.65%
TICP CLO VII Ltd., Series 2017-7A, Class ASR2, 5.56%, 04/15/2033 1.64%
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class AR, 5.64%, 10/15/2037 1.64%
Palmer Square CLO 2023-1 Ltd., Series 2023-1A, Class AR, 5.52%, 01/20/2038 1.64%
* Excluding money market fund holdings, if any.
Duration allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Signal Peak CLO 11 Ltd., Series 2024-11A, Class A1, 5.72%, 07/18/2037 3.19%
Park Blue CLO Ltd., Series 2022-1A, Class A1R, 5.69%, 10/20/2037 2.10%
GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR, 5.77%, 04/20/2037 2.07%
Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR, 5.69%, 07/20/2037 1.97%
Elmwood CLO III Ltd., Series 2019-3A, Class A1RR, 5.65%, 07/18/2037 1.97%
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR2, 5.79%, 04/15/2037 1.76%
CIFC Funding Ltd., Series 2023-2A, Class A, 6.02%, 01/21/2037 1.65%
TICP CLO VII Ltd., Series 2017-7A, Class ASR2, 5.56%, 04/15/2033 1.64%
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class AR, 5.64%, 10/15/2037 1.64%
Palmer Square CLO 2023-1 Ltd., Series 2023-1A, Class AR, 5.52%, 01/20/2038 1.64%
* Excluding money market fund holdings, if any.
C000239744 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco High Yield Select ETF
Class Name Invesco High Yield Select ETF
Trading Symbol HIYS
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco High Yield Select ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco High Yield Select ETF $22 0.44%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 22
Expense Ratio, Percent 0.44% [11],[12]
Net Assets $ 7,755,873
Holdings Count | Holding 167
Investment Company Portfolio Turnover 87.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $7,755,873
Total number of portfolio holdings 167
Portfolio turnover rate 87%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Iliad Holding S.A.S.U., 8.50%, 04/15/2031 2.72%
Studio City Finance Ltd., 5.00%, 01/15/2029 2.27%
Eutelsat S.A., 9.75%, 04/13/2029 1.49%
Aircastle Ltd., 5.25% 1.48%
VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 1.36%
GFL Environmental, Inc., 4.00%, 08/01/2028 1.19%
Tenet Healthcare Corp., 6.75%, 05/15/2031 1.19%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028 1.17%
Vodafone Group PLC, 4.13%, 06/04/2081 1.16%
GGAM Finance Ltd., 6.88%, 04/15/2029 1.15%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Iliad Holding S.A.S.U., 8.50%, 04/15/2031 2.72%
Studio City Finance Ltd., 5.00%, 01/15/2029 2.27%
Eutelsat S.A., 9.75%, 04/13/2029 1.49%
Aircastle Ltd., 5.25% 1.48%
VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 1.36%
GFL Environmental, Inc., 4.00%, 08/01/2028 1.19%
Tenet Healthcare Corp., 6.75%, 05/15/2031 1.19%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028 1.17%
Vodafone Group PLC, 4.13%, 06/04/2081 1.16%
GGAM Finance Ltd., 6.88%, 04/15/2029 1.15%
* Excluding money market fund holdings, if any.
C000239745 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Rochester High Yield Municipal ETF
Class Name Invesco Rochester High Yield Municipal ETF
Trading Symbol IROC
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Rochester High Yield Municipal ETF (the “Fund”), formerly Invesco Municipal Strategic Income ETF, for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Rochester High Yield Municipal ETF $19 0.39%
*
Annualized.
Expenses Paid, Amount $ 19
Expense Ratio, Percent 0.39% [13]
Net Assets $ 30,056,046
Holdings Count | Holding 64
Investment Company Portfolio Turnover 48.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $30,056,046
Total number of portfolio holdings 64
Portfolio turnover rate 48%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB, 6.00%, 04/01/2035 3.63%
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, RB, 5.38%, 09/01/2029 3.35%
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB, 5.75%, 09/01/2064 2.59%
Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB, 5.25%, 07/01/2039 2.49%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB, 5.00%, 05/01/2033 1.83%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB, 5.50%, 06/30/2038 1.77%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB, 4.00%, 12/01/2032 1.75%
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB, 6.00%, 06/30/2054 1.75%
Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 1.74%
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, RB, 5.00%, 07/01/2038 1.72%
* Excluding money market fund holdings, if any.
Credit sector allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2023, RB, 6.00%, 04/01/2035 3.63%
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay), Series 2023 B-3, RB, 5.38%, 09/01/2029 3.35%
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB, 5.75%, 09/01/2064 2.59%
Portland (Port of), OR (Green Bonds), Twenty Ninth Series 2023, RB, 5.25%, 07/01/2039 2.49%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB, 5.00%, 05/01/2033 1.83%
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB, 5.50%, 06/30/2038 1.77%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB, 4.00%, 12/01/2032 1.75%
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds), Series 2023, RB, 6.00%, 06/30/2054 1.75%
Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 1.74%
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.), Series 2023, RB, 5.00%, 07/01/2038 1.72%
* Excluding money market fund holdings, if any.
C000239746 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Short Duration Total Return Bond ETF
Class Name Invesco Short Duration Total Return Bond ETF
Trading Symbol GTOS
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Short Duration Total Return Bond ETF (the “Fund”), formerly Invesco Short Duration Bond ETF, for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Short Duration Total Return Bond ETF $17 0.33%
*
Annualized.
Expenses Paid, Amount $ 17
Expense Ratio, Percent 0.33% [14]
Net Assets $ 9,980,509
Holdings Count | Holding 283
Investment Company Portfolio Turnover 182.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $9,980,509
Total number of portfolio holdings 283
Portfolio turnover rate 182%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
U.S. Treasury Notes, 3.75%, 04/30/2027 5.85%
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 2.57%
U.S. Treasury Notes, 3.88%, 04/30/2030 2.37%
NatWest Group PLC, 7.47%, 11/10/2026 2.03%
Barclays PLC, 7.33%, 11/02/2026 2.03%
Ford Motor Credit Co. LLC, 7.32%, 03/06/2026 2.02%
UBS AG, 5.80%, 09/11/2025 2.01%
U.S. Treasury Notes, 3.75%, 04/15/2028 1.68%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/2027 1.54%
Protective Life Global Funding, 5.37%, 01/06/2026 1.51%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
U.S. Treasury Notes, 3.75%, 04/30/2027 5.85%
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 2.57%
U.S. Treasury Notes, 3.88%, 04/30/2030 2.37%
NatWest Group PLC, 7.47%, 11/10/2026 2.03%
Barclays PLC, 7.33%, 11/02/2026 2.03%
Ford Motor Credit Co. LLC, 7.32%, 03/06/2026 2.02%
UBS AG, 5.80%, 09/11/2025 2.01%
U.S. Treasury Notes, 3.75%, 04/15/2028 1.68%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.10%, 01/15/2027 1.54%
Protective Life Global Funding, 5.37%, 01/06/2026 1.51%
* Excluding money market fund holdings, if any.
C000250918 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco QQQ Income Advantage ETF
Class Name Invesco QQQ Income Advantage ETF
Trading Symbol QQA
Security Exchange Name NASDAQ
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco QQQ Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco QQQ Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 0
Expense Ratio, Percent 0.00% [15],[16]
Net Assets $ 209,275,038
Holdings Count | Holding 121
Investment Company Portfolio Turnover 5.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $209,275,038
Total number of portfolio holdings 121
Portfolio turnover rate 5%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 6.82%
Microsoft Corp. 6.27%
NVIDIA Corp. 5.68%
Amazon.com, Inc. 4.17%
Broadcom, Inc. 3.19%
Meta Platforms, Inc., Class A 2.57%
Netflix, Inc. 2.54%
Costco Wholesale Corp. 2.31%
Tesla, Inc. 2.19%
Alphabet, Inc., Class A 1.98%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Apple, Inc. 6.82%
Microsoft Corp. 6.27%
NVIDIA Corp. 5.68%
Amazon.com, Inc. 4.17%
Broadcom, Inc. 3.19%
Meta Platforms, Inc., Class A 2.57%
Netflix, Inc. 2.54%
Costco Wholesale Corp. 2.31%
Tesla, Inc. 2.19%
Alphabet, Inc., Class A 1.98%
* Excluding money market fund holdings, if any.
C000250919 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco S&P 500 Equal Weight Income Advantage ETF
Class Name Invesco S&P 500 Equal Weight Income Advantage ETF
Trading Symbol RSPA
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco S&P 500 Equal Weight Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco S&P 500 Equal Weight Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 0
Expense Ratio, Percent 0.00% [17],[18]
Net Assets $ 296,923,663
Holdings Count | Holding 523
Investment Company Portfolio Turnover 12.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $296,923,663
Total number of portfolio holdings 523
Portfolio turnover rate 12%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
UBS AG (Invesco S&P 500 Equal Weight ETF) 0.51%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.43%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.37%
J.P. Morgan Chase & Co. (Invesco S&P 500 Equal Weight ETF) 0.36%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.35%
Wells Fargo Bank N.A. (Invesco S&P 500 Equal Weight ETF) 0.31%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.31%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
Canadian Imperial Bank of Commerce (Invesco S&P 500 Equal Weight ETF) 0.26%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
UBS AG (Invesco S&P 500 Equal Weight ETF) 0.51%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.43%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.37%
J.P. Morgan Chase & Co. (Invesco S&P 500 Equal Weight ETF) 0.36%
Mizuho Markets Cayman L.P. (Invesco S&P 500 Equal Weight ETF) 0.35%
Wells Fargo Bank N.A. (Invesco S&P 500 Equal Weight ETF) 0.31%
BNP Paribas Issuance B.V. (Invesco S&P 500 Equal Weight ETF) 0.31%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
Canadian Imperial Bank of Commerce (Invesco S&P 500 Equal Weight ETF) 0.26%
Citigroup Global Markets Holdings, Inc. (Invesco S&P 500 Equal Weight ETF) 0.26%
* Excluding money market fund holdings, if any.
C000251085 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco MSCI EAFE Income Advantage ETF
Class Name Invesco MSCI EAFE Income Advantage ETF
Trading Symbol EFAA
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco MSCI EAFE Income Advantage ETF (the “Fund”) for the period November 1, 2024 to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco MSCI EAFE Income Advantage ETF $0 0.00%†
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 0
Expense Ratio, Percent 0.00% [19],[20]
Net Assets $ 136,592,755
Holdings Count | Holding 713
Investment Company Portfolio Turnover 3.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $136,592,755
Total number of portfolio holdings 713
Portfolio turnover rate 3%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
SAP SE 1.32%
Nestle S.A. 1.20%
ASML Holding N.V. 1.14%
Roche Holding AG 0.99%
Novartis AG 0.97%
AstraZeneca PLC 0.96%
Novo Nordisk A/S, Class B 0.93%
HSBC Holdings PLC 0.86%
Shell PLC 0.85%
Toyota Motor Corp. 0.78%
* Excluding money market fund holdings, if any.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
SAP SE 1.32%
Nestle S.A. 1.20%
ASML Holding N.V. 1.14%
Roche Holding AG 0.99%
Novartis AG 0.97%
AstraZeneca PLC 0.96%
Novo Nordisk A/S, Class B 0.93%
HSBC Holdings PLC 0.86%
Shell PLC 0.85%
Toyota Motor Corp. 0.78%
* Excluding money market fund holdings, if any.
C000255210 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Top QQQ ETF
Class Name Invesco Top QQQ ETF
Trading Symbol QBIG
Security Exchange Name NASDAQ
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Top QQQ ETF (the “Fund”) for the period December 2, 2024 (commencement of operations) to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco Top QQQ ETF $9 0.23%†
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 9 [21]
Expense Ratio, Percent 0.23% [22],[23]
Net Assets $ 22,734,617
Holdings Count | Holding 13
Investment Company Portfolio Turnover 81.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $22,734,617
Total number of portfolio holdings 13
Portfolio turnover rate 81%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Apple, Inc. 7.63%
Microsoft Corp. 7.02%
NVIDIA Corp. 6.35%
Amazon.com, Inc. 4.67%
Broadcom, Inc. 3.57%
Meta Platforms, Inc., Class A 2.88%
Tesla, Inc. 2.45%
Alphabet, Inc., Class A 2.21%
Alphabet, Inc., Class C 2.11%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Apple, Inc. 7.63%
Microsoft Corp. 7.02%
NVIDIA Corp. 6.35%
Amazon.com, Inc. 4.67%
Broadcom, Inc. 3.57%
Meta Platforms, Inc., Class A 2.88%
Tesla, Inc. 2.45%
Alphabet, Inc., Class A 2.21%
Alphabet, Inc., Class C 2.11%
* Excluding money market fund holdings, if any.
C000257059 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco SteelPath MLP & Energy Infrastructure ETF
Class Name Invesco SteelPath MLP & Energy Infrastructure ETF
Trading Symbol PIPE
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco SteelPath MLP & Energy Infrastructure ETF (the “Fund”) for the period February 18, 2025 (commencement of operations) to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco SteelPath MLP & Energy Infrastructure ETF $14 0.75%
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
Expenses Paid, Amount $ 14 [24]
Expense Ratio, Percent 0.75% [25]
Net Assets $ 15,249,479
Holdings Count | Holding 26
Investment Company Portfolio Turnover 1.00%
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $15,249,479
Total number of portfolio holdings 26
Portfolio turnover rate 1%
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Top ten holdings*
(% of net assets)
Williams Cos., Inc. (The) 6.47%
Targa Resources Corp. 6.46%
TC Energy Corp. 5.79%
Plains GP Holdings L.P., Class A 5.51%
ONEOK, Inc. 5.33%
Cheniere Energy, Inc. 5.20%
Pembina Pipeline Corp. 4.88%
Enbridge, Inc. 4.87%
South Bow Corp. 4.81%
Kinder Morgan, Inc. 4.71%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
Largest Holdings [Text Block]
Top ten holdings*
(% of net assets)
Williams Cos., Inc. (The) 6.47%
Targa Resources Corp. 6.46%
TC Energy Corp. 5.79%
Plains GP Holdings L.P., Class A 5.51%
ONEOK, Inc. 5.33%
Cheniere Energy, Inc. 5.20%
Pembina Pipeline Corp. 4.88%
Enbridge, Inc. 4.87%
South Bow Corp. 4.81%
Kinder Morgan, Inc. 4.71%
* Excluding money market fund holdings, if any.
C000258361 [Member]  
Shareholder Report [Line Items]  
Fund Name Invesco Managed Futures Strategy ETF
Class Name Invesco Managed Futures Strategy ETF
Trading Symbol IMF
Security Exchange Name CboeBZX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about Invesco Managed Futures Strategy ETF (the “Fund”) for the period March 17, 2025 (commencement of operations) to April 30, 2025.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
Additional Information Phone Number (800) 983-0903
Additional Information Website invesco.com/reports
Expenses [Text Block]
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund Costs of a $10,000 investment▼ Costs paid as a percentage
of a $10,000 investment*
Invesco Managed Futures Strategy ETF $6 0.50%†
​▼
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
*
Annualized.
​†
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Expenses Paid, Amount $ 6 [26]
Expense Ratio, Percent 0.50% [27],[28]
Net Assets $ 305,924,514
Holdings Count | Holding 52
Additional Fund Statistics [Text Block]
What Are Key Statistics About The Fund?
(as of April 30, 2025)
Fund net assets $305,924,514
Total number of portfolio holdings 52
Holdings [Text Block]
What Comprised The Fund's Holdings?
(as of April 30, 2025)
Futures exposure*
(% of total notional exposure)
Commodity Risk (Long) 6.4%
Commodity Risk (Short) 12.1%
Currency Risk (Long) 17.4%
Currency Risk (Short) 3.1%
Equity Risk (Long) 13.9%
Equity Risk (Short) 4.7%
Interest Rate Risk (Long) 29.9%
Interest Rate Risk (Short) 12.5%
* Futures exposure is calculated on the notional value as a percentage of total notional exposure.
Security type allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
[1] Annualized.
[2] Annualized.
[3] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[4] Annualized.
[5] Annualized.
[6] Annualized.
[7] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[8] Annualized.
[9] Annualized.
[10] Annualized.
[11] Annualized.
[12] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[13] Annualized.
[14] Annualized.
[15] Annualized.
[16] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[17] Annualized.
[18] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[19] Annualized.
[20] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[21] The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
[22] Annualized.
[23] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[24] The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
[25] Annualized.
[26] The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.
[27] Annualized.
[28] Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

v3.25.2
Shareholder Report, Holdings (Details)
Apr. 30, 2025
C000068414 [Member] | American Tower Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 8.37% [1]
C000068414 [Member] | Digital Realty Trust Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 8.06% [1]
C000068414 [Member] | Welltower Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 7.93% [1]
C000068414 [Member] | Equinix Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.66% [1]
C000068414 [Member] | Healthpeak Properties Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.89% [1]
C000068414 [Member] | CubeSmart [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.72% [1]
C000068414 [Member] | EastGroup Properties Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.60% [1]
C000068414 [Member] | Simon Property Group Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.53% [1]
C000068414 [Member] | Brixmor Property Group Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.46% [1]
C000068414 [Member] | Equity Residential [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.37% [1]
C000068414 [Member] | Healthcare Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 15.40%
C000068414 [Member] | Infrastructure REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 13.40%
C000068414 [Member] | Data Centers [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 12.70%
C000068414 [Member] | Industrial Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 11.00%
C000068414 [Member] | Apartment Building [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 9.00%
C000068414 [Member] | Self Storage [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.20%
C000068414 [Member] | Free Standing [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.60%
C000068414 [Member] | Shopping Centers [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.60%
C000068414 [Member] | Single Family Homes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.70%
C000068414 [Member] | Regional Malls [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.50%
C000068414 [Member] | Gaming REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.30%
C000068414 [Member] | Lodging Resorts [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.00%
C000068414 [Member] | Office [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.30%
C000068414 [Member] | Timber REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.20%
C000068414 [Member] | Manufactured Homes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.00%
C000068414 [Member] | Specialty [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.00%
C000068414 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.10%
C000112015 [Member] | Apple Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.69% [2]
C000112015 [Member] | Microsoft Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.40% [2]
C000112015 [Member] | NVIDIA Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.08% [2]
C000112015 [Member] | Amazon com Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.01% [2]
C000112015 [Member] | Meta Platforms Inc Class A [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.39% [2]
C000112015 [Member] | Berkshire Hathaway Inc Class B [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.13% [2]
C000112015 [Member] | Alphabet Inc Class A [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.07% [2]
C000112015 [Member] | Broadcom Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.04% [2]
C000112015 [Member] | Tesla Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.91% [2]
C000112015 [Member] | Alphabet Inc Class C [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.88% [2]
C000112015 [Member] | Healthcare Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.90%
C000112015 [Member] | Industrial Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.70%
C000112015 [Member] | Information Technology Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 16.50%
C000112015 [Member] | Financial Services Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 7.90%
C000112015 [Member] | Consumer Discretionary Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.60%
C000112015 [Member] | Communications Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.10%
C000112015 [Member] | Consumer Staples Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.40%
C000112015 [Member] | Other Sectors each less than 2 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.40%
C000112015 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 45.50%
C000162616 [Member] | Freddie Mac Series 2024 HQA1 Class A1 STACR 5 60 03 25 2044 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.79% [3]
C000162616 [Member] | Volkswagen Group of America Finance LLC 5 44 03 25 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.63% [3]
C000162616 [Member] | ABN AMRO Bank N V 5 37 12 03 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.60% [3]
C000162616 [Member] | Santander Holdings USA Inc 5 98 03 20 2029 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.60% [3]
C000162616 [Member] | Morgan Stanley 5 40 04 13 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.59% [3]
C000162616 [Member] | General Motors Financial Co Inc 5 41 02 26 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.59% [3]
C000162616 [Member] | JPMorgan Chase And Co 5 30 04 22 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.59% [3]
C000162616 [Member] | Freddie Mac REMICs 5 85 04 25 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.66% [3]
C000162616 [Member] | U S Treasury Floating Rate Notes 4 34 01 31 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 14.90% [3]
C000162616 [Member] | U S Treasury Floating Rate Notes 4 45 10 31 2026 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 7.68% [3]
C000162616 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value (0.10%)
C000162616 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 39.50%
C000162616 [Member] | US Treasury Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 22.60%
C000162616 [Member] | Asset-Backed Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 15.60%
C000162616 [Member] | Agency Credit Risk Transfer Notes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 14.90%
C000162616 [Member] | U S Government Sponsored Agency Mortgage Backed Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 7.50%
C000197599 [Member] | APA Corp 5 05 05 01 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.11% [4]
C000197599 [Member] | Jabil Inc 5 08 5 13 05 05 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.08% [4]
C000197599 [Member] | Boston Properties L P 4 69 06 02 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.93% [4]
C000197599 [Member] | Kinder Morgan Inc 4 30 06 01 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.93% [4]
C000197599 [Member] | Crown Castle Inc 4 94 05 01 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.90% [4]
C000197599 [Member] | Conagra Brands Inc 5 07 05 19 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.90% [4]
C000197599 [Member] | Brunswick Corp 5 06 5 11 05 01 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.75% [4]
C000197599 [Member] | Eversource Energy 4 83 05 12 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.72% [4]
C000197599 [Member] | Sonoco Products Co 5 24 05 28 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.72% [4]
C000197599 [Member] | Quanta Services Inc 4 90 05 02 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.70% [4]
C000197599 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value (1.30%)
C000197599 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 56.70%
C000197599 [Member] | Asset-Backed Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 13.30%
C000197599 [Member] | Commercial Paper [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 27.90%
C000197599 [Member] | Certificates of Deposit [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.00%
C000197599 [Member] | Repurchase Agreements [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.10%
C000197599 [Member] | Exchange Traded Funds [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.30%
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 5 50 05 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.17% [5]
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 2 50 06 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.45% [5]
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 3 00 05 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.69% [5]
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 5 00 05 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.64% [5]
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 6 00 05 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.56% [5]
C000197600 [Member] | Uniform Mortgage Backed Securities TBA 3 50 05 01 2055 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.77% [5]
C000197600 [Member] | U S Treasury Bonds 4 50 11 15 2054 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.28% [5]
C000197600 [Member] | U S Treasury Notes 3 88 04 30 2030 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.49% [5]
C000197600 [Member] | U S Treasury Notes 4 63 02 15 2035 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.77% [5]
C000197600 [Member] | U S Treasury Notes 3 75 04 30 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.33% [5]
C000197600 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
Percent of Total Investments 34.50%
C000197600 [Member] | US Treasury Securities [Member]  
Holdings [Line Items]  
Percent of Total Investments 12.00%
C000197600 [Member] | Asset-Backed Securities [Member]  
Holdings [Line Items]  
Percent of Total Investments 19.20%
C000197600 [Member] | Agency Credit Risk Transfer Notes [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.20%
C000197600 [Member] | U S Government Sponsored Agency Mortgage Backed Securities [Member]  
Holdings [Line Items]  
Percent of Total Investments 26.00%
C000197600 [Member] | Exchange Traded Funds [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.10%
C000197600 [Member] | Money Market Funds [Member]  
Holdings [Line Items]  
Percent of Total Investments 6.10%
C000197600 [Member] | Municipal Obligations [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.90%
C000197600 [Member] | Variable Rate Senior Loan Interests [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.60%
C000197600 [Member] | Preferred Stock [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.30%
C000197600 [Member] | U S Government Sponsored Agency Securities [Member]  
Holdings [Line Items]  
Percent of Total Investments 0.10%
C000218086 [Member] | Goodyear Tire And Rubber Co The 4 88 03 15 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.94% [6]
C000218086 [Member] | Viasat Inc 5 63 04 15 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.91% [6]
C000218086 [Member] | Churchill Downs Inc 5 50 04 01 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.87% [6]
C000218086 [Member] | Venture Global LNG Inc 8 13 06 01 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.87% [6]
C000218086 [Member] | Jefferies Finance LLC JFIN Co Issuer Corp 5 00 08 15 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.82% [6]
C000218086 [Member] | Paramount Global 6 38 03 30 2062 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.81% [6]
C000218086 [Member] | CCO Holdings LLC CCO Holdings Capital Corp 4 50 05 01 2032 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.78% [6]
C000218086 [Member] | Bombardier Inc 6 00 02 15 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.72% [6]
C000218086 [Member] | Global Atlantic Fin Co 4 70 10 15 2051 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.70% [6]
C000218086 [Member] | Noble Finance II LLC 8 00 04 15 2030 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.69% [6]
C000218086 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.80%
C000218086 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 98.00%
C000218086 [Member] | US Treasury Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.20%
C000218086 [Member] | Common Stocks And Other Equity Interests [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.00%
C000222994 [Member] | American Tower Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.85% [7]
C000222994 [Member] | Welltower Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.60% [7]
C000222994 [Member] | Equinix Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.14% [7]
C000222994 [Member] | Prologis Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.32% [7]
C000222994 [Member] | Sempra [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.49% [7]
C000222994 [Member] | Cheniere Energy Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.03% [7]
C000222994 [Member] | ONEOK Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.69% [7]
C000222994 [Member] | Williams Cos Inc The [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.45% [7]
C000222994 [Member] | Kinder Morgan Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.39% [7]
C000222994 [Member] | Targa Resources Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.21% [7]
C000222994 [Member] | Consumer Staples Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.50%
C000222994 [Member] | Real Estate Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 52.20%
C000222994 [Member] | Energy Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 26.00%
C000222994 [Member] | Utilities Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 10.00%
C000222994 [Member] | Materials Sector [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 10.70%
C000222994 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.60%
C000239743 [Member] | Signal Peak CLO 11 Ltd Series 2024 11A Class A1 5 72 07 18 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.19% [8]
C000239743 [Member] | Park Blue CLO Ltd Series 2022 1A Class A1R 5 69 10 20 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.10% [8]
C000239743 [Member] | GoldenTree Loan Management US CLO 9 Ltd Series 2021 9A Class AR 5 77 04 20 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.07% [8]
C000239743 [Member] | Cedar Funding IX CLO Ltd Series 2018 9A Class AR 5 69 07 20 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.97% [8]
C000239743 [Member] | Elmwood CLO III Ltd Series 2019 3A Class A1RR 5 65 07 18 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.97% [8]
C000239743 [Member] | Madison Park Funding XXXVII Ltd Series 2019 37A Class AR2 5 79 04 15 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.76% [8]
C000239743 [Member] | CIFC Funding Ltd Series 2023 2A Class A 6 02 01 21 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.65% [8]
C000239743 [Member] | TICP CLO VII Ltd Series 2017 7A Class ASR2 5 56 04 15 2033 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.64% [8]
C000239743 [Member] | Cedar Funding XIV CLO Ltd Series 2021 14A Class AR 5 64 10 15 2037 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.64% [8]
C000239743 [Member] | Palmer Square CLO 2023 1 Ltd Series 2023 1A Class AR 5 52 01 20 2038 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.64% [8]
C000239743 [Member] | Maturing in 6 10 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 28.20%
C000239743 [Member] | Maturing in 11 15 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 69.70%
C000239743 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.10%
C000239744 [Member] | Eutelsat S A 9 75 04 13 2029 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.49% [9]
C000239744 [Member] | VMED O2 UK Financing I PLC 3 25 01 31 2031 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.36% [9]
C000239744 [Member] | Iliad Holding S A S U 8 50 04 15 2031 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.72% [9]
C000239744 [Member] | Studio City Finance Ltd 5 00 01 15 2029 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.27% [9]
C000239744 [Member] | Aircastle Ltd 5 25 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.48% [9]
C000239744 [Member] | GFL Environmental Inc 4 00 08 01 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.19% [9]
C000239744 [Member] | Tenet Healthcare Corp 6 75 05 15 2031 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.19% [9]
C000239744 [Member] | Ashton Woods USA LLC Ashton Woods Finance Co 6 63 01 15 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.17% [9]
C000239744 [Member] | Vodafone Group PLC 4 13 06 04 2081 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.16% [9]
C000239744 [Member] | GGAM Finance Ltd 6 88 04 15 2029 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.15% [9]
C000239744 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.60%
C000239744 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
Percent of Net Asset Value 1.83% [10]
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Holdings [Line Items]  
Percent of Net Asset Value 1.77% [10]
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Holdings [Line Items]  
Percent of Net Asset Value 1.75% [10]
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Holdings [Line Items]  
Percent of Net Asset Value 1.75% [10]
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Holdings [Line Items]  
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Holdings [Line Items]  
Percent of Net Asset Value 1.72% [10]
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Holdings [Line Items]  
Percent of Total Investments 90.30%
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Holdings [Line Items]  
Percent of Total Investments 6.30%
C000239745 [Member] | Pre Refunded Bonds [Member]  
Holdings [Line Items]  
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C000239746 [Member] | U S Treasury Notes 3 75 04 30 2027 [Member]  
Holdings [Line Items]  
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C000239746 [Member] | Morgan Stanley Bank N A 5 88 10 30 2026 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.57% [11]
C000239746 [Member] | NatWest Group PLC 7 47 11 10 2026 [Member]  
Holdings [Line Items]  
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C000239746 [Member] | Barclays PLC 7 33 11 02 2026 [Member]  
Holdings [Line Items]  
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C000239746 [Member] | Ford Motor Credit Co LLC 7 32 03 06 2026 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.02% [11]
C000239746 [Member] | UBS AG 5 80 09 11 2025 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.01% [11]
C000239746 [Member] | AerCap Ireland Capital DAC AerCap Global Aviation Trust 6 10 01 15 2027 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.54% [11]
C000239746 [Member] | Protective Life Global Funding 5 37 01 06 2026 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.51% [11]
C000239746 [Member] | U S Treasury Notes 3 75 04 15 2028 [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.68% [11]
C000239746 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.10%
C000239746 [Member] | U S Dollar Denominated Bonds And Notes [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 73.90%
C000239746 [Member] | US Treasury Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 10.30%
C000239746 [Member] | Asset-Backed Securities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 11.20%
C000239746 [Member] | Agency Credit Risk Transfer Notes [Member]  
Holdings [Line Items]  
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C000239746 [Member] | Municipal Obligations [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.70%
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Holdings [Line Items]  
Percent of Net Asset Value 0.30%
C000250918 [Member] | Apple Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.82% [12]
C000250918 [Member] | Microsoft Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.27% [12]
C000250918 [Member] | NVIDIA Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 5.68% [12]
C000250918 [Member] | Amazon com Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.17% [12]
C000250918 [Member] | Meta Platforms Inc Class A [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.57% [12]
C000250918 [Member] | Alphabet Inc Class A [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.98% [12]
C000250918 [Member] | Broadcom Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.19% [12]
C000250918 [Member] | Tesla Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.19% [12]
C000250918 [Member] | Netflix Inc [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.54% [12]
C000250918 [Member] | Costco Wholesale Corp [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.31% [12]
C000250918 [Member] | Money Market Funds Plus Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 17.40%
C000250918 [Member] | Common Stocks And Other Equity Interests [Member]  
Holdings [Line Items]  
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C000250918 [Member] | Equity Linked Notes [Member]  
Holdings [Line Items]  
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C000250919 [Member] | UBS AG Invesco S And P 500 Equal Weight ETF [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.51% [13]
C000250919 [Member] | Mizuho Markets Cayman L P Invesco S And P 500 Equal Weight ETF [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 0.43% [13]
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Holdings [Line Items]  
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Percent of Net Asset Value 0.36% [13]
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Holdings [Line Items]  
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Holdings [Line Items]  
Percent of Net Asset Value 7.10%
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Holdings [Line Items]  
Percent of Net Asset Value 7.20%
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Holdings [Line Items]  
Percent of Net Asset Value 61.10%
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Holdings [Line Items]  
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Percent of Net Asset Value 97.10%
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Holdings [Line Items]  
Percent of Net Asset Value 2.00%
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Holdings [Line Items]  
Percent of Net Asset Value 0.90%
C000258361 [Member] | Money Market Funds [Member]  
Holdings [Line Items]  
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Holdings [Line Items]  
Percent of Net Asset Value 1.90%
C000258361 [Member] | Other Assets Less Liabilities [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 11.40%
C000258361 [Member] | Commodity Risk Long [Member]  
Holdings [Line Items]  
Percent of Total Long Exposure 6.40% [17]
C000258361 [Member] | Commodity Risk Short [Member]  
Holdings [Line Items]  
Percent of Total Short Exposure 12.10% [17]
C000258361 [Member] | Currency Risk Long [Member]  
Holdings [Line Items]  
Percent of Total Long Exposure 17.40% [17]
C000258361 [Member] | Currency Risk Short [Member]  
Holdings [Line Items]  
Percent of Total Short Exposure 3.10% [17]
C000258361 [Member] | Equity Risk Long [Member]  
Holdings [Line Items]  
Percent of Total Long Exposure 13.90% [17]
C000258361 [Member] | Equity Risk Short [Member]  
Holdings [Line Items]  
Percent of Total Short Exposure 4.70% [17]
C000258361 [Member] | Interest Rate Risk Long [Member]  
Holdings [Line Items]  
Percent of Total Long Exposure 29.90% [17]
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Holdings [Line Items]  
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[1] Excluding money market fund holdings, if any.
[2] Excluding money market fund holdings, if any.
[3] Excluding money market fund holdings, if any.
[4] Excluding money market fund holdings, if any.
[5] Excluding money market fund holdings, if any.
[6] Excluding money market fund holdings, if any.
[7] Excluding money market fund holdings, if any.
[8] Excluding money market fund holdings, if any.
[9] Excluding money market fund holdings, if any.
[10] Excluding money market fund holdings, if any.
[11] Excluding money market fund holdings, if any.
[12] Excluding money market fund holdings, if any.
[13] Excluding money market fund holdings, if any.
[14] Excluding money market fund holdings, if any.
[15] Excluding money market fund holdings, if any.
[16] Excluding money market fund holdings, if any.
[17] Futures exposure is calculated on the notional value as a percentage of total notional exposure. 

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