N-CSR 1 d489258dncsr.htm N-CSR N-CSR

 

 

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 811-21265

 

 

Invesco 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)

 

 

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-983-0903

Date of fiscal year end: April 30

Date of reporting period: April 30, 2023

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1. Reports to Stockholders.

 

(a)

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

 

(b)

Not applicable.

LOGO               

 

Invesco Annual Report to Shareholders

 

April 30, 2023

 

 

PWC

 

PRF

 

PRFZ

  

Invesco Dynamic Market ETF

 

Invesco FTSE RAFI US 1000 ETF

 

Invesco FTSE RAFI US 1500 Small-Mid ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      10  
Schedules of Investments   

Invesco Dynamic Market ETF (PWC)

      11  

Invesco FTSE RAFI US 1000 ETF (PRF)

      13  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

      23  
Statements of Assets and Liabilities      38  
Statements of Operations      39  
Statements of Changes in Net Assets      40  
Financial Highlights      42  
Notes to Financial Statements      44  
Report of Independent Registered Public Accounting Firm      54  
Fund Expenses      55  
Tax Information      56  
Trustees and Officers      57  
Approval of Investment Advisory Contracts      68  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-

over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

 

 

 

   3  

 

 

 

PWC    Management’s Discussion of Fund Performance
   Invesco Dynamic Market ETF (PWC)

 

As an index fund, the Invesco Dynamic Market ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Market Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”), compiles and maintains the Index, which is composed of U.S. stocks that the Index Provider includes pursuant to a proprietary selection methodology. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 5.16%. On a net asset value (“NAV”) basis, the Fund returned 5.09%. During the same time period, the Index returned 5.64%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 2.66%.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and energy sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the information technology and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included O’Reilly Automotive, Inc., a consumer discretionary company (portfolio average weight of 2.24%), and ON Semiconductor Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Enphase Energy Inc., an information technology company (portfolio average weight of 2.35%), and HP Inc., an information technology company (no longer held at fiscal year-end).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      25.51  
Health Care      15.58  
Consumer Discretionary      12.30  
Financials      11.73  
Industrials      9.35  
Communication Services      7.67  
Consumer Staples      7.08  
Energy      5.42  
Sector Types Each Less Than 3%      5.38  
Money Market Funds Plus Other Assets Less Liabilities      (0.02)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
First Solar, Inc.      4.12  
VeriSign, Inc.      3.95  
Motorola Solutions, Inc.      3.94  
Microchip Technology, Inc.      3.29  
Eli Lilly and Co.      3.01  
Enphase Energy, Inc.      2.96  
West Pharmaceutical Services, Inc.      2.93  
Boston Scientific Corp.      2.81  
T-Mobile US, Inc.      2.71  
General Mills, Inc.      2.64  
Total      32.36  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco Dynamic Market ETF (PWC) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Market Intellidex® Index     5.64 %      11.53 %      38.75 %      4.23 %      23.03 %      8.86 %      133.70 %        9.11 %      471.83 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         10.03       575.68  
Fund                    
NAV Return     5.09       10.85       36.21       3.55       19.06       8.13       118.53         8.41       402.87  
Market Price Return     5.16       11.42       38.33       3.55       19.04       8.13       118.57         8.41       402.69  

 

Fund Inception: May 1, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   5  

 

 

 

PRF    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI US 1000 ETF (PRF)

 

As an index fund, the Invesco FTSE RAFI US 1000 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM US 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with their guidelines and mandated procedures, FTSE International Limited and Research Affiliates LLC (together, the “Index Provider”) compile and maintain the Index, which is composed of approximately 1,000 common stocks and is designed to track the performance of the largest U.S. companies based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.12%. On a net asset value (“NAV”) basis, the Fund returned 1.11%. During the same time period, the Index returned 1.48%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000® Index returned 1.82%.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the industrials and health care sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Exxon Mobil Corp., an energy company (portfolio average weight of 2.57%), and JPMorgan Chase & Co., a financials company (portfolio average weight of 1.70%). Positions that detracted most significantly from the Fund’s return during this period included Intel Corp., an information technology company (portfolio average weight of 0.78%), and CVS Health Corp., a health care company (portfolio average weight of 0.83%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      19.33  
Health Care      12.89  
Information Technology      12.86  
Industrials      9.50  
Communication Services      9.20  
Consumer Staples      8.92  
Consumer Discretionary      8.89  
Energy      7.12  
Utilities      4.58  
Materials      3.49  
Real Estate      3.16  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Berkshire Hathaway, Inc., Class B      2.80  
Apple, Inc.      2.39  
Microsoft Corp.      2.28  
Exxon Mobil Corp.      2.04  
JPMorgan Chase & Co.      1.86  
Amazon.com, Inc.      1.58  
Verizon Communications, Inc.      1.38  
Chevron Corp.      1.36  
AT&T, Inc.      1.33  
Meta Platforms, Inc., Class A      1.24  
Total      18.26  

 

*

Excluding money market fund holdings.

 

 

 

   6  

 

 

Invesco FTSE RAFI US 1000 ETF (PRF) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
FTSE RAFITM US 1000 Index     1.48 %      17.79 %      63.44 %      10.11 %      61.85 %      10.94 %      182.42 %        9.41 %      376.67 % 
Russell 1000® Index     1.82       14.22       49.00       11.07       69.01       11.95       209.22         9.26       365.75  
Fund                    
NAV Return     1.11       17.37       61.67       9.74       59.14       10.54       172.50         8.98       344.96  
Market Price Return     1.12       17.29       61.37       9.71       58.95       10.54       172.42         8.99       345.93  

 

Fund Inception: December 19, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The

returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   7  

 

 

 

PRFZ    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

 

As an index fund, the Invesco FTSE RAFI US 1500 Small-Mid ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with their guidelines and mandated procedures, FTSE International Limited and Research Affiliates LLC (together, the “Index Provider”) compile and maintain the Index, which is composed of approximately 1,500 common stocks and is designed to track the performance of small- and medium-sized U.S. companies based on the following four fundamental measures of firm size: book value, sales, cash flow and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.83)%. On a net asset value (“NAV”) basis, the Fund returned (2.77)%. During the same time period, the Index returned (2.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 2000® Index returned (3.65)%.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the industrials and utilities sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Scorpio Tankers, Inc., an energy company (portfolio average weight 0.42%), and Super Micro Computer, Inc., an information technology company (portfolio average weight 0.32%). Positions that detracted most significantly from the Fund’s return during this period included MultiPlan Corp., Class A, a health care company (portfolio average weight of 0.13%), and Office Properties Income Trust, a real estate company (portfolio average weight of 0.13%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      18.05  
Industrials      17.70  
Consumer Discretionary      14.38  
Information Technology      11.55  
Health Care      10.79  
Real Estate      6.25  
Energy      5.80  
Materials      5.04  
Consumer Staples      4.66  
Communication Services      4.01  
Sector Types Each Less Than 3%      1.75  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
StoneCo Ltd., Class A      0.24  
Brookdale Senior Living, Inc.      0.24  
FTAI Aviation Ltd.      0.22  
Saia, Inc.      0.22  
Super Micro Computer, Inc.      0.22  
XP, Inc., Class A      0.21  
Coty, Inc., Class A      0.21  
Boyd Gaming Corp.      0.21  
Range Resources Corp.      0.21  
PROG Holdings, Inc.      0.21  
Total      2.19  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
FTSE RAFITM US Mid Small 1500 Index     (2.61 )%      17.41 %      61.85 %      5.79 %      32.52 %      9.08 %      138.44 %        8.68 %      298.39 % 
Russell 2000® Index     (3.65 )      11.90       40.11       4.15       22.55       7.88       113.50         6.87       201.72  
Fund                    
NAV Return     (2.77 )      17.16       60.80       5.57       31.14       8.84       133.26         8.43       283.37  
Market Price Return     (2.83 )      17.10       60.59       5.52       30.82       8.85       133.40         8.42       283.15  

 

Fund Inception: September 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   9  

 

 

Liquidity Risk Management Program

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

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

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

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

 

  •  

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

  •  

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

  •  

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

  •  

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

  •  

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

 

    10    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-100.02%

 

Communication Services-7.67%

      

AT&T, Inc.(b)

      130,399      $     2,304,150  

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

      40,016        683,073  

Madison Square Garden Sports Corp., Class A

      3,751        752,076  

Perion Network Ltd. (Israel)(c)

      21,579        755,912  

T-Mobile US, Inc.(c)

      17,030        2,450,617  
     

 

 

  
        6,945,828  
     

 

 

  

Consumer Discretionary-12.30%

      

Academy Sports & Outdoors, Inc.(b)

      5,374        341,355  

Arcos Dorados Holdings, Inc., Class A (Brazil)

      37,841        300,458  

Bloomin’ Brands, Inc.

      11,285        279,529  

Deckers Outdoor Corp.(c)

      793        380,117  

Dillard’s, Inc., Class A(b)

      941        280,785  

Grand Canyon Education, Inc.(c)

      2,654        315,030  

Home Depot, Inc. (The)

      6,277        1,886,490  

NVR, Inc.(c)

      369        2,154,960  

O’Reilly Automotive, Inc.(c)

      2,156        1,977,720  

Penske Automotive Group, Inc.(b)

      2,185        302,797  

Target Hospitality Corp.(b)(c)

      19,944        251,494  

Taylor Morrison Home Corp., Class A(c)

      9,125        393,196  

Ulta Beauty, Inc.(c)

      3,532        1,947,651  

Upbound Group, Inc.

      12,076        321,946  
     

 

 

  
        11,133,528  
     

 

 

  

Consumer Staples-7.08%

      

Archer-Daniels-Midland Co.

      26,558        2,073,648  

Cal-Maine Foods, Inc.

      5,178        245,955  

Celsius Holdings, Inc.(b)(c)

      3,545        338,796  

elf Beauty, Inc.(c)

      4,209        390,427  

General Mills, Inc.

      26,963        2,389,731  

Lamb Weston Holdings, Inc.

      3,071        343,368  

Performance Food Group Co.(c)

      5,251        329,185  

US Foods Holding Corp.(c)

      7,847        301,325  
     

 

 

  
        6,412,435  
     

 

 

  

Energy-5.42%

      

Comstock Resources, Inc.(b)

      32,622        375,153  

CONSOL Energy, Inc.

      7,194        426,892  

Hess Midstream L.P., Class A(b)

      13,419        393,713  

Marathon Petroleum Corp.

      14,008        1,708,976  

PBF Energy, Inc., Class A

      8,331        290,419  

Phillips 66

      17,311        1,713,789  
     

 

 

  
        4,908,942  
     

 

 

  

Financials-11.73%

      

Aflac, Inc.

      19,760        1,380,236  

American Equity Investment Life Holding Co.

      7,373        284,156  

American International Group, Inc.

      22,526        1,194,779  

Arch Capital Group Ltd.(c)

      19,926        1,495,845  

Corebridge Financial, Inc.(b)

      14,164        238,805  

Enova International, Inc.(b)(c)

      5,887        258,557  

Everest Re Group Ltd.

      753        284,634  

Fidelity National Financial, Inc.(b)

      6,847        243,000  

Genworth Financial, Inc., Class A(c)

      47,214        274,313  

Heartland Financial USA, Inc.

      5,752        187,285  

International Bancshares Corp.

      6,311        269,290  
     Shares      Value  

Financials-(continued)

      

Jackson Financial, Inc., Class A(b)

      6,160      $        221,822  

JPMorgan Chase & Co.

      9,633        1,331,666  

Preferred Bank(b)

      4,015        193,041  

Regions Financial Corp.(b)

      58,022        1,059,482  

RenaissanceRe Holdings Ltd. (Bermuda)

      1,370        295,112  

StoneX Group, Inc.(b)(c)

      2,842        278,715  

Synchrony Financial

      38,440        1,134,364  
     

 

 

  
        10,625,102  
     

 

 

  

Health Care-15.58%

      

AmerisourceBergen Corp.

      14,023        2,339,738  

AMN Healthcare Services, Inc.(b)(c)

      3,726        321,740  

Arcus Biosciences, Inc.(b)(c)

      18,877        336,954  

Bausch + Lomb Corp.(c)

      18,928        330,483  

Boston Scientific Corp.(c)

      48,783        2,542,570  

Catalyst Pharmaceuticals, Inc.(c)

      22,999        366,144  

CONMED Corp.(b)

      3,720        467,120  

Cytek Biosciences, Inc.(b)(c)

      31,972        367,039  

DocGo, Inc.(b)(c)

      38,082        323,697  

Eli Lilly and Co.

      6,885        2,725,496  

Medpace Holdings, Inc.(c)

      1,764        353,047  

Organon & Co.

      12,971        319,476  

Supernus Pharmaceuticals, Inc.(b)(c)

      9,035        333,030  

Vir Biotechnology, Inc.(c)

      12,994        326,799  

West Pharmaceutical Services, Inc.

      7,354        2,656,559  
     

 

 

  
        14,109,892  
     

 

 

  

Industrials-9.35%

      

Boise Cascade Co.

      4,834        330,210  

Builders FirstSource, Inc.(b)(c)

      4,309        408,364  

Encore Wire Corp.(b)

      1,720        268,888  

Expeditors International of Washington, Inc.

      19,615        2,232,972  

Kirby Corp.(c)

      4,624        332,188  

Matson, Inc.

      5,059        344,164  

Mueller Industries, Inc.(b)

      4,625        332,306  

PACCAR, Inc.

      27,943        2,087,063  

United Airlines Holdings, Inc.(c)

      42,825        1,875,735  

ZIM Integrated Shipping Services Ltd. (Israel)(b)

      15,121        258,115  
     

 

 

  
        8,470,005  
     

 

 

  

Information Technology-25.51%

      

Agilysys, Inc.(c)

      7,882        615,111  

Axcelis Technologies, Inc.(b)(c)

      5,295        626,398  

Belden, Inc.

      7,328        578,106  

Digi International, Inc.(b)(c)

      19,235        580,128  

Enphase Energy, Inc.(b)(c)

      16,318        2,679,416  

Extreme Networks, Inc.(b)(c)

      34,132        606,867  

Fabrinet (Thailand)(c)

      5,242        497,728  

First Solar, Inc.(c)

      20,444        3,732,666  

Flex Ltd.(c)

      27,620        568,143  

Jabil, Inc.

      7,741        604,959  

Microchip Technology, Inc.

      40,782        2,976,678  

Model N, Inc.(b)(c)

      18,582        572,326  

Motorola Solutions, Inc.

      12,257        3,571,690  

Sanmina Corp.(b)(c)

      10,455        546,378  

Super Micro Computer, Inc.(b)(c)

      7,267        766,160  

VeriSign, Inc.(c)

      16,138        3,579,408  
     

 

 

  
        23,102,162  
     

 

 

  
 

 

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

 

    11    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)–(continued)

April 30, 2023

    

 

     Shares      Value  

Materials-2.41%

      

Alpha Metallurgical Resources, Inc.

      1,704      $        249,738  

Steel Dynamics, Inc.

      16,253        1,689,500  

Warrior Met Coal, Inc.

      7,070        244,410  
     

 

 

  
        2,183,648  
     

 

 

  

Utilities-2.97%

      

NRG Energy, Inc.

      11,155        381,167  

PG&E Corp.(c)

      115,057        1,968,625  

UGI Corp.

      9,958        337,377  
     

 

 

  
        2,687,169  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $87,946,420)

 

      90,578,711  
     

 

 

  

Money Market Funds-0.07%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $62,302)

      62,302        62,302  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $88,008,722)

 

      90,641,013  
     

 

 

  
     Shares      Value  

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-15.56%

      

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

      3,730,945      $ 3,730,945  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      10,362,693        10,362,693  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,093,839)

 

      14,093,638  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-115.65%
(Cost $102,102,561)

 

      104,734,651  

OTHER ASSETS LESS LIABILITIES-(15.65)%

 

      (14,169,985 ) 
     

 

 

  

NET ASSETS-100.00%.

       $ 90,564,666  
     

 

 

  
 

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                   
Invesco Government & Agency Portfolio, Institutional Class      $ 111,719      $ 3,324,904      $ (3,374,321 )      $ -      $ -      $ 62,302      $ 2,675
Investments Purchased with Cash Collateral from Securities on Loan:                                   
Invesco Private Government Fund        2,120,222        43,386,278        (41,775,555 )        -        -        3,730,945        91,412 *
Invesco Private Prime Fund        4,944,307        86,052,568        (80,634,096 )        (226 )        140        10,362,693        243,983 *
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

      $ 7,176,248      $ 132,763,750      $ (125,783,972 )      $ (226 )      $ 140      $ 14,155,940      $ 338,070
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f)

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

 

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

 

    12    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-9.20%

      

Activision Blizzard, Inc.

      75,109      $        5,836,720  

Alphabet, Inc., Class A(b)

      550,010        59,038,073  

Alphabet, Inc., Class C(b)

      491,713        53,213,181  

AMC Networks, Inc., Class A(b)

      27,667        489,429  

AT&T, Inc.

      4,484,261        79,236,892  

Cable One, Inc.(c)

      1,181        895,682  

Charter Communications, Inc., Class A(b)

      35,006        12,906,712  

Cinemark Holdings, Inc.(b)(c)

      66,242        1,118,165  

Comcast Corp., Class A

      1,413,324        58,469,214  

DISH Network Corp., Class A(b)(c)

      244,420        1,835,594  

Electronic Arts, Inc.

      23,889        3,040,592  

Fox Corp., Class A(c)

      70,439        2,342,801  

Fox Corp., Class B

      34,121        1,042,055  

Frontier Communications Parent, Inc.(b)(c)

      99,917        2,252,129  

IAC, Inc.(b)(c)

      25,347        1,312,214  

Interpublic Group of Cos., Inc. (The)(c)

      91,687        3,275,977  

Liberty Broadband Corp., Class A(b)(c)

      2,315        195,687  

Liberty Broadband Corp., Class C(b)

      15,867        1,345,204  

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

      150,728        2,940,703  

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

      232,856        4,736,291  

Liberty Latin America Ltd., Class A(b)

      32,600        289,162  

Liberty Latin America Ltd., Class C(b)

      124,166        1,102,594  

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

      2,246        145,496  

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

      20,582        1,485,815  

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

      28,348        796,579  

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

      58,045        1,621,777  

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

      23,660        272,090  

Lions Gate Entertainment Corp., Class B(b)

      49,409        527,194  

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

      11,183        757,984  

Lumen Technologies, Inc.(c)

      2,821,811        6,687,692  

Match Group, Inc.(b)

      23,089        851,984  

Meta Platforms, Inc., Class A(b)

      307,489        73,895,757  

Netflix, Inc.(b)

      23,885        7,880,378  

News Corp., Class A

      91,189        1,605,838  

News Corp., Class B

      28,490        505,698  

Nexstar Media Group, Inc., Class A

      8,633        1,497,394  

Omnicom Group, Inc.

      55,088        4,989,320  

Paramount Global, Class B(c)

      392,147        9,148,790  

Spotify Technology S.A.(b)(c)

      8,858        1,183,429  

Take-Two Interactive Software, Inc.(b)

      13,769        1,711,349  

TEGNA, Inc.

      64,969        1,110,970  

Telephone & Data Systems, Inc.

      143,543        1,435,430  

T-Mobile US, Inc.(b)

      105,100        15,123,890  

Verizon Communications, Inc.

      2,125,502        82,533,243  

Walt Disney Co. (The)(b)

      306,322        31,398,005  

Warner Bros Discovery, Inc.(b)

      390,857        5,319,564  
     

 

 

  
        549,400,737  
     

 

 

  
     Shares      Value  

Consumer Discretionary-8.89%

      

Abercrombie & Fitch Co., Class A(b)(c)

      24,330      $           572,728  

Academy Sports & Outdoors, Inc.(c)

      21,980        1,396,170  

Adient PLC(b)(c)

      49,950        1,845,153  

ADT, Inc.(c)

      94,763        634,912  

Advance Auto Parts, Inc.

      15,129        1,899,143  

Airbnb, Inc., Class A(b)

      6,252        748,177  

Amazon.com, Inc.(b)

      896,654        94,552,164  

American Axle & Manufacturing Holdings,
Inc.(b)

      102,410        732,232  

American Eagle Outfitters, Inc.(c)

      60,703        812,813  

Aptiv PLC(b)

      37,520        3,859,307  

Aramark(c)

      68,176        2,365,707  

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

      7,585        1,467,394  

Autoliv, Inc. (Sweden)

      25,455        2,184,294  

AutoNation, Inc.(b)

      19,722        2,597,387  

AutoZone, Inc.(b)

      1,500        3,994,965  

Bath & Body Works, Inc.

      69,087        2,424,954  

Best Buy Co., Inc.

      91,310        6,804,421  

Big Lots, Inc.(c)

      70,248        631,530  

Booking Holdings, Inc.(b)

      2,454        6,592,205  

BorgWarner, Inc.

      70,282        3,382,673  

Brunswick Corp.(c)

      15,560        1,319,332  

Burlington Stores, Inc.(b)

      7,316        1,410,598  

Caesars Entertainment, Inc.(b)

      36,485        1,652,406  

Capri Holdings Ltd.(b)

      33,275        1,380,912  

CarMax, Inc.(b)(c)

      70,663        4,948,530  

Carnival Corp.(b)(c)

      432,826        3,986,327  

Carter’s, Inc.(c)

      12,424        866,822  

Chipotle Mexican Grill, Inc.(b)

      1,071        2,214,421  

Coupang, Inc. (South Korea)(b)(c)

      57,791        968,577  

Cracker Barrel Old Country Store, Inc.(c)

      9,756        1,035,697  

D.R. Horton, Inc.

      63,278        6,949,190  

Dana, Inc.

      80,946        1,197,191  

Darden Restaurants, Inc.

      20,824        3,163,790  

Deckers Outdoor Corp.(b)

      2,226        1,067,011  

Dick’s Sporting Goods, Inc.(c)

      12,803        1,856,563  

Domino’s Pizza, Inc.(c)

      3,312        1,051,461  

eBay, Inc.

      104,901        4,870,553  

Expedia Group, Inc.(b)

      20,089        1,887,562  

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

      7,919        786,673  

Foot Locker, Inc.(c)

      42,808        1,797,508  

Ford Motor Co.

      2,629,101        31,233,720  

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

      46,645        899,782  

Gap, Inc. (The)(c)

      142,443        1,367,453  

Garmin Ltd.

      26,906        2,641,362  

General Motors Co.

      909,757        30,058,371  

Gentex Corp.

      40,898        1,128,376  

Genuine Parts Co.

      24,071        4,051,390  

G-III Apparel Group Ltd.(b)(c)

      46,673        732,766  

Goodyear Tire & Rubber Co. (The)(b)

      296,557        3,164,263  

Graham Holdings Co., Class B

      1,314        756,299  

Group 1 Automotive, Inc.(c)

      7,666        1,720,864  

H&R Block, Inc.(c)

      38,153        1,293,768  

Hanesbrands, Inc.(c)

      347,503        1,820,916  

Harley-Davidson, Inc.(c)

      37,868        1,404,903  

Hasbro, Inc.

      40,709        2,410,787  

Hilton Worldwide Holdings, Inc.

      13,190        1,899,624  

Home Depot, Inc. (The)

      138,529        41,633,506  
 

 

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

 

    13    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Consumer Discretionary-(continued)

      

International Game Technology PLC

      28,485      $           801,568  

KB Home

      31,165        1,365,650  

Kohl’s Corp.(c)

      147,866        3,257,488  

Las Vegas Sands Corp.(b)

      61,585        3,932,202  

LCI Industries(c)

      7,141        806,647  

Lear Corp.(c)

      28,609        3,652,225  

Leggett & Platt, Inc.(c)

      51,022        1,648,521  

Lennar Corp., Class A

      63,847        7,202,580  

Lennar Corp., Class B

      3,762        367,999  

Light & Wonder, Inc.(b)(c)

      17,714        1,067,977  

Lithia Motors, Inc., Class A(c)

      9,961        2,200,285  

LKQ Corp.

      60,147        3,472,286  

Lowe’s Cos., Inc.

      92,689        19,263,555  

lululemon athletica, inc.(b)

      5,409        2,055,041  

M.D.C. Holdings, Inc.

      26,301        1,077,552  

M/I Homes, Inc.(b)

      15,424        1,043,279  

Macy’s, Inc.(c)

      222,999        3,643,804  

Marriott International, Inc., Class A

      21,782        3,688,564  

Marriott Vacations Worldwide Corp.

      6,548        881,099  

Mattel, Inc.(b)

      59,118        1,064,124  

McDonald’s Corp.

      74,794        22,120,325  

Meritage Homes Corp.

      13,653        1,748,267  

MGM Resorts International

      81,918        3,679,757  

Mohawk Industries, Inc.(b)

      30,632        3,243,929  

Murphy USA, Inc.(c)

      6,014        1,655,233  

Newell Brands, Inc.

      179,010        2,174,971  

NIKE,Inc.,Class B

      94,984        12,036,372  

Nordstrom, Inc.(c)

      89,785        1,388,076  

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

      61,972        827,326  

NVR, Inc.(b)

      458        2,674,720  

ODP Corp. (The)(b)

      25,508        1,102,201  

O’Reilly Automotive, Inc.(b)

      4,012        3,680,248  

Penn Entertainment, Inc.(b)(c)

      61,479        1,831,459  

Penske Automotive Group, Inc.(c)

      9,285        1,286,715  

Polaris, Inc.(c)

      14,213        1,544,242  

Pool Corp.

      2,852        1,001,965  

PulteGroup, Inc.

      65,462        4,395,773  

PVH Corp.

      25,716        2,206,690  

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

      901,299        717,975  

Ralph Lauren Corp.

      9,435        1,083,044  

RH(b)(c)

      2,663        679,411  

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

      95,768        1,227,746  

Ross Stores, Inc.

      35,864        3,827,765  

Royal Caribbean Cruises Ltd.(b)(c)

      34,307        2,244,707  

Sabre Corp.(b)(c)

      151,041        604,164  

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

      59,729        849,944  

Service Corp. International

      22,924        1,609,036  

Signet Jewelers Ltd.

      16,200        1,191,996  

Six Flags Entertainment Corp.(b)(c)

      28,291        686,623  

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

      33,201        1,765,961  

Sonic Automotive, Inc., Class A(c)

      12,496        556,322  

Starbucks Corp.

      113,895        13,017,060  

Tapestry, Inc.

      54,782        2,235,653  

Taylor Morrison Home Corp., Class A(b)

      49,784        2,145,193  

Tempur Sealy International, Inc.(c)

      18,324        686,600  

Tesla, Inc.(b)

      48,105        7,904,133  

Texas Roadhouse, Inc.

      7,909        874,894  

Thor Industries, Inc.(c)

      20,435        1,614,774  

TJX Cos., Inc. (The)

      133,031        10,485,503  

Toll Brothers, Inc.

      35,192        2,249,121  
     Shares      Value  

Consumer Discretionary-(continued)

      

TopBuild Corp.(b)

      4,747      $        1,070,354  

Tractor Supply Co.

      10,549        2,514,882  

Travel + Leisure Co.

      25,814        987,902  

Tri Pointe Homes, Inc.(b)

      54,918        1,575,048  

Ulta Beauty, Inc.(b)

      3,885        2,142,306  

Under Armour, Inc., Class A(b)(c)

      53,144        471,387  

Under Armour, Inc., Class C(b)

      55,271        444,379  

Urban Outfitters, Inc.(b)(c)

      28,220        763,633  

Vail Resorts, Inc.(c)

      5,344        1,285,339  

Valvoline, Inc.

      21,370        738,334  

VF Corp.

      159,891        3,759,037  

Victoria’s Secret & Co.(b)(c)

      33,676        1,044,293  

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

      19,620        683,365  

Whirlpool Corp.(c)

      34,472        4,811,946  

Williams-Sonoma, Inc.

      15,124        1,830,609  

Wynn Resorts Ltd.(b)

      14,401        1,645,746  

Yum! Brands, Inc.

      27,750        3,901,095  
     

 

 

  
        531,145,598  
     

 

 

  

Consumer Staples-8.92%

      

Albertsons Cos., Inc., Class A

      138,223        2,888,861  

Altria Group, Inc.

      570,221        27,091,200  

Archer-Daniels-Midland Co.

      176,300        13,765,504  

B&G Foods, Inc.

      71,201        1,142,064  

BJ’s Wholesale Club Holdings, Inc.(b)

      35,035        2,675,623  

Brown-Forman Corp., Class B

      18,293        1,190,691  

Bunge Ltd.

      71,672        6,708,499  

Campbell Soup Co.(c)

      44,034        2,391,046  

Casey’s General Stores, Inc.

      8,649        1,979,064  

Church & Dwight Co., Inc.

      27,243        2,645,840  

Clorox Co. (The)(c)

      18,735        3,102,891  

Coca-Cola Co. (The)

      531,986        34,126,902  

Coca-Cola Europacific Partners PLC
(United Kingdom)

      45,253        2,917,461  

Colgate-Palmolive Co.

      120,880        9,646,224  

Conagra Brands, Inc.

      127,568        4,842,481  

Constellation Brands, Inc., Class A

      21,311        4,890,235  

Costco Wholesale Corp.

      62,031        31,215,240  

Darling Ingredients, Inc.(b)(c)

      25,511        1,519,690  

Dollar General Corp.

      30,585        6,773,354  

Dollar Tree, Inc.(b)

      40,400        6,209,884  

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

      14,491        3,575,220  

Flowers Foods, Inc.(c)

      42,943        1,181,362  

General Mills, Inc.

      121,017        10,725,737  

Herbalife Ltd.(b)(c)

      66,264        984,683  

Hershey Co. (The)

      12,697        3,467,043  

Hormel Foods Corp.

      48,801        1,973,512  

Ingredion, Inc.

      21,549        2,287,857  

JM Smucker Co. (The)

      26,778        4,134,791  

Kellogg Co.

      62,503        4,360,834  

Keurig Dr Pepper, Inc.

      176,174        5,760,890  

Kimberly-Clark Corp.

      70,649        10,236,334  

Kraft Heinz Co. (The)

      256,578        10,075,818  

Kroger Co. (The)

      409,936        19,935,188  

Lamb Weston Holdings, Inc.

      12,942        1,447,045  

McCormick & Co., Inc.

      34,527        3,033,197  

Molson Coors Beverage Co., Class B(c)

      75,949        4,517,447  

Mondelez International, Inc., Class A

      217,397        16,678,698  

Monster Beverage Corp.(b)

      40,839        2,286,984  

Nomad Foods Ltd. (United Kingdom)(b)(c)

      52,111        979,687  
 

 

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

 

    14    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Consumer Staples-(continued)

      

Nu Skin Enterprises, Inc., Class A

      19,198      $           757,553  

PepsiCo, Inc.

      195,319        37,284,444  

Performance Food Group Co.(b)

      62,434        3,913,988  

Philip Morris International, Inc.

      333,814        33,371,386  

Post Holdings, Inc.(b)(c)

      14,211        1,285,953  

Procter & Gamble Co. (The)

      343,909        53,780,489  

Rite Aid Corp.(b)(c)

      249,533        524,019  

SpartanNash Co.

      24,214        593,727  

Spectrum Brands Holdings, Inc.

      13,314        885,381  

Sprouts Farmers Market, Inc.(b)(c)

      39,152        1,357,008  

Sysco Corp.

      131,759        10,111,186  

Target Corp.

      117,655        18,560,076  

TreeHouse Foods, Inc.(b)

      21,955        1,169,104  

Tyson Foods, Inc., Class A

      152,921        9,556,033  

United Natural Foods, Inc.(b)

      41,072        1,120,033  

US Foods Holding Corp.(b)

      113,280        4,349,952  

Walgreens Boots Alliance, Inc.

      572,308        20,173,857  

Walmart, Inc.

      388,413        58,638,711  
     

 

 

  
        532,797,981  
     

 

 

  

Energy-7.12%

      

Antero Resources Corp.(b)

      78,692        1,809,129  

APA Corp.

      65,477        2,412,827  

Baker Hughes Co., Class A

      313,916        9,178,904  

California Resources Corp.(c)

      22,598        915,219  

Cheniere Energy, Inc.

      17,766        2,718,198  

Chesapeake Energy Corp.(c)

      18,566        1,535,037  

Chevron Corp.

      482,932        81,412,677  

Civitas Resources, Inc.(c)

      14,047        969,945  

CNX Resources Corp.(b)(c)

      77,880        1,209,476  

ConocoPhillips

      209,902        21,596,817  

Coterra Energy, Inc.

      137,629        3,523,302  

Delek US Holdings, Inc.(c)

      54,200        1,178,850  

Devon Energy Corp.

      84,154        4,496,348  

Diamondback Energy, Inc.

      22,338        3,176,464  

DT Midstream, Inc.(c)

      22,189        1,093,252  

EOG Resources, Inc.

      102,037        12,190,360  

EQT Corp.

      60,186        2,096,880  

Equitrans Midstream Corp.

      198,187        1,020,663  

Exxon Mobil Corp.

      1,030,221        121,916,353  

Halliburton Co.

      153,565        5,029,254  

Helmerich & Payne, Inc.

      35,876        1,189,648  

Hess Corp.

      21,407        3,105,299  

HF Sinclair Corp.

      49,462        2,181,769  

Kinder Morgan, Inc.

      760,122        13,036,092  

Marathon Oil Corp.

      150,455        3,634,993  

Marathon Petroleum Corp.

      164,199        20,032,278  

Murphy Oil Corp.

      40,536        1,488,077  

NOV, Inc.

      72,925        1,221,494  

Occidental Petroleum Corp.

      172,550        10,617,001  

ONEOK, Inc.

      117,470        7,683,713  

Ovintiv, Inc.

      54,897        1,980,684  

PBF Energy, Inc., Class A

      57,065        1,989,286  

PDC Energy, Inc.

      13,430        873,621  

Peabody Energy Corp.(b)

      36,265        871,085  

Phillips 66.

      189,980        18,808,020  

Pioneer Natural Resources Co.

      34,323        7,466,969  

Schlumberger N.V.(c)

      216,507        10,684,620  

SM Energy Co.

      29,095        816,988  

Southwestern Energy Co.(b)

      334,913        1,738,198  
     Shares      Value  

Energy-(continued)

      

Targa Resources Corp.

      48,501      $        3,663,281  

TechnipFMC PLC (United Kingdom)(b)

      92,082        1,260,603  

Transocean Ltd.(b)(c)

      312,760        1,845,284  

Valero Energy Corp.

      160,245        18,375,294  

Weatherford International PLC(b)

      12,120        783,316  

Williams Cos., Inc. (The)

      313,173        9,476,615  

World Fuel Services Corp.

      29,734        702,912  
     

 

 

  
        425,007,095  
     

 

 

  

Financials-19.33%

      

Affiliated Managers Group, Inc.

      7,605        1,098,010  

Aflac, Inc.

      173,520        12,120,372  

AGNC Investment Corp.

      255,551        2,532,510  

Allstate Corp. (The)

      100,523        11,636,542  

Ally Financial, Inc.

      218,871        5,773,817  

American Equity Investment Life Holding
Co.(c)

      35,373        1,363,275  

American Express Co.

      85,946        13,866,528  

American Financial Group, Inc.

      28,128        3,452,149  

American International Group, Inc.

      370,476        19,650,047  

Ameriprise Financial, Inc.

      15,305        4,669,862  

Ameris Bancorp

      14,850        497,475  

Annaly Capital Management, Inc.

      169,003        3,376,680  

Aon PLC, Class A.

      13,131        4,269,939  

Apollo Commercial Real Estate Finance,
Inc.(c)

      69,054        698,826  

Apollo Global Management, Inc.

      38,105        2,415,476  

Arch Capital Group Ltd.(b)(c)

      65,285        4,900,945  

Ares Management Corp., Class A(c)

      8,745        765,975  

Arthur J. Gallagher & Co.

      19,241        4,003,282  

Artisan Partners Asset Management, Inc.,
Class A(c)

      21,270        737,431  

Associated Banc-Corp(c)

      52,736        940,283  

Assurant, Inc.

      19,343        2,381,704  

Assured Guaranty Ltd.

      23,234        1,251,616  

Atlantic Union Bankshares Corp.(c)

      20,810        595,582  

AXIS Capital Holdings Ltd.(c)

      25,855        1,461,842  

Bank of America Corp.

      2,061,263        60,353,781  

Bank of Hawaii Corp.(c)

      10,099        489,095  

Bank of New York Mellon Corp. (The)

      253,166        10,782,340  

Bank OZK(c)

      29,215        1,043,560  

BankUnited, Inc.

      30,512        688,046  

Berkshire Hathaway, Inc., Class B(b)

      508,319        167,008,207  

BlackRock, Inc.

      24,123        16,191,358  

Blackstone Mortgage Trust, Inc., Class A(c)

      69,277        1,263,612  

Blackstone, Inc., Class A

      69,848        6,239,522  

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

      20,454        1,243,399  

BOK Financial Corp.(c)

      7,482        627,515  

Bread Financial Holdings, Inc.(c)

      50,236        1,386,514  

Brighthouse Financial, Inc.(b)(c)

      42,852        1,894,058  

Brown & Brown, Inc.

      22,658        1,458,949  

Cadence Bank

      44,361        896,979  

Capital One Financial Corp.

      208,158        20,253,773  

Carlyle Group, Inc. (The)(c)

      46,565        1,412,316  

Cathay General Bancorp

      18,977        604,797  

Cboe Global Markets, Inc.

      11,306        1,579,448  

Charles Schwab Corp. (The)

      142,127        7,424,714  

Chimera Investment Corp.(c)

      247,818        1,407,606  

Chubb Ltd.

      93,895        18,925,476  
 

 

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

 

    15    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Financials-(continued)

      

Cincinnati Financial Corp.

      37,379      $        3,978,621  

Citigroup, Inc.

      1,306,675        61,505,192  

Citizens Financial Group, Inc.

      166,287        5,144,920  

CME Group, Inc., Class A

      51,615        9,588,519  

CNO Financial Group, Inc.(c)

      75,480        1,693,771  

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

      27,635        1,486,487  

Columbia Banking System, Inc.(c)

      62,324        1,331,241  

Comerica, Inc.

      45,269        1,963,317  

Commerce Bancshares, Inc.(c)

      18,015        1,006,138  

Community Bank System, Inc.(c)

      12,107        604,866  

Corebridge Financial, Inc.(c)

      65,677        1,107,314  

Credicorp Ltd. (Peru)

      25,674        3,478,314  

Cullen/Frost Bankers, Inc.

      11,117        1,225,649  

Discover Financial Services

      78,763        8,149,608  

East West Bancorp, Inc.

      25,686        1,327,709  

Enstar Group Ltd.(b)(c)

      4,477        1,077,166  

Equitable Holdings, Inc.

      116,487        3,027,497  

Essent Group Ltd.

      22,701        964,111  

Euronet Worldwide, Inc.(b)(c)

      7,858        870,195  

Evercore, Inc., Class A

      7,827        892,826  

Everest Re Group Ltd.

      8,547        3,230,766  

F.N.B. Corp.(c)

      112,188        1,287,918  

FactSet Research Systems, Inc.

      2,120        872,783  

Fidelity National Financial, Inc.

      100,085        3,552,017  

Fidelity National Information Services, Inc.

      169,663        9,962,611  

Fifth Third Bancorp

      211,238        5,534,436  

First American Financial Corp.

      44,639        2,571,653  

First Citizens BancShares, Inc., Class A(c) .

      1,336        1,345,592  

First Financial Bancorp(c)

      29,257        605,620  

First Hawaiian, Inc.(c)

      41,536        793,753  

First Horizon Corp.

      98,668        1,731,623  

First Republic Bank(c)

      26,022        91,337  

Fiserv, Inc.(b)

      79,141        9,664,699  

FleetCor Technologies, Inc.(b)

      8,716        1,864,527  

Franklin Resources, Inc.

      110,779        2,977,740  

Fulton Financial Corp.

      51,420        613,441  

Genworth Financial, Inc., Class A(b)(c)

      263,870        1,533,085  

Glacier Bancorp, Inc.

      22,228        738,636  

Global Payments, Inc.

      47,070        5,305,260  

Globe Life, Inc.

      21,108        2,290,640  

Goldman Sachs Group, Inc. (The)

      91,638        31,472,155  

Hancock Whitney Corp.

      23,807        869,432  

Hanover Insurance Group, Inc. (The)

      10,621        1,269,847  

Hartford Financial Services Group, Inc. (The)

      108,458        7,699,433  

Home BancShares, Inc.(c)

      34,970        761,297  

Huntington Bancshares, Inc.

      392,930        4,400,816  

Independent Bank Corp.

      9,071        507,976  

Intercontinental Exchange, Inc.

      67,239        7,324,344  

Invesco Ltd.(d)

      197,155        3,377,265  

Jack Henry & Associates, Inc.

      6,154        1,005,194  

Jackson Financial, Inc., Class A(c)

      51,472        1,853,507  

Janus Henderson Group PLC

      57,336        1,487,869  

Jefferies Financial Group, Inc.

      75,596        2,421,340  

JPMorgan Chase & Co.

      804,485        111,212,006  

Kemper Corp.

      23,498        1,143,178  

KeyCorp.

      339,828        3,826,463  

KKR & Co., Inc., Class A

      91,988        4,881,803  

Lazard Ltd., Class A(c)

      34,291        1,073,308  
     Shares      Value  

Financials-(continued)

      

Lincoln National Corp.

      185,899      $        4,039,585  

Loews Corp.

      73,188        4,213,433  

LPL Financial Holdings, Inc.

      6,561        1,370,199  

M&T Bank Corp.

      38,788        4,879,530  

Markel Corp.(b)(c)

      3,791        5,188,097  

Marsh & McLennan Cos., Inc.

      50,036        9,015,987  

Mastercard, Inc., Class A

      29,315        11,140,579  

MetLife, Inc.

      299,967        18,396,976  

MFA Financial, Inc.

      81,001        865,901  

MGIC Investment Corp.

      87,624        1,302,969  

Moody’s Corp.

      10,252        3,210,106  

Morgan Stanley

      264,659        23,811,370  

Mr. Cooper Group, Inc.(b)(c)

      27,157        1,257,369  

MSCI, Inc.

      2,426        1,170,424  

Nasdaq, Inc.

      34,944        1,934,849  

Navient Corp.

      80,292        1,328,030  

New York Community Bancorp, Inc.

      262,011        2,800,898  

Northern Trust Corp.

      54,478        4,258,000  

Old National Bancorp

      52,479        703,743  

Old Republic International Corp.(c)

      136,275        3,443,669  

OneMain Holdings, Inc.

      68,103        2,613,112  

Pacific Premier Bancorp, Inc.

      22,142        492,438  

PacWest Bancorp(c)

      58,785        596,668  

PayPal Holdings, Inc.(b)

      130,133        9,890,108  

PennyMac Financial Services, Inc.(c)

      11,581        723,697  

PennyMac Mortgage Investment Trust

      59,791        743,202  

Pinnacle Financial Partners, Inc.

      15,973        866,216  

PNC Financial Services Group, Inc. (The)

      123,463        16,081,056  

Popular, Inc.

      27,526        1,651,835  

Primerica, Inc.

      6,782        1,237,783  

Principal Financial Group, Inc.(c)

      78,650        5,874,369  

Progressive Corp. (The)

      95,303        12,999,329  

Prosperity Bancshares, Inc.(c)

      21,734        1,360,983  

Prudential Financial, Inc.

      174,858        15,212,646  

Radian Group, Inc.(c)

      55,810        1,354,509  

Raymond James Financial, Inc.

      27,626        2,500,982  

Regions Financial Corp.

      265,745        4,852,504  

Reinsurance Group of America, Inc.

      29,396        4,183,639  

RenaissanceRe Holdings Ltd. (Bermuda)

      7,582        1,633,239  

Rithm Capital Corp.(c)

      288,549        2,354,560  

Robinhood Markets, Inc., Class A(b)(c)

      86,255        763,357  

S&P Global, Inc.

      13,959        5,061,254  

SEI Investments Co.

      13,418        790,454  

Selective Insurance Group, Inc.(c)

      10,519        1,013,295  

Simmons First National Corp., Class A(c)

      38,860        649,351  

SLM Corp.(c)

      84,205        1,264,759  

SoFi Technologies, Inc.(b)(c)

      114,235        711,684  

South State Corp.(c)

      14,143        975,584  

Starwood Property Trust, Inc.

      125,361        2,242,708  

State Street Corp.

      96,725        6,989,349  

Stifel Financial Corp.

      21,745        1,304,048  

Synchrony Financial

      291,736        8,609,129  

Synovus Financial Corp.

      42,095        1,296,526  

T. Rowe Price Group, Inc.(c)

      53,406        5,999,096  

Texas Capital Bancshares, Inc.(b)(c)

      15,799        793,900  

Travelers Cos., Inc. (The)

      83,413        15,109,431  

Truist Financial Corp.

      402,682        13,119,380  

U.S. Bancorp

      425,572        14,588,608  

UMB Financial Corp.

      9,811        624,078  

United Bankshares, Inc.(c)

      33,746        1,118,005  
 

 

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

 

    16    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Financials-(continued)

      

Unum Group.

      101,162      $        4,269,036  

Valley National Bancorp(c)

      111,360        1,044,557  

Visa, Inc., Class A(c)

      69,814        16,247,812  

Voya Financial, Inc.(c)

      37,360        2,857,293  

W.R. Berkley Corp.

      36,096        2,126,776  

Webster Financial Corp.

      23,324        869,985  

Wells Fargo & Co.

      1,532,297        60,908,806  

Western Alliance Bancorporation

      16,970        629,926  

Western Union Co. (The)

      178,210        1,947,835  

WEX, Inc.(b)

      4,944        876,818  

Willis Towers Watson PLC

      20,239        4,687,352  

Wintrust Financial Corp.

      13,576        928,191  

Zions Bancorporation N.A

      50,009        1,393,251  
     

 

 

  
        1,154,580,287  
     

 

 

  

Health Care-12.89%

      

Abbott Laboratories

      194,508        21,487,299  

AbbVie, Inc.

      252,335        38,132,865  

Acadia Healthcare Co., Inc.(b)

      14,237        1,029,193  

Agilent Technologies, Inc.

      18,167        2,460,357  

Align Technology, Inc.(b)

      4,716        1,534,115  

AmerisourceBergen Corp.

      98,140        16,374,659  

Amgen, Inc.

      94,104        22,560,493  

AMN Healthcare Services, Inc.(b)(c)

      8,865        765,493  

Avantor, Inc.(b)

      74,204        1,445,494  

Baxter International, Inc.

      129,742        6,186,098  

Becton, Dickinson and Co.

      37,147        9,818,324  

Biogen, Inc.(b)

      31,540        9,595,414  

BioMarin Pharmaceutical, Inc.(b)

      9,191        882,704  

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

      4,491        2,024,498  

Boston Scientific Corp.(b)

      130,875        6,821,205  

Bristol-Myers Squibb Co.

      329,504        22,000,982  

Cardinal Health, Inc.

      231,656        19,018,958  

Catalent, Inc.(b)

      22,455        1,125,445  

Centene Corp.(b)

      256,197        17,659,659  

Charles River Laboratories International,
Inc.(b)

      5,241        996,419  

Cigna Group (The)

      80,503        20,390,605  

Community Health Systems, Inc.(b)

      167,351        1,061,005  

Cooper Cos., Inc. (The)

      4,654        1,775,268  

CVS Health Corp.

      588,769        43,162,655  

Danaher Corp.

      44,474        10,536,335  

DaVita, Inc.(b)

      27,445        2,479,930  

DENTSPLY SIRONA, Inc.

      37,722        1,581,683  

DexCom, Inc.(b)

      6,360        771,722  

Edwards Lifesciences Corp.(b)

      33,359        2,934,925  

Elanco Animal Health, Inc.(b)

      143,710        1,360,934  

Elevance Health, Inc.

      48,671        22,809,664  

Eli Lilly and Co.

      42,562        16,848,593  

Encompass Health Corp.

      20,305        1,302,566  

Enovis Corp.(b)

      13,264        772,628  

Envista Holdings Corp.(b)(c)

      36,330        1,398,342  

Exelixis, Inc.(b)

      42,544        778,555  

Gilead Sciences, Inc.

      256,643        21,098,621  

HCA Healthcare, Inc.

      37,155        10,675,746  

Henry Schein, Inc.(b)

      30,873        2,494,847  

Hologic, Inc.(b)

      28,779        2,475,282  

Horizon Therapeutics PLC(b)

      12,793        1,422,070  

Humana, Inc.

      25,210        13,373,653  

ICON PLC(b)(c)

      9,800        1,888,362  
     Shares      Value  

Health Care-(continued)

      

IDEXX Laboratories, Inc.(b)

      2,151      $        1,058,636  

Illumina, Inc.(b)

      14,230        2,925,119  

Incyte Corp.(b)

      11,698        870,448  

Intuitive Surgical, Inc.(b)

      16,454        4,956,274  

IQVIA Holdings, Inc.(b)

      19,807        3,728,272  

Jazz Pharmaceuticals PLC(b)

      10,888        1,529,437  

Johnson & Johnson.

      421,990        69,079,763  

Laboratory Corp. of America Holdings

      22,317        5,059,487  

McKesson Corp.

      71,769        26,141,140  

Medtronic PLC

      289,343        26,315,746  

Merck & Co., Inc.

      321,608        37,136,076  

Mettler-Toledo International, Inc.(b)

      768        1,145,472  

Moderna, Inc.(b)

      24,231        3,220,058  

Molina Healthcare, Inc.(b)

      13,691        4,078,412  

Organon & Co.

      125,117        3,081,632  

Owens & Minor, Inc.(b)

      60,702        943,309  

Patterson Cos., Inc.

      35,165        953,323  

PerkinElmer, Inc.

      14,555        1,899,282  

Perrigo Co. PLC

      53,509        1,990,000  

Pfizer, Inc.

      1,236,969        48,105,724  

Premier, Inc., Class A

      29,960        998,567  

Quest Diagnostics, Inc.

      25,933        3,599,760  

Regeneron Pharmaceuticals, Inc.(b)

      10,112        8,107,700  

ResMed, Inc.

      8,353        2,012,739  

Royalty Pharma PLC, Class A

      33,647        1,182,692  

Select Medical Holdings Corp.(c)

      42,045        1,282,372  

STERIS PLC

      10,862        2,048,030  

Stryker Corp.

      28,449        8,524,743  

Syneos Health, Inc.(b)

      39,769        1,561,331  

Teladoc Health, Inc.(b)(c)

      96,209        2,552,425  

Teleflex, Inc.(c)

      5,510        1,501,585  

Tenet Healthcare Corp.(b)

      79,369        5,819,335  

Thermo Fisher Scientific, Inc.

      25,838        14,337,506  

Tilray Brands, Inc., Class 2 (Canada)(b)(c)

      258,097        606,528  

United Therapeutics Corp.(b)

      5,000        1,150,650  

UnitedHealth Group, Inc.

      124,256        61,145,135  

Universal Health Services, Inc., Class B

      18,839        2,832,444  

Veeva Systems, Inc., Class A(b)

      5,009        897,012  

Vertex Pharmaceuticals, Inc.(b)

      12,956        4,414,498  

Viatris, Inc.

      534,746        4,989,180  

Waters Corp.(b)

      3,378        1,014,616  

West Pharmaceutical Services, Inc.

      3,112        1,124,179  

Zimmer Biomet Holdings, Inc.

      31,571        4,370,689  

Zoetis, Inc.

      22,873        4,020,616  
     

 

 

  
        769,625,607  
     

 

 

  

Industrials-9.50%

      

3M Co.

      188,602        20,033,304  

A.O. Smith Corp.

      16,967        1,158,676  

ABM Industries, Inc.

      23,848        1,015,448  

Acuity Brands, Inc.(c)

      5,317        836,789  

AECOM

      35,219        2,924,938  

AerCap Holdings N.V. (Ireland)(b)

      48,129        2,712,550  

AGCO Corp.(c)

      14,025        1,738,258  

Air Lease Corp.

      38,683        1,555,830  

Alight, Inc., Class A(b)

      101,311        937,127  

Allegion PLC

      9,006        994,983  

Allison Transmission Holdings, Inc.

      23,304        1,137,002  

American Airlines Group, Inc.(b)(c)

      83,537        1,139,445  

AMETEK, Inc.

      18,363        2,532,809  
 

 

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

 

    17    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Industrials-(continued)

      

API Group Corp.(b)

      37,027      $           842,735  

Applied Industrial Technologies, Inc.

      5,191        704,211  

ASGN, Inc.(b)

      11,895        851,563  

Atkore, Inc.(b)(c)

      5,153        650,978  

Automatic Data Processing, Inc.

      37,096        8,161,120  

Avis Budget Group, Inc.(b)(c)

      9,146        1,615,824  

Beacon Roofing Supply, Inc.(b)(c)

      19,970        1,201,795  

Boeing Co. (The)(b)(c)

      79,958        16,533,715  

Boise Cascade Co.

      17,167        1,172,678  

Booz Allen Hamilton Holding Corp.

      18,921        1,811,118  

Brink’s Co. (The)

      12,108        760,988  

Broadridge Financial Solutions, Inc.(c)

      13,448        1,955,474  

Builders FirstSource, Inc.(b)

      37,600        3,563,352  

BWX Technologies, Inc.

      12,278        792,913  

C.H. Robinson Worldwide, Inc.(c)

      34,762        3,506,443  

CACI International, Inc., Class A(b)

      5,235        1,640,230  

Carlisle Cos., Inc.

      5,978        1,290,351  

Carrier Global Corp.

      132,234        5,530,026  

Caterpillar, Inc.

      80,679        17,652,565  

Cintas Corp.

      6,173        2,813,468  

Clarivate PLC(b)

      142,607        1,263,498  

Clean Harbors, Inc.(b)

      8,186        1,188,280  

Concentrix Corp.

      6,281        606,179  

Copart, Inc.(b)

      21,033        1,662,659  

CoreCivic, Inc.(b)

      89,305        784,991  

CoStar Group, Inc.(b)

      19,601        1,508,297  

Crane Co.(b)(c)

      8,190        590,253  

Crane NXT Co.(c)

      8,194        388,068  

CSX Corp.

      325,530        9,974,239  

Cummins, Inc.(c)

      30,718        7,219,959  

Curtiss-Wright Corp.

      5,140        872,926  

Deere & Co.

      29,953        11,322,833  

Delta Air Lines, Inc.(b)

      55,797        1,914,395  

Donaldson Co., Inc.

      16,286        1,034,975  

Dover Corp.

      18,703        2,733,630  

Dun & Bradstreet Holdings, Inc.(c)

      63,908        713,852  

Dycom Industries, Inc.(b)(c)

      9,765        904,434  

Eaton Corp. PLC

      58,653        9,802,089  

EMCOR Group, Inc.

      10,577        1,808,667  

Emerson Electric Co.

      108,147        9,004,319  

EnerSys

      8,695        721,424  

Equifax, Inc.(c)

      9,683        2,017,744  

Expeditors International of Washington, Inc.

      24,387        2,776,216  

Fastenal Co.

      65,209        3,510,853  

FedEx Corp.

      82,625        18,820,322  

Flowserve Corp.

      33,444        1,116,695  

Fluor Corp.(b)(c)

      58,776        1,708,031  

Fortive Corp.

      36,833        2,323,794  

Fortune Brands Innovations, Inc.

      27,066        1,750,900  

FTI Consulting, Inc.(b)(c)

      5,091        918,926  

GATX Corp.(c)

      9,128        1,039,770  

Generac Holdings, Inc.(b)

      8,844        904,034  

General Dynamics Corp.

      49,526        10,813,507  

General Electric Co.

      210,227        20,806,166  

Genpact Ltd.

      23,763        1,058,642  

GEO Group, Inc. (The)(b)(c)

      120,916        910,497  

GMS, Inc.(b)

      14,967        868,984  

Grab Holdings Ltd., Class A (Singapore)(b)(c)

      307,781        895,643  
     Shares      Value  

Industrials-(continued)

      

Graco, Inc.

      14,364      $        1,138,922  

GXO Logistics, Inc.(b)

      30,329        1,611,380  

HEICO Corp.(c)

      1,945        328,005  

HEICO Corp., Class A

      3,237        434,503  

Hexcel Corp.

      10,175        733,414  

Hillenbrand, Inc.

      15,711        716,736  

Honeywell International, Inc.

      92,636        18,512,378  

Howmet Aerospace, Inc.

      43,094        1,908,633  

Hub Group, Inc., Class A(b)

      9,840        741,936  

Hubbell, Inc.

      6,600        1,777,512  

Huntington Ingalls Industries, Inc.

      10,556        2,128,723  

IDEX Corp.

      6,470        1,334,890  

Illinois Tool Works, Inc.

      34,340        8,308,220  

Ingersoll Rand, Inc.(c)

      43,583        2,485,103  

Insperity, Inc.(c)

      5,947        728,270  

ITT, Inc.(c)

      11,241        949,190  

J.B. Hunt Transport Services, Inc.

      10,748        1,884,017  

Jacobs Solutions, Inc.

      21,931        2,532,153  

JELD-WEN Holding, Inc.(b)(c)

      77,360        988,661  

Johnson Controls International PLC

      140,487        8,406,742  

KAR Auction Services, Inc.(b)(c)

      57,035        772,254  

KBR, Inc.(c)

      21,769        1,234,955  

Kennametal, Inc.(c)

      27,078        702,945  

Kirby Corp.(b)(c)

      13,632        979,323  

Knight-Swift Transportation Holdings, Inc.

      34,114        1,921,300  

L3Harris Technologies, Inc.

      31,265        6,101,365  

Landstar System, Inc.

      6,019        1,059,525  

Leidos Holdings, Inc.

      30,919        2,883,506  

Lennox International, Inc.

      3,840        1,082,534  

Lincoln Electric Holdings, Inc.

      5,930        995,054  

Lockheed Martin Corp.

      40,771        18,936,091  

ManpowerGroup, Inc.

      34,317        2,598,140  

Masco Corp.

      37,640        2,014,116  

MasTec, Inc.(b)(c)

      16,502        1,465,543  

MasterBrand, Inc.(b)

      100,827        813,674  

Maximus, Inc.(c)

      10,941        915,215  

MDU Resources Group, Inc.

      61,966        1,810,647  

Middleby Corp. (The)(b)

      8,328        1,173,249  

MillerKnoll, Inc.(c)

      31,365        533,519  

MSC Industrial Direct Co., Inc., Class A

      14,453        1,311,321  

Mueller Industries, Inc.(c)

      13,405        963,149  

Nordson Corp.

      4,646        1,004,976  

Norfolk Southern Corp.

      38,961        7,910,252  

Northrop Grumman Corp.

      22,347        10,308,001  

nVent Electric PLC

      24,259        1,017,180  

Old Dominion Freight Line, Inc.

      4,473        1,433,104  

Oshkosh Corp.

      20,644        1,579,679  

Otis Worldwide Corp.

      44,123        3,763,692  

Owens Corning

      24,065        2,570,383  

PACCAR, Inc.

      110,995        8,290,217  

Parker-Hannifin Corp.

      15,134        4,916,734  

Paychex, Inc.

      36,291        3,986,929  

Pentair PLC

      26,052        1,513,100  

Plug Power, Inc.(b)(c)

      47,524        429,142  

Quanta Services, Inc.

      15,859        2,690,321  

Raytheon Technologies Corp.

      239,588        23,934,841  

Regal Rexnord Corp.(c)

      11,417        1,486,037  

Republic Services, Inc.

      28,334        4,097,663  

Resideo Technologies, Inc.(b)(c)

      57,939        1,031,314  

Robert Half International, Inc.(c)

      19,669        1,435,837  
 

 

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

 

    18    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Industrials-(continued)

      

Rockwell Automation, Inc.

      11,219      $        3,179,577  

Rush Enterprises, Inc., Class A

      12,713        675,187  

RXO, Inc.(b)(c)

      36,907        667,648  

Ryder System, Inc.

      29,426        2,329,362  

Science Applications International Corp.

      12,672        1,292,924  

Sensata Technologies Holding PLC

      32,426        1,408,910  

Snap-on, Inc.(c)

      8,860        2,298,373  

Southwest Airlines Co.

      40,502        1,226,806  

Spirit AeroSystems Holdings, Inc., Class A(c)

      29,537        879,021  

SS&C Technologies Holdings, Inc.

      34,520        2,020,801  

Stanley Black & Decker, Inc.(c)

      60,650        5,236,521  

Stericycle, Inc.(b)(c)

      18,220        831,743  

Sunrun, Inc.(b)(c)

      47,185        992,772  

Terex Corp.

      14,997        668,716  

Textron, Inc.

      42,986        2,877,483  

Timken Co. (The)

      13,030        1,001,355  

Toro Co. (The)

      9,708        1,012,156  

Trane Technologies PLC

      24,550        4,561,635  

TransDigm Group, Inc.

      7,009        5,361,885  

TransUnion.

      21,196        1,458,497  

Trinity Industries, Inc.

      33,731        807,857  

Triton International Ltd. (Bermuda)

      20,100        1,661,667  

Uber Technologies, Inc.(b)

      116,696        3,623,411  

UFP Industries, Inc.

      13,019        1,022,252  

U-Haul Holding Co.(c)

      1,767        107,893  

U-Haul Holding Co., Series N

      16,501        892,704  

Union Pacific Corp.

      92,952        18,190,706  

United Airlines Holdings, Inc.(b)

      40,727        1,783,843  

United Parcel Service, Inc., Class B

      129,408        23,268,852  

United Rentals, Inc.

      11,449        4,134,348  

Univar Solutions, Inc.(b)

      59,929        2,127,479  

Valmont Industries, Inc.

      2,250        653,760  

Verisk Analytics, Inc.

      9,625        1,868,309  

Veritiv Corp.(c)

      8,935        1,026,363  

W.W. Grainger, Inc.

      4,514        3,139,803  

Wabtec Corp.

      26,605        2,598,510  

Waste Management, Inc.(c)

      52,226        8,672,127  

Watsco, Inc.(c)

      4,550        1,576,029  

Werner Enterprises, Inc.(c)

      20,600        930,502  

WESCO International, Inc.

      13,915        2,003,760  

WillScot Mobile Mini Holdings Corp.(b)

      14,534        659,844  

Woodward, Inc.(c)

      8,704        835,758  

XPO, Inc.(b)(c)

      31,394        1,386,987  

Xylem, Inc.

      18,445        1,915,329  

ZIM Integrated Shipping Services Ltd.
(Israel)(c)

      71,486        1,220,266  
     

 

 

  
        567,435,343  
     

 

 

  

Information Technology-12.86%

      

Accenture PLC, Class A

      64,351        18,036,942  

Adobe, Inc.(b)

      21,710        8,196,828  

Advanced Micro Devices, Inc.(b)

      48,691        4,351,515  

Akamai Technologies, Inc.(b)

      25,972        2,128,925  

Amdocs Ltd.

      19,403        1,770,524  

Amkor Technology, Inc.

      31,268        699,465  

Amphenol Corp., Class A(c)

      47,577        3,590,636  

Analog Devices, Inc.

      49,485        8,901,362  

ANSYS, Inc.(b)

      5,386        1,690,773  

Apple, Inc.

      841,309        142,753,311  
     Shares      Value  

Information Technology-(continued)

      

Applied Materials, Inc.

      76,815      $        8,682,399  

Arista Networks, Inc.(b)

      9,251        1,481,640  

Arrow Electronics, Inc.(b)(c)

      44,688        5,113,648  

Autodesk, Inc.(b)

      4,024        783,835  

Avnet, Inc.(c)

      64,473        2,660,156  

Black Knight, Inc.(b)

      15,288        835,336  

Broadcom, Inc.

      40,159        25,159,613  

Cadence Design Systems, Inc.(b)

      6,584        1,379,019  

CDW Corp.

      15,607        2,646,791  

Check Point Software Technologies Ltd.
(Israel)(b)

      10,138        1,291,176  

Ciena Corp.(b)(c)

      29,154        1,342,250  

Cirrus Logic, Inc.(b)

      7,189        616,744  

Cisco Systems, Inc.

      774,093        36,575,894  

Cognex Corp.

      15,876        757,126  

Cognizant Technology Solutions Corp., Class A

      101,277        6,047,250  

Coherent Corp.(b)(c)

      19,694        672,353  

CommScope Holding Co., Inc.(b)

      193,543        954,167  

Corning, Inc.

      168,065        5,583,119  

Dell Technologies, Inc., Class C

      77,642        3,376,651  

DXC Technology Co.(b)

      137,235        3,273,055  

Entegris, Inc.

      9,556        715,936  

EPAM Systems, Inc.(b)

      3,114        879,518  

F5, Inc.(b)

      8,282        1,112,769  

First Solar, Inc.(b)

      10,703        1,954,154  

Flex Ltd.(b)

      225,510        4,638,741  

Gartner, Inc.(b)

      3,362        1,016,870  

Gen Digital, Inc.

      133,279        2,355,040  

GoDaddy, Inc., Class A(b)

      10,281        778,066  

Hewlett Packard Enterprise Co.

      595,540        8,528,133  

HP, Inc.

      402,172        11,948,530  

Insight Enterprises, Inc.(b)(c)

      11,322        1,369,396  

Intel Corp.

      2,094,067        65,041,721  

International Business Machines Corp.

      262,495        33,181,993  

Intuit, Inc.

      12,020        5,336,279  

Jabil, Inc.

      46,423        3,627,957  

Juniper Networks, Inc.

      73,498        2,215,965  

Keysight Technologies, Inc.(b)

      10,181        1,472,580  

KLA Corp.

      9,276        3,585,545  

Kyndryl Holdings, Inc.(b)

      163,853        2,369,314  

Lam Research Corp.

      11,587        6,072,515  

Lumentum Holdings, Inc.(b)

      13,928        672,026  

Marvell Technology, Inc.

      71,680        2,829,926  

Microchip Technology, Inc.

      44,779        3,268,419  

Micron Technology, Inc.

      274,450        17,663,602  

Microsoft Corp.

      442,684        136,019,086  

MKS Instruments, Inc.

      9,956        835,010  

Motorola Solutions, Inc.

      11,692        3,407,049  

National Instruments Corp.

      16,735        974,479  

NCR Corp.(b)

      64,232        1,431,731  

NetApp, Inc.

      41,492        2,609,432  

NVIDIA Corp.

      43,989        12,206,508  

NXP Semiconductors N.V. (China)(c)

      27,097        4,436,863  

Okta, Inc.(b)

      14,321        981,418  

ON Semiconductor Corp.(b)

      32,917        2,368,707  

Oracle Corp.

      160,119        15,166,472  

Plexus Corp.(b)

      7,666        670,545  

Qorvo, Inc.(b)

      21,554        1,984,692  

QUALCOMM, Inc.

      143,776        16,793,037  
 

 

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

 

    19    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Information Technology-(continued)

      

Roper Technologies, Inc.

      8,870      $        4,033,899  

Salesforce, Inc.(b)

      86,131        17,085,806  

Sanmina Corp.(b)

      25,345        1,324,530  

Seagate Technology Holdings PLC(c)

      62,188        3,654,789  

ServiceNow, Inc.(b)

      3,320        1,525,274  

Skyworks Solutions, Inc.

      25,564        2,707,228  

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

      5,959        882,409  

Synopsys, Inc.(b)

      5,770        2,142,516  

TD SYNNEX Corp.

      14,438        1,285,559  

TE Connectivity Ltd.

      47,955        5,868,253  

Teledyne Technologies, Inc.(b)

      5,227        2,166,069  

Teradyne, Inc.(c)

      12,921        1,180,721  

Texas Instruments, Inc.

      101,634        16,993,205  

Trimble, Inc.(b)

      29,333        1,381,584  

Twilio, Inc., Class A(b)

      28,154        1,481,182  

Tyler Technologies, Inc.(b)

      2,229        844,858  

Viasat, Inc.(b)(c)

      29,876        1,046,556  

Vishay Intertechnology, Inc.

      43,033        916,173  

VMware, Inc., Class A(b)

      43,799        5,476,189  

Vontier Corp.(c)

      38,738        1,050,962  

Western Digital Corp.(b)

      164,577        5,668,032  

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

      5,442        1,012,974  

Xerox Holdings Corp.(c)

      119,921        1,879,162  

Zebra Technologies Corp., Class A(b)

      5,758        1,658,477  

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

      17,428        1,070,602  
     

 

 

  
        768,209,536  
     

 

 

  

Materials-3.49%

      

Air Products and Chemicals, Inc.

      28,568        8,409,276  

Albemarle Corp.

      8,396        1,557,122  

Alcoa Corp.

      79,699        2,960,021  

AptarGroup, Inc.

      10,076        1,194,107  

Arconic Corp.(b)

      64,299        1,591,400  

Ashland, Inc.

      9,093        923,940  

Avery Dennison Corp.

      12,324        2,150,291  

Avient Corp.

      23,374        900,133  

Axalta Coating Systems Ltd.(b)(c)

      51,283        1,619,004  

Ball Corp.(c)

      57,461        3,055,776  

Berry Global Group, Inc.

      53,427        3,088,615  

Cabot Corp.(c)

      11,974        859,254  

Celanese Corp.

      26,072        2,769,889  

CF Industries Holdings, Inc.

      34,913        2,499,073  

Chemours Co. (The)

      52,046        1,512,977  

Cleveland-Cliffs, Inc.(b)

      116,335        1,789,232  

Commercial Metals Co.

      23,662        1,104,779  

Constellium SE(b)

      92,481        1,373,343  

Corteva, Inc.

      98,788        6,037,923  

Crown Holdings, Inc.

      26,996        2,315,717  

Dow, Inc.

      248,478        13,517,203  

DuPont de Nemours, Inc.

      141,244        9,847,532  

Eastman Chemical Co.

      45,996        3,876,083  

Ecolab, Inc.

      29,494        4,950,273  

Element Solutions, Inc.

      38,743        703,185  

FMC Corp.

      15,114        1,867,788  

Freeport-McMoRan, Inc.

      190,595        7,225,456  

Graphic Packaging Holding Co.

      73,239        1,806,074  

H.B. Fuller Co.

      11,550        764,263  

Huntsman Corp.

      75,457        2,021,493  

International Flavors & Fragrances, Inc.

      54,033        5,239,040  
     Shares      Value  

Materials-(continued)

      

International Paper Co.

      193,564      $        6,408,904  

Linde PLC

      56,528        20,884,270  

Louisiana-Pacific Corp.

      15,986        955,004  

LyondellBasell Industries N.V., Class A

      111,690        10,566,991  

Martin Marietta Materials, Inc.

      6,774        2,460,317  

Mosaic Co. (The)

      73,791        3,161,944  

Newmont Corp.

      195,839        9,282,769  

Nucor Corp.

      51,328        7,605,783  

O-I Glass, Inc.(b)

      69,299        1,557,149  

Olin Corp.

      32,168        1,782,107  

Packaging Corp. of America

      21,316        2,883,202  

PPG Industries, Inc.

      42,030        5,895,128  

Reliance Steel & Aluminum Co.

      12,708        3,149,042  

Royal Gold, Inc.

      6,351        841,126  

RPM International, Inc.

      21,620        1,773,489  

Scotts Miracle-Gro Co. (The)(c)

      12,191        814,481  

Sealed Air Corp.

      28,564        1,370,786  

Sherwin-Williams Co. (The)

      21,614        5,134,190  

Silgan Holdings, Inc.

      18,215        897,271  

Sonoco Products Co.

      28,803        1,746,038  

Southern Copper Corp. (Mexico)

      12,735        978,430  

Steel Dynamics, Inc.

      30,716        3,192,928  

Summit Materials, Inc., Class A(b)(c)

      32,399        888,057  

Sylvamo Corp.

      18,132        830,808  

Trinseo PLC

      37,676        682,689  

United States Steel Corp.(c)

      134,805        3,084,338  

Vulcan Materials Co.

      14,194        2,485,653  

Warrior Met Coal, Inc.

      33,082        1,143,645  

Westlake Corp.(c)

      7,675        873,261  

WestRock Co.

      183,574        5,494,370  
     

 

 

  
        208,354,432  
     

 

 

  

Real Estate-3.16%

      

Alexandria Real Estate Equities, Inc.

      24,721        3,069,854  

American Homes 4 Rent, Class A

      37,900        1,260,554  

American Tower Corp.

      44,844        9,165,665  

Americold Realty Trust, Inc.

      42,696        1,263,375  

Anywhere Real Estate, Inc.(b)(c)

      146,138        930,899  

Apartment Income REIT Corp.

      27,292        1,009,258  

Apple Hospitality REIT, Inc.

      70,994        1,057,101  

AvalonBay Communities, Inc.

      25,416        4,584,284  

Boston Properties, Inc.

      53,115        2,834,216  

Brandywine Realty Trust(c)

      130,105        511,313  

Brixmor Property Group, Inc.

      74,954        1,598,769  

Camden Property Trust

      15,885        1,748,144  

CBRE Group, Inc., Class A(b)

      69,395        5,319,821  

Corporate Office Properties Trust

      31,862        729,321  

Cousins Properties, Inc.(c)

      51,053        1,113,466  

Crown Castle, Inc.

      61,813        7,608,562  

CubeSmart(c)

      28,248        1,285,002  

Cushman & Wakefield PLC(b)(c)

      86,040        847,494  

DiamondRock Hospitality Co.(c)

      96,723        784,424  

Digital Realty Trust, Inc.

      60,414        5,990,048  

DigitalBridge Group, Inc.

      80,109        995,755  

Douglas Emmett, Inc.(c)

      78,923        1,016,528  

EPR Properties

      26,041        1,092,680  

Equinix, Inc.

      8,548        6,189,436  

Equity LifeStyle Properties, Inc.

      17,671        1,217,532  

Equity Residential

      74,025        4,682,081  

Essex Property Trust, Inc.

      11,583        2,545,133  
 

 

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

 

    20    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

 

 

     Shares      Value  

Real Estate-(continued)

      

Extra Space Storage, Inc.(c)

      13,733      $        2,087,965  

Federal Realty Investment Trust

      14,152        1,399,491  

First Industrial Realty Trust, Inc.

      15,649        821,103  

Gaming and Leisure Properties, Inc.

      35,337        1,837,524  

Healthcare Realty Trust, Inc.(c)

      66,181        1,309,060  

Healthpeak Properties, Inc.

      115,038        2,527,385  

Highwoods Properties, Inc.(c)

      43,426        995,324  

Host Hotels & Resorts, Inc.(c)

      185,808        3,004,515  

Howard Hughes Corp. (The)(b)

      8,427        651,997  

Hudson Pacific Properties, Inc.(c)

      113,221        629,509  

Invitation Homes, Inc.

      86,253        2,878,263  

Iron Mountain, Inc.

      68,904        3,806,257  

JBG SMITH Properties, (Acquired
03/20/2020 - 04/05/2023;
Cost $1,163,488)(c)(e)

      45,768        653,109  

Jones Lang LaSalle, Inc.(b)(c)

      18,485        2,570,154  

Kilroy Realty Corp.

      41,654        1,217,963  

Kimco Realty Corp.

      132,441        2,541,543  

Kite Realty Group Trust(c)

      40,775        844,858  

Lamar Advertising Co., Class A

      14,946        1,579,493  

Life Storage, Inc.

      10,404        1,398,090  

LXP Industrial Trust

      68,399        642,951  

Macerich Co. (The)(c)

      128,790        1,286,612  

Medical Properties Trust, Inc.(c)

      192,203        1,685,620  

Mid-America Apartment Communities, Inc.

      16,959        2,608,294  

National Retail Properties, Inc.

      29,003        1,261,631  

Omega Healthcare Investors, Inc.

      63,670        1,703,809  

Outfront Media, Inc.

      45,591        759,546  

Paramount Group, Inc.(c)

      154,247        667,890  

Park Hotels & Resorts, Inc.(c)

      156,159        1,881,716  

Phillips Edison & Co., Inc.(c)

      23,388        737,658  

Physicians Realty Trust(c)

      59,659        860,283  

Piedmont Office Realty Trust, Inc., Class A(c)

      79,873        519,973  

PotlatchDeltic Corp.(c)

      20,509        948,131  

Prologis, Inc.

      74,068        9,277,017  

Public Storage

      14,053        4,143,246  

Rayonier, Inc.

      27,690        868,358  

Realty Income Corp.

      81,008        5,090,543  

Regency Centers Corp.

      35,274        2,166,882  

Rexford Industrial Realty, Inc.

      15,074        840,677  

RLJ Lodging Trust(c)

      83,926        847,653  

Sabra Health Care REIT, Inc.(c)

      93,780        1,069,092  

SBA Communications Corp., Class A

      4,200        1,095,738  

Service Properties Trust

      93,914        823,626  

Simon Property Group, Inc.

      62,664        7,101,084  

SITE Centers Corp.

      58,250        718,805  

SL Green Realty Corp.

      53,836        1,274,298  

Spirit Realty Capital, Inc.

      26,409        1,015,690  

STAG Industrial, Inc.

      28,328        959,469  

Sun Communities, Inc.

      14,664        2,037,270  

Sunstone Hotel Investors, Inc.(c)

      74,848        713,301  

UDR, Inc.

      45,066        1,862,578  

Uniti Group, Inc.

      197,094        674,061  

Ventas, Inc.

      120,090        5,770,324  

VICI Properties, Inc.

      78,982        2,680,649  

Vornado Realty Trust(c)

      127,993        1,921,175  

W.P. Carey, Inc.(c)

      29,608        2,196,914  

Welltower, Inc.(c)

      101,893        8,071,963  
     Shares      Value  

Real Estate-(continued)

      

Weyerhaeuser Co.

      196,170      $        5,867,445  

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

      7,413        317,128  

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

      20,936        911,553  
     

 

 

  
        189,084,971  
     

 

 

  

Utilities-4.58%

      

AES Corp. (The)

      179,600        4,249,336  

ALLETE, Inc.

      17,721        1,105,436  

Alliant Energy Corp.

      56,952        3,140,333  

Ameren Corp.

      57,036        5,074,493  

American Electric Power Co., Inc.

      135,033        12,479,750  

American Water Works Co., Inc.

      24,047        3,564,968  

Atmos Energy Corp.

      24,578        2,805,333  

Avangrid, Inc.(c)

      27,046        1,088,872  

Avista Corp.(c)

      25,514        1,124,402  

Black Hills Corp.

      20,541        1,341,122  

CenterPoint Energy, Inc.

      169,683        5,170,241  

CMS Energy Corp.

      69,769        4,343,818  

Consolidated Edison, Inc.

      105,413        10,380,018  

Constellation Energy Corp.

      76,388        5,912,431  

Dominion Energy, Inc.

      268,657        15,351,061  

DTE Energy Co.

      51,365        5,773,940  

Duke Energy Corp.

      239,691        23,700,646  

Edison International

      116,359        8,564,022  

Entergy Corp.

      65,289        7,023,791  

Essential Utilities, Inc.

      34,602        1,477,505  

Evergy, Inc.

      69,388        4,309,689  

Eversource Energy

      86,318        6,699,140  

Exelon Corp.

      312,766        13,273,789  

FirstEnergy Corp.

      173,578        6,908,404  

Hawaiian Electric Industries, Inc.(c)

      33,790        1,324,906  

IDACORP, Inc.

      11,430        1,270,102  

National Fuel Gas Co.

      22,176        1,239,638  

New Jersey Resources Corp.

      19,625        1,013,435  

NextEra Energy, Inc.

      261,107        20,008,629  

NiSource, Inc.

      112,143        3,191,590  

NorthWestern Corp.

      18,521        1,085,701  

NRG Energy, Inc.

      100,675        3,440,065  

OGE Energy Corp.

      59,513        2,234,118  

ONE Gas, Inc.(c)

      13,563        1,043,673  

PG&E Corp.(b)

      277,316        4,744,877  

Pinnacle West Capital Corp.

      42,123        3,304,971  

PNM Resources, Inc.

      22,059        1,061,700  

Portland General Electric Co.(c)

      26,357        1,334,191  

PPL Corp.

      296,197        8,506,778  

Public Service Enterprise Group, Inc.

      125,480        7,930,336  

Sempra Energy

      64,276        9,994,275  

Southern Co. (The)

      290,276        21,349,800  

Southwest Gas Holdings, Inc.

      23,363        1,308,328  

Spire, Inc.

      16,202        1,097,361  

UGI Corp.

      81,412        2,758,238  

Vistra Corp.

      162,951        3,888,011  

WEC Energy Group, Inc.

      67,407        6,482,531  

Xcel Energy, Inc.

      126,335        8,832,080  
     

 

 

  
        273,307,874  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $5,081,731,282)

 

      5,968,949,461  
     

 

 

  
 

 

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

 

    21    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2023

    

 

     Shares      Value  

Money Market Funds-0.00%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(f)
(Cost $152,574)

      152,574      $           152,574  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $5,081,883,856)

 

      5,969,102,035  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.05%

      

Invesco Private Government Fund,
4.83%(d)(f)(g)

      84,632,506        84,632,506  
     Shares      Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(d)(f)(g) .

      216,910,939      $    216,910,939  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $301,557,657)

 

      301,543,445  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.99%
(Cost $5,383,441,513)

 

      6,270,645,480  

OTHER ASSETS LESS LIABILITIES-(4.99)%

 

      (298,264,195 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 5,972,381,285  
     

 

 

  
 

 

Investment Abbreviations:

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) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Invesco Ltd.      $ 2,923,045      $ 783,845      $ (162,382 )     $ (169,884 )     $ 2,641      $ 3,377,265      $ 125,512
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class        4,450,312        198,369,107        (202,666,845 )       -       -        152,574        115,760
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        72,621,826        687,673,729        (675,663,049 )       -       -        84,632,506        2,504,947 *
Invesco Private Prime Fund        165,708,735        1,457,177,335        (1,405,997,755 )       (35,249 )       57,873        216,910,939        6,806,714 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total      $ 245,703,918      $ 2,344,004,016      $ (2,284,490,031 )     $ (205,133 )     $ 60,514      $ 305,073,284      $ 9,552,933
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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) 

Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

(f)

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

(g) 

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

 

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

 

    22    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-4.01%

      

Advantage Solutions, Inc.(b)

      254,787      $           326,127  

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

      477,454        2,625,997  

ATN International, Inc.

      19,059        689,364  

Bandwidth, Inc., Class A(b)

      23,428        285,119  

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

      14,825        303,320  

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

      66,416        1,209,435  

Cardlytics, Inc.(b)(c)

      117,259        761,011  

Cargurus, Inc.(b)(c)

      64,296        1,057,026  

Cars.com, Inc.(b)

      47,864        936,698  

Clear Channel Outdoor Holdings, Inc.(b)(c)

     1,131,523        1,437,034  

Cogent Communications Holdings, Inc.

      39,234        2,708,715  

Consolidated Communications Holdings,
Inc.(b)

      147,044        569,060  

Cumulus Media, Inc., Class A(b)(c)

      55,154        193,866  

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

      123,524        1,041,307  

EchoStar Corp., Class A(b)

      146,386        2,498,809  

Entravision Communications Corp.,
Class A(c)

      98,752        617,200  

fuboTV, Inc.(b)(c)

      314,978        359,075  

Gannett Co., Inc.(b)(c)

      489,122        929,332  

Gogo, Inc.(b)

      20,870        279,867  

Gray Television, Inc.

      316,083        2,437,000  

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

      22,175        736,432  

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

      321,276        1,114,828  

IMAX Corp.(b)(c)

      43,811        917,840  

Iridium Communications, Inc.

      44,908        2,850,311  

John Wiley & Sons, Inc., Class A(c)

      74,517        2,874,121  

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

      3,864        151,353  

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

      14,544        552,963  

Liberty TripAdvisor Holdings, Inc.,
Class A(b)

      269,488        191,336  

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

      34,054        1,098,923  

Madison Square Garden Sports Corp.,
Class A

      2,683        537,942  

Magnite, Inc.(b)(c)

      72,083        677,580  

Marcus Corp. (The)(c)

      55,760        976,915  

New York Times Co. (The), Class A

      89,794        3,569,311  

Outbrain, Inc.(b)

      114,236        437,524  

Pinterest, Inc., Class A(b)

      138,551        3,186,673  

Playstudios, Inc.(b)

      87,788        384,511  

Playtika Holding Corp.(b)

      98,681        986,810  

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

      26,408        360,733  

QuinStreet, Inc.(b)(c)

      37,092        412,092  

Quotient Technology, Inc.(b)(c)

      130,241        367,280  

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

      38,950        572,176  

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

      18,684        665,150  

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

      48,409        2,721,070  

Scholastic Corp.

      46,719        1,797,280  

Shenandoah Telecommunications Co.(c)

      69,780        1,452,122  

Shutterstock, Inc.(c)

      10,869        728,223  

Sinclair Broadcast Group, Inc., Class A(c)

      143,374        2,851,709  

Sirius XM Holdings, Inc.(c)

      598,888        2,275,774  
     Shares      Value  

Communication Services-(continued)

      

Skillz, Inc.(b)

      748,083      $           465,831  

Sphere Entertainment Co.(b)(c)

      34,054        958,280  

Spok Holdings, Inc.

      39,302        480,663  

Stagwell, Inc.(b)(c)

      67,903        422,357  

Taboola.com Ltd. (Israel)(b)(c)

      258,192        596,424  

TechTarget, Inc.(b)

      10,746        366,331  

Thryv Holdings, Inc.(b)(c)

      84,851        1,905,753  

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

      39,684        2,553,269  

TripAdvisor, Inc.(b)(c)

      86,459        1,532,918  

TrueCar, Inc.(b)

      185,284        476,180  

Vimeo, Inc.(b)

      210,550        692,710  

WideOpenWest, Inc.(b)(c)

      139,375        1,593,056  

World Wrestling Entertainment, Inc., Class A(c)

      14,146        1,516,027  

Yelp, Inc.(b)(c)

      58,706        1,756,484  

Ziff Davis, Inc.(b)(c)

      46,483        3,399,767  

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

      20,764        351,742  

ZoomInfo Technologies, Inc., Class A(b)

      70,618        1,547,240  
     

 

 

  
        77,329,376  
     

 

 

  

Consumer Discretionary-14.38%

      

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

      79,852        735,437  

2U, Inc.(b)(c)

      127,693        707,419  

Aaron’s Co., Inc. (The)

      123,427        1,647,750  

Accel Entertainment, Inc.(b)

      40,088        354,779  

Acushnet Holdings Corp.(c)

      30,556        1,531,772  

Adtalem Global Education, Inc.(b)(c)

      57,126        2,317,602  

Afya Ltd., Class A (Brazil)(b)(c)

      31,844        366,524  

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

      129,428        161,785  

American Outdoor Brands, Inc.(b)(c)

      36,297        324,495  

American Public Education, Inc.(b)

      64,058        365,131  

America’s Car-Mart, Inc.(b)(c)

      9,790        787,018  

AMMO, Inc.(b)(c)

      144,577        284,817  

Arco Platform Ltd., Class A (Brazil)(b)(c)

      24,585        267,977  

Arcos Dorados Holdings, Inc., Class A
(Brazil)

      200,039        1,588,310  

Arko Corp.(c)

      150,779        1,260,512  

Arrival S.A. (Luxembourg)(b)(c)

      19,456        41,636  

Bally’s Corp.(b)(c)

      94,876        1,631,867  

BARK, Inc.(b)(c)

      259,695        285,665  

Barnes & Noble Education, Inc.(b)(c)

      168,803        263,333  

Bassett Furniture Industries, Inc.

      20,520        294,462  

Beazer Homes USA, Inc.(b)(c)

      169,343        3,608,699  

Big 5 Sporting Goods Corp.(c)

      128,448        1,012,170  

BJ’s Restaurants, Inc.(b)(c)

      33,202        1,080,393  

Bloomin’ Brands, Inc.

      142,673        3,534,010  

Bluegreen Vacations Holding Corp.(c)

      16,416        472,617  

Boot Barn Holdings, Inc.(b)(c)

      22,822        1,653,910  

Boyd Gaming Corp.

      59,007        4,095,086  

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

      47,929        3,648,356  

Brinker International, Inc.(b)(c)

      98,277        3,923,218  

Buckle, Inc. (The)(c)

      61,729        2,069,773  

Build-A-Bear Workshop, Inc.

      17,271        400,687  

Caleres, Inc.(c)

      79,337        1,808,884  

Camping World Holdings, Inc., Class A(c)

      81,994        1,835,846  

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

      55,171        261,511  

Carriage Services, Inc.

      16,902        485,256  

Carvana Co.(b)(c)

      186,129        1,291,735  
 

 

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

 

    23    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Consumer Discretionary-(continued)

      

Cato Corp. (The), Class A

      67,160      $          554,070  

Cavco Industries, Inc.(b)

      7,723        2,318,599  

Century Communities, Inc.

      56,236        3,786,932  

Cheesecake Factory, Inc. (The)(c)

      63,925        2,153,633  

Chegg, Inc.(b)(c)

      103,030        1,852,479  

Chico’s FAS, Inc.(b)(c)

      349,123        1,759,580  

Children’s Place, Inc. (The)(b)(c)

      44,007        1,304,368  

Choice Hotels International, Inc.(c)

      13,533        1,725,728  

Churchill Downs, Inc.(c)

      8,882        2,598,251  

Chuy’s Holdings, Inc.(b)(c)

      18,429        642,804  

Citi Trends, Inc.(b)(c)

      26,469        456,855  

Clarus Corp.(c)

      38,182        371,511  

Columbia Sportswear Co.(c)

      34,931        2,918,136  

Conn’s, Inc.(b)(c)

      150,129        717,617  

Container Store Group, Inc. (The)(b)

      206,546        638,227  

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

      76,128        548,883  

Cooper-Standard Holdings, Inc.(b)(c)

      158,042        2,125,665  

Coursera, Inc.(b)

      55,226        687,011  

Crocs, Inc.(b)

      16,867        2,085,942  

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

      34,166        1,211,526  

Denny’s Corp.(b)(c)

      65,856        738,246  

Designer Brands, Inc., Class A(c)

      231,182        1,893,381  

Despegar.com Corp. (Argentina)(b)

      57,214        300,946  

Destination XL Group, Inc.(b)(c)

      63,077        276,908  

Dillard’s, Inc., Class A(c)

      4,544        1,355,884  

Dine Brands Global, Inc.(c)

      15,712        1,020,180  

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

      64,639        3,955,260  

Dorman Products, Inc.(b)(c)

      21,757        1,874,583  

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

      83,011        1,818,771  

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

      29,869        455,502  

Duluth Holdings, Inc., Class B(b)(c)

      58,156        364,057  

El Pollo Loco Holdings, Inc.(c)

      34,941        325,650  

Ethan Allen Interiors, Inc.(c)

      47,143        1,316,704  

Etsy, Inc.(b)(c)

      21,072        2,128,904  

Everi Holdings, Inc.(b)(c)

      81,399        1,237,265  

Express, Inc.(b)(c)

      1,084,524        875,753  

Farfetch Ltd., Class A (United Kingdom)(b)(c)

      150,253        605,520  

Fisker, Inc.(b)(c)

      61,025        393,001  

Five Below, Inc.(b)(c)

      17,935        3,539,652  

Fossil Group, Inc.(b)(c)

      400,062        1,344,208  

Fox Factory Holding Corp.(b)(c)

      17,269        1,914,614  

Franchise Group, Inc.(c)

      44,169        1,291,943  

Frontdoor, Inc.(b)(c)

      78,593        2,150,305  

Full House Resorts, Inc.(b)(c)

      31,171        219,444  

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

      71,428        704,280  

Garrett Motion, Inc. (Switzerland)(b)(c)

      88,584        731,704  

Genesco, Inc.(b)(c)

      56,271        1,950,353  

Genius Sports Ltd. (United Kingdom)(b)(c)

      77,979        289,302  

Gentherm, Inc.(b)

      27,270        1,626,656  

Global-e Online Ltd. (Israel)(b)(c)

      14,957        417,001  

Golden Entertainment, Inc.(b)

      26,642        1,123,227  

GoPro, Inc., Class A(b)

      209,648        897,293  

Grand Canyon Education, Inc.(b)

      26,170        3,106,379  

Green Brick Partners, Inc.(b)(c)

      36,283        1,352,267  

Groupon, Inc.(b)(c)

      199,088        712,735  

GrowGeneration Corp.(b)(c)

      99,873        341,566  

Guess?, Inc.(c)

      82,065        1,546,925  

Haverty Furniture Cos., Inc.(c)

      48,056        1,448,408  

Helen of Troy Ltd.(b)(c)

      33,068        3,318,043  
     Shares      Value  

Consumer Discretionary-(continued)

      

Hibbett, Inc.(c)

      24,749      $        1,344,613  

Hilton Grand Vacations, Inc.(b)(c)

      73,941        3,164,675  

Holley, Inc.(b)(c)

      230,996        556,700  

Hooker Furnishings Corp.(c)

      26,564        419,977  

Hovnanian Enterprises, Inc., Class A(b)(c)

      36,122        2,664,720  

Hyatt Hotels Corp., Class A(b)(c)

      25,736        2,941,625  

Installed Building Products, Inc.(c)

      14,746        1,832,485  

iRobot Corp.(b)(c)

      52,568        2,067,499  

J Jill, Inc.(b)

      10,893        269,384  

Jack in the Box, Inc.

      29,047        2,692,366  

JAKKS Pacific, Inc.(b)

      14,309        320,522  

JOANN, Inc.(c)

      140,471        243,015  

Johnson Outdoors, Inc., Class A

      9,061        525,538  

Kirkland’s, Inc.(b)(c)

      143,386        437,327  

Kontoor Brands, Inc.(c)

      74,394        3,360,377  

Krispy Kreme, Inc.(c)

      80,099        1,231,923  

Lands’ End, Inc.(b)(c)

      99,469        713,193  

Latham Group, Inc.(b)

      77,307        186,310  

Laureate Education, Inc., Class A

      296,874        3,678,269  

La-Z-Boy, Inc.(c)

      92,781        2,665,598  

Lazydays Holdings, Inc.(b)(c)

      39,620        469,497  

Leslie’s, Inc.(b)(c)

      104,936        1,138,556  

LGI Homes, Inc.(b)(c)

      33,053        3,926,696  

LL Flooring Holdings, Inc.(b)

      210,048        691,058  

Lordstown Motors Corp., Class A(b)(c)

      316,335        165,443  

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

      12,568        330,413  

Lucid Group, Inc.(b)(c)

      107,845        856,289  

Malibu Boats, Inc., Class A(b)(c)

      20,609        1,169,561  

MarineMax, Inc.(b)(c)

      62,645        1,824,222  

MasterCraft Boat Holdings, Inc.(b)(c)

      17,105        500,663  

MercadoLibre, Inc. (Brazil)(b)

      3,059        3,907,842  

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

      40,878        360,544  

Modine Manufacturing Co.(b)(c)

      101,077        2,113,520  

Monarch Casino & Resort, Inc.(c)

      8,208        569,307  

Monro, Inc.(c)

      43,241        2,113,620  

Motorcar Parts of America, Inc.(b)(c)

      43,451        211,606  

Movado Group, Inc.

      21,011        538,302  

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

      71,381        1,501,856  

Noodles & Co.(b)

      64,218        317,237  

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

      57,589        3,757,682  

On Holding AG, Class A (Switzerland)(b)

      38,350        1,244,458  

OneWater Marine, Inc., Class A(b)(c)

      30,656        809,318  

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

      99,004        2,015,721  

Oxford Industries, Inc.

      14,415        1,487,484  

Papa John’s International, Inc.

      19,979        1,494,229  

Patrick Industries, Inc.

      50,824        3,488,051  

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

      186,913        1,659,787  

Perdoceo Education Corp.(b)

      110,150        1,429,747  

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

      199,908        1,991,084  

PetMed Express, Inc.(c)

      37,433        575,345  

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

      15,979        1,328,494  

Playa Hotels & Resorts N.V.(b)

      71,398        664,715  

PlayAGS, Inc.(b)

      73,037        385,635  

PLBY Group, Inc.(b)(c)

      160,412        267,888  

Portillo’s, Inc., Class A(b)

      14,093        304,691  

Purple Innovation, Inc.(c)

      73,431        218,090  

QuantumScape Corp.(b)(c)

      86,965        608,755  

RCI Hospitality Holdings, Inc.(c)

      4,013        300,574  

Red Robin Gourmet Burgers, Inc.(b)(c)

      119,124        1,556,951  

Red Rock Resorts, Inc., Class A

      37,938        1,851,374  
 

 

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

 

    24    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Consumer Discretionary-(continued)

      

Revolve Group, Inc.(b)(c)

      21,500      $           443,975  

Rocky Brands, Inc.(c)

      16,217        473,861  

RumbleOn, Inc., Class B(b)(c)

      60,071        408,483  

Ruth’s Hospitality Group, Inc.

      36,142        584,055  

SeaWorld Entertainment, Inc.(b)(c)

      18,552        995,500  

Shake Shack, Inc., Class A(b)(c)

      16,273        891,923  

Shoe Carnival, Inc.(c)

      29,682        690,107  

Skyline Champion Corp.(b)

      33,512        2,485,585  

Sleep Number Corp.(b)(c)

      64,122        1,445,951  

Smith & Wesson Brands, Inc.(c)

      111,251        1,337,237  

Solid Power, Inc.(b)(c)

      111,128        252,261  

Sonos, Inc.(b)(c)

      86,796        1,834,867  

Sportradar Holding AG (Switzerland)(b)(c)

      37,616        435,217  

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

      154,714        962,321  

Standard Motor Products, Inc.

      42,085        1,515,481  

Steven Madden Ltd.(c)

      74,545        2,612,057  

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

      250,849        855,395  

Stoneridge, Inc.(b)

      46,849        882,167  

Strategic Education, Inc.(c)

      28,114        2,474,032  

Stride, Inc.(b)(c)

      47,138        2,025,049  

Sturm Ruger & Co., Inc.

      30,937        1,780,734  

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

      71,051        564,145  

Tile Shop Holdings, Inc.(b)(c)

      63,498        297,806  

Tilly’s, Inc., Class A(b)(c)

      93,172        699,722  

Topgolf Callaway Brands Corp.(b)(c)

      134,181        2,974,793  

Traeger, Inc.(b)(c)

      84,584        257,135  

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

      32,079        2,762,964  

Tupperware Brands Corp.(b)(c)

      454,702        568,378  

Udemy, Inc.(b)(c)

      32,962        299,625  

Unifi, Inc.(b)(c)

      51,529        452,425  

Universal Electronics, Inc.(b)

      31,679        318,374  

Universal Technical Institute, Inc.(b)(c)

      57,915        408,880  

Upbound Group, Inc.(c)

      116,833        3,114,768  

Vera Bradley, Inc.(b)

      129,117        676,573  

Vista Outdoor, Inc.(b)(c)

      116,811        2,815,145  

Visteon Corp.(b)

      22,573        3,169,023  

VOXX International Corp.(b)(c)

      42,925        548,152  

Vroom, Inc.(b)(c)

      1,788,156        1,446,439  

Warby Parker, Inc., Class A(b)(c)

      30,283        318,880  

Wendy’s Co. (The)(c)

      143,733        3,176,499  

Wingstop, Inc.

      7,869        1,574,666  

Winmark Corp.

      1,011        337,593  

Winnebago Industries, Inc.(c)

      47,053        2,735,661  

Wolverine World Wide, Inc.(c)

      171,358        2,868,533  

WW International, Inc.(b)(c)

      462,391        3,860,965  

Wyndham Hotels & Resorts, Inc.

      51,529        3,515,308  

YETI Holdings, Inc.(b)(c)

      49,163        1,939,480  

Zumiez, Inc.(b)(c)

      55,786        975,418  
     

 

 

  
        277,347,108 (c) 
     

 

 

  

Consumer Staples-4.66%

      

Adecoagro S.A. (Brazil)

      299,316        2,532,213  

Alico, Inc.(c)

      12,332        290,542  

Andersons, Inc. (The)

      80,372        3,592,628  

BellRing Brands, Inc.(b)

      45,823        1,649,170  

Benson Hill, Inc.(b)(c)

      126,408        133,992  

Beyond Meat, Inc.(b)(c)

      17,595        238,236  

Blue Apron Holdings, Inc., Class A(b)(c)

      394,527        218,962  

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

      6,813        2,163,196  
     Shares      Value  

Consumer Staples-(continued)

      

Calavo Growers, Inc.

      38,131      $        1,218,667  

Cal-Maine Foods, Inc.

      27,958        1,328,005  

Central Garden & Pet Co.(b)

      18,477        680,693  

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

      76,289        2,695,290  

Chefs’ Warehouse, Inc. (The)(b)(c)

      39,373        1,309,546  

Coca-Cola Consolidated, Inc.

      4,669        2,752,189  

Coty,Inc.,ClassA(b)

      346,068        4,107,827  

Dole PLC(c)

      205,892        2,536,589  

Duckhorn Portfolio, Inc. (The)(b)

      32,318        488,002  

Edgewell Personal Care Co.(c)

      87,262        3,810,732  

elf Beauty, Inc.(b)

      9,433        875,005  

Energizer Holdings, Inc.(c)

      107,084        3,579,818  

Fresh Del Monte Produce, Inc.

      85,653        2,459,098  

Freshpet, Inc.(b)(c)

      13,291        916,680  

Grocery Outlet Holding Corp.(b)(c)

      113,760        3,387,773  

Hain Celestial Group, Inc. (The)(b)(c)

      194,303        3,483,853  

Hostess Brands, Inc.(b)

      146,717        3,779,430  

Ingles Markets, Inc., Class A

      35,605        3,277,084  

Inter Parfums, Inc.

      7,815        1,186,239  

J&J Snack Foods Corp.

      11,339        1,737,135  

John B. Sanfilippo & Son, Inc.

      15,079        1,567,462  

Lancaster Colony Corp.(c)

      11,928        2,494,383  

Medifast, Inc.(c)

      14,567        1,335,066  

MGP Ingredients, Inc.

      7,365        726,778  

Mission Produce, Inc.(b)(c)

      57,642        656,542  

National Beverage Corp.(b)(c)

      24,131        1,199,311  

Natural Grocers by Vitamin Cottage, Inc.(c)

      30,591        330,077  

Olaplex Holdings, Inc.(b)(c)

      53,958        199,645  

Pilgrim’s Pride Corp.(b)(c)

      126,312        2,881,177  

PriceSmart, Inc.

      39,423        2,904,687  

Reynolds Consumer Products, Inc.(c)

      59,771        1,675,381  

Seneca Foods Corp., Class A(b)

      23,117        1,100,369  

Simply Good Foods Co. (The)(b)(c)

      48,494        1,763,727  

Sovos Brands, Inc.(b)(c)

      37,034        635,133  

Turning Point Brands, Inc.

      26,217        623,702  

Universal Corp.

      61,423        3,371,508  

USANA Health Sciences, Inc.(b)(c)

      19,235        1,276,627  

Utz Brands, Inc.(c)

      34,477        651,960  

Vector Group Ltd.

      244,068        3,109,426  

Village Farms International, Inc. (Canada)(b)

      335,035        257,910  

Village Super Market, Inc., Class A(c)

      13,451        294,442  

WD-40 Co.(c)

      7,099        1,351,650  

Weis Markets, Inc.(c)

      32,195        2,655,766  

Whole Earth Brands, Inc.(b)(c)

      151,859        364,462  
     

 

 

  
        89,855,785  
     

 

 

  

Energy-5.80%

      

Adams Resources & Energy, Inc.

      10,431        397,421  

Antero Midstream Corp.(c)

      325,237        3,499,550  

Arch Resources, Inc.(c)

      15,518        1,897,076  

Archrock, Inc.

      305,033        3,138,790  

Ardmore Shipping Corp. (Ireland)(c)

      33,561        493,011  

Berry Corp.(c)

      157,795        1,205,554  

Bristow Group, Inc.(b)

      39,631        886,545  

Cactus, Inc., Class A

      18,822        761,915  

Callon Petroleum Co.(b)(c)

      68,454        2,268,566  

ChampionX Corp.

      115,520        3,128,282  

Chord Energy Corp.

      14,152        2,014,254  
 

 

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

 

    25    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Energy-(continued)

      

Clean Energy Fuels Corp.(b)(c)

      129,364      $           552,384  

Comstock Resources, Inc.(c)

      94,900        1,091,350  

CONSOL Energy, Inc.(c)

      59,508        3,531,205  

Core Laboratories N.V

      75,579        1,701,283  

Crescent Energy Co., Class A(c)

      28,248        328,242  

CVR Energy, Inc.(c)

      87,684        2,309,597  

Denbury, Inc.(b)

      26,974        2,518,832  

DHT Holdings, Inc.

      212,130        2,013,114  

Diamond Offshore Drilling, Inc.(b)

      121,453        1,395,495  

DMC Global, Inc.(b)

      20,018        379,141  

Dorian LPG Ltd.

      55,205        1,226,655  

Dril-Quip, Inc.(b)(c)

      37,850        1,032,548  

Earthstone Energy, Inc., Class A(b)(c)

      27,884        378,107  

Enviva, Inc.(c)

      21,588        464,142  

Expro Group Holdings N.V.(b)(c)

      57,612        1,145,903  

Forum Energy Technologies, Inc.(b)

      12,412        275,050  

Geopark Ltd. (Colombia)

      49,709        543,319  

Gevo, Inc.(b)(c)

      225,190        261,220  

Golar LNG Ltd. (Cameroon)(b)

      104,192        2,365,158  

Gran Tierra Energy, Inc. (Colombia)(b)

      1,459,957        1,170,010  

Green Plains, Inc.(b)(c)

      70,531        2,410,044  

Gulfport Energy Corp.(b)(c)

      12,748        1,153,184  

Hallador Energy Co.(b)(c)

      39,777        319,807  

Helix Energy Solutions Group, Inc.(b)(c)

      343,511        2,490,455  

International Seaways, Inc.(c)

      30,216        1,203,201  

Kosmos Energy Ltd. (Ghana)(b)

      360,408        2,306,611  

Liberty Energy, Inc., Class A

      136,134        1,743,877  

Magnolia Oil & Gas Corp., Class A(c)

      80,338        1,696,739  

Mammoth Energy Services, Inc.(b)(c)

      86,280        318,373  

Matador Resources Co.

      60,209        2,952,047  

Nabors Industries Ltd.(b)(c)

      25,172        2,510,655  

NACCO Industries, Inc., Class A

      8,695        314,063  

National Energy Services Reunited Corp.(b)(c)

      104,356        318,286  

Navigator Holdings Ltd.(b)

      55,646        768,471  

New Fortress Energy, Inc.

      11,236        340,338  

Newpark Resources, Inc.(b)(c)

      259,802        1,039,208  

NexTier Oilfield Solutions, Inc.(b)

      187,090        1,511,687  

Noble Corp. PLC(b)

      29,702        1,142,042  

Nordic American Tankers Ltd.(c)

      282,317        996,579  

Northern Oil and Gas, Inc.

      16,969        562,862  

Oceaneering International, Inc.(b)

      101,677        1,802,733  

Oil States International, Inc.(b)

      128,017        901,240  

Overseas Shipholding Group, Inc., Class A(b)

      197,226        757,348  

Par Pacific Holdings, Inc.(b)

      109,245        2,559,610  

Patterson-UTI Energy, Inc.

      273,145        3,056,493  

Permian Resources Corp.(c)

      172,240        1,799,908  

ProPetro Holding Corp.(b)

      206,919        1,436,018  

Range Resources Corp.

      154,293        4,081,050  

Ranger Oil Corp.

      16,811        692,613  

REX American Resources Corp.(b)(c)

      26,536        750,703  

RPC, Inc.

      82,954        613,030  

SandRidge Energy, Inc.(b)(c)

      25,101        355,681  

Scorpio Tankers, Inc. (Monaco)

      34,875        1,822,219  

Select Energy Services, Inc., Class A

      109,769        815,584  

SFL Corp. Ltd. (Norway)(c)

      325,667        2,960,313  

SilverBow Resources, Inc.(b)(c)

      21,824        520,502  

Solaris Oilfield Infrastructure, Inc., Class A(c)

      38,016        291,963  
     Shares      Value  

Energy-(continued)

      

Talos Energy, Inc.(b)

      144,710      $        1,972,397  

Teekay Corp. (Bermuda)(b)(c)

      320,349        1,809,972  

Teekay Tankers Ltd., Class A (Canada)(b)

      28,177        1,140,887  

Tellurian, Inc.(b)(c)

      247,358        351,248  

TETRA Technologies, Inc.(b)(c)

      233,140        664,449  

Texas Pacific Land Corp.(c)

      1,154        1,705,208  

Tidewater, Inc.(b)

      21,163        952,970  

Tsakos Energy Navigation Ltd. (Greece)

      69,328        1,189,668  

US Silica Holdings, Inc.(b)

      133,090        1,736,825  

VAALCO Energy, Inc.(c)

      88,460        378,609  

Valaris Ltd.(b)(c)

      24,234        1,454,040  

Vital Energy, Inc.(b)(c)

      46,555        2,166,204  

W&T Offshore, Inc.(b)(c)

      162,057        708,189  
     

 

 

  
        111,919,922  
     

 

 

  

Financials-18.05%

      

1st Source Corp.

      22,789        949,846  

Acacia Research Corp.(b)(c)

      84,398        324,932  

AFC Gamma, Inc.(c)

      23,429        283,959  

Affirm Holdings, Inc.(b)(c)

      164,923        1,626,141  

AG Mortgage Investment Trust, Inc.(c)

      81,596        452,858  

Amalgamated Financial Corp.

      20,439        332,747  

A-Mark Precious Metals, Inc.(c)

      102,430        3,666,994  

Ambac Financial Group, Inc.(b)

      138,390        2,207,320  

Amerant Bancorp, Inc.

      31,768        590,885  

AMERISAFE, Inc.(c)

      39,290        2,186,488  

Arbor Realty Trust, Inc.(c)

      247,260        2,836,072  

Ares Commercial Real Estate Corp.(c)

      111,556        960,497  

Argo Group International Holdings Ltd.(c)

      90,651        2,666,046  

ARMOUR Residential REIT, Inc.(c)

      159,302        812,440  

Arrow Financial Corp.(c)

      10,741        231,898  

AssetMark Financial Holdings, Inc.(b)

      16,251        498,581  

Atlanticus Holdings Corp.(b)(c)

      8,864        258,474  

Avantax, Inc.(b)

      30,784        780,990  

AvidXchange Holdings, Inc.(b)(c)

      60,537        449,790  

Axos Financial, Inc.(b)(c)

      60,423        2,457,403  

B. Riley Financial, Inc.(c)

      57,030        1,796,445  

Banc of California, Inc.

      72,619        824,226  

BancFirst Corp.

      15,969        1,275,763  

Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)

      43,047        774,846  

Bancorp, Inc. (The)(b)(c)

      34,460        1,099,619  

Bank First Corp.(c)

      5,726        391,601  

Bank of Marin Bancorp

      17,326        305,457  

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)

      62,577        1,610,106  

Banner Corp.

      53,153        2,653,398  

Bar Harbor Bankshares(c)

      13,229        328,079  

BayCom Corp.(c)

      14,834        247,431  

BCB Bancorp, Inc.

      26,034        307,201  

Berkshire Hills Bancorp, Inc.(c)

      59,990        1,275,987  

BGC Partners, Inc., Class A(c)

      673,741        3,052,047  

Blue Foundry Bancorp(b)(c)

      34,654        333,371  

Bridgewater Bancshares, Inc.(b)(c)

      28,765        286,212  

Bright Health Group, Inc.(b)

      762,523        122,537  

Brightsphere Investment Group, Inc.

      55,886        1,261,906  

BrightSpire Capital, Inc.

      238,301        1,358,316  

Broadmark Realty Capital, Inc.

      393,042        1,929,836  

Brookline Bancorp, Inc.

      125,894        1,201,029  

BRP Group, Inc., Class A(b)(c)

      13,900        350,141  
 

 

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

 

    26    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Financials-(continued)

      

Business First Bancshares, Inc.(c)

      29,013      $           447,380  

Byline Bancorp, Inc.(c)

      29,888        578,333  

Cambridge Bancorp(c)

      7,872        406,589  

Camden National Corp.(c)

      19,067        609,191  

Cannae Holdings, Inc.(b)

      151,732        2,767,592  

Capital City Bank Group, Inc.(c)

      14,938        455,011  

Capitol Federal Financial, Inc.

      358,015        2,219,693  

Capstar Financial Holdings, Inc.

      25,621        342,809  

Carter Bankshares, Inc.(b)

      23,220        298,377  

Cass Information Systems, Inc.(c)

      12,831        469,358  

Central Pacific Financial Corp.

      53,746        853,486  

Cherry Hill Mortgage Investment Corp.(c)

      55,379        306,246  

City Holding Co.

      15,428        1,406,879  

Civista Bancshares, Inc.

      14,928        236,907  

CNA Financial Corp.

      81,593        3,174,784  

CNB Financial Corp.(c)

      29,734        557,810  

Cohen & Steers, Inc.(c)

      23,504        1,411,650  

Columbia Financial, Inc.(b)(c)

      23,827        399,817  

Community Trust Bancorp, Inc.

      27,231        980,588  

Compass Diversified Holdings(c)

      150,556        2,869,597  

ConnectOne Bancorp, Inc.

      56,438        890,592  

Consumer Portfolio Services, Inc.(b)(c)

      34,249        356,532  

Credit Acceptance Corp.(b)(c)

      7,070        3,460,765  

CrossFirst Bankshares, Inc.(b)(c)

      44,943        450,778  

Customers Bancorp, Inc.(b)

      78,052        1,704,656  

CVB Financial Corp.(c)

      157,699        2,360,754  

Diamond Hill Investment Group, Inc.

      5,333        864,586  

Dime Community Bancshares, Inc.

      42,979        885,367  

Donegal Group, Inc., Class A

      24,629        346,776  

Donnelley Financial Solutions, Inc.(b)(c)

      31,012        1,341,269  

Dynex Capital, Inc.

      77,565        919,921  

Eagle Bancorp, Inc.

      47,827        1,200,458  

Eastern Bankshares, Inc.

      219,966        2,562,604  

eHealth, Inc.(b)(c)

      103,151        618,906  

Ellington Financial, Inc.

      56,082        716,167  

Ellington Residential Mortgage REIT

      39,592        291,793  

Employers Holdings, Inc.

      51,547        2,040,746  

Encore Capital Group, Inc.(b)(c)

      61,936        3,182,272  

Enova International, Inc.(b)(c)

      62,301        2,736,260  

Enterprise Financial Services Corp.(c)

      33,958        1,452,044  

Equity Bancshares, Inc., Class A(c)

      20,886        491,865  

EVERTEC, Inc.

      41,441        1,437,588  

F&G Annuities & Life, Inc.

      62,070        1,137,743  

Farmers & Merchants Bancorp, Inc.(c)

      11,640        265,392  

Farmers National Banc Corp.(c)

      48,862        571,197  

FB Financial Corp.

      38,346        1,128,523  

Federal Agricultural Mortgage Corp., Class C

      10,971        1,462,325  

Financial Institutions, Inc.(c)

      17,140        299,607  

First Bancorp

      240,011        2,820,129  

First Bancorp/Southern Pines NC(c)

      36,411        1,120,731  

First Bancshares, Inc. (The)

      19,083        478,983  

First Busey Corp.

      68,131        1,238,622  

First Business Financial Services, Inc.

      11,001        315,619  

First Commonwealth Financial Corp.

      131,967        1,646,948  

First Community Bankshares, Inc.

      13,316        311,728  

First Financial Bankshares, Inc.(c)

      81,730        2,391,420  

First Financial Corp.

      21,637        747,558  

First Foundation, Inc.(c)

      81,693        513,849  

First Internet Bancorp

      18,372        270,252  
     Shares      Value  

Financials-(continued)

      

First Interstate BancSystem, Inc., Class A .

      94,023      $        2,406,049  

First Merchants Corp.(c)

      74,500        2,173,910  

First Mid Bancshares, Inc.(c)

      14,224        374,945  

First of Long Island Corp. (The)

      32,453        379,700  

FirstCash Holdings, Inc.

      35,518        3,659,420  

Five Star Bancorp

      11,529        245,107  

Flushing Financial Corp.

      63,300        761,499  

Flywire Corp.(b)(c)

      12,791        373,113  

Focus Financial Partners, Inc., Class A(b)

      40,342        2,095,363  

Franklin BSP Realty Trust, Inc.

      129,547        1,636,179  

Fresh Market, Inc.(b)(c)(d)

      8,153        0  

FS Bancorp, Inc.

      7,889        235,960  

German American Bancorp, Inc.(c)

      25,603        744,279  

Granite Point Mortgage Trust, Inc.

      314,833        1,407,304  

Great Ajax Corp.(c)

      33,545        220,726  

Great Southern Bancorp, Inc.(c)

      12,199        620,685  

Green Dot Corp., Class A(b)

      131,538        2,261,138  

Greenhill & Co., Inc.

      35,972        255,401  

Greenlight Capital Re Ltd., Class A(b)(c)

      48,750        476,775  

Hamilton Lane, Inc., Class A(c)

      11,447        843,415  

Hanmi Financial Corp.

      57,508        929,329  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)

      60,849        1,726,895  

HarborOne Bancorp, Inc.(c)

      51,640        555,130  

HBT Financial, Inc.(c)

      12,904        227,627  

HCI Group, Inc.(c)

      10,124        512,882  

Heartland Financial USA, Inc.(c)

      58,837        1,915,733  

Heritage Commerce Corp.

      88,557        752,735  

Heritage Financial Corp.

      51,056        899,096  

Hilltop Holdings, Inc.

      104,052        3,227,693  

Hingham Institution for Savings (The)

      1,342        261,100  

Hippo Holdings, Inc.(b)(c)

      37,094        676,595  

HomeStreet, Inc.

      43,291        422,520  

HomeTrust Bancshares, Inc.(c)

      16,338        340,974  

Hope Bancorp, Inc.

      290,351        2,642,194  

Horace Mann Educators Corp.

      91,629        2,866,155  

Horizon Bancorp, Inc.

      73,791        777,019  

Houlihan Lokey, Inc.(c)

      32,659        2,984,379  

I3 Verticals, Inc., Class A(b)

      12,645        293,996  

Independent Bank Corporation

      35,949        640,611  

Independent Bank Group, Inc.

      52,123        1,896,235  

Interactive Brokers Group, Inc., Class A

      20,002        1,557,156  

International Bancshares Corp.(c)

      76,704        3,272,960  

International Money Express, Inc.(b)

      18,480        476,414  

Invesco Mortgage Capital, Inc.(c)(e)

      62,864        666,987  

James River Group Holdings Ltd.

      78,078        1,520,179  

Kearny Financial Corp.(c)

      127,577        993,825  

Kinsale Capital Group, Inc.

      3,248        1,061,154  

KKR Real Estate Finance Trust, Inc.(c)

      137,569        1,477,491  

Ladder Capital Corp.

      307,173        2,872,068  

Lakeland Bancorp, Inc.

      72,761        1,043,393  

Lakeland Financial Corp.(c)

      20,675        1,047,602  

Lemonade, Inc.(b)(c)

      40,142        435,139  

LendingClub Corp.(b)(c)

      154,618        1,110,157  

LendingTree, Inc.(b)(c)

      29,225        696,432  

Live Oak Bancshares, Inc.(c)

      25,609        603,348  

Macatawa Bank Corp.

      35,995        336,553  

MarketAxess Holdings, Inc.

      9,241        2,942,057  

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

      230,615        933,991  

Mercantile Bank Corp.

      15,252        427,971  
 

 

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

 

    27    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Financials-(continued)

      

Merchants Bancorp(c)

      15,991      $           370,991  

Mercury General Corp.

      92,269        2,805,900  

Metrocity Bankshares, Inc.

      16,581        271,099  

Metropolitan Bank Holding Corp.(b)

      14,234        456,769  

Mid Penn Bancorp, Inc.(c)

      16,741        378,681  

Midland States Bancorp, Inc.

      31,446        628,920  

MidWestOne Financial Group, Inc.

      14,964        309,755  

Moelis & Co., Class A

      84,677        3,207,565  

MoneyGram International, Inc.(b)(c)

      144,349        1,466,586  

Morningstar, Inc.

      8,997        1,604,255  

National Bank Holdings Corp., Class A(c)

      27,306        868,331  

National Western Life Group, Inc., Class A(c)

      4,110        1,047,968  

NBT Bancorp, Inc.(c)

      61,298        1,976,248  

Nelnet, Inc., Class A(c)

      22,280        2,145,564  

New York Mortgage Trust, Inc.(c)

      320,836        3,298,194  

Nicolet Bankshares, Inc.(b)(c)

      13,280        761,077  

NMI Holdings, Inc., Class A(b)

      103,001        2,410,223  

Northeast Bank

      7,326        269,963  

Northfield Bancorp, Inc.

      66,639        694,378  

Northrim BanCorp, Inc.

      8,665        299,376  

Northwest Bancshares, Inc.

      237,001        2,770,542  

NU Holdings Ltd., Class A (Brazil)(b)(c)

      505,758        2,609,711  

OceanFirst Financial Corp.

      89,209        1,427,344  

Ocwen Financial Corp.(b)(c)

      19,134        551,059  

OFG Bancorp

      65,563        1,676,446  

Old Second Bancorp, Inc.

      34,097        419,052  

Open Lending Corp., Class A(b)(c)

      42,569        299,260  

Oportun Financial Corp.(b)(c)

      105,708        430,232  

Orchid Island Capital, Inc.(c)

      61,334        656,274  

Origin Bancorp, Inc.(c)

      19,920        586,246  

Oscar Health, Inc., Class A(b)(c)

      202,428        1,362,340  

Pagseguro Digital Ltd., Class A (Brazil)(b)(c)

      314,917        3,098,783  

Palomar Holdings, Inc.(b)(c)

      9,627        483,853  

Park National Corp.(c)

      17,635        1,910,223  

Pathward Financial, Inc.

      31,133        1,386,352  

Payoneer Global, Inc.(b)

      85,792        468,424  

Paysafe Ltd.(b)(c)

      100,227        1,439,260  

Peapack-Gladstone Financial Corp.

      20,355        540,629  

Peoples Bancorp, Inc.(c)

      45,476        1,185,105  

Perella Weinberg Partners(c)

      30,206        238,627  

Piper Sandler Cos

      17,273        2,339,455  

PJT Partners, Inc., Class A

      9,628        662,118  

PRA Group, Inc.(b)(c)

      70,959        2,573,683  

Preferred Bank

      14,892        716,007  

Premier Financial Corp.

      52,507        872,141  

ProAssurance Corp.

      170,905        3,069,454  

PROG Holdings, Inc.(b)(c)

      133,407        4,032,894  

Provident Financial Services, Inc.(c)

      131,997        2,307,308  

QCR Holdings, Inc.(c)

      17,770        735,678  

RBB Bancorp

      20,622        256,538  

Ready Capital Corp.

      127,140        1,364,212  

Redwood Trust, Inc.(c)

      403,436        2,533,578  

Regional Management Corp.(c)

      15,250        408,090  

Remitly Global, Inc.(b)(c)

      33,285        559,188  

Renasant Corp.

      92,548        2,602,450  

Repay Holdings Corp.(b)(c)

      100,815        632,110  

Republic Bancorp, Inc., Class A(c)

      7,384        290,191  

Republic First Bancorp, Inc.(b)(c)

      157,710        193,983  
     Shares      Value  

Financials-(continued)

      

RLI Corp.

      24,393      $        3,391,847  

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

      61,176        262,445  

Runway Growth Finance Corp.(c)

      31,909        374,612  

Ryan Specialty Holdings, Inc., Class A(b)(c) .

      16,469        672,923  

S&T Bancorp, Inc.

      57,550        1,584,351  

Safety Insurance Group, Inc.

      28,198        2,060,992  

Sandy Spring Bancorp, Inc.(c)

      75,026        1,686,584  

Sculptor Capital Management, Inc.

      56,325        469,187  

Seacoast Banking Corp. of Florida

      43,311        961,071  

Selectquote, Inc.(b)

      221,781        235,088  

ServisFirst Bancshares, Inc.

      27,626        1,395,113  

Shift4 Payments, Inc., Class A(b)

      12,150        823,406  

Shore Bancshares, Inc.

      23,533        312,518  

SiriusPoint Ltd. (Bermuda)(b)

      280,569        2,438,145  

SmartFinancial, Inc.

      16,111        347,031  

South Plains Financial, Inc.

      16,456        337,842  

Southern First Bancshares, Inc.(b)(c)

      9,936        274,035  

Southern Missouri Bancorp, Inc.(c)

      7,042        255,484  

Southside Bancshares, Inc.(c)

      45,998        1,459,517  

Stellar Bancorp, Inc.(c)

      23,542        540,053  

StepStone Group, Inc., Class A(c)

      35,464        781,272  

Stewart Information Services Corp.(c)

      76,696        3,194,388  

Stock Yards Bancorp, Inc.(c)

      20,882        1,014,865  

StoneCo. Ltd., Class A (Brazil)(b)(c)

      380,806        4,691,530  

StoneX Group, Inc.(b)

      18,764        1,840,185  

Summit Financial Group, Inc.

      11,993        233,024  

TFS Financial Corp.(c)

      54,313        653,929  

Third Coast Bancshares, Inc.(b)(c)

      15,758        219,667  

Tiptree, Inc.

      27,679        381,140  

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

      46,606        848,229  

Tompkins Financial Corp.

      17,123        1,003,750  

Towne Bank

      79,310        1,878,854  

TPG RE Finance Trust, Inc.

      211,016        1,504,544  

TPG, Inc.(c)

      97,525        2,825,299  

Tradeweb Markets, Inc., Class A(c)

      37,726        2,656,288  

TriCo. Bancshares(c)

      29,934        1,071,937  

Triumph Financial, Inc.(b)(c)

      23,445        1,218,202  

Trupanion, Inc.(b)(c)

      10,558        370,691  

TrustCo. Bank Corp.

      33,373        995,850  

Trustmark Corp.

      117,089        2,797,256  

Two Harbors Investment Corp.

      222,922        3,105,303  

United Community Banks, Inc.(c)

      113,941        2,837,131  

United Fire Group, Inc.

      35,804        963,128  

Universal Insurance Holdings, Inc.

      97,789        1,507,906  

Univest Financial Corp.

      42,597        857,052  

Upstart Holdings, Inc.(b)(c)

      52,551        730,459  

Veritex Holdings, Inc.

      64,547        1,110,854  

Victory Capital Holdings, Inc., Class A

      12,803        391,004  

Virtu Financial, Inc., Class A(c)

      182,544        3,660,007  

Virtus Investment Partners, Inc.

      9,037        1,646,632  

Walker & Dunlop, Inc.

      38,113        2,565,386  

Washington Federal, Inc.(c)

      102,988        2,887,784  

Washington Trust Bancorp, Inc.(c)

      28,412        798,661  

Waterstone Financial, Inc.(c)

      32,766        453,809  

WesBanco, Inc.

      90,648        2,413,050  

West Bancorporation, Inc.(c)

      13,938        240,152  

Westamerica Bancorporation

      30,982        1,255,081  

White Mountains Insurance Group Ltd.(c)

      2,280        3,265,279  

WisdomTree, Inc.(c)

      122,906        766,933  

World Acceptance Corp.(b)(c)

      11,561        1,166,505  
 

 

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

 

    28    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Financials-(continued)

      

WSFS Financial Corp.

      55,171      $        1,940,364  

XP, Inc., Class A (Brazil)(b)(c)

      288,345        4,120,450  
     

 

 

  
        348,086,837  
     

 

 

  

Health Care-10.79%

      

10X Genomics, Inc., Class A(b)(c)

      15,049        789,019  

23andMe Holding Co., Class A(b)

      217,672        428,814  

2seventy bio, Inc.(b)(c)

      32,970        313,545  

Acadia Pharmaceuticals, Inc.(b)(c)

      29,067        619,999  

Accolade, Inc.(b)(c)

      71,406        966,123  

Accuray, Inc.(b)(c)

      136,609        456,274  

AdaptHealth Corp.(b)(c)

      89,407        1,062,155  

Adaptive Biotechnologies Corp.(b)(c)

      52,238        372,979  

Addus HomeCare Corp.(b)

      11,295        923,253  

Agiliti, Inc.(b)(c)

      21,465        358,895  

agilon health, inc.(b)(c)

      40,859        991,648  

Agios Pharmaceuticals, Inc.(b)(c)

      46,151        1,055,473  

Alignment Healthcare, Inc.(b)(c)

      48,759        306,694  

Alkermes PLC(b)

      66,562        1,900,345  

Allogene Therapeutics, Inc.(b)(c)

      66,825        362,860  

Alnylam Pharmaceuticals, Inc.(b)

      3,738        744,610  

Amedisys, Inc.(b)

      33,612        2,699,044  

American Well Corp., Class A(b)(c)

      283,518        620,904  

Amicus Therapeutics, Inc.(b)

      31,312        361,340  

Amneal Pharmaceuticals, Inc.(b)

      365,473        705,363  

Amphastar Pharmaceuticals, Inc.(b)(c)

      19,928        712,825  

AngioDynamics, Inc.(b)(c)

      44,463        369,932  

ANI Pharmaceuticals, Inc.(b)(c)

      11,387        429,518  

Anika Therapeutics, Inc.(b)

      15,839        406,429  

Apollo Medical Holdings, Inc.(b)(c)

      25,146        892,432  

Arcus Biosciences, Inc.(b)(c)

      30,470        543,889  

Arrowhead Pharmaceuticals, Inc.(b)

      13,059        462,419  

Artivion, Inc.(b)(c)

      41,849        580,446  

Arvinas, Inc.(b)

      19,515        511,488  

Assertio Holdings, Inc.(b)(c)

      73,599        405,530  

Atea Pharmaceuticals, Inc.(b)

      191,143        625,038  

AtriCure, Inc.(b)

      15,165        667,108  

Atrion Corp.(c)

      688        423,326  

Aurinia Pharmaceuticals, Inc. (Canada)(b) .

      53,643        603,484  

Avanos Medical, Inc.(b)

      59,238        1,749,891  

Avidity Biosciences, Inc.(b)(c)

      11,350        140,740  

Axonics, Inc.(b)

      8,687        499,155  

Azenta, Inc.(b)(c)

      41,674        1,812,402  

Beam Therapeutics, Inc.(b)(c)

      16,474        505,917  

BioLife Solutions, Inc.(b)(c)

      16,314        286,474  

Bionano Genomics, Inc.(b)(c)

      218,425        150,255  

Bio-Techne Corp.

      42,042        3,358,315  

Bluebird Bio, Inc.(b)(c)

      52,167        226,926  

Blueprint Medicines Corp.(b)(c)

      23,464        1,197,837  

Brookdale Senior Living, Inc.(b)(c)

      1,085,048        4,654,856  

Bruker Corp.

      36,512        2,889,195  

Butterfly Network, Inc.(b)(c)

      125,933        272,015  

C4 Therapeutics, Inc.(b)(c)

      55,360        167,187  

Cano Health, Inc.(b)(c)

      241,485        280,123  

CareDx, Inc.(b)(c)

      33,796        273,410  

CareMax, Inc.(b)(c)

      68,250        171,990  

Caribou Biosciences, Inc.(b)(c)

      50,051        215,219  

Castle Biosciences, Inc.(b)(c)

      15,209        344,180  

Catalyst Pharmaceuticals, Inc.(b)(c)

      18,945        301,604  

Celldex Therapeutics, Inc.(b)(c)

      9,091        285,821  
     Shares      Value  

Health Care-(continued)

      

Certara, Inc.(b)(c)

      51,173      $        1,236,851  

Chemed Corp.

      5,743        3,165,829  

Chinook Therapeutics, Inc.(b)(c)

      15,064        301,431  

Clover Health Investments Corp.(b)(c)

      830,703        613,557  

Collegium Pharmaceutical, Inc.(b)

      20,894        486,203  

Computer Programs and Systems, Inc.(b)

      16,085        416,280  

CONMED Corp.(c)

      19,031        2,389,723  

Corcept Therapeutics, Inc.(b)(c)

      37,142        836,809  

CorVel Corp.(b)

      2,889        583,665  

Crinetics Pharmaceuticals, Inc.(b)(c)

      14,810        289,387  

CRISPR Therapeutics AG (Switzerland)(b)(c)

      43,923        2,149,592  

Cross Country Healthcare, Inc.(b)(c)

      45,218        993,892  

CryoPort, Inc.(b)(c)

      27,832        585,585  

Cue Health, Inc.(b)

      233,580        183,804  

Cytek Biosciences, Inc.(b)(c)

      38,410        440,947  

Denali Therapeutics, Inc.(b)(c)

      25,888        643,058  

DocGo, Inc.(b)(c)

      48,245        410,082  

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

      20,824        765,282  

Eagle Pharmaceuticals, Inc.(b)

      12,546        352,292  

Editas Medicine, Inc.(b)(c)

      54,276        442,892  

Embecta Corp.(c)

      123,790        3,435,172  

Emergent BioSolutions, Inc.(b)(c)

      241,973        2,136,622  

Enanta Pharmaceuticals, Inc.(b)

      9,417        334,774  

Enhabit, Inc.(b)(c)

      183,613        2,249,259  

Ensign Group, Inc. (The)(c)

      29,708        2,884,350  

EQRx, Inc.(b)

      283,260        475,877  

Evolent Health, Inc., Class A(b)(c)

      30,076        1,095,067  

Exact Sciences Corp.(b)(c)

      62,509        4,004,952  

Fate Therapeutics, Inc.(b)(c)

      84,868        515,149  

FibroGen, Inc.(b)(c)

      13,856        237,215  

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

      46,630        335,736  

Fulgent Genetics, Inc.(b)(c)

      42,688        1,262,284  

Generation Bio Co.(b)(c)

      61,035        300,292  

Glaukos Corp.(b)

      13,483        640,577  

Globus Medical, Inc., Class A(b)(c)

      41,849        2,433,101  

Guardant Health, Inc.(b)(c)

      25,748        580,875  

Haemonetics Corp.(b)

      27,706        2,319,269  

Halozyme Therapeutics, Inc.(b)

      14,615        469,580  

Health Catalyst, Inc.(b)(c)

      45,121        568,525  

HealthEquity, Inc.(b)

      40,556        2,167,718  

HealthStream, Inc.

      22,417        552,355  

Heska Corp.(b)(c)

      6,460        756,854  

ICU Medical, Inc.(b)(c)

      15,450        2,922,213  

ImmunoGen, Inc.(b)(c)

      87,382        470,989  

Inari Medical, Inc.(b)

      5,601        372,018  

Inmode Ltd.(b)

      20,955        780,783  

Innoviva, Inc.(b)(c)

      93,866        1,101,048  

Inogen, Inc.(b)(c)

      31,918        424,829  

Inovio Pharmaceuticals, Inc.(b)(c)

      251,400        194,207  

Insmed, Inc.(b)(c)

      22,356        435,942  

Inspire Medical Systems, Inc.(b)

      1,087        290,914  

Insulet Corp.(b)

      5,008        1,592,744  

Integer Holdings Corp.(b)

      42,417        3,493,040  

Integra LifeSciences Holdings Corp.(b)(c)

      57,482        3,179,904  

Intellia Therapeutics, Inc.(b)(c)

      24,811        936,615  

Intra-Cellular Therapies, Inc.(b)(c)

      7,929        492,787  

Invitae Corp.(b)(c)

      1,369,639        1,862,709  

Ionis Pharmaceuticals, Inc.(b)(c)

      38,674        1,367,899  

Iovance Biotherapeutics, Inc.(b)

      74,001        417,366  
 

 

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

 

    29    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Health Care-(continued)

      

iRhythm Technologies, Inc.(b)

      3,767      $           494,984  

Ironwood Pharmaceuticals, Inc.(b)(c)

      81,216        845,459  

iTeos Therapeutics, Inc.(b)

      26,811        368,383  

IVERIC bio, Inc.(b)

      16,941        557,189  

Karuna Therapeutics, Inc.(b)(c)

      2,121        420,891  

Kodiak Sciences, Inc.(b)(c)

      53,806        235,670  

Krystal Biotech, Inc.(b)(c)

      5,913        496,692  

Kura Oncology, Inc.(b)(c)

      36,866        359,075  

Kymera Therapeutics, Inc.(b)(c)

      9,252        291,808  

Lantheus Holdings, Inc.(b)

      15,221        1,300,634  

LeMaitre Vascular, Inc.(c)

      8,452        456,408  

LifeStance Health Group, Inc.(b)(c)

      65,582        534,493  

Ligand Pharmaceuticals, Inc.(b)

      10,362        791,139  

LivaNova PLC(b)(c)

      36,147        1,731,441  

Lyell Immunopharma, Inc.(b)(c)

      235,257        477,572  

MacroGenics, Inc.(b)

      44,047        303,484  

Maravai LifeSciences Holdings, Inc., Class A(b)(c)

      39,031        538,237  

Masimo Corp.(b)

      18,885        3,571,909  

Medpace Holdings, Inc.(b)

      8,983        1,797,858  

Merit Medical Systems, Inc.(b)

      31,105        2,528,525  

Mesa Laboratories, Inc.(c)

      2,551        424,767  

Mirati Therapeutics, Inc.(b)(c)

      21,373        947,038  

ModivCare, Inc.(b)(c)

      17,651        1,122,604  

Multiplan Corp.(b)(c)

      1,224,626        1,198,052  

Myriad Genetics, Inc.(b)

      74,999        1,596,729  

Natera, Inc.(b)(c)

      16,034        813,244  

National HealthCare Corp.(c)

      24,180        1,400,264  

National Research Corp.

      9,523        414,536  

Nektar Therapeutics(b)

      296,856        223,325  

Neogen Corp.(b)(c)

      77,616        1,336,548  

NeoGenomics, Inc.(b)

      99,055        1,448,184  

Neurocrine Biosciences, Inc.(b)

      20,493        2,070,613  

Nevro Corp.(b)(c)

      15,689        459,217  

NextGen Healthcare, Inc.(b)(c)

      47,330        792,304  

Novocure Ltd.(b)(c)

      7,786        513,097  

Nurix Therapeutics, Inc.(b)(c)

      34,847        335,577  

NuVasive, Inc.(b)

      57,932        2,493,393  

Nuvation Bio, Inc.(b)

      174,445        280,856  

Oak Street Health, Inc.(b)

      9,087        354,120  

OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(c)(d)

      4,734        0  

OmniAb Operations, Inc., Rts., expiring
11/02/2027(b)(d)

      4,734        0  

Omnicell, Inc.(b)(c)

      42,533        2,584,730  

OPKO Health, Inc.(b)(c)

      1,110,558        1,632,520  

Option Care Health, Inc.(b)

      102,365        3,291,035  

OraSure Technologies, Inc.(b)

      99,686        677,865  

Orthofix Medical, Inc.(b)(c)

      35,869        675,413  

Outset Medical, Inc.(b)(c)

      15,050        270,749  

Pacific Biosciences of California, Inc.(b)(c)

      72,343        766,836  

Pacira BioSciences, Inc.(b)

      28,598        1,295,775  

PDL BioPharma, Inc.(b)(d)

      527,611        850,805  

Pediatrix Medical Group, Inc.(b)(c)

      220,180        3,155,179  

Pennant Group, Inc. (The)(b)

      30,590        424,283  

Penumbra, Inc.(b)(c)

      4,840        1,375,141  

PetIQ, Inc.(b)(c)

      78,328        923,487  

Phibro Animal Health Corp., Class A

      41,011        638,131  

Phreesia, Inc.(b)

      12,698        401,765  

Prestige Consumer Healthcare, Inc.(b)

      57,486        3,537,114  
     Shares      Value  

Health Care-(continued)

      

Privia Health Group, Inc.(b)

      14,588      $           403,066  

Progyny, Inc.(b)(c)

      11,294        375,413  

Prothena Corp. PLC (Ireland)(b)(c)

      6,348        334,032  

Quanterix Corp.(b)(c)

      32,119        405,984  

Quantum-Si, Inc.(b)

      143,967        211,631  

QuidelOrtho Corp.(b)(c)

      38,458        3,459,297  

R1 RCM, Inc.(b)(c)

      40,438        630,428  

RadNet, Inc.(b)

      67,095        1,855,848  

Recursion Pharmaceuticals, Inc., Class A(b)(c)

      48,334        230,553  

REGENXBIO, Inc.(b)

      35,839        693,843  

Relay Therapeutics, Inc.(b)(c)

      33,388        379,622  

Repligen Corp.(b)(c)

      12,059        1,828,506  

REVOLUTION Medicines, Inc.(b)(c)

      19,482        457,632  

Rocket Pharmaceuticals, Inc.(b)(c)

      15,534        278,369  

Sage Therapeutics, Inc.(b)(c)

      35,083        1,713,805  

Sana Biotechnology, Inc.(b)(c)

      73,227        387,371  

Sangamo Therapeutics, Inc.(b)

      112,167        164,885  

Sarepta Therapeutics, Inc.(b)

      9,319        1,144,094  

Schrodinger, Inc.(b)(c)

      18,853        556,541  

Seagen, Inc.(b)

      17,555        3,511,000  

Seer, Inc.(b)(c)

      87,749        293,082  

Sharecare, Inc.(b)

      239,405        368,684  

SIGA Technologies, Inc.(c)

      59,101        344,559  

SNDL, Inc. (Canada)(b)(c)

      495,621        738,475  

SomaLogic, Inc.(b)

      169,271        473,959  

Sotera Health Co.(b)(c)

      52,328        877,541  

STAAR Surgical Co.(b)(c)

      6,059        426,978  

Supernus Pharmaceuticals, Inc.(b)

      41,226        1,519,590  

Surgery Partners, Inc.(b)(c)

      40,767        1,616,819  

Tandem Diabetes Care, Inc.(b)(c)

      16,671        659,838  

Travere Therapeutics, Inc.(b)(c)

      22,876        493,435  

Twist Bioscience Corp.(b)

      26,266        327,800  

UFP Technologies, Inc.(b)(c)

      3,415        470,724  

Ultragenyx Pharmaceutical, Inc.(b)

      19,464        849,993  

uniQure N.V. (Netherlands)(b)

      29,812        578,651  

US Physical Therapy, Inc.(c)

      8,948        952,604  

Vanda Pharmaceuticals, Inc.(b)

      103,713        636,798  

Varex Imaging Corp.(b)(c)

      74,448        1,320,708  

Veracyte, Inc.(b)(c)

      44,280        1,002,499  

Veradigm, Inc.(b)(c)

      178,637        2,231,176  

Vir Biotechnology, Inc.(b)(c)

      32,493        817,199  

Xencor, Inc.(b)

      21,374        565,129  

Xenon Pharmaceuticals, Inc. (Canada)(b)

      13,289        535,281  

Zimvie, Inc.(b)(c)

      143,865        1,184,009  
     

 

 

  
        207,970,082  
     

 

 

  

Industrials-17.70%

      

3D Systems Corp.(b)(c)

      110,901        1,015,853  

AAON, Inc.

      12,824        1,256,752  

AAR Corp.(b)(c)

      41,395        2,184,828  

ACCO Brands Corp.(c)

      373,220        1,709,348  

ACV Auctions, Inc., Class A(b)(c)

      46,391        604,475  

Advanced Drainage Systems, Inc.(c)

      24,869        2,131,771  

Aerojet Rocketdyne Holdings, Inc.(b)(c)

      70,681        3,987,115  

AeroVironment, Inc.(b)

      12,106        1,218,953  

AerSale Corp.(b)

      17,548        283,927  

Air Transport Services Group, Inc.(b)

      139,963        2,842,649  

Alamo Group, Inc.

      8,614        1,522,352  

Alaska Air Group, Inc.(b)(c)

      58,436        2,539,629  
 

 

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

 

    30    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Industrials-(continued)

      

Albany International Corp., Class A

      23,026      $        2,100,201  

Allegiant Travel Co.(b)(c)

      8,384        871,181  

Allied Motion Technologies, Inc.

      9,458        325,544  

Alta Equipment Group, Inc.

      27,054        382,544  

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

      20,270        843,232  

American Woodmark Corp.(b)(c)

      49,437        2,497,557  

Apogee Enterprises, Inc.

      36,676        1,560,931  

ArcBest Corp.

      34,090        3,218,096  

Archer Aviation, Inc., Class A(b)

      139,013        275,246  

Arcosa, Inc.

      56,561        3,820,130  

Argan, Inc.

      24,189        973,123  

Armstrong World Industries, Inc.

      31,901        2,190,323  

Array Technologies, Inc.(b)(c)

      36,780        752,151  

Astec Industries, Inc.

      30,861        1,273,942  

Astronics Corp.(b)

      45,157        665,614  

Aurora Innovation, Inc.(b)

      431,698        617,328  

Axon Enterprise, Inc.(b)

      7,293        1,536,708  

AZEK Co., Inc. (The)(b)(c)

      77,831        2,112,333  

AZZ, Inc.

      41,319        1,558,966  

Babcock & Wilcox Enterprises, Inc.(b)(c)

      75,412        469,063  

Barnes Group, Inc.

      74,785        3,143,214  

Barrett Business Services, Inc.

      9,677        809,094  

Bloom Energy Corp., Class A(b)(c)

      21,523        358,358  

Blue Bird Corp.(b)(c)

      24,452        457,252  

BlueLinx Holdings, Inc.(b)(c)

      36,128        2,531,128  

BrightView Holdings, Inc.(b)

      212,076        1,172,780  

Cadre Holdings, Inc.

      14,336        301,916  

Casella Waste Systems, Inc., Class A(b)(c)

      19,954        1,775,906  

Castor Maritime, Inc. (Cyprus)(b)

      227,134        155,428  

CBIZ, Inc.(b)

      35,457        1,868,229  

CECO Environmental Corp.(b)

      26,184        303,996  

Ceridian HCM Holding, Inc.(b)(c)

      38,286        2,430,395  

ChargePoint Holdings, Inc.(b)(c)

      38,826        336,621  

Chart Industries, Inc.(b)(c)

      23,580        3,138,498  

Cimpress PLC (Ireland)(b)(c)

      56,927        2,957,358  

CIRCOR International, Inc.(b)(c)

      25,946        722,337  

Civeo Corp.(b)

      12,597        242,492  

Columbus McKinnon Corp.

      37,674        1,307,665  

Comfort Systems USA, Inc.

      23,105        3,453,966  

Commercial Vehicle Group, Inc.(b)(c)

      55,928        409,952  

Conduent, Inc.(b)

      437,566        1,535,857  

Construction Partners, Inc., Class A(b)

      34,613        897,861  

Core & Main, Inc., Class A(b)(c)

      74,445        1,940,037  

Corporacion America Airports S.A.
(Argentina)(b)

      32,090        343,042  

Costamare, Inc. (Monaco)(c)

      135,671        1,225,109  

Covenant Logistics Group, Inc., Class A(c)

      28,767        1,133,132  

CRA International, Inc.

      4,969        522,441  

CSG Systems International, Inc.

      31,886        1,679,754  

CSW Industrials, Inc.

      6,464        870,507  

Custom Truck One Source, Inc.(b)(c)

      56,676        355,925  

Danaos Corp. (Greece)

      33,093        1,917,077  

Daseke, Inc.(b)(c)

      129,688        1,060,848  

Deluxe Corp.

      125,157        1,896,129  

Desktop Metal, Inc., Class A(b)(c)

      570,943        1,256,075  

Diana Shipping, Inc. (Greece)

      84,154        333,250  

Douglas Dynamics, Inc.

      26,636        780,701  

Driven Brands Holdings, Inc.(b)(c)

      37,926        1,164,328  

Ducommun, Inc.(b)

      21,103        1,055,150  

DXP Enterprises, Inc.(b)

      30,002        756,050  
     Shares      Value  

Industrials-(continued)

      

Eagle Bulk Shipping, Inc.(c)

      19,102      $           854,241  

Encore Wire Corp.(c)

      12,764        1,995,396  

Energy Recovery, Inc.(b)

      14,553        327,879  

Enerpac Tool Group Corp.

      33,244        789,877  

Eneti, Inc.

      36,740        314,862  

Ennis, Inc.

      47,789        928,540  

EnPro Industries, Inc.

      20,318        1,915,378  

Esab Corp.

      64,897        3,787,389  

ESCO Technologies, Inc.

      17,214        1,610,714  

Evoqua Water Technologies Corp.(b)

      48,626        2,404,556  

ExlService Holdings, Inc.(b)

      11,625        2,073,667  

Exponent, Inc.

      12,994        1,196,098  

Federal Signal Corp.

      38,359        1,970,885  

First Advantage Corp.(b)(c)

      62,117        798,825  

Fiverr International Ltd.(b)

      9,431        344,420  

Forrester Research, Inc.(b)(c)

      10,371        320,879  

Forward Air Corp.(c)

      19,541        2,061,771  

Franklin Electric Co., Inc.

      26,279        2,351,182  

FREYR Battery S.A. (Norway)(b)(c)

      35,523        251,148  

FTAI Aviation Ltd.

      146,880        4,178,736  

FTAI Infrastructure, Inc.(c)

      348,308        1,079,755  

FuelCell Energy, Inc.(b)(c)

      185,763        349,234  

Gates Industrial Corp. PLC(b)(c)

      223,672        3,012,862  

Genco Shipping & Trading Ltd.

      61,431        946,652  

Gibraltar Industries, Inc.(b)

      38,290        1,916,032  

Global Industrial Co.

      17,278        460,459  

Global Ship Lease, Inc., Class A
(United Kingdom)

      23,619        452,068  

Golden Ocean Group Ltd. (Norway)(c)

      298,393        2,730,296  

Gorman-Rupp Co. (The)(c)

      33,598        824,831  

GrafTech International Ltd.(c)

      631,659        2,975,114  

Granite Construction, Inc.(c)

      77,073        2,938,793  

Great Lakes Dredge & Dock Corp.(b)(c)

      218,529        1,252,171  

Greenbrier Cos., Inc. (The)

      127,871        3,382,188  

Griffon Corp.

      55,366        1,575,163  

H&E Equipment Services, Inc.

      48,964        1,787,186  

Harsco Corp.(b)(c)

      295,591        2,030,710  

Hawaiian Holdings, Inc.(b)(c)

      63,831        531,712  

Hayward Holdings, Inc.(b)(c)

      84,051        1,011,974  

Healthcare Services Group, Inc.

      197,190        3,078,136  

Heartland Express, Inc.(c)

      62,526        905,376  

Heidrick & Struggles International, Inc.

      32,441        814,594  

Helios Technologies, Inc.(c)

      20,921        1,258,189  

Herc Holdings, Inc.

      24,414        2,441,888  

Heritage-Crystal Clean, Inc.(b)(c)

      15,211        531,777  

Hillman Solutions Corp.(b)(c)

      182,994        1,537,150  

HireRight Holdings Corp.(b)(c)

      32,353        342,942  

HNI Corp.(c)

      90,531        2,351,995  

Huron Consulting Group, Inc.(b)

      18,783        1,592,611  

Hydrofarm Holdings Group, Inc.(b)(c)

      394,745        619,750  

Hyliion Holdings Corp.(b)

      121,812        166,882  

Hyster-Yale Materials Handling, Inc.(c)

      27,176        1,431,088  

ICF International, Inc.(c)

      18,593        2,119,602  

Ideanomics, Inc.(b)

      2,800,933        67,222  

IES Holdings, Inc.(b)(c)

      11,160        482,000  

INNOVATE Corp.(b)(c)

      196,829        562,931  

Insteel Industries, Inc.

      30,766        846,988  

Interface, Inc.

      124,380        975,139  

Janus International Group, Inc.(b)

      32,544        292,896  

JetBlue Airways Corp.(b)(c)

      326,345        2,330,103  
 

 

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

 

    31    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Industrials-(continued)

      

Joby Aviation, Inc.(b)(c)

      115,008      $           497,985  

John Bean Technologies Corp.

      23,257        2,528,268  

Kadant, Inc.

      6,147        1,142,297  

Kaman Corp.

      68,723        1,516,717  

Kelly Services, Inc., Class A

      84,380        1,384,676  

Kforce, Inc.(c)

      22,950        1,357,263  

Kimball International, Inc., Class B

      61,041        751,415  

Korn Ferry

      63,669        3,057,385  

Kornit Digital Ltd. (Israel)(b)

      48,161        879,420  

Kratos Defense & Security Solutions, Inc.(b)(c)

      139,285        1,796,776  

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

      38,163        357,969  

Li-Cycle Holdings Corp. (Canada)(b)(c)

      55,132        261,877  

Limbach Holdings, Inc.(b)

      35,422        600,049  

Lindsay Corp.

      6,084        734,582  

LSI Industries, Inc.

      26,345        334,318  

Luxfer Holdings PLC (United Kingdom)

      38,741        590,800  

Lyft,Inc.,ClassA(b)(c)

      261,058        2,675,844  

Manitowoc Co., Inc. (The)(b)

      101,429        1,550,849  

Marten Transport Ltd.

      67,014        1,353,013  

Masonite International Corp.(b)

      41,343        3,779,164  

Matrix Service Co.(b)

      92,327        439,477  

Matson, Inc.

      16,074        1,093,514  

Matthews International Corp., Class A

      57,596        2,181,161  

Maxar Technologies, Inc.

      66,436        3,502,506  

Mayville Engineering Co., Inc.(b)

      18,786        227,311  

McGrath RentCorp.

      20,365        1,810,041  

Mercury Systems, Inc.(b)(c)

      38,434        1,832,149  

Microvast Holdings, Inc.(b)(c)

      273,231        286,893  

Miller Industries, Inc.

      14,160        461,616  

Montrose Environmental Group, Inc.(b)(c)

      11,348        345,660  

Moog, Inc., Class A

      33,442        3,013,459  

MRC Global, Inc.(b)

      278,626        2,713,817  

MSA Safety, Inc.

      20,611        2,674,277  

Mueller Water Products, Inc., Class A

      154,255        2,067,017  

MYR Group, Inc.(b)

      24,968        3,195,654  

National Presto Industries, Inc.

      10,885        740,398  

Nikola Corp.(b)(c)

      171,375        151,753  

Northwest Pipe Co.(b)

      13,996        385,450  

NOW, Inc.(b)

      192,681        2,055,906  

NV5 Global, Inc.(b)(c)

      8,903        843,381  

PAM Transportation Services, Inc.(b)(c)

      10,409        233,682  

Pangaea Logistics Solutions Ltd.(c)

      79,768        495,359  

Park Aerospace Corp.

      29,076        380,314  

Parsons Corp.(b)(c)

      40,861        1,777,454  

Paycom Software, Inc.(b)

      7,076        2,054,658  

Paycor HCM, Inc.(b)(c)

      12,639        297,017  

Paylocity Holding Corp.(b)

      3,970        767,361  

PGT Innovations, Inc.(b)

      74,175        1,903,330  

Pitney Bowes, Inc.(c)

      874,388        3,069,102  

Planet Labs PBC(b)(c)

      83,676        341,398  

Powell Industries, Inc.

      13,272        531,676  

Preformed Line Products Co.

      3,845        477,857  

Primoris Services Corp.

      133,111        3,367,708  

Proterra, Inc.(b)(c)

      188,381        220,406  

Proto Labs, Inc.(b)(c)

      46,523        1,338,467  

Quad/Graphics, Inc.(b)(c)

      87,069        303,871  

Quanex Building Products Corp.

      47,633        909,790  

Radiant Logistics, Inc.(b)

      56,908        375,593  

RBC Bearings, Inc.(b)(c)

      15,019        3,409,463  
     Shares      Value  

Industrials-(continued)

      

Resources Connection, Inc.

      60,175      $           877,953  

REV Group, Inc.

      81,313        872,488  

Rocket Lab USA, Inc.(b)(c)

      65,830        258,054  

Rollins, Inc.

      81,731        3,453,135  

Safe Bulkers, Inc. (Greece)

      304,143        1,113,163  

Saia, Inc.(b)(c)

      13,957        4,155,976  

Schneider National, Inc., Class B

      93,426        2,444,958  

Seanergy Maritime Holdings Corp.

      78,559        381,011  

Shyft Group, Inc. (The)(c)

      27,595        692,083  

Simpson Manufacturing Co., Inc.

      28,659        3,604,729  

SiteOne Landscape Supply, Inc.(b)(c)

      26,149        3,863,253  

Skillsoft Corp.(b)(c)

      290,001        356,701  

SkyWest, Inc.(b)

      74,751        2,115,453  

SP Plus Corp.(b)(c)

      38,243        1,306,763  

Spirit Airlines, Inc.(c)

      77,513        1,325,472  

SPX Technologies, Inc.(b)

      34,919        2,223,642  

Standex International Corp.

      10,613        1,303,383  

Star Bulk Carriers Corp. (Greece)

      86,926        1,835,008  

Steelcase, Inc., Class A

      410,542        3,284,336  

Stem, Inc.(b)(c)

      77,700        328,671  

Sterling Check Corp.(b)(c)

      26,416        296,916  

Sterling Infrastructure, Inc.(b)

      42,400        1,565,408  

Sun Country Airlines Holdings, Inc.(b)(c)

      17,162        338,606  

SunPower Corp.(b)(c)

      37,117        490,687  

Tecnoglass, Inc.

      10,952        480,245  

Tennant Co.

      22,792        1,741,765  

Tetra Tech, Inc.

      25,116        3,475,301  

Textainer Group Holdings Ltd. (China)(c)

      107,045        3,757,279  

Thermon Group Holdings, Inc.(b)

      33,210        690,104  

Titan International, Inc.(b)(c)

      65,741        641,632  

Titan Machinery, Inc.(b)

      34,947        1,095,588  

Toro Corp.(b)

      22,712        76,312  

TPI Composites, Inc.(b)(c)

      109,743        1,356,423  

Trex Co., Inc.(b)(c)

      44,086        2,409,741  

TriNet Group, Inc.(b)(c)

      36,849        3,418,850  

Triumph Group, Inc.(b)

      120,708        1,304,853  

TrueBlue, Inc.(b)

      68,878        1,043,502  

TTEC Holdings, Inc.

      22,585        769,471  

TuSimple Holdings, Inc., Class A(b)

      370,585        448,408  

Tutor Perini Corp.(b)

      163,000        863,900  

UniFirst Corp.

      14,434        2,362,557  

Universal Logistics Holdings, Inc.

      14,156        362,394  

Upwork, Inc.(b)(c)

      39,065        373,852  

V2X, Inc.(b)(c)

      14,347        619,790  

Verra Mobility Corp.(b)(c)

      72,040        1,221,078  

Vertiv Holdings Co.

      239,918        3,579,577  

Viad Corp.(b)

      26,871        511,355  

Vicor Corp.(b)(c)

      6,302        270,797  

View, Inc.(b)

      431,230        147,481  

Virgin Galactic Holdings, Inc.(b)(c)

      116,440        423,842  

VSE Corp.

      15,025        635,407  

Wabash National Corp.(c)

      70,540        1,810,762  

Watts Water Technologies, Inc., Class A

      14,485        2,342,659  

Wheels Up Experience, Inc.(b)

      925,601        428,090  

Willdan Group, Inc.(b)(c)

      22,466        329,127  

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

      10,638        147,762  

Yellow Corp.(b)(c)

      471,340        881,406  

Zurn Elkay Water Solutions Corp.(c)

      38,292        825,193  
     

 

 

  
        341,185,590  
     

 

 

  
 

 

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

 

    32    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Information Technology-11.55%

      

8x8, Inc.(b)(c)

      85,673      $           245,882  

A10 Networks, Inc.

      23,621        334,001  

ACI Worldwide, Inc.(b)

      126,582        3,206,322  

ACM Research, Inc., Class A(b)(c)

      52,188        487,958  

Adeia, Inc.

      61,719        471,533  

ADTRAN Holdings, Inc.

      48,903        445,995  

Advanced Energy Industries, Inc.(c)

      19,268        1,666,682  

Alarm.com Holdings, Inc.(b)

      23,310        1,111,654  

Allegro MicroSystems, Inc. (Japan)(b)(c)

      14,283        510,903  

Alpha & Omega Semiconductor Ltd.(b)(c)

      26,824        640,557  

Altair Engineering, Inc., Class A(b)(c)

      11,950        825,148  

Alteryx, Inc., Class A(b)

      8,618        354,458  

Ambarella, Inc.(b)

      7,342        455,057  

American Software, Inc., Class A

      28,709        342,785  

AppFolio, Inc., Class A(b)

      2,514        351,005  

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

      185,095        3,146,615  

Arlo Technologies, Inc.(b)

      93,742        603,698  

Aspen Technology, Inc.(b)(c)

      1,570        277,890  

Atlassian Corp., Class A(b)

      5,308        783,779  

Aviat Networks, Inc.(b)(c)

      11,380        373,378  

Avid Technology, Inc.(b)(c)

      12,784        377,256  

Axcelis Technologies, Inc.(b)(c)

      9,703        1,147,865  

AXT, Inc.(b)(c)

      64,392        171,927  

Badger Meter, Inc.

      9,768        1,292,599  

Bel Fuse, Inc., Class B

      13,116        532,903  

Belden, Inc.

      36,554        2,883,745  

Benchmark Electronics, Inc.

      89,489        1,910,590  

Bentley Systems, Inc., Class B(c)

      49,131        2,091,015  

BILL Holdings, Inc.(b)(c)

      25,046        1,923,783  

Blackbaud, Inc.(b)

      27,585        1,913,158  

Blackline, Inc.(b)(c)

      6,898        384,288  

Blend Labs, Inc., Class A(b)

      373,036        220,875  

Box,Inc.,ClassA(b)

      15,860        419,656  

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

      9,872        290,237  

C3.ai, Inc., Class A(b)(c)

      23,610        420,730  

CalAmp Corp.(b)(c)

      89,955        228,486  

Calix, Inc.(b)

      16,482        753,227  

CCC Intelligent Solutions Holdings, Inc.(b)(c)

      77,536        673,012  

Cerence, Inc.(b)(c)

      53,237        1,360,205  

CEVA, Inc.(b)

      11,044        277,536  

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

      13,754        647,126  

Cognyte Software Ltd. (Israel)(b)

      216,905        902,325  

Cohu, Inc.(b)

      36,515        1,235,668  

CommVault Systems, Inc.(b)

      13,742        800,746  

Comtech Telecommunications Corp.

      60,562        626,817  

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

      17,144        377,168  

Consensus Cloud Solutions, Inc.(b)(c)

      15,787        589,329  

Corsair Gaming, Inc.(b)(c)

      45,604        794,422  

Crowdstrike Holdings, Inc., Class A(b)

      11,356        1,363,288  

CTS Corp.(c)

      21,093        827,057  

CyberArk Software Ltd.(b)

      7,474        931,260  

Daktronics, Inc.(b)

      133,270        641,029  

Datadog, Inc., Class A(b)

      13,984        942,242  

Diebold Nixdorf, Inc.(b)(c)

      573,533        462,784  

Digi International, Inc.(b)(c)

      21,022        634,024  

Digital Turbine, Inc.(b)(c)

      68,360        801,863  

DigitalOcean Holdings, Inc.(b)(c)

      20,302        640,325  

Diodes, Inc.(b)

      36,393        2,900,522  

DocuSign, Inc.(b)

      17,654        872,814  
     Shares      Value  

Information Technology-(continued)

      

Dolby Laboratories, Inc., Class A

      38,548      $        3,226,082  

DoubleVerify Holdings, Inc.(b)(c)

      13,207        388,550  

Dropbox, Inc., Class A(b)

      49,006        996,782  

Dynatrace, Inc.(b)

      31,447        1,329,579  

E2open Parent Holdings, Inc.(b)(c)

      358,461        2,254,720  

Eastman Kodak Co.(b)(c)

      329,236        1,083,186  

Ebix, Inc.(c)

      73,689        1,198,183  

Elastic N.V.(b)

      10,178        582,691  

Enphase Energy, Inc.(b)(c)

      6,784        1,113,933  

Envestnet, Inc.(b)(c)

      32,696        2,072,273  

ePlus, Inc.(b)

      37,536        1,634,317  

Everbridge, Inc.(b)(c)

      17,283        454,197  

Extreme Networks, Inc.(b)

      44,338        788,330  

Fabrinet (Thailand)(b)(c)

      23,966        2,275,572  

Fair Isaac Corp.(b)

      2,482        1,806,772  

FARO Technologies, Inc.(b)(c)

      20,393        476,177  

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

      64,997        960,656  

Five9, Inc.(b)

      6,556        425,091  

FormFactor, Inc.(b)

      55,172        1,506,747  

Fortinet, Inc.(b)

      61,720        3,891,446  

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

      29,790        397,994  

GLOBALFOUNDRIES, Inc.(b)(c)

      28,938        1,701,554  

Globant S.A.(b)

      13,575        2,129,510  

Guidewire Software, Inc.(b)(c)

      28,272        2,154,044  

Hackett Group, Inc. (The)(c)

      23,641        438,777  

Harmonic, Inc.(b)(c)

      38,808        546,805  

HIVE Blockchain Technologies Ltd.
(Canada)(b)(c)

      153,375        496,935  

HubSpot, Inc.(b)

      3,308        1,392,503  

Ichor Holdings Ltd.(b)

      40,597        1,130,626  

Infinera Corp.(b)(c)

      145,808        922,965  

Information Services Group, Inc.

      53,880        274,249  

InterDigital, Inc.(c)

      28,664        1,941,699  

IonQ, Inc.(b)(c)

      68,402        376,895  

IPG Photonics Corp.(b)

      29,751        3,420,770  

Itron, Inc.(b)(c)

      59,096        3,155,726  

Jamf Holding Corp.(b)(c)

      23,817        450,618  

JFrog Ltd. (Israel)(b)

      20,326        377,454  

Kimball Electronics, Inc.(b)

      34,793        700,383  

Knowles Corp.(b)

      146,568        2,474,068  

Kulicke & Soffa Industries, Inc. (Singapore)(c)

      41,502        1,977,985  

Lattice Semiconductor Corp.(b)

      11,669        930,019  

Littelfuse, Inc.

      14,749        3,572,798  

LivePerson, Inc.(b)(c)

      37,923        175,584  

LiveRamp Holdings, Inc.(b)

      50,224        1,209,896  

MACOM Technology Solutions Holdings,
Inc.(b)(c)

      9,869        575,757  

Magnachip Semiconductor Corp.
(South Korea)(b)

      120,607        1,070,990  

Manhattan Associates, Inc.(b)

      9,428        1,562,031  

Marathon Digital Holdings, Inc.(b)(c)

      86,548        871,538  

Maxeon Solar Technologies Ltd.(b)

      32,480        913,013  

MaxLinear, Inc.(b)

      27,801        670,838  

MeridianLink, Inc.(b)(c)

      17,403        260,001  

Methode Electronics, Inc.(c)

      42,178        1,728,876  

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

      3,677        1,207,453  

Mirion Technologies, Inc.(b)(c)

      124,583        1,009,122  

Momentive Global, Inc.(b)(c)

      70,411        661,159  

MongoDB, Inc.(b)(c)

      4,474        1,073,581  
 

 

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

 

    33    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Information Technology-(continued)

      

Monolithic Power Systems, Inc.

      6,126      $        2,830,028  

N-able, Inc.(b)(c)

      43,676        556,869  

nCino, Inc.(b)(c)

      24,930        616,519  

NETGEAR, Inc.(b)

      69,417        980,862  

NetScout Systems, Inc.(b)

      103,911        2,827,418  

New Relic, Inc.(b)

      7,773        555,536  

nLight, Inc.(b)(c)

      33,258        291,673  

Novanta, Inc.(b)(c)

      8,572        1,310,144  

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

      32,391        776,736  

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

      48,793        334,232  

ON24, Inc.(b)(c)

      37,802        328,877  

OneSpan, Inc.(b)(c)

      29,849        439,974  

Onto Innovation, Inc.(b)

      26,599        2,153,987  

OSI Systems, Inc.(b)

      21,054        2,378,260  

Ouster, Inc.(b)(c)

      36,379        128,782  

PagerDuty, Inc.(b)(c)

      12,176        366,011  

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

      288,697        2,237,402  

Palo Alto Networks, Inc.(b)

      17,567        3,205,275  

PAR Technology Corp.(b)(c)

      17,227        526,974  

PC Connection, Inc.

      26,078        1,050,161  

Pegasystems, Inc.(c)

      10,812        493,243  

Perficient, Inc.(b)

      15,411        1,000,482  

PFSweb, Inc.

      48,773        196,067  

Photronics, Inc.(b)(c)

      101,656        1,469,946  

Power Integrations, Inc.(c)

      21,666        1,576,851  

PowerSchool Holdings, Inc., Class A(b)

      19,166        400,186  

Procore Technologies, Inc.(b)

      10,781        575,813  

Progress Software Corp.(c)

      25,311        1,389,068  

PTC, Inc.(b)

      28,579        3,594,952  

Pure Storage, Inc., Class A(b)

      59,843        1,366,216  

Q2 Holdings, Inc.(b)(c)

      23,166        570,347  

Qualys, Inc.(b)(c)

      9,384        1,059,829  

Rackspace Technology, Inc.(b)(c)

      511,809        747,241  

Radware Ltd. (Israel)(b)

      26,276        529,461  

Rambus, Inc.(b)

      24,633        1,092,227  

Ribbon Communications, Inc.(b)(c)

      94,206        241,167  

RingCentral, Inc., Class A(b)

      25,757        709,863  

Riot Platforms, Inc.(b)(c)

      191,408        2,289,240  

Rogers Corp.(b)

      16,713        2,689,957  

ScanSource, Inc.(b)

      48,972        1,339,384  

Semtech Corp.(b)

      55,049        1,072,905  

SentinelOne, Inc., Class A(b)

      69,783        1,121,413  

Silicon Laboratories, Inc.(b)(c)

      16,786        2,338,290  

SiTime Corp.(b)(c)

      4,593        498,203  

SMART Global Holdings, Inc.(b)(c)

      98,042        1,511,808  

SmartRent, Inc.(b)

      107,163        276,481  

Smartsheet, Inc., Class A(b)

      15,915        650,446  

SolarEdge Technologies, Inc.(b)(c)

      10,119        2,890,290  

SolarWinds Corp.(b)

      113,107        974,982  

Splunk, Inc.(b)

      17,327        1,494,280  

SPS Commerce, Inc.(b)

      6,077        895,142  

Stratasys Ltd.(b)(c)

      99,717        1,431,936  

Super Micro Computer, Inc.(b)(c)

      39,346        4,148,249  

Synaptics, Inc.(b)

      23,050        2,041,308  

Tenable Holdings, Inc.(b)(c)

      10,847        401,231  

Teradata Corp.(b)

      73,475        2,844,217  

Thoughtworks Holding, Inc.(b)

      50,552        314,939  

TTM Technologies, Inc.(b)

      274,359        3,240,180  

Tucows,Inc.,ClassA(b)(c)

      15,991        358,039  

Turtle Beach Corp.(b)(c)

      54,612        593,632  
     Shares      Value  

Information Technology-(continued)

      

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

      96,448      $        1,357,988  

Ultra Clean Holdings, Inc.(b)(c)

      67,223        1,918,544  

Unisys Corp.(b)(c)

      284,308        912,629  

Unity Software, Inc.(b)(c)

      43,506        1,173,357  

Universal Display Corp.(c)

      13,830        1,845,752  

Upland Software, Inc.(b)

      55,599        204,048  

Varonis Systems, Inc.(b)(c)

      28,329        656,100  

Veeco Instruments, Inc.(b)(c)

      35,963        662,438  

Verint Systems, Inc.(b)(c)

      46,926        1,712,330  

VeriSign, Inc.(b)

      16,484        3,656,151  

Viavi Solutions, Inc.(b)(c)

      201,394        1,804,490  

Vishay Precision Group, Inc.(b)

      14,279        536,034  

Wix.com Ltd. (Israel)(b)

      8,401        732,819  

Wolfspeed, Inc.(b)(c)

      35,044        1,631,298  

Xperi, Inc.(b)(c)

      119,648        1,135,460  

Yext, Inc.(b)

      54,253        476,341  

Zscaler, Inc.(b)(c)

      3,413        307,511  

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

      38,145        297,150  
     

 

 

  
        222,664,373  
     

 

 

  

Materials-5.04%

      

AdvanSix, Inc.

      56,702        2,136,531  

Alpha Metallurgical Resources, Inc.(c)

      17,168        2,516,142  

Alto Ingredients, Inc.(b)

      465,349        609,607  

American Vanguard Corp.

      34,481        663,759  

Ardagh Metal Packaging S.A

      234,876        958,294  

ATI, Inc.(b)(c)

      87,930        3,395,857  

Balchem Corp.

      13,176        1,731,326  

Carpenter Technology Corp.

      68,251        3,599,558  

Century Aluminum Co.(b)(c)

      117,853        1,012,357  

Chase Corp.(c)

      6,294        688,123  

Clearwater Paper Corp.(b)

      51,455        1,857,525  

Coeur Mining, Inc.(b)(c)

      537,137        1,826,266  

Compass Minerals International, Inc.

      75,888        2,483,814  

Danimer Scientific, Inc.(b)(c)

      205,418        649,121  

Diversey Holdings Ltd.(b)

      148,693        1,208,874  

Eagle Materials, Inc.

      23,952        3,549,926  

Ecovyst, Inc.(b)

      140,868        1,598,852  

Ferroglobe PLC(b)(c)

      165,289        667,768  

FutureFuel Corp.(c)

      98,814        741,105  

Ginkgo Bioworks Holdings, Inc.(b)(c)

      378,900        462,258  

Glatfelter Corp.(c)

      395,216        1,786,376  

Greif, Inc., Class A

      55,042        3,456,087  

Hawkins, Inc.

      20,648        832,940  

Haynes International, Inc.(c)

      13,121        616,818  

Hecla Mining Co.(c)

      429,084        2,595,958  

Ingevity Corp.(b)

      34,879        2,502,219  

Innospec, Inc.

      22,343        2,270,719  

Intrepid Potash, Inc.(b)(c)

      24,997        644,423  

Kaiser Aluminum Corp.

      31,552        2,073,597  

Koppers Holdings, Inc.

      43,320        1,421,329  

Kronos Worldwide, Inc.(c)

      67,736        629,945  

Livent Corp.(b)(c)

      53,421        1,167,249  

LSB Industries, Inc.(b)(c)

      79,015        705,604  

Materion Corp.

      15,077        1,632,990  

Mativ Holdings, Inc., Class A(c)

      100,534        1,947,344  

McEwen Mining, Inc. (Canada)(b)(c)

      61,453        503,915  

Mercer International, Inc. (Germany)

      154,935        1,507,518  

Minerals Technologies, Inc.

      52,611        3,117,728  

MP Materials Corp.(b)(c)

      23,505        509,353  
 

 

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

 

    34    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

 

 

     Shares      Value  

Materials-(continued)

      

Myers Industries, Inc.(c)

      40,721      $           771,663  

NewMarket Corp.

      8,002        3,197,599  

Nexa Resources S.A. (Brazil)(c)

      75,818        454,908  

Olympic Steel, Inc.

      26,470        1,232,708  

Orion Engineered Carbons S.A. (Germany)

      103,613        2,508,471  

Pactiv Evergreen, Inc.

      98,786        780,409  

Perimeter Solutions S.A.(b)

      109,243        817,138  

Quaker Chemical Corp.(c)

      9,379        1,750,403  

Ranpak Holdings Corp.(b)(c)

      70,323        286,918  

Rayonier Advanced Materials, Inc.(b)(c)

      293,534        1,596,825  

Ryerson Holding Corp.

      47,577        1,796,983  

Schnitzer Steel Industries, Inc., Class A

      77,524        2,239,668  

Sensient Technologies Corp.

      42,344        3,152,934  

Stepan Co.

      28,428        2,621,062  

SunCoke Energy, Inc.

      198,783        1,546,532  

TimkenSteel Corp.(b)(c)

      100,730        1,686,220  

Tredegar Corp.

      60,570        568,147  

TriMas Corp.

      53,665        1,363,628  

Tronox Holdings PLC, Class A(c)

      244,865        3,352,202  

Worthington Industries, Inc.

      53,218        3,160,617  
     

 

 

  
        97,164,210  
     

 

 

  

Real Estate-6.25%

      

Acadia Realty Trust(c)

      201,474        2,721,914  

Agree Realty Corp.

      50,974        3,465,722  

Alexander & Baldwin, Inc.

      138,546        2,664,240  

Alexander’s, Inc.(c)

      3,389        630,591  

American Assets Trust, Inc.

      82,900        1,508,780  

Apartment Investment & Management Co., Class A

      129,273        1,012,208  

Armada Hoffler Properties, Inc.

      81,215        951,840  

Ashford Hospitality Trust, Inc.(b)(c)

      297,409        1,011,191  

Braemar Hotels & Resorts, Inc.

      207,531        788,618  

Broadstone Net Lease, Inc.

      181,613        2,936,682  

CareTrust REIT, Inc.(c)

      90,216        1,758,310  

CBL & Associates Properties, Inc.(c)

      55,401        1,281,425  

Centerspace

      23,640        1,332,823  

Chatham Lodging Trust

      117,778        1,206,047  

City Office REIT, Inc.

      151,565        882,108  

Community Healthcare Trust, Inc.

      18,359        657,069  

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

      455,260        1,065,308  

CTO Realty Growth, Inc.

      28,942        487,383  

Diversified Healthcare Trust

      1,518,078        1,386,612  

Douglas Elliman, Inc.

      193,651        617,747  

Easterly Government Properties, Inc.

      157,631        2,217,868  

EastGroup Properties, Inc.

      20,933        3,486,601  

Elme Communities

      151,172        2,604,694  

Empire State Realty Trust, Inc., Class A(c) .

      329,295        2,011,992  

Equity Commonwealth

      113,975        2,361,562  

Essential Properties Realty Trust, Inc.

      96,716        2,393,721  

eXp World Holdings, Inc.(c)

      41,683        487,274  

Farmland Partners, Inc.(c)

      43,892        458,232  

Forestar Group, Inc.(b)(c)

      44,938        869,101  

Four Corners Property Trust, Inc.(c)

      66,069        1,685,420  

Franklin Street Properties Corp.

      470,079        545,292  

Getty Realty Corp.(c)

      40,904        1,363,330  

Gladstone Commercial Corp.

      53,898        643,542  

Gladstone Land Corp.(c)

      29,058        468,124  

Global Medical REIT, Inc.

      80,382        745,945  
     Shares      Value  

Real Estate-(continued)

      

Global Net Lease, Inc.

      232,958      $        2,623,107  

Hersha Hospitality Trust, Class A(c)

      113,243        713,431  

Independence Realty Trust, Inc.(c)

      207,943        3,462,251  

Industrial Logistics Properties Trust

      457,239        941,912  

Innovative Industrial Properties, Inc.

      19,486        1,335,765  

InvenTrust Properties Corp.(c)

      108,028        2,436,031  

Kennedy-Wilson Holdings, Inc.(c)

      213,166        3,576,926  

LTC Properties, Inc.

      45,947        1,536,927  

Marcus & Millichap, Inc.(c)

      34,285        1,078,949  

National Health Investors, Inc.

      56,035        2,788,862  

National Storage Affiliates Trust

      56,885        2,192,917  

Necessity Retail REIT, Inc. (The)

      334,357        1,842,307  

NETSTREIT Corp.(c)

      40,669        740,989  

Newmark Group, Inc., Class A(c)

      251,964        1,597,452  

NexPoint Residential Trust, Inc.(c)

      21,499        922,952  

Offerpad Solutions, Inc.(b)

      461,271        215,552  

Office Properties Income Trust(c)

      214,840        1,400,757  

One Liberty Properties, Inc.(c)

      26,676        587,406  

Opendoor Technologies, Inc.(b)(c)

      1,825,605        2,519,335  

Orion Office REIT, Inc.

      121,810        747,913  

Pebblebrook Hotel Trust(c)

      257,402        3,662,830  

Plymouth Industrial REIT, Inc.(c)

      25,986        525,957  

RE/MAX Holdings, Inc., Class A

      30,263        584,379  

Redfin Corp.(b)(c)

      113,553        845,970  

Retail Opportunity Investments Corp.

      185,957        2,423,020  

RMR Group, Inc. (The), Class A

      27,652        656,735  

RPT Realty

      182,630        1,698,459  

Ryman Hospitality Properties, Inc.

      38,172        3,422,502  

Safehold, Inc.(b)(c)

      37,957        1,052,168  

Saul Centers, Inc.

      17,617        634,741  

Seritage Growth Properties, Class A(b)(c)

      58,211        436,000  

St. Joe Co. (The)

      12,090        496,899  

Star Holdings(b)

      13,446        217,018  

Summit Hotel Properties, Inc.(c)

      266,601        1,716,910  

Tanger Factory Outlet Centers, Inc.

      170,128        3,336,210  

Tejon Ranch Co.(b)(c)

      17,950        310,176  

Terreno Realty Corp.

      43,008        2,648,863  

UMH Properties, Inc.

      50,931        774,151  

Universal Health Realty Income Trust

      12,353        537,356  

Urban Edge Properties(c)

      198,345        2,909,721  

Urstadt Biddle Properties, Inc.(c)

      2,885        46,102  

Urstadt Biddle Properties, Inc., Class A

      48,825        840,767  

Veris Residential, Inc.(b)(c)

      147,394        2,409,892  

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

      477,650        201,329  

Whitestone REIT

      106,492        953,103  

Xenia Hotels & Resorts, Inc.(c)

      258,986        3,278,763  
     

 

 

  
        120,591,078  
     

 

 

  

Utilities-1.70%

      

American States Water Co.

      21,869        1,940,874  

Artesian Resources Corp., Class A

      7,231        396,114  

Atlantica Sustainable Infrastructure PLC
(Spain)

      136,135        3,623,914  

California Water Service Group

      45,506        2,551,976  

Chesapeake Utilities Corp.

      14,982        1,850,277  

Clearway Energy, Inc., Class A(c)

      33,475        970,105  

Clearway Energy, Inc., Class C(c)

      80,637        2,448,946  

Genie Energy Ltd., Class B(c)

      25,697        400,102  

MGE Energy, Inc.

      35,884        2,749,073  

Middlesex Water Co.

      9,367        683,604  
 

 

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

 

    35    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

    

 

     Shares      Value  

Utilities-(continued)

      

Northwest Natural Holding Co.

      57,506      $        2,700,482  

Ormat Technologies, Inc.(c)

      31,818        2,730,303  

Otter Tail Corp.(c)

      42,932        3,088,957  

ReNew Energy Global PLC,
Class A (India)(b)(c)

      311,816        1,596,498  

SJW Group

      24,264        1,842,123  

Spruce Power Holding Corp.(b)

      264,759        185,702  

Sunnova Energy International, Inc.(b)(c)

      65,649        1,179,056  

Unitil Corp.

      24,456        1,359,509  

Via Renewables, Inc.(c)

      9,125        94,444  

York Water Co. (The)

      8,318        349,689  
     

 

 

  
        32,741,748  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $2,042,087,534)

 

      1,926,856,109  
     

 

 

  

Closed-End Funds-0.05%

 

BP Prudhoe Bay Royalty Trust(c)

      37,566        261,084  

Mesabi Trust(c)

      14,132        328,004  

Sabine Royalty Trust

      4,726        355,064  
     

 

 

  

Total Closed-End Funds
(Cost $937,310)

         944,152  
     

 

 

  

Money Market Funds-0.12%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(e)(f)
(Cost $2,412,621)

      2,412,621        2,412,621  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $2,045,437,465)

 

      1,930,212,882  
     

 

 

  
     Shares      Value  

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-29.23%

 

Invesco Private Government Fund,
4.83%(e)(f)(g)

      161,246,789      $    161,246,789  

Invesco Private Prime Fund, 4.99%(e)(f)(g)

      402,326,336        402,326,336  
     

 

 

  

Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $563,642,725)

 

      563,573,125  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-129.33%
(Cost $2,609,080,190)

 

      2,493,786,007  

OTHER ASSETS LESS LIABILITIES-(29.33)%

 

      (565,588,895 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 1,928,197,112  
     

 

 

  
 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts.  -Rights

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

(e) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Invesco Mortgage Capital, Inc.      $ 979,998      $ 384,977      $ (267,658 )     $ (268,153 )     $ (162,177 )     $ 666,987      $ 191,940
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class        615,203        119,602,175        (117,804,757 )       -       -       2,412,621        89,099

 

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

 

    36    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2023

    

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund      $ 129,773,116      $ 557,499,423      $ (526,025,750 )     $ -     $ -     $ 161,246,789      $ 4,301,700 *
Invesco Private Prime Fund        301,916,900        1,229,928,962        (1,129,526,247 )       (101,995 )       108,716       402,326,336        11,696,168 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 433,285,217      $ 1,907,415,537      $ (1,773,624,412 )     $ (370,148 )     $ (53,461 )     $ 566,652,733      $ 16,278,907
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(f) 

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

(g) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 21.

 

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

 

    37    

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

    

Invesco Dynamic
Market ETF (PWC)

     

Invesco FTSE RAFI
US 1000 ETF  (PRF)

     

Invesco FTSE RAFI
US  1500 Small-Mid
ETF (PRFZ)

  

Assets:

                         

Unaffiliated investments in securities, at value(a)

              $ 90,578,711                         $ 5,965,572,196                          $ 1,927,133,274           

Affiliated investments in securities, at value

         14,155,940             305,073,284              566,652,733    

Cash

         -             -              482,342    

Receivable for:

                         

Dividends

         77,846             8,480,006              694,694    

Securities lending

         12,103             140,029              596,855    

Investments sold

         -             4,728,283              21,764    

Other assets

         26,433             -              1,529    
     

 

 

          

 

 

           

 

 

    

Total assets

         104,851,033             6,283,993,798              2,495,583,191    
     

 

 

          

 

 

           

 

 

    

Liabilities:

                         

Due to custodian

         -             90              -    

Payable for:

                         

Investments purchased

         -             -              743,324    

Investments purchased - affiliated broker

         -             -              1,178,606    

Collateral upon return of securities loaned

         14,093,839             301,557,657              563,642,725    

Fund shares repurchased

         -             4,762,676              -    

Accrued advisory fees

         37,979             1,367,170              431,185    

Accrued trustees’ and officer’s fees

         84,870             396,487              152,766    

Accrued expenses

         69,679             3,528,433              1,237,473    
     

 

 

          

 

 

           

 

 

    

Total liabilities

         14,286,367             311,612,513              567,386,079    
     

 

 

          

 

 

           

 

 

    

Net Assets

       $ 90,564,666           $ 5,972,381,285            $ 1,928,197,112    
     

 

 

          

 

 

           

 

 

    

Net assets consist of:

                         

Shares of beneficial interest

       $ 259,564,294           $ 5,537,014,654            $ 2,519,679,408    

Distributable earnings (loss)

         (168,999,628 )            435,366,631              (591,482,296 )   
     

 

 

          

 

 

           

 

 

    

Net Assets

       $ 90,564,666           $ 5,972,381,285            $ 1,928,197,112    
     

 

 

          

 

 

           

 

 

    

Shares outstanding (unlimited amount authorized, $0.01 par value)

         830,000             37,620,000              12,040,000    

Net asset value

       $ 109.11           $ 158.76            $ 160.15    
     

 

 

          

 

 

           

 

 

    

Market price

       $ 109.09           $ 158.70            $ 160.06    
     

 

 

          

 

 

           

 

 

    

Unaffiliated investments in securities, at cost

       $ 87,946,420           $ 5,076,920,257            $ 2,041,863,065    
     

 

 

          

 

 

           

 

 

    

Affiliated investments in securities, at cost

       $ 14,156,141           $ 306,521,256            $ 567,217,125    
     

 

 

          

 

 

           

 

 

    

(a) Includes securities on loan with an aggregate value of:

       $ 13,941,531           $ 298,232,234            $ 554,140,748    
     

 

 

          

 

 

           

 

 

    

 

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

 

    38    

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

    

Invesco Dynamic
Market ETF (PWC)

     

Invesco FTSE RAFI
US 1000 ETF  (PRF)

     

Invesco FTSE RAFI
US  1500 Small-Mid
ETF (PRFZ)

  

Investment income:

                        

Unaffiliated dividend income

              $ 1,659,751                         $ 140,968,107                         $ 32,996,820           

Affiliated dividend income

         2,675             241,272             281,039    

Securities lending income, net

         181,097             882,450             2,698,473    

Foreign withholding tax

         (39,098 )            (134,806 )            (35,063 )   
     

 

 

          

 

 

          

 

 

    

Total investment income

         1,804,425             141,957,023             35,941,269    
     

 

 

          

 

 

          

 

 

    

Expenses:

                        

Advisory fees

         486,811             16,882,712             5,719,474    

Sub-licensing fees

         29,208             5,239,565             1,775,044    

Accounting & administration fees

         19,121             391,695             148,814    

Professional fees

         36,687             80,352             52,235    

Custodian & transfer agent fees

         6,709             49,519             61,447    

Trustees’ and officer’s fees

         2,170             33,308             14,664    

Recapture (Note 3)

         -             78,677             16,590    

Other expenses

         33,926             238,576             133,319    
     

 

 

          

 

 

          

 

 

    

Total expenses

         614,632             22,994,404             7,921,587    
     

 

 

          

 

 

          

 

 

    

Less: Waivers

         (30,545 )            (294,108 )            (234,038 )   
     

 

 

          

 

 

          

 

 

    

Net expenses

         584,087             22,700,296             7,687,549    
     

 

 

          

 

 

          

 

 

    

Net investment income

         1,220,338             119,256,727             28,253,720    
     

 

 

          

 

 

          

 

 

    

Realized and unrealized gain (loss) from:

                        

Net realized gain (loss) from:

                        

Unaffiliated investment securities

         (8,444,452 )            (107,857,569 )            (104,191,398 )   

Affiliated investment securities

         140             57,873             (78,846 )   

Unaffiliated in-kind redemptions

         4,752,568             258,587,274             167,952,504    

Affiliated in-kind redemptions

         -             2,641             25,385    

Foreign currencies

         -             -             (61 )   
     

 

 

          

 

 

          

 

 

    

Net realized gain (loss)

         (3,691,744 )            150,790,219             63,707,584    
     

 

 

          

 

 

          

 

 

    

Change in net unrealized appreciation (depreciation) of:

                        

Unaffiliated investment securities

         6,399,439             (199,689,688 )            (130,432,074 )   

Affiliated investment securities

         (226 )            (205,133 )            (370,148 )   
     

 

 

          

 

 

          

 

 

    

Change in net unrealized appreciation (depreciation)

         6,399,213             (199,894,821 )            (130,802,222 )   
     

 

 

          

 

 

          

 

 

    

Net realized and unrealized gain (loss)

         2,707,469             (49,104,602 )            (67,094,638 )   
     

 

 

          

 

 

          

 

 

    

Net increase (decrease) in net assets resulting from operations

       $ 3,927,807           $ 70,152,125           $ (38,840,918 )   
     

 

 

          

 

 

          

 

 

    

 

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

 

    39    

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

     Invesco Dynamic
Market ETF (PWC)		            Invesco FTSE RAFI US
1000 ETF (PRF)		  
     2023            2022            2023            2022  

Operations:

                  

Net investment income

    $ 1,220,338               $ 810,135               $ 119,256,727               $ 97,822,609  

Net realized gain (loss)

      (3,691,744 )         (1,568,793 )         150,790,219          227,317,774  

Change in net unrealized appreciation (depreciation)

      6,399,213          (16,445,589 )         (199,894,821 )         (154,982,707 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

      3,927,807          (17,204,247 )         70,152,125          170,157,676  
  

 

 

       

 

 

       

 

 

       

 

 

  

Distributions to Shareholders from:

                  

Distributable earnings

      (1,393,641 )         (923,364 )         (121,245,950 )         (93,773,617 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Shareholder Transactions:

                  

Proceeds from shares sold

      24,564,978          132,946,783          1,013,641,362          963,003,179  

Value of shares repurchased

      (41,935,463 )         (145,228,068 )         (639,141,302 )         (501,081,108 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      (17,370,485 )         (12,281,285 )         374,500,060          461,922,071  
  

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

      (14,836,319 )         (30,408,896 )         323,406,235          538,306,130  
  

 

 

       

 

 

       

 

 

       

 

 

  

Net assets:

                  

Beginning of year

      105,400,985          135,809,881          5,648,975,050          5,110,668,920  
  

 

 

       

 

 

       

 

 

       

 

 

  

End of year

    $ 90,564,666        $ 105,400,985        $ 5,972,381,285        $ 5,648,975,050  
  

 

 

       

 

 

       

 

 

       

 

 

  

Changes in Shares Outstanding:

                  

Shares sold

      230,000          1,070,000          6,650,000          5,770,000  

Shares repurchased

      (400,000 )         (1,180,000 )         (4,250,000 )         (2,960,000 ) 

Shares outstanding, beginning of year

      1,000,000          1,110,000          35,220,000          32,410,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of year

      830,000          1,000,000          37,620,000          35,220,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

    40    

 

  

 

 

 

 

Invesco FTSE RAFI US 1500
Small-Mid ETF (PRFZ)		  
2023            2022  
    
$ 28,253,720               $ 19,557,050  
  63,707,584          220,230,506  
  (130,802,222 )         (350,991,411 ) 

 

 

       

 

 

  
  (38,840,918 )         (111,203,855 ) 

 

 

       

 

 

  
    
  (26,785,262 )         (20,080,760 ) 

 

 

       

 

 

  
    
  698,742,061          584,200,712  
  (500,211,412 )         (607,192,187 ) 

 

 

       

 

 

  

 

198,530,649

 

        (22,991,475 ) 

 

 

       

 

 

  
  132,904,469          (154,276,090 ) 

 

 

       

 

 

  
    
  1,795,292,643          1,949,568,733  

 

 

       

 

 

  
$ 1,928,197,112        $ 1,795,292,643  

 

 

       

 

 

  
    
  4,410,000          3,230,000  
  (3,120,000 )         (3,270,000 ) 
  10,750,000          10,790,000  

 

 

       

 

 

  
  12,040,000          10,750,000  

 

 

       

 

 

  

 

 

    41    

 

  

 

 

 

Financial Highlights

Invesco Dynamic Market ETF (PWC)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 105.40     $ 122.35     $ 82.74     $ 98.73     $ 96.96  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.31       0.77       0.75       1.15       0.90  

Net realized and unrealized gain (loss) on investments

      3.90       (16.84 )      39.76       (15.99 )      1.99  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      5.21       (16.07 )      40.51       (14.84 )      2.89  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.50 )      (0.88 )      (0.90 )      (1.15 )      (1.12 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 109.11     $ 105.40     $ 122.35     $ 82.74     $ 98.73  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 109.09     $ 105.30     $ 122.40     $ 81.40     $ 98.63  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      5.09 %      (13.20 )%      49.27 %      (15.04 )%      3.00 % 

Market Price Total Return(c)

      5.16 %      (13.32 )%      51.78 %      (16.32 )%      2.89 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 90,565     $ 105,401     $ 135,810     $ 115,831     $ 157,975  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.60 %      0.60 %      0.60 %      0.58 %      0.59 % 

Expenses, prior to Waivers

      0.63 %      0.60 %      0.62 %      0.58 %      0.59 % 

Net investment income

      1.25 %      0.64 %      0.75 %      1.22 %      0.91 % 

Portfolio turnover rate(d)

      233 %      228 %      321 %      313 %      240 % 

 

(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) 

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.

Invesco FTSE RAFI US 1000 ETF (PRF)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 160.39     $ 157.69     $ 104.17     $ 117.81     $ 111.04  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      3.19       2.91       2.43       2.60       2.40  

Net realized and unrealized gain (loss) on investments

      (1.60 )      2.58       53.64       (13.40 )      6.72  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      1.59       5.49       56.07       (10.80 )      9.12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (3.22 )      (2.79 )      (2.55 )      (2.84 )      (2.35 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 158.76     $ 160.39     $ 157.69     $ 104.17     $ 117.81  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 158.70     $ 160.32     $ 157.68     $ 104.31     $ 117.82  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      1.11 %      3.45 %      54.54 %      (9.18 )%      8.40 % 

Market Price Total Return(c)

      1.12 %      3.41 %      54.32 %      (9.06 )%      8.32 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 5,972,381     $ 5,648,975     $ 5,110,669     $ 4,010,580     $ 5,590,025  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.39 %      0.39 %      0.39 %      0.39 %      0.39 % 

Expenses, prior to Waivers

      0.39 %      0.39 %      0.40 %      0.39 %      0.40 % 

Net investment income

      2.05 %      1.76 %      1.94 %      2.24 %      2.13 % 

Portfolio turnover rate(d)

      9 %      10 %      11 %      8 %      10 % 

 

(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) 

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.

 

    42    

 

  

 

 

 

Financial Highlights–(continued)

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 167.00     $ 180.68     $ 103.08     $ 132.17     $ 130.30  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     2.33       1.86       1.18       1.48       1.76  

Net realized and unrealized gain (loss) on investments

      (7.00 )      (13.62 )      77.79       (28.58 )      1.75  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (4.67 )      (11.76 )      78.97       (27.10 )      3.51  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (2.18 )      (1.92 )      (1.37 )      (1.99 )      (1.64 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 160.15     $ 167.00     $ 180.68     $ 103.08     $ 132.17  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

   $ 160.06     $ 166.99     $ 180.64     $ 103.16     $ 132.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

     (2.77 )%      (6.60 )%      77.05 %      (20.65 )%      2.75 % 

Market Price Total Return(c)

     (2.83 )%      (6.59 )%      76.88 %      (20.62 )%      2.60 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,928,197     $ 1,795,293     $ 1,949,569     $ 1,437,974     $ 2,094,831  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.39 %      0.39 %      0.39 %      0.39 %      0.39 % 

Expenses, prior to Waivers

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      1.43 %      1.01 %      0.87 %      1.20 %      1.33 % 

Portfolio turnover rate(d)

     27 %      28 %      25 %      21 %      24 % 

 

(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) 

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.

 

    43    

 

  

 

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 Dynamic Market ETF (PWC)    “Dynamic Market ETF”
Invesco FTSE RAFI US 1000 ETF (PRF)    “FTSE RAFI US 1000 ETF”
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)    “FTSE RAFI US 1500 Small-Mid 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.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on 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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

Dynamic Market ETF    Dynamic Market Intellidex® Index
FTSE RAFI US 1000 ETF    FTSE RAFITM US 1000 Index
FTSE RAFI US 1500 Small-Mid ETF    FTSE RAFITM US Mid Small 1500 Index

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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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,

 

    44    

 

  

 

 

 

 

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 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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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 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

 

    45    

 

  

 

 

 

 

  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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly 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 is responsible for all of its 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, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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 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 directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific 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 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

 

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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.

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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

     Amount  
Dynamic Market ETF    $ 13,946  
FTSE RAFI US 1000 ETF      39,927  
FTSE RAFI US 1500 Small-Mid ETF      139,341  

 

J.

Other Risks

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 to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares

 

    47    

 

  

 

 

 

 

may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.

 

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NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement 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 and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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. These waivers do not apply to a 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. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Dynamic Market ETF    $ 30,545  
FTSE RAFI US 1000 ETF      294,108  
FTSE RAFI US 1500 Small-Mid ETF      234,038  

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2023 are as follows:

 

     Total                              
     Potential         Potential Recapture Amounts Expiring
   Recapture
     Amounts    4/30/24         4/30/25         4/30/26
FTSE RAFI US 1000 ETF    $665,816       $389,323       $  65,117       $211,376
FTSE RAFI US 1500 Small-Mid ETF      515,455         181,732         120,438         213,285

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 Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

   

Licensor

Dynamic Market ETF    ICE Data Indices, LLC
FTSE RAFI US 1000 ETF    FTSE International Limited and Research Affiliates LLC
FTSE RAFI US 1500 Small-Mid ETF    FTSE International Limited and Research Affiliates LLC

 

    49    

 

  

 

 

 

 

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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 fiscal year ended April 30, 2023, 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:

 

Dynamic Market ETF    $ 54,801
FTSE RAFI US 1000 ETF    125,962
FTSE RAFI US 1500 Small-Mid ETF    156,035

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.
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, 2023. 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  
Dynamic Market ETF                     
Investments in Securities                     

Common Stocks & Other Equity Interests

    $ 90,578,711         $ -         $ -         $ 90,578,711  

Money Market Funds

      62,302           14,093,638           -           14,155,940  
  

 

 

        

 

 

        

 

 

        

 

 

  

Total Investments

    $ 90,641,013         $ 14,093,638         $ -         $ 104,734,651  
  

 

 

        

 

 

        

 

 

        

 

 

  
FTSE RAFI US 1000 ETF                     
Investments in Securities                     

Common Stocks & Other Equity Interests

    $ 5,968,949,461         $ -         $ -         $ 5,968,949,461  

Money Market Funds

      152,574           301,543,445           -           301,696,019  
  

 

 

        

 

 

        

 

 

        

 

 

  

Total Investments

    $ 5,969,102,035         $ 301,543,445         $ -         $ 6,270,645,480  
  

 

 

        

 

 

        

 

 

        

 

 

  
FTSE RAFI US 1500 Small-Mid ETF                     
Investments in Securities                     

Common Stocks & Other Equity Interests

    $ 1,926,005,304         $ -         $ 850,805         $ 1,926,856,109  

Closed-End Funds

      944,152           -           -           944,152  

Money Market Funds

      2,412,621           563,573,125           -           565,985,746  
  

 

 

        

 

 

        

 

 

        

 

 

  

Total Investments

    $ 1,929,362,077         $ 563,573,125         $ 850,805         $ 2,493,786,007  
  

 

 

        

 

 

        

 

 

        

 

 

  

 

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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

     2023             2022  
     Ordinary
Income*		             Ordinary
Income*		  
Dynamic Market ETF    $ 1,393,641         $ 923,364  
FTSE RAFI US 1000 ETF      121,245,950           93,773,617  
FTSE RAFI US 1500 Small-Mid ETF      26,785,262           20,080,760  

 

*

Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

 

     Undistributed
Ordinary
Income		         Temporary
Book/Tax
Differences		        Net
Unrealized
Appreciation
(Depreciation)-
Investments		        Capital Loss
Carryforwards		        Shares of
Beneficial
Interest		         Total
Net Assets
Dynamic Market ETF      $ 3,197           $ (81,259 )          $ 2,593,993          $ (171,515,559 )          $ 259,564,294           $ 90,564,666
FTSE RAFI US 1000 ETF        4,144,075             (369,298 )            769,614,754            (338,022,900 )            5,537,014,654             5,972,381,285
FTSE RAFI US 1500 Small-Mid ETF        2,184,843             (141,531 )            (208,610,151 )            (384,915,457 )            2,519,679,408             1,928,197,112

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.

The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration                
     Short-Term             Long-Term             Total*  
Dynamic Market ETF    $ 170,438,732         $ 1,076,827         $ 171,515,559  
FTSE RAFI US 1000 ETF      34,024,027           303,998,873           338,022,900  
FTSE RAFI US 1500 Small-Mid ETF      87,603,934           297,311,523           384,915,457  

 

*

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 fiscal year ended April 30, 2023, 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  
Dynamic Market ETF    $ 232,075,792         $ 231,321,844  
FTSE RAFI US 1000 ETF      551,170,781           544,635,211  
FTSE RAFI US 1500 Small-Mid ETF      545,309,368           538,024,119  

For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		             In-kind
Sales		  
Dynamic Market ETF    $ 24,563,356         $ 42,588,698  
FTSE RAFI US 1000 ETF      1,003,729,557           629,202,159  
FTSE RAFI US 1500 Small-Mid ETF      696,139,953           497,095,445  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

    51    

 

  

 

 

 

 

As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  
Dynamic Market ETF    $ 7,303,793         $ (4,709,800 )       $ 2,593,993        $ 102,140,658  
FTSE RAFI US 1000 ETF      1,230,610,649           (460,995,895 )         769,614,754          5,501,030,726  
FTSE RAFI US 1500 Small-Mid ETF      192,022,582           (400,632,733 )         (208,610,151 )         2,702,396,158  

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income		         Undistributed Net
Realized Gain (Loss)		        Shares of
Beneficial Interest
Dynamic Market ETF    $  7,006       $    (4,572,794)      $    4,565,788
FTSE RAFI US 1000 ETF      47,644         (234,320,974)        234,273,330
FTSE RAFI US 1500 Small-Mid ETF      51,751         (157,132,947)        157,081,196

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 Interested Trustee does 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 Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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 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 10–Subsequent Event

On June 22, 2023, the Board approved changes to Invesco Dynamic Market ETF’s name, ticker symbol, investment objective, underlying index and principal investment strategy. The Board also approved a reduction in the annual advisory fee of the Fund, as well as a change in the advisory fee structure. The Fund’s name will change to Invesco Bloomberg MVP Multi-factor ETF, and its ticker symbol will change to BMVP. The Fund’s underlying index will change to Bloomberg MVP Index (the “New Underlying Index”), the investment objective will change to track the investment results (before fees and expenses) of the New Underlying Index, and the principal investment strategy will change to generally invest at least 90% of the Fund’s total assets in the components of the New Underlying Index. The Fund’s annual advisory fee will be reduced to 0.29% of the Fund’s average daily

 

    52    

 

  

 

 

 

 

net assets and will become a unitary fee. Out of the Fund’s unitary advisory fee, the Adviser will pay substantially all expenses of the Fund, including the cost 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 (iii) any other matters that directly benefit the Adviser). These changes will be effective after the close of markets on August 25, 2023.

 

    53    

 

  

 

 

 

 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopersLLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

    54    

 

  

 

 

 

 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

     Beginning
Account Value
November 1, 2022		             Ending
Account Value
April 30, 2023		             Annualized
Expense Ratio
Based on the
Six-Month  Period		            Expenses Paid
During the
Six-Month Period(1)		  

Invesco Dynamic Market ETF (PWC)

                    

Actual

      $1,000.00           $1,031.30           0.62%          $3.12  

Hypothetical (5% return before expenses)

        1,000.00             1,021.72           0.62               3.11  

Invesco FTSE RAFI US 1000 ETF (PRF)

                    

Actual

        1,000.00             1,038.30           0.39               1.97  

Hypothetical (5% return before expenses)

        1,000.00             1,022.86           0.39               1.96  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

                    

Actual

        1,000.00                987.20           0.39               1.92  

Hypothetical (5% return before expenses)

        1,000.00             1,022.86           0.39               1.96  

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

    55    

 

  

 

 

 

 

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

     Qualified
Business
Income*		        Qualified
Dividend
Income*		        Corporate
Dividends
Received
Deduction*		        U.S.
Treasury
Obligations*		        Business
Interest
Income*

Invesco Dynamic Market ETF

      0%      100%      100%      0%      0%

Invesco FTSE RAFI US 1000 ETF

      0%      100%      100%      0%      0%

Invesco FTSE RAFI US 1500 Small-Mid ETF

    13%        86%        78%      0%      0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

    56    

 

  

 

 

 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship
(2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    57    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).   216   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    58    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    59    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC
(real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).		   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    60    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    61    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    62    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    63    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Interested Trustee		  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of
Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

   Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer   Trustee since 2022, President and Principal Executive Officer since 2020   President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    64    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		  

Position(s)
Held

with Trust

  

Length of
Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2020   Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President and Treasurer   Since 2018   Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Secretary   Since 2020   Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    65    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		  

Position(s)
Held

with Trust

  

Length of
Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2009   Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2012   Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2013   Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    66    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		  

Position(s)
Held

with Trust

  

Length of
Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chief Compliance Officer   Since 2017   Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

    67    

 

  

 

 

 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF    Invesco Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF    Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF    Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF    Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF    Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF    Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF    Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF    Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF    Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF    Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF    Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF    Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF    Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF    Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF    Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF    Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF    Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF    Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF    Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF    Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF    Invesco Water Resources ETF
Invesco Dynamic Media ETF    Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF    Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF    Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals ETF   

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

    68    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

    

 

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●  

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●  

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●  

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●  

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●  

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●  

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●  

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●  

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●  

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●  

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

    69    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

    

 

 

Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees 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*		    Lower than
Open-End
Active Fund
Peer  Median

Invesco Aerospace & Defense ETF

          X

Invesco Buyback AchieversTM ETF

          X

Invesco Dividend AchieversTM ETF

          X

Invesco DWA Basic Materials Momentum ETF

    X       X

Invesco DWA Consumer Cyclicals Momentum ETF

    X       X

Invesco DWA Consumer Staples Momentum ETF

          X

Invesco DWA Energy Momentum ETF

          X

Invesco DWA Financial Momentum ETF

          X

Invesco DWA Healthcare Momentum ETF

          X

Invesco DWA Industrials Momentum ETF

          X

Invesco DWA Momentum ETF

          X

Invesco DWA Technology Momentum ETF

          X

Invesco DWA Utilities Momentum ETF

          X

Invesco Dynamic Biotechnology & Genome ETF

          X

Invesco Dynamic Building & Construction ETF

          X

Invesco Dynamic Energy Exploration & Production ETF

          X

Invesco Dynamic Food & Beverage ETF

          X

Invesco Dynamic Large Cap Growth ETF

          X

Invesco Dynamic Large Cap Value ETF

          X

Invesco Dynamic Leisure and Entertainment ETF

    X       X

Invesco Dynamic Market ETF

          X

Invesco Dynamic Media ETF

    X       X

Invesco Dynamic Networking ETF

          X

Invesco Dynamic Oil & Gas Services ETF

          X

Invesco Dynamic Pharmaceuticals ETF

          X

Invesco Dynamic Semiconductors ETF

          X

Invesco Dynamic Software ETF

          X

Invesco Financial Preferred ETF

          X

Invesco FTSE RAFI US 1000 ETF

          X

Invesco FTSE RAFI US 1500 Small-Mid ETF

          X

Invesco Global Listed Private Equity ETF

       N/A    X

Invesco Golden Dragon China ETF

    X    N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

          X

Invesco International Dividend AchieversTM ETF

    X       X

 

    70    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

    

 

Invesco Fund

    Equal
to/Lower
than ETF Peer  Median		    Equal to/Lower
than Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco MSCI Sustainable Future ETF

          X

Invesco S&P 100 Equal Weight ETF

       X    X

Invesco S&P 500 GARP ETF

          X

Invesco S&P 500® Quality ETF

    X       X

Invesco S&P 500 Value with Momentum ETF

          X

Invesco S&P MidCap Momentum ETF

          X

Invesco S&P MidCap Quality ETF

          X

Invesco S&P MidCap Value with Momentum ETF

       X    X

Invesco S&P SmallCap Momentum ETF

          X

Invesco S&P SmallCap Value with Momentum ETF

       X    X

Invesco S&P Spin-Off ETF

          X

Invesco Water Resources ETF

    X    X    X

Invesco WilderHill Clean Energy ETF

       X    X

Invesco Zacks Mid-Cap ETF

          X

Invesco Zacks Multi-Asset Income ETF

          X

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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

          X

Invesco Buyback AchieversTM ETF

          X

Invesco Dividend AchieversTM ETF

       X    X

Invesco DWA Basic Materials Momentum ETF

          X

Invesco DWA Consumer Cyclicals Momentum ETF

          X

Invesco DWA Consumer Staples Momentum ETF

          X

Invesco DWA Energy Momentum ETF

          X

Invesco DWA Financial Momentum ETF

          X

Invesco DWA Healthcare Momentum ETF

          X

Invesco DWA Industrials Momentum ETF

          X

Invesco DWA Momentum ETF

       X    X

Invesco DWA Technology Momentum ETF

          X

Invesco DWA Utilities Momentum ETF

          X

Invesco Dynamic Biotechnology & Genome ETF

          X

Invesco Dynamic Building & Construction ETF

          X

Invesco Dynamic Energy Exploration & Production ETF

          X

Invesco Dynamic Food & Beverage ETF

          X

Invesco Dynamic Large Cap Growth ETF

          X

Invesco Dynamic Large Cap Value ETF

          X

Invesco Dynamic Leisure and Entertainment ETF

          X

Invesco Dynamic Market ETF

          X

 

    71    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

    

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Dynamic Media ETF

          X

Invesco Dynamic Networking ETF

          X

Invesco Dynamic Oil & Gas Services ETF

          X

Invesco Dynamic Pharmaceuticals ETF

          X

Invesco Dynamic Semiconductors ETF

          X

Invesco Dynamic Software ETF

          X

Invesco Financial Preferred ETF

          X

Invesco FTSE RAFI US 1000 ETF

          X

Invesco FTSE RAFI US 1500 Small-Mid ETF

          X

Invesco Global Listed Private Equity ETF

       N/A    X

Invesco Golden Dragon China ETF

       N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

       X    X

Invesco International Dividend AchieversTM ETF

          X

Invesco MSCI Sustainable Future ETF

          X

Invesco S&P 100 Equal Weight ETF

       X    X

Invesco S&P 500 GARP ETF

          X

Invesco S&P 500® Quality ETF

    X       X

Invesco S&P 500 Value with Momentum ETF

          X

Invesco S&P MidCap Momentum ETF

          X

Invesco S&P MidCap Quality ETF

          X

Invesco S&P MidCap Value with Momentum ETF

       X    X

Invesco S&P SmallCap Momentum ETF

          X

Invesco S&P SmallCap Value with Momentum ETF

       X    X

Invesco S&P Spin-Off ETF

          X

Invesco Water Resources ETF

    X    X    X

Invesco WilderHill Clean Energy ETF

       X    X

Invesco Zacks Mid-Cap ETF

          X

Invesco Zacks Multi-Asset Income ETF

          X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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 determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

 

    72    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

    

 

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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

    73    

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

 

©2023 Invesco Capital Management LLC            

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    P-PS-AR-2            invesco.com/ETFs

 

 

LOGO             

  

 

 

Invesco Annual Report to Shareholders

 

April 30, 2023

    

PKW    Invesco BuyBack AchieversTM ETF

 

PFM     Invesco Dividend AchieversTM ETF

 

DJD     Invesco Dow Jones Industrial Average Dividend ETF

 

PGF     Invesco Financial Preferred ETF

 

PEY     Invesco High Yield Equity Dividend AchieversTM ETF

 

PID     Invesco International Dividend AchieversTM ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      16  
Schedules of Investments   

Invesco BuyBack AchieversTM ETF (PKW)

     17  

Invesco Dividend AchieversTM ETF (PFM)

     21  

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

      26  

Invesco Financial Preferred ETF (PGF)

      28  

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

      31  

Invesco International Dividend AchieversTM ETF (PID)

      33  
Statements of Assets and Liabilities      36  
Statements of Operations      38  
Statements of Changes in Net Assets      40  
Financial Highlights      42  
Notes to Financial Statements      45  
Report of Independent Registered Public Accounting Firm      57  
Fund Expenses      58  
Tax Information      60  
Trustees and Officers      61  
Approval of Investment Advisory Contracts      72  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending

March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

 

 

 

   3  

 

 

 

PKW    Management’s Discussion of Fund Performance
   Invesco BuyBack AchieversTM ETF (PKW)

 

As an index fund, the Invesco BuyBack AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US BuyBack AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes U.S. exchange-listed common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “BuyBack AchieversTM”. To qualify for the universe of “BuyBack AchieversTM,” an issuer must have effected a net reduction in shares outstanding of 5% or more in the past 12 months. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.48%. On a net asset value (“NAV”) basis, the Fund returned 3.45%. During the same time period, the Index returned 3.99%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 2.66%.

For the fiscal year ended April 30, 2023, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and health care sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the real estate and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp., an energy company (portfolio average weight of 2.84%) and Oracle Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included ConocoPhillips, an energy company (portfolio average weight of 1.02%) and Charter Communications Inc., Class A, a communication services company (portfolio average weight of 3.37%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Consumer Discretionary      23.98  
Financials      21.29  
Health Care      15.57  
Energy      9.15  
Communication Services      7.99  
Information Technology      6.86  
Industrials      6.44  
Materials      5.92  
Sector Types Each Less Than 3%      2.74  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Comcast Corp., Class A      5.39  
Morgan Stanley      4.92  
Amgen, Inc.      4.17  
ConocoPhillips      4.08  
Lowe’s Cos., Inc.      4.03  
Booking Holdings, Inc.      3.29  
HCA Healthcare, Inc.      2.59  
Cigna Group (The)      2.45  
O’Reilly Automotive, Inc.      1.84  
Charter Communications, Inc., Class A      1.83  
Total      34.59  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco BuyBack AchieversTM ETF (PKW) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
        Average
Annualized		     Cumulative  
Nasdaq US BuyBack Achievers™ Index     3.99 %      18.74 %      67.43 %      10.80 %      67.02 %      11.59 %      199.31 %        9.77 %      359.63 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         8.96       307.17  
Fund                    
NAV Return     3.45       18.04       64.45       10.16       62.25       10.91       181.61         9.04       312.31  
Market Price Return     3.48       18.02       64.37       10.16       62.19       10.90       181.52         9.03       311.67  

 

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   5  

 

 

 

PFM    Management’s Discussion of Fund Performance
   Invesco Dividend AchieversTM ETF (PFM)

 

As an index fund, the Invesco Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes U.S. exchange-listed common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “Dividend AchieversTM.” To qualify for the universe of “Dividend AchieversTM,” an issuer must have increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.56%. On a net asset value (“NAV”) basis, the Fund returned 3.64%. During the same time period, the Index returned 4.17%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000® Value Index returned 0.67%.

For the fiscal year ended April 30, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and consumer discretionary sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the consumer staples and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Exxon Mobil Corp., an energy company (portfolio average weight of 2.69%) and Microsoft Corp., an information technology company (portfolio average weight of 3.96%). Positions that detracted most significantly from the Fund’s return during this period included Pfizer, Inc., a health care company (portfolio average weight of 1.67%) and Target Corp., a consumer staples company (portfolio average weight of 0.48%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      19.79  
Financials      16.59  
Health Care      14.93  
Consumer Staples      13.52  
Industrials      11.89  
Consumer Discretionary      6.29  
Energy      5.26  
Utilities      4.85  
Sector Types Each Less Than 3%      6.82  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Microsoft Corp.      4.77  
Apple, Inc.      4.46  
Exxon Mobil Corp.      2.76  
UnitedHealth Group, Inc.      2.63  
Johnson & Johnson      2.44  
Walmart, Inc.      2.33  
JPMorgan Chase & Co.      2.33  
Visa, Inc., Class A      2.17  
Procter & Gamble Co. (The)      2.11  
Mastercard, Inc., Class A      2.06  
Total      28.06  

 

*

Excluding money market fund holdings.

 

 

 

   6  

 

 

Invesco Dividend AchieversTM ETF (PFM) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
  Average
Annualized		     Cumulative  
Nasdaq US Broad Dividend Achievers™ Index     4.17 %      13.83 %      47.51 %      11.01 %      68.60 %      10.26 %      165.51 %        8.28 %      306.28 % 
Russell 3000® Value Index     0.67       14.46       49.94       7.48       43.45       8.98       136.35         7.27       244.46  
Fund                    
NAV Return     3.64       13.24       45.22       10.47       64.50       9.68       151.99         7.67       267.59  
Market Price Return     3.56       13.18       44.97       10.44       64.33       9.69       152.05         7.66       267.50  

 

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.52%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   7  

 

 

 

DJD    Management’s Discussion of Fund Performance
   Invesco Dow Jones Industrial Average Dividend ETF (DJD)

 

As an index fund, the Invesco Dow Jones Industrial Average Dividend ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial AverageTM (the “Benchmark Index”), which is a price- weighted index of 30 U.S. companies that meet certain size, listing and liquidity requirements. The Index includes all constituents of the Benchmark Index that pay dividends. The Index is calculated using a yield-weighted methodology that weights all dividend- paying constituents of the Benchmark Index by their indicated annual dividend yield. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.39%. On a net asset value (“NAV”) basis, the Fund returned 0.37%. During the same time period, the Index returned 0.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 5.64%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection within the information technology and industrials sectors.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the financials and consumer discretionary sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the industrials and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Merck & Co., Inc., a health care company (portfolio average weight of 5.11%) and JPMorgan Chase & Co., a financials company (portfolio average weight of 4.23%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., an industrials company (portfolio average weight of 5.88%) and Dow, Inc., a materials company (portfolio average weight of 6.70%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Consumer Staples      17.17  
Information Technology      15.63  
Health Care      14.22  
Financials      12.35  
Industrials      12.18  
Communication Services      8.81  
Consumer Discretionary      8.40  
Materials      6.12  
Energy      4.91  
Money Market Funds Plus Other Assets Less Liabilities      0.21  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Verizon Communications, Inc.      8.81  
Walgreens Boots Alliance, Inc.      7.09  
3M Co.      7.04  
International Business Machines Corp.      6.37  
Dow, Inc.      6.12  
Chevron Corp.      4.91  
Amgen, Inc.      4.79  
Coca-Cola Co. (The)      4.15  
Johnson & Johnson      3.95  
Cisco Systems, Inc.      3.88  
Total      57.11  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco Dow Jones Industrial Average Dividend ETF (DJD) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		           Fund Inception  
  Average
Annualized		     Cumulative  
Dow Jones Industrial Average Yield Weighted Index     0.40 %      13.27 %      45.32 %      8.99 %      53.77 %        11.08 %      116.96 % 
Dow Jones Industrial Average TM     5.64       14.19       48.90       9.49       57.37         11.75       126.84  
Fund                
NAV Return     0.37       13.19       45.01       8.95       53.50         10.92       114.71  
Market Price Return     0.39       13.14       44.83       8.93       53.36         10.92       114.70  

 

Guggenheim Dow Jones Industrial Average Dividend ETF (Predecessor Fund) Inception: December 16, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   9  

 

 

 

PGF    Management’s Discussion of Fund Performance
   Invesco Financial Preferred ETF (PGF)

 

As an index fund, the Invesco Financial Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominated preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in the U.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investment and insurance companies. Securities that qualify for the Index must be listed on either The Nasdaq Stock Market or the New York Stock Exchange as their primary listing exchange. The Index only includes securities with no final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” under the U.S. tax code. Further, the Index only includes securities that are rated at least B3 by Moody’s Investors Service or B- by S&P Global Ratings, that have a minimum amount outstanding of $250 million, and that meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. The Index may include securities of large-, mid- and small-capitalization companies.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.92%. On a net asset value (“NAV”) basis, the Fund returned 0.46%. During the same time period, the Index returned 0.72%. The Fund’s performance, on a NAV basis, differed from the return of the Index due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the Fund’s sampling methodology.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (0.17)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 240 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that employs a methodology that focuses on financials sector preferred securities, whereas the Benchmark Index includes preferred stocks from across the U.S. preferred stock market, including convertible preferred stocks. As such, the Fund had an overweight allocation to the financials sector compared to the Benchmark Index.

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be primarily attributed to the Fund’s underweight allocation to convertible preferred securities.

For the fiscal year ended April 30, 2023, the capital markets, financial services and insurance industries contributed most significantly to the Fund’s performance. The banks industry detracted most significantly from the Fund’s return, followed by the trading companies & distributors industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included JPMorgan Chase & Co, Series MM, Pfd., 4.20% a banking company (portfolio average weight of 2.23%) and JPMorgan Chase & Co, Series LL, Pfd., 4.625%, a banking company (portfolio average weight of 2.21%). The positions that detracted most significantly from the Fund’s return during this period were Signature Bank, Series A, Pfd., 5.00%, a banking company (no longer held by end of fiscal year) and First Republic Bank, Series N, Pfd., 4.50%, a banking company (no longer held by end of fiscal year).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Banks      54.78  
Insurance      18.24  
Capital Markets      17.35  
Consumer Finance      5.10  
Industry Types Each Less Than 3%      3.04  
Money Market Funds Plus Other Assets Less Liabilities      1.49  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,      2.76  
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,      2.50  
Wells Fargo & Co., Series Q, Pfd., 5.85%,      2.44  
Wells Fargo & Co., Series Z, Pfd., 4.75%,      2.37  
JPMorgan Chase & Co., Series MM, Pfd., 4.20%,      2.36  
Citigroup, Inc., Series K, Pfd., 6.88%,      2.35  
JPMorgan Chase & Co., Series LL, Pfd., 4.63%,      2.32  
Bank of America Corp., Series GG, Pfd., 6.00%,      1.95  
Bank of America Corp., Series KK, Pfd., 5.38%,      1.91  
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%,      1.88  
Total      22.84  

 

*

Excluding money market fund holdings.

 

 

 

   10  

 

 

Invesco Financial Preferred ETF (PGF) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
        Average
Annualized		     Cumulative  
Blended–ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index     0.72 %      (1.10 )%      (3.26 )%      1.32 %      6.79 %      3.54 %      41.66 %        3.90 %      87.43 % 
S&P U.S. Preferred Stock Index     (0.17 )      1.82       5.55       2.50       13.15       3.65       43.11         4.05       91.80  
Fund                    
NAV Return     0.46       (1.45 )      (4.29 )      1.00       5.08       3.24       37.58         3.22       68.14  
Market Price Return     0.92       (1.46 )      (4.33 )      1.02       5.21       3.23       37.45         3.17       66.98  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

The Blended–ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index is comprised of the performance of the Wells Fargo Hybrid and Preferred Securities Financial Index from Fund Inception through the conversion date, June 30, 2021, followed by the performance of the Index starting from the conversion date through April 30, 2023.

 

 

 

   11  

 

 

 

PEY    Management’s Discussion of Fund Performance
   Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

 

As an index fund, the Invesco High Yield Equity Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Dividend AchieversTM 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index that have a consistent record of dividend increases, principally on the basis of dividend yield and consistent growth in dividends. The Underlying Index is composed of the 50 issuers with the highest modified dividend yield chosen from the NASDAQ US Broad Dividend AchieversTM Index. To qualify for inclusion in the Index, an issuer must have, among other things, increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years, and must have a minimum market capitalization of $1 billion. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.96)%. On a net asset value (“NAV”) basis, the Fund returned (0.81)%. During the same time period, the Index returned (0.36)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the Dow Jones U.S. Select Dividend Index returned (0.84)%.

For the fiscal year ended April 30, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the multi-utilities and electric utilities industries, respectively. The textiles apparel & luxury goods industry detracted most significantly from the Fund’s return, followed by the wireless telecommunication services and commercial services & supplies industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Cardinal Health Inc., a health care providers & services company (no longer held at fiscal year-end) and Unum Group, an insurance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included V.F. Corp., a textiles apparel & luxury goods company (portfolio average weight of 2.09%) and Telephone and Data Systems, Inc., a wireless telecommunication services company (portfolio average weight of 2.36%).

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Electric Utilities      14.73  
Banks      10.09  
Tobacco      9.12  
Multi-Utilities      6.00  
Diversified Telecommunication Services      5.66  
Insurance      5.40  
Household Durables      4.45  
Chemicals      3.79  
Capital Markets      3.57  
Gas Utilities      3.47  
Textiles, Apparel & Luxury Goods      3.47  
Oil, Gas & Consumable Fuels      3.38  
Industry Types Each Less Than 3%      26.82  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Altria Group, Inc.      3.66  
VF Corp.      3.47  
Universal Corp.      3.05  
Verizon Communications, Inc.      3.01  
Cogent Communications Holdings, Inc.      2.65  
Kennedy-Wilson Holdings, Inc.      2.61  
3M Co.      2.47  
Walgreens Boots Alliance, Inc.      2.42  
Philip Morris International, Inc.      2.41  
Whirlpool Corp.      2.32  
Total      28.07  

 

*

Excluding money market fund holdings.

 

 

 

   12  

 

 

Invesco High Yield Equity Dividend AchieversTM ETF (PEY) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
        Average
Annualized		     Cumulative  
Nasdaq US Dividend Achievers™ 50 Index     (0.36 )%      17.53 %      62.33 %      8.14 %      47.88 %      11.14 %      187.58 %        6.36 %      210.90 % 
Dow Jones U.S. Select Dividend Index     (0.84 )      17.98       64.24       8.33       49.20       10.16       163.05         8.07       317.12  
Fund                    
NAV Return     (0.81 )      16.91       59.81       7.59       44.20       10.58       173.44         5.87       185.48  
Market Price Return     (0.96 )      16.81       59.40       7.58       44.12       10.59       173.57         5.87       185.52  

 

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.52%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   13  

 

 

 

PID    Management’s Discussion of Fund Performance
   Invesco International Dividend AchieversTM ETF (PID)

 

As an index fund, the Invesco International Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ International Dividend AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes dividend- paying common stocks and other securities in the Index pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive calendar years. The Index is composed of Global Depositary Receipts (“GDRs”) that are listed on the London Stock Exchange or the London International Exchange, American Depository Receipts (“ADRs”), non-U.S. common or ordinary stocks, limited partnership interests and shares of limited liability companies traded on the New York Stock Exchange, The Nasdaq Stock Market, Cboe Exchange or NYSE American. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.68%. On a net asset value (“NAV”) basis, the Fund returned 2.68%. During the same time period, the Index returned 2.43%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, exceeded the return of the Index as the fees and expenses that the Fund incurred during the period were entirely offset by securities lending income and preferential dividend tax rates obtained by the Fund relative to the Index. During this same time period, the MSCI EAFE® Index (Net) returned 8.42%.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the materials and industrials sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2023, included Sumitomo Mitsui Financial Group Inc., Sponsored ADR, a financials company (portfolio average weight of 3.38%) and Restaurant Brands International Inc., a consumer discretionary company (portfolio average weight of 2.75%). Positions that detracted most significantly from the Fund’s return during this period included Banco Santander (Brasil) S.A., Sponsored ADR, a financials company (no longer held at fiscal year-end) and Algonquin Power & Utilities Corp., a utilities company (portfolio average weight of 3.50%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Utilities      22.30  
Financials      14.71  
Energy      12.97  
Health Care      10.23  
Materials      10.01  
Communication Services      9.43  
Information Technology      7.39  
Industrials      5.85  
Consumer Discretionary      5.06  
Sector Types Each Less Than 3%      2.00  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Algonquin Power & Utilities Corp.      4.24  
BCE, Inc.      4.13  
Brookfield Renewable Partners L.P.      4.05  
Enbridge, Inc.      4.03  
TC Energy Corp.      3.97  
National Grid PLC, ADR      3.89  
TELUS Corp.      3.84  
Atlantica Sustainable Infrastructure PLC      3.67  
Rio Tinto PLC, ADR      3.49  
Canadian Imperial Bank of Commerce      3.48  
Total      38.79  

 

*

Excluding money market fund holdings.

 

 

 

   14  

 

 

Invesco International Dividend AchieversTM ETF (PID) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

Index   1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
        Average
Annualized		     Cumulative  
Blended–Nasdaq International Dividend Achievers™ Index (Net)     2.43 %      18.69 %      67.20 %      6.75 %      38.62 %      4.44 %      54.45 %        5.05 %      138.46 % 
MSCI EAFE® Index (Net)     8.42       11.68       39.31       3.63       19.53       4.76       59.18         4.48       116.67  
Fund                    
NAV Return     2.68       18.69       67.19       6.69       38.26       4.27       51.95         4.62       121.71  
Market Price Return     2.68       18.89       68.06       6.73       38.51       4.26       51.75         4.63       121.93  

 

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-NASDAQ International Dividend Achievers™ Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2023.

 

-

Net returns reflect invested dividends net of withholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   15  

 

 

 

Liquidity Risk Management Program

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

    16    

 

  

 

 

 

Invesco BuyBack AchieversTM ETF (PKW)

April 30, 2023

Schedule of Investments(a)

 

         Shares        Value  

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-7.99%

 

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

     47,765      $ 17,610,956  

Comcast Corp., Class A

        1,253,387             51,852,620  

Cumulus Media, Inc., Class A(b)(c)

      5,425        19,069  

Liberty Broadband Corp., Class C(b)

      39,426        3,342,536  

Liberty Latin America Ltd., Class C(b)

      53,569        475,693  

Nexstar Media Group, Inc., Class A(c)

      11,505        1,995,542  

Outbrain, Inc.(b)(c)

      16,168        61,923  

Playtika Holding Corp.(b)

      114,294        1,142,940  

Sinclair Broadcast Group, Inc., Class A(c)

      14,037        279,196  

TrueCar, Inc.(b)

      27,067        69,562  
     

 

 

  
        76,850,037  
     

 

 

  

Consumer Discretionary-23.98%

 

Abercrombie & Fitch Co., Class A(b)(c)

      15,401        362,540  

Academy Sports & Outdoors, Inc.(c)

      23,979        1,523,146  

Accel Entertainment, Inc.(b)

      26,852        237,640  

Adtalem Global Education, Inc.(b)(c)

      14,222        576,986  

AutoNation, Inc.(b)

      14,674        1,932,566  

AutoZone, Inc.(b)

      5,757        15,332,676  

Bally’s Corp.(b)(c)

      14,506        249,503  

Bassett Furniture Industries, Inc.

      2,795        40,108  

Bath & Body Works, Inc.

      71,582        2,512,528  

Best Buy Co., Inc.

      68,227        5,084,276  

Big Lots, Inc.(c)

      8,885        79,876  

Bluegreen Vacations Holding Corp.

      4,185        120,486  

Booking Holdings, Inc.(b)

      11,780        31,644,732  

Boyd Gaming Corp.

      32,009        2,221,425  

Brunswick Corp.(c)

      22,249        1,886,493  

Build-A-Bear Workshop, Inc.

      4,533        105,166  

Caleres, Inc.(c)

      10,913        248,816  

Capri Holdings Ltd.(b)(c)

      39,335        1,632,402  

Carriage Services, Inc.

      4,521        129,798  

Carter’s, Inc.(c)

      11,714        817,286  

Cato Corp. (The), Class A

      5,896        48,642  

Century Communities, Inc.(c)

      9,942        669,494  

Chegg, Inc.(b)(c)

      39,598        711,972  

Children’s Place, Inc. (The)(b)(c)

      3,787        112,247  

Chuy’s Holdings, Inc.(b)(c)

      5,519        192,503  

Conn’s, Inc.(b)(c)

      7,311        34,947  

Cracker Barrel Old Country Store, Inc.(c)

      6,931        735,795  

Darden Restaurants, Inc.(c)

      38,082        5,785,798  

Denny’s Corp.(b)(c)

      17,542        196,646  

Designer Brands, Inc., Class A(c)

      17,193        140,811  

Dillard’s, Inc., Class A(c)

      4,091        1,220,713  

Dine Brands Global, Inc.(c)

      4,842        314,391  

eBay, Inc.(c)

      167,991        7,799,822  

Foot Locker, Inc.(c)

      29,234        1,227,536  

Franchise Group, Inc.(c)

      10,928        319,644  

Genesco, Inc.(b)(c)

      3,902        135,243  

Grand Canyon Education, Inc.(b)

      9,712        1,152,814  

Green Brick Partners, Inc.(b)

      14,404        536,837  

Group 1 Automotive, Inc.(c)

      4,414        990,855  

Guess?, Inc.(c)

      17,154        323,353  

H&R Block, Inc.(c)

      47,696        1,617,371  

Haverty Furniture Cos., Inc.(c)

      4,571        137,770  

Hibbett, Inc.(c)

      3,895        211,615  

Hooker Furnishings Corp.(c)

      3,489        55,161  
         Shares          Value  

Consumer Discretionary-(continued)

 

Kohl’s Corp.(c)

             34,652      $ 763,384  

Laureate Education, Inc., Class A

      49,130        608,721  

Lazydays Holdings, Inc.(b)(c)

      3,224        38,204  

Lennar Corp., Class A

      78,997        8,911,652  

LKQ Corp.

      83,636        4,828,306  

Lowe’s Cos., Inc.

      186,601             38,781,286  

M/I Homes, Inc.(b)

      8,658        585,627  

Macy’s, Inc.(c)

      84,920        1,387,593  

Marriott Vacations Worldwide Corp.(c)

      11,718        1,576,774  

MasterCraft Boat Holdings, Inc.(b)(c)

      5,455        159,668  

MGM Resorts International

      116,679        5,241,221  

Mohawk Industries, Inc.(b)

      19,882        2,105,504  

Monro, Inc.(c)

      9,824        480,197  

Murphy USA, Inc.

      6,816        1,875,968  

NVR, Inc.(b)

      1,017        5,939,280  

ODP Corp. (The)(b)

      12,578        543,495  

O’Reilly Automotive, Inc.(b)

      19,265        17,671,977  

Oxford Industries, Inc.(c)

      4,936        509,346  

Penske Automotive Group, Inc.(c)

      21,612        2,994,991  

PulteGroup, Inc.

      70,188        4,713,124  

PVH Corp.

      19,623        1,683,850  

Ralph Lauren Corp.

      12,860        1,476,199  

Red Rock Resorts, Inc., Class A(c)

      18,197        888,014  

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

      33,583        477,886  

SeaWorld Entertainment, Inc.(b)(c)

      20,001        1,073,254  

Service Corp. International

      47,928        3,364,066  

Signet Jewelers Ltd.

      14,150        1,041,157  

Sonic Automotive, Inc., Class A(c)

      7,511        334,390  

Sportsman’s Warehouse Holdings, Inc.(b)

      11,605        72,183  

Tapestry, Inc.

      73,985        3,019,328  

Taylor Morrison Home Corp., Class A(b)

      33,887        1,460,191  

Tempur Sealy International, Inc.

      53,850        2,017,759  

Tile Shop Holdings, Inc.(b)(c)

      13,635        63,948  

Toll Brothers, Inc.

      34,649        2,214,418  

Travel + Leisure Co.

      24,269        928,775  

Tri Pointe Homes, Inc.(b)(c)

      31,614        906,689  

Tupperware Brands Corp.(b)(c)

      13,674        17,092  

Ulta Beauty, Inc.(b)

      15,706        8,660,760  

Upbound Group, Inc.(c)

      17,438        464,897  

Urban Outfitters, Inc.(b)(c)

      28,844        780,519  

Vera Bradley, Inc.(b)

      9,470        49,623  

Victoria’s Secret & Co.(b)(c)

      24,327        754,380  

Whirlpool Corp.(c)

      17,054        2,380,568  

Williams-Sonoma, Inc.(c)

      20,723        2,508,312  

Winmark Corp.

      1,084        361,969  

Winnebago Industries, Inc.(c)

      9,561        555,876  

Wyndham Hotels & Resorts, Inc.

      27,137        1,851,286  

Zumiez, Inc.(b)(c)

      6,016        105,190  
     

 

 

  
        230,639,326  
     

 

 

  

Consumer Staples-0.52%

 

Edgewell Personal Care Co.(c)

      16,160        705,707  

Hain Celestial Group, Inc. (The)(b)(c)

      27,979        501,663  

Herbalife Ltd.(b)(c)

      30,894        459,085  

Medifast, Inc.(c)

      3,354        307,394  

Post Holdings, Inc.(b)

      18,436        1,668,274  

Seneca Foods Corp., Class A(b)

      1,768        84,157  
 

 

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

 

    17    

 

  

 

 

 

Invesco BuyBack AchieversTM ETF (PKW)–(continued)

April 30, 2023

    

 

         Shares          Value  

Consumer Staples-(continued)

 

Sprouts Farmers Market, Inc.(b)(c)

             32,500      $        1,126,450  

Turning Point Brands, Inc.

      5,375        127,871  
     

 

 

  
        4,980,601  
     

 

 

  

Energy-9.15%

 

APA Corp.

      97,298        3,585,431  

California Resources Corp.(c)

      22,570        914,085  

CNX Resources Corp.(b)(c)

      52,554        816,164  

ConocoPhillips

      380,922        39,193,065  

Delek US Holdings, Inc.(c)

      21,407        465,602  

Magnolia Oil & Gas Corp., Class A(c)

      60,084        1,268,974  

Marathon Oil Corp.

      197,020        4,760,003  

Marathon Petroleum Corp.

      138,186        16,858,692  

PDC Energy, Inc.(c)

      27,657        1,799,088  

Range Resources Corp.

      75,290        1,991,420  

Valero Energy Corp.

      115,098        13,198,288  

Western Midstream Partners L.P.

      120,177        3,181,085  
     

 

 

  
        88,031,897  
     

 

 

  

Financials-21.29%

 

Acacia Research Corp.(b)(c)

      18,326        70,555  

Affiliated Managers Group, Inc.

      11,221        1,620,088  

Aflac, Inc.

      191,574        13,381,444  

Allstate Corp. (The)

      82,397        9,538,277  

Ally Financial, Inc.

      94,124        2,482,991  

Amerant Bancorp, Inc.(c)

      10,394        193,328  

American Equity Investment Life Holding Co.

      26,528        1,022,389  

American International Group, Inc.

      229,567        12,176,234  

Assurant, Inc.

      16,559        2,038,910  

Assured Guaranty Ltd.

      18,558        999,720  

Bank OZK(c)

      36,626        1,308,281  

BankUnited, Inc.

      23,740        535,337  

Berkshire Hills Bancorp, Inc.(c)

      13,856        294,717  

Brighthouse Financial, Inc.(b)

      21,219        937,880  

Brightsphere Investment Group, Inc.

      12,755        288,008  

Cannae Holdings, Inc.(b)

      23,978        437,359  

Capital One Financial Corp.

      119,241        11,602,149  

Carter Bankshares, Inc.(b)(c)

      7,365        94,640  

CNO Financial Group, Inc.

      35,926        806,179  

Credit Acceptance Corp.(b)(c)

      4,016        1,965,832  

Discover Financial Services

      81,155        8,397,108  

Donnelley Financial Solutions, Inc.(b)(c)

      9,198        397,814  

Eastern Bankshares, Inc.

      55,125        642,206  

Encore Capital Group, Inc.(b)(c)

      7,218        370,861  

Enova International, Inc.(b)(c)

      9,873        433,622  

Equitable Holdings, Inc.

      113,557        2,951,346  

Equity Bancshares, Inc., Class A(c)

      4,928        116,054  

Euronet Worldwide, Inc.(b)(c)

      15,591        1,726,547  

EVERTEC, Inc.

      20,334        705,387  

Federated Hermes, Inc., Class B

      27,935        1,156,230  

First American Financial Corp.

      32,323        1,862,128  

First Bancorp

      56,642        665,544  

First Financial Corp.

      3,719        128,491  

First Internet Bancorp

      2,793        41,085  

FleetCor Technologies, Inc.(b)

      22,996        4,919,304  

Global Payments, Inc.

      82,539        9,302,971  

Great Southern Bancorp, Inc.(c)

      3,783        192,479  

HarborOne Bancorp, Inc.

      15,053        161,820  

Hartford Financial Services Group, Inc. (The)

      97,956        6,953,896  
         Shares          Value  

Financials-(continued)

 

HCI Group, Inc.

      2,726      $           138,099  

Hilltop Holdings, Inc.

      20,243        627,938  

HomeStreet, Inc.

      5,761        56,227  

Jefferies Financial Group, Inc.

      73,063        2,340,208  

Kearny Financial Corp.(c)

      20,700        161,253  

Lincoln National Corp.

      52,950        1,150,604  

Loews Corp.

      72,242        4,158,972  

MetLife, Inc.

      242,300        14,860,259  

MFA Financial, Inc.

      31,888        340,883  

MGIC Investment Corp.

      91,138        1,355,222  

Morgan Stanley

      526,283        47,349,682  

Mr. Cooper Group, Inc.(b)

      21,941        1,015,868  

Navient Corp.

      40,346        667,323  

Northrim BanCorp, Inc.

      1,704        58,873  

Ocwen Financial Corp.(b)(c)

      2,338        67,334  

OneMain Holdings, Inc.

      37,802        1,450,463  

Oppenheimer Holdings, Inc., Class A(c)

      3,334        124,658  

Pathward Financial, Inc.(c)

      8,721        388,346  

PennyMac Financial Services, Inc.(c)

      15,656        978,343  

PennyMac Mortgage Investment Trust(c)

      27,326        339,662  

Popular, Inc.

      22,521        1,351,485  

PRA Group, Inc.(b)(c)

      12,197        442,385  

Primerica, Inc.

      11,466        2,092,660  

Principal Financial Group, Inc.(c)

      76,068        5,681,519  

PROG Holdings, Inc.(b)(c)

      15,334        463,547  

Radian Group, Inc.(c)

      49,074        1,191,026  

RenaissanceRe Holdings Ltd. (Bermuda)(c)

      13,690        2,948,963  

SLM Corp.

      75,469        1,133,544  

Synchrony Financial

      136,749        4,035,463  

Virtu Financial, Inc., Class A

      30,663        614,793  

Voya Financial, Inc.(c)

      30,443        2,328,281  

Waterstone Financial, Inc.

      6,821        94,471  

WesBanco, Inc.

      18,539        493,508  

White Mountains Insurance Group Ltd.(c)

      803        1,150,008  

World Acceptance Corp.(b)(c)

      1,894        191,105  
     

 

 

  
        204,762,186  
     

 

 

  

Health Care-15.57%

 

Amgen, Inc.

      167,083        40,056,478  

AMN Healthcare Services, Inc.(b)(c)

      12,850        1,109,598  

Cardinal Health, Inc.

      80,616        6,618,574  

Cigna Group (The)

      92,942        23,541,279  

Corcept Therapeutics, Inc.(b)(c)

      33,762        760,658  

DaVita, Inc.(b)

      28,286        2,555,923  

Emergent BioSolutions, Inc.(b)(c)

      15,286        134,975  

HCA Healthcare, Inc.

      86,754        24,927,027  

Ironwood Pharmaceuticals, Inc.(b)(c)

      48,236        502,137  

Laboratory Corp. of America Holdings

      27,692        6,278,053  

McKesson Corp.

      42,849        15,607,320  

Medpace Holdings, Inc.(b)

      9,716        1,944,560  

Moderna, Inc.(b)

      120,680        16,037,165  

Quest Diagnostics, Inc.

      34,833        4,835,169  

Select Medical Holdings Corp.(c)

      39,794        1,213,717  

Theravance Biopharma, Inc.(b)(c)

      20,632        223,445  

Universal Health Services, Inc., Class B

      19,843        2,983,395  

Veradigm, Inc.(b)(c)

      34,188        427,008  
     

 

 

  
        149,756,481  
     

 

 

  

Industrials-6.44%

 

Acuity Brands, Inc.(c)

      10,029        1,578,364  

Allison Transmission Holdings, Inc.

      28,745        1,402,469  
 

 

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

 

    18    

 

  

 

 

 

Invesco BuyBack AchieversTM ETF (PKW)–(continued)

April 30, 2023

    

 

         Shares          Value  

Industrials-(continued)

 

Apogee Enterprises, Inc.

               6,828      $           290,600  

Argan, Inc.

      4,142        166,633  

Atkore, Inc.(b)(c)

      12,361        1,561,565  

Avis Budget Group, Inc.(b)(c)

      12,350        2,181,874  

Barrett Business Services, Inc.

      2,129        178,006  

Beacon Roofing Supply, Inc.(b)(c)

      20,105        1,209,919  

BlueLinx Holdings, Inc.(b)

      2,794        195,748  

BrightView Holdings, Inc.(b)

      28,505        157,633  

Brink’s Co. (The)

      14,594        917,233  

Builders FirstSource, Inc.(b)

      43,184        4,092,548  

C.H. Robinson Worldwide, Inc.(c)

      35,949        3,626,176  

Covenant Logistics Group, Inc., Class A(c)

      3,427        134,989  

EMCOR Group, Inc.

      14,922        2,551,662  

Encore Wire Corp.(c)

      5,634        880,763  

Enerpac Tool Group Corp.(c)

      17,892        425,114  

Expeditors International of Washington, Inc.

      48,312        5,499,838  

Fortune Brands Innovations, Inc.

      39,730        2,570,134  

Gibraltar Industries, Inc.(b)

      9,648        482,786  

Hayward Holdings, Inc.(b)(c)

      66,530        801,021  

HNI Corp.(c)

      13,041        338,805  

Huron Consulting Group, Inc.(b)

      6,139        520,526  

JELD-WEN Holding, Inc.(b)

      26,630        340,331  

KAR Auction Services, Inc.(b)(c)

      34,081        461,457  

Landstar System, Inc.

      11,272        1,984,210  

ManpowerGroup, Inc.

      15,891        1,203,108  

Masco Corp.

      70,467        3,770,689  

Matson, Inc.(c)

      11,286        767,787  

Owens Corning.

      28,404        3,033,831  

RCM Technologies, Inc.(b)(c)

      2,993        33,641  

REV Group, Inc.

      18,404        197,475  

Ryder System, Inc.

      14,484        1,146,553  

SP Plus Corp.(b)(c)

      6,147        210,043  

Stanley Black & Decker, Inc.(c)

      47,891        4,134,909  

Textron, Inc.

      63,726        4,265,818  

TriNet Group, Inc.(b)(c)

      18,769        1,741,388  

Trinity Industries, Inc.

      25,392        608,138  

TrueBlue, Inc.(b)(c)

      10,042        152,136  

Veritiv Corp.(c)

      4,238        486,819  

Werner Enterprises, Inc.

      19,791        893,959  

WillScot Mobile Mini Holdings Corp.(b)

      64,391        2,923,351  

Woodward, Inc.

      18,689        1,794,518  
     

 

 

  
        61,914,567  
     

 

 

  

Information Technology-6.86%

 

A10 Networks, Inc.(c)

      23,185        327,836  

Arrow Electronics, Inc.(b)

      18,237        2,086,860  

Avnet, Inc.

      28,593        1,179,747  

Dell Technologies, Inc., Class C

      80,533        3,502,380  

DigitalOcean Holdings, Inc.(b)(c)

      30,338        956,861  

Dolby Laboratories, Inc., Class A

      18,692        1,564,333  

Dropbox, Inc., Class A(b)(c)

      86,079        1,750,847  

DXC Technology Co.(b)

      71,242        1,699,122  

Fair Isaac Corp.(b)

      7,871        5,729,694  

GoDaddy, Inc., Class A(b)

      48,039        3,635,592  

HP, Inc.

      308,312        9,159,950  

IPG Photonics Corp.(b)

      14,802        1,701,934  

Jabil, Inc.

      41,702        3,259,011  

KLA Corp.

      43,331        16,749,165  
         Shares          Value  

Information Technology-(continued)

 

Kulicke & Soffa Industries, Inc.
(Singapore)(c)

             17,738      $           845,393  

Lumentum Holdings, Inc.(b)(c)

      21,434        1,034,190  

OSI Systems, Inc.(b)(c)

      5,273        595,638  

Power Integrations, Inc.(c)

      17,895        1,302,398  

Qorvo, Inc.(b)

      31,256        2,878,052  

Sanmina Corp.(b)

      18,260        954,268  

Silicon Laboratories, Inc.(b)(c)

      10,012        1,394,672  

Teradata Corp.(b)(c)

      31,541        1,220,952  

Vontier Corp.

      48,495        1,315,669  

Xerox Holdings Corp.(c)

      48,453        759,259  

Yext, Inc.(b)(c)

      38,207        335,457  
     

 

 

  
        65,939,280  
     

 

 

  

Materials-5.92%

 

Alcoa Corp.

      55,806        2,072,635  

Alpha Metallurgical Resources, Inc.(c)

      4,697        688,392  

Berry Global Group, Inc.

      38,103        2,202,734  

CF Industries Holdings, Inc.

      61,256        4,384,705  

Chemours Co. (The)(c)

      46,562        1,353,557  

Crown Holdings, Inc.

      37,577        3,223,355  

Eagle Materials, Inc.(c)

      11,321        1,677,885  

Eastman Chemical Co.

      37,279        3,141,501  

Huntsman Corp.(c)

      57,472        1,539,675  

International Paper Co.

      109,150        3,613,957  

Louisiana-Pacific Corp.(c)

      22,535        1,346,241  

LSB Industries, Inc.(b)(c)

      25,125        224,366  

Mosaic Co. (The)

      105,288        4,511,591  

NewMarket Corp.

      3,031        1,211,188  

Nucor Corp.

      78,829        11,680,881  

Olin Corp.

      40,949        2,268,575  

Reliance Steel & Aluminum Co.

      18,455        4,573,149  

Steel Dynamics, Inc.

      53,687        5,580,764  

United States Steel Corp.

      71,090        1,626,539  
     

 

 

  
        56,921,690  
     

 

 

  

Real Estate-1.67%

 

Anywhere Real Estate, Inc.(b)(c)

      33,613        214,115  

CBRE Group, Inc., Class A(b)

      96,966        7,433,414  

City Office REIT, Inc.(c)

      12,184        70,911  

Empire State Realty Trust, Inc., Class A(c)

      49,253        300,936  

Equity Commonwealth(c)

      34,282        710,323  

Howard Hughes Corp. (The)(b)(c)

      15,583        1,205,657  

Hudson Pacific Properties, Inc.(c)

      43,231        240,364  

JBG SMITH Properties, (Acquired 01/31/2023 - 04/28/2023;
Cost $717,729)(c)(d)

      35,902        512,322  

Jones Lang LaSalle, Inc.(b)(c)

      14,895        2,071,001  

National Health Investors, Inc.

      13,576        675,677  

Newmark Group, Inc., Class A(c)

      47,698        302,405  

Zillow Group, Inc., Class C(b)(c)

      53,391        2,324,644  
     

 

 

  
        16,061,769  
     

 

 

  

Utilities-0.55%

 

NRG Energy, Inc.

      72,678        2,483,407  

Vistra Corp.

      119,358        2,847,882  
     

 

 

  
        5,331,289  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,022,623,716)

 

      961,189,123  
     

 

 

  
 

 

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

 

    19    

 

  

 

 

 

Invesco BuyBack AchieversTM ETF (PKW)–(continued)

April 30, 2023

    

 

         Shares          Value  

Money Market Funds-0.16%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(e)(f)
(Cost $1,506,793)

      1,506,793      $ 1,506,793  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $1,024,130,509)

 

         962,695,916  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-9.18%

 

Invesco Private Government Fund,
4.83%(e)(f)(g)

      24,713,158        24,713,158  
         Shares          Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(e)(f)(g)

      63,589,279      $ 63,589,279  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $88,313,200)

 

      88,302,437  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-109.28%
(Cost $1,112,443,709)

 

      1,050,998,353  

OTHER ASSETS LESS LIABILITIES-(9.28)%

 

      (89,284,905 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 961,713,448  
     

 

 

  
 

 

Investment Abbreviations:

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) 

Non-income producing security.

(c) 

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

(d) 

Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                                     
Invesco Government & Agency Portfolio, Institutional Class      $ 1,613,071      $ 31,912,206      $ (32,018,484 )          $ -          $ -           $ 1,506,793           $ 37,893
Investments Purchased with Cash Collateral from Securities on Loan:                                                     
Invesco Private Government Fund        44,257,780        335,024,868        (354,569,490 )            -            -             24,713,158             943,875 *
Invesco Private Prime Fund        103,222,386        712,920,939        (752,563,201 )            (18,185 )            27,340             63,589,279             2,586,010 *
    

 

 

       

 

 

       

 

 

           

 

 

           

 

 

            

 

 

            

 

 

  
Total      $ 149,093,237      $ 1,079,858,013      $ (1,139,151,175 )          $ (18,185 )          $ 27,340           $ 89,809,230           $ 3,567,778
    

 

 

       

 

 

       

 

 

           

 

 

           

 

 

            

 

 

            

 

 

  

 

*

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

 

(f) 

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

(g) 

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

 

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

 

    20    

 

  

 

 

 

Invesco Dividend AchieversTM ETF (PFM)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-2.04%

 

Cogent Communications Holdings, Inc.

      1,879      $ 129,726  

Comcast Corp., Class A

           163,827            6,777,523  

Interpublic Group of Cos., Inc. (The)

      14,994        535,736  

John Wiley & Sons, Inc., Class A

      1,795        69,233  

Telephone & Data Systems, Inc.

      4,083        40,830  

Verizon Communications, Inc.

      163,568        6,351,345  
     

 

 

  
        13,904,393  
     

 

 

  

Consumer Discretionary-6.29%

 

Best Buy Co., Inc.

      8,771        653,615  

Brunswick Corp.(b)

      2,775        235,292  

Churchill Downs, Inc.(b)

      1,442        421,828  

Dillard’s, Inc., Class A(b)

      507        151,284  

Genuine Parts Co.

      5,484        923,012  

Haverty Furniture Cos., Inc.(b)

      574        17,300  

Home Depot, Inc. (The)

      39,720        11,937,449  

Leggett & Platt, Inc.(b)

      5,174        167,172  

Lithia Motors, Inc., Class A

      1,055        233,039  

Lowe’s Cos., Inc.

      23,552        4,894,812  

McDonald’s Corp.

      28,495        8,427,396  

Monro, Inc.(b)

      1,211        59,194  

NIKE, Inc., Class B

      48,520        6,148,454  

PetMed Express, Inc.(b)

      814        12,511  

Polaris, Inc.(b)

      2,215        240,660  

Pool Corp.(b)

      1,509        530,142  

Service Corp. International

      5,950        417,631  

Shoe Carnival, Inc.(b)

      1,048        24,366  

Starbucks Corp.

      44,768        5,116,535  

Thor Industries, Inc.(b)

      2,080        164,362  

Tractor Supply Co.

      4,280        1,020,352  

VF Corp.

      15,116        355,377  

Whirlpool Corp.(b)

      2,118        295,652  

Williams-Sonoma, Inc.

      2,583        312,646  
     

 

 

  
        42,760,081  
     

 

 

  

Consumer Staples-13.52%

 

Altria Group, Inc.

      69,537        3,303,703  

Andersons, Inc. (The)

      1,294        57,842  

Archer-Daniels-Midland Co.

      21,348        1,666,852  

Brown-Forman Corp., Class B

      12,078        786,157  

Casey’s General Stores, Inc.

      1,438        329,043  

Church & Dwight Co., Inc.

      9,500        922,640  

Clorox Co. (The)(b)

      4,817        797,791  

Coca-Cola Co. (The)

      168,622        10,817,101  

Colgate-Palmolive Co.

      32,344        2,581,051  

Costco Wholesale Corp.

      17,273        8,692,119  

Flowers Foods, Inc.(b)

      8,227        226,325  

Hershey Co. (The)

      5,719        1,561,630  

Hormel Foods Corp.(b)

      21,287        860,846  

Ingredion, Inc.

      2,560        271,795  

J&J Snack Foods Corp.(b)

      742        113,674  

JM Smucker Co. (The)

      4,148        640,493  

Kellogg Co.

      13,307        928,429  

Kimberly-Clark Corp.

      13,138        1,903,565  

Kroger Co. (The)

      27,873        1,355,464  

Lancaster Colony Corp.(b)

      1,064        222,504  

McCormick & Co., Inc.

      9,758        857,240  

Nu Skin Enterprises, Inc., Class A

      1,923        75,882  
         Shares          Value  

Consumer Staples-(continued)

 

PepsiCo, Inc.

             53,630      $   10,237,431  

Philip Morris International, Inc.

      60,372        6,035,389  

Procter & Gamble Co. (The)

      91,915        14,373,668  

SpartanNash Co.

      1,361        33,372  

Sysco Corp.

      19,772        1,517,303  

Target Corp.

      17,930        2,828,457  

Tootsie Roll Industries, Inc.(b)

      1,601        65,449  

Tyson Foods, Inc., Class A

      11,122        695,014  

Universal Corp.

      947        51,981  

Walgreens Boots Alliance, Inc.

      33,583        1,183,801  

Walmart, Inc.

      105,081        15,864,078  

WD-40 Co.(b)

      524        99,770  
     

 

 

  
        91,957,859  
     

 

 

  

Energy-5.26%

 

Chevron Corp.

      74,302        12,525,831  

Enterprise Products Partners L.P.

      84,535        2,224,116  

Exxon Mobil Corp.

      158,606        18,769,434  

Magellan Midstream Partners L.P.

      7,904        441,043  

Phillips 66

      18,069        1,788,831  
     

 

 

  
        35,749,255  
     

 

 

  

Financials-16.59%

 

1st Source Corp.

      953        39,721  

Aflac, Inc.

      23,841        1,665,294  

Allstate Corp. (The)

      10,262        1,187,929  

American Equity Investment Life Holding Co.

      3,301        127,221  

American Financial Group, Inc.

      3,317        407,095  

Ameriprise Financial, Inc.

      4,096        1,249,772  

Aon PLC, Class A

      7,982        2,595,587  

Arbor Realty Trust, Inc.(b)

      6,998        80,267  

Arthur J. Gallagher & Co.

      8,269        1,720,448  

Associated Banc-Corp

      5,854        104,377  

Assurant, Inc.

      2,057        253,278  

Assured Guaranty Ltd.

      2,330        125,517  

Atlantic Union Bankshares Corp.(b)

      2,913        83,370  

AXIS Capital Holdings Ltd.(b)

      3,298        186,469  

BancFirst Corp.(b)

      1,269        101,380  

Bank of Marin Bancorp.

      618        10,895  

Bank of New York Mellon Corp. (The)

      31,317        1,333,791  

Bank OZK(b)

      4,564        163,026  

BlackRock, Inc.

      5,847        3,924,506  

BOK Financial Corp.(b)

      2,610        218,901  

Brown & Brown, Inc.

      11,071        712,862  

Cadence Bank

      7,100        143,562  

Cambridge Bancorp

      301        15,547  

Cass Information Systems, Inc.(b)

      529        19,351  

Cboe Global Markets, Inc.

      4,114        574,726  

Chubb Ltd.

      16,107        3,246,527  

Cincinnati Financial Corp.

      6,117        651,093  

City Holding Co.(b)

      569        51,887  

CME Group, Inc., Class A

      14,015        2,603,567  

CNO Financial Group, Inc.

      4,437        99,566  

Cohen & Steers, Inc.(b)

      1,910        114,715  

Commerce Bancshares, Inc.

      4,860        271,431  

Community Bank System, Inc.

      2,088        104,316  

Community Trust Bancorp, Inc.

      694        24,991  

Cullen/Frost Bankers, Inc.

      2,498        275,405  

Discover Financial Services

      10,208        1,056,222  
 

 

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

 

    21    

 

  

 

 

 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2023

    

 

         Shares          Value  

Financials-(continued)

 

Erie Indemnity Co., Class A(b)

               1,782      $        387,282  

Evercore, Inc., Class A

      1,489        169,850  

FactSet Research Systems, Inc.

      1,476        607,654  

Federal Agricultural Mortgage Corp., Class C

      358        47,718  

Fidelity National Financial, Inc.

      10,593        375,946  

Fifth Third Bancorp

      26,437        692,649  

First American Financial Corp.

      4,009        230,959  

First Community Bankshares, Inc.

      626        14,655  

First Financial Bankshares, Inc.(b)

      5,551        162,422  

First Financial Corp.

      464        16,031  

First Merchants Corp.(b)

      2,313        67,493  

First of Long Island Corp. (The)

      874        10,226  

Franklin Resources, Inc.

      19,492        523,945  

German American Bancorp, Inc.

      1,138        33,082  

Glacier Bancorp, Inc.(b)

      4,307        143,122  

Globe Life, Inc.

      3,753        407,276  

Goldman Sachs Group, Inc. (The)

      13,060        4,485,326  

Hanover Insurance Group, Inc. (The)

      1,374        164,275  

Hartford Financial Services Group, Inc. (The)

      12,198        865,936  

Heritage Financial Corp.

      1,355        23,862  

Hingham Institution for Savings (The)

      83        16,148  

Home BancShares, Inc.(b)

      7,916        172,331  

Horace Mann Educators Corp.

      1,576        49,297  

Horizon Bancorp, Inc.

      1,695        17,848  

Huntington Bancshares, Inc.

      56,202        629,462  

Independent Bank Corp.

      1,739        97,384  

International Bancshares Corp.

      2,413        102,963  

Jack Henry & Associates, Inc.

      2,851        465,682  

JPMorgan Chase & Co.

      114,682        15,853,640  

KeyCorp

      36,254        408,220  

Lakeland Financial Corp.(b)

      981        49,707  

Lincoln National Corp.

      6,589        143,179  

MarketAxess Holdings, Inc.

      1,451        461,955  

Marsh & McLennan Cos., Inc.

      19,269        3,472,081  

Mastercard, Inc., Class A

      36,847        14,002,965  

Mercantile Bank Corp.

      612        17,173  

MetLife, Inc.

      30,166        1,850,081  

MidWestOne Financial Group, Inc.

      603        12,482  

Moody’s Corp.

      7,136        2,234,424  

Morningstar, Inc.

      1,639        292,250  

Nasdaq, Inc.

      19,036        1,054,023  

NBT Bancorp, Inc.(b)

      1,655        53,357  

Northwest Bancshares, Inc.

      4,947        57,830  

Old Republic International Corp.

      11,555        291,995  

PNC Financial Services Group, Inc. (The)

      15,574        2,028,514  

Premier Financial Corp.

      1,372        22,789  

Primerica, Inc.

      1,414        258,069  

Principal Financial Group, Inc.(b)

      9,464        706,866  

Prosperity Bancshares, Inc.

      3,553        222,489  

Prudential Financial, Inc.

      14,257        1,240,359  

Raymond James Financial, Inc.

      8,394        759,909  

Regions Financial Corp.

      36,397        664,609  

Reinsurance Group of America, Inc.

      2,595        369,320  

RenaissanceRe Holdings Ltd. (Bermuda)

      1,687        363,397  

RLI Corp.(b)

      1,756        244,172  

S&P Global, Inc.

      12,543        4,547,841  

S&T Bancorp, Inc.

      1,505        41,433  

Sandy Spring Bancorp, Inc.(b)

      1,724        38,756  

SEI Investments Co.

      5,225        307,805  

Simmons First National Corp., Class A(b)

      4,951        82,731  
         Shares          Value  

Financials-(continued)

 

South State Corp.(b)

               2,957      $        203,974  

Southern Missouri Bancorp, Inc.(b)

      436        15,818  

Southside Bancshares, Inc.(b)

      1,211        38,425  

State Street Corp.

      13,409        968,934  

Stock Yards Bancorp, Inc.(b)

      1,129        54,869  

T. Rowe Price Group, Inc.(b)

      8,743        982,101  

Tompkins Financial Corp.(b)

      559        32,769  

Towne Bank

      2,914        69,033  

Travelers Cos., Inc. (The)

      9,040        1,637,506  

TriCo Bancshares(b)

      1,286        46,052  

Truist Financial Corp.

      51,709        1,684,679  

U.S. Bancorp

      59,635        2,044,288  

UMB Financial Corp.

      1,886        119,968  

United Bankshares, Inc.(b)

      5,241        173,634  

Unum Group

      7,672        323,758  

Visa, Inc., Class A(b)

      63,319        14,736,231  

W.R. Berkley Corp.

      10,267        604,932  

Washington Federal, Inc.(b)

      2,539        71,194  

Washington Trust Bancorp, Inc.(b)

      662        18,609  

WesBanco, Inc.

      2,299        61,199  

Westamerica Bancorporation

      1,038        42,049  

Zions Bancorporation N.A

      5,781        161,059  
     

 

 

  
        112,770,938  
     

 

 

  

Health Care-14.93%

 

Abbott Laboratories

      67,683        7,476,941  

Agilent Technologies, Inc.

      11,517        1,559,747  

AmerisourceBergen Corp.

      7,871        1,313,276  

Amgen, Inc.

      20,789        4,983,955  

Atrion Corp.(b)

      68        41,840  

Becton, Dickinson and Co.

      11,055        2,921,947  

Bristol-Myers Squibb Co.

      81,740        5,457,780  

Cardinal Health, Inc.

      10,043        824,530  

Chemed Corp.

      577        318,071  

Elevance Health, Inc.

      9,247        4,333,607  

Ensign Group, Inc. (The)(b)

      2,165        210,200  

Humana, Inc.

      4,873        2,585,078  

Johnson & Johnson

      101,473        16,611,130  

LeMaitre Vascular, Inc.(b)

      849        45,846  

McKesson Corp.

      5,334        1,942,856  

Medtronic PLC

      51,797        4,710,937  

Merck & Co., Inc.

      98,862        11,415,595  

National HealthCare Corp.(b)

      592        34,283  

Perrigo Co. PLC

      5,240        194,876  

Pfizer, Inc.

      218,833        8,510,415  

Quest Diagnostics, Inc.

      4,329        600,909  

ResMed, Inc.

      5,719        1,378,050  

STERIS PLC

      3,864        728,557  

Stryker Corp.

      14,752        4,420,437  

UnitedHealth Group, Inc.

      36,345        17,885,011  

West Pharmaceutical Services, Inc.

      2,895        1,045,790  
     

 

 

  
        101,551,664  
     

 

 

  

Industrials-11.89%

 

3M Co.

      21,444        2,277,782  

A.O. Smith Corp.

      4,867        332,367  

ABM Industries, Inc.

      2,565        109,218  

Apogee Enterprises, Inc.

      857        36,474  

Applied Industrial Technologies, Inc.

      1,489        201,998  

Automatic Data Processing, Inc.

      16,140        3,550,800  

Booz Allen Hamilton Holding Corp.(b)

      5,155        493,437  
 

 

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

 

    22    

 

  

 

 

 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2023

    

 

         Shares          Value  

Industrials-(continued)

 

Brady Corp., Class A

               1,780      $          90,833  

Broadridge Financial Solutions, Inc.(b)

      4,592        667,723  

C.H. Robinson Worldwide, Inc.(b)

      4,525        456,437  

Carlisle Cos., Inc.

      1,989        429,326  

Caterpillar, Inc.

      20,109        4,399,849  

Cintas Corp.

      3,955        1,802,570  

Comfort Systems USA, Inc.

      1,379        206,147  

CSX Corp.

      80,328        2,461,250  

Cummins, Inc.

      5,506        1,294,130  

Donaldson Co., Inc.

      4,740        301,227  

Douglas Dynamics, Inc.(b)

      883        25,881  

Dover Corp.

      5,441        795,256  

Eaton Corp. PLC

      15,540        2,597,045  

Emerson Electric Co.

      22,250        1,852,535  

Expeditors International of Washington, Inc.

      6,190        704,670  

Fastenal Co.

      22,233        1,197,025  

Franklin Electric Co., Inc.

      1,782        159,435  

GATX Corp.

      1,362        155,145  

General Dynamics Corp.

      10,690        2,334,055  

Gorman-Rupp Co. (The)(b)

      1,007        24,722  

Graco, Inc.

      6,542        518,715  

Griffon Corp.

      2,221        63,187  

HEICO Corp.(b)

      2,120        357,517  

Hillenbrand, Inc.

      2,693        122,855  

HNI Corp.(b)

      1,598        41,516  

Honeywell International, Inc.

      26,016        5,199,037  

Hubbell, Inc.

      2,083        560,994  

Huntington Ingalls Industries, Inc.

      1,538        310,153  

Hyster-Yale Materials Handling, Inc.(b)

      516        27,173  

IDEX Corp.

      2,948        608,231  

Illinois Tool Works, Inc.

      11,890        2,876,667  

Insperity, Inc.(b)

      1,460        178,792  

ITT, Inc.(b)

      3,221        271,981  

J.B. Hunt Transport Services, Inc.

      4,037        707,646  

L3Harris Technologies, Inc.

      7,402        1,444,500  

Lennox International, Inc.

      1,369        385,935  

Lincoln Electric Holdings, Inc.

      2,237        375,369  

Lindsay Corp.(b)

      425        51,314  

Lockheed Martin Corp.

      9,934        4,613,846  

ManpowerGroup, Inc.

      1,968        148,997  

Matthews International Corp., Class A

      1,174        44,459  

McGrath RentCorp

      941        83,636  

MDU Resources Group, Inc.

      7,917        231,335  

MSA Safety, Inc.

      1,513        196,312  

Nordson Corp.

      2,224        481,073  

Northrop Grumman Corp.

      5,956        2,747,324  

Paychex, Inc.

      14,044        1,542,874  

Raytheon Technologies Corp.

      57,048        5,699,095  

Regal Rexnord Corp.

      2,570        334,511  

Republic Services, Inc.

      12,313        1,780,706  

Robert Half International, Inc.(b)

      4,185        305,505  

Rockwell Automation, Inc.

      4,462        1,264,575  

Ryder System, Inc.

      1,786        141,380  

Snap-on, Inc.(b)

      2,064        535,422  

Standex International Corp.

      461        56,615  

Stanley Black & Decker, Inc.(b)

      5,949        513,637  

Tennant Co.(b)

      715        54,640  

Toro Co. (The)

      4,069        424,234  

Trane Technologies PLC

      8,923        1,657,983  

Trinity Industries, Inc.

      3,160        75,682  
         Shares          Value  

Industrials-(continued)

 

UFP Industries, Inc.

               2,393      $        187,898  

Union Pacific Corp.

      23,828        4,663,140  

United Parcel Service, Inc., Class B

      28,237        5,077,295  

W.W. Grainger, Inc.

      1,954        1,359,144  

Waste Management, Inc.(b)

      15,901        2,640,361  

Watts Water Technologies, Inc., Class A

      1,054        170,463  

Xylem, Inc.

      7,024        729,372  
     

 

 

  
        80,820,433  
     

 

 

  

Information Technology-19.79%

 

Accenture PLC, Class A

      24,517        6,871,870  

Amphenol Corp., Class A(b)

      23,162        1,748,036  

Analog Devices, Inc.

      19,704        3,544,356  

Apple, Inc.

      178,611        30,306,713  

Badger Meter, Inc.

      1,130        149,533  

Broadcom, Inc.

      16,239        10,173,733  

Cisco Systems, Inc.

      159,519        7,537,273  

Corning, Inc.

      32,968        1,095,197  

HP, Inc.

      38,373        1,140,062  

International Business Machines Corp.

      35,321        4,464,928  

Intuit, Inc.

      10,926        4,850,598  

KLA Corp.

      5,394        2,084,997  

Littelfuse, Inc.

      956        231,581  

Microchip Technology, Inc.

      21,339        1,557,534  

Microsoft Corp.

      105,559        32,434,058  

Motorola Solutions, Inc.

      6,521        1,900,219  

Oracle Corp.

      105,013        9,946,831  

Power Integrations, Inc.(b)

      2,214        161,135  

QUALCOMM, Inc.

      43,427        5,072,274  

Roper Technologies, Inc.

      4,133        1,879,606  

TE Connectivity Ltd.

      12,329        1,508,700  

Texas Instruments, Inc.

      35,286        5,899,819  
     

 

 

  
        134,559,053  
     

 

 

  

Materials-2.83%

 

Air Products and Chemicals, Inc.

      8,654        2,547,391  

Albemarle Corp.

      4,573        848,109  

AptarGroup, Inc.

      2,538        300,778  

Ashland, Inc.

      2,109        214,295  

Avery Dennison Corp.

      3,153        550,135  

Avient Corp.

      3,540        136,325  

Balchem Corp.

      1,241        163,067  

Cabot Corp.

      2,188        157,011  

Celanese Corp.

      4,215        447,802  

Eastman Chemical Co.

      4,629        390,086  

Ecolab, Inc.

      11,077        1,859,164  

H.B. Fuller Co.

      2,091        138,361  

Hawkins, Inc.

      812        32,756  

International Flavors & Fragrances, Inc.

      9,925        962,328  

Kaiser Aluminum Corp.(b)

      615        40,418  

LyondellBasell Industries N.V., Class A

      12,140        1,148,565  

Materion Corp.(b)

      793        85,890  

Nucor Corp.

      9,983        1,479,281  

Packaging Corp. of America

      3,495        472,734  

PPG Industries, Inc.

      9,159        1,284,641  

Quaker Chemical Corp.(b)

      693        129,335  

Reliance Steel & Aluminum Co.

      2,291        567,710  

Royal Gold, Inc.

      2,548        337,457  

RPM International, Inc.

      5,026        412,283  

Scotts Miracle-Gro Co. (The)(b)

      2,174        145,245  

Sensient Technologies Corp.

      1,624        120,923  
 

 

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

 

    23    

 

  

 

 

 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2023

    

 

         Shares          Value  

Materials-(continued)

 

Sherwin-Williams Co. (The)

             10,074      $     2,392,978  

Silgan Holdings, Inc.

      4,277        210,685  

Sonoco Products Co.

      3,803        230,538  

Steel Dynamics, Inc.

      6,688        695,218  

Stepan Co.

      858        79,108  

Westlake Corp.(b)

      4,965        564,918  

Worthington Industries, Inc.

      1,933        114,801  
     

 

 

  
        19,260,336  
     

 

 

  

Real Estate-1.95%

 

Agree Realty Corp.

      3,509        238,577  

Alexandria Real Estate Equities, Inc.

      6,746        837,718  

American Tower Corp.

      18,136        3,706,817  

CTO Realty Growth, Inc.

      888        14,954  

CubeSmart.

      8,742        397,674  

Digital Realty Trust, Inc.

      11,335        1,123,865  

EastGroup Properties, Inc.

      1,681        279,987  

Equity LifeStyle Properties, Inc.

      7,244        499,112  

Essex Property Trust, Inc.

      2,504        550,204  

Extra Space Storage, Inc.(b)

      5,259        799,578  

Healthcare Realty Trust, Inc.(b)

      14,812        292,981  

Kennedy-Wilson Holdings, Inc.(b)

      5,368        90,075  

Medical Properties Trust, Inc.(b)

      23,268        204,060  

Mid-America Apartment Communities, Inc.

      4,529        696,560  

National Retail Properties, Inc.

      7,062        307,197  

Realty Income Corp.

      25,722        1,616,371  

STAG Industrial, Inc.

      6,979        236,379  

Terreno Realty Corp.

      3,222        198,443  

UDR, Inc.

      12,819        529,809  

Universal Health Realty Income Trust

      533        23,186  

W.P. Carey, Inc.(b)

      8,212        609,331  
     

 

 

  
        13,252,878  
     

 

 

  

Utilities-4.85%

 

AES Corp. (The)

      26,009        615,373  

ALLETE, Inc.

      2,224        138,733  

Alliant Energy Corp.

      9,765        538,442  

American Electric Power Co., Inc.

      20,034        1,851,542  

American States Water Co.

      1,426        126,558  

American Water Works Co., Inc.

      7,085        1,050,351  

Artesian Resources Corp., Class A(b)

      332        18,187  

Atmos Energy Corp.

      5,574        636,216  

Avista Corp.(b)

      2,925        128,905  

Black Hills Corp.

      2,566        167,534  

Brookfield Infrastructure Partners L.P. (Canada)

      17,837        621,263  

California Water Service Group

      2,130        119,450  

Chesapeake Utilities Corp.

      685        84,598  

CMS Energy Corp.

      11,352        706,776  

Consolidated Edison, Inc.

      13,835        1,362,332  

DTE Energy Co.

      8,004        899,730  

Duke Energy Corp.

      29,983        2,964,719  

Edison International

      14,896        1,096,346  

Essential Utilities, Inc.

      10,222        436,479  

Evergy, Inc.

      8,942        555,388  
         Shares          Value  

Utilities-(continued)

 

Eversource Energy

             13,564      $     1,052,702  

IDACORP, Inc.

      1,966        218,462  

MGE Energy, Inc.(b)

      1,395        106,871  

Middlesex Water Co.

      681        49,699  

National Fuel Gas Co.

      3,572        199,675  

New Jersey Resources Corp.

      3,768        194,580  

NextEra Energy, Inc.

      77,413        5,932,158  

NiSource, Inc.

      16,069        457,324  

Northwest Natural Holding Co.

      1,371        64,382  

NorthWestern Corp.

      2,321        136,057  

OGE Energy Corp.

      7,786        292,286  

Pinnacle West Capital Corp.

      4,397        344,989  

Portland General Electric Co.

      3,476        175,955  

Public Service Enterprise Group, Inc.

      19,431        1,228,039  

Sempra Energy

      12,256        1,905,685  

SJW Group(b)

      1,190        90,345  

Southern Co. (The)

      42,403        3,118,741  

Southwest Gas Holdings, Inc.(b)

      2,606        145,936  

Spire, Inc.

      2,042        138,305  

UGI Corp.

      8,146        275,986  

WEC Energy Group, Inc.

      12,289        1,181,833  

Xcel Energy, Inc.

      21,419        1,497,402  

York Water Co. (The)

      551        23,164  
     

 

 

  
        32,949,498  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $573,485,855)

 

      679,536,388  
     

 

 

  

Money Market Funds-0.07%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(c)(d)
(Cost $500,280)

      500,280        500,280  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $573,986,135)

 

      680,036,668  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.76%

 

Invesco Private Government Fund,
4.83%(c)(d)(e)

      9,116,113        9,116,113  

Invesco Private Prime Fund, 4.99%(c)(d)(e)

      23,206,857        23,206,857  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $32,323,634)

 

      32,322,970  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.77%
(Cost $606,309,769)

 

      712,359,638  

OTHER ASSETS LESS LIABILITIES-(4.77)%

 

      (32,420,208 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 679,939,430  
     

 

 

  
 

 

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

 

    24    

 

  

 

 

 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2023

    

 

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, 2023.

(c)

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                                           
Invesco Government & Agency Portfolio, Institutional Class      $ 376,010      $ 20,547,619      $ (20,423,349 )                 $ -                          $ -                        $ 500,280               $ 16,092
Investments Purchased with Cash Collateral from Securities on Loan:                                                           
Invesco Private Government Fund        4,539,079        133,228,790        (128,651,756 )            -                -                9,116,113            260,754 *
Invesco Private Prime Fund        10,586,044        307,028,430        (294,413,502 )            (665 )                6,550                23,206,857            710,697 *
    

 

 

       

 

 

       

 

 

           

 

 

               

 

 

               

 

 

           

 

 

  
Total      $ 15,501,133      $ 460,804,839      $ (443,488,607 )          $ (665 )              $ 6,550              $ 32,823,250          $ 987,543
    

 

 

       

 

 

       

 

 

           

 

 

               

 

 

               

 

 

           

 

 

  

 

*

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

 

(d) 

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

(e) 

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

 

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

 

    25    

 

  

 

 

 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.79%

 

Communication Services-8.81%

      

Verizon Communications, Inc.

         630,173      $   24,469,618  
     

 

 

  

Consumer Discretionary-8.40%

      

Home Depot, Inc. (The)(b)

      33,794        10,156,449  

McDonald’s Corp.

      30,184        8,926,918  

NIKE, Inc., Class B

      33,456        4,239,544  
     

 

 

  
        23,322,911  
     

 

 

  

Consumer Staples-17.17%

      

Coca-Cola Co. (The)

      179,597        11,521,148  

Procter & Gamble Co. (The)

      66,442        10,390,200  

Walgreens Boots Alliance, Inc.(b)

      558,524        19,687,971  

Walmart, Inc.

      40,196        6,068,390  
     

 

 

  
        47,667,709  
     

 

 

  

Energy-4.91%

      

Chevron Corp.

      80,897        13,637,616  
     

 

 

  

Financials-12.35%

      

American Express Co.

      24,756        3,994,133  

Goldman Sachs Group, Inc. (The)

      29,843        10,249,280  

JPMorgan Chase & Co.

      71,665        9,906,970  

Travelers Cos., Inc. (The)

      39,245        7,108,839  

Visa, Inc., Class A(b)

      13,006        3,026,886  
     

 

 

  
        34,286,108  
     

 

 

  

Health Care-14.22%

      

Amgen, Inc.

      55,500        13,305,570  

Johnson & Johnson

      66,907        10,952,676  

Merck & Co., Inc.

      87,603        10,115,518  

UnitedHealth Group, Inc.

      10,345        5,090,671  
     

 

 

  
        39,464,435  
     

 

 

  

Industrials-12.18%

      

3M Co.

      183,990        19,543,418  

Caterpillar, Inc.

      30,304        6,630,515  

Honeywell International, Inc.

      38,194        7,632,689  
     

 

 

  
        33,806,622  
     

 

 

  
         Shares          Value  

Information Technology-15.63%

      

Apple, Inc.

      14,413      $ 2,445,598  

Cisco Systems, Inc.

      228,164        10,780,749  

Intel Corp.

      252,893        7,854,856  

International Business Machines Corp.

      139,895        17,684,127  

Microsoft Corp.

      15,045        4,622,727  
     

 

 

  
        43,388,057  
     

 

 

  

Materials-6.12%

      

Dow, Inc.(b)

      312,335        16,991,024  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.79%
(Cost $286,800,100)

 

      277,034,100  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.58%

      

Invesco Private Government Fund,
4.83%(c)(d)(e)

      2,005,613        2,005,613  

Invesco Private Prime Fund, 4.99%(c)(d)(e)

      5,157,290        5,157,290  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $7,162,903)

         7,162,903  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.37%
(Cost $293,963,003)

 

      284,197,003  

OTHER ASSETS LESS LIABILITIES-(2.37)%

 

      (6,582,834 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 277,614,169  
     

 

 

  
 

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, 2023.

(c)

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
(Loss)		      Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class    $ 109,718      $ 10,344,616      $ (10,454,334 )       $       -         $       -         $       -         $ 7,880  

 

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

 

    26    

 

  

 

 

 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)–(continued)

April 30, 2023

 

    

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                                    
Invesco Private Government Fund      $ 3,630,562      $ 83,580,864      $ (85,205,813 )          $ -          $ -          $ 2,005,613           $ 68,909 *
Invesco Private Prime Fund        8,467,759        172,793,508        (176,102,278 )            (106 )            (1,593 )            5,157,290             178,465 *
    

 

 

       

 

 

       

 

 

           

 

 

           

 

 

           

 

 

            

 

 

  
Total      $ 12,208,039      $ 266,718,988      $ (271,762,425 )          $ (106 )          $ (1,593 )          $ 7,162,903           $ 255,254
    

 

 

       

 

 

       

 

 

           

 

 

           

 

 

           

 

 

            

 

 

  

 

*

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

 

(d) 

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

(e) 

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

 

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

 

    27    

 

  

 

 

 

Invesco Financial Preferred ETF (PGF)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Preferred Stocks-98.51%

      

Banks-54.78%

      

Bank of America Corp.

      

Series PP, Pfd., 4.13%

      593,912      $    10,886,407  

Series QQ, Pfd., 4.25%

      832,705        15,729,797  

Series NN, Pfd., 4.38%(b)

      713,753        13,882,496  

Series SS, Pfd., 4.75%(b)

      442,015        9,238,113  

Series LL, Pfd., 5.00%(b)

      847,365        18,870,819  

Series KK, Pfd., 5.38%

      893,809        21,165,397  

Series HH, Pfd., 5.88%(b)

      544,055        13,536,088  

Series GG, Pfd., 6.00%(b)

      864,160        21,517,584  

Bank OZK, Series A, Pfd., 4.63%

      239,233        3,743,996  

Citigroup, Inc.

      

Series K, Pfd., 6.88%(c)

      1,023,777        25,973,222  

Series J, Pfd., 7.13%(b)(c)

      646,328        16,423,194  

Citizens Financial Group, Inc.

      

Series E, Pfd., 5.00%

      312,238        6,119,865  

Series D, Pfd., 6.35%(c)

      204,483        4,690,840  

Fifth Third Bancorp

      

Series K, Pfd., 4.95%(b)

      170,859        3,895,585  

Series I, Pfd., 6.63%(c)

      309,515        7,583,118  

First Citizens BancShares, Inc., Series A, Pfd., 5.38%

      238,495        5,249,275  

Huntington Bancshares, Inc.

      

Series H, Pfd., 4.50%(b)

      337,962        6,475,352  

Series J, Pfd., 6.88%(c)

      226,755        5,623,524  

JPMorgan Chase & Co.

      

Series MM, Pfd., 4.20%(b)

      1,291,603        26,077,465  

Series JJ, Pfd., 4.55%(b)

      973,106        20,727,158  

Series LL, Pfd., 4.63%(b)

      1,193,809        25,619,141  

Series GG, Pfd., 4.75%(b)

      581,961        13,047,566  

Series DD, Pfd., 5.75%(b)

      1,097,607        27,670,672  

Series EE, Pfd., 6.00%(b)

      1,193,722        30,535,409  

KeyCorp

      

Series G, Pfd., 5.63%

      307,767        6,472,340  

Series F, Pfd., 5.65%

      290,671        6,246,520  

Series E, Pfd., 6.13%(c)

      341,966        7,690,815  

Pfd., 6.20%(c)

      410,300        9,108,660  

M&T Bank Corp., Series H, Pfd., 5.63%(c)

      171,611        3,953,917  

New York Community Bancorp, Inc.,
Series A, Pfd., 6.38%(c)

      353,938        8,285,689  

Regions Financial Corp.

      

Series E, Pfd., 4.45%

      271,964        5,140,120  

Series C, Pfd., 5.70%(b)(c)

      346,705        8,022,754  

Series B, Pfd., 6.38%(c)

      339,661        8,138,278  

Synovus Financial Corp., Series E, Pfd., 5.88%(b)(c)

      238,999        5,057,219  

Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%

      205,277        4,175,334  

Truist Financial Corp.

      

Series R, Pfd., 4.75%(b)

      634,386        13,632,955  

Series O, Pfd., 5.25%(b)

      392,403        9,237,167  

U.S. Bancorp

      

Series L, Pfd., 3.75%(b)

      341,856        5,835,482  

Series M, Pfd., 4.00%(b)

      512,846        9,277,384  

Series O, Pfd., 4.50%(b)

      307,701        6,301,716  

Series K, Pfd., 5.50%(b)

      393,187        9,369,646  

Washington Federal, Inc., Series A, Pfd., 4.88%(b)

      204,692        3,213,664  
         Shares          Value  

Banks-(continued)

      

Wells Fargo & Co.

      

Series DD, Pfd., 4.25%(b)

      802,538      $    14,333,329  

Series CC, Pfd., 4.38%

      675,709        12,331,689  

Series AA, Pfd., 4.70%

      750,958        14,838,930  

Series Z, Pfd., 4.75%(b)

      1,301,532        26,186,824  

Series Y, Pfd., 5.63%(b)

      442,548        10,466,260  

Series Q, Pfd., 5.85%(b)(c)

      1,109,883        26,947,959  

Series R, Pfd., 6.63%(b)(c)

      541,175        13,426,552  

Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)

      207,982        3,286,116  
     

 

 

  
        605,259,402  
     

 

 

  

Capital Markets-17.35%

      

Apollo Asset Management, Inc.

      

Series A, Pfd., 6.38%(b)

      189,988        4,694,603  

Series B, Pfd., 6.38%(b)

      203,493        5,152,443  

Charles Schwab Corp. (The)

      

Series J, Pfd., 4.45%(b)

      410,061        8,496,464  

Series D, Pfd., 5.95%(b)

      513,489        12,924,518  

Goldman Sachs Group, Inc. (The)

      

Series J, Pfd., 5.50%(c)

      682,461        17,129,771  

Series K, Pfd., 6.38%(c)

      478,564        12,074,170  

Morgan Stanley

      

Series O, Pfd., 4.25%(b)

      832,609        16,244,202  

Series L, Pfd., 4.88%(b)

      320,209        7,380,817  

Series K, Pfd., 5.85%(c)

      640,490        16,018,655  

Series I, Pfd., 6.38%(c)

      642,131        16,136,752  

Series P, Pfd., 6.50%(b)

      642,694        16,800,021  

Series F, Pfd., 6.88%(b)(c)

      544,464        13,818,496  

Series E, Pfd., 7.13%(c)

      552,451        14,076,452  

Northern Trust Corp., Series E, Pfd., 4.70%(b)

      274,888        6,184,980  

State Street Corp.

      

Series G, Pfd., 5.35%(b)(c)

      341,750        8,687,285  

Series D, Pfd., 5.90%(b)(c)

      513,659        12,481,914  

Stifel Financial Corp., Series D, Pfd., 4.50%

      207,277        3,395,197  
     

 

 

  
        191,696,740  
     

 

 

  

Consumer Finance-5.10%

      

Capital One Financial Corp.

      

Series N, Pfd., 4.25%

      272,210        4,758,231  

Series L, Pfd., 4.38%

      432,380        7,570,974  

Series J, Pfd., 4.80%

      800,733        15,582,264  

Series I, Pfd., 5.00%

      960,896        19,717,586  

Synchrony Financial, Series A, Pfd., 5.63%

      515,221        8,732,996  
     

 

 

  
        56,362,051  
     

 

 

  

Financial Services-2.70%

      

Equitable Holdings, Inc.

      

Series C, Pfd., 4.30%

      204,774        3,612,213  

Series A, Pfd., 5.25%(b)

      548,442        11,775,050  

Jackson Financial, Inc., Pfd., 8.00%(c)

      378,160        9,427,529  

Voya Financial, Inc., Series B, Pfd.,
5.35%(b)(c)

      204,972        5,001,317  
     

 

 

  
        29,816,109  
     

 

 

  
 

 

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

 

    28    

 

  

 

 

 

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2023

 

    

 

         Shares          Value  

Insurance-18.24%

      

Allstate Corp. (The)

      

Series I, Pfd., 4.75%

      201,879      $ 4,830,964  

Series H, Pfd., 5.10%

      788,981             18,817,197  

American Equity Investment Life Holding Co.

      

Series A, Pfd., 5.95%(c)

      290,922        6,708,661  

Series B, Pfd., 6.63%(c)

      189,553        4,526,526  

American International Group, Inc.,
Series A, Pfd., 5.85%

      343,682        8,657,350  

Arch Capital Group Ltd.

      

Series G, Pfd., 4.55%

      356,653        6,840,605  

Series F, Pfd., 5.45%

      214,550        4,979,705  

Aspen Insurance Holdings Ltd.

      

Pfd., 5.63% (Bermuda)

      180,873        3,707,897  

Pfd., 5.63% (Bermuda)

      183,213        3,757,699  

Pfd., 5.95% (Bermuda)(b)(c)

      177,775        4,287,933  

Athene Holding Ltd.

      

Series D, Pfd., 4.88%

      389,952        6,516,098  

Series B, Pfd., 5.63%(b)

      233,023        4,676,772  

Series A, Pfd., 6.35%(c)

      587,529        12,743,504  

Series C, Pfd., 6.38%(b)(c)

      403,459        9,098,000  

Series E, Pfd., 7.75%(c)

      328,245        8,114,216  

AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%

      377,626        8,575,886  

Brighthouse Financial, Inc.

      

Series D, Pfd., 4.63%

      239,678        3,674,264  

Series C, Pfd., 5.38%

      397,126        6,929,849  

Series A, Pfd., 6.60%

      290,382        6,951,745  

Series B, Pfd., 6.75%(b)

      270,668        6,766,700  

Enstar Group Ltd., Series D, Pfd., 7.00%(c)

     274,888        6,294,935  

Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)

      237,191        5,872,849  

Lincoln National Corp., Series D, Pfd., 9.00%(b)

      342,939        9,043,301  

MetLife, Inc.

      

Series F, Pfd., 4.75%(b)

      681,068        14,867,714  

Series E, Pfd., 5.63%(b)

      551,858        13,796,450  
         Shares          Value  

Insurance-(continued)

      

RenaissanceRe Holdings Ltd.

      

Series G, Pfd., 4.20% (Bermuda)

      352,936      $ 6,469,317  

Series F, Pfd., 5.75% (Bermuda)

      164,130        3,965,381  
     

 

 

  
        201,471,518  
     

 

 

  

Trading Companies & Distributors-0.34%

 

   

Air Lease Corp., Series A, Pfd., 6.15%(c)

      170,911        3,741,242  
     

 

 

  

Total Preferred Stocks
(Cost $1,267,835,498)

 

      1,088,347,062  
     

 

 

  

Money Market Funds-0.57%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $6,322,226)

      6,322,226        6,322,226  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.08%
(Cost $1,274,157,724)

 

      1,094,669,288  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.61%

 

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

      11,165,777        11,165,777  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      28,711,998        28,711,998  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $39,879,413)

 

      39,877,775  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.69%
(Cost $1,314,037,137)

 

      1,134,547,063  

OTHER ASSETS LESS LIABILITIES-(2.69)%

 

      (29,666,944 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 1,104,880,119  
     

 

 

  
 

Investment Abbreviations:

Pfd. -Preferred

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, 2023.

(c)

Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

(d)

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

 

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                                                               
Invesco Government & Agency Portfolio, Institutional Class    $ -      $   84,238,995      $   (77,916,769 )       $         -          $         -          $ 6,322,226        $ 64,477  

 

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

 

    29    

 

  

 

 

 

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2023

 

    

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		   Value
April 30, 2023		    Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                                           
Invesco Private Government Fund      $ 7,543,720      $ 149,256,552      $ (145,634,495 )                 $ -                          $ -                        $ 11,165,777               $ 409,367 *
Invesco Private Prime Fund        17,575,099        363,571,728        (352,437,658 )            (4,205 )                7,034                28,711,998            1,117,599 *
    

 

 

       

 

 

       

 

 

           

 

 

               

 

 

               

 

 

           

 

 

  
Total      $ 25,118,819      $ 597,067,275      $ (575,988,922 )          $ (4,205 )              $ 7,034              $ 46,200,001          $ 1,591,443
    

 

 

       

 

 

       

 

 

           

 

 

               

 

 

               

 

 

           

 

 

  

 

*

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

 

(e)

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

(f)

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

 

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

 

    30    

 

  

 

 

 

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.95%

 

Banks-10.09%

      

Huntington Bancshares, Inc.

      1,721,177      $ 19,277,182  

KeyCorp

      1,558,164        17,544,927  

Northwest Bancshares, Inc.(b)

      2,729,126        31,903,483  

PNC Financial Services Group, Inc. (The)

      156,748        20,416,427  

Sandy Spring Bancorp, Inc.

      816,033        18,344,422  

Truist Financial Corp.

      602,975        19,644,926  

U.S. Bancorp

      537,683        18,431,773  
     

 

 

  
           145,563,140  
     

 

 

  

Capital Markets-3.57%

      

Franklin Resources, Inc.

      877,750        23,593,920  

T. Rowe Price Group, Inc.(b)

      248,091        27,868,062  
     

 

 

  
        51,461,982  
     

 

 

  

Chemicals-3.79%

      

Eastman Chemical Co.

      275,563        23,221,694  

LyondellBasell Industries N.V., Class A(b)

      332,353        31,443,917  
     

 

 

  
        54,665,611  
     

 

 

  

Commercial Services & Supplies-1.54%

 

HNI Corp.(b)

      854,001        22,186,946  
     

 

 

  

Consumer Staples Distribution & Retail-2.42%

 

Walgreens Boots Alliance, Inc.(b)

      989,689        34,886,537  
     

 

 

  

Containers & Packaging-1.55%

      

Packaging Corp. of America(b)

      165,568        22,394,728  
     

 

 

  

Diversified Telecommunication Services-5.66%

 

Cogent Communications Holdings, Inc.(b)

      552,630        38,153,575  

Verizon Communications, Inc.

      1,118,212        43,420,172  
     

 

 

  
        81,573,747  
     

 

 

  

Electric Utilities-14.73%

      

ALLETE, Inc.(b)

      457,241        28,522,693  

Duke Energy Corp.

      293,318        29,003,284  

Edison International

      421,733        31,039,549  

Evergy, Inc.

      438,933        27,262,129  

OGE Energy Corp.

      841,650        31,595,541  

Pinnacle West Capital Corp.

      411,669        32,299,550  

Southern Co. (The)

      445,660        32,778,293  
     

 

 

  
        212,501,039  
     

 

 

  

Food Products-1.70%

      

Kellogg Co.

      352,138        24,568,668  
     

 

 

  

Gas Utilities-3.47%

      

Northwest Natural Holding Co.

      539,526        25,336,141  

Spire, Inc.(b)

      364,796        24,707,633  
     

 

 

  
        50,043,774  
     

 

 

  

Household Durables-4.45%

      

Leggett & Platt, Inc.(b)

      953,049        30,793,013  

Whirlpool Corp.(b)

      239,568        33,441,297  
     

 

 

  
        64,234,310  
     

 

 

  

Household Products-1.94%

      

Kimberly-Clark Corp.

      193,324        28,010,714  
     

 

 

  

Industrial Conglomerates-2.47%

      

3M Co.

      335,113        35,595,703  
     

 

 

  

Insurance-5.40%

      

Fidelity National Financial, Inc.

      704,877        25,016,085  
         Shares          Value  

Insurance-(continued)

      

Lincoln National Corp.

      1,165,622      $ 25,328,966  

Prudential Financial, Inc.

      315,997        27,491,739  
     

 

 

  
        77,836,790  
     

 

 

  

IT Services-2.25%

      

International Business Machines Corp.

      257,204        32,513,158  
     

 

 

  

Machinery-1.69%

      

Stanley Black & Decker, Inc.(b)

      282,708        24,409,009  
     

 

 

  

Metals & Mining-1.45%

      

Kaiser Aluminum Corp.

      318,967        20,962,511  
     

 

 

  

Multi-Utilities-6.00%

      

Avista Corp.(b)

      685,908        30,227,966  

Black Hills Corp.

      421,578        27,524,828  

NorthWestern Corp.(b)

      491,815        28,830,195  
     

 

 

  
        86,582,989  
     

 

 

  

Oil, Gas & Consumable Fuels-3.38%

      

Chevron Corp.

      145,456        24,520,972  

Phillips 66

      245,296        24,284,304  
     

 

 

  
        48,805,276  
     

 

 

  

Personal Care Products-1.74%

      

Nu Skin Enterprises, Inc., Class A(b)

      634,218        25,026,242  
     

 

 

  

Pharmaceuticals-1.72%

      

Pfizer, Inc.

      637,345        24,786,347  
     

 

 

  

Real Estate Management & Development-2.61%

 

Kennedy-Wilson Holdings, Inc.(b)

      2,240,108        37,589,012  
     

 

 

  

Specialty Retail-1.72%

      

Best Buy Co., Inc.

      332,038        24,743,472  
     

 

 

  

Textiles, Apparel & Luxury Goods-3.47%

 

VF Corp.

      2,125,890        49,979,674  
     

 

 

  

Tobacco-9.12%

      

Altria Group, Inc.

      1,112,235        52,842,285  

Philip Morris International, Inc.

      346,864        34,675,994  

Universal Corp.

      801,927        44,017,773  
     

 

 

  
        131,536,052  
     

 

 

  

Wireless Telecommunication Services-2.02%

 

Telephone & Data Systems, Inc.

      2,913,124        29,131,240  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $1,456,553,644)

         1,441,588,671  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.64%

 

Invesco Private Government Fund,
4.83%(c)(d)(e)

      51,045,465        51,045,465  
 

 

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

 

    31    

 

  

 

 

 

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)–(continued)

April 30, 2023

 

    

 

    

Shares

      Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(c)(d)(e)

      131,259,768      $ 131,259,768  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $182,307,899)

 

      182,305,233  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.59%
(Cost $1,638,861,543)

 

      1,623,893,904  

OTHER ASSETS LESS LIABILITIES-(12.59)%

 

      (181,602,127 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 1,442,291,777  
     

 

 

  

        

 

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, 2023.

(c) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $                   -      $ 52,904,792      $ (52,904,792 )                $ -                          $ -                        $ -               $ 23,482  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      32,170,853        500,592,710        (481,718,098 )         -            -            51,045,465          1,172,231 * 
Invesco Private Prime Fund      75,046,247        1,035,393,573        (979,204,936 )         (6,024 )           30,908            131,259,768          3,182,478 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total      $107,217,100      $ 1,588,891,075      $ (1,513,827,826 )       $ (6,024 )         $ 30,908          $ 182,305,233        $ 4,378,191  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(d) 

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

(e) 

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

 

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

 

    32    

 

  

 

 

 

Invesco International Dividend AchieversTM ETF (PID)

April 30, 2023

Schedule of Investments

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.95%

 

Australia-3.49%

      

Rio Tinto PLC, ADR

      591,658      $ 37,860,195  
     

 

 

  

Canada-59.51%

      

Agnico Eagle Mines Ltd.

      563,913        31,990,784  

Algonquin Power & Utilities Corp.(a)

      5,407,358        46,070,690  

BCE, Inc.(a)

      932,345        44,817,824  

Brookfield Corp.

      278,408        9,037,124  

Brookfield Infrastructure Partners L.P.

      1,002,185        34,906,103  

Brookfield Renewable Partners L.P.

      1,420,044        44,021,364  

Canadian Imperial Bank of Commerce

      900,601        37,780,212  

Canadian National Railway Co.

      129,549        15,451,309  

Canadian Natural Resources Ltd.(a)

      552,947        33,713,179  

Enbridge, Inc.

      1,099,584        43,719,460  

FirstService Corp.

      32,054        4,831,820  

Fortis, Inc.(a)

      799,243        35,094,760  

Franco-Nevada Corp.

      58,755        8,917,834  

Imperial Oil Ltd.

      344,008        17,520,327  

Magna International, Inc.

      435,163        22,698,102  

Open Text Corp.

      586,066        22,206,041  

Restaurant Brands International, Inc.

      387,802        27,196,554  

Ritchie Bros. Auctioneers, Inc.

      211,456        12,093,169  

Royal Bank of Canada

      280,123        27,819,015  

Stantec, Inc.

      121,614        7,302,921  

TC Energy Corp.(a)

      1,036,427        43,053,178  

TELUS Corp.(a)

      1,965,767        41,693,918  

TFI International, Inc.

      58,197        6,273,637  

Toronto-Dominion Bank (The)(a)

      463,354        28,093,153  
     

 

 

  
           646,302,478  
     

 

 

  

Denmark-0.93%

      

Novo Nordisk A/S, ADR

      60,096        10,041,441  
     

 

 

  

Germany-4.54%

      

Fresenius Medical Care AG& Co. KGaA, ADR

      1,368,741        33,150,907  

SAP SE, ADR

      119,654        16,185,597  
     

 

 

  
        49,336,504  
     

 

 

  

India-1.61%

      

Infosys Ltd., ADR.

      937,113        14,562,736  

Reliance Industries Ltd., GDR(b)

      48,369        2,882,792  
     

 

 

  
        17,445,528  
     

 

 

  

Ireland-1.78%

      

CRH PLC, ADR(a)

      398,627        19,333,409  
     

 

 

  

Japan-4.76%

      

Mitsubishi UFJ Financial Group, Inc., ADR

      3,290,651        20,665,289  

Sony Group Corp., ADR

      56,066        5,027,438  

Sumitomo Mitsui Financial Group, Inc., ADR(a)

      3,172,477        26,046,036  
     

 

 

  
        51,738,763  
     

 

 

  
         Shares          Value  

Mexico-1.46%

      

America Movil S.A.B. de C.V., ADR(c)

      739,959      $ 15,901,719  
     

 

 

  

Spain-3.67%

      

Atlantica Sustainable Infrastructure PLC

      1,494,937        39,795,223  
     

 

 

  

Switzerland-4.65%

      

Logitech International S.A., Class R(a)

      243,639        14,486,775  

Novartis AG, ADR

      350,917        35,993,557  
     

 

 

  
        50,480,332  
     

 

 

  

United Kingdom-6.98%

      

Diageo PLC, ADR(a)

      90,510        16,789,605  

National Grid PLC, ADR(a)

      589,365        42,228,002  

RELX PLC, ADR

      508,194        16,826,304  
     

 

 

  
        75,843,911  
     

 

 

  

United States-6.57%

      

Amdocs Ltd.

      140,647        12,834,039  

Linde PLC

      28,822        10,648,288  

Sanofi, ADR

      594,323        31,885,429  

Waste Connections, Inc.

      40,423        5,624,860  

Willis Towers Watson PLC

      44,514        10,309,442  
     

 

 

  
        71,302,058  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $985,546,382)

 

      1,085,381,561  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.64%

 

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

      32,341,411        32,341,411  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      83,231,809        83,231,809  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $115,573,830)

 

      115,573,220  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-110.59%
(Cost $1,101,120,212)

 

      1,200,954,781  

OTHER ASSETS LESS LIABILITIES-(10.59)%

 

      (114,982,615 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 1,085,972,166  
     

 

 

  
 

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

 

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

 

    33    

 

  

 

 

 

Invesco International Dividend AchieversTM ETF (PID)–(continued)

April 30, 2023

 

    

 

Notes to Schedule of Investments:

(a) 

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

(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 value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class    $ -      $ 34,165,993      $ (34,165,993 )                $ -                          $ -                        $ -               $ 12,983  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      62,607,584        617,299,525        (647,565,698 )         -            -            32,341,411          1,824,964 * 
Invesco Private Prime Fund      146,030,600        1,107,393,318        (1,170,204,933 )         (15,028 )           27,852            83,231,809          5,071,718 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total    $ 208,638,184      $ 1,758,858,836      $ (1,851,936,624 )       $ (15,028 )         $ 27,852          $ 115,573,220        $ 6,909,665  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    34    

 

  

 

 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

    35    

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

     Invesco
BuyBack
AchieversTM
ETF (PKW)		     Invesco
Dividend
AchieversTM
ETF (PFM)		      Invesco
Dow Jones
Industrial
Average
Dividend
ETF (DJD)		     Invesco
Financial
Preferred
ETF (PGF)		  

Assets:

          

Unaffiliated investments in securities, at value(a)

    $ 961,189,123     $ 679,536,388      $ 277,034,100     $ 1,088,347,062  

Affiliated investments in securities, at value

      89,809,230       32,823,250        7,162,903       46,200,001  

Cash

      -       -        -       150,778  

Foreign currencies, at value

      -       -        -       -  

Receivable for:

          

Dividends

      917,032       666,114        616,741       1,762,304  

Securities lending

      10,253       4,023        1,360       102,519  

Investments sold

      10,120,217       41,422        861,856       9,554,509  

Fund shares sold

      -       -        -       3,705,199  

Foreign tax reclaims

      -       -        -       -  

Other assets

      30,207       20,929        -       18,581  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total assets

      1,062,076,062       713,092,126        285,676,960       1,149,840,953  
  

 

 

    

 

 

     

 

 

    

 

 

  

Liabilities:

          

Due to custodian

      287       -        19,682       -  

Payable for:

          

Investments purchased

      7,876,451       -        -       3,816,280  

Collateral upon return of securities loaned.

      88,313,200       32,323,634        7,162,903       39,879,413  

Fund shares repurchased

      2,555,247       -        863,972       -  

Accrued unitary management fees

      -       -        16,234       -  

Accrued advisory fees.

      405,050       219,825        -       450,182  

Accrued trustees’ and officer’s fees

      182,755       81,914        -       255,630  

Accrued expenses

      1,029,624       527,323        -       559,329  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total liabilities.

      100,362,614       33,152,696        8,062,791       44,960,834  
  

 

 

    

 

 

     

 

 

    

 

 

  

Net Assets

    $ 961,713,448     $ 679,939,430      $ 277,614,169     $ 1,104,880,119  
  

 

 

    

 

 

     

 

 

    

 

 

  

Net assets consist of:

          

Shares of beneficial interest

    $ 1,572,758,491     $ 601,803,922      $ 302,915,866     $ 1,421,286,709  

Distributable earnings (loss)

      (611,045,043 )      78,135,508        (25,301,697 )      (316,406,590 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Net Assets

    $ 961,713,448     $ 679,939,430      $ 277,614,169     $ 1,104,880,119  
  

 

 

    

 

 

     

 

 

    

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

      11,150,000       18,210,000        6,380,000       74,550,000  

Net asset value

    $ 86.25     $ 37.34      $ 43.51     $ 14.82  
  

 

 

    

 

 

     

 

 

    

 

 

  

Market price

    $ 86.25     $ 37.33      $ 43.51     $ 14.83  
  

 

 

    

 

 

     

 

 

    

 

 

  

Unaffiliated investments in securities, at cost

    $ 1,022,623,716     $ 573,485,855      $ 286,800,100     $ 1,267,835,498  
  

 

 

    

 

 

     

 

 

    

 

 

  

Affiliated investments in securities, at cost

    $ 89,819,993     $ 32,823,914      $ 7,162,903     $ 46,201,639  
  

 

 

    

 

 

     

 

 

    

 

 

  

Foreign currencies, at cost

    $ -     $ -      $ -     $ -  
  

 

 

    

 

 

     

 

 

    

 

 

  

(a) Includes securities on loan with an aggregate value of:

    $ 87,572,805     $ 32,095,879      $ 7,089,103     $ 38,844,999  
  

 

 

    

 

 

     

 

 

    

 

 

  

 

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

 

    36    

 

  

 

 

 

    

    

 

   

    

Invesco

High Yield

Equity Dividend

AchieversTM

    ETF (PEY)    

      

Invesco

International

Dividend

AchieversTM

    ETF (PID)    

             
      $ 1,441,588,671         $ 1,085,381,561
        182,305,233           115,573,220
        -           -
        -           836,973
                    
        3,356,185           1,270,302
        17,973           86,336
        -           -
        -           4,552
        -           461,942
        22,542           24,295
     

 

 

          

 

 

  
        1,627,290,604           1,203,639,181
     

 

 

          

 

 

  
                    
        1,113,318           842,650
                    
        -           4,625
        182,307,899           115,573,830
        -           -
        -           -
        478,844           350,449
        106,859           158,822
        991,907           736,639
     

 

 

          

 

 

  
        184,998,827           117,667,015
     

 

 

          

 

 

  
      $ 1,442,291,777         $ 1,085,972,166
     

 

 

          

 

 

  
                    
      $ 1,720,252,555         $ 1,446,148,542
        (277,960,778 )           (360,176,376 )
     

 

 

          

 

 

  
      $ 1,442,291,777         $ 1,085,972,166
     

 

 

          

 

 

  
        72,190,000           59,650,000
      $ 19.98         $ 18.21
     

 

 

          

 

 

  
      $ 19.97         $ 18.22
     

 

 

          

 

 

  
      $ 1,456,553,644         $ 985,546,382
     

 

 

          

 

 

  
      $ 182,307,899         $ 115,573,830
     

 

 

          

 

 

  
      $ -         $ 836,386
     

 

 

          

 

 

  
      $ 181,170,645         $ 113,272,473
     

 

 

          

 

 

  

 

    37    

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

     Invesco
BuyBack
AchieversTM
ETF (PKW)		     Invesco
Dividend
AchieversTM
ETF (PFM)		     Invesco
Dow Jones
Industrial
Average
Dividend
ETF (DJD)		     Invesco
Financial
Preferred
ETF (PGF)		     Invesco
High Yield
Equity
Dividend
AchieversTM
ETF (PEY)		     Invesco
International
Dividend
AchieversTM
ETF (PID)		  

Investment income:

             

Unaffiliated dividend income

    $ 22,313,620     $ 16,543,407     $ 9,271,586     $ 70,790,437     $ 66,419,655     $ 34,922,597  

Affiliated dividend income

      37,893       16,092       7,880       64,477       23,482       12,983  

Securities lending income, net

      1,328,312       48,713       29,920       2,144,563       230,230       3,003,897  

Foreign withholding tax

      (17,837 )      (359 )      -       -       -       (3,182,282 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      23,661,988       16,607,853       9,309,386       72,999,477       66,673,367       34,757,195  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Expenses:

             

Unitary management fees.

      -       -       182,498       -       -       -  

Advisory fees

      6,279,930       2,743,061       -       6,076,785       5,597,302       3,475,866  

Sub-licensing fees

      1,255,977       685,759       -       370,678       1,399,313       868,959  

Accounting & administration fees

      124,178       69,442       -       100,100       94,431       64,011  

Custodian & transfer agent fees

      12,954       9,990       -       26,217       20,794       36,130  

Trustees’ and officer’s fees

      7,375       8,251       -       953       12,350       3,443  

Other expenses.

      128,686       118,916       -       179,273       139,313       153,916  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      7,809,100       3,635,419       182,498       6,754,006       7,263,503       4,602,325  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less: Waivers

      (1,222 )      (559 )      (260 )      (2,122 )      (936 )      (503 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net expenses

      7,807,878       3,634,860       182,238       6,751,884       7,262,567       4,601,822  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

      15,854,110       12,972,993       9,127,148       66,247,593       59,410,800       30,155,373  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) from:

             

Net realized gain (loss) from:

             

Unaffiliated investment securities

      (67,320,479 )      (8,679,568 )      (10,262,178 )      (98,929,171 )      (71,248,125 )      (38,885,902 ) 

Affiliated investment securities

      27,340       6,550       (1,593 )      7,034       30,908       27,852  

In-kind redemptions

      64,173,455       30,875,370       14,286,763       (20,792,654 )      51,858,406       1,694,587  

Foreign currencies

      -       -       -       -       -       (20,269 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      (3,119,684 )      22,202,352       4,022,992       (119,714,791 )      (19,358,811 )      (37,183,732 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Change in net unrealized appreciation (depreciation) of:

             

Unaffiliated investment securities

      47,180,506       (12,546,938 )      (11,509,918 )      55,250,932       (62,218,101 )      47,645,618  

Affiliated investment securities

      (18,185 )      (665 )      (106 )      (4,205 )      (6,024 )      (15,028 ) 

Foreign currencies

      -       -       -       -       -       553  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Change in net unrealized appreciation (depreciation)

      47,162,321       (12,547,603 )      (11,510,024 )      55,246,727       (62,224,125 )      47,631,143  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss)

      44,042,637       9,654,749       (7,487,032 )      (64,468,064 )      (81,582,936 )      10,447,411  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 59,896,747     $ 22,627,742     $ 1,640,116     $ 1,779,529     $ (22,172,136 )    $ 40,602,784  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

    38    

 

  

 

 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

    39    

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

    

    

    

    

     Invesco BuyBack
AchieversTM ETF (PKW)		     Invesco Dividend
AchieversTM ETF (PFM)		  
     2023     2022     2023     2022  

Operations:

         

Net investment income

    $ 15,854,110     $ 13,561,281     $ 12,972,993     $ 12,298,412  

Net realized gain (loss)

      (3,119,684 )      306,944,615       22,202,352       31,053,463  

Change in net unrealized appreciation (depreciation)

      47,162,321       (360,848,917 )      (12,547,603 )      (16,226,427 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      59,896,747       (40,343,021 )      22,627,742       27,125,448  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders from:

         

Distributable earnings

      (16,348,748 )      (13,422,838 )      (13,464,204 )      (13,107,685 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shareholder Transactions:

         

Proceeds from shares sold

      743,282,119       2,252,237,604       59,714,340       150,154,995  

Value of shares repurchased

      (1,177,563,994 )      (2,690,143,843 )      (93,589,004 )      (74,476,740 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      (434,281,875 )      (437,906,239 )      (33,874,664 )      75,678,255  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets

      (390,733,876 )      (491,672,098 )      (24,711,126 )      89,696,018  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net assets:

         

Beginning of year

      1,352,447,324       1,844,119,422       704,650,556       614,954,538  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of year

    $ 961,713,448     $ 1,352,447,324     $ 679,939,430     $ 704,650,556  
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding:

         

Shares sold

      8,770,000       24,680,000       1,660,000       3,980,000  

Shares repurchased

      (13,620,000 )      (29,720,000 )      (2,620,000 )      (1,940,000 ) 

Shares outstanding, beginning of year

      16,000,000       21,040,000       19,170,000       17,130,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of year

      11,150,000       16,000,000       18,210,000       19,170,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

    40    

 

  

 

 

 

    

    

    

    

 

Invesco Dow Jones
Industrial Average
Dividend ETF (DJD)		   Invesco Financial
Preferred ETF (PGF)		   Invesco High Yield Equity Dividend
AchieversTM ETF (PEY)		   Invesco International Dividend
AchieversTM ETF (PID)
2023   2022   2023   2022   2023   2022   2023   2022
                                      
  $ 9,127,148     $ 5,353,998     $ 66,247,593     $ 81,271,486     $ 59,410,800     $ 41,205,809     $ 30,155,373     $ 17,891,427
    4,022,992       12,259,207       (119,714,791 )       (12,462,028 )       (19,358,811 )       79,780,048       (37,183,732 )       64,738,848
    (11,510,024 )       (7,855,266 )       55,246,727       (285,771,109 )       (62,224,125 )       (69,366,090 )       47,631,143       (28,952,371 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    1,640,116       9,757,939       1,779,529       (216,961,651 )       (22,172,136 )       51,619,767       40,602,784       53,677,904
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    (8,679,403 )       (5,064,485 )       (67,814,596 )       (81,068,351 )       (59,133,912 )       (40,404,752 )       (30,709,658 )       (21,523,716 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    200,291,700       95,391,520       103,616,841       77,281,439       637,280,106       584,935,091       309,440,797       360,195,991
    (121,397,362 )       (49,084,102 )       (274,009,942 )       (265,030,321 )       (266,937,388 )       (372,374,068 )       (8,781,817 )       (196,500,293 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    78,894,338       46,307,418       (170,393,101 )       (187,748,882 )       370,342,718       212,561,023       300,658,980       163,695,698
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    71,855,051       51,000,872       (236,428,168 )       (485,778,884 )       289,036,670       223,776,038       310,552,106       195,849,886
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    205,759,118       154,758,246       1,341,308,287       1,827,087,171       1,153,255,107       929,479,069       775,420,060       579,570,174
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 277,614,169     $ 205,759,118     $ 1,104,880,119     $ 1,341,308,287     $ 1,442,291,777     $ 1,153,255,107     $ 1,085,972,166     $ 775,420,060
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                                      
    4,570,000       2,120,000       6,750,000       4,150,000       30,470,000       27,460,000       17,980,000       19,000,000
    (2,780,000 )       (1,090,000 )       (18,100,000 )       (14,950,000 )       (13,160,000 )       (17,580,000 )       (520,000 )       (10,350,000 )
    4,590,000       3,560,000       85,900,000       96,700,000       54,880,000       45,000,000       42,190,000       33,540,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    6,380,000       4,590,000       74,550,000       85,900,000       72,190,000       54,880,000       59,650,000       42,190,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

    41    

 

  

 

 

 

Financial Highlights

Invesco BuyBack AchieversTM ETF (PKW)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 84.53     $ 87.65     $ 54.42     $ 63.60     $ 56.93  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.06       0.76       0.88       1.01       0.73  

Net realized and unrealized gain (loss) on investments

      1.78       (3.16 )      33.35       (9.13 )      6.67  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      2.84       (2.40 )      34.23       (8.12 )      7.40  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.12 )      (0.72 )      (1.00 )      (1.06 )      (0.73 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 86.25     $ 84.53     $ 87.65     $ 54.42     $ 63.60  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 86.25     $ 84.50     $ 87.72     $ 54.45     $ 63.62  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      3.45 %      (2.79 )%      63.54 %      (12.81 )%      13.16 % 

Market Price Total Return(c)

      3.48 %      (2.90 )%      63.58 %      (12.79 )%      13.16 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 961,713     $ 1,352,447     $ 1,844,119     $ 718,331     $ 1,313,404  

Ratio to average net assets of:

           

Expenses

      0.62 %      0.61 %      0.64 %      0.62 %      0.62 % 

Net investment income

      1.26 %      0.83 %      1.27 %      1.60 %      1.25 % 

Portfolio turnover rate(d)

      60 %      80 %      93 %      56 %      76 % 

 

(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) 

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.

Invesco Dividend AchieversTM ETF (PFM)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 36.76     $ 35.90     $ 27.27     $ 28.52     $ 25.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      0.68       0.68       0.62       0.61       0.59  

Net realized and unrealized gain (loss) on investments

      0.61       0.90       8.61       (1.20 )      3.29  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      1.29       1.58       9.23       (0.59 )      3.88  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.71 )      (0.72 )      (0.60 )      (0.66 )      (0.58 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 37.34     $ 36.76     $ 35.90     $ 27.27     $ 28.52  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 37.33     $ 36.78     $ 35.90     $ 27.31     $ 28.52  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      3.64 %      4.40 %      34.21 %      (2.04 )%      15.63 % 

Market Price Total Return(c)

      3.56 %      4.46 %      34.02 %      (1.89 )%      15.53 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 679,939     $ 704,651     $ 614,955     $ 306,780     $ 299,475  

Ratio to average net assets of:

           

Expenses

      0.53 %      0.52 %      0.53 %      0.53 %      0.54 % 

Net investment income

      1.89 %      1.80 %      1.97 %      2.13 %      2.22 % 

Portfolio turnover rate(d)

      8 %      12 %      28 %      20 %      13 % 

 

(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) 

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.

 

    42    

 

  

 

 

 

Financial Highlights–(continued)

 

 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 44.83     $ 43.47     $ 33.17     $ 36.98     $ 33.32  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.51       1.36       1.27       1.10       0.91  

Net realized and unrealized gain (loss) on investments

      (1.42 )      1.29       10.40       (3.80 )      3.74  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      0.09       2.65       11.67       (2.70 )      4.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.41 )      (1.29 )      (1.37 )      (1.11 )      (0.99 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year.

    $ 43.51     $ 44.83     $ 43.47     $ 33.17     $ 36.98  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 43.51     $ 44.82     $ 43.52     $ 33.21     $ 37.02  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      0.37 %      6.19 %      36.03 %      (7.33 )%      14.24 % 

Market Price Total Return(c)

      0.39 %      6.04 %      36.03 %      (7.32 )%      14.25 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 277,614     $ 205,759     $ 154,758     $ 116,108     $ 73,967  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.07 %      0.07 %      0.07 %      0.08 %(d)      0.09 % 

Expenses, prior to Waivers

      0.07 %      0.07 %      0.07 %      0.08 %(d)      0.10 % 

Net investment income

      3.50 %      3.04 %      3.43 %      3.04 %(d)      2.62 % 

Portfolio turnover rate(e)

      20 %      15 %      50 %      14 %      20 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

Invesco Financial Preferred ETF (PGF)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 15.61     $ 18.89     $ 18.05     $ 18.33     $ 18.32  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      0.84       0.87       0.94       0.94       0.97  

Net realized and unrealized gain (loss) on investments

      (0.77 )      (3.28 )      0.82       (0.27 )      0.05  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      0.07       (2.41 )      1.76       0.67       1.02  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.86 )      (0.87 )      (0.92 )      (0.95 )      (1.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 14.82     $ 15.61     $ 18.89     $ 18.05     $ 18.33  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 14.83     $ 15.55     $ 18.96     $ 18.07     $ 18.35  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      0.46 %      (13.34 )%      9.94 %      3.78 %      5.79 % 

Market Price Total Return(c)

      0.92 %      (13.99 )%      10.22 %      3.77 %      5.97 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,104,880     $ 1,341,308     $ 1,827,087     $ 1,462,590     $ 1,385,773  

Ratio to average net assets of:

           

Expenses

      0.56 %      0.57 %      0.62 %      0.61 %      0.62 % 

Net investment income

      5.45 %      4.71 %      5.02 %      5.10 %      5.35 % 

Portfolio turnover rate(d)

      15 %      23 %      23 %      31 %      21 % 

 

(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) 

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.

 

    43    

 

  

 

 

 

Financial Highlights–(continued)

 

 

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 21.01     $ 20.66     $ 14.21     $ 18.25     $ 17.12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      0.87       0.85       0.69       0.75       0.63  

Net realized and unrealized gain (loss) on investments

      (1.04 )      0.33       6.51       (4.03 )      1.17  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (0.17 )      1.18       7.20       (3.28 )      1.80  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.86 )      (0.83 )      (0.75 )      (0.76 )      (0.67 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 19.98     $ 21.01     $ 20.66     $ 14.21     $ 18.25  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 19.97     $ 21.03     $ 20.65     $ 14.24     $ 18.26  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      (0.81 )%      5.87 %      52.20 %      (18.57 )%      10.79 % 

Market Price Total Return(c)

      (0.96 )%      6.01 %      51.80 %      (18.44 )%      10.86 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,442,292     $ 1,153,255     $ 929,479     $ 630,938     $ 834,224  

Ratio to average net assets of:

           

Expenses

      0.52 %      0.52 %      0.53 %      0.52 %      0.53 % 

Net investment income

      4.25 %      4.07 %      4.20 %      4.30 %      3.58 % 

Portfolio turnover rate(d)

      57 %      49 %      74 %      51 %      50 % 

 

(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) 

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.

Invesco International Dividend AchieversTM ETF (PID)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 18.38     $ 17.28     $ 12.12     $ 16.44     $ 15.92  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      0.60       0.51       0.45       0.61       0.58  

Net realized and unrealized gain (loss) on investments

      (0.16 )(b)      1.21       5.21       (4.20 )      0.48  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations.

      0.44       1.72       5.66       (3.59 )      1.06  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.61 )      (0.62 )      (0.50 )      (0.73 )      (0.54 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 18.21     $ 18.38     $ 17.28     $ 12.12     $ 16.44  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

    $ 18.22     $ 18.40     $ 17.25     $ 12.07     $ 16.45  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

      2.74 %      10.11 %      47.87 %      (22.71 )%      6.99 % 

Market Price Total Return(d)

      2.68 %      10.43 %      48.23 %      (23.07 )%      7.13 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,085,972     $ 775,420     $ 579,570     $ 510,252     $ 766,283  

Ratio to average net assets of:

           

Expenses

      0.53 %      0.53 %      0.56 %      0.53 %      0.54 % 

Net investment income

      3.47 %      2.79 %      3.18 %      3.92 %      3.70 % 

Portfolio turnover rate(e)

      38 %      44 %      69 %      45 %      47 % 

 

(a) 

Based on average shares outstanding.

(b) 

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.

(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) 

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.

 

    44    

 

  

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 BuyBack AchieversTM ETF (PKW)    “BuyBack AchieversTM ETF”
Invesco Dividend AchieversTM ETF (PFM)    “Dividend AchieversTM ETF”
Invesco Dow Jones Industrial Average Dividend ETF (DJD)    “Dow Jones Industrial Average Dividend ETF”
Invesco Financial Preferred ETF (PGF)    “Financial Preferred ETF”
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)    “High Yield Equity Dividend AchieversTM ETF”
Invesco International Dividend AchieversTM ETF (PID)    “International Dividend AchieversTM 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 Nasdaq Stock Market LLC, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which are listed and traded on NYSE Arca, Inc.

    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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

BuyBack AchieversTM ETF    NASDAQ US BuyBack AchieversTM Index
Dividend AchieversTM ETF    NASDAQ US Broad Dividend AchieversTM Index
Dow Jones Industrial Average Dividend ETF    Dow Jones Industrial Average Yield Weighted
Financial Preferred ETF    ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index
High Yield Equity Dividend AchieversTM ETF    NASDAQ US Dividend AchieversTM 50 Index
International Dividend AchieversTM ETF    NASDAQ International Dividend AchieversTM Index

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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

 

    45    

 

  

 

 

 

 

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

 

    46    

 

  

 

 

 

 

  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 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 include whether each Fund’s Underlying Index has made a country determination and 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 for Financial Preferred ETF and High Yield Equity Dividend Achievers™ ETF, which declare and pay dividends from net investment income, if any, monthly) declares and pays dividends from net investment income, if any, to its shareholders quarterly 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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest

 

    47    

 

  

 

 

 

 

income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended April 30, 2023, the Funds did not enter into any closing agreements.

G.

Expenses - Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its 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, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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 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).

Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for 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).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific 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 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.

H.

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.

I.

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.

J.

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

 

    48    

 

  

 

 

 

 

  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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

     Amount  
BuyBack AchieversTM ETF    $ 89,331  
Dividend AchieversTM ETF      3,259  
Dow Jones Industrial Average Dividend ETF      1,861  
Financial Preferred ETF      178,303  
High Yield Equity Dividend AchieversTM ETF      11,888  
International Dividend AchieversTM ETF      208,258  

 

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. 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.

L.

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.

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts,

 

    49    

 

  

 

 

 

 

may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Dividend Paying Security Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

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.

Financial Sector Risk. The market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.

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. If 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

 

    50    

 

  

 

 

 

 

Non-Diversified Fund Risk. Because Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective 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.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

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 Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack AchieversTM ETF and Financial Preferred ETF, each of which accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

    Pursuant to another Investment Advisory Agreement, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost 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 (iii) any other matters that directly benefit the Adviser).

    The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each Fund (except for BuyBack Achievers™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

    Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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. These waivers do not apply to a 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. This agreement is not subject to recapture by the Adviser.

 

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    For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

BuyBack AchieversTM ETF    $ 1,222  
Dividend AchieversTM ETF      559  
Dow Jones Industrial Average Dividend ETF      260  
Financial Preferred ETF      2,122  
High Yield Equity Dividend AchieversTM ETF      936  
International Dividend AchieversTM ETF      503  

    The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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, 2023.

    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 Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

   

Licensor

BuyBack AchieversTM ETF    Nasdaq, Inc.
Dividend AchieversTM ETF    Nasdaq, Inc.
Dow Jones Industrial Average Dividend ETF    S&P Dow Jones Indices LLC  
Financial Preferred ETF    ICE Data Indices, LLC
High Yield Equity Dividend AchieversTM ETF    Nasdaq, Inc.
International Dividend AchieversTM ETF    Nasdaq, Inc.

    Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Dow Jones Industrial Average Dividend ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

    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 fiscal year ended April 30, 2023, 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:

 

BuyBack AchieversTM ETF    $ 151,393  
Dividend AchieversTM ETF      6,709  
Dow Jones Industrial Average Dividend ETF      10,306  
High Yield Equity Dividend AchieversTM ETF      94,265  
International Dividend AchieversTM ETF      27,030  

    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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

    For the fiscal year ended April 30, 2023, the following Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases         Securities Sales         Net Realized Gains (Losses)*
High Yield Equity Dividend AchieversTM ETF    $-       $6,378,136       $(3,409,805)

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

 

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NOTE 5–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, 2023. 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  
BuyBack AchieversTM ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 961,189,123         $ -           $ -           $ 961,189,123  

Money Market Funds

      1,506,793           88,302,437                    -                    89,809,230  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 962,695,916         $ 88,302,437           $ -           $ 1,050,998,353  
  

 

 

        

 

 

          

 

 

          

 

 

  
Dividend AchieversTM ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 679,536,388         $ -           $ -           $ 679,536,388  

Money Market Funds

      500,280           32,322,970             -             32,823,250  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 680,036,668         $ 32,322,970           $ -           $ 712,359,638  
  

 

 

        

 

 

          

 

 

          

 

 

  
Dow Jones Industrial Average Dividend ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 277,034,100         $ -           $ -           $ 277,034,100  

Money Market Funds

      -           7,162,903             -             7,162,903  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 277,034,100         $ 7,162,903           $ -           $ 284,197,003  
  

 

 

        

 

 

          

 

 

          

 

 

  
Financial Preferred ETF                         
Investments in Securities                         

Preferred Stocks

    $ 1,088,347,062         $ -           $ -           $ 1,088,347,062  

Money Market Funds

      6,322,226           39,877,775             -             46,200,001  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 1,094,669,288         $ 39,877,775           $ -           $ 1,134,547,063  
  

 

 

        

 

 

          

 

 

          

 

 

  
High Yield Equity Dividend AchieversTM ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 1,441,588,671         $ -           $ -           $ 1,441,588,671  

Money Market Funds

      -           182,305,233             -             182,305,233  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 1,441,588,671         $ 182,305,233           $ -           $ 1,623,893,904  
  

 

 

        

 

 

          

 

 

          

 

 

  
International Dividend AchieversTM ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 1,085,381,561         $ -           $ -           $ 1,085,381,561  

Money Market Funds

      -           115,573,220             -             115,573,220  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 1,085,381,561         $ 115,573,220           $ -           $ 1,200,954,781  
  

 

 

        

 

 

          

 

 

          

 

 

  

 

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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

     2023     2022  
     Ordinary
Income*		     Ordinary
Income*		  
BuyBack AchieversTM ETF    $ 16,348,748         $ 13,422,838  
Dividend AchieversTM ETF      13,464,204       13,107,685  
Dow Jones Industrial Average Dividend ETF      8,679,403       5,064,485  
Financial Preferred ETF      67,814,596       81,068,351  
High Yield Equity Dividend AchieversTM ETF      59,133,912       40,404,752  
International Dividend AchieversTM ETF      30,709,658       21,523,716  

 

*

Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income		   Temporary
Book/Tax
Differences		   Net
Unrealized
Appreciation
(Depreciation)-
Investments		   Net
Unrealized
Appreciation-
Foreign
Currencies		   Capital Loss
Carryforwards		   Shares of
Beneficial
Interest		   Total
Net Assets
BuyBack AchieversTM ETF     $ 530,784       $ (167,815 )    $ (66,906,864 )          $ -           $ (544,501,148 )    $ 1,572,758,491     $ 961,713,448  
Dividend AchieversTM ETF     746,054       (1,734,894 )      95,100,770       -       (15,976,422 )      601,803,922       679,939,430  
Dow Jones Industrial Average Dividend ETF     777,591       -       (12,899,365 )      -       (13,179,923 )      302,915,866       277,614,169  
Financial Preferred ETF     -       (240,191 )      (184,490,275 )      -       (131,676,124 )      1,421,286,709       1,104,880,119  
High Yield Equity Dividend AchieversTM ETF     1,690,776       (97,984 )      (31,984,562 )      -       (247,569,008 )      1,720,252,555       1,442,291,777  
International Dividend AchieversTM ETF     518,816       (1,021,220 )      85,215,831       515       (444,890,318 )      1,446,148,542       1,085,972,166  

    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.

    The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration        
     Short-Term     Long-Term     Total*  
BuyBack AchieversTM ETF    $ 381,130,046        $ 163,371,102       $ 544,501,148  
Dividend AchieversTM ETF      3,130,908       12,845,514       15,976,422  
Dow Jones Industrial Average Dividend ETF      4,996,945       8,182,978       13,179,923  
Financial Preferred ETF      12,429,581       119,246,543       131,676,124  
High Yield Equity Dividend AchieversTM ETF      89,623,775       157,945,233       247,569,008  
International Dividend AchieversTM ETF      194,403,696       250,486,622       444,890,318  

 

*

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 fiscal year ended April 30, 2023, 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  
BuyBack AchieversTM ETF    $ 743,568,026      $ 744,442,045  
Dividend AchieversTM ETF      57,571,941        58,494,759  
Dow Jones Industrial Average Dividend ETF      52,812,794        53,061,009  
Financial Preferred ETF      180,098,726        193,437,869  
High Yield Equity Dividend AchieversTM ETF      799,756,693        796,739,433  
International Dividend AchieversTM ETF      336,099,690        335,269,514  

 

    54    

 

  

 

 

 

 

    For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind
Sales		  
BuyBack AchieversTM ETF    $ 743,340,609      $ 1,176,781,573  
Dividend AchieversTM ETF      58,635,489        91,686,703  
Dow Jones Industrial Average Dividend ETF      199,901,896        120,491,477  
Financial Preferred ETF      101,810,242        273,358,033  
High Yield Equity Dividend AchieversTM ETF      636,336,279        268,049,025  
International Dividend AchieversTM ETF      309,337,267        8,779,511  

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

    As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  
BuyBack AchieversTM ETF    $ 41,348,501      $ (108,255,365 )    $ (66,906,864 )    $ 1,117,905,217  
Dividend AchieversTM ETF      125,533,330        (30,432,560 )      95,100,770       617,258,868  
Dow Jones Industrial Average Dividend ETF      10,257,817        (23,157,182 )      (12,899,365 )      297,096,368  
Financial Preferred ETF      333,293        (184,823,568 )      (184,490,275 )      1,319,037,338  
High Yield Equity Dividend AchieversTM ETF      64,132,149        (96,116,711 )      (31,984,562 )      1,655,878,466  
International Dividend AchieversTM ETF      122,074,131        (36,858,300 )      85,215,831       1,115,738,950  

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and partnership reclasses, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income (Loss)		   Undistributed Net
Realized Gain (Loss)		   Shares of
Beneficial Interest
BuyBack AchieversTM ETF                $ -           $ (47,544,747 )              $ 47,544,747      
Dividend AchieversTM ETF      41,993       (29,226,342 )      29,184,349  
Dow Jones Industrial Average Dividend ETF      -       (13,375,593 )      13,375,593  
Financial Preferred ETF      296,818       35,157,295       (35,454,113 ) 
High Yield Equity Dividend AchieversTM ETF      212,977       (49,246,605 )      49,033,628  
International Dividend AchieversTM ETF      (1,033,010 )                  (406,150 )      1,439,160  

NOTE 9–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 the unitary management fee, pays for such compensation for Dow Jones Industrial Average Dividend ETF. The Interested Trustee does 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 Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

 

    55    

 

  

 

 

 

 

    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 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.

 

    56    

 

  

 

 

 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco BuyBack Achievers™ ETF, Invesco Dividend Achievers™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BuyBack Achievers™ ETF, Invesco Dividend Achievers™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

    57    

 

  

 

 

 

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Dow Jones Industrial Average Dividend ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Dow Jones Industrial Average Dividend ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay 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 expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

            Annualized    
    Beginning   Ending   Expense Ratio   Expenses Paid
    Account Value   Account Value   Based on the   During the
    November 1, 2022   April 30, 2023   Six-Month Period   Six-Month Period(1)

  Invesco BuyBack AchieversTM ETF (PKW)

                

  Actual

     $ 1,000.00     $ 1,023.40       0.62 %     $ 3.11

  Hypothetical (5% return before expenses)

       1,000.00       1,021.72       0.62       3.11

  Invesco Dividend AchieversTM ETF (PFM)

                

  Actual

       1,000.00       1,056.30       0.54       2.75

  Hypothetical (5% return before expenses)

       1,000.00       1,022.12       0.54       2.71

  Invesco Dow Jones Industrial Average Dividend ETF (DJD)

                

  Actual

       1,000.00       1,040.20       0.07       0.35

  Hypothetical (5% return before expenses)

       1,000.00       1,024.45       0.07       0.35

  Invesco Financial Preferred ETF (PGF)

                

  Actual

       1,000.00       1,062.00       0.56       2.86

  Hypothetical (5% return before expenses)

       1,000.00       1,022.02       0.56       2.81

  Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

                

  Actual

       1,000.00       991.50       0.52       2.57

  Hypothetical (5% return before expenses)

       1,000.00       1,022.22       0.52       2.61

 

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Calculating your ongoing Fund expenses–(continued)

    

    

    

    

 

            Annualized    
    Beginning   Ending   Expense Ratio   Expenses Paid
    Account Value   Account Value   Based on the   During the
    November 1, 2022   April 30, 2023   Six-Month Period   Six-Month Period(1)

  Invesco International Dividend AchieversTM ETF (PID)

                

  Actual

     $ 1,000.00     $ 1,140.60       0.54 %     $ 2.87

  Hypothetical (5% return before expenses)

       1,000.00       1,022.12       0.54       2.71

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

          Corporate        
  Qualified   Qualified   Dividends   U.S.   Business
  Business   Dividend   Received   Treasury   Interest
  Income*      Income*      Deduction*      Obligations*      Income*

  Invesco BuyBack AchieversTM ETF

   0%   100%   100%   0%   0%

  Invesco Dividend AchieversTM ETF

   0%   100%   100%   0%   0%

  Invesco Dow Jones Industrial Average Dividend ETF

   0%   100%   100%   0%   0%

  Invesco Financial Preferred ETF

   0%   100%   93%   0%   0%

  Invesco High Yield Equity Dividend AchieversTM ETF

   0%   100%   100%   0%   0%

  Invesco International Dividend AchieversTM ETF

   0%   71%   1%   0%   0%

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

 

     Foreign Taxes            Foreign Source
     Per Share         Income Per Share

  Invesco International Dividend AchieversTM ETF

    $0.0387       $0.5997

 

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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    61    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).   216   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    62    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    63    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    64    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    65    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**

Overseen by

Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    66    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    67    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth

of Interested Trustee

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Interested

Trustee

  

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer   Trustee since 2022, President and Principal Executive Officer since 2020   President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    68    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2020   Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President and Treasurer   Since 2018   Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Secretary   Since 2020   Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    69    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2009   Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2012   Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2013   Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    70    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth

of Executive Officers

  

Position(s)

Held

with Trust

  

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital Management

LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

   Chief Compliance Officer   Since 2017   Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

    71    

 

  

 

 

 

 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Dow Jones Industrial Average Dividend ETF    Invesco S&P 500® Equal Weight Materials ETF
Invesco NASDAQ Internet ETF    Invesco S&P 500® Equal Weight Real Estate ETF
Invesco Raymond James SB-1 Equity ETF    Invesco S&P 500® Equal Weight Technology ETF
Invesco S&P 500 BuyWrite ETF    Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500® Equal Weight Communication Services ETF    Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF    Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF    Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Energy ETF    Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight ETF    Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight Financials ETF    Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Health Care ETF    Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF    Invesco S&P SmallCap 600® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 pays all other operating expenses of each Fund, except that each Fund pays its 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:

 

    72    

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

  ●

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

 

  ●

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

 

  ●

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

 

  ●

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

 

  ●

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

 

  ●

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

 

  ●

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

  Invesco Fund

    Equal
to/Lower
than ETF
Peer Median		   

        

    Equal to/Lower
than Open-End
Index Fund
Peer Median		                Lower than
Open-End
Active Fund
Peer Median

Invesco Dow Jones Industrial Average Dividend ETF

    X           X       X

Invesco NASDAQ Internet ETF

                X

Invesco Raymond James SB-1 Equity ETF

                X

Invesco S&P 500 BuyWrite ETF

    X       N/A       X

Invesco S&P 500® Equal Weight Communication Services ETF

                X

Invesco S&P 500® Equal Weight Consumer Discretionary ETF

    X             X

Invesco S&P 500® Equal Weight Consumer Staples ETF

    X             X

Invesco S&P 500® Equal Weight Energy ETF

                X

Invesco S&P 500® Equal Weight ETF

    X           X       X

Invesco S&P 500® Equal Weight Financials ETF

                X

Invesco S&P 500® Equal Weight Health Care ETF

                X

Invesco S&P 500® Equal Weight Industrials ETF

    X             X

Invesco S&P 500® Equal Weight Materials ETF

    X             X

Invesco S&P 500® Equal Weight Real Estate ETF

                X

Invesco S&P 500® Equal Weight Technology ETF

    X             X

Invesco S&P 500® Equal Weight Utilities ETF

              X       X

Invesco S&P 500® Pure Growth ETF

    X           X       X

Invesco S&P 500® Pure Value ETF

                X

Invesco S&P 500® Top 50 ETF

                X

Invesco S&P MidCap 400® Equal Weight ETF

                X

Invesco S&P MidCap 400® Pure Growth ETF

                X

Invesco S&P MidCap 400® Pure Value ETF

              X       X

Invesco S&P SmallCap 600® Pure Growth ETF

                X

Invesco S&P SmallCap 600® Pure Value ETF

              X       X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that

 

    73    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. 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 fee was reasonable and appropriate in light of the services provided, the nature of the index, 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 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.

 

    74    

 

  

 

 

 

 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF    Invesco Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF    Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF    Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF    Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF    Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF    Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF    Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF    Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF    Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF    Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF    Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF    Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF    Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF    Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF    Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF    Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF    Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF    Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF    Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF    Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF    Invesco Water Resources ETF
Invesco Dynamic Media ETF    Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF    Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF    Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals ETF   

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

 

    75    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

    76    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

 

               Equal to/Lower         Lower than
     Equal         than Open-End         Open-End
     to/Lower         Index Fund         Active Fund

  Invesco Fund

    than ETF Peer Median                Peer Median*                Peer Median

Invesco Aerospace & Defense ETF

                X

Invesco Buyback AchieversTM ETF

                X

Invesco Dividend AchieversTM ETF

                X

Invesco DWA Basic Materials Momentum ETF

    X             X

Invesco DWA Consumer Cyclicals Momentum ETF

    X             X

Invesco DWA Consumer Staples Momentum ETF

                X

Invesco DWA Energy Momentum ETF

                X

Invesco DWA Financial Momentum ETF

                X

Invesco DWA Healthcare Momentum ETF

                X

Invesco DWA Industrials Momentum ETF

                X

Invesco DWA Momentum ETF

                X

Invesco DWA Technology Momentum ETF

                X

Invesco DWA Utilities Momentum ETF

                X

Invesco Dynamic Biotechnology & Genome ETF

                X

Invesco Dynamic Building & Construction ETF

                X

Invesco Dynamic Energy Exploration & Production ETF

                X

Invesco Dynamic Food & Beverage ETF

                X

Invesco Dynamic Large Cap Growth ETF

                X

Invesco Dynamic Large Cap Value ETF

                X

Invesco Dynamic Leisure and Entertainment ETF

    X             X

Invesco Dynamic Market ETF

                X

Invesco Dynamic Media ETF

    X             X

Invesco Dynamic Networking ETF

                X

Invesco Dynamic Oil & Gas Services ETF

                X

Invesco Dynamic Pharmaceuticals ETF

                X

Invesco Dynamic Semiconductors ETF

                X

Invesco Dynamic Software ETF

                X

Invesco Financial Preferred ETF

                X

Invesco FTSE RAFI US 1000 ETF

                X

Invesco FTSE RAFI US 1500 Small-Mid ETF

                X

Invesco Global Listed Private Equity ETF

          N/A       X

Invesco Golden Dragon China ETF

    X       N/A       X

Invesco High Yield Equity Dividend AchieversTM ETF

                X

Invesco International Dividend AchieversTM ETF

    X             X

 

    77    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

               Equal to/Lower         Lower than
     Equal         than Open-End         Open-End
     to/Lower         Index Fund         Active Fund

  Invesco Fund

    than ETF Peer Median                Peer Median*                Peer Median

Invesco MSCI Sustainable Future ETF

                X

Invesco S&P 100 Equal Weight ETF

          X       X

Invesco S&P 500 GARP ETF

                X

Invesco S&P 500® Quality ETF

    X             X

Invesco S&P 500 Value with Momentum ETF

                X

Invesco S&P MidCap Momentum ETF

                X

Invesco S&P MidCap Quality ETF

                X

Invesco S&P MidCap Value with Momentum ETF

          X       X

Invesco S&P SmallCap Momentum ETF

                X

Invesco S&P SmallCap Value with Momentum ETF

          X       X

Invesco S&P Spin-Off ETF

                X

Invesco Water Resources ETF

    X       X       X

Invesco WilderHill Clean Energy ETF

          X       X

Invesco Zacks Mid-Cap ETF

                X

Invesco Zacks Multi-Asset Income 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 that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

     Equal         Equal          
     to/Lower         to/Lower than         Lower than
     than ETF         Open-End         Open-End
     Peer         Index Fund         Active Fund

  Invesco Fund

    Median                Peer Median*                Peer Median

Invesco Aerospace & Defense ETF

                X

Invesco Buyback AchieversTM ETF

                X

Invesco Dividend AchieversTM ETF

          X       X

Invesco DWA Basic Materials Momentum ETF

                X

Invesco DWA Consumer Cyclicals Momentum ETF

                X

Invesco DWA Consumer Staples Momentum ETF

                X

Invesco DWA Energy Momentum ETF

                X

Invesco DWA Financial Momentum ETF

                X

Invesco DWA Healthcare Momentum ETF

                X

Invesco DWA Industrials Momentum ETF

                X

Invesco DWA Momentum ETF

          X       X

Invesco DWA Technology Momentum ETF

                X

Invesco DWA Utilities Momentum ETF

                X

Invesco Dynamic Biotechnology & Genome ETF

                X

Invesco Dynamic Building & Construction ETF

                X

Invesco Dynamic Energy Exploration & Production ETF

                X

Invesco Dynamic Food & Beverage ETF

                X

Invesco Dynamic Large Cap Growth ETF

                X

Invesco Dynamic Large Cap Value ETF

                X

 

    78    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

     Equal         Equal          
     to/Lower         to/Lower than         Lower than
     than ETF         Open-End         Open-End
     Peer         Index Fund         Active Fund
  Invesco Fund    Median                Peer Median*                Peer Median

Invesco Dynamic Leisure and Entertainment ETF

                X

Invesco Dynamic Market ETF

                X

Invesco Dynamic Media ETF

                X

Invesco Dynamic Networking ETF

                X

Invesco Dynamic Oil & Gas Services ETF

                X

Invesco Dynamic Pharmaceuticals ETF

                X

Invesco Dynamic Semiconductors ETF

                X

Invesco Dynamic Software ETF

                X

Invesco Financial Preferred ETF

                X

Invesco FTSE RAFI US 1000 ETF

                X

Invesco FTSE RAFI US 1500 Small-Mid ETF

                X

Invesco Global Listed Private Equity ETF

          N/A       X

Invesco Golden Dragon China ETF

          N/A       X

Invesco High Yield Equity Dividend AchieversTM ETF

              X       X

Invesco International Dividend AchieversTM ETF

                X

Invesco MSCI Sustainable Future ETF

                X

Invesco S&P 100 Equal Weight ETF

              X       X

Invesco S&P 500 GARP ETF

                X

Invesco S&P 500® Quality ETF

    X             X

Invesco S&P 500 Value with Momentum ETF

                X

Invesco S&P MidCap Momentum ETF

                X

Invesco S&P MidCap Quality ETF

                X

Invesco S&P MidCap Value with Momentum ETF

            X       X

Invesco S&P SmallCap Momentum ETF

                X

Invesco S&P SmallCap Value with Momentum ETF

              X       X

Invesco S&P Spin-Off ETF

                X

Invesco Water Resources ETF

    X           X       X

Invesco WilderHill Clean Energy ETF

              X       X

Invesco Zacks Mid-Cap ETF

                X

Invesco Zacks Multi-Asset Income 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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.

 

    79    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, 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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

    80    

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2023 Invesco Capital Management LLC      
3500 Lacey Road, Suite 700      
Downers Grove, IL 60515                P-PS-AR-1                            invesco.com/ETFs

 

 

LOGO       

 

Invesco Annual Report to Shareholders

  April 30, 2023
  PBE   Invesco Dynamic Biotechnology & Genome ETF
  PKB   Invesco Dynamic Building & Construction ETF
  PXE   Invesco Dynamic Energy Exploration & Production ETF
  PBJ   Invesco Dynamic Food & Beverage ETF
  PEJ   Invesco Dynamic Leisure and Entertainment ETF
  PBS   Invesco Dynamic Media ETF
  PXQ   Invesco Dynamic Networking ETF
  PXJ   Invesco Dynamic Oil & Gas Services ETF
  PJP   Invesco Dynamic Pharmaceuticals ETF
  PSI   Invesco Dynamic Semiconductors ETF
  PSJ   Invesco Dynamic Software ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      26  
Schedules of Investments   

Invesco Dynamic Biotechnology & Genome ETF (PBE)

      27  

Invesco Dynamic Building & Construction ETF (PKB)

      29  

Invesco Dynamic Energy Exploration & Production ETF (PXE)

      31  

Invesco Dynamic Food & Beverage ETF (PBJ)

      33  

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

      35  

Invesco Dynamic Media ETF (PBS)

      37  

Invesco Dynamic Networking ETF (PXQ)

      39  

Invesco Dynamic Oil & Gas Services ETF (PXJ)

      41  

Invesco Dynamic Pharmaceuticals ETF (PJP)

      43  

Invesco Dynamic Semiconductors ETF (PSI)

      45  

Invesco Dynamic Software ETF (PSJ)

      47  
Statements of Assets and Liabilities      50  
Statements of Operations      52  
Statements of Changes in Net Assets      54  
Financial Highlights      58  
Notes to Financial Statements      67  
Report of Independent Registered Public Accounting Firm      79  
Fund Expenses      80  
Tax Information      82  
Trustees and Officers      83  
Approval of Investment Advisory Contracts      94  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-over-

month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

 

 

 

   3  

 

 

 

PBE    Management’s Discussion of Fund Performance
   Invesco Dynamic Biotechnology & Genome ETF (PBE)

 

As an index fund, the Invesco Dynamic Biotechnology & Genome ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. biotechnology and genome companies. These companies are engaged principally in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes, and are companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. These companies may include, for example, biopharmaceutical companies that actively participate in the research and development, animal testing and partial human testing phases of drug development, typically using biotechnological techniques that required the use of living organisms, cells and/or components of cells; outsourced services companies that utilize drug delivery technologies in the development of therapeutics for the biopharmaceutical industry or provide biopharmaceutical companies with novel biological targets and drug leads, and scientific products such as bio-analytical instruments, reagents, and chemicals. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 11.29%. On a net asset value (“NAV”) basis, the Fund returned 11.25%. During the same time period, the Index returned 11.83%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Biotechnology Index (the “Benchmark Index”) returned 13.79%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotechnology industry. It is important to note, however, that the Index includes stocks from its proprietary “Biotechnology & Genome Group Universe” of which approximately 95% are considered pharmaceuticals, biotechnology and life sciences, while the remaining 5% of the Index contains stocks in other industry groups including materials, health care equipment & services, and technology hardware & equipment. The Benchmark Index contains 100% biotechnology companies. This Benchmark Index is relevant as a comparison, but the disparity compared to pure biotechnology exposure may

produce potentially significant differences in performance when compared to the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the life sciences tools & services sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocations to the health care services and life sciences tools & services sub-industries.

For the fiscal year ended April 30, 2023, the biotechnology sub-industry contributed most significantly to the Fund’s return. The health care services sub-industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Chemocentryx, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and PTC Therapeutics, Inc., a biotechnology company (portfolio average weight of 2.03%). Positions that detracted most significantly from the Fund’s return during this period included Emergent BioSolutions Inc., a biotechnology company (no longer held at fiscal year-end), and Fulgent Genetics, Inc., a health care services company (portfolio average weight of 2.48%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Biotechnology      90.33  
Pharmaceuticals      4.61  
Sub-Industry Types Each Less Than 3%      5.04  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Vertex Pharmaceuticals, Inc.      5.96  
Biogen, Inc.      5.72  
Regeneron Pharmaceuticals, Inc.      5.50  
Amgen, Inc.      5.15  
Gilead Sciences, Inc.      4.97  
Incyte Corp.      4.85  
BioMarin Pharmaceutical, Inc.      4.64  
United Therapeutics Corp.      4.61  
PTC Therapeutics, Inc.      3.44  
Avid Bioservices, Inc.      3.25  
Total      48.09  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco Dynamic Biotechnology & Genome ETF (PBE) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Biotech & Genome Intellidex® Index     11.83 %      6.23 %      19.88 %      6.05 %      34.13 %      8.87 %      133.98 %        9.05 %      369.91 % 
S&P Composite 1500® Biotechnolgy Index     13.79       7.70       24.94       9.10       54.59       10.93       182.21         12.65       738.78  
Fund                    
NAV Return     11.25       5.60       17.76       5.46       30.46       8.58       127.69         8.65       339.49  
Market Price Return     11.29       5.52       17.49       5.43       30.28       8.57       127.58         8.64       339.13  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   5  

 

 

 

PKB    Management’s Discussion of Fund Performance
   Invesco Dynamic Building & Construction ETF (PKB)

 

As an index fund, the Invesco Dynamic Building & Construction ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Building & Construction Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. building and construction companies. These companies are engaged primarily in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings, or working on large- scale infrastructure projects, such as highways, tunnels, bridges, dams, power lines and airports. These companies also may include manufacturers of building materials for home improvement and general construction projects and specialized machinery used for building and construction, companies that provide installation, maintenance or repair work, and land developers. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 15.50%. On a net asset value (“NAV”) basis, the Fund returned 15.53%. During the same time period, the Index returned 16.24%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Construction & Engineering Index (the “Benchmark Index”) returned 33.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 15 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the building & construction industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the homebuilding sub-industry and most underweight in the construction & engineering sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the construction materials and building products sub-industries.

For the fiscal year ended April 30, 2023, the homebuilding sub-industry contributed most significantly to the Fund’s return. The gas utilities sub-industry detracted most significantly from the Fund’s return, followed by the electrical components & equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Lennar Corp., Class A, a homebuilding company (portfolio average weight of 3.92%) and D.R. Horton, Inc., a homebuilding company (portfolio average weight of 4.02%). Positions that detracted most significantly from the Fund’s return during this period included Southwest Gas Holdings, Inc., a gas utilities company (portfolio average weight of 2.69%) and Dream Finders Homes, Inc., Class A, a homebuilding company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Homebuilding      54.82  
Building Products      14.13  
Construction & Engineering      9.82  
Construction Materials      5.01  
Other Specialty Retail      4.69  
Home Improvement Retail      4.68  
Sub-Industry Types Each Less Than 3%      6.86  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
PulteGroup, Inc.      5.86  
D.R. Horton, Inc.      5.60  
Lennar Corp., Class A      5.43  
NVR, Inc.      5.35  
Trane Technologies PLC      4.76  
Tractor Supply Co.      4.69  
Home Depot, Inc. (The)      4.68  
Carlisle Cos., Inc.      3.83  
Tecnoglass, Inc.      3.21  
Tri Pointe Homes, Inc.      3.12  
Total      46.53  

 

*

Excluding money market fund holdings.

 

 

 

   6  

 

 

Invesco Dynamic Building & Construction ETF (PKB) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Building & Construction Intellidex® Index     16.24 %      23.78 %      89.64 %      10.57 %      65.28 %      10.27 %      165.74 %        8.12 %      292.54 % 
S&P Composite 1500® Construction & Engineering Index     33.82       39.73       172.83       17.83       127.17       11.25       190.53         9.83       416.76  
Fund                    
NAV Return     15.53       23.04       86.26       9.88       60.17       9.55       149.04         7.31       243.90  
Market Price Return     15.50       22.93       85.79       9.87       60.09       9.56       149.23         7.30       243.60  

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   7  

 

 

 

PXE    Management’s Discussion of Fund Performance
   Invesco Dynamic Energy Exploration & Production ETF (PXE)

 

As an index fund, the Invesco Dynamic Energy Exploration & Production ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Energy Exploration & Production Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies involved in the exploration and production of natural resources used to produce energy. These companies are engaged principally in exploration, extraction and production of crude oil and natural gas from land-based or offshore wells. These companies may include petroleum refineries that process the crude oil into finished products, such as gasoline and automotive lubricants, and companies involved in gathering and processing natural gas, and manufacturing natural gas liquid. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.34)%. On a net asset value (“NAV”) basis, the Fund returned (0.52)%. During the same time period, the Index returned 0.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and differences in the treatment of a corporate action that was not tracked due to delayed announcements from the Index Provider, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500® Oil & Gas Exploration & Production Index (the “Benchmark Index”) returned 6.72%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas exploration & production sub-industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas refining & marketing sub-industry and most underweight in the oil & gas exploration & production sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during

that period can be attributed to the Fund’s stock selection in the oil & gas exploration & production sub-industry.

For the fiscal year ended April 30, 2023, the oil & gas refining & marketing sub-industry contributed most significantly to the Fund’s return, followed by the integrated oil & gas sub-industry. The oil & gas exploration & production sub-industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp., an oil & gas refining & marketing company (portfolio average weight of 5.20%) and Chord Energy Corp., an oil & gas exploration & production company (portfolio average weight of 3.17%). Positions that detracted most significantly from the Fund’s return during this period included Vital Energy, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end) and Callon Petroleum Co., an oil & gas exploration & production company (portfolio average weight of 2.44%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Oil & Gas Exploration & Production      73.43  
Oil & Gas Refining & Marketing      23.83  
Gas Utilities      2.76  
Money Market Funds Plus Other Assets Less Liabilities      (0.02)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Diamondback Energy, Inc.      5.49  
Pioneer Natural Resources Co.      5.40  
Devon Energy Corp.      5.15  
Phillips 66      5.07  
Marathon Petroleum Corp.      5.06  
ConocoPhillips      5.02  
Marathon Oil Corp.      4.85  
Valero Energy Corp.      4.43  
EQT Corp.      3.19  
Civitas Resources, Inc.      3.19  
Total      46.85  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco Dynamic Energy Exploration & Production ETF (PXE) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Energy Exploration & Production Intellidex® Index     0.37 %      43.86 %      197.74 %      5.53 %      30.90 %      2.15 %      23.68 %        5.62 %      160.70 % 
S&P Composite 1500® Oil & Gas Exploration & Production Index     6.72       44.28       200.33       7.32       42.37       2.46       27.46         4.40       112.40  
Fund                    
NAV Return     (0.52 )      42.92       191.93       4.89       26.97       1.58       17.00         5.00       134.93  
Market Price Return     (0.34 )      42.97       192.23       4.84       26.66       1.60       17.17         4.99       134.69  

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   9  

 

 

 

PBJ    Management’s Discussion of Fund Performance
   Invesco Dynamic Food & Beverage ETF (PBJ)

 

As an index fund, the Invesco Dynamic Food & Beverage ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Food & Beverage Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. food and beverage companies. These companies are engaged principally in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. These companies may include consumer manufacturing of agricultural inputs like livestock and crops, as well as processed food and beverage products; food and beverage stores such as grocery stores, supermarkets, wholesale distributors of grocery items; and food and beverage services like restaurants, bars, snack bars, coffeehouses and other establishments providing food and refreshment. Companies with focused operations, such as tobacco growers and manufacturers or pet supplies stores, are specifically excluded from this universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.19%. On a net asset value (“NAV”) basis, the Fund returned 3.25%. During the same time period, the Index returned 3.88%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Food Beverage & Tobacco Index (the “Benchmark Index”) returned 5.97%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the food & beverage industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the food distributors sub-industry and most underweight in the soft drinks & non-alcoholic beverages sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund’s overweight allocation to the food retail sub-industry, followed by the Fund’s security selection in the packaged foods & meats sub-industry.

For the fiscal year ended April 30, 2023, the packaged foods & meats sub-industry contributed most significantly to the Fund’s return, followed by the soft drinks & non-alcoholic beverages sub-industry. The food retail and agricultural products & services sub-industries detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included General Mills, Inc., a packaged foods & meats company (portfolio average weight of 5.20%) and Performance Food Group Co., a food distributors company (portfolio average weight of 2.69%). Positions that detracted most significantly from the Fund’s return during this period included Andersons, Inc., a food distributors company (portfolio average weight of 1.94%) and Tyson Foods, Inc., Class A, a packaged foods & meats company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Packaged Foods & Meats      45.13  
Soft Drinks & Non-alcoholic Beverages      15.75  
Food Distributors      12.85  
Food Retail      10.89  
Agricultural Products & Services      7.26  
Sub-Industry Types Each Less Than 3%      8.11  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Mondelez International, Inc., Class A      5.55  
Hershey Co. (The)      5.47  
General Mills, Inc.      5.33  
PepsiCo, Inc.      5.22  
Coca-Cola Co. (The)      5.17  
Sysco Corp.      4.82  
Kraft Heinz Co. (The)      4.75  
Archer-Daniels-Midland Co.      4.63  
Hostess Brands, Inc.      2.97  
Lamb Weston Holdings, Inc.      2.93  
Total      46.84  

 

*

Excluding money market fund holdings.

 

 

 

   10  

 

 

Invesco Dynamic Food & Beverage ETF (PBJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Food & Beverage Intellidex® Index     3.88 %      18.14 %      64.90 %      9.60 %      58.14 %      9.22 %      141.47 %        8.87 %      355.62 % 
S&P Composite 1500® Food Beverage & Tobacco Index     5.97       15.25       53.08       10.81       67.04       9.50       147.79         11.11       555.85  
Fund                    
NAV Return     3.25       17.50       62.23       9.00       53.83       8.55       127.19         8.18       306.78  
Market Price Return     3.19       17.48       62.16       9.03       54.10       8.56       127.35         8.18       306.88  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   11  

 

 

 

PEJ    Management’s Discussion of Fund Performance
   Invesco Dynamic Leisure and Entertainment ETF (PEJ)

 

As an index fund, the Invesco Dynamic Leisure and Entertainment ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Leisure & Entertainment Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. leisure and entertainment companies. These companies are engaged principally in the design, production or distribution of goods or services in the leisure and entertainment industries. These companies may include hospitality industry companies such as hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses, as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (3.75)%. On a net asset value (“NAV”) basis, the Fund returned (3.71)%. During the same time period, the Index returned (3.12)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Hotels Restaurants & Leisure Index (the “Benchmark Index”) returned 15.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the leisure & entertainment industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the movies & entertainment sub-industry and most underweight in the restaurants sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the restaurants sub-industry, followed by its relative overweight allocation to the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2023, the restaurants sub-industry contributed most significantly to the Fund’s return, followed by the food distributors sub-industry. The hotels, resorts & cruise lines sub-industry detracted most significantly from the Fund’s return, followed by the movies & entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included World Wrestling Entertainment, Inc., Class A, a movies & entertainment company (portfolio average weight of 2.95%) and Performance Food Group Co., a food distributors company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Live Nation Entertainment, Inc., a movies & entertainment company (portfolio average weight of 4.94%) and Warner Bros. Discovery, Inc., Series A, a movies & entertainment company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Movies & Entertainment      27.80  
Restaurants      23.39  
Casinos & Gaming      13.84  
Hotels, Resorts & Cruise Lines      10.65  
Food Distributors      7.50  
Passenger Airlines      7.48  
Broadcasting      7.21  
Interactive Media & Services      2.13  
Money Market Funds Plus Other Assets Less Liabilities      0.00  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Las Vegas Sands Corp.      5.54  
Booking Holdings, Inc.      5.43  
Yum! Brands, Inc.      5.26  
Yum China Holdings, Inc.      4.93  
Sysco Corp.      4.89  
Warner Music Group Corp., Class A      4.67  
Fox Corp., Class A      4.50  
Live Nation Entertainment, Inc.      4.42  
Cinemark Holdings, Inc.      3.61  
World Wrestling Entertainment, Inc., Class A      3.31  
Total      46.56  

 

*

Excluding money market fund holdings.

 

 

 

   12  

 

 

Invesco Dynamic Leisure and Entertainment ETF (PEJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Leisure & Entertainment Intellidex® Index     (3.12 )%      16.11 %      56.52 %      (0.40 )%      (2.00 )%      5.63 %      72.91 %        7.43 %      259.69 % 
S&P Composite 1500® Hotels Restaurants & Leisure Index     15.71       18.07       64.60       9.72       59.02       12.33       219.85         11.75       626.48  
Fund                    
NAV Return     (3.71 )      15.52       54.16       (0.97 )      (4.75 )      4.94       61.89         6.77       222.26  
Market Price Return     (3.75 )      15.37       53.58       (1.01 )      (4.95 )      4.94       61.95         6.77       222.20  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   13  

 

 

 

PBS    Management’s Discussion of Fund Performance
   Invesco Dynamic Media ETF (PBS)

 

As an index fund, the Invesco Dynamic Media ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Media Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. media companies. These companies are engaged principally in the development, production, sale and distribution of goods or services used in the media industry. These companies produce and distribute information and entertainment content and may include television and radio stations, broadcast and cable networks, motion picture companies, music producers, print publishers, and providers of content delivered via the internet, as well as direct to home satellite services, traditional cable services, and advertising and related services. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (13.50)%. On a net asset value (“NAV”) basis, the Fund returned (13.54)%. During the same time period, the Index returned (14.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated by the Fund’s securities lending program, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Media Index (the “Benchmark Index”) returned (1.62)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the media industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services sub-industry and most underweight in the cable & satellite sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the interactive media & services sub-industry.

For the fiscal year ended April 30, 2023, the movies & entertainment sub-industry contributed most significantly to the Fund’s return, followed by the IT consulting & other services sub-industry. The broadcasting sub-industry detracted most significantly from the Fund’s return, followed by the interactive media & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a movies & entertainment company (portfolio average weight of 5.42%) and Meta Platforms Inc., Class A, an interactive media & services company (portfolio average weight of 5.32%). Positions that detracted most significantly from the Fund’s return during this period included iHeartMedia, Inc., Class A, a broadcasting company (portfolio average weight of 2.37%) and Gray Television, Inc., a broadcasting company (portfolio average weight of 1.88%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Interactive Media & Services      36.39  
Broadcasting      23.21  
Movies & Entertainment      17.10  
Publishing      10.67  
Advertising      8.08  
Cable & Satellite      4.53  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Meta Platforms, Inc., Class A      7.41  
Paramount Global, Class B      5.40  
Omnicom Group, Inc.      5.26  
Netflix, Inc.      5.19  
Warner Music Group Corp., Class A      5.07  
Pinterest, Inc., Class A      4.99  
Fox Corp., Class A      4.88  
Sirius XM Holdings, Inc.      4.53  
World Wrestling Entertainment, Inc., Class A      3.59  
Cars.com, Inc.      3.29  
Total      49.61  

 

*

Excluding money market fund holdings.

 

 

 

   14  

 

 

Invesco Dynamic Media ETF (PBS) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Media Intellidex® Index     (14.47 )%      8.23 %      26.79 %      4.42 %      24.15 %      6.69 %      91.16 %        6.01 %      183.33 % 
S&P Composite 1500® Media Index     (1.62 )      3.61       11.21       4.98       27.52       7.08       98.28         7.75       279.29  
Fund                    
NAV Return     (13.54 )      8.18       26.59       4.15       22.55       6.18       82.15         5.46       158.37  
Market Price Return     (13.50 )      8.19       26.65       4.12       22.40       6.18       82.14         5.46       158.24  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   15  

 

 

 

PXQ    Management’s Discussion of Fund Performance
   Invesco Dynamic Networking ETF (PXQ)

 

As an index fund, the Invesco Dynamic Networking ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Networking Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. networking companies. These companies are principally engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. These companies may include communications equipment companies that offer a broad range of access, transport, and connectivity equipment and devices which span across a diverse set of markets including enterprise networking, home networking, satellite, wireless (terrestrial), wireline wide area networking, and cable (CATV). Such companies also may provide integrated circuits specialized to facilitate communications within a network; software that enables, manages, supports, and secures enterprise networks; and equipment used to build storage networks, which are specialized, high speed networks dedicated to accessing storage data. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (8.66)%. On a net asset value (“NAV”) basis, the Fund returned (8.77)%. During the same time period, the Index returned (8.28)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by revenue generated from the Fund’s securities lending program.

During this same time period, the S&P Composite 1500® Communications Equipment Index (the “Benchmark Index”) returned 5.46%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the communications equipment industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the systems software sub-industry and most underweight in the communications equipment sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance

relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the communications equipment sub-industry, followed by the Fund’s relative overweight allocation to the systems software sub-industry.

For the fiscal year ended April 30, 2023, the technology hardware storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the electronic components sub-industry. The communications equipment sub-industry detracted most significantly from the Fund’s return, followed by the systems software and application software sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Extreme Networks, Inc., a communications equipment company (portfolio average weight of 2.96%) and Motorola Solutions, Inc., a communications equipment company (portfolio average weight of 4.39%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended April 30, 2023, included Clearfield, Inc., a communications equipment company (portfolio average weight of 1.48%) and CrowdStrike Holdings, Inc., Class A, a systems software company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Communications Equipment      43.32  
Systems Software      29.93  
Application Software      10.76  
Electronic Components      7.38  
Technology Hardware, Storage & Peripherals      5.77  
Consumer Electronics      2.88  
Money Market Funds Plus Other Assets Less Liabilities      (0.04)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Arista Networks, Inc.      6.02  
Apple, Inc.      5.77  
Palo Alto Networks, Inc.      5.52  
VMware, Inc., Class A      5.52  
Motorola Solutions, Inc.      5.48  
Fortinet, Inc.      5.33  
Amphenol Corp., Class A      4.89  
Cisco Systems, Inc.      4.80  
Harmonic, Inc.      2.98  
Garmin Ltd.      2.88  
Total      49.19  

 

*

Excluding money market fund holdings.

 

 

 

   16  

 

 

Invesco Dynamic Networking ETF (PXQ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Networking Intellidex® Index     (8.28 )%      8.99 %      29.45 %      8.90 %      53.15 %      12.34 %      220.13 %        10.21 %      466.78 % 
S&P Composite 1500® Communications Equipment Index     5.46       10.96       36.61       6.84       39.20       10.61       174.19         6.97       233.21  
Fund                    
NAV Return     (8.77 )      8.93       29.24       8.61       51.14       11.93       208.64         9.66       419.11  
Market Price Return     (8.66 )      8.95       29.34       8.59       50.99       11.94       208.80         9.66       418.74  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.69% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   17  

 

 

 

PXJ    Management’s Discussion of Fund Performance
   Invesco Dynamic Oil & Gas Services ETF (PXJ)

 

As an index fund, the Invesco Dynamic Oil & Gas Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Oil Services Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies that assist in the production, processing and distribution of oil and gas. The Index may include companies engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry, such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management and geophysical data acquisition and processing. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 13.10%. On a net asset value (“NAV”) basis, the Fund returned 13.10%. During the same time period, the Index returned 13.75%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Energy Equipment & Services Index (the “Benchmark Index”) returned 6.81%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas services industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas drilling sub-industry and most underweight in the oil & gas equipment & services sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to security selection in the oil & gas drilling sub-industry, followed by the Fund’s relative overweight allocation to the oil & gas storage & transportation sub-industry.

For the fiscal year ended April 30, 2023, the oil & gas equipment & services sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas storage & transportation sub-industry. The oil & gas drilling sub-industry detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included TechnipFMC plc, an oil & gas equipment & services company (portfolio average weight of 4.99%) and Weatherford International plc, an oil & gas equipment & services company (portfolio average weight of 3.20%). Positions that detracted most significantly from the Fund’s return during this period included ProPetro Holding Corp., an oil & gas equipment & services company (portfolio average weight of 2.75%) and Core Laboratories Inc., an oil & gas equipment & services company (portfolio average weight of 1.40%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Oil & Gas Equipment & Services      65.90  
Oil & Gas Storage & Transportation      17.23  
Oil & Gas Drilling      16.87  
Money Market Funds Plus Other Assets Less Liabilities      0.00  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
TechnipFMC PLC      5.55  
Baker Hughes Co., Class A      5.41  
Schlumberger N.V.      5.15  
ChampionX Corp.      5.03  
Halliburton Co.      5.02  
Transocean Ltd.      4.81  
Helmerich & Payne, Inc.      4.43  
NOV, Inc.      4.35  
Archrock, Inc.      3.40  
Teekay Tankers Ltd., Class A      3.27  
Total      46.42  

 

*

Excluding money market fund holdings.

 

 

 

   18  

 

 

Invesco Dynamic Oil & Gas Services ETF (PXJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Oil Services Intellidex® Index     13.75 %      30.93 %      124.47 %      (10.14 )%      (41.39 )%      (11.95 )%      (71.98 )%        (5.01 )%      (59.37 )% 
S&P Composite 1500® Energy Equipment & Services Index     6.81       37.00       157.12       (8.30 )      (35.17 )      (5.74 )      (44.64 )        (0.66 )      (10.98 ) 
Fund                    
NAV Return     13.10       29.32       116.28       (11.04 )      (44.28 )      (12.66 )      (74.18 )        (5.69 )      (64.16 ) 
Market Price Return     13.10       29.14       115.38       (11.04 )      (44.28 )      (12.66 )      (74.17 )        (5.69 )      (64.15 ) 

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.74% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   19  

 

 

 

PJP    Management’s Discussion of Fund Performance
   Invesco Dynamic Pharmaceuticals ETF (PJP)

 

As an index fund, the Invesco Dynamic Pharmaceuticals ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Pharmaceutical Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. pharmaceuticals companies. These companies are engaged principally in the research, development, manufacture, sale or distribution of pharmaceuticals and drugs of all types. In accordance with the Index methodology, the various types of companies may include companies from the following segments of the pharmaceutical industry:

- Big Pharmaceutical: Large, vertically integrated drug companies that actively participate in all major phases of the drug development process, including research and development, animal and human testing, manufacturing and sales and marketing.

- Specialty Pharmaceutical: Midsize, often vertically integrated drug companies specializing in one or two therapeutic areas using both traditional chemical techniques and biotechnological techniques (involving living organisms, cells, and/or components of cells) to develop drugs.

- Generic Pharmaceutical: Generally midsize to small non-vertically integrated drug companies that actively participate only in the manufacturing and sometimes sales and marketing of patent- expired drugs.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.10%. On a net asset value (“NAV”) basis, the Fund returned 3.17%. During the same time period, the Index returned 3.63%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by litigation proceeds.

During this same time period, the S&P Composite 1500® Pharmaceuticals Index (the “Benchmark Index”) returned 3.62%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the pharmaceuticals industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a

modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the pharmaceuticals sub-industry, followed by the Fund’s relative overweight allocation to the life sciences tools & services sub-industry.

For the fiscal year ended April 30, 2023, the biotechnology sub-industry contributed most significantly to the Fund’s return. The life sciences tools & services sub-industry detracted most significantly from the Fund’s return, followed by the health care equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Gilead Sciences, Inc., a biotechnology company (portfolio average weight of 5.91%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 6.05%). Positions that detracted most significantly from the Fund’s return during this period included Emergent BioSolutions Inc., a biotechnology company (no longer held at fiscal year-end) and Bausch Health Co. Inc., a pharmaceuticals company (portfolio average weight of 3.03%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Pharmaceuticals      54.49  
Biotechnology      39.50  
Health Care Equipment      6.00  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Eli Lilly and Co.      6.81  
Abbott Laboratories      6.00  
Merck & Co., Inc.      5.96  
Johnson & Johnson      5.84  
Amgen, Inc.      5.67  
AbbVie, Inc.      5.60  
Gilead Sciences, Inc.      5.47  
Pfizer, Inc.      5.13  
Amphastar Pharmaceuticals, Inc.      3.79  
Biogen, Inc.      3.78  
Total      54.05  

 

*

Excluding money market fund holdings.

 

 

 

   20  

 

 

Invesco Dynamic Pharmaceuticals ETF (PJP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Pharmaceutical Intellidex® Index     3.63 %      8.96 %      29.36 %      6.34 %      36.00 %      8.88 %      134.05 %        11.68 %      618.82 % 
S&P Composite 1500® Pharmaceuticals Index     3.62       12.14       41.03       12.56       80.67       11.05       185.19         9.63       416.58  
Fund                    
NAV Return     3.17       8.41       27.42       5.77       32.37       8.29       121.78         11.04       548.09  
Market Price Return     3.10       8.43       27.48       5.75       32.25       8.29       121.69         11.04       548.33  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   21  

 

 

 

PSI    Management’s Discussion of Fund Performance
   Invesco Dynamic Semiconductors ETF (PSI)

 

As an index fund, the Invesco Dynamic Semiconductors ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Semiconductor Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. semiconductor companies. These companies are principally engaged in the manufacture of semiconductors. These companies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment, make or test chips for third parties, and provide equipment or services used in the production of semiconductors and other thin film products like flat panel displays and thin film heads. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.48%. On a net asset value (“NAV”) basis, the Fund returned 2.49%. During the same time period, the Index returned 3.03%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Semiconductor Index (the “Benchmark Index”) returned 13.99%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductors industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor materials & equipment sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the semiconductors sub-industry, followed by the Fund’s relative overweight allocation to the semiconductor materials & equipment sub-industry.

For the fiscal year ended April 30, 2023, the semiconductor materials & equipment sub-industry contributed most significantly to the Fund’s return, followed by the electronic components sub-industry. The semiconductors sub-industry detracted most significantly from the Fund’s return, followed by the specialty chemicals sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Axcelis Technologies, Inc., a semiconductors materials & equipment company (portfolio average weight of 3.00%) and NVIDIA Corp., a semiconductors company (portfolio average weight of 5.22%). Positions that detracted most significantly from the Fund’s return during this period included Intel Corp., a semiconductors company (no longer held at fiscal year-end) and FormFactor, Inc., a semiconductors materials & equipment company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Semiconductors      62.70  
Semiconductor Materials & Equipment      34.44  
Electronic Components      2.85  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
NVIDIA Corp.      6.91  
Micron Technology, Inc.      5.75  
Lam Research Corp.      5.64  
Broadcom, Inc.      5.54  
Applied Materials, Inc.      5.22  
Texas Instruments, Inc.      5.03  
Analog Devices, Inc.      4.97  
QUALCOMM, Inc.      4.85  
KLA Corp.      2.87  
Vishay Intertechnology, Inc.      2.85  
Total      49.63  

 

*

Excluding money market fund holdings.

 

 

 

   22  

 

 

Invesco Dynamic Semiconductors ETF (PSI) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Semiconductor Intellidex® Index     3.03 %      21.63 %      79.96 %      19.19 %      140.57 %      23.61 %      733.10 %        13.22 %      817.88 % 
S&P Composite 1500® Semiconductor Index     13.99       22.21       82.53       19.32       141.88       21.60       606.68         12.43       709.28  
Fund                    
NAV Return     2.49       20.97       77.03       18.49       133.58       22.78       678.39         12.44       711.63  
Market Price Return     2.48       20.89       76.68       18.47       133.38       22.80       679.80         12.44       710.97  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   23  

 

 

 

PSJ    Management’s Discussion of Fund Performance
   Invesco Dynamic Software ETF (PSJ)

 

As an index fund, the Invesco Dynamic Software ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Software Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. software companies. These companies are principally engaged in the research, design, production or distribution of products or processes that relate to software applications and systems and information-based services. These companies may include companies that design and market computer applications targeted toward various end user markets, including home/office, design/engineering, and IT infrastructure; as well as distributors of third-party software applications, primarily to resellers, retailers, and corporations. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (0.67)%. On a net asset value (“NAV”) basis, the Fund returned (0.71)%. During the same time period, the Index returned (1.46)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to revenue generated by the Fund’s securities lending program, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Software & Services Index (the “Benchmark Index”) returned 7.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 90 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the software industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the health care technology sub-industry, followed by the Fund’s relative overweight allocation to the interactive home entertainment sub-industry.

For the fiscal year ended April 30, 2023, the application software sub-industry contributed most significantly to the Fund’s return, followed by the advertising sub-industry. The health care technology sub-industry detracted most significantly from the Fund’s return, followed by the data processing & outsourced services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Cadence Design Systems, Inc., an application software company (portfolio average weight of 5.27%) and Fair Isaac Corp., an application software company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Playtika Holding Corp., an interactive home entertainment company (no longer held at fiscal year-end) and MultiPlan Corp., Class A, a health care technology company (no longer held at fiscal year-end).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Application Software      34.62  
Interactive Home Entertainment      15.44  
Advertising      14.28  
Human Resource & Employment Services      9.81  
Systems Software      8.77  
Interactive Media & Services      4.54  
Sub-Industry Types Each Less Than 3%      12.55  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Electronic Arts, Inc.      5.67  
Trade Desk, Inc. (The), Class A      5.66  
Cadence Design Systems, Inc.      5.43  
Fortinet, Inc.      5.27  
Synopsys, Inc.      5.26  
Activision Blizzard, Inc.      5.04  
Paycom Software, Inc.      4.89  
Roblox Corp., Class A      4.73  
Integral Ad Science Holding Corp.      3.85  
N-able, Inc.      3.50  
Total      49.30  

 

*

Excluding money market fund holdings.

 

 

 

   24  

 

 

Invesco Dynamic Software ETF (PSJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Software Intellidex® Index     (1.46 )%      1.98 %      6.07 %      8.44 %      49.97 %      13.85 %      265.83 %        12.13 %      671.87 % 
S&P Composite 1500® Software & Services Index     7.12       13.21       45.10       16.29       112.64       17.98       422.41         13.45       851.55  
Fund                    
NAV Return     (0.71 )      1.85       5.66       8.11       47.67       13.27       247.65         11.52       599.98  
Market Price Return     (0.67 )      1.86       5.69       8.08       47.46       13.28       248.05         11.51       599.33  

 

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   25  

 

 

Liquidity Risk Management Program

    

    

    

 

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

   

 

  26   

    
 

 

Invesco Dynamic Biotechnology & Genome ETF (PBE)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.98%

 

Biotechnology-90.33%

      

Acadia Pharmaceuticals, Inc.(b)(c)

     377,211      $ 8,045,911  

Alkermes PLC(b)

     252,923        7,220,952  

Amgen, Inc.

      54,050        12,957,946  

Amicus Therapeutics, Inc.(b)(c)

     545,317        6,292,958  

Avid Bioservices, Inc.(b)(c)

     452,556        8,168,636  

Biogen, Inc.(b)

     47,353        14,406,203  

BioMarin Pharmaceutical, Inc.(b)

     121,513        11,670,109  

Catalyst Pharmaceuticals, Inc.(b)

     460,569        7,332,258  

Dynavax Technologies Corp.(b)(c)

     654,583        6,814,209  

Exelixis, Inc.(b)

     402,503        7,365,805  

FibroGen, Inc.(b)

     310,782        5,320,588  

Gilead Sciences, Inc.

      152,135        12,507,018  

Halozyme Therapeutics, Inc.(b)

     141,435        4,544,307  

Incyte Corp.(b)

     164,056        12,207,407  

Ionis Pharmaceuticals, Inc.(b)(c)

     183,721        6,498,212  

Ironwood Pharmaceuticals, Inc.(b)(c)

     603,409        6,281,488  

Neurocrine Biosciences, Inc.(b)

     68,785        6,950,036  

PTC Therapeutics, Inc.(b)

     157,059        8,660,233  

Regeneron Pharmaceuticals, Inc.(b)

     17,249        13,830,076  

REGENXBIO, Inc.(b)(c)

     330,526        6,398,983  

Sarepta Therapeutics, Inc.(b)

     57,614        7,073,271  

United Therapeutics Corp.(b)

     50,448        11,609,598  

Veracyte, Inc.(b)(c)

     309,141        6,998,952  

Vericel Corp.(b)(c)

     245,497        7,735,610  

Vertex Pharmaceuticals, Inc.(b)

     44,026        15,000,979  

Xencor, Inc.(b)

     205,732        5,439,554  
     

 

 

  
        227,331,299  
     

 

 

  

Health Care Services-2.66%

      

Fulgent Genetics, Inc.(b)(c)

     226,060        6,684,595  
     

 

 

  

Life Sciences Tools & Services-2.38%

      

Repligen Corp.(b)(c)

     39,459        5,983,168  
     

 

 

  
         Shares          Value  

Pharmaceuticals-4.61%

      

Cassava Sciences, Inc.(b)(c)

     278,607      $ 6,469,255  

Catalent, Inc.(b)

     102,296        5,127,075  
     

 

 

  
        11,596,330  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $238,374,884)

 

      251,595,392  
     

 

 

  

Money Market Funds-0.12%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $294,606)

      294,606        294,606  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $238,669,490)

 

      251,889,998  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-14.75%

      

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

     10,396,545        10,396,545  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      26,733,973        26,733,973  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $37,135,605)

 

      37,130,518  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-114.85%
(Cost $275,805,095)

 

      289,020,516  

OTHER ASSETS LESS LIABILITIES-(14.85)%

 

      (37,363,495 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 251,657,021  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

   $     138,087        $     6,349,505       $     (6,192,986)         $    -         $    -         $    294,606       $     5,060  

 

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

   
   

 

  27   

    
 

 

Invesco Dynamic Biotechnology & Genome ETF (PBE)–(continued)

April 30, 2023

 

 

   

Value
April 30, 2022

            Purchases
at Cost		            Proceeds
from Sales		           

Change in
Unrealized
Appreciation
(Depreciation)

            Realized
Gain		           

Value
April 30, 2023

           

Dividend
Income

  

Investments Purchased with Cash Collateral from Securities on Loan:

                          

Invesco Private Government Fund

   $ 16,183,722       $ 134,293,908       $ (140,081,085 )      $ -       $ -       $ 10,396,545       $ 487,996 * 

Invesco Private Prime Fund

     37,737,721         275,353,606         (286,363,846 )        (6,420 )        12,912         26,733,973         1,332,017 * 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total

   $ 54,059,530       $ 415,997,019       $ (432,637,917 )      $ (6,420 )      $ 12,912       $ 37,425,124       $ 1,825,073  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  28   

    
 

 

Invesco Dynamic Building & Construction ETF (PKB)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.01%

 

Building Products-14.13%

      

Apogee Enterprises, Inc.

      100,859      $ 4,292,559  

Carlisle Cos., Inc.

      32,558        7,027,645  

Tecnoglass, Inc.

      134,279        5,888,134  

Trane Technologies PLC

      47,020        8,736,786  
     

 

 

  
        25,945,124  
     

 

 

  

Construction & Engineering-9.82%

      

AECOM

      51,978        4,316,773  

EMCOR Group, Inc.

      31,508        5,387,868  

Granite Construction, Inc.(b)

     108,457        4,135,465  

Valmont Industries, Inc.

      14,429        4,192,490  
     

 

 

  
        18,032,596  
     

 

 

  

Construction Machinery & Heavy Transportation Equipment-2.01%

 

Terex Corp.

      82,579        3,682,198  
     

 

 

  

Construction Materials-5.01%

      

Eagle Materials, Inc.

      33,524        4,968,592  

Summit Materials, Inc., Class A(c)

     154,091        4,223,634  
     

 

 

  
        9,192,226  
     

 

 

  

Forest Products-2.65%

      

Louisiana-Pacific Corp.

      81,335        4,858,953  
     

 

 

  

Gas Utilities-2.20%

      

Southwest Gas Holdings, Inc.(b)

     72,275        4,047,400  
     

 

 

  

Home Improvement Retail-4.68%

      

Home Depot, Inc. (The)

      28,619        8,601,154  
     

 

 

  

Homebuilding-54.82%

      

Cavco Industries, Inc.(c)

     17,042        5,116,349  

Century Communities, Inc.

      79,341        5,342,823  

D.R. Horton, Inc.

      93,716        10,291,891  

Green Brick Partners, Inc.(b)(c)

     152,375        5,679,016  

Installed Building Products, Inc.(b)

     44,645        5,548,034  

Lennar Corp., Class A

      88,324        9,963,831  

M.D.C. Holdings, Inc.

      126,830        5,196,225  

M/I Homes, Inc.(c)

     83,919        5,676,281  

Meritage Homes Corp.

      43,130        5,522,797  

NVR, Inc.(c)

     1,681        9,817,040  
         Shares          Value  

Homebuilding-(continued)

      

PulteGroup, Inc.

      160,309      $ 10,764,750  

Skyline Champion Corp.(c)

     67,549        5,010,109  

Taylor Morrison Home Corp., Class A(c)

     132,769        5,721,016  

Toll Brothers, Inc.

      82,719        5,286,571  

Tri Pointe Homes, Inc.(b)(c)

     199,636        5,725,561  
     

 

 

  
        100,662,294  
     

 

 

  

Other Specialty Retail-4.69%

      

Tractor Supply Co.(b)

     36,151        8,618,398  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $167,008,537)

 

      183,640,343  
     

 

 

  

Money Market Funds-0.08%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $152,257)

      152,257        152,257  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $167,160,794)

 

      183,792,600  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-7.45%

      

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

     3,829,706        3,829,706  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      9,847,815        9,847,815  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,677,634)

 

      13,677,521  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-107.54%
(Cost $180,838,428)

 

      197,470,121  

OTHER ASSETS LESS LIABILITIES-(7.54)%

 

      (13,849,349 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 183,620,772  
     

 

 

  
 

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

    $     142,552        $     8,005,548        $     (7,995,843)          $    -          $    -          $    152,257        $     4,558  

 

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

   
   

 

  29   

    
 

 

Invesco Dynamic Building & Construction ETF (PKB)–(continued)

April 30, 2023

 

 

   

Value
April 30, 2022

            Purchases
at Cost		            Proceeds
from Sales		           

Change in
Unrealized
Appreciation
(Depreciation)

            Realized
Gain		           

Value
April 30, 2023

           

Dividend
Income

  

Investments Purchased with Cash Collateral from Securities on Loan:

                          

Invesco Private Government Fund

   $ 834,839       $ 54,683,964       $ (51,689,097 )      $ -       $ -       $ 3,829,706       $ 130,167 * 

Invesco Private Prime Fund

     1,948,889         128,283,714         (120,386,623 )        (113 )        1,948         9,847,815         353,045 * 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total

   $ 2,926,280       $ 190,973,226       $ (180,071,563 )      $ (113 )      $ 1,948       $ 13,829,778       $ 487,770  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  30   

    
 

 

Invesco Dynamic Energy Exploration & Production ETF (PXE)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.02%

 

Gas Utilities-2.76%

      

National Fuel Gas Co.

      80,410      $ 4,494,919  
     

 

 

  

Oil & Gas Exploration & Production-73.43%

 

   

Antero Resources Corp.(b)

     187,269        4,305,314  

APA Corp.

      118,978        4,384,339  

California Resources Corp.(c)

     116,842        4,732,101  

Callon Petroleum Co.(b)(c)

     128,253        4,250,304  

Chord Energy Corp.

      35,975        5,120,322  

Civitas Resources, Inc.

      75,054        5,182,479  

Comstock Resources, Inc.(c)

     400,691        4,607,947  

ConocoPhillips

      79,279        8,157,016  

Devon Energy Corp.

      156,586        8,366,390  

Diamondback Energy, Inc.

      62,817        8,932,577  

Earthstone Energy, Inc., Class A(b)(c)

     360,223        4,884,624  

EQT Corp.

      148,755        5,182,625  

Marathon Oil Corp.

      326,563        7,889,762  

Matador Resources Co.

      78,002        3,824,438  

Murphy Oil Corp.

      115,933        4,255,901  

Ovintiv, Inc.

      105,753        3,815,568  

PDC Energy, Inc.

      73,383        4,773,564  

Permian Resources Corp.(c)

     485,808        5,076,694  

Pioneer Natural Resources Co.

      40,315        8,770,528  

SM Energy Co.

      153,321        4,305,254  

Southwestern Energy Co.(b)

     937,450        4,865,366  

Talos Energy, Inc.(b)(c)

     270,791        3,690,881  
     

 

 

  
        119,373,994  
     

 

 

  

Oil & Gas Refining & Marketing-23.83%

 

   

Delek US Holdings, Inc.(c)

     170,845        3,715,879  

HF Sinclair Corp.

      85,799        3,784,594  

Marathon Petroleum Corp.

      67,441        8,227,802  

Par Pacific Holdings, Inc.(b)

     170,845        4,002,898  

PBF Energy, Inc., Class A

      102,325        3,567,049  
         Shares          Value  

Oil & Gas Refining & Marketing-(continued)

 

   

Phillips 66

      83,294      $ 8,246,106  

Valero Energy Corp.

      62,795        7,200,703  
     

 

 

  
        38,745,031  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $192,701,148)

 

      162,613,944  
     

 

 

  

Money Market Funds-0.07%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $108,993)

      108,993        108,993  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $192,810,141)

 

      162,722,937  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.79%

      

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

     5,820,927        5,820,927  

Invesco Private Prime Fund, 4.99%(d)(e)(f) 

      14,968,098        14,968,098  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,789,065)

 

      20,789,025  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.88%
(Cost $213,599,206)

 

      183,511,962  

OTHER ASSETS LESS LIABILITIES-(12.88)%

 

      (20,939,248 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 162,572,714  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                          

Invesco Government & Agency Portfolio, Institutional Class

   $     340,711       $     23,800,236       $     (24,031,954)         $    -         $    -         $    108,993       $     6,329  

 

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

   
   

 

  31   

    
 

 

Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)

April 30, 2023

 

 

   

Value
April 30, 2022

            Purchases
at Cost		            Proceeds
from Sales		           

Change in
Unrealized
Appreciation
(Depreciation)

            Realized
Gain
(Loss)		           

Value
April 30, 2023

           

Dividend
Income

  

Investments Purchased with Cash Collateral from Securities on Loan:

                          

Invesco Private Government Fund

   $ 11,513,827       $ 170,764,260       $ (176,457,160 )      $ -       $ -       $ 5,820,927       $ 350,972 * 

Invesco Private Prime Fund

     26,845,754         427,109,427         (438,984,500 )        (2,544 )        (39 )        14,968,098         956,657 * 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total

   $ 38,700,292       $ 621,673,923       $ (639,473,614 )      $ (2,544 )      $ (39 )      $ 20,898,018       $ 1,313,958  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  32   

    
 

 

Invesco Dynamic Food & Beverage ETF (PBJ)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Agricultural Products & Services-7.26%

 

   

Archer-Daniels-Midland Co.

      199,066      $ 15,543,073  

Fresh Del Monte Produce, Inc.

      308,715        8,863,208  
     

 

 

  
        24,406,281  
     

 

 

  

Brewers-2.92%

      

Molson Coors Beverage Co., Class B

      164,744        9,798,973  
     

 

 

  

Distillers & Vintners-2.70%

      

MGP Ingredients, Inc.

      92,087        9,087,145  
     

 

 

  

Food Distributors-12.85%

      

Andersons, Inc. (The)

      198,976        8,894,227  

Performance Food Group Co.(b)

     150,647        9,444,061  

Sysco Corp.

      210,962        16,189,224  

US Foods Holding Corp.(b)

     225,127        8,644,877  
     

 

 

  
        43,172,389  
     

 

 

  

Food Retail-10.89%

      

Albertsons Cos., Inc., Class A

      411,668        8,603,861  

Kroger Co. (The)

      198,084        9,632,825  

Sprouts Farmers Market, Inc.(b)(c)

     279,258        9,679,082  

Weis Markets, Inc.(c)

     104,983        8,660,048  
     

 

 

  
        36,575,816  
     

 

 

  

Packaged Foods & Meats-45.13%

      

Cal-Maine Foods, Inc.

      148,546        7,055,935  

Campbell Soup Co.

      165,670        8,995,881  

Conagra Brands, Inc.

      243,083        9,227,431  

General Mills, Inc.

      202,145        17,916,111  

Hershey Co. (The)

      67,264        18,367,108  

Hostess Brands, Inc.(b)(c)

     387,484        9,981,588  

JM Smucker Co. (The)

      58,924        9,098,455  

Kraft Heinz Co. (The)

      406,419        15,960,074  

Lamb Weston Holdings, Inc.

      88,095        9,849,902  

Lancaster Colony Corp.

      45,482        9,511,196  

Mondelez International, Inc., Class A

      243,303        18,666,206  
         Shares          Value  

Packaged Foods & Meats-(continued)

      

Post Holdings, Inc.(b)(c)

     96,490      $ 8,731,380  

Tootsie Roll Industries, Inc.

      202,954        8,296,759  
     

 

 

  
        151,658,026  
     

 

 

  

Restaurants-2.49%

      

Arcos Dorados Holdings, Inc., Class A (Brazil)

      1,054,715        8,374,437  
     

 

 

  

Soft Drinks & Non-alcoholic Beverages-15.75%

 

   

Celsius Holdings, Inc.(b)(c)

     101,698        9,719,278  

Coca-Cola Co. (The)

      270,969        17,382,661  

PepsiCo, Inc.

      91,974        17,556,917  

Primo Water Corp.

      544,579        8,272,155  
     

 

 

  
        52,931,011  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $314,816,379)

 

      336,004,078  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.83%

      

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

     8,310,046        8,310,046  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      21,368,689        21,368,689  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $29,678,735)

 

      29,678,735  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-108.82%
(Cost $344,495,114)

 

      365,682,813  

OTHER ASSETS LESS LIABILITIES-(8.82)%

 

      (29,635,983 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 336,046,830  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                          

Invesco Government & Agency Portfolio, Institutional Class

   $     364,851       $     19,698,102       $     (20,062,953)         $    -         $    -         $    -       $     4,297  

 

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

   
   

 

  33   

    
 

 

Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)

April 30, 2023

 

 

   

Value
April 30, 2022

            Purchases
at Cost		            Proceeds
from Sales		           

Change in
Unrealized
Appreciation

            Realized
Gain		           

Value
April 30, 2023

           

Dividend
Income

  

Investments Purchased with Cash Collateral from Securities on Loan:

                          

Invesco Private Government Fund

   $ 11,654,821       $ 108,041,720       $ (111,386,495 )      $ -       $ -       $ 8,310,046       $ 293,345 * 

Invesco Private Prime Fund

     27,185,071         234,339,026         (240,158,836 )        -         3,428         21,368,689         808,878 * 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total

   $ 39,204,743       $ 362,078,848       $ (371,608,284 )      $ -       $ 3,428       $ 29,678,735       $ 1,106,520  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  34   

    
 

 

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

April 30, 2023

 

Schedule of Investments(a)

 

        Shares         Value  

Common Stocks & Other Equity Interests-100.00%

 

Broadcasting-7.21%

    

Fox Corp., Class A(b)

    613,409     $ 20,401,983  

Paramount Global, Class B(b)

    527,775       12,312,991  
   

 

 

  
      32,714,974  
   

 

 

  

Casinos & Gaming-13.84%

    

Boyd Gaming Corp.

     186,153       12,919,018  

International Game Technology PLC(b)

    464,574       13,073,112  

Las Vegas Sands Corp.(c)

    393,710       25,138,383  

Light & Wonder, Inc.(b)(c)

    193,264       11,651,887  
   

 

 

  
      62,782,400  
   

 

 

  

Food Distributors-7.50%

    

Sysco Corp.

     288,843       22,165,812  

US Foods Holding Corp.(c)

    308,239       11,836,377  
   

 

 

  
      34,002,189  
   

 

 

  

Hotels, Resorts & Cruise Lines-10.65%

 

  

Booking Holdings, Inc.(c)

    9,164       24,617,345  

Hilton Grand Vacations, Inc.(b)(c)

    266,629       11,411,721  

Hyatt Hotels Corp., Class A(b)(c)

    107,324       12,267,133  
   

 

 

  
      48,296,199  
   

 

 

  

Interactive Media & Services-2.13%

    

TripAdvisor, Inc.(b)(c)

    544,658       9,656,786  
   

 

 

  

Movies & Entertainment-27.80%

    

Cinemark Holdings, Inc.(b)(c)

    969,679       16,368,181  

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

    563,924       14,537,961  

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

    175,319       12,656,278  

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

    1,181,834       13,591,091  

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

    295,624       20,037,395  

Madison Square Garden Sports Corp., Class A

     63,546       12,740,973  

Warner Music Group Corp., Class A

     695,289       21,185,456  

World Wrestling Entertainment, Inc., Class A(b)

    139,998       15,003,586  
   

 

 

  
      126,120,921  
   

 

 

  

Passenger Airlines-7.48%

    

Alaska Air Group, Inc.(c)

    253,297       11,008,288  

Copa Holdings S.A., Class A
(Panama)(b)

     132,271       11,946,717  

United Airlines Holdings, Inc.(c)

    251,089       10,997,698  
   

 

 

  
      33,952,703  
   

 

 

  
        Shares         Value  

Restaurants-23.39%

    

Arcos Dorados Holdings, Inc., Class A (Brazil)

     1,444,133     $ 11,466,416  

Bloomin’ Brands, Inc.(b)

    430,684       10,668,043  

Brinker International, Inc.(b)(c)

    312,399       12,470,968  

Darden Restaurants, Inc.

     81,848       12,435,167  

Texas Roadhouse, Inc.(b)

    115,703       12,799,066  

Yum China Holdings, Inc. (China)(b)

    365,818       22,380,745  

Yum! Brands, Inc.

     169,874       23,880,887  
   

 

 

  
      106,101,292  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $444,607,917)

 

     453,627,464  
   

 

 

  

Money Market Funds-0.09%

    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $392,263)

     392,263       392,263  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $445,000,180)

       454,019,727  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-23.54%

    

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

    29,897,937       29,897,937  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

     76,880,409       76,880,409  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $106,785,946)

 

     106,778,346  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-123.63%
(Cost $551,786,126)

 

     560,798,073  

OTHER ASSETS LESS LIABILITIES-(23.63)%

 

     (107,177,104 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 453,620,969  
   

 

 

  
 

 

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

   
   

 

  35   

    
 

 

Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)

April 30, 2023

 

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, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

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

Investments in Affiliated Money Market Funds:

                                                    

Invesco Government & Agency Portfolio, Institutional Class

     $ -         $ 100,344,686         $ (99,952,423 )         $ -         $ -         $ 392,263         $ 11,652

Investments Purchased with Cash Collateral from Securities on Loan:

                                                    

Invesco Private Government Fund

       33,799,807           346,261,989           (350,163,859 )           -           -           29,897,937           874,164 *

Invesco Private Prime Fund

       78,835,195           722,059,918           (724,028,193 )           (8,782 )            22,271           76,880,409           2,377,608 *

Investments in Other Affiliates:

                                                    

Manchester United PLC, Class A

       41,148,669           2,411,581           (40,351,378 )           3,718,614             (6,927,486 )           -           -
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Total

     $ 153,783,671         $ 1,171,078,174         $ (1,214,495,853 )         $ 3,709,832         $ (6,905,215 )         $ 107,170,609         $ 3,263,424
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  36   

    
 

 

Invesco Dynamic Media ETF (PBS)

April 30, 2023

 

Schedule of Investments(a)

 

        Shares         Value  

Common Stocks & Other Equity Interests-99.98%

 

Advertising-8.08%

    

Interpublic Group of Cos., Inc. (The)

     25,212     $ 900,825  

Omnicom Group, Inc.

     18,491       1,674,730  
   

 

 

  
      2,575,555  
   

 

 

  

Broadcasting-23.21%

    

E.W. Scripps Co. (The), Class A(b)(c)

    65,224       549,838  

Fox Corp., Class A(c)

    46,746       1,554,772  

Gray Television, Inc.

     73,370       565,683  

iHeartMedia, Inc., Class A(b)(c)

    128,092       444,479  

Nexstar Media Group, Inc., Class A

     4,735       821,286  

Paramount Global, Class B(c)

    73,738       1,720,308  

Sinclair Broadcast Group, Inc., Class A(c)

    48,616       966,972  

TEGNA, Inc.

     45,164       772,304  
   

 

 

  
      7,395,642  
   

 

 

  

Cable & Satellite-4.53%

    

Sirius XM Holdings, Inc.(c)

    379,958       1,443,840  
   

 

 

  

Interactive Media & Services-36.39%

    

Angi, Inc., Class A(b)

    374,903       862,277  

Cargurus, Inc.(b)

    55,827       917,796  

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

    53,589       1,048,737  

Getty Images Holdings, Inc.(b)(c)

    146,391       941,294  

Meta Platforms, Inc., Class A(b)

    9,826       2,361,384  

Pinterest, Inc., Class A(b)

    69,154       1,590,542  

Rumble Inc.(b)(c)

    96,471       767,909  

Shutterstock, Inc.(c)

    12,247       820,549  

Taboola.com Ltd. (Israel)(b)

    235,271       543,476  

Yelp, Inc.(b)(c)

    30,508       912,799  

Ziff Davis, Inc.(b)(c)

    11,314       827,506  
   

 

 

  
      11,594,269  
   

 

 

  

Movies & Entertainment-17.10%

    

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

    90,065       1,035,748  

Netflix, Inc.(b)

    5,010       1,652,949  

Warner Music Group Corp., Class A

     52,987       1,614,514  

World Wrestling Entertainment, Inc., Class A(c)

    10,670       1,143,504  
   

 

 

  
      5,446,715  
   

 

 

  
         Shares          Value  

Publishing-10.67%

      

John Wiley & Sons, Inc., Class A(c)

     20,932      $ 807,347  

New York Times Co. (The), Class A(c)

     22,959        912,620  

News Corp., Class A

      50,507        889,429  

Scholastic Corp

      20,549        790,520  
     

 

 

  
        3,399,916  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $36,995,219)

 

      31,855,937  
     

 

 

  

Money Market Funds-0.25%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $79,956)

      79,956        79,956  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.23%
(Cost $37,075,175)

 

      31,935,893  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-32.99%

      

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

     2,942,832        2,942,832  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      7,567,281        7,567,281  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,511,457)

 

      10,510,113  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-133.22%
(Cost $47,586,632)

 

      42,446,006  

OTHER ASSETS LESS LIABILITIES-(33.22)%

 

      (10,584,080 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 31,861,926  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d)

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

 

    

Value
April 30, 2022

             Purchases
at Cost		             Proceeds
from Sales		            

Change in
Unrealized
Appreciation
(Depreciation)

             Realized
Gain		            

Value
April 30, 2023

            

Dividend
Income

  

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

    $     85,837        $     1,302,271        $     (1,308,152)          $        -        $     -        $     79,956        $     1,854  

 

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

   
   

 

  37   

    
 

 

Invesco Dynamic Media ETF (PBS)–(continued)

April 30, 2023

 

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

    $ 1,846,466        $ 23,584,734        $ (22,488,368 )       $ -        $ -        $ 2,942,832        $ 83,669 * 

Invesco Private Prime Fund

      4,304,883          44,355,505          (41,093,504 )         (1,376 )         1,773          7,567,281          224,930 * 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 6,237,186        $ 69,242,510        $ (64,890,024 )       $ (1,376 )       $ 1,773        $ 10,590,069        $ 310,453  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  38   

    
 

 

Invesco Dynamic Networking ETF (PXQ)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.04%

 

Application Software-10.76%

      

Dynatrace, Inc.(b)

     23,922      $ 1,011,421  

ForgeRock, Inc., Class A(b)(c)

     50,384        1,009,192  

InterDigital, Inc.(c)

     14,166        959,605  

New Relic, Inc.(b)

     13,811        987,072  
     

 

 

  
        3,967,290  
     

 

 

  

Communications Equipment-43.32%

 

   

Arista Networks, Inc.(b)

     13,859        2,219,658  

Calix, Inc.(b)

     20,048        916,194  

Cisco Systems, Inc.

      37,517        1,772,678  

Clearfield, Inc.(b)(c)

     16,938        739,852  

CommScope Holding Co., Inc.(b)

     134,843        664,776  

Digi International, Inc.(b)(c)

     30,557        921,599  

Extreme Networks, Inc.(b)(c)

     54,222        964,067  

F5, Inc.(b)

     7,106        954,762  

Harmonic, Inc.(b)(c)

     77,913        1,097,794  

Infinera Corp.(b)(c)

     146,285        925,984  

Juniper Networks, Inc.

      32,321        974,478  

Motorola Solutions, Inc.

      6,942        2,022,899  

NetScout Systems, Inc.(b)(c)

     34,668        943,316  

Ubiquiti, Inc.(c)

     3,711        862,993  
     

 

 

  
        15,981,050  
     

 

 

  

Consumer Electronics-2.88%

      

Garmin Ltd.

      10,819        1,062,101  
     

 

 

  

Electronic Components-7.38%

      

Amphenol Corp., Class A(c)

     23,921        1,805,318  

Belden, Inc.

      11,639        918,201  
     

 

 

  
        2,723,519  
     

 

 

  

Systems Software-29.93%

      

A10 Networks, Inc.(c)

     69,067        976,607  

Check Point Software Technologies Ltd. (Israel)(b)

     8,110        1,032,890  

Fortinet, Inc.(b)

     31,216        1,968,169  

Palo Alto Networks, Inc.(b)

     11,169        2,037,896  
         Shares          Value  

Systems Software-(continued)

      

Qualys, Inc.(b)(c)

     8,624      $ 973,995  

Rapid7, Inc.(b)

     21,161        1,028,636  

SolarWinds Corp.(b)(c)

     114,629        988,102  

VMware, Inc., Class A(b)

     16,278        2,035,238  
     

 

 

  
        11,041,533  
     

 

 

  

Technology Hardware, Storage & Peripherals-5.77%

 

   

Apple, Inc.

      12,552        2,129,823  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $35,977,633)

 

      36,905,316  
     

 

 

  
Money Market Funds-0.26%      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $94,897)

      94,897        94,897  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.30%
(Cost $36,072,530)

 

      37,000,213  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.46%

 

   

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

     2,545,282        2,545,282  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

     6,478,220        6,478,220  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $9,023,502)

 

      9,023,502  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-124.76%
(Cost $45,096,032)

 

      46,023,715  

OTHER ASSETS LESS LIABILITIES-(24.76)%

 

      (9,134,941 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 36,888,774  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                     

Invesco Government & Agency Portfolio, Institutional Class

    $     41,355      $     1,262,694      $     (1,209,152)      $ -      $     -      $     94,897      $     2,328  

 

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

   
   

 

  39   

    
 

 

Invesco Dynamic Networking ETF (PXQ)–(continued)

April 30, 2023

 

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                    

Invesco Private Government Fund

    $ 1,436,610      $ 34,931,315      $ (33,822,643 )    $ -      $ -      $ 2,545,282      $ 60,955 * 

Invesco Private Prime Fund

      3,350,983        69,541,671        (66,414,740 )      -        306        6,478,220        163,835 * 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 4,828,948      $ 105,735,680      $ (101,446,535 )    $ -      $ 306      $ 9,118,399      $ 227,118  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  40   

    
 

 

Invesco Dynamic Oil & Gas Services ETF (PXJ)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.00%

 

Oil & Gas Drilling-16.87%

      

Diamond Offshore Drilling, Inc.(b)

     221,570      $ 2,545,839  

Helmerich & Payne, Inc.

      110,570        3,666,501  

Nabors Industries Ltd.(b)(c)

     16,838        1,679,422  

Patterson-UTI Energy, Inc.

      186,335        2,085,089  

Transocean Ltd.(b)(c)

     674,715        3,980,819  
     

 

 

  
        13,957,670  
     

 

 

  

Oil & Gas Equipment & Services-65.90%

 

Archrock, Inc.(c)

     273,012        2,809,293  

Baker Hughes Co., Class A(c)

     153,143        4,477,901  

Cactus, Inc., Class A(c)

     52,108        2,109,332  

ChampionX Corp.(c)

     153,732        4,163,063  

Core Laboratories N.V.

      110,033        2,476,843  

Dril-Quip, Inc.(b)(c)

     87,997        2,400,558  

Halliburton Co.

      126,806        4,152,896  

Helix Energy Solutions Group, Inc.(b)

     294,728        2,136,778  

Liberty Energy, Inc., Class A

      167,607        2,147,046  

NexTier Oilfield Solutions, Inc.(b)

     274,804        2,220,416  

NOV, Inc.

      214,624        3,594,952  

Oceaneering International, Inc.(b)

     128,176        2,272,560  

ProFrac Holding Corp., Class A(b)(c)

     129,825        1,454,040  

ProPetro Holding Corp.(b)

     278,140        1,930,292  

RPC, Inc.

      286,010        2,113,614  

Schlumberger N.V.

      86,389        4,263,297  

TechnipFMC PLC (United Kingdom)(b)(c)

      335,617        4,594,597  

USA Compression Partners L.P.

      124,034        2,592,311  

Weatherford International PLC(b)

     40,294        2,604,201  
     

 

 

  
        54,513,990  
     

 

 

  

Oil & Gas Storage & Transportation-17.23%

 

DHT Holdings, Inc.

      230,518        2,187,616  

Frontline PLC (Norway)(c)

     146,506        2,266,448  

International Seaways, Inc.(c)

     58,593        2,333,173  
     Shares      Value  

Oil & Gas Storage & Transportation-(continued)

 

Navigator Holdings Ltd.(b)(c)

     188,495      $ 2,603,116  

Scorpio Tankers, Inc. (Monaco)(c)

     41,323        2,159,127  

Teekay Tankers Ltd., Class A (Canada)(b)

      66,835        2,706,149  
     

 

 

  
        14,255,629  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $91,500,757)

 

      82,727,289  
     

 

 

  

Money Market Funds-0.10%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $82,865)

      82,865        82,865  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $91,583,622)

 

      82,810,154  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.78%

 

   

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

     2,959,918        2,959,918  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

     7,611,218        7,611,218  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,571,157)

 

      10,571,136  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.88%
(Cost $102,154,779)

 

      93,381,290  

OTHER ASSETS LESS LIABILITIES-(12.88)%

 

      (10,654,088 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 82,727,202  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                     

Invesco Government & Agency Portfolio, Institutional Class

    $     126,244      $     1,817,808      $     (1,861,187)      $       -      $       -      $     82,865      $     3,026  

 

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

   
   

 

  41   

    
 

 

Invesco Dynamic Oil & Gas Services ETF (PXJ)–(continued)

April 30, 2023

 

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                  

Invesco Private Government Fund

    $ 5,339,810      $ 45,499,131      $ (47,879,023 )    $ -     $ -     $ 2,959,918      $ 91,640 * 

Invesco Private Prime Fund

      12,457,065        92,397,547        (97,239,485 )      (222 )      (3,687 )      7,611,218        243,384 * 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

 

   

 

 

  

Total

    $ 17,923,119      $ 139,714,486      $ (146,979,695 )    $ (222 )    $ (3,687 )    $ 10,654,001      $ 338,050  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

 

   

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  42   

    
 

 

Invesco Dynamic Pharmaceuticals ETF (PJP)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Biotechnology-39.50%

 

AbbVie, Inc.

      113,222      $ 17,110,109  

Amgen, Inc.

      72,239        17,318,578  

Biogen, Inc.(b)

     37,976        11,553,438  

Enanta Pharmaceuticals, Inc.(b)

     210,807        7,494,189  

Geron Corp.(b)

     3,741,055        9,202,995  

Gilead Sciences, Inc.

      203,319        16,714,855  

Horizon Therapeutics PLC(b)

     93,967        10,445,372  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)

     39,023        0  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)

     39,023        0  

Regeneron Pharmaceuticals, Inc.(b)

     13,833        11,091,161  

Travere Therapeutics, Inc.(b)(c)

     484,762        10,456,316  

United Therapeutics Corp.(b)

     40,446        9,307,838  
     

 

 

  
        120,694,851  
     

 

 

  

Health Care Equipment-6.00%

      

Abbott Laboratories

      166,034        18,341,776  
     

 

 

  

Pharmaceuticals-54.49%

      

Amphastar Pharmaceuticals, Inc.(b)(c)

     324,077        11,592,234  

Bausch Health Cos., Inc.(b)(c)

     1,165,382        8,588,865  

Corcept Therapeutics, Inc.(b)(c)

     472,560        10,646,777  

Eli Lilly and Co.

      52,551        20,802,839  

Jazz Pharmaceuticals PLC(b)(c)

     71,195        10,000,762  

Johnson & Johnson

      108,924        17,830,859  

Ligand Pharmaceuticals, Inc.(b)(c)

     145,669        11,121,828  

Merck & Co., Inc.

      157,785        18,219,434  

Pacira BioSciences, Inc.(b)(c)

     250,980        11,371,904  

Perrigo Co. PLC(c)

     282,033        10,488,807  

Pfizer, Inc.

      403,015        15,673,253  

Prestige Consumer Healthcare, Inc.(b)

     168,874        10,390,817  

Supernus Pharmaceuticals, Inc.(b)

     265,980        9,804,023  
     

 

 

  
        166,532,402  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $259,258,272)

 

      305,569,029  
     

 

 

  
         Shares          Value  
Money Market Funds-0.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(e)(f)
(Cost $106,731)

      106,731      $ 106,731  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $259,365,003)

 

      305,675,760  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.36%      

Invesco Private Government Fund,
4.83%(e)(f)(g)

     10,601,820        10,601,820  

Invesco Private Prime Fund, 4.99%(e)(f)(g)

     27,164,158        27,164,158  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $37,766,648)

 

      37,765,978  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.38%
(Cost $297,131,651)

 

      343,441,738  

OTHER ASSETS LESS LIABILITIES-(12.38)%

 

      (37,841,148 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 305,600,590  
     

 

 

  
 

 

Investment Abbreviations:

Rts.-Rights

 

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

   
   

 

  43   

    
 

 

Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)

April 30, 2023

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

(e) 

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

 

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

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 137,871      $ 5,547,577      $ (5,578,717 )    $ -     $ -      $ 106,731      $ 4,748  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

      18,280,630        127,490,630        (135,169,440 )      -       -        10,601,820        268,997 * 

Invesco Private Prime Fund

      42,636,270        271,997,068        (287,468,716 )      (943 )      479        27,164,158        727,107 * 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

 

   

 

 

  

Total

    $ 61,054,771      $ 405,035,275      $ (428,216,873 )    $ (943 )    $ 479      $ 37,872,709      $ 1,000,852  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

 

   

 

 

  

 

*

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

 

(f) 

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

(g) 

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

 

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

   
   

 

  44   

    
 

 

Invesco Dynamic Semiconductors ETF (PSI)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Electronic Components-2.85%

 

Vishay Intertechnology, Inc.

      685,218      $ 14,588,291  
     

 

 

  

Semiconductor Materials & Equipment-34.44%

 

Amkor Technology, Inc.

      577,676        12,922,612  

Applied Materials, Inc.

      236,105        26,686,948  

Axcelis Technologies, Inc.(b)(c)

     118,784        14,052,147  

Camtek Ltd. (Israel)(b)(c)

     543,760        14,328,076  

Cohu, Inc.(b)

     418,457        14,160,585  

Ichor Holdings Ltd.(b)(c)

     441,567        12,297,641  

KLA Corp.

      37,940        14,665,327  

Kulicke & Soffa Industries, Inc. (Singapore)(c)

     275,960        13,152,254  

Lam Research Corp.

      54,940        28,792,955  

Photronics, Inc.(b)

     875,326        12,657,214  

Ultra Clean Holdings, Inc.(b)(c)

     430,318        12,281,276  
     

 

 

  
        175,997,035  
     

 

 

  

Semiconductors-62.70%

      

Allegro MicroSystems, Inc. (Japan)(b)(c)

      334,043        11,948,718  

Analog Devices, Inc.

      141,290        25,415,245  

Broadcom, Inc.

      45,178        28,304,017  

Cirrus Logic, Inc.(b)

     141,206        12,114,063  

Diodes, Inc.(b)

     161,343        12,859,037  

Impinj, Inc.(b)(c)

     115,952        10,251,316  

Lattice Semiconductor Corp.(b)

     173,359        13,816,712  

MACOM Technology Solutions Holdings, Inc.(b)(c)

     219,854        12,826,282  

Microchip Technology, Inc.

      177,926        12,986,819  

Micron Technology, Inc.

      456,150        29,357,814  

Monolithic Power Systems, Inc.

      29,787        13,760,700  

NVIDIA Corp.

      127,218        35,301,723  

NXP Semiconductors N.V. (China)

      78,948        12,926,946  

ON Semiconductor Corp.(b)

     181,081        13,030,589  

QUALCOMM, Inc.

      212,389        24,807,035  
         Shares          Value  

Semiconductors-(continued)

      

Silicon Laboratories, Inc.(b)(c)

     82,122      $ 11,439,595  

Skyworks Solutions, Inc.

      127,615        13,514,429  

Texas Instruments, Inc.

      153,871        25,727,231  
     

 

 

  
        320,388,271  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $505,238,171)

 

      510,973,597  
     

 

 

  

Money Market Funds-0.10%

      

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $483,981)

      483,981        483,981  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $505,722,152)

 

      511,457,578  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-9.03%      

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

     12,923,048        12,923,048  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      33,230,696        33,230,696  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $46,154,494)

 

      46,153,744  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-109.12%
(Cost $551,876,646)

 

      557,611,322  

OTHER ASSETS LESS LIABILITIES-(9.12)%

 

      (46,598,470 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 511,012,852  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money

Market Funds:

                     

Invesco Government & Agency Portfolio, Institutional Class

    $     114,354      $     6,150,369      $     (5,780,742)      $       -      $       -      $     483,981      $     7,766  

 

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

   
   

 

  45   

    
 

 

Invesco Dynamic Semiconductors ETF (PSI)–(continued)

April 30, 2023

 

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

Investments Purchased with Cash

Collateral from Securities on Loan:

              

Invesco Private Government Fund

   $ 11,548,793     $ 256,950,040     $ (255,575,785)     $ -     $ -     $ 12,923,048     $ 635,685 * 

Invesco Private Prime Fund

     26,909,169       514,451,954       (508,139,541 )      (2,010 )      11,124       33,230,696       1,760,489 * 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 38,572,316     $ 777,552,363     $ (769,496,068 )    $ (2,010 )    $ 11,124     $ 46,637,725     $ 2,403,940  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  46   

    
 

 

Invesco Dynamic Software ETF (PSJ)

April 30, 2023

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.01%

 

Advertising-14.28%

 

Integral Ad Science Holding Corp.(b)(c)

     440,458      $ 6,928,404  

Magnite, Inc.(b)(c)

     361,526        3,398,345  

Perion Network Ltd. (Israel)(b)

     148,106        5,188,153  

Trade Desk, Inc. (The), Class A(b)

     158,371        10,189,590  
     

 

 

  
        25,704,492  
     

 

 

  

Aerospace & Defense-2.65%

      

Parsons Corp.(b)(c)

     109,573        4,766,426  
     

 

 

  

Application Software-34.62%

      

Agilysys, Inc.(b)(c)

     60,381        4,712,133  

Blackbaud, Inc.(b)

     84,420        5,854,949  

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

     146,206        3,868,611  

Cadence Design Systems, Inc.(b)

     46,653        9,771,471  

Intapp, Inc.(b)(c)

     130,380        5,256,922  

Manhattan Associates, Inc.(b)

     34,273        5,678,351  

Model N, Inc.(b)(c)

     142,343        4,384,164  

Nutanix, Inc., Class A(b)(c)

     176,152        4,224,125  

PowerSchool Holdings, Inc., Class A(b)

     206,500        4,311,720  

SPS Commerce, Inc.(b)(c)

     32,656        4,810,229  

Synopsys, Inc.(b)

     25,508        9,471,630  
     

 

 

  
        62,344,305  
     

 

 

  

Communications Equipment-2.53%

      

NetScout Systems, Inc.(b)

     167,143        4,547,961  
     

 

 

  

Health Care Technology-1.96%

      

Veradigm, Inc.(b)(c)

     282,228        3,525,028  
     

 

 

  

Human Resource & Employment Services-9.81%

 

   

Ceridian HCM Holding, Inc.(b)(c)

     66,545        4,224,277  

Paycom Software, Inc.(b)

     30,312        8,801,695  

Paylocity Holding Corp.(b)(c)

     24,036        4,645,918  
     

 

 

  
        17,671,890  
     

 

 

  

Interactive Home Entertainment-15.44%

 

   

Activision Blizzard, Inc.

      116,721        9,070,389  

Electronic Arts, Inc.

      80,231        10,211,802  

Roblox Corp., Class A(b)(c)

     239,284        8,518,510  
     

 

 

  
        27,800,701  
     

 

 

  

Interactive Media & Services-4.54%

      

Bumble, Inc., Class A(b)(c)

     217,686        3,964,062  

ZoomInfo Technologies, Inc., Class A(b)

     192,097        4,208,845  
     

 

 

  
        8,172,907  
     

 

 

  
         Shares          Value  

Semiconductor Materials & Equipment-2.62%

 

PDF Solutions, Inc.(b)(c)

     131,077      $ 4,725,326  
     

 

 

  

Semiconductors-2.79%

      

Rambus, Inc.(b)

     113,479        5,031,659  
     

 

 

  

Systems Software-8.77%

      

Fortinet, Inc.(b)

     150,520        9,490,286  

N-able, Inc.(b)(c)

     494,183        6,300,833  
     

 

 

  
        15,791,119  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $176,571,574)

 

      180,081,814  
     

 

 

  
Money Market Funds-0.09%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $154,502)

      154,502        154,502  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $176,726,076)

 

      180,236,316  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-11.24%      

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

     5,666,175        5,666,175  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      14,570,164        14,570,164  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,237,518)

 

      20,236,339  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-111.34%
(Cost $196,963,594)

 

      200,472,655  

OTHER ASSETS LESS LIABILITIES-(11.34)%

 

      (20,414,794 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 180,057,861  
     

 

 

  
 

 

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

   
   

 

  47   

    
 

 

Invesco Dynamic Software ETF (PSJ)–(continued)

April 30, 2023

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

    $ 10,951      $ 23,342,403      $ (23,198,852)     $ -     $ -      $ 154,502      $ 3,753  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

      11,459,301        124,564,958        (130,358,084 )      -       -        5,666,175        308,792 * 

Invesco Private Prime Fund

      26,722,975        280,104,594        (292,261,704 )      (2,488 )      6,787        14,570,164        843,013 * 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

 

   

 

 

  

Total

    $ 38,193,227      $ 428,011,955      $ (445,818,640 )    $ (2,488 )    $ 6,787      $ 20,390,841      $ 1,155,558  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

 

   

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

   
   

 

  48   

    
 

 

 

(This Page Intentionally Left Blank)

 

 

 

   
   

 

  49   

    
 

 

Statements of Assets and Liabilities

April 30, 2023

 

     Invesco
Dynamic
Biotechnology &
Genome
ETF (PBE)		     Invesco
Dynamic Building &
Construction
ETF (PKB)		     Invesco
Dynamic Energy
Exploration &
Production
ETF (PXE)		     Invesco
Dynamic Food &
Beverage
ETF (PBJ)		  

Assets:

         

Unaffiliated investments in securities, at value(a)

   $ 251,595,392     $ 183,640,343     $ 162,613,944     $ 336,004,078  

Affiliated investments in securities, at value

      37,425,124       13,829,778       20,898,018       29,678,735  

Cash

      -       -       2,993       -  

Receivable for:

         

Dividends

      1,258       33,572       53,531       622,370  

Securities lending

      32,443       1,699       2,609       3,398  

Investments sold

      -       -       -       -  

Fund shares sold

      -       -       -       -  

Other assets

      33,995       32,929       47,139       38,778  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

      289,088,212       197,538,321       183,618,234       366,347,359  
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities:

         

Due to custodian

      -       -       -       303,318  

Payable for:

         

Investments purchased

      -       -       -       -  

Investments purchased - affiliated broker

      -       -       -       -  

Collateral upon return of securities loaned

      37,135,605       13,677,634       20,789,065       29,678,735  

Fund shares repurchased

      -       -       -       -  

Expenses recaptured

      -       -       2,260       -  

Accrued advisory fees

      103,977       70,078       70,251       134,522  

Accrued trustees’ and officer’s fees

      82,010       57,246       58,501       67,793  

Accrued expenses

      109,599       112,591       125,443       116,161  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

      37,431,191       13,917,549       21,045,520       30,300,529  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets

    $ 251,657,021     $ 183,620,772     $ 162,572,714     $ 336,046,830  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net assets consist of:

         

Shares of beneficial interest

    $ 540,664,294     $ 274,524,336     $ 328,158,586     $ 424,951,699  

Distributable earnings (loss)

      (289,007,273 )      (90,903,564 )      (165,585,872 )      (88,904,869 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets

    $ 251,657,021     $ 183,620,772     $ 162,572,714     $ 336,046,830  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

      4,020,000       3,860,000       6,090,000       7,120,000  

Net asset value

    $ 62.60     $ 47.57     $ 26.70     $ 47.20  
  

 

 

    

 

 

    

 

 

    

 

 

  

Market price

    $ 62.59     $ 47.56     $ 26.70     $ 47.21  
  

 

 

    

 

 

    

 

 

    

 

 

  

Unaffiliated investments in securities, at cost

    $ 238,374,884     $ 167,008,537     $ 192,701,148     $ 314,816,379  
  

 

 

    

 

 

    

 

 

    

 

 

  

Affiliated investments in securities, at cost

    $ 37,430,211     $ 13,829,891     $ 20,898,058     $ 29,678,735  
  

 

 

    

 

 

    

 

 

    

 

 

  

(a) Includes securities on loan with an aggregate value of:

    $ 36,934,711     $ 13,419,390     $ 20,889,347     $ 29,131,670  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

   
   

 

  50   

    
 

 

 

Invesco
Dynamic Leisure
and
Entertainment
ETF (PEJ)		     Invesco
Dynamic Media
ETF (PBS)		     Invesco
Dynamic
Networking
ETF (PXQ)		     Invesco
Dynamic Oil &
Gas Services
ETF (PXJ)		     Invesco
Dynamic
Pharmaceuticals
ETF (PJP)		     Invesco
Dynamic
Semiconductors
ETF (PSI)		     Invesco
Dynamic
Software
ETF (PSJ)		  
$ 453,627,464     $ 31,855,937     $ 36,905,316     $ 82,727,289     $ 305,569,029     $ 510,973,597     $ 180,081,814  
  107,170,609       10,590,069       9,118,399       10,654,001       37,872,709       46,637,725       20,390,841  
  -       -       -       -       -       -       -  
  101,813       4,339       299       673       255,965       1,922       162  
  11,357       70,881       1,107       2,759       6,915       6,366       2,214  
  -       19,519       -       1,884,952       -       -       -  
  2,485,683       -       -       -       -       -       -  
  145,710       21,846       19,250       24,473       41,977       68,540       35,806  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  563,542,636       42,562,591       46,044,371       95,294,147       343,746,595       557,688,150       200,510,837  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  511       -       -       -       -       -       -  
  2,479,592       29,964       -       -       -       -       -  
  -       6,242       -       -       -       -       -  
  106,785,946       10,511,457       9,023,502       10,571,157       37,766,648       46,154,494       20,237,518  
  -       19,519       -       1,813,847       -       -       -  
  13,880       -       -       -       -       -       -  
  185,274       5,669       8,241       30,163       126,586       218,606       69,521  
  61,570       60,031       50,891       68,584       126,121       56,984       58,372  
  394,894       67,783       72,963       83,194       126,650       245,214       87,565  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  109,921,667       10,700,665       9,155,597       12,566,945       38,146,005       46,675,298       20,452,976  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 453,620,969     $ 31,861,926     $ 36,888,774     $ 82,727,202     $ 305,600,590     $ 511,012,852     $ 180,057,861  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 989,365,162     $ 141,204,214     $ 91,313,731     $ 198,497,229     $ 733,102,367     $ 644,875,937     $ 367,969,689  
  (535,744,193 )      (109,342,288 )      (54,424,957 )      (115,770,027 )      (427,501,777 )      (133,863,085 )      (187,911,828 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 453,620,969     $ 31,861,926     $ 36,888,774     $ 82,727,202     $ 305,600,590     $ 511,012,852     $ 180,057,861  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  10,950,000       930,000       510,000       17,060,000       3,940,000       4,590,000       1,860,000  
$ 41.43     $ 34.26     $ 72.33     $ 4.85     $ 77.56     $ 111.33     $ 96.81  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 41.41     $ 34.24     $ 72.28     $ 4.85     $ 77.54     $ 111.31     $ 96.79  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 444,607,917     $ 36,995,219     $ 35,977,633     $ 91,500,757     $ 259,258,272     $ 505,238,171     $ 176,571,574  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 107,178,209     $ 10,591,413     $ 9,118,399     $ 10,654,022     $ 37,873,379     $ 46,638,475     $ 20,392,020  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 105,680,869     $ 10,353,839     $ 8,847,766     $ 10,491,462     $ 37,681,986     $ 45,266,679     $ 19,698,717  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

   
   

 

  51   

    
 

 

Statements of Operations

For the year ended April 30, 2023

 

     Invesco
Dynamic
Biotechnology &
Genome
ETF (PBE)		     Invesco
Dynamic Building &
Construction
ETF (PKB)		     Invesco
Dynamic Energy
Exploration &
Production
ETF (PXE)		     Invesco
Dynamic Food &
Beverage
ETF (PBJ)		  

Investment income:

         

Unaffiliated dividend income

    $ 881,848     $ 1,380,473     $ 10,782,464     $ 9,521,422  

Affiliated dividend income

      5,060       4,558       6,329       4,297  

Securities lending income, net

      288,415       25,009       202,518       48,220  

Foreign withholding tax

      -       -       -       (6,523 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      1,175,323       1,410,040       10,991,311       9,567,416  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses:

         

Advisory fees

      1,221,350       635,384       1,378,598       1,629,975  

Sub-licensing fees

      73,280       38,122       82,714       97,797  

Accounting & administration fees

      26,973       20,987       32,072       27,367  

Professional fees

      37,353       36,576       37,914       38,085  

Printing fees

      10,358       20,529       18,781       32,089  

Custodian & transfer agent fees

      15,643       9,057       10,733       7,001  

Trustees’ and officer’s fees

      3,695       4,815       5,915       5,314  

Recapture (Note 3)

      -       -       80,916       5,173  

Tax expenses

      -       -       374       -  

Other expenses

      25,774       22,569       15,767       20,576  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      1,414,426       788,039       1,663,784       1,863,377  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less: Waivers

      (130 )      (123 )      (278 )      (183 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net expenses

      1,414,296       787,916       1,663,506       1,863,194  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      (238,973 )      622,124       9,327,805       7,704,222  
  

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) from:

         

Net realized gain (loss) from:

         

Unaffiliated investment securities

      (27,307,770 )      (12,701,973 )      (13,896,432 )      (25,490,456 ) 

Affiliated investment securities

      12,912       1,948       (39 )      3,428  

In-kind redemptions

      16,323,992       (196,174 )      79,378,542       20,108,861  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      (10,970,866 )      (12,896,199 )      65,482,071       (5,378,167 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Change in net unrealized appreciation (depreciation) of:

         

Unaffiliated investment securities

      35,134,527       31,328,368       (96,930,382 )      5,360,645  

Affiliated investment securities

      (6,420 )      (113 )      (2,544 )      -  
  

 

 

    

 

 

    

 

 

    

 

 

  

Change in net unrealized appreciation (depreciation)

      35,128,107       31,328,255       (96,932,926 )      5,360,645  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss)

      24,157,241       18,432,056       (31,450,855 )      (17,522 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

    $ 23,918,268     $ 19,054,180     $ (22,123,050 )    $ 7,686,700  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

   
   

 

  52   

    
 

 

 

Invesco
Dynamic Leisure
and
Entertainment
ETF (PEJ)		     Invesco
Dynamic Media
ETF (PBS)		     Invesco
Dynamic
Networking
ETF (PXQ)		     Invesco
Dynamic Oil &
Gas Services
ETF (PXJ)		     Invesco
Dynamic
Pharmaceuticals
ETF (PJP)		     Invesco
Dynamic
Semiconductors
ETF (PSI)		     Invesco
Dynamic
Software
ETF (PSJ)		  
$ 7,510,241     $ 369,185     $ 209,188     $ 992,170     $ 4,549,147     $ 5,577,956     $ 370,431  
  11,652       1,854       2,328       3,026       4,748       7,766       3,753  
  428,046       625,217       56,977       32,742       51,799       344,465       3,272,128  
  -       -       -       (186 )      -       (32,998 )      (13,414 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  7,949,939       996,256       268,493       1,027,752       4,605,694       5,897,189       3,632,898  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  3,727,831       175,347       189,357       310,228       1,587,534       2,638,179       1,003,895  
  223,666       10,521       11,361       18,613       95,250       158,287       60,233  
  135,017       14,752       15,057       16,027       22,195       60,295       27,001  
  43,333       35,977       36,980       36,051       38,048       40,741       37,199  
  118,688       15,918       14,443       19,447       22,576       36,988       35,677  
  27,916       3,375       6,740       5,620       5,299       13,055       78,515  
  12,185       3,529       4,272       2,981       1,112       8,983       5,566  
  -       -       1,727       -       -       -       -  
  -       -       -       -       -       -       -  
  44,308       20,018       19,227       15,223       24,382       33,120       35,538  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  4,332,944       279,437       299,164       424,190       1,796,396       2,989,648       1,283,624  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (661 )      (58,564 )      (60,648 )      (33,397 )      (174 )      (217 )      (18,840 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  4,332,283       220,873       238,516       390,793       1,796,222       2,989,431       1,264,784  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  3,617,656       775,383       29,977       636,959       2,809,472       2,907,758       2,368,114  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (227,466,953 )      (13,936,866 )      (8,186,141 )      1,226,026       (38,448,195 )      (105,884,216 )      (59,047,836 ) 
  (6,905,215 )      1,773       306       (3,687 )      479       11,124       6,787  
  (38,464,345 )      568,558       1,044,509       1,986,178       16,899,210       9,487,132       785,733  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (272,836,513 )      (13,366,535 )      (7,141,326 )      3,208,517       (21,548,506 )      (96,385,960 )      (58,255,316 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  141,528,185       7,383,172       2,778,829       (11,014,075 )      27,041,851       97,548,154       52,442,567  
  3,709,832       (1,376 )      -       (222 )      (943 )      (2,010 )      (2,488 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  145,238,017       7,381,796       2,778,829       (11,014,297 )      27,040,908       97,546,144       52,440,079  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (127,598,496 )      (5,984,739 )      (4,362,497 )      (7,805,780 )      5,492,402       1,160,184       (5,815,237 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ (123,980,840 )    $ (5,209,356 )    $ (4,332,520 )    $ (7,168,821 )    $ 8,301,874     $ 4,067,942     $ (3,447,123 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

   
   

 

  53   

    
 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

     Invesco Dynamic
Biotechnology & Genome
ETF (PBE)		     Invesco Dynamic
Building & Construction
ETF (PKB)		  
     2023     2022     2023     2022  

Operations:

         

Net investment income (loss)

    $ (238,973 )    $ (374,703 )    $ 622,124     $ 772,861  

Net realized gain (loss)

      (10,970,866 )      (21,173,123 )      (12,896,199 )      14,530,032  

Change in net unrealized appreciation (depreciation)

      35,128,107       (53,263,434 )      31,328,255       (67,504,990 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      23,918,268       (74,811,260 )      19,054,180       (52,202,097 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders from:

         

Distributable earnings

      -       -       (597,983 )      (775,962 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shareholder Transactions:

         

Proceeds from shares sold

      90,047,476       75,848,619       68,792,752       262,827,248  

Value of shares repurchased

      (70,499,457 )      (80,679,558 )      (50,950,001 )      (342,320,529 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      19,548,019       (4,830,939 )      17,842,751       (79,493,281 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets

      43,466,287       (79,642,199 )      36,298,948       (132,471,340 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net assets:

         

Beginning of year

      208,190,734       287,832,933       147,321,824       279,793,164  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of year

    $ 251,657,021     $ 208,190,734     $ 183,620,772     $ 147,321,824  
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding:

         

Shares sold

      1,480,000       1,050,000       1,540,000       5,050,000  

Shares repurchased

      (1,160,000 )      (1,170,000 )      (1,240,000 )      (6,930,000 ) 

Shares outstanding, beginning of year

      3,700,000       3,820,000       3,560,000       5,440,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of year

      4,020,000       3,700,000       3,860,000       3,560,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

   
   

 

  54   

    
 

 

 

Invesco Dynamic Energy
Exploration & Production
ETF (PXE)		     Invesco Dynamic Food &
Beverage ETF (PBJ)		     Invesco Dynamic Leisure
and Entertainment
ETF (PEJ)		     Invesco Dynamic Media
ETF (PBS)		  
2023     2022     2023     2022     2023     2022     2023     2022  
  $9,327,805     $ 3,287,551     $ 7,704,222     $ 944,073     $ 3,617,656     $ 5,394,365     $ 775,383     $ 106,392  
  65,482,071       14,207,105       (5,378,167 )      9,338,352       (272,836,513 )      118,870,100       (13,366,535 )      6,982,328  
  (96,932,926 )      67,347,165       5,360,645       3,401,747       145,238,017       (136,953,823 )      7,381,796       (20,717,644 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (22,123,050 )      84,841,821       7,686,700       13,684,172       (123,980,840 )      (12,689,358 )      (5,209,356 )      (13,628,924 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (9,616,549 )      (2,912,994 )      (6,857,863 )      (1,060,636 )      (3,846,251 )      (5,931,416 )      (672,062 )      (290,662 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  375,874,783       182,255,982       236,684,423       295,475,317       111,142,758       1,001,348,301       10,335,959       81,740,045  
  (445,778,697 )      (59,561,855 )      (204,319,168 )      (88,981,438 )      (879,116,414 )      (1,420,572,743 )      (11,042,508 )      (112,055,816 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (69,903,914 )      122,694,127       32,365,255       206,493,879       (767,973,656 )      (419,224,442 )      (706,549 )      (30,315,771 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (101,643,513 )      204,622,954       33,194,092       219,117,415       (895,800,747 )      (437,845,216 )      (6,587,967 )      (44,235,357 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  264,216,227       59,593,273       302,852,738       83,735,323       1,349,421,716       1,787,266,932       38,449,893       82,685,250  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $162,572,714     $ 264,216,227     $ 336,046,830     $ 302,852,738     $ 453,620,969     $ 1,349,421,716     $ 31,861,926     $ 38,449,893  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  11,490,000       8,470,000       5,170,000       6,510,000       2,710,000       20,770,000       300,000       1,560,000  
  (14,890,000 )      (2,930,000 )      (4,540,000 )      (2,050,000 )      (22,930,000 )      (28,450,000 )      (320,000 )      (2,200,000 ) 
  9,490,000       3,950,000       6,490,000       2,030,000       31,170,000       38,850,000       950,000       1,590,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  6,090,000       9,490,000       7,120,000       6,490,000       10,950,000       31,170,000       930,000       950,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

   
   

 

  55   

    
 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

     Invesco Dynamic
Networking ETF (PXQ)		     Invesco Dynamic Oil & Gas
Services ETF (PXJ)		  
     2023     2022     2023     2022  

Operations:

         

Net investment income

    $ 29,977     $ 1,094,891     $ 636,959     $ 44,996  

Net realized gain (loss)

      (7,141,326 )      4,954,846       3,208,517       (4,015,700 ) 

Change in net unrealized appreciation (depreciation)

      2,778,829       (9,231,646 )      (11,014,297 )      11,505,886  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (4,332,520 )      (3,181,909 )      (7,168,821 )      7,535,182  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders from:

         

Distributable earnings

      (598,396 )      (519,279 )      (636,965 )      (138,481 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shareholder Transactions:

         

Proceeds from shares sold

      8,138,121       43,601,425       94,100,045       47,048,626  

Value of shares repurchased.

      (11,400,298 )      (36,666,587 )      (71,513,523 )      (42,416,400 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      (3,262,177 )      6,934,838       22,586,522       4,632,226  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets

      (8,193,093 )      3,233,650       14,780,736       12,028,927  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net assets:

         

Beginning of year

      45,081,867       41,848,217       67,946,466       55,917,539  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of year

    $ 36,888,774     $ 45,081,867     $ 82,727,202     $ 67,946,466  
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding:

         

Shares sold

      110,000       470,000       18,480,000       10,540,000  

Shares repurchased

      (160,000 )      (400,000 )      (17,110,000 )      (12,000,000 ) 

Shares outstanding, beginning of year

      560,000       490,000       15,690,000       17,150,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of year

      510,000       560,000       17,060,000       15,690,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

   
   

 

  56   

    
 

 

 

Invesco Dynamic
Pharmaceuticals ETF (PJP)		     Invesco Dynamic
Semiconductors ETF (PSI)		     Invesco Dynamic Software
ETF (PSJ)		  
2023     2022     2023     2022     2023     2022  
  $2,809,472     $ 3,592,671     $ 2,907,758     $ 1,919,551     $ 2,368,114     $ 1,957,130  
  (21,548,506 )      30,141,042       (96,385,960 )      118,746,733       (58,255,316 )      (82,001,377 ) 
  27,040,908       (37,448,594 )      97,546,144       (212,525,790 )      52,440,079       (88,601,357 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  8,301,874       (3,714,881 )      4,067,942       (91,859,506 )      (3,447,123 )      (168,645,604 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (3,108,674 )      (3,500,523 )      (3,263,542 )      (1,713,558 )      (2,689,882 )      (23,142,175 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  39,783,422       113,139,478       85,135,316       644,996,347       2,006,325       188,174,802  
  (59,858,382 )      (143,944,893 )      (165,236,558 )      (594,389,766 )      (56,049,648 )      (378,234,226 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (20,074,960 )      (30,805,415 )      (80,101,242 )      50,606,581       (54,043,323 )      (190,059,424 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (14,881,760 )      (38,020,819 )      (79,296,842 )      (42,966,483 )      (60,180,328 )      (381,847,203 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  320,482,350       358,503,169       590,309,694       633,276,177       240,238,189       622,085,392  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $305,600,590     $ 320,482,350     $ 511,012,852     $ 590,309,694     $ 180,057,861     $ 240,238,189  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  520,000       1,430,000       730,000       4,740,000       20,000       1,220,000  
  (800,000 )      (1,800,000 )      (1,540,000 )      (4,570,000 )      (590,000 )      (2,600,000 ) 
  4,220,000       4,590,000       5,400,000       5,230,000       2,430,000       3,810,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  3,940,000       4,220,000       4,590,000       5,400,000       1,860,000       2,430,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

   
   

 

  57   

    
 

 

Financial Highlights

    

Invesco Dynamic Biotechnology & Genome ETF (PBE)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 56.27     $ 75.35     $ 53.16     $ 52.22     $ 48.02  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

     (0.06 )      (0.10 )      (0.19 )      0.00 (b)       (0.16 ) 

Net realized and unrealized gain (loss) on investments

      6.39       (18.98 )      22.38       0.97       4.36  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      6.33       (19.08 )      22.19       0.97       4.20  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      -       -       -       (0.03 )      (0.00 )(c)  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 62.60     $ 56.27     $ 75.35     $ 53.16     $ 52.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(d)

   $ 62.59     $ 56.24     $ 75.31     $ 53.27     $ 52.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(e)

     11.25 %      (25.32 )%      41.74 %      1.87 %      8.75 % 

Market Price Total Return(e)

     11.29 %      (25.32 )%      41.37 %      2.08 %      8.62 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 251,657     $ 208,191     $ 287,833     $ 220,611     $ 248,027  

Ratio to average net assets of:

           

Expenses

      0.58 %      0.57 %      0.59 %      0.58 %      0.57 % 

Net investment income (loss)

      (0.10 )%      (0.14 )%      (0.30 )%      0.01 %      (0.29 )% 

Portfolio turnover rate(f)

     71 %      121 %      151 %      252 %      117 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

Amount represents less than $(0.005).

(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) 

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.

Invesco Dynamic Building & Construction ETF (PKB)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 41.38     $ 51.43     $ 25.83     $ 30.04     $ 30.33  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.21       0.14       0.10       0.12       0.13  

Net realized and unrealized gain (loss) on investments

      6.18       (10.05 )      25.62       (4.19 )      (0.29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      6.39       (9.91 )      25.72       (4.07 )      (0.16 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.20 )      (0.14 )      (0.12 )      (0.14 )      (0.13 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 47.57     $ 41.38     $ 51.43     $ 25.83     $ 30.04  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

   $ 47.56     $ 41.38     $ 51.48     $ 25.89     $ 30.05  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

     15.53 %      (19.31 )%      99.81 %      (13.59 )%      (0.47 )% 

Market Price Total Return(c)

     15.50 %      (19.39 )%      99.54 %      (13.42 )%      (0.47 )% 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 183,621     $ 147,322     $ 279,793     $ 69,753     $ 118,639  

Ratio to average net assets of:

           

Expenses

      0.62 %      0.57 %      0.60 %      0.59 %      0.60 % 

Net investment income

      0.49 %      0.29 %      0.25 %      0.38 %      0.44 % 

Portfolio turnover rate(d)

     118 %      151 %      136 %      139 %      148 % 

 

(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) 

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.

   
   

 

  58   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Energy Exploration & Production ETF (PXE)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 27.84     $ 15.09     $ 10.12     $ 19.55     $ 24.06  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     1.01       0.51       0.15       0.26       0.20  

Net realized and unrealized gain (loss) on investments

      (1.12 )      12.68       5.22       (9.41 )      (4.48 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (0.11 )      13.19       5.37       (9.15 )      (4.28 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.03 )      (0.44 )      (0.40 )      (0.28 )      (0.23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 26.70     $ 27.84     $ 15.09     $ 10.12     $ 19.55  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

   $ 26.70     $ 27.79     $ 15.12     $ 10.11     $ 19.57  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

     (0.52 )%      88.75 %      55.47 %      (47.06 )%      (17.84 )% 

Market Price Total Return(c)

     (0.34 )%      88.04 %      55.94 %      (47.17 )%      (17.96 )% 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 162,573     $ 264,216     $ 59,593     $ 16,693     $ 40,078  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.60 %      0.63 %      0.63 %      0.65 %(d)      0.63 % 

Expenses, prior to Waivers

      0.60 %      0.63 %      0.95 %      0.86 %(d)      0.64 % 

Net investment income

      3.38 %      2.41 %      1.30 %      1.80 %(d)      0.82 % 

Portfolio turnover rate(e)

     94 %      63 %      73 %      126 %      110 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(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.

   
   

 

  59   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Food & Beverage ETF (PBJ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 46.66     $ 41.25     $ 30.36     $ 34.21     $ 32.81  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     1.07 (b)       0.34       0.47       0.41       0.34  

Net realized and unrealized gain (loss) on investments

      0.40 (c)       5.46       10.87       (3.81 )      1.39  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      1.47       5.80       11.34       (3.40 )      1.73  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.93 )      (0.39 )      (0.45 )      (0.45 )      (0.33 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 47.20     $ 46.66     $ 41.25     $ 30.36     $ 34.21  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(d)

   $ 47.21     $ 46.70     $ 41.27     $ 30.38     $ 34.19  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(e)

     3.25 %      14.14 %      37.65 %      (10.00 )%      5.37 % 

Market Price Total Return(e)

     3.19 %      14.18 %      37.63 %      (9.90 )%      5.47 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 336,047     $ 302,853     $ 83,735     $ 63,746     $ 71,831  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.57 %      0.63 %      0.63 %      0.64 %(f)      0.63 % 

Expenses, prior to Waivers

      0.57 %      0.63 %      0.68 %      0.64 %(f)      0.65 % 

Net investment income

      2.36 %(b)       0.78 %      1.35 %      1.23 %(f)      1.05 % 

Portfolio turnover rate(g)

     95 %      98 %      116 %      136 %      122 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.66 and 1.44%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

   
   

 

  60   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 43.29     $ 46.00     $ 27.39     $ 44.80     $ 44.89  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.19       0.18       0.31 (b)       0.18       0.19  

Net realized and unrealized gain (loss) on investments

      (1.82 )      (2.68 )      18.62       (17.35 )      (0.05 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (1.63 )      (2.50 )      18.93       (17.17 )      0.14  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.23 )      (0.21 )      (0.32 )      (0.24 )      (0.23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 41.43     $ 43.29     $ 46.00     $ 27.39     $ 44.80  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

   $ 41.41     $ 43.29     $ 45.93     $ 27.48     $ 44.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

     (3.71 )%      (5.47 )%      69.34 %      (38.42 )%      0.33 % 

Market Price Total Return(d)

     (3.75 )%      (5.32 )%      68.53 %      (38.19 )%      0.12 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 453,621     $ 1,349,422     $ 1,787,267     $ 135,590     $ 67,201  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.58 %      0.54 %      0.55 %      0.64 %(e)       0.63 % 

Expenses, prior to Waivers

      0.58 %      0.55 %      0.55 %      0.70 %(e)       0.63 % 

Net investment income

      0.49 %      0.38 %      0.76 %(b)       0.47 %(e)       0.42 % 

Portfolio turnover rate(f)

     165 %      153 %      126 %      163 %      207 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.01 and 0.02%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

   
   

 

  61   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Media ETF (PBS)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 40.47     $ 52.00     $ 27.88     $ 34.65     $ 29.14  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.78       0.06       0.40 (b)       0.12       0.16  

Net realized and unrealized gain (loss) on investments

      (6.30 )      (11.42 )      23.96       (6.75 )      5.58  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (5.52 )      (11.36 )      24.36       (6.63 )      5.74  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.69 )      (0.17 )      (0.24 )      (0.14 )      (0.23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 34.26     $ 40.47     $ 52.00     $ 27.88     $ 34.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

   $ 34.24     $ 40.43     $ 51.96     $ 27.85     $ 34.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

     (13.54 )%      (21.90 )%      87.47 %      (19.20 )%      19.81 % 

Market Price Total Return(d)

     (13.50 )%      (21.92 )%      87.53 %      (19.28 )%      19.73 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 31,862     $ 38,450     $ 82,685     $ 30,668     $ 88,348  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.63 %      0.63 %      0.63 %      0.64 %(e)      0.63 % 

Expenses, prior to Waivers

      0.80 %      0.64 %      0.72 %      0.67 %(e)      0.67 % 

Net investment income

      2.21 %      0.12 %      0.94 %(b)      0.36 %(e)      0.49 % 

Portfolio turnover rate(f)

     91 %      99 %      99 %      146 %      103 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.04 and 0.08%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

   
   

 

  62   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Networking ETF (PXQ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 80.50     $ 85.40     $ 57.59     $ 63.16     $ 50.08  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.06       2.23 (b)       0.08       0.10       0.66  

Net realized and unrealized gain (loss) on investments

      (7.12 )      (6.10 )      27.86       (5.51 )      13.13  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (7.06 )      (3.87 )      27.94       (5.41 )      13.79  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.11 )      (1.03 )      (0.13 )      (0.16 )      (0.71 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 72.33     $ 80.50     $ 85.40     $ 57.59     $ 63.16  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

   $ 72.28     $ 80.36     $ 85.46     $ 57.51     $ 63.14  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

     (8.77 )%      (4.67 )%      48.59 %      (8.56 )%      27.90 % 

Market Price Total Return(d)

     (8.66 )%      (4.91 )%      48.90 %      (8.66 )%      27.81 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 36,889     $ 45,082     $ 41,848     $ 46,070     $ 101,051  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.63 %      0.63 %      0.63 %      0.64 %(e)      0.63 % 

Expenses, prior to Waivers

      0.79 %      0.69 %      0.73 %      0.65 %(e)      0.64 % 

Net investment income

      0.08 %      2.42 %(b)      0.11 %      0.17 %(e)      1.21 % 

Portfolio turnover rate(f)

     109 %      109 %      103 %      99 %      98 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.47 and 1.60%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

   
   

 

  63   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Oil & Gas Services ETF (PXJ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 4.33     $ 3.26     $ 2.39     $ 6.87     $ 9.70  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.05       0.00       0.07 (b)       0.07       0.04  

Net realized and unrealized gain (loss) on investments

      0.51 (c)       1.09       0.94 (c)       (4.47 )      (2.81 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      0.56       1.09       1.01       (4.40 )      (2.77 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.04 )      (0.02 )      (0.14 )      (0.08 )      (0.06 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 4.85     $ 4.33     $ 3.26     $ 2.39     $ 6.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(d)

   $ 4.85     $ 4.33     $ 3.27     $ 2.40     $ 6.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(e)

     13.10 %      33.40 %      43.34 %      (63.87 )%      (28.69 )% 

Market Price Total Return(e)

     13.10 %      33.00 %      43.19 %      (63.72 )%      (28.69 )% 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 82,727     $ 67,946     $ 55,918     $ 5,971     $ 17,519  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.63 %      0.63 %      0.63 %      0.67 %(f)      0.63 % 

Expenses, prior to Waivers

      0.68 %      0.74 %      1.17 %      1.09 %(f)      0.83 % 

Net investment income

      1.03 %      0.12 %      2.32 %(b)      1.51 %(f)      0.48 % 

Portfolio turnover rate(g)

     64 %      109 %      63 %      82 %      81 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.03 and 1.07%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.04%.

(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.

   
   

 

  64   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Pharmaceuticals ETF (PJP)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 75.94     $ 78.11     $ 62.54     $ 62.65     $ 61.49  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.67       0.73       0.53       0.55       0.69  

Net realized and unrealized gain (loss) on investments

      1.70 (b)       (2.19 )      15.60       (0.08 )      1.17  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      2.37       (1.46 )      16.13       0.47       1.86  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.75 )      (0.71 )      (0.56 )      (0.58 )      (0.70 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 77.56     $ 75.94     $ 78.11     $ 62.54     $ 62.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

   $ 77.54     $ 75.97     $ 78.17     $ 62.49     $ 62.64  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

     3.17 %      (1.91 )%      25.91 %      0.83 %      3.02 % 

Market Price Total Return(d)

     3.10 %      (1.94 )%      26.10 %      0.77 %      2.94 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 305,601     $ 320,482     $ 358,503     $ 356,497     $ 416,591  

Ratio to average net assets of:

           

Expenses

      0.57 %      0.56 %      0.58 %      0.56 %      0.56 % 

Net investment income

      0.88 %      0.92 %      0.76 %      0.92 %      1.03 % 

Portfolio turnover rate(e)

     36 %      40 %      48 %      63 %      81 % 

 

(a) 

Based on average shares outstanding.

(b) 

Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $1.58. Total returns would have been lower.

(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) 

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.

Invesco Dynamic Semiconductors ETF (PSI)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 109.32     $ 121.09     $ 63.60     $ 58.09     $ 48.91  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

     0.59       0.35       0.19       0.29       0.38  

Net realized and unrealized gain (loss) on investments

      2.09       (11.81 )      57.49       5.60       9.19  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      2.68       (11.46 )      57.68       5.89       9.57  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.67 )      (0.31 )      (0.19 )      (0.38 )      (0.39 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 111.33     $ 109.32     $ 121.09     $ 63.60     $ 58.09  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

   $ 111.31     $ 109.31     $ 120.96     $ 63.71     $ 58.04  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

     2.49 %      (9.50 )%      90.85 %      10.23 %      19.71 % 

Market Price Total Return(c)

     2.48 %      (9.41 )%      90.32 %      10.51 %      19.53 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 511,013     $ 590,310     $ 633,276     $ 228,946     $ 200,423  

Ratio to average net assets of:

           

Expenses

      0.57 %      0.55 %      0.56 %      0.57 %      0.58 % 

Net investment income

      0.55 %      0.26 %      0.20 %      0.49 %      0.73 % 

Portfolio turnover rate(d)

     108 %      84 %      95 %      94 %      98 % 

 

(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) 

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.

   
   

 

  65   

    
 

 

Financial Highlights–(continued)

    

Invesco Dynamic Software ETF (PSJ)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 98.86     $ 163.28     $ 98.85     $ 96.10     $ 70.81  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

     1.13       0.63 (b)       (0.43 )      0.03       (0.22 ) 

Net realized and unrealized gain (loss) on investments

      (1.90 )      (57.12 )      64.86       2.83       25.51  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (0.77 )      (56.49 )      64.43       2.86       25.29  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.28 )      (0.71 )      -       (0.11 )      -  

Net realized gains

      -       (7.22 )      -       -       -  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (1.28 )      (7.93 )      -       (0.11 )      -  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 96.81     $ 98.86     $ 163.28     $ 98.85     $ 96.10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

   $ 96.79     $ 98.80     $ 163.23     $ 98.80     $ 96.13  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

     (0.71 )%      (35.58 )%      65.17 %      2.99 %      35.71 % 

Market Price Total Return(d)

     (0.67 )%      (35.59 )%      65.21 %      2.91 %      35.58 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 180,058     $ 240,238     $ 622,085     $ 400,339     $ 437,243  

Ratio to average net assets of:

           

Expenses, after Waivers

      0.63 %      0.56 %      0.56 %      0.56 %      0.58 % 

Expenses, prior to Waivers

      0.64 %      0.56 %      0.56 %      0.56 %      0.58 % 

Net investment income (loss)

      1.18 %      0.44 %(b)       (0.31 )%      0.03 %      (0.27 )% 

Portfolio turnover rate(e)

     190 %      209 %      176 %      190 %      157 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $(0.36) and (0.26)%, respectively.

(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) 

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.

   
   

 

  66   

    
 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 Dynamic Biotechnology & Genome ETF (PBE)

    “Dynamic Biotechnology & Genome ETF”

Invesco Dynamic Building & Construction ETF (PKB)

    “Dynamic Building & Construction ETF”

Invesco Dynamic Energy Exploration & Production ETF (PXE)

    “Dynamic Energy Exploration & Production ETF”

Invesco Dynamic Food & Beverage ETF (PBJ)

    “Dynamic Food & Beverage ETF”

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

    “Dynamic Leisure and Entertainment ETF”

Invesco Dynamic Media ETF (PBS)

    “Dynamic Media ETF”

Invesco Dynamic Networking ETF (PXQ)

    “Dynamic Networking ETF”

Invesco Dynamic Oil & Gas Services ETF (PXJ)

    “Dynamic Oil & Gas Services ETF”

Invesco Dynamic Pharmaceuticals ETF (PJP)

    “Dynamic Pharmaceuticals ETF”

Invesco Dynamic Semiconductors ETF (PSI)

    “Dynamic Semiconductors ETF”

Invesco Dynamic Software ETF (PSJ)

    “Dynamic Software 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 NYSE Arca, Inc.

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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

  Fund   

Underlying Index

Dynamic Biotechnology & Genome ETF

    Dynamic Biotech & Genome Intellidex® Index

Dynamic Building & Construction ETF

    Dynamic Building & Construction Intellidex® Index

Dynamic Energy Exploration & Production ETF

    Dynamic Energy Exploration & Production Intellidex® Index

Dynamic Food & Beverage ETF

    Dynamic Food & Beverage Intellidex® Index

Dynamic Leisure and Entertainment ETF

    Dynamic Leisure & Entertainment Intellidex® Index

Dynamic Media ETF

    Dynamic Media Intellidex® Index

Dynamic Networking ETF

    Dynamic Networking Intellidex® Index

Dynamic Oil & Gas Services ETF

    Dynamic Oil Services Intellidex® Index

Dynamic Pharmaceuticals ETF

    Dynamic Pharmaceutical Intellidex® Index

Dynamic Semiconductors ETF

    Dynamic Semiconductor Intellidex® Index

Dynamic Software ETF

    Dynamic Software Intellidex® Index

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 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 price on that day. Securities traded in the over-the-counter market are valued

 

   

 

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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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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.

 

   

 

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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 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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly 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 is responsible for all of its 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, sub-licensing

 

   

 

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  fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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 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 directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific 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 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.

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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid

 

   

 

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to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

     Amount  

Dynamic Biotechnology & Genome ETF

    $ 18,323  

Dynamic Building & Construction ETF

      1,455  

Dynamic Energy Exploration & Production ETF

      16,785  

Dynamic Food & Beverage ETF

      3,283  

Dynamic Leisure and Entertainment ETF

      19,776  

Dynamic Media ETF

      18,784  

Dynamic Networking ETF

      2,325  

Dynamic Oil & Gas Services ETF

      2,432  

Dynamic Pharmaceuticals ETF

      1,863  

Dynamic Semiconductors ETF

      28,874  

Dynamic Software ETF

      31,842  

 

J.

Other Risks

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index.

 

   

 

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Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each 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 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 portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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 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 and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF, Dynamic Energy Exploration & Production ETF, Dynamic Food & Beverage ETF, Dynamic Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF and Dynamic Semiconductors ETF.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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. These waivers do not apply to a 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. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Dynamic Biotechnology & Genome ETF

    $ 130  

Dynamic Building & Construction ETF

      123  

Dynamic Energy Exploration & Production ETF

      278  

Dynamic Food & Beverage ETF

      183  

Dynamic Leisure and Entertainment ETF

      661  

Dynamic Media ETF

      58,564  

Dynamic Networking ETF

      60,648  

 

   

 

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Dynamic Oil & Gas Services ETF

    $ 33,397  

Dynamic Pharmaceuticals ETF

      174  

Dynamic Semiconductors ETF

      217  

Dynamic Software ETF

      18,840  

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2023 are as follows:

 

     Total
Potential
Recapture		     

Potential Recapture Amounts  Expiring

  
    

 Amounts 

     

  4/30/24  

     

  4/30/25  

     

  4/30/26  

  

Dynamic Media ETF

    $ 116,241      $ 45,381      $ 12,359      $ 58,501  

Dynamic Networking ETF

      135,167        48,084        28,238        58,845  

Dynamic Oil & Gas Services ETF

      153,750        81,170        39,278        33,302  

Dynamic Software ETF

      18,714        -        -        18,714  

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 Adviser has entered into a licensing agreement for each Fund with ICE Data Indices, LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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 fiscal year ended April 30, 2023, 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:

 

Dynamic Biotechnology & Genome ETF

    $ 34,299  

Dynamic Building & Construction ETF

      23,890  

Dynamic Energy Exploration & Production ETF

      53,353  

Dynamic Food & Beverage ETF

      36,040  

Dynamic Leisure and Entertainment ETF

      118,763  

Dynamic Media ETF

      18,749  

Dynamic Networking ETF

      10,336  

Dynamic Oil & Gas Services ETF

      19,048  

Dynamic Pharmaceuticals ETF

      24,538  

Dynamic Semiconductors ETF

      54,090  

Dynamic Software ETF

      67,983  

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.

 

   

 

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  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, 2023. 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  

Dynamic Biotechnology & Genome ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 251,595,392      $ -      $ -      $ 251,595,392  

Money Market Funds

      294,606        37,130,518        -        37,425,124  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 251,889,998      $ 37,130,518      $ -      $ 289,020,516  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Building & Construction ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 183,640,343      $ -      $ -      $ 183,640,343  

Money Market Funds

      152,257        13,677,521        -        13,829,778  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 183,792,600      $ 13,677,521      $ -      $ 197,470,121  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Energy Exploration & Production ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 162,613,944      $ -      $ -      $ 162,613,944  

Money Market Funds

      108,993        20,789,025        -        20,898,018  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 162,722,937      $ 20,789,025      $ -      $ 183,511,962  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Food & Beverage ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 336,004,078      $ -      $ -      $ 336,004,078  

Money Market Funds

      -        29,678,735        -        29,678,735  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 336,004,078      $ 29,678,735      $ -      $ 365,682,813  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Leisure and Entertainment ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 453,627,464      $ -      $ -      $ 453,627,464  

Money Market Funds

      392,263        106,778,346        -        107,170,609  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 454,019,727      $ 106,778,346      $ -      $ 560,798,073  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Media ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 31,855,937      $ -      $ -      $ 31,855,937  

Money Market Funds

      79,956        10,510,113        -        10,590,069  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 31,935,893      $ 10,510,113      $ -      $ 42,446,006  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Networking ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 36,905,316      $ -      $ -      $ 36,905,316  

Money Market Funds

      94,897        9,023,502        -        9,118,399  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 37,000,213      $ 9,023,502      $ -      $ 46,023,715  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Oil & Gas Services ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 82,727,289      $ -      $ -      $ 82,727,289  

Money Market Funds

      82,865        10,571,136        -        10,654,001  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 82,810,154      $ 10,571,136      $ -      $ 93,381,290  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

   

 

  74   

    
 

  

 

 

     Level 1      Level 2      Level 3      Total  

Dynamic Pharmaceuticals ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 305,569,029      $ -      $ 0      $ 305,569,029  

Money Market Funds

      106,731        37,765,978        -        37,872,709  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 305,675,760      $ 37,765,978      $ 0      $ 343,441,738  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Semiconductors ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 510,973,597      $ -      $ -      $ 510,973,597  

Money Market Funds

      483,981        46,153,744        -        46,637,725  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 511,457,578      $ 46,153,744      $ -      $ 557,611,322  
  

 

 

     

 

 

     

 

 

     

 

 

  

Dynamic Software ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 180,081,814      $ -      $ -      $ 180,081,814  

Money Market Funds

      154,502        20,236,339        -        20,390,841  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 180,236,316      $ 20,236,339      $ -      $ 200,472,655  
  

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

     2023     2022  
     Ordinary
Income*		     Ordinary
Income*		     Long-Term
Capital Gains		  

Dynamic Biotechnology & Genome ETF

    $ -     $ -     $ -  

Dynamic Building & Construction ETF

      597,983       775,962       -  

Dynamic Energy Exploration & Production ETF

      9,616,549       2,912,994       -  

Dynamic Food & Beverage ETF

      6,857,863       1,060,636       -  

Dynamic Leisure and Entertainment ETF

      3,846,251       5,931,416       -  

Dynamic Media ETF

      672,062       290,662       -  

Dynamic Networking ETF

      598,396       519,279       -  

Dynamic Oil & Gas Services ETF

      636,965       138,481       -  

Dynamic Pharmaceuticals ETF

      3,108,674       3,500,523       -  

Dynamic Semiconductors ETF

      3,263,542       1,713,558       -  

Dynamic Software ETF

      2,689,882       9,574,184       13,567,991  

 

*  Includes short-term capital gain distributions, if any.

       

Tax Components of Net Assets at Fiscal Year-End:

 

     Undistributed
Ordinary
Income		      Temporary
Book/Tax
Differences		     Net
Unrealized
Appreciation
(Depreciation)-
Investments		     Capital Loss
Carryforwards		     Late-Year
Ordinary
Loss
Deferral		     Shares of
Beneficial
Interest		      Total Net
Assets		  

Dynamic Biotechnology & Genome ETF

    $ -      $ (77,928 )    $ 10,155,143     $ (298,957,784 )    $ (126,704 )      $540,664,294        $251,657,021  

Dynamic Building & Construction ETF

      24,161        (53,142 )      16,478,465       (107,353,048 )      -       274,524,336        183,620,772  

Dynamic Energy Exploration & Production ETF

      -        (55,276 )      (34,149,051 )      (131,381,545 )      -       328,158,586        162,572,714  

Dynamic Food & Beverage ETF

      871,074        (64,297 )      17,651,456       (107,363,102 )      -       424,951,699        336,046,830  

Dynamic Leisure and Entertainment ETF

      -        (57,862 )      8,407,319       (544,093,650 )      -       989,365,162        453,620,969  

Dynamic Media ETF

      103,852        (56,638 )      (6,149,066 )      (103,240,436 )      -       141,204,214        31,861,926  

Dynamic Networking ETF

      9,615        (47,491 )      849,158       (55,236,239 )      -       91,313,731        36,888,774  

Dynamic Oil & Gas Services ETF

      122,928        (502,950 )      (9,283,914 )      (106,106,091 )      -       198,497,229        82,727,202  

Dynamic Pharmaceuticals ETF

      115,810        (120,955 )      44,102,238       (471,598,870 )      -       733,102,367        305,600,590  

Dynamic Semiconductors ETF

      -        (53,102 )      2,503,842       (136,313,825 )      -       644,875,937        511,012,852  

Dynamic Software ETF

      -        (53,223 )      2,185,905       (189,720,664 )      (323,846 )      367,969,689        180,057,861  

 

   

 

  75   

    
 

  

 

 

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.

The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

Dynamic Biotechnology & Genome ETF

    $ 259,186,035      $ 39,771,749      $ 298,957,784  

Dynamic Building & Construction ETF

      99,459,024        7,894,024        107,353,048  

Dynamic Energy Exploration & Production ETF

      96,514,158        34,867,387        131,381,545  

Dynamic Food & Beverage ETF

      97,483,681        9,879,421        107,363,102  

Dynamic Leisure and Entertainment ETF

      454,713,680        89,379,970        544,093,650  

Dynamic Media ETF

      91,395,763        11,844,673        103,240,436  

Dynamic Networking ETF

      45,607,213        9,629,026        55,236,239  

Dynamic Oil & Gas Services ETF

      57,758,745        48,347,346        106,106,091  

Dynamic Pharmaceuticals ETF

      189,362,805        282,236,065        471,598,870  

Dynamic Semiconductors ETF

      136,313,825        -        136,313,825  

Dynamic Software ETF

      175,559,773        14,160,891        189,720,664  

 

*

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 fiscal year ended April 30, 2023, 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  

Dynamic Biotechnology & Genome ETF

    $ 172,832,514      $ 172,432,449  

Dynamic Building & Construction ETF

      154,409,286        154,338,399  

Dynamic Energy Exploration & Production ETF

      265,264,917        259,896,889  

Dynamic Food & Beverage ETF

      314,423,322        312,556,699  

Dynamic Leisure and Entertainment ETF

      1,241,422,777        1,247,487,194  

Dynamic Media ETF

      31,831,173        31,721,911  

Dynamic Networking ETF

      42,373,368        42,888,390  

Dynamic Oil & Gas Services ETF

      41,386,813        40,616,197  

Dynamic Pharmaceuticals ETF

      114,492,508        114,337,054  

Dynamic Semiconductors ETF

      571,249,010        572,002,998  

Dynamic Software ETF

      382,566,319        382,995,020  

For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind
Sales		  

Dynamic Biotechnology & Genome ETF

    $ 90,154,054      $ 71,378,425  

Dynamic Building & Construction ETF

      68,846,537        50,987,629  

Dynamic Energy Exploration & Production ETF

      375,240,084        450,235,676  

Dynamic Food & Beverage ETF

      236,573,334        204,985,819  

Dynamic Leisure and Entertainment ETF

      110,967,399        874,112,423  

Dynamic Media ETF

      10,197,254        10,934,651  

Dynamic Networking ETF

      8,141,297        11,405,203  

Dynamic Oil & Gas Services ETF

      94,056,600        71,733,560  

Dynamic Pharmaceuticals ETF

      39,755,826        59,831,681  

Dynamic Semiconductors ETF

      85,151,078        165,227,497  

Dynamic Software ETF

      2,007,726        55,988,312  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

   

 

  76   

    
 

  

 

 

As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  

Dynamic Biotechnology & Genome ETF

    $ 29,827,422      $ (19,672,279 )    $ 10,155,143     $ 278,865,373  

Dynamic Building & Construction ETF

      21,315,105        (4,836,640 )      16,478,465       180,991,656  

Dynamic Energy Exploration & Production ETF

      2,480,953        (36,630,004 )      (34,149,051 )      217,661,013  

Dynamic Food & Beverage ETF

      28,265,049        (10,613,593 )      17,651,456       348,031,357  

Dynamic Leisure and Entertainment ETF

      41,224,766        (32,817,447 )      8,407,319       552,390,754  

Dynamic Media ETF

      1,744,656        (7,893,722 )      (6,149,066 )      48,595,072  

Dynamic Networking ETF

      3,769,004        (2,919,846 )      849,158       45,174,557  

Dynamic Oil & Gas Services ETF

      3,475,378        (12,759,292 )      (9,283,914 )      102,665,204  

Dynamic Pharmaceuticals ETF

      56,428,032        (12,325,794 )      44,102,238       299,339,500  

Dynamic Semiconductors ETF

      46,463,535        (43,959,693 )      2,503,842       555,107,480  

Dynamic Software ETF

      17,767,715        (15,581,810 )      2,185,905       198,286,750  

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income (Loss)		   Undistributed Net
Realized Gain (Loss)		   Shares of
Beneficial Interest

Dynamic Biotechnology & Genome ETF

      $ 256,943     $ (16,145,901 )     $ 15,888,958

Dynamic Building & Construction ETF

        -       305,425       (305,425 )

Dynamic Energy Exploration & Production ETF

        (90,760 )       (74,213,570 )       74,304,330

Dynamic Food & Beverage ETF

        -       (18,627,503 )       18,627,503

Dynamic Leisure and Entertainment ETF

        229,756       47,210,659       (47,440,415 )

Dynamic Media ETF

        -       55,991       (55,991 )

Dynamic Networking ETF

        -       (867,421 )       867,421

Dynamic Oil & Gas Services ETF

        (179,433 )       (541,628 )       721,061

Dynamic Pharmaceuticals ETF

        -       (16,437,846 )       16,437,846

Dynamic Semiconductors ETF

        99,878       (7,157,661 )       7,057,783

Dynamic Software ETF

        -       1,091,310       (1,091,310 )

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 Interested Trustee does 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 Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

 

   

 

  77   

    
 

  

 

 

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 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 10—Subsequent Event

On June 22, 2023, the Board approved changes to the fund name, ticker symbol, investment objective, underlying index and principal investment strategy for each fund, as shown in the table below. The investment objective of each fund will change to track the investment results (before fees and expenses) of the New Underlying Index, and each fund’s principal investment strategy of each fund will change to generally invest at least 90% of its total assets in the components of its respective New Underlying Index.

For Invesco Dynamic Networking ETF, the Board also approved a reduction in the annual advisory fee of the Fund, as well as a change in the advisory fee structure. The Fund’s annual advisory fee will be reduced to 0.40% of the Fund’s average daily net assets and will become a unitary fee. Out of the Fund’s unitary advisory fee, the Adviser will pay substantially all expenses of the Fund, including the cost 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 (iii) any other matters that directly benefit the Adviser).

These changes will be effective after the close of markets on August 25, 2023.

 

Current Fund Name

     

Current Ticker
Symbol

     

Current Underlying
Index

     

New Fund Name

     

New Ticker Symbol

     

New Underlying
Index

Invesco Dynamic

Media ETF

     

PBS

     

Dynamic Media

Intellidex® Index

      Invesco Next Gen Media and Gaming ETF      GGME      STOXX World AC NexGen Media Index

Invesco Dynamic

Networking ETF

      PXQ      Dynamic Networking Intellidex® Index      Invesco Next Gen Connectivity ETF      KNCT      STOXX World AC NexGen Connectivity Index

Invesco Dynamic

Software ETF

      PSJ      Dynamic Software Intellidex® Index      Invesco AI and Next Gen Software ETF      IGPT      STOXX World AC NexGen Software Development Index

 

   

 

  78   

    
 

 

Report of Independent Registered Public Accounting Firm

    

    

 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

   

 

  79   

    
 

 

Calculating your ongoing Fund expenses

    

    

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

    Beginning
Account Value
November 1, 2022		   Ending
Account Value
April 30, 2023		   Annualized
Expense Ratio
Based on the
Six-Month Period		   Expenses Paid
During the
Six-Month  Period(1)

Invesco Dynamic Biotechnology & Genome ETF (PBE)

                

Actual

     $ 1,000.00     $ 988.00       0.59 %     $ 2.91

Hypothetical (5% return before expenses)

       1,000.00       1,021.87       0.59       2.96

Invesco Dynamic Building & Construction ETF (PKB)

                

Actual

       1,000.00       1,192.50       0.64       3.48

Hypothetical (5% return before expenses)

       1,000.00       1,021.62       0.64       3.21

Invesco Dynamic Energy Exploration & Production ETF (PXE)

                

Actual

       1,000.00       816.20       0.58       2.61

Hypothetical (5% return before expenses)

       1,000.00       1,021.92       0.58       2.91

Invesco Dynamic Food & Beverage ETF (PBJ)

                

Actual

       1,000.00       1,022.00       0.59       2.96

Hypothetical (5% return before expenses)

       1,000.00       1,021.87       0.59       2.96

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

                

Actual

       1,000.00       1,079.30       0.63       3.25

Hypothetical (5% return before expenses)

       1,000.00       1,021.67       0.63       3.16

Invesco Dynamic Media ETF (PBS)

                

Actual

       1,000.00       1,022.30       0.63       3.16

Hypothetical (5% return before expenses)

       1,000.00       1,021.67       0.63       3.16

 

   

 

  80   

    
 

 

Calculating your ongoing Fund expenses–(continued)

    

 

     Beginning
Account Value
November 1, 2022		    Ending
Account Value
April 30, 2023		    Annualized
Expense Ratio
Based on the
Six-Month Period		   Expenses Paid
During the
Six-Month  Period(1)

Invesco Dynamic Networking ETF (PXQ)

                   

Actual

      $ 1,000.00      $ 933.90        0.63 %     $ 3.02

Hypothetical (5% return before expenses)

        1,000.00        1,021.67        0.63       3.16

Invesco Dynamic Oil & Gas Services ETF (PXJ)

                   

Actual

        1,000.00        977.80        0.63       3.09

Hypothetical (5% return before expenses)

        1,000.00        1,021.67        0.63       3.16

Invesco Dynamic Pharmaceuticals ETF (PJP)

                   

Actual

        1,000.00        1,018.30        0.58       2.90

Hypothetical (5% return before expenses)

        1,000.00        1,021.92        0.58       2.91

Invesco Dynamic Semiconductors ETF (PSI)

                   

Actual

        1,000.00        1,191.90        0.58       3.15

Hypothetical (5% return before expenses)

        1,000.00        1,021.92        0.58       2.91

Invesco Dynamic Software ETF (PSJ)

                   

Actual

        1,000.00        1,019.20        0.65       3.25

Hypothetical (5% return before expenses)

        1,000.00        1,021.57        0.65       3.26

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

   

 

  81   

    
 

 

Tax Information

    

    

 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

     Qualified
Business
Income*		   Qualified
Dividend
Income*		   Corporate
Dividends
Received
Deduction*		   U.S.
Treasury
Obligations*		   Business
Interest
Income*
Invesco Dynamic Biotechnology & Genome ETF        0 %       0 %       0 %       0 %       0 %
Invesco Dynamic Building & Construction ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Energy Exploration & Production ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Food & Beverage ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Leisure and Entertainment ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Media ETF        0 %       44 %       44 %       0 %       0 %
Invesco Dynamic Networking ETF        0 %       58 %       53 %       0 %       0 %
Invesco Dynamic Oil & Gas Services ETF        0 %       100 %       76 %       0 %       0 %
Invesco Dynamic Pharmaceuticals ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Semiconductors ETF        0 %       100 %       100 %       0 %       0 %
Invesco Dynamic Software ETF        0 %       11 %       12 %       0 %       0 %

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

   

 

  82   

    
 

 

Trustees and Officers

    

    

    

 

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent
Trustees During

the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee    Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).    216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.    216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  83   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).    216   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  84   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).    216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  85   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Audit Committee and Trustee    Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).    216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Investment Oversight Committee and Trustee    Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).    216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  86   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.    216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  87   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.    216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Board and Trustee    Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).    216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  88   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  89   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of Birth

of Interested Trustee

   

Position(s)

Held

with Trust

   

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**

Overseen by

Interested

Trustee

  

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

    Trustee, President and Principal Executive Officer    Trustee since 2022, President and Principal Executive Officer since 2020   President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).    216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

   

 

  90   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		   

Position(s)

Held

with Trust

   

Length of

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

   

 

  91   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		   

Position(s)

Held

with Trust

   

Length of

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700 Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

   

 

  92   

    
 

 

Trustees and Officers–(continued)

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		   

Position(s)

Held

with Trust

   

Length of

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

   

 

  93   

    
 

 

Approval of Investment Advisory Contracts

    

    

    

 

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF    Invesco Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF    Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF    Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF    Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF    Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF    Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF    Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF    Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF    Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF    Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF    Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF    Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF    Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF    Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF    Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF    Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF    Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF    Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF    Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF    Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF    Invesco Water Resources ETF
Invesco Dynamic Media ETF    Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF    Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF    Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals ETF   

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

   

 

  94   

    
 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

 

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●  

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●  

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●  

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●  

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●  

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●  

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●  

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●  

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●  

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●  

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

   

 

  95   

    
 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

 

 

Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees 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*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

              X

Invesco Buyback AchieversTM ETF

              X

Invesco Dividend AchieversTM ETF

              X

Invesco DWA Basic Materials Momentum ETF

        X         X

Invesco DWA Consumer Cyclicals Momentum ETF

        X         X

Invesco DWA Consumer Staples Momentum ETF

              X

Invesco DWA Energy Momentum ETF

              X

Invesco DWA Financial Momentum ETF

              X

Invesco DWA Healthcare Momentum ETF

              X

Invesco DWA Industrials Momentum ETF

              X

Invesco DWA Momentum ETF

              X

Invesco DWA Technology Momentum ETF

              X

Invesco DWA Utilities Momentum ETF

              X

Invesco Dynamic Biotechnology & Genome ETF

              X

Invesco Dynamic Building & Construction ETF

              X

Invesco Dynamic Energy Exploration & Production ETF

              X

Invesco Dynamic Food & Beverage ETF

              X

Invesco Dynamic Large Cap Growth ETF

              X

Invesco Dynamic Large Cap Value ETF

              X

Invesco Dynamic Leisure and Entertainment ETF

        X         X

Invesco Dynamic Market ETF

              X

Invesco Dynamic Media ETF

        X         X

Invesco Dynamic Networking ETF

              X

Invesco Dynamic Oil & Gas Services ETF

              X

Invesco Dynamic Pharmaceuticals ETF

              X

Invesco Dynamic Semiconductors ETF

              X

Invesco Dynamic Software ETF

              X

Invesco Financial Preferred ETF

              X

Invesco FTSE RAFI US 1000 ETF

              X

Invesco FTSE RAFI US 1500 Small-Mid ETF

              X

Invesco Global Listed Private Equity ETF

             N/A    X

Invesco Golden Dragon China ETF

        X        N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

              X

Invesco International Dividend AchieversTM ETF

        X         X

 

   

 

  96   

    
 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

 

Invesco Fund

    Equal
to/Lower
than ETF Peer  Median		    Equal to/Lower
than  Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco MSCI Sustainable Future ETF

          X

Invesco S&P 100 Equal Weight ETF

       X    X

Invesco S&P 500 GARP ETF

          X

Invesco S&P 500® Quality ETF

    X       X

Invesco S&P 500 Value with Momentum ETF

          X

Invesco S&P MidCap Momentum ETF

          X

Invesco S&P MidCap Quality ETF

          X

Invesco S&P MidCap Value with Momentum ETF

       X    X

Invesco S&P SmallCap Momentum ETF

          X

Invesco S&P SmallCap Value with Momentum ETF

       X    X

Invesco S&P Spin-Off ETF

          X

Invesco Water Resources ETF

    X    X    X

Invesco WilderHill Clean Energy ETF

       X    X

Invesco Zacks Mid-Cap ETF

          X

Invesco Zacks Multi-Asset Income 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 that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

          X

Invesco Buyback AchieversTM ETF

          X

Invesco Dividend AchieversTM ETF

       X    X

Invesco DWA Basic Materials Momentum ETF

          X

Invesco DWA Consumer Cyclicals Momentum ETF

          X

Invesco DWA Consumer Staples Momentum ETF

          X

Invesco DWA Energy Momentum ETF

          X

Invesco DWA Financial Momentum ETF

          X

Invesco DWA Healthcare Momentum ETF

          X

Invesco DWA Industrials Momentum ETF

          X

Invesco DWA Momentum ETF

       X    X

Invesco DWA Technology Momentum ETF

          X

Invesco DWA Utilities Momentum ETF

          X

Invesco Dynamic Biotechnology & Genome ETF

          X

Invesco Dynamic Building & Construction ETF

          X

Invesco Dynamic Energy Exploration & Production ETF

          X

Invesco Dynamic Food & Beverage ETF

          X

Invesco Dynamic Large Cap Growth ETF

          X

Invesco Dynamic Large Cap Value ETF

          X

 

   

 

  97   

    
 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Dynamic Leisure and Entertainment ETF

          X

Invesco Dynamic Market ETF

          X

Invesco Dynamic Media ETF

          X

Invesco Dynamic Networking ETF

          X

Invesco Dynamic Oil & Gas Services ETF

          X

Invesco Dynamic Pharmaceuticals ETF

          X

Invesco Dynamic Semiconductors ETF

          X

Invesco Dynamic Software ETF

          X

Invesco Financial Preferred ETF

          X

Invesco FTSE RAFI US 1000 ETF

          X

Invesco FTSE RAFI US 1500 Small-Mid ETF

          X

Invesco Global Listed Private Equity ETF

       N/A    X

Invesco Golden Dragon China ETF

       N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

           X    X

Invesco International Dividend AchieversTM ETF

          X

Invesco MSCI Sustainable Future ETF

          X

Invesco S&P 100 Equal Weight ETF

           X    X

Invesco S&P 500 GARP ETF

          X

Invesco S&P 500® Quality ETF

    X       X

Invesco S&P 500 Value with Momentum ETF

          X

Invesco S&P MidCap Momentum ETF

          X

Invesco S&P MidCap Quality ETF

          X

Invesco S&P MidCap Value with Momentum ETF

           X    X

Invesco S&P SmallCap Momentum ETF

          X

Invesco S&P SmallCap Value with Momentum ETF

           X    X

Invesco S&P Spin-Off ETF

          X

Invesco Water Resources ETF

    X        X    X

Invesco WilderHill Clean Energy ETF

           X    X

Invesco Zacks Mid-Cap ETF

          X

Invesco Zacks Multi-Asset Income 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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.

 

   

 

  98   

    
 

 

Approval of Investment Advisory Contracts–(continued)

    

    

    

 

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, 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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

   

 

  99   

    
 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2023 Invesco Capital Management LLC            

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    P-PS-AR-7            invesco.com/ETFs

 

 

LOGO             

  

 

 

Invesco Annual Report to Shareholders

 

April 30, 2023

    

RSP    Invesco S&P 500® Equal Weight ETF

 

EWCO   Invesco S&P 500® Equal Weight Communication Services ETF

 

RCD    Invesco S&P 500® Equal Weight Consumer Discretionary ETF

 

RHS    Invesco S&P 500® Equal Weight Consumer Staples ETF

 

RYE    Invesco S&P 500® Equal Weight Energy ETF

 

RYF    Invesco S&P 500® Equal Weight Financials ETF

 

RYH    Invesco S&P 500® Equal Weight Health Care ETF

 

RGI   Invesco S&P 500® Equal Weight Industrials ETF

 

RTM    Invesco S&P 500® Equal Weight Materials ETF

 

EWRE   Invesco S&P 500® Equal Weight Real Estate ETF

 

RYT    Invesco S&P 500® Equal Weight Technology ETF

 

RYU    Invesco S&P 500® Equal Weight Utilities ETF

 

EWMC   Invesco S&P MidCap 400® Equal Weight ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      36  
Schedules of Investments   

Invesco S&P 500® Equal Weight ETF (RSP)

      37  

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

      43  

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

      45  

Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

      47  

Invesco S&P 500® Equal Weight Energy ETF (RYE)

      49  

Invesco S&P 500® Equal Weight Financials ETF (RYF)

      51  

Invesco S&P 500® Equal Weight Health Care ETF (RYH)

      53  

Invesco S&P 500® Equal Weight Industrials ETF (RGI)

      55  

Invesco S&P 500® Equal Weight Materials ETF (RTM)

      57  

Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

      59  

Invesco S&P 500® Equal Weight Technology ETF (RYT)

     61  

Invesco S&P 500® Equal Weight Utilities ETF (RYU)

     63  

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

     65  
Statements of Assets and Liabilities      70  
Statements of Operations      74  
Statements of Changes in Net Assets      78  
Financial Highlights      84  
Notes to Financial Statements      93  
Report of Independent Registered Public Accounting Firm      106  
Fund Expenses      107  
Tax Information      109  
Trustees and Officers      110  
Approval of Investment Advisory Contracts      121  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-

expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

 

 

 

   3  

 

 

 

RSP    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight ETF (RSP)

 

As an index fund, the Invesco S&P 500® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P 500® Index. Unlike the S&P 500® Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.29%. On a net asset value (“NAV”) basis, the Fund returned 0.30%. During the same time period, the Index returned 0.45%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on float-adjusted market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection within the information technology sector and to the Fund’s security selection within the financials sector.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s performance during the period, followed by the real estate and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a communication services company (portfolio average weight of 0.21%) and General Electric Co., an industrials company (portfolio average weight of 0.21%). Positions that detracted most significantly from the Fund’s return during this period included Signature Bank, a financials company (no longer held at fiscal year-end) and SVB Financial Group, a financials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      14.66  
Financials      13.80  
Health Care      13.57  
Information Technology      12.69  
Consumer Discretionary      10.76  
Consumer Staples      7.72  
Utilities      6.23  
Real Estate      6.00  
Materials      5.67  
Energy      4.54  
Communication Services      4.33  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Intuitive Surgical, Inc.      0.26  
Meta Platforms, Inc., Class A      0.26  
Chipotle Mexican Grill, Inc.      0.26  
Universal Health Services, Inc., Class B      0.25  
Eli Lilly and Co.      0.24  
PulteGroup, Inc.      0.24  
Baxter International, Inc.      0.24  
McCormick & Co., Inc.      0.24  
Microsoft Corp.      0.24  
Tyler Technologies, Inc.      0.24  
Total      2.47  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco S&P 500® Equal Weight ETF (RSP) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

     3 Years
Average
Annualized		    

3 Years
Cumulative

     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P 500® Equal Weight Index     0.45 %      16.83 %      59.45 %      9.95 %      60.65 %      11.26 %      190.66 %        11.25 %      744.86 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         10.05       579.61  
Fund                    
NAV Return     0.30       16.60       58.52       9.75       59.21       10.97       183.14         10.80       678.60  
Market Price Return     0.29       16.52       58.22       9.74       59.15       10.97       183.06         10.80       678.55  

 

Guggenheim S&P 500® Equal Weight ETF (the “Predecessor Fund”) Inception: April 24, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   5  

 

 

 

EWCO    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Communication Services ETF (the “Fund”) changed from EWCO to RSPC.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Communication Services Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the” Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Communication Services Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the communication services sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each quarterly rebalance. The communication services sector includes companies that facilitate communication or offer related content and information through various mediums and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest communication services companies in the S&P MidCap 400® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (7.88)%. On a net asset value (“NAV”) basis, the Fund returned (7.91)%. During the same time period, the Index returned (7.62)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the

average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation and security selection within the media industry, as well as the Fund’s overweight allocation and security selection within the entertainment industry.

For the fiscal year ended April 30, 2023, the wireless telecommunication services industry contributed most significantly to the Fund’s return, followed by the entertainment industry. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the media industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., an entertainment company (portfolio average weight of 4.75%) and Meta Platforms Inc., Class A, an interactive media and services company (portfolio average weight of 4.62%). Positions that detracted most significantly from the Fund’s return included DISH Network Corp., Class A, a media company (portfolio average weight of 3.81%) and Lumen Technologies, Inc., a diversified telecommunication services company (no longer held at fiscal year-end).

 

 

 

   6  

 

 

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Media      35.55  
Entertainment      31.73  
Interactive Media & Services      15.14  
Diversified Telecommunication Services      13.16  
Wireless Telecommunication Services      4.38  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Meta Platforms, Inc., Class A      5.68  
Paramount Global, Class B      4.98  
Comcast Corp., Class A      4.97  
Electronic Arts, Inc.      4.95  
Netflix, Inc.      4.78  
Take-Two Interactive Software, Inc.      4.77  
Charter Communications, Inc., Class A      4.75  
Walt Disney Co. (The)      4.65  
Iridium Communications, Inc.      4.59  
Verizon Communications, Inc.      4.50  
Total      48.62  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P 500® Equal Weight Communication Services Plus Index     (7.62 )%      7.97 %      25.88 %        3.25 %      15.43 % 
S&P 500® Index     2.66       14.52       50.19         11.09       60.21  
S&P 500® Communication Services Index     1.14       6.12       19.51         7.10       35.98  
Fund            
NAV Return     (7.91 )      7.57       24.49         2.87       13.50  
Market Price Return     (7.88 )      7.57       24.48         2.85       13.41  

 

 

   7  

 

 

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) (continued)

 

Fund Inception: November 7, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   8  

 

 

 

RCD    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Consumer Discretionary ETF (the “Fund”) changed from RCD to RSPD.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Consumer Discretionary Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the consumer discretionary sector, as defined according to the Global Industry Classification Standard (“GICS”). The consumer discretionary sector includes a manufacturing segment, composed of automotive, household durable goods, leisure equipment and textiles and apparel, and a services segment, composed of hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.59%. On a net asset value (“NAV”) basis, the Fund returned 2.52%. During the same time period, the Index returned 2.86%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the textiles, apparel & luxury goods industry.

For the fiscal year ended April 30, 2023, the specialty retail industry contributed most significantly to the Fund’s return, followed by the hotels, restaurants & leisure and household durables industries, respectively. The textiles, apparel & luxury goods industry detracted most significantly from the Fund’s return, followed by the automobiles and broadline retail industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Las Vegas Sands Corp., a hotels, restaurants & leisure company (portfolio average weight of 1.91%) and PulteGroup, Inc., a household durables company (portfolio average weight of 1.86%). Positions that detracted most significantly from the Fund’s return during this period included VF Corp., a textiles, apparel & luxury goods company (portfolio average weight of 1.59%) and Carnival Corp., a hotels, restaurants & leisure company (portfolio average weight of 1.66%).

 

 

 

   9  

 

 

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Hotels, Restaurants & Leisure      32.26  
Specialty Retail      22.35  
Household Durables      15.87  
Textiles, Apparel & Luxury Goods      7.44  
Broadline Retail      5.76  
Distributors      5.55  
Automobiles      5.07  
Automobile Components      3.46  
Leisure Products      2.16  
Money Market Funds Plus Other Assets Less Liabilities      0.08  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Chipotle Mexican Grill, Inc.      2.39  
PulteGroup, Inc.      2.25  
Hasbro, Inc.      2.16  
D.R. Horton, Inc.      2.09  
Amazon.com, Inc.      2.08  
Lennar Corp., Class A      2.07  
Starbucks Corp.      2.06  
Las Vegas Sands Corp.      2.03  
McDonald’s Corp.      2.02  
Yum! Brands, Inc.      2.02  
Total      21.17  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Consumer Discretionary Index     2.86 %      18.03 %      64.41 %      7.21 %      41.66 %      8.75 %      131.36 %        8.42 %      279.64 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Consumer Discretionary Index     (8.48 )      7.29       23.49       7.99       46.87       11.70       202.32         10.24       399.38  
Fund                    
NAV Return     2.52       17.60       62.64       6.85       39.26       8.34       122.82         7.98       254.65  
Market Price Return     2.59       17.63       62.77       6.85       39.27       8.37       123.32         7.97       254.59  

 

 

   10  

 

 

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) (continued)

 

Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   11  

 

 

 

RHS    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Consumer Staples ETF (the “Fund”) changed from RHS to RSPS.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Consumer Staples Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the consumer staples sector, as defined according to the Global Industry Classification Standard (“GICS”). The consumer staples sector includes manufacturers and distributors of food, beverages and tobacco, producers of non-durable household goods and personal products, food and drug retailing companies as well as hypermarkets and consumer super centers.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.48%. On a net asset value (“NAV”) basis, the Fund returned 3.48%. During the same time period, the Index returned 3.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the food products industry.

For the fiscal year ended April 30, 2023, the food products industry contributed most significantly to the Fund’s return, followed by the beverages and household products industries, respectively. The personal care products industry detracted most significantly from the Fund’s return, followed by the consumer staples distribution & retail and tobacco industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Lamb Weston Holdings, Inc., a food products company (portfolio average weight of 3.38%) and Monster Beverage Corp., a beverages company (portfolio average weight of 3.16%). Positions that detracted most significantly from the Fund’s return during this period included Tyson Foods, Inc., Class A, a food products company (portfolio average weight of 2.86%) and Hormel Foods Corp., a food products company (portfolio average weight of 2.97%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Food Products      38.14  
Beverages      18.81  
Consumer Staples Distribution & Retail      15.98  
Household Products      14.23  
Tobacco      5.08  
Broadline Retail      5.04  
Personal Care Products      2.61  
Money Market Funds Plus Other Assets Less Liabilities      0.11  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
McCormick & Co., Inc.      3.09  
Kimberly-Clark Corp.      2.96  
Mondelez International, Inc., Class A      2.95  
Church & Dwight Co., Inc.      2.89  
Hershey Co. (The)      2.87  
Lamb Weston Holdings, Inc.      2.86  
Procter & Gamble Co. (The)      2.84  
Molson Coors Beverage Co., Class B      2.83  
General Mills, Inc.      2.82  
Colgate-Palmolive Co.      2.79  
Total      28.90  

 

*

Excluding money market fund holdings.

 

 

 

   12  

 

 

Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Consumer Staples Index     3.94 %      12.64 %      42.90 %      10.46 %      64.42 %      10.56 %      172.79 %        11.00 %      459.26 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Consumer Staples Index     2.24       13.51       46.26       12.40       79.42       9.67       151.74         10.06       385.80  
Fund                    
NAV Return     3.48       12.16       41.09       10.02       61.20       10.09       161.44         10.47       416.53  
Market Price Return     3.48       12.16       41.10       10.02       61.23       10.10       161.79         10.47       416.58  

 

Guggenheim S&P 500® Equal Weight Consumer Staples ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   13  

 

 

 

RYE    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Energy ETF (RYE)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Energy ETF (the “Fund”) changed from RYE to RSPG.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Energy Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Energy Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the energy sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each quarterly rebalance. The energy sector includes companies engaged in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels, as well as companies that offer oil and gas equipment and services. All companies included in the Parent Index and the Index are domiciled in the United States and trade on U.S. exchanges. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest energy companies in the S&P MidCap 400® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight at each quarterly rebalance. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 10.21%. On a net asset value (“NAV”) basis, the Fund returned 10.18%. During the same time period, the Index returned 10.52%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the

marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the oil, gas & consumable fuels industry.

For the fiscal year ended April 30, 2023, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during this period.

The position that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, was Marathon Petroleum Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.69%) and Exxon Mobil Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.57%). Positions that detracted most significantly from the Fund’s return during this period included APA Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.35%) and Halliburton Co., an energy equipment & services company (portfolio average weight of 4.38%).

 

 

 

   14  

 

 

Invesco S&P 500® Equal Weight Energy ETF (RYE) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Oil, Gas & Consumable Fuels      87.42  
Energy Equipment & Services      12.37  
Money Market Funds Plus Other Assets Less Liabilities      0.21  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
EQT Corp.      4.85  
Hess Corp.      4.73  
Exxon Mobil Corp.      4.65  
Pioneer Natural Resources Co.      4.63  
EOG Resources, Inc.      4.51  
Chevron Corp.      4.47  
Williams Cos., Inc. (The)      4.43  
Diamondback Energy, Inc.      4.43  
Coterra Energy, Inc.      4.41  
Devon Energy Corp.      4.37  
Total      45.48  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Custom Invesco S&P 500® Equal Weight Energy ETF Benchmark     10.52 %      40.59 %      177.85 %      6.41 %      36.44 %      2.62 %      29.51 %        4.68 %      112.68 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Energy Index     19.22       37.56       160.30       8.29       48.92       4.87       60.95         5.66       147.87  
Fund                    
NAV Return     10.18       39.97       174.21       6.02       33.97       2.28       25.24         4.22       97.82  
Market Price Return     10.21       39.96       174.16       5.98       33.69       2.29       25.43         4.22       97.84  

 

 

   15  

 

 

Invesco S&P 500® Equal Weight Energy ETF (RYE) (continued)

 

Guggenheim S&P 500® Equal Weight Energy ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

The Custom Invesco S&P 500® Equal Weight Energy ETF Benchmark is comprised of the performance of the S&P 500® Equal Weight Energy Index, the Fund’s previous underlying index, from Fund Inception through the conversion date, March 18, 2022, followed by the performance of the Index following the conversion date through April 30, 2023.

 

 

 

   16  

 

 

 

RYF    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Financials ETF (RYF)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Financials ETF (the “Fund”) changed from RYF to RSPF.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Financials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Financials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the financials sector, as defined according to the Global Industry Classification Standard (“GICS”). The financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance, as well as financial exchanges and data and mortgage real estate investment trusts.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (9.25)%. On a net asset value (“NAV”) basis, the Fund returned (9.31)%. During the same time period, the Index returned (8.99)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the banks industry.

For the fiscal year ended April 30, 2023, the capital markets industry most significantly contributed to the Fund’s return, followed by the financial services and insurance industries, respectively. The banks industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Everest RE Group, Ltd., an insurance company (portfolio average weight of 1.56%) and Arch Capital Group Ltd., an insurance company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return during this period included Signature Bank, a banks company (no longer held at fiscal year-end) and SVB Financial Group, a banks company (no longer held at fiscal year-end).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Insurance      32.85  
Capital Markets      29.75  
Banks      18.44  
Financial Services      10.61  
Consumer Finance      5.44  
IT Services      2.88  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Cboe Global Markets, Inc.      1.64  
Brown & Brown, Inc.      1.64  
Marsh & McLennan Cos., Inc.      1.60  
Intercontinental Exchange, Inc.      1.60  
Arthur J. Gallagher & Co.      1.59  
Global Payments, Inc.      1.57  
Arch Capital Group Ltd.      1.57  
S&P Global, Inc.      1.55  
Aon PLC, Class A      1.54  
Moody’s Corp.      1.53  
Total      15.83  

 

*

Excluding money market fund holdings.

 

 

 

   17  

 

 

Invesco S&P 500® Equal Weight Financials ETF (RYF) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P 500® Equal Weight Financials Index     (8.99 )%      15.81 %      55.33 %      5.74 %      32.19 %      10.49 %      171.18 %        5.14 %      128.72 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Financials Index     (1.82 )      15.76       55.14       6.15       34.77       10.36       168.06         3.09       65.19  
Fund                    
NAV Return     (9.31 )      15.38       53.58       5.36       29.85       10.00       159.38         4.48       106.06  
Market Price Return     (9.25 )      15.26       53.12       5.34       29.72       9.98       158.79         4.48       105.97  

 

Guggenheim S&P 500® Equal Weight Financials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   18  

 

 

 

RYH    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Health Care ETF (RYH)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Health Care ETF (the “Fund”) changed from RYH to RSPH.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Health Care Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the health care sector, as defined according to the Global Industry Classification Standard (“GICS”). The health care sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, health care technology companies and companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 7.04%. On a net asset value (“NAV”) basis, the Fund returned 7.00%. During the same time period, the Index returned 7.44%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation and security selection within the health care equipment & supplies and biotechnology industries, respectively.

For the fiscal year ended April 30, 2023, the health care equipment & supplies industry contributed most significantly to the Fund’s return, followed by the biotechnology and health care providers & services industries, respectively. The life sciences tools & services industry detracted most significantly from the Fund’s return, followed by the pharmaceuticals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Biogen Inc., a biotechnology company (portfolio average weight of 1.70%) and Gilead Sciences, Inc., a biotechnology company (portfolio average weight of 1.63%). Positions that detracted most significantly from the Fund’s return during this period included Baxter International Inc., a health care equipment & supplies company (portfolio average weight of 1.41%) and Catalent, Inc., a pharmaceuticals company (portfolio average weight of 1.50%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Health Care Equipment & Supplies      32.61  
Health Care Providers & Services      24.68  
Life Sciences Tools & Services      17.42  
Pharmaceuticals      13.15  
Biotechnology      12.12  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Intuitive Surgical, Inc.      1.90  
Universal Health Services, Inc., Class B      1.81  
Eli Lilly and Co.      1.79  
Baxter International, Inc.      1.78  
Teleflex, Inc.      1.74  
DaVita, Inc.      1.72  
Vertex Pharmaceuticals, Inc.      1.69  
Biogen, Inc.      1.68  
Medtronic PLC      1.68  
Edwards Lifesciences Corp.      1.68  
Total      17.47  

 

*

Excluding money market fund holdings.

 

 

 

   19  

 

 

Invesco S&P 500® Equal Weight Health Care ETF (RYH) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Health Care Index     7.44 %      12.96 %      44.15 %      11.97 %      76.04 %      13.74 %      262.43 %        12.78 %      627.75 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Health Care Index     4.17       12.05       40.66       12.23       78.04       12.89       236.28         10.90       451.48  
Fund                    
NAV Return     7.00       12.51       42.43       11.53       72.58       13.27       247.59         12.15       563.00  
Market Price Return     7.04       12.46       42.23       11.52       72.45       13.27       247.63         12.15       563.06  

 

Guggenheim S&P 500® Equal Weight Health Care ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   20  

 

 

 

RGI    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Industrials ETF (RGI)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Industrials ETF (the “Fund”) changed from RGI to RSPN.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Industrials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the industrials sector, as defined according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of capital goods such as aerospace and defense, building products, electrical equipment and machinery, companies that offer construction and engineering services, providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services and providers of transportation services.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 6.61%. On a net asset value (“NAV”) basis, the Fund returned 6.55%. During the same time period, the Index returned 6.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the machinery industry.

For the fiscal year ended April 30, 2023, the machinery industry contributed most significantly to the Fund’s return, followed by the aerospace & defense and commercial services & supplies industries, respectively. The passenger airlines industry detracted most significantly from the Fund’s return during this period, followed by the professional services and ground transportation industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included General Electric Co., an industrial conglomerates company (portfolio average weight of 1.46%) and Boeing Co., an aerospace & defense company (portfolio average weight of 1.47%). Positions that detracted most significantly from the Fund’s return during the period included Generac Holdings, Inc., an electrical equipment company (portfolio average weight of 1.24%) and Southwest Airlines Co., a passenger airlines company (portfolio average weight of 1.34%).

 

 

 

   21  

 

 

Invesco S&P 500® Equal Weight Industrials ETF (RGI) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Machinery      22.63  
Professional Services      14.95  
Aerospace & Defense      13.25  
Building Products      7.91  
Commercial Services & Supplies      7.48  
Ground Transportation      6.51  
Electrical Equipment      6.44  
Passenger Airlines      5.96  
Air Freight & Logistics      5.48  
Industrial Conglomerates      4.13  
Trading Companies & Distributors      3.83  
Industry Types Each Less Than 3%      1.42  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Rollins, Inc.      1.60  
Copart, Inc.      1.52  
CoStar Group, Inc.      1.51  
Republic Services, Inc.      1.50  
FedEx Corp.      1.49  
Waste Management, Inc.      1.46  
Pentair PLC      1.45  
General Electric Co.      1.43  
Howmet Aerospace, Inc.      1.43  
Snap-on, Inc.      1.42  
Total      14.81  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Industrials Index     6.94 %      21.06 %      77.42 %      11.89 %      75.39 %      12.95 %      238.04 %        10.66 %      431.47 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Industrials Index     7.04       17.90       63.89       8.79       52.39       11.15       187.67         8.58       289.12  
Fund                    
NAV Return     6.55       20.58       75.34       11.48       72.17       12.50       224.82         10.15       392.48  
Market Price Return     6.61       20.57       75.25       11.47       72.14       12.53       225.49         10.15       392.40  

 

 

   22  

 

 

Invesco S&P 500® Equal Weight Industrials ETF (RGI) (continued)

 

Guggenheim S&P 500® Equal Weight Industrials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   23  

 

 

 

RTM    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Materials ETF (RTM)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Materials ETF (the “Fund”) changed from RTM to RSPM.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Materials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the materials sector, as defined according to the Global Industry Classification Standard (“GICS”). The materials sector includes companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (8.34)%. On a net asset value (“NAV”) basis, the Fund returned (8.32)%. During the same time period, the Index returned (8.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the containers & packaging and chemicals industries, respectively.

For the fiscal year ended April 30, 2023, the construction materials industry was the only industry to contribute to the Fund’s return. The containers & packaging industry detracted most significantly from the Fund’s return during this period, followed by the chemicals and metals & mining industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Air Products and Chemicals, Inc., a chemicals company (portfolio average weight of 3.67%) and Linde PLC, a chemicals company (portfolio average weight of 3.68%). Positions that detracted most significantly from the Fund’s return during the period included WestRock Co., a containers & packaging company (portfolio average weight of 3.38%) and Ball Corp., a containers & packaging company (portfolio average weight of 3.38%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Chemicals      55.47  
Containers & Packaging      24.06  
Metals & Mining      13.33  
Construction Materials      7.13  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
International Flavors & Fragrances, Inc.      3.90  
Newmont Corp.      3.82  
PPG Industries, Inc.      3.79  
Sherwin-Williams Co. (The)      3.78  
Linde PLC      3.68  
LyondellBasell Industries N.V., Class A      3.62  
Martin Marietta Materials, Inc.      3.62  
Ecolab, Inc.      3.61  
Sealed Air Corp.      3.61  
Air Products and Chemicals, Inc.      3.55  
Total      36.98  

 

*

Excluding money market fund holdings.

 

 

 

   24  

 

 

Invesco S&P 500® Equal Weight Materials ETF (RTM) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Materials Index     (8.04 )%      22.12 %      82.12 %      11.16 %      69.70 %      11.49 %      196.70 %        10.08 %      387.37 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Materials Index     (3.03 )      18.13       64.84       9.53       57.67       9.66       151.44         7.94       252.75  
Fund                    
NAV Return     (8.32 )      21.70       80.27       10.79       66.88       11.05       185.14         9.49       346.53  
Market Price Return     (8.34 )      21.62       79.90       10.77       66.78       11.07       185.85         9.49       346.22  

 

Guggenheim S&P 500® Equal Weight Materials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   25  

 

 

 

EWRE    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Real Estate ETF (the “Fund”) changed from EWRE to RSPR.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Real Estate Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the real estate sector, as defined according to the Global Industry Classification Standard (“GICS”). The real estate sector includes companies operating in real estate development and operation, offering real estate related services and equity real estate investment trusts (“REITs”).

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (17.85)%. On a net asset value (“NAV”) basis, the Fund returned (17.78)%. During the same time period, the Index returned (17.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the diversified REITs industry and most underweight in the

software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the diversified REITs industry.

For the fiscal year ended April 30, 2023, the residential REITs industry contributed most significantly to the Fund’s return, followed by the industrial REITs industry. The diversified REITs industry detracted most significantly from the Fund’s return during this period, followed by the office REITs and retail REITs industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Iron VICI Properties Inc., a specialized REITs company (portfolio average weight of 3.03%) and Simon Property Group, Inc, a retail REITs company (portfolio average weight of 3.39%). Positions that detracted most significantly from the Fund’s return during the period included Boston Properties, Inc., an office REITs company (portfolio average weight of 3.09%) and Vornado Realty Trust, an equity REITs company (no longer held at fiscal year-end).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Diversified REITs      26.39  
Residential REITs      23.78  
Specialized REITs      16.73  
Health Care REITs      10.50  
Retail REITs      6.64  
Office REITs      6.12  
Industrial REITs      3.43  
Hotel & Resort REITs      3.27  
Real Estate Management & Development      3.14  
Money Market Funds Plus Other Assets Less Liabilities      0.00  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Welltower, Inc.      3.75  
Invitation Homes, Inc.      3.55  
Equinix, Inc.      3.50  
AvalonBay Communities, Inc.      3.49  
SBA Communications Corp., Class A      3.49  
Equity Residential      3.48  
Iron Mountain, Inc.      3.46  
Ventas, Inc.      3.46  
Prologis, Inc.      3.43  
American Tower Corp.      3.43  
Total      35.04  

 

*

Excluding money market fund holdings.

 

 

 

   26  

 

 

Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Real Estate Index     (17.47 )%      10.26 %      34.05 %      7.59 %      44.18 %        6.22 %      59.34 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93         11.47       131.12  
S&P 500® Real Estate Index     (15.92 )      7.13       22.97       7.77       45.35         N/A       N/A  
Fund                
NAV Return     (17.78 )      9.84       32.51       7.23       41.77         5.86       55.19  
Market Price Return     (17.85 )      9.84       32.51       7.23       41.79         5.92       55.81  

 

Guggenheim S&P 500® Equal Weight Real Estate ETF (the “Predecessor Fund”) Inception: August 13, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   27  

 

 

 

RYT    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Technology ETF (RYT)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Technology ETF (the “Fund”) changed from RYT to RSPT.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Information Technology Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the information technology sector, as defined according to the Global Industry Classification Standard (“GICS”). The information technology sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments and semiconductors.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.90%. On a net asset value (“NAV”) basis, the Fund returned 1.99%. During the same time period, the Index returned 2.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection within the technology hardware storage & peripherals industry.

For the fiscal year ended April 30, 2023, the software industry contributed most significantly to the Fund’s return, followed by the semiconductors & semiconductors equipment and communications equipment industries, respectively. The IT services industry detracted most significantly from the Fund’s return during this period, followed by the technology hardware storage & peripherals industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included NVIDIA Corp., a semiconductors & semiconductors equipment company (portfolio average weight of 1.37%) and Arista Networks, Inc., a communications equipment company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return during this period included Fidelity National Information Services, Inc., a financials services company (no longer held at fiscal year-end) and Western Digital Corp., a technology hardware storage & peripherals company (portfolio average weight of 1.30%).

 

 

 

   28  

 

 

Invesco S&P 500® Equal Weight Technology ETF (RYT) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Semiconductors & Semiconductor Equipment      31.71  
Software      26.78  
IT Services      12.61  
Electronic Equipment, Instruments & Components      11.81  
Technology Hardware, Storage & Peripherals      9.33  
Communications Equipment      7.80  
Money Market Funds Plus Other Assets Less Liabilities      (0.04)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Microsoft Corp.      1.88  
Tyler Technologies, Inc.      1.86  
NVIDIA Corp.      1.84  
Micron Technology, Inc.      1.78  
VeriSign, Inc.      1.76  
Adobe, Inc.      1.74  
Salesforce, Inc.      1.74  
Apple, Inc.      1.74  
Intel Corp.      1.73  
Akamai Technologies, Inc.      1.73  
Total      17.80  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Information Technology Index     2.37 %      14.13 %      48.65 %      13.23 %      86.10 %      17.26 %      391.67 %        12.27 %      574.45 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Information Technology Index     8.08       19.28       69.72       19.72       145.99       20.09       523.76         14.53       838.22  
Fund                    
NAV Return     1.99       13.67       46.87       12.78       82.45       16.77       371.48         11.74       524.57  
Market Price Return     1.90       13.60       46.59       12.75       82.21       16.75       370.60         11.74       524.35  

 

 

   29  

 

 

Invesco S&P 500® Equal Weight Technology ETF (RYT) (continued)

 

Guggenheim S&P 500® Equal Weight Technology ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   30  

 

 

 

RYU    Management’s Discussion of Fund Performance
   Invesco S&P 500® Equal Weight Utilities ETF (RYU)

 

Effective after the close of markets on June 6, 2023, the ticker symbol of Invesco S&P 500® Equal Weight Utilities ETF (the “Fund”) changed from RYU to RSPU.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Utilities Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500® Utilities Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500® Index that are classified as members of the utilities sector, as defined according to the Global Industry Classification Standard (“GICS”) with a 22 company minimum count at each quarterly rebalance. The utilities sector includes utility companies such as electric, gas and water utilities, independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. In the event there are fewer than 22 companies eligible for inclusion in the Index at quarterly rebalance, the Index will be supplemented with the largest utilities companies in the S&P MidCap 400® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.14%. On a net asset value (“NAV”) basis, the Fund returned 1.11%. During the same time period, the Index returned 1.48%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities industry and most underweight in the software industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to the multi-utilities industry.

For the fiscal year ended April 30, 2023, the electric utilities industry contributed most significantly to the Fund’s return, followed by the independent power and renewable electricity producers and gas utilities industries, respectively. The multi-utilities industry was the only industry to detract from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included PG&E Corp., an electric utilities company (portfolio average weight of 2.15%) and Constellation Energy Corp., an electric utilities company (portfolio average weight of 3.63%). Positions that detracted most significantly from the Fund’s return during this period included Dominion Energy, Inc., a multi-utilities company (portfolio average weight of 3.30%) and DTE Energy Co., a multi-utilities company (portfolio average weight of 3.32%).

 

 

 

   31  

 

 

Invesco S&P 500® Equal Weight Utilities ETF (RYU) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Electric Utilities      56.49  
Multi-Utilities      33.60  
Water Utilities      3.42  
Gas Utilities      3.23  
Independent Power and Renewable Electricity Producers      3.14  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Southern Co. (The)      3.56  
Public Service Enterprise Group, Inc.      3.47  
Edison International      3.44  
American Water Works Co., Inc.      3.42  
Xcel Energy, Inc.      3.42  
CenterPoint Energy, Inc.      3.41  
Alliant Energy Corp.      3.40  
WEC Energy Group, Inc.      3.40  
Ameren Corp.      3.39  
PPL Corp.      3.39  
Total      34.30  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Equal Weight Utilities Plus Index     1.48 %      11.09 %      37.10 %      9.83 %      59.81 %      9.18 %      140.70 %        8.59 %      289.38 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.17       325.09  
S&P 500® Utilities Index     (0.21 )      9.86       32.58       9.54       57.70       8.94       135.52         7.93       252.31  
Fund                    
NAV Return     1.11       10.65       35.47       9.44       56.96       8.75       131.41         8.09       261.11  
Market Price Return     1.14       10.57       35.18       9.45       57.09       8.74       131.23         8.09       261.09  

 

 

   32  

 

 

Invesco S&P 500® Equal Weight Utilities ETF (RYU) (continued)

 

Guggenheim S&P 500® Equal Weight Utilities ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   33  

 

 

 

EWMC    Management’s Discussion of Fund Performance
   Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

 

As an index fund, the Invesco S&P MidCap 400® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P MidCap 400® Index (the “Parent Index”), a broad-based index of approximately 400 securities that measures the mid-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.31%. On a net asset value (“NAV”) basis, the Fund returned 2.23%. During the same time period, the Index returned 2.55%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400® Index (the “Benchmark Index”) returned 1.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the industrials sector during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection within the health care and consumer discretionary sectors, respectively.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The real estate sector detracted most significantly from the Fund’s return during this period, followed by the energy and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Wingstop, Inc., a consumer discretionary company (portfolio average weight of 0.27%) and First Solar, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 0.20%) and SL Green Realty Corp., a real estate company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      19.20  
Consumer Discretionary      16.13  
Financials      14.84  
Health Care      10.62  
Information Technology      9.82  
Real Estate      7.65  
Materials      6.36  
Consumer Staples      4.76  
Utilities      4.08  
Energy      3.80  
Communication Services      2.64  
Money Market Funds Plus Other Assets Less Liabilities      0.10  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Shockwave Medical, Inc.      0.39  
New York Community Bancorp, Inc.      0.36  
Tenet Healthcare Corp.      0.34  
Arrowhead Pharmaceuticals, Inc.      0.33  
World Wrestling Entertainment, Inc., Class A      0.33  
XPO, Inc.      0.31  
KB Home      0.31  
Blackbaud, Inc.      0.31  
STAAR Surgical Co.      0.31  
Skechers U.S.A., Inc., Class A      0.31  
Total      3.30  

 

*

Excluding money market fund holdings.

 

 

 

   34  

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Blended—S&P MidCap 400® Equal Weight Index     2.55 %      19.37 %      70.09 %      8.21 %      48.38 %      9.90 %      157.10 %        10.73 %      254.11 % 
S&P MidCap 400® Index     1.33       16.52       58.18       7.56       43.96       9.64       151.10         10.37       240.13  
Fund                    
NAV Return     2.23       18.94       68.25       7.83       45.77       9.47       147.13         10.29       237.12  
Market Price Return     2.31       19.10       68.95       7.83       45.77       9.50       147.73         10.29       237.09  

 

Guggenheim S&P MidCap 400® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® Equal Weight Index performance is comprised of the performance of the Russell MidCap® Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   35  

 

 

 

Liquidity Risk Management Program

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

    36    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.97%

 

Communication Services-4.33%

 

Activision Blizzard, Inc.

                834,345      $        64,836,950  

Alphabet, Inc., Class A(b)

      382,853        41,095,441  

Alphabet, Inc., Class C(b)

      333,742        36,117,559  

AT&T, Inc.(c)

      3,529,849        62,372,432  

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

      197,550        72,836,685  

Comcast Corp., Class A

      1,842,472        76,223,067  

DISH Network Corp., Class A(b)(c)

      6,178,089        46,397,448  

Electronic Arts, Inc.

      595,723        75,823,623  

Fox Corp., Class A(c)

      1,375,326        45,743,343  

Fox Corp., Class B

      637,885        19,481,008  

Interpublic Group of Cos., Inc. (The)(c)

      1,926,407        68,830,522  

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

      976,077        66,158,499  

Match Group, Inc.(b)

      1,833,040        67,639,176  

Meta Platforms, Inc., Class A(b)

      362,319        87,072,502  

Netflix, Inc.(b)(c)

      222,120        73,284,052  

News Corp., Class A(c)

      3,098,229        54,559,813  

News Corp., Class B(c)

      954,107        16,935,399  

Omnicom Group, Inc.

      743,834        67,369,045  

Paramount Global, Class B(c)

      3,270,711        76,305,688  

Take-Two Interactive Software, Inc.(b)

      588,380        73,129,750  

T-Mobile US, Inc.(b)

      466,329        67,104,743  

Verizon Communications, Inc.

      1,773,666        68,871,451  

Walt Disney Co. (The)(b)

      695,243        71,262,408  

Warner Bros Discovery, Inc.(b)

      4,533,504        61,700,989  
     

 

 

  
        1,461,151,593  
     

 

 

  

Consumer Discretionary-10.76%

 

Advance Auto Parts, Inc.

      508,058        63,776,521  

Amazon.com, Inc.(b)

      716,992        75,606,806  

Aptiv PLC(b)

      585,707        60,245,822  

AutoZone, Inc.(b)

      26,896        71,632,386  

Bath & Body Works, Inc.(c)

      1,745,072        61,252,027  

Best Buy Co., Inc.

      827,489        61,664,480  

Booking Holdings, Inc.(b)

      26,246        70,504,892  

BorgWarner, Inc.(c)

      1,357,105        65,317,464  

Caesars Entertainment, Inc.(b)(c)

      1,375,128        62,279,547  

CarMax, Inc.(b)(c)

      1,020,783        71,485,433  

Carnival Corp.(b)(c)

      6,713,655        61,832,763  

Chipotle Mexican Grill, Inc.(b)

      41,910        86,653,954  

D.R. Horton, Inc.

      691,290        75,917,468  

Darden Restaurants, Inc.(c)

      451,965        68,667,042  

Domino’s Pizza, Inc.

      216,807        68,829,718  

eBay, Inc.(c)

      1,547,379        71,844,807  

Etsy, Inc.(b)(c)

      613,937        62,026,055  

Expedia Group, Inc.(b)

      661,707        62,173,990  

Ford Motor Co.(c)

      5,376,567        63,873,616  

Garmin Ltd.(c)

      684,605        67,207,673  

General Motors Co.

      1,780,570        58,830,033  

Genuine Parts Co.

      399,176        67,185,313  

Hasbro, Inc.

      1,321,974        78,287,300  

Hilton Worldwide Holdings, Inc.

      462,846        66,659,081  

Home Depot, Inc. (The)

      227,173        68,274,573  

Las Vegas Sands Corp.(b)(c)

      1,157,323        73,895,074  

Lennar Corp., Class A

      668,004        75,357,531  

LKQ Corp.

      1,191,552        68,788,297  

Lowe’s Cos., Inc.

      330,853        68,761,179  
     Shares      Value  

Consumer Discretionary-(continued)

 

Marriott International, Inc., Class A

                395,405      $        66,957,883  

McDonald’s Corp.

      248,207        73,407,220  

MGM Resorts International(c)

      1,524,174        68,465,896  

Mohawk Industries, Inc.(b)

      664,628        70,384,105  

Newell Brands, Inc.(c)

      5,315,072        64,578,125  

NIKE, Inc., Class B

      553,674        70,161,569  

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

      4,627,016        61,770,664  

NVR, Inc.(b)

      12,599        73,578,160  

O’Reilly Automotive, Inc.(b)

      79,412        72,845,422  

Pool Corp.(c)

      186,729        65,601,632  

PulteGroup, Inc.

      1,216,750        81,704,762  

Ralph Lauren Corp.(c)

      573,972        65,886,246  

Ross Stores, Inc.

      624,486        66,651,391  

Royal Caribbean Cruises Ltd.(b)(c)

      972,983        63,662,278  

Starbucks Corp.

      654,650        74,819,949  

Tapestry, Inc.

      1,572,841        64,187,641  

Tesla, Inc.(b)(c)

      375,120        61,635,967  

TJX Cos., Inc. (The)

      875,509        69,007,619  

Tractor Supply Co.(c)

      286,355        68,267,032  

Ulta Beauty, Inc.(b)

      124,904        68,875,813  

VF Corp.

      2,987,054        70,225,640  

Whirlpool Corp.(c)

      495,199        69,124,828  

Wynn Resorts Ltd.(b)(c)

      600,441        68,618,397  

Yum! Brands, Inc.

      522,301        73,425,075  
     

 

 

  
        3,632,674,159  
     

 

 

  

Consumer Staples-7.72%

 

Altria Group, Inc.

      1,395,755        66,312,320  

Archer-Daniels-Midland Co.

      848,736        66,269,307  

Brown-Forman Corp., Class B

      1,057,578        68,837,752  

Bunge Ltd.(c)

      702,977        65,798,647  

Campbell Soup Co.(c)

      1,238,984        67,276,831  

Church & Dwight Co., Inc.

      775,659        75,332,002  

Clorox Co. (The)(c)

      433,252        71,755,196  

Coca-Cola Co. (The)

      1,098,786        70,487,122  

Colgate-Palmolive Co.

      912,347        72,805,291  

Conagra Brands, Inc.

      1,858,190        70,536,892  

Constellation Brands, Inc., Class A

      306,910        70,426,638  

Costco Wholesale Corp.

      138,069        69,479,082  

Dollar General Corp.

      301,048        66,670,090  

Dollar Tree, Inc.(b)(c)

      463,712        71,277,172  

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

      275,394        67,945,208  

General Mills, Inc.

      828,447        73,425,258  

Hershey Co. (The)

      273,593        74,707,305  

Hormel Foods Corp.(c)

      1,660,524        67,151,591  

JM Smucker Co. (The)

      439,906        67,925,885  

Kellogg Co.(c)

      1,018,203        71,040,023  

Keurig Dr Pepper, Inc.

      1,895,763        61,991,450  

Kimberly-Clark Corp.

      531,735        77,043,084  

Kraft Heinz Co. (The)

      1,714,649        67,334,266  

Kroger Co. (The)

      1,381,316        67,173,397  

Lamb Weston Holdings, Inc.

      666,277        74,496,431  

McCormick & Co., Inc.(c)

      917,019        80,560,119  

Molson Coors Beverage Co., Class B(c)

     1,243,765        73,979,142  

Mondelez International, Inc., Class A

      1,002,425        76,906,046  

Monster Beverage Corp.(b)

      1,298,879        72,737,224  

PepsiCo, Inc.

      378,223        72,198,989  
 

 

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

 

    37    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)–(continued)

April 30, 2023

    

 

     Shares      Value  

Consumer Staples-(continued)

 

Philip Morris International, Inc.

                661,570      $ 66,137,153  

Procter & Gamble Co. (The)

      474,288        74,169,157  

Sysco Corp.

      889,648        68,271,588  

Target Corp.

      411,210        64,868,378  

Tyson Foods, Inc., Class A

      1,141,754        71,348,207  

Walgreens Boots Alliance, Inc.(c)

      1,956,005        68,949,176  

Walmart, Inc.

      475,057        71,719,355  
     

 

 

  
          2,605,342,774  
     

 

 

  

Energy-4.54%

 

APA Corp.

      1,809,583        66,683,133  

Baker Hughes Co., Class A(c)

      2,237,957        65,437,863  

Chevron Corp.

      407,207        68,646,956  

ConocoPhillips

      624,183        64,222,189  

Coterra Energy, Inc.(c)

      2,645,575        67,726,720  

Devon Energy Corp.

      1,256,887        67,155,472  

Diamondback Energy, Inc.(c)

      478,579        68,053,934  

EOG Resources, Inc.

      579,911        69,281,967  

EQT Corp.(c)

      2,139,293        74,532,968  

Exxon Mobil Corp.

      603,590        71,428,841  

Halliburton Co.(c)

      1,884,045        61,702,474  

Hess Corp.

      501,768        72,786,466  

Kinder Morgan, Inc.

      3,879,265        66,529,395  

Marathon Oil Corp.

      2,713,994        65,570,095  

Marathon Petroleum Corp.

      506,024        61,734,928  

Occidental Petroleum Corp.

      1,086,744        66,867,358  

ONEOK, Inc.

      1,010,280        66,082,415  

Phillips 66

      642,640        63,621,360  

Pioneer Natural Resources Co.

      327,292        71,202,375  

Schlumberger N.V.(c)

      1,275,575        62,949,626  

Targa Resources Corp.

      884,521        66,807,871  

Valero Energy Corp.

      492,080        56,426,814  

Williams Cos., Inc. (The)(c)

      2,251,027        68,116,077  
     

 

 

  
        1,533,567,297  
     

 

 

  

Financials-13.80%

 

Aflac, Inc.

      1,015,956        70,964,527  

Allstate Corp. (The)(c)

      550,317        63,704,696  

American Express Co.

      392,588        63,340,148  

American International Group, Inc.

      1,223,927        64,917,088  

Ameriprise Financial, Inc.

      215,625        65,791,500  

Aon PLC, Class A

      220,917        71,837,790  

Arch Capital Group Ltd.(b)(c)

      976,669        73,318,542  

Arthur J. Gallagher & Co.

      356,030        74,075,602  

Assurant, Inc.(c)

      557,216        68,610,006  

Bank of America Corp.

      2,149,279        62,930,889  

Bank of New York Mellon Corp. (The)

      1,375,128        58,566,702  

Berkshire Hathaway, Inc., Class B(b)

      214,307        70,410,565  

BlackRock, Inc.

      102,533        68,820,150  

Brown & Brown, Inc.

      1,184,545        76,272,853  

Capital One Financial Corp.(c)

      662,658        64,476,623  

Cboe Global Markets, Inc.

      548,210        76,584,937  

Charles Schwab Corp. (The)

      1,108,204        57,892,577  

Chubb Ltd.

      327,925        66,096,563  

Cincinnati Financial Corp.

      577,883        61,509,867  

Citigroup, Inc.

      1,345,772        63,345,488  

Citizens Financial Group, Inc.

      1,889,014        58,446,093  

CME Group, Inc., Class A

      372,454        69,190,780  

Comerica, Inc.(c)

      1,106,112        47,972,077  

Discover Financial Services

      637,013        65,911,735  

Everest Re Group Ltd.

      182,246        68,888,988  
     Shares      Value  

Financials-(continued)

 

FactSet Research Systems, Inc.

                164,452      $        67,703,244  

Fidelity National Information Services, Inc.

      1,136,920        66,759,942  

Fifth Third Bancorp

      2,141,211        56,099,728  

First Republic Bank(c)

      794,896        2,790,085  

Fiserv, Inc.(b)(c)

      581,743        71,042,455  

FleetCor Technologies, Inc.(b)(c)

      332,182        71,060,373  

Franklin Resources, Inc.(c)

      2,359,766        63,430,510  

Global Payments, Inc.

      650,554        73,323,941  

Globe Life, Inc.(c)

      570,718        61,934,317  

Goldman Sachs Group, Inc. (The)

      197,923        67,974,675  

Hartford Financial Services Group, Inc. (The)

      926,691        65,785,794  

Huntington Bancshares, Inc.

      4,865,866        54,497,699  

Intercontinental Exchange, Inc.(c)

      682,070        74,297,885  

Invesco Ltd.(d)

      3,964,511        67,912,073  

Jack Henry & Associates, Inc.(c)

      411,473        67,210,000  

JPMorgan Chase & Co.

      487,274        67,360,758  

KeyCorp

      4,154,205        46,776,348  

Lincoln National Corp.(c)

      2,535,310        55,092,286  

Loews Corp.

      1,134,319        65,302,745  

M&T Bank Corp.(c)

      493,947        62,138,533  

MarketAxess Holdings, Inc.

      187,642        59,739,584  

Marsh & McLennan Cos., Inc.

      413,798        74,562,262  

Mastercard, Inc., Class A

      187,435        71,230,923  

MetLife, Inc.

      1,042,864        63,958,849  

Moody’s Corp.

      228,154        71,439,580  

Morgan Stanley

      721,681        64,929,640  

MSCI, Inc.

      124,641        60,133,050  

Nasdaq, Inc.

      1,236,845        68,484,108  

Northern Trust Corp.(c)

      766,073        59,876,266  

PayPal Holdings, Inc.(b)

      885,980        67,334,480  

PNC Financial Services Group, Inc. (The)

      474,392        61,789,558  

Principal Financial Group, Inc.(c)

      844,843        63,101,324  

Progressive Corp. (The)

      462,514        63,086,910  

Prudential Financial, Inc.(c)

      734,844        63,931,428  

Raymond James Financial, Inc.(c)

      685,989        62,102,584  

Regions Financial Corp.(c)

      3,206,479        58,550,307  

S&P Global, Inc.

      199,135        72,202,368  

State Street Corp.

      814,528        58,857,793  

Synchrony Financial

      2,024,787        59,751,464  

T. Rowe Price Group, Inc.(c)

      619,325        69,568,777  

Travelers Cos., Inc. (The)

      370,293        67,074,874  

Truist Financial Corp.

      1,674,978        54,570,783  

U.S. Bancorp

      1,600,846        54,877,001  

Visa, Inc., Class A(c)

      300,978        70,046,610  

W.R. Berkley Corp.

      1,038,161        61,168,446  

Wells Fargo & Co.

      1,572,841        62,520,430  

Willis Towers Watson PLC

      281,762        65,256,079  

Zions Bancorporation N.A.(c)

      1,612,363        44,920,433  
     

 

 

  
        4,657,436,088  
     

 

 

  

Health Care-13.57%

 

Abbott Laboratories

      670,925        74,117,085  

AbbVie, Inc.

      434,479        65,658,466  

Agilent Technologies, Inc.

      479,256        64,905,640  

Align Technology, Inc.(b)

      207,974        67,653,942  

AmerisourceBergen Corp.(c)

      434,801        72,546,547  

Amgen, Inc.

      285,556        68,459,195  
 

 

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

 

    38    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)–(continued)

April 30, 2023

    

 

     Shares      Value  

Health Care-(continued)

 

Baxter International, Inc.

             1,711,007      $        81,580,814  

Becton, Dickinson and Co.

      283,248        74,865,279  

Biogen, Inc.(b)

      253,549        77,137,212  

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

      136,000        61,307,440  

Bio-Techne Corp.

      903,903        72,203,772  

Boston Scientific Corp.(b)

      1,399,695        72,952,103  

Bristol-Myers Squibb Co.

      989,954        66,099,229  

Cardinal Health, Inc.

      913,899        75,031,108  

Catalent, Inc.(b)(c)

      957,464        47,988,096  

Centene Corp.(b)

      999,317        68,882,921  

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

      321,160        61,058,939  

Cigna Group (The)

      235,953        59,764,535  

Cooper Cos., Inc. (The)

      200,224        76,375,445  

CVS Health Corp.

      843,848        61,862,497  

Danaher Corp.

      271,277        64,268,234  

DaVita, Inc.(b)

      871,229        78,724,252  

DENTSPLY SIRONA, Inc.(c)

      1,761,548        73,861,708  

DexCom, Inc.(b)(c)

      603,646        73,246,406  

Edwards Lifesciences Corp.(b)

      875,034        76,985,491  

Elevance Health, Inc.

      143,096        67,061,940  

Eli Lilly and Co.

      206,488        81,740,340  

GE HealthCare Technologies, Inc.(b)(c)

     867,828        70,589,129  

Gilead Sciences, Inc.

      818,355        67,276,965  

HCA Healthcare, Inc.

      263,886        75,822,364  

Henry Schein, Inc.(b)

      844,511        68,244,934  

Hologic, Inc.(b)

      837,489        72,032,429  

Humana, Inc.

      135,593        71,930,731  

IDEXX Laboratories, Inc.(b)(c)

      143,057        70,406,933  

Illumina, Inc.(b)

      335,413        68,947,496  

Incyte Corp.(b)

      903,397        67,221,771  

Insulet Corp.(b)(c)

      232,040        73,798,002  

Intuitive Surgical, Inc.(b)

      289,556        87,220,058  

IQVIA Holdings, Inc.(b)(c)

      329,837        62,085,218  

Johnson & Johnson

      429,198        70,259,713  

Laboratory Corp. of America Holdings

      292,188        66,241,941  

McKesson Corp.

      193,573        70,507,030  

Medtronic PLC

      848,066        77,131,603  

Merck & Co., Inc.

      604,099        69,755,312  

Mettler-Toledo International, Inc.(b)

      45,380        67,684,270  

Moderna, Inc.(b)(c)

      470,481        62,522,220  

Molina Healthcare, Inc.(b)

      248,859        74,132,607  

Organon & Co.

      2,868,503        70,651,229  

PerkinElmer, Inc.

      541,154        70,615,185  

Pfizer, Inc.

      1,651,590        64,230,335  

Quest Diagnostics, Inc.(c)

      484,335        67,230,541  

Regeneron Pharmaceuticals, Inc.(b)

      87,035        69,783,793  

ResMed, Inc.

      315,932        76,126,975  

STERIS PLC(c)

      366,461        69,096,222  

Stryker Corp.

      245,689        73,620,709  

Teleflex, Inc.(c)

      291,791        79,518,883  

Thermo Fisher Scientific, Inc.

      119,657        66,397,669  

UnitedHealth Group, Inc.

      141,341        69,552,493  

Universal Health Services, Inc., Class B

      552,772        83,109,270  

Vertex Pharmaceuticals, Inc.(b)

      226,430        77,151,494  

Viatris, Inc.

      6,505,540        60,696,688  

Waters Corp.(b)

      213,364        64,086,011  

West Pharmaceutical Services, Inc.

      206,799        74,704,071  
     Shares      Value  

Health Care-(continued)

 

Zimmer Biomet Holdings, Inc.

                526,564      $ 72,897,520  

Zoetis, Inc.(c)

      402,817        70,807,172  
     

 

 

  
          4,580,425,622  
     

 

 

  

Industrials-14.66%

 

3M Co.

      625,152        66,403,645  

A.O. Smith Corp.

      984,274        67,216,071  

Alaska Air Group, Inc.(b)(c)

      1,411,123        61,327,406  

Allegion PLC(c)

      605,233        66,866,142  

American Airlines Group, Inc.(b)(c)

      4,206,177        57,372,254  

AMETEK, Inc.

      479,256        66,103,780  

Automatic Data Processing, Inc.

      304,648        67,022,560  

Boeing Co. (The)(b)(c)

      320,314        66,234,529  

Broadridge Financial Solutions, Inc.(c)

      474,987        69,067,860  

C.H. Robinson Worldwide, Inc.(c)

      635,619        64,114,889  

Carrier Global Corp.

      1,425,479        59,613,532  

Caterpillar, Inc.

      286,647        62,718,364  

Ceridian HCM Holding, Inc.(b)(c)

      964,609        61,233,379  

Cintas Corp.

      151,792        69,182,240  

Copart, Inc.(b)(c)

      951,088        75,183,506  

CoStar Group, Inc.(b)(c)

      969,762        74,623,186  

CSX Corp.(c)

      2,206,004        67,591,963  

Cummins, Inc.(c)

      268,933        63,210,012  

Deere & Co.

      164,326        62,118,515  

Delta Air Lines, Inc.(b)

      1,746,490        59,922,072  

Dover Corp.

      446,240        65,222,438  

Eaton Corp. PLC

      382,100        63,856,552  

Emerson Electric Co.

      791,734        65,919,773  

Equifax, Inc.(c)

      336,938        70,211,140  

Expeditors International of Washington, Inc.(c)

      605,802        68,964,500  

Fastenal Co.(c)

      1,262,796        67,988,937  

FedEx Corp.

      323,335        73,649,246  

Fortive Corp.

      1,009,964        63,718,629  

Generac Holdings, Inc.(b)(c)

      574,842        58,760,349  

General Dynamics Corp.

      294,391        64,277,331  

General Electric Co.(c)

      714,845        70,748,210  

Honeywell International, Inc.

      336,604        67,266,943  

Howmet Aerospace, Inc.

      1,593,054        70,556,362  

Huntington Ingalls Industries, Inc.

      312,927        63,104,859  

IDEX Corp.

      295,742        61,017,489  

Illinois Tool Works, Inc.(c)

      282,552        68,360,631  

Ingersoll Rand, Inc.(c)

      1,167,173        66,552,204  

J.B. Hunt Transport Services, Inc.

      370,783        64,994,552  

Jacobs Solutions, Inc.

      565,229        65,261,340  

Johnson Controls International PLC

      1,058,412        63,335,374  

L3Harris Technologies, Inc.

      319,837        62,416,191  

Leidos Holdings, Inc.

      703,360        65,595,354  

Lockheed Martin Corp.

      136,791        63,532,580  

Masco Corp.(c)

      1,298,487        69,482,039  

Nordson Corp.(c)

      305,572        66,098,279  

Norfolk Southern Corp.

      309,191        62,775,049  

Northrop Grumman Corp.

      141,512        65,275,240  

Old Dominion Freight Line, Inc.

      193,477        61,988,096  

Otis Worldwide Corp.

      791,928        67,551,458  

PACCAR, Inc.(c)

      899,488        67,182,759  

Parker-Hannifin Corp.

      192,263        62,462,403  

Paychex, Inc.(c)

      603,307        66,279,307  

Paycom Software, Inc.(b)

      238,107        69,139,130  

Pentair PLC(c)

      1,234,949        71,725,838  
 

 

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

 

    39    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)–(continued)

April 30, 2023

    

 

     Shares      Value  

Industrials-(continued)

 

Quanta Services, Inc.

                413,400      $        70,129,176  

Raytheon Technologies Corp.

      677,696        67,701,830  

Republic Services, Inc.

      512,054        74,053,250  

Robert Half International, Inc.(c)

      840,437        61,351,901  

Rockwell Automation, Inc.

      224,983        63,762,432  

Rollins, Inc.

      1,876,366        79,276,464  

Snap-on, Inc.(c)

      270,810        70,250,822  

Southwest Airlines Co.(c)

      1,985,308        60,134,979  

Stanley Black & Decker, Inc.(c)

      805,872        69,578,988  

Textron, Inc.

      939,385        62,882,432  

Trane Technologies PLC

      349,431        64,927,774  

TransDigm Group, Inc.

      90,697        69,383,205  

Union Pacific Corp.

      331,875        64,947,938  

United Airlines Holdings, Inc.(b)(c)

      1,275,774        55,878,901  

United Parcel Service, Inc., Class B(c)

      358,444        64,451,816  

United Rentals, Inc.

      151,442        54,687,221  

Verisk Analytics, Inc.

      361,039        70,081,280  

W.W. Grainger, Inc.

      95,997        66,772,633  

Wabtec Corp.

      650,817        63,565,296  

Waste Management, Inc.(c)

      435,595        72,330,550  

Xylem, Inc.(c)

      657,320        68,256,109  
     

 

 

  
        4,946,801,484  
     

 

 

  

Information Technology-12.69%

 

Accenture PLC, Class A

      257,202        72,091,149  

Adobe, Inc.(b)

      197,665        74,630,397  

Advanced Micro Devices, Inc.(b)

      786,901        70,325,342  

Akamai Technologies, Inc.(b)

      904,030        74,103,339  

Amphenol Corp., Class A(c)

      850,311        64,172,971  

Analog Devices, Inc.

      358,007        64,398,299  

ANSYS, Inc.(b)(c)

      219,859        69,018,137  

Apple, Inc.

      438,052        74,328,663  

Applied Materials, Inc.

      568,819        64,293,612  

Arista Networks, Inc.(b)

      444,211        71,144,834  

Autodesk, Inc.(b)

      335,396        65,331,787  

Broadcom, Inc.

      105,714        66,229,821  

Cadence Design Systems, Inc.(b)

      332,542        69,650,922  

CDW Corp.

      341,487        57,912,780  

Cisco Systems, Inc.

      1,339,618        63,296,951  

Cognizant Technology Solutions Corp., Class A

      1,077,514        64,338,361  

Corning, Inc.(c)

      1,956,005        64,978,486  

DXC Technology Co.(b)

      2,550,141        60,820,863  

Enphase Energy, Inc.(b)(c)

      309,532        50,825,154  

EPAM Systems, Inc.(b)

      230,068        64,980,406  

F5, Inc.(b)

      469,761        63,117,088  

Fair Isaac Corp.(b)(c)

      93,508        68,069,149  

First Solar, Inc.(b)(c)

      313,276        57,197,932  

Fortinet, Inc.(b)

      1,107,062        69,800,259  

Gartner, Inc.(b)

      206,945        62,592,585  

Gen Digital, Inc.

      3,916,765        69,209,238  

Hewlett Packard Enterprise Co.

      4,539,890        65,011,225  

HP, Inc.(c)

      2,369,961        70,411,541  

Intel Corp.

      2,389,956        74,232,033  

International Business Machines Corp.

      518,645        65,561,914  

Intuit, Inc.

      165,728        73,574,946  

Juniper Networks, Inc.

      2,112,169        63,681,895  

Keysight Technologies, Inc.(b)

      421,070        60,903,565  

KLA Corp.

      176,934        68,392,068  

Lam Research Corp.

      135,833        71,187,359  
     Shares      Value  

Information Technology-(continued)

 

Microchip Technology, Inc.

      797,611      $        58,217,627  

Micron Technology, Inc.

             1,184,327        76,223,286  

Microsoft Corp.

      261,755        80,426,841  

Monolithic Power Systems, Inc.

      135,796        62,733,678  

Motorola Solutions, Inc.

      248,734        72,481,088  

NetApp, Inc.(c)

      1,045,571        65,755,960  

NVIDIA Corp.

      283,322        78,619,022  

NXP Semiconductors N.V. (China)(c)

      371,638        60,852,006  

ON Semiconductor Corp.(b)(c)

      829,940        59,722,482  

Oracle Corp.

      773,890        73,302,861  

PTC, Inc.(b)

      549,472        69,118,083  

Qorvo, Inc.(b)

      682,503        62,844,876  

QUALCOMM, Inc.

      564,833        65,972,494  

Roper Technologies, Inc.

      154,699        70,354,011  

Salesforce, Inc.(b)

      375,688        74,525,229  

Seagate Technology Holdings PLC(c)

      1,053,157        61,894,037  

ServiceNow, Inc.(b)

      156,675        71,979,629  

Skyworks Solutions, Inc.

      584,592        61,908,293  

SolarEdge Technologies, Inc.(b)(c)

      213,816        61,072,264  

Synopsys, Inc.(b)

      183,111        67,992,777  

TE Connectivity Ltd.(c)

      522,512        63,939,793  

Teledyne Technologies, Inc.(b)(c)

      157,645        65,328,088  

Teradyne, Inc.(c)

      642,192        58,683,505  

Texas Instruments, Inc.

      379,090        63,383,848  

Trimble, Inc.(b)

      1,347,460        63,465,366  

Tyler Technologies, Inc.(b)(c)

      210,000        79,596,300  

VeriSign, Inc.(b)

      340,171        75,449,928  

Western Digital Corp.(b)

      1,803,278        62,104,894  

Zebra Technologies Corp., Class A(b)

      225,677        65,001,746  
     

 

 

  
        4,282,765,083  
     

 

 

  

Materials-5.67%

 

Air Products and Chemicals, Inc.

      231,282        68,080,169  

Albemarle Corp.

      289,063        53,609,624  

Amcor PLC

      6,057,453        66,450,259  

Avery Dennison Corp.

      381,107        66,495,549  

Ball Corp.(c)

      1,238,270        65,851,199  

Celanese Corp.

      595,998        63,318,827  

CF Industries Holdings, Inc.

      828,979        59,338,317  

Corteva, Inc.

      1,104,812        67,526,109  

Dow, Inc.(c)

      1,207,406        65,682,886  

DuPont de Nemours, Inc.

      924,829        64,479,078  

Eastman Chemical Co.

      805,569        67,885,300  

Ecolab, Inc.

      411,499        69,065,992  

FMC Corp.

      539,659        66,691,059  

Freeport-McMoRan, Inc.

      1,717,390        65,106,255  

International Flavors & Fragrances,
Inc.(c)

      768,631        74,526,462  

International Paper Co.

      1,831,478        60,640,237  

Linde PLC

      190,519        70,387,244  

LyondellBasell Industries N.V., Class A(c)

      731,640        69,220,460  

Martin Marietta Materials, Inc.

      190,813        69,303,282  

Mosaic Co. (The)

      1,324,932        56,773,336  

Newmont Corp.(c)

      1,543,149        73,145,263  

Nucor Corp.(c)

      409,381        60,662,077  

Packaging Corp. of America(c)

      491,312        66,454,861  

PPG Industries, Inc.

      516,361        72,424,794  

Sealed Air Corp.

      1,437,021        68,962,638  

Sherwin-Williams Co. (The)

      303,872        72,181,755  
 

 

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

 

    40    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)–(continued)

April 30, 2023

    

 

     Shares      Value  

Materials-(continued)

 

Steel Dynamics, Inc.

      540,564      $ 56,191,628  

Vulcan Materials Co.

      384,184        67,278,302  

WestRock Co.

             2,182,319        65,316,808  
     

 

 

  
          1,913,049,770  
     

 

 

  

Real Estate-6.00%

 

Alexandria Real Estate Equities, Inc.

      513,073        63,713,405  

American Tower Corp.

      340,045        69,501,798  

AvalonBay Communities, Inc.(c)

      392,994        70,884,328  

Boston Properties, Inc.(c)

      1,132,525        60,431,534  

Camden Property Trust

      608,547        66,970,597  

CBRE Group, Inc., Class A(b)

      829,833        63,614,998  

Crown Castle, Inc.

      512,746        63,113,905  

Digital Realty Trust, Inc.(c)

      634,505        62,911,171  

Equinix, Inc.(c)

      97,780        70,800,542  

Equity Residential

      1,112,605        70,372,266  

Essex Property Trust, Inc.(c)

      307,833        67,640,145  

Extra Space Storage, Inc.(c)

      423,726        64,423,301  

Federal Realty Investment Trust(c)

      674,153        66,666,990  

Healthpeak Properties, Inc.

      3,037,073        66,724,494  

Host Hotels & Resorts, Inc.(c)

      4,091,557        66,160,477  

Invitation Homes, Inc.(c)

      2,149,996        71,745,367  

Iron Mountain, Inc.(c)

      1,267,514        70,017,473  

Kimco Realty Corp.

      3,464,099        66,476,060  

Mid-America Apartment Communities, Inc.(c)

      436,421        67,121,550  

Prologis, Inc.

      556,110        69,652,778  

Public Storage

      231,124        68,142,289  

Realty Income Corp.

      1,059,797        66,597,643  

Regency Centers Corp.(c)

      1,110,496        68,217,769  

SBA Communications Corp., Class A

      270,855        70,663,361  

Simon Property Group, Inc.(c)

      583,481        66,120,067  

UDR, Inc.(c)

      1,629,675        67,354,468  

Ventas, Inc.

      1,456,616        69,990,399  

VICI Properties, Inc.(c)

      2,040,597        69,257,862  

Welltower, Inc.(c)

      959,155        75,984,259  

Weyerhaeuser Co.

      2,178,631        65,162,853  
     

 

 

  
        2,026,434,149  
     

 

 

  

Utilities-6.23%

 

AES Corp. (The)

      2,796,961        66,176,097  

Alliant Energy Corp.

      1,296,137        71,468,994  

Ameren Corp.(c)

      802,568        71,404,475  

American Electric Power Co., Inc.

      743,233        68,689,594  

American Water Works Co., Inc.

      486,749        72,160,539  

Atmos Energy Corp.(c)

      595,888        68,014,656  

CenterPoint Energy, Inc.

      2,360,630        71,928,396  
     Shares      Value  

Utilities-(continued)

 

CMS Energy Corp.

      1,120,145      $ 69,740,228  

Consolidated Edison, Inc.(c)

      717,870        70,688,659  

Constellation Energy Corp.

      838,906        64,931,324  

Dominion Energy, Inc.

      1,222,534        69,855,593  

DTE Energy Co.

      622,616        69,988,265  

Duke Energy Corp.

      700,837        69,298,763  

Edison International(c)

      982,325        72,299,120  

Entergy Corp.

      646,508        69,551,331  

Evergy, Inc.(c)

      1,130,142        70,193,120  

Eversource Energy

      892,728        69,284,620  

Exelon Corp.

      1,619,031        68,711,676  

FirstEnergy Corp.

      1,708,049        67,980,350  

NextEra Energy, Inc.(c)

      891,124        68,286,832  

NiSource, Inc.

      2,435,583        69,316,692  

NRG Energy, Inc.

      2,056,876        70,283,453  

PG&E Corp.(b)

      4,109,601        70,315,273  

Pinnacle West Capital Corp.

      878,972        68,964,143  

PPL Corp.

      2,478,229        71,174,737  

Public Service Enterprise Group, Inc.

      1,154,214        72,946,325  

Sempra Energy(c)

      451,522        70,207,156  

Southern Co. (The)

      1,017,399        74,829,696  

WEC Energy Group, Inc.

      742,890        71,443,731  

Xcel Energy, Inc.

      1,029,095        71,944,031  
     

 

 

  
        2,102,077,869  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $33,935,813,339)

 

      33,741,725,888  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.69%

 

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

      539,713,330        539,713,330  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

      1,380,240,578        1,380,240,578  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,919,963,387)

 

      1,919,953,908  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-105.66%
(Cost $35,855,776,726)

 

      35,661,679,796  

OTHER ASSETS LESS LIABILITIES-(5.66)%

 

      (1,909,370,209 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 33,752,309,587  
     

 

 

  
 

 

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

 

    41    

 

  

 

 

 

Invesco S&P 500® Equal Weight ETF (RSP)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Invesco Ltd.    $ 59,558,699      $ 33,865,447      $ (22,096,928 )       $ (2,938,040 )       $ (477,105 )    $ 67,912,073      $ 2,682,539  
Investments in Affiliated Money Market Funds:                        
Invesco Government & Agency Portfolio, Institutional Class      17,804,249        762,208,197        (780,012,446 )         -          -       -        289,077  
Investments Purchased with Cash Collateral from Securities on Loan:                        
Invesco Private Government Fund      367,592,691        5,076,026,930        (4,903,906,291 )         -          -       539,713,330        15,025,341 * 
Invesco Private Prime Fund      845,183,990        10,160,351,635        (9,625,267,019 )         (139,716 )         111,688       1,380,240,578        41,415,123 * 
  

 

 

     

 

 

     

 

 

       

 

 

       

 

 

    

 

 

     

 

 

  
Total    $ 1,290,139,629      $ 16,032,452,209      $ (15,331,282,684 )       $ (3,077,756 )       $ (365,417 )    $ 1,987,865,981      $ 59,412,080  
  

 

 

     

 

 

     

 

 

       

 

 

       

 

 

    

 

 

     

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    42    

 

  

 

 

 

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

April 30, 2023

Schedule of Investments(a)

 

 

           Shares            Value  

Common Stocks & Other Equity Interests-99.96%

 

Diversified Telecommunication Services-13.16%

 

AT&T, Inc.

           281,959      $ 4,982,215  

Iridium Communications, Inc.

      88,542        5,619,761  

Verizon Communications, Inc.

      141,671        5,501,085  
     

 

 

  
          16,103,061  
     

 

 

  

Entertainment-31.73%

 

Activision Blizzard, Inc.

      66,648        5,179,216  

Electronic Arts, Inc.

      47,591        6,057,383  

Live Nation Entertainment, Inc.(b)

      77,967        5,284,603  

Netflix, Inc.(b)

      17,751        5,856,587  

Take-Two Interactive Software, Inc.(b)

      46,993        5,840,760  

Walt Disney Co. (The)(b)

      55,536        5,692,440  

Warner Bros Discovery, Inc.(b)

      362,126        4,928,535  
     

 

 

  
        38,839,524  
     

 

 

  

Interactive Media & Services-15.14%

 

Alphabet, Inc., Class A(b)

      30,573        3,281,706  

Alphabet, Inc., Class C(b)

      26,649        2,883,955  

Match Group, Inc.(b)

      146,422        5,402,972  

Meta Platforms, Inc., Class A(b)

      28,949        6,957,023  
     

 

 

  
        18,525,656  
     

 

 

  

Media-35.55%

 

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

      15,771        5,814,768  

Comcast Corp., Class A

      147,176        6,088,671  

DISH Network Corp., Class A(b)(c)

      493,504        3,706,215  

Fox Corp., Class A(c)

      109,855        3,653,777  

Fox Corp., Class B

      50,997        1,557,448  

Interpublic Group of Cos., Inc. (The)

      153,879        5,498,097  
           Shares            Value  

Media-(continued)

 

News Corp., Class A

      247,475      $ 4,358,035  

News Corp., Class B

      76,293        1,354,201  

Omnicom Group, Inc.

      59,417        5,381,398  

Paramount Global, Class B(c)

      261,262        6,095,242  
     

 

 

  
        43,507,852  
     

 

 

  

Wireless Telecommunication Services-4.38%

 

T-Mobile US, Inc.(b)

      37,248        5,359,987  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $124,257,757)

 

      122,336,080  
     

 

 

  

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.38%

 

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

      4,241,707        4,241,707  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      10,907,518        10,907,518  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $15,149,388)

 

      15,149,225  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.34%
(Cost $139,407,145)

 

      137,485,305  

OTHER ASSETS LESS LIABILITIES-(12.34)%

 

      (15,101,572 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 122,383,733  
     

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class            $ -              $ 2,505,446      $ (2,505,446 )                $ -                 $ -               $ -               $ 698  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        910,132          18,208,551        (14,876,976 )         -          -          4,241,707          47,997 * 
Invesco Private Prime Fund        2,122,766          40,579,825        (31,792,270 )         (298 )         (2,505 )         10,907,518          129,846 * 
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 3,032,898        $ 61,293,822      $ (49,174,692 )       $ (298 )       $ (2,505 )       $ 15,149,225        $ 178,541  
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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.

 

    43    

 

  

 

 

 

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)–(continued)

April 30, 2023

 

 

(e) 

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

(f) 

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

 

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

 

    44    

 

  

 

 

 

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

April 30, 2023

Schedule of Investments(a)

 

           Shares            Value  

Common Stocks & Other Equity Interests-99.92%

 

Automobile Components-3.46%

 

Aptiv PLC(b)

             79,256      $ 8,152,272  

BorgWarner, Inc.

      183,637        8,838,449  
     

 

 

  
          16,990,721  
     

 

 

  

Automobiles-5.07%

 

Ford Motor Co.

      727,612        8,644,030  

General Motors Co.

      241,024        7,963,433  

Tesla, Inc.(b)

      50,760        8,340,376  
     

 

 

  
        24,947,839  
     

 

 

  

Broadline Retail-5.76%

 

Amazon.com, Inc.(b)

      97,019        10,230,654  

eBay, Inc.

      209,413        9,723,046  

Etsy, Inc.(b)(c)

      83,047        8,390,238  
     

 

 

  
        28,343,938  
     

 

 

  

Distributors-5.55%

 

Genuine Parts Co.

      54,004        9,089,413  

LKQ Corp.

      161,209        9,306,596  

Pool Corp.

      25,261        8,874,694  
     

 

 

  
        27,270,703  
     

 

 

  

Hotels, Restaurants & Leisure-32.26%

 

Booking Holdings, Inc.(b)

      3,546        9,525,655  

Caesars Entertainment, Inc.(b)

      186,034        8,425,480  

Carnival Corp.(b)(c)

      908,347        8,365,876  

Chipotle Mexican Grill, Inc.(b)

      5,677        11,737,879  

Darden Restaurants, Inc.(c)

      61,139        9,288,848  

Domino’s Pizza, Inc.

      29,323        9,309,173  

Expedia Group, Inc.(b)

      89,539        8,413,084  

Hilton Worldwide Holdings, Inc.

      62,627        9,019,541  

Las Vegas Sands Corp.(b)

      156,634        10,001,081  

Marriott International, Inc., Class A

      53,494        9,058,674  

McDonald’s Corp.

      33,601        9,937,496  

MGM Resorts International

      206,210        9,262,953  

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

      626,086        8,358,248  

Royal Caribbean Cruises Ltd.(b)(c)

      131,622        8,612,027  

Starbucks Corp.

      88,581        10,123,923  

Wynn Resorts Ltd.(b)

      81,257        9,286,050  

Yum! Brands, Inc.

      70,656        9,932,820  
     

 

 

  
        158,658,808  
     

 

 

  

Household Durables-15.87%

 

D.R. Horton, Inc.

      93,561        10,274,869  

Garmin Ltd.

      92,598        9,090,346  

Lennar Corp., Class A

      90,383        10,196,106  

Mohawk Industries, Inc.(b)

      89,939        9,524,540  

Newell Brands, Inc.(c)

      719,209        8,738,389  

NVR, Inc.(b)

      1,679        9,805,360  

PulteGroup, Inc.

      164,613        11,053,763  

Whirlpool Corp.(c)

      67,001        9,352,670  
     

 

 

  
        78,036,043  
     

 

 

  
           Shares            Value  

Leisure Products-2.16%

 

Hasbro, Inc.

           178,896      $   10,594,221  
     

 

 

  

Specialty Retail-22.35%

 

Advance Auto Parts, Inc.

      68,753        8,630,564  

AutoZone, Inc.(b)

      3,638        9,689,122  

Bath & Body Works, Inc.

      236,160        8,289,216  

Best Buy Co., Inc.

      111,969        8,343,930  

CarMax, Inc.(b)(c)

      138,121        9,672,614  

Home Depot, Inc. (The)

      30,740        9,238,600  

Lowe’s Cos., Inc.

      44,761        9,302,679  

O’Reilly Automotive, Inc.(b)

      10,733        9,845,488  

Ross Stores, Inc.

      84,491        9,017,724  

TJX Cos., Inc. (The)

      118,481        9,338,672  

Tractor Supply Co.

      38,733        9,233,947  

Ulta Beauty, Inc.(b)

      16,892        9,314,756  
     

 

 

  
        109,917,312  
     

 

 

  

Textiles, Apparel & Luxury Goods-7.44%

 

NIKE, Inc., Class B

      74,923        9,494,242  

Ralph Lauren Corp.

      77,683        8,917,232  

Tapestry, Inc.

      212,862        8,686,898  

VF Corp.

      404,241        9,503,706  
     

 

 

  
        36,602,078  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $548,355,064)

 

      491,361,663  
     

 

 

  

Money Market Funds-0.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $158,262)

      158,262        158,262  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $548,513,326)

 

      491,519,925  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.34%

 

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

      16,981,695        16,981,695  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      43,667,216        43,667,216  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $60,653,465)

 

      60,648,911  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-112.29%
(Cost $609,166,791)

 

      552,168,836  

OTHER ASSETS LESS LIABILITIES-(12.29)%

 

      (60,416,322 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 491,752,514  
     

 

 

  
 

 

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

 

    45    

 

  

 

 

 

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class            $ -              $ 10,382,600      $ (10,224,338 )                $ -                 $ -               $ 158,262               $ 7,177  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        17,585,005          217,735,877        (218,339,187 )         -          -          16,981,695          513,142 * 
Invesco Private Prime Fund        38,490,048          450,169,539        (444,996,698 )         (7,532 )         11,859          43,667,216          1,426,792 * 
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 56,075,053        $ 678,288,016      $ (673,560,223 )       $ (7,532 )       $ 11,859        $ 60,807,173        $ 1,947,111  
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    46    

 

  

 

 

 

Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.89%

 

Beverages-18.81%

 

Brown-Forman Corp., Class B

           446,247      $      29,046,217  

Coca-Cola Co. (The)

      463,583        29,738,849  

Constellation Brands, Inc., Class A

      129,449        29,704,662  

Keurig Dr Pepper, Inc.

      799,820        26,154,114  

Molson Coors Beverage Co., Class B(b)

      524,804        31,215,342  

Monster Beverage Corp.(c)

      548,117        30,694,552  

PepsiCo, Inc.

      159,540        30,454,591  
     

 

 

  
        207,008,327  
     

 

 

  

Broadline Retail-5.04%

 

Dollar General Corp.

      127,000        28,125,420  

Target Corp.

      173,585        27,383,034  
     

 

 

  
        55,508,454  
     

 

 

  

Consumer Staples Distribution & Retail-15.98%

 

Costco Wholesale Corp.

      58,235        29,305,017  

Dollar Tree, Inc.(c)

      195,662        30,075,206  

Kroger Co. (The)

      582,669        28,335,193  

Sysco Corp.

      375,449        28,811,956  

Walgreens Boots Alliance, Inc.

      825,411        29,095,738  

Walmart, Inc.

      200,459        30,263,295  
     

 

 

  
        175,886,405  
     

 

 

  

Food Products-38.14%

 

Archer-Daniels-Midland Co.

      358,074        27,958,418  

Bunge Ltd.

      296,494        27,751,838  

Campbell Soup Co.(b)

      522,668        28,380,872  

Conagra Brands, Inc.

      783,962        29,759,198  

General Mills, Inc.

      349,539        30,979,642  

Hershey Co. (The)

      115,505        31,539,795  

Hormel Foods Corp.

      700,665        28,334,893  

JM Smucker Co. (The)

      185,628        28,662,819  

Kellogg Co.

      429,630        29,975,285  

Kraft Heinz Co. (The)

      723,342        28,405,640  

Lamb Weston Holdings, Inc.

      281,155        31,435,942  

McCormick & Co., Inc.

      386,922        33,991,098  

Mondelez International, Inc., Class A

      422,939        32,447,880  

Tyson Foods, Inc., Class A

      481,789        30,106,995  
     

 

 

  
        419,730,315  
     

 

 

  

Household Products-14.23%

 

Church & Dwight Co., Inc.(b)

      327,295        31,786,890  
     Shares      Value  

Household Products-(continued)

 

Clorox Co. (The)

      182,906      $ 30,292,892  

Colgate-Palmolive Co.

      384,904        30,715,339  

Kimberly-Clark Corp.

      224,351        32,506,216  

Procter & Gamble Co. (The)

      200,060        31,285,383  
     

 

 

  
        156,586,720  
     

 

 

  

Personal Care Products-2.61%

 

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

      116,237        28,677,993  
     

 

 

  

Tobacco-5.08%

 

Altria Group, Inc.

      588,825        27,975,076  

Philip Morris International, Inc.

      279,183        27,909,924  
     

 

 

  
        55,885,000  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,018,286,901)

 

      1,099,283,214  
     

 

 

  

Money Market Funds-0.02%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $194,993)

      194,993        194,993  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $1,018,481,894)

 

      1,099,478,207  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.36%

 

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

      10,342,558        10,342,558  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      26,595,150        26,595,150  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $36,937,708)

 

      36,937,708  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.27%
(Cost $1,055,419,602)

 

      1,136,415,915  

OTHER ASSETS LESS LIABILITIES-(3.27)%

 

      (35,940,243 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 1,100,475,672  
     

 

 

  
 

 

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

 

    47    

 

  

 

 

 

Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation		      Realized
Gain
     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class            $ -              $ 20,002,471      $ (19,807,478 )                $ -                 $ -               $ 194,993               $ 9,393  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        7,669,376          218,526,833        (215,853,651 )         -          -          10,342,558          180,968 * 
Invesco Private Prime Fund        17,886,073          434,105,785        (425,412,976 )         -          16,268          26,595,150          503,343 * 
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 25,555,449        $ 672,635,089      $ (661,074,105 )       $ -        $ 16,268        $ 37,132,701        $ 693,704  
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    48    

 

  

 

 

 

Invesco S&P 500® Equal Weight Energy ETF (RYE)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.79%

 

Energy Equipment & Services-12.37%

 

Baker Hughes Co., Class A(b)

      772,225      $   22,579,859  

Halliburton Co.

      650,118        21,291,365  

Schlumberger N.V.

      440,169        21,722,340  
     

 

 

  
        65,593,564  
     

 

 

  

Oil, Gas & Consumable Fuels-87.42%

 

APA Corp.

      624,439        23,010,577  

Chevron Corp.

      140,592        23,700,999  

ConocoPhillips

      215,397        22,162,197  

Coterra Energy, Inc.(b)

      912,917        23,370,675  

Devon Energy Corp.

      433,705        23,172,858  

Diamondback Energy, Inc.

      165,172        23,487,458  

EOG Resources, Inc.

      200,111        23,907,261  

EQT Corp.

      738,198        25,718,818  

Exxon Mobil Corp.

      208,281        24,647,974  

Hess Corp.(b)

      173,175        25,120,766  

Kinder Morgan, Inc.

      1,338,618        22,957,299  

Marathon Oil Corp.

      936,529        22,626,541  

Marathon Petroleum Corp.

      174,631        21,304,982  

Occidental Petroleum Corp.(b)

      375,017        23,074,796  

ONEOK, Inc.

      348,580        22,800,618  

Phillips 66.

      221,780        21,956,220  

Pioneer Natural Resources Co.

      112,933        24,568,574  

Targa Resources Corp.

      305,216        23,052,964  

Valero Energy Corp.

      169,858        19,477,617  

Williams Cos., Inc. (The)

      776,768        23,505,000  
     

 

 

  
        463,624,194  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $484,302,395)

 

      529,217,758  
     

 

 

  
     Shares      Value  

Money Market Funds-0.05%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(c)(d)
(Cost $269,112)

      269,112      $ 269,112  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.84%
(Cost $484,571,507)

 

      529,486,870  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.73%

 

Invesco Private Government Fund,
4.83%(c)(d)(e)

      2,524,900        2,524,900  

Invesco Private Prime Fund, 4.99%(c)(d)(e)

      6,644,893        6,644,893  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $9,169,793)

 

      9,169,793  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.57%
(Cost $493,741,300)

 

      538,656,663  

OTHER ASSETS LESS LIABILITIES-(1.57)%

 

      (8,322,788 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 530,333,875  
     

 

 

  
 

 

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, 2023.

(c) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class            $ 181,238              $ 21,132,102      $ (21,044,228 )                $ -                 $        -               $ 269,112               $ 8,791  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        15,203,522          218,677,071        (231,355,693 )         -          -          2,524,900          153,193 * 
Invesco Private Prime Fund        35,462,109          432,085,279        (460,907,169 )         (1,800 )         6,474          6,644,893          412,799 * 
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 50,846,869        $ 671,894,452      $ (713,307,090 )       $ (1,800 )       $ 6,474        $ 9,438,905        $ 574,783  
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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.

 

    49    

 

  

 

 

 

Invesco S&P 500® Equal Weight Energy ETF (RYE)–(continued)

April 30, 2023

    

 

(d) 

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

(e) 

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

 

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

 

    50    

 

  

 

 

 

Invesco S&P 500® Equal Weight Financials ETF (RYF)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.97%

 

Banks-18.44%

 

Bank of America Corp.

         142,243      $ 4,164,875  

Citigroup, Inc.

      89,089        4,193,419  

Citizens Financial Group, Inc.

      125,028        3,868,366  

Comerica, Inc.

      73,232        3,176,072  

Fifth Third Bancorp

      141,765        3,714,243  

First Republic Bank(b)

      52,676        184,893  

Huntington Bancshares, Inc.

      322,066        3,607,139  

JPMorgan Chase & Co.

      32,238        4,456,581  

KeyCorp

      274,977        3,096,241  

M&T Bank Corp.

      32,702        4,113,912  

PNC Financial Services Group, Inc. (The)

      31,394        4,089,069  

Regions Financial Corp.(b)

      212,309        3,876,762  

Truist Financial Corp.

      110,832        3,610,907  

U.S. Bancorp

      106,004        3,633,817  

Wells Fargo & Co.

      104,135        4,139,366  

Zions Bancorporation N.A.

      106,690        2,972,383  
     

 

 

  
          56,898,045  
     

 

 

  

Capital Markets-29.75%

 

Ameriprise Financial, Inc.

      14,307        4,365,352  

Bank of New York Mellon Corp. (The)

      90,990        3,875,264  

BlackRock, Inc.

      6,798        4,562,818  

Cboe Global Markets, Inc.

      36,300        5,071,110  

Charles Schwab Corp. (The)

      73,386        3,833,685  

CME Group, Inc., Class A

      24,748        4,597,436  

FactSet Research Systems, Inc.

      10,886        4,481,657  

Franklin Resources, Inc.

      156,153        4,197,393  

Goldman Sachs Group, Inc. (The)

      13,182        4,527,226  

Intercontinental Exchange, Inc.

      45,309        4,935,509  

Invesco Ltd.(c)

      262,424        4,495,323  

MarketAxess Holdings, Inc.

      12,457        3,965,935  

Moody’s Corp.

      15,105        4,729,678  

Morgan Stanley

      47,825        4,302,815  

MSCI, Inc.

      8,272        3,990,826  

Nasdaq, Inc.

      81,836        4,531,259  

Northern Trust Corp.

      50,706        3,963,181  

Raymond James Financial, Inc.

      45,405        4,110,515  

S&P Global, Inc.

      13,231        4,797,296  

State Street Corp.

      53,927        3,896,765  

T. Rowe Price Group, Inc.(b)

      40,991        4,604,519  
     

 

 

  
        91,835,562  
     

 

 

  

Consumer Finance-5.44%

 

American Express Co.

      25,990        4,193,227  

Capital One Financial Corp.

      44,019        4,283,049  

Discover Financial Services

      42,145        4,360,743  

Synchrony Financial

      134,009        3,954,605  
     

 

 

  
        16,791,624  
     

 

 

  

Financial Services-10.61%

 

Berkshire Hathaway, Inc., Class B(d)

      14,189        4,661,796  

Fiserv, Inc.(b)(d)

      38,654        4,720,427  

FleetCor Technologies, Inc.(d)

      22,006        4,707,524  

Global Payments, Inc.

      43,076        4,855,096  

Jack Henry & Associates, Inc.

      27,248        4,450,688  

Mastercard, Inc., Class A

      12,441        4,727,953  

Visa, Inc., Class A(b)

      19,922        4,636,447  
     

 

 

  
        32,759,931  
     

 

 

  
         Shares          Value  

Insurance-32.85%

 

Aflac, Inc.

      67,271      $ 4,698,879  

Allstate Corp. (The)

      36,447        4,219,105  

American International Group, Inc.

      81,022        4,297,407  

Aon PLC, Class A

      14,652        4,764,537  

Arch Capital Group Ltd.(b)(d)

      64,643        4,852,750  

Arthur J. Gallagher & Co.

      23,563        4,902,518  

Assurant, Inc.

      36,889        4,542,143  

Brown & Brown, Inc.

      78,387        5,047,339  

Chubb Ltd.

      21,700        4,373,852  

Cincinnati Financial Corp.

      38,271        4,073,565  

Everest Re Group Ltd.

      12,064        4,560,192  

Globe Life, Inc.

      37,936        4,116,815  

Hartford Financial Services Group, Inc. (The)

      61,563        4,370,357  

Lincoln National Corp.

         167,790        3,646,077  

Loews Corp.

      75,102        4,323,622  

Marsh & McLennan Cos., Inc.

      27,412        4,939,368  

MetLife, Inc.

      69,046        4,234,591  

Principal Financial Group, Inc.(b)

      55,886        4,174,125  

Progressive Corp. (The)

      30,741        4,193,072  

Prudential Financial, Inc.

      48,848        4,249,776  

Travelers Cos., Inc. (The)

      24,590        4,454,233  

W.R. Berkley Corp.

      68,707        4,048,217  

Willis Towers Watson PLC

      18,640        4,317,024  
     

 

 

  
        101,399,564  
     

 

 

  

IT Services-2.88%

 

Fidelity National Information Services, Inc.

      75,227        4,417,329  

PayPal Holdings, Inc.(d)

      58,643        4,456,868  
     

 

 

  
        8,874,197  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $346,457,765)

 

      308,558,923  
     

 

 

  

Money Market Funds-0.05%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(c)(e)
(Cost $149,370)

      149,370        149,370  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $346,607,135)

 

      308,708,293  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.37%

 

Invesco Private Government Fund,
4.83%(c)(e)(f)

      3,782,109        3,782,109  

Invesco Private Prime Fund, 4.99%(c)(e)(f)

      9,725,423        9,725,423  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,507,532)

 

      13,507,532  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.39%
(Cost $360,114,667)

 

      322,215,825  

OTHER ASSETS LESS LIABILITIES-(4.39)%

 

      (13,564,558 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 308,651,267  
     

 

 

  
 

 

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

 

    51    

 

  

 

 

 

Invesco S&P 500® Equal Weight Financials ETF (RYF)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
      Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Invesco Ltd.      $ 7,012,025        $ 2,858,496      $ (4,786,267 )       $ 1,117,108        $ (1,706,039 )       $ 4,495,323        $ 266,835  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class        28,273          9,927,777        (9,806,680 )         -          -          149,370          6,344  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        6,115,131          87,252,465        (89,585,487 )         -          -          3,782,109          127,598 * 
Invesco Private Prime Fund        14,063,546          183,182,622        (187,526,588 )         -          5,843          9,725,423          331,328 * 
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total      $ 27,218,975        $ 283,221,360      $ (291,705,022 )       $ 1,117,108        $ (1,700,196 )       $ 18,152,225        $ 732,105  
    

 

 

       

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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) 

Non-income producing security.

(e) 

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

(f) 

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

 

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

 

    52    

 

  

 

 

 

Invesco S&P 500® Equal Weight Health Care ETF (RYH)

April 30, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.98%

 

Biotechnology-12.12%

 

AbbVie, Inc.

      97,143      $ 14,680,250  

Amgen, Inc.

      63,824        15,301,166  

Biogen, Inc.(b)

      56,687        17,245,886  

Gilead Sciences, Inc.

      182,935        15,039,086  

Incyte Corp.(b)

           201,964        15,028,141  

Moderna, Inc.(b)(c)

      105,167        13,975,643  

Regeneron Pharmaceuticals, Inc.(b)

      19,469        15,610,049  

Vertex Pharmaceuticals, Inc.(b)

      50,631        17,251,501  
     

 

 

  
           124,131,722  
     

 

 

  

Health Care Equipment & Supplies-32.61%

 

Abbott Laboratories(c)

      149,994        16,569,837  

Align Technology, Inc.(b)

      46,496        15,125,149  

Baxter International, Inc.

      382,516        18,238,363  

Becton, Dickinson and Co.

      63,311        16,733,730  

Boston Scientific Corp.(b)

      312,894        16,308,035  

Cooper Cos., Inc. (The)

      44,779        17,080,950  

DENTSPLY SIRONA, Inc.(c)

      393,806        16,512,286  

DexCom, Inc.(b)

      134,949        16,374,712  

Edwards Lifesciences Corp.(b)

      195,632        17,211,703  

GE HealthCare Technologies, Inc.(b)

      193,988        15,778,984  

Hologic, Inc.(b)

      187,220        16,102,792  

IDEXX Laboratories, Inc.(b)

      31,972        15,735,340  

Insulet Corp.(b)

      51,875        16,498,325  

Intuitive Surgical, Inc.(b)

      64,708        19,491,344  

Medtronic PLC

      189,563        17,240,755  

ResMed, Inc.

      70,648        17,023,342  

STERIS PLC(c)

      81,935        15,448,844  

Stryker Corp.

      54,946        16,464,569  

Teleflex, Inc.(c)

      65,252        17,782,475  

Zimmer Biomet Holdings, Inc.

      117,730        16,298,541  
     

 

 

  
        334,020,076  
     

 

 

  

Health Care Providers & Services-24.68%

 

AmerisourceBergen Corp.

      97,214        16,220,156  

Cardinal Health, Inc.

      204,288        16,772,045  

Centene Corp.(b)

      223,399        15,398,893  

Cigna Group (The)

      52,761        13,363,834  

CVS Health Corp.

      188,631        13,828,539  

DaVita, Inc.(b)

      194,740        17,596,706  

Elevance Health, Inc.

      31,996        14,994,925  

HCA Healthcare, Inc.

      58,974        16,944,999  

Henry Schein, Inc.(b)

      188,776        15,254,989  

Humana, Inc.(c)

      30,321        16,084,987  

Laboratory Corp. of America Holdings(c)

      65,340        14,813,231  

McKesson Corp.

      43,256        15,755,566  

Molina Healthcare, Inc.(b)

      55,648        16,576,983  

Quest Diagnostics, Inc.

      108,283        15,030,763  

UnitedHealth Group, Inc.

      31,592        15,546,107  

Universal Health Services, Inc., Class B

      123,583        18,580,704  
     

 

 

  
        252,763,427  
     

 

 

  

Life Sciences Tools & Services-17.42%

 

Agilent Technologies, Inc.

      107,156        14,512,137  
     Shares      Value  

Life Sciences Tools & Services-(continued)

 

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

      30,410      $ 13,708,524  

Bio-Techne Corp.(c)

      202,075        16,141,751  

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

      71,805        13,651,567  

Danaher Corp.

      60,659        14,370,724  

Illumina, Inc.(b)

      74,961        15,408,983  

IQVIA Holdings, Inc.(b)

      73,728        13,877,821  

Mettler-Toledo International, Inc.(b)

      10,148        15,135,742  

PerkinElmer, Inc.

      120,963        15,784,462  

Thermo Fisher Scientific, Inc.

      26,742        14,839,136  

Waters Corp.(b)

      47,688        14,323,568  

West Pharmaceutical Services, Inc.

      46,235        16,701,931  
     

 

 

  
        178,456,346  
     

 

 

  

Pharmaceuticals-13.15%

 

Bristol-Myers Squibb Co.

      221,325        14,777,870  

Catalent, Inc.(b)(c)

      214,124        10,731,895  

Eli Lilly and Co.

      46,166        18,275,273  

Johnson & Johnson

      95,924        15,702,759  

Merck & Co., Inc.

      135,048        15,593,993  

Organon & Co.

      641,240        15,793,741  

Pfizer, Inc.

      369,215        14,358,771  

Viatris, Inc.

      1,454,330        13,568,899  

Zoetis, Inc.

      90,034        15,826,176  
     

 

 

  
        134,629,377  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $861,811,284)

 

      1,024,000,948  
     

 

 

  

Money Market Funds-0.00%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $924)

      924        924  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $861,812,208)

 

      1,024,001,872  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.81%

 

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

      12,963,050        12,963,050  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      26,010,926        26,010,926  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $38,973,976)

 

      38,973,976  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.79%
(Cost $900,786,184)

 

      1,062,975,848  

OTHER ASSETS LESS LIABILITIES-(3.79)%

 

      (38,792,962 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 1,024,182,886  
     

 

 

  
 

 

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

 

    53    

 

  

 

 

 

Invesco S&P 500® Equal Weight Health Care ETF (RYH)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                                           
Invesco Government & Agency Portfolio, Institutional Class          $ 363,099          $ 9,018,742      $ (9,380,917 )          $ -          $ -          $ 924          $ 11,048
Investments Purchased with Cash Collateral from Securities on Loan:                                                           
Invesco Private Government Fund            6,702,093            175,230,381        (168,969,424 )            -            -            12,963,050            203,998 *
Invesco Private Prime Fund            16,417,660            413,096,429        (403,503,710 )            (876 )            1,423            26,010,926            554,380 *
        

 

 

           

 

 

       

 

 

           

 

 

           

 

 

           

 

 

           

 

 

  
Total          $ 23,482,852          $ 597,345,552      $ (581,854,051 )          $ (876 )          $ 1,423          $ 38,974,900          $ 769,426
        

 

 

           

 

 

       

 

 

           

 

 

           

 

 

           

 

 

           

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    54    

 

  

 

 

 

Invesco S&P 500® Equal Weight Industrials ETF (RGI)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Aerospace & Defense-13.25%

      

Boeing Co. (The)(b)(c)

      24,016      $ 4,966,028  

General Dynamics Corp.

      22,075        4,819,856  

Howmet Aerospace, Inc.

      119,417        5,288,979  

Huntington Ingalls Industries, Inc.

      23,452        4,729,330  

L3Harris Technologies, Inc.

      23,981        4,679,892  

Lockheed Martin Corp.

      10,257        4,763,864  

Northrop Grumman Corp.

      10,607        4,892,691  

Raytheon Technologies Corp.

      50,802        5,075,120  

Textron, Inc.

      70,416        4,713,647  

TransDigm Group, Inc.

      6,801        5,202,765  
     

 

 

  
          49,132,172  
     

 

 

  

Air Freight & Logistics-5.48%

      

C.H. Robinson Worldwide, Inc.(c)

      47,664        4,807,868  

Expeditors International of Washington, Inc.

      45,414        5,169,930  

FedEx Corp.

      24,241        5,521,615  

United Parcel Service, Inc., Class B

      26,865        4,830,595  
     

 

 

  
        20,330,008  
     

 

 

  

Building Products-7.91%

      

A.O. Smith Corp.

      73,782        5,038,573  

Allegion PLC

      45,372        5,012,698  

Carrier Global Corp.

      106,858        4,468,801  

Johnson Controls International PLC

      79,352        4,748,424  

Masco Corp.

      97,345        5,208,931  

Trane Technologies PLC

      26,195        4,867,293  
     

 

 

  
        29,344,720  
     

 

 

  

Commercial Services & Supplies-7.48%

      

Cintas Corp.

      11,387        5,189,853  

Copart, Inc.(b)

      71,301        5,636,344  

Republic Services, Inc.

      38,386        5,551,384  

Rollins, Inc.

      140,669        5,943,265  

Waste Management, Inc.

      32,659        5,423,027  
     

 

 

  
        27,743,873  
     

 

 

  

Construction & Engineering-1.42%

      

Quanta Services, Inc.

      30,995        5,257,992  
     

 

 

  

Electrical Equipment-6.44%

      

AMETEK, Inc.

      35,934        4,956,377  

Eaton Corp. PLC

      28,638        4,785,982  

Emerson Electric Co.

      59,352        4,941,647  

Generac Holdings, Inc.(b)(c)

      43,098        4,405,478  

Rockwell Automation, Inc.

      16,871        4,781,410  
     

 

 

  
        23,870,894  
     

 

 

  

Ground Transportation-6.51%

      

CSX Corp.

      165,378        5,067,182  

J.B. Hunt Transport Services, Inc.

      27,797        4,872,536  

Norfolk Southern Corp.

      23,174        4,705,017  

Old Dominion Freight Line, Inc.

      14,499        4,645,335  

Union Pacific Corp.

      24,875        4,868,037  
     

 

 

  
        24,158,107  
     

 

 

  

Industrial Conglomerates-4.13%

      

3M Co.

      46,867        4,978,213  

General Electric Co.

      53,593        5,304,099  

Honeywell International, Inc.

      25,226        5,041,164  
     

 

 

  
        15,323,476  
     

 

 

  
         Shares          Value  

Machinery-22.63%

      

Caterpillar, Inc.

      21,484      $ 4,700,699  

Cummins, Inc.

      20,168        4,740,287  

Deere & Co.

      12,318        4,656,450  

Dover Corp.

      33,450        4,889,052  

Fortive Corp.

      75,706        4,776,292  

IDEX Corp.

      22,175        4,575,146  

Illinois Tool Works, Inc.

      21,179        5,124,047  

Ingersoll Rand, Inc.

      87,495        4,988,965  

Nordson Corp.

      22,905        4,954,581  

Otis Worldwide Corp.

      59,367        5,064,005  

PACCAR, Inc.

      67,436        5,036,795  

Parker-Hannifin Corp.

      14,409        4,681,196  

Pentair PLC

      92,578        5,376,930  

Snap-on, Inc.

      20,307        5,267,839  

Stanley Black & Decker, Inc.(c)

      60,419        5,216,576  

Wabtec Corp.

      48,789        4,765,222  

Xylem, Inc.(c)

      49,272        5,116,404  
     

 

 

  
          83,930,486  
     

 

 

  

Passenger Airlines-5.96%

      

Alaska Air Group, Inc.(b)(c)

      105,792        4,597,721  

American Airlines Group, Inc.(b)(c)

      315,459        4,302,861  

Delta Air Lines, Inc.(b)

      130,926        4,492,071  

Southwest Airlines Co.

      148,825        4,507,909  

United Airlines Holdings, Inc.(b)

      95,684        4,190,959  
     

 

 

  
        22,091,521  
     

 

 

  

Professional Services-14.95%

      

Automatic Data Processing, Inc.

      22,837        5,024,140  

Broadridge Financial Solutions, Inc.(c)

      35,601        5,176,742  

Ceridian HCM Holding, Inc.(b)

      72,305        4,589,922  

CoStar Group, Inc.(b)

      72,704        5,594,573  

Equifax, Inc.

      25,251        5,261,803  

Jacobs Solutions, Inc.

      42,368        4,891,809  

Leidos Holdings, Inc.

      52,724        4,917,040  

Paychex, Inc.

      45,229        4,968,858  

Paycom Software, Inc.(b)

      17,846        5,181,943  

Robert Half International, Inc.

      63,002        4,599,146  

Verisk Analytics, Inc.

      27,073        5,255,140  
     

 

 

  
        55,461,116  
     

 

 

  

Trading Companies & Distributors-3.83%

 

   

Fastenal Co.

      94,662        5,096,602  

United Rentals, Inc.

      11,361        4,102,571  

W.W. Grainger, Inc.

      7,194        5,003,930  
     

 

 

  
        14,203,103  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $366,775,291)

 

      370,847,468  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.51%

 

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

      5,724,792        5,724,792  
 

 

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

 

    55    

 

  

 

 

 

Invesco S&P 500® Equal Weight Industrials ETF (RGI)–(continued)

April 30, 2023

 

         Shares          Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      14,720,894      $ 14,720,894  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,445,686)

 

      20,445,686  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-105.50%
(Cost $387,220,977)

 

      391,293,154  

OTHER ASSETS LESS LIABILITIES-(5.50)%

 

      (20,409,162 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 370,883,992  
     

 

 

  

        

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                                                        
Invesco Government & Agency Portfolio, Institutional Class    $        23,375      $ 9,454,997      $ (9,478,372 )       $ -          $ -          $ -        $ 13,653  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      11,480,647        123,943,086        (129,698,941 )         -            -            5,724,792          157,696 * 
Invesco Private Prime Fund      18,975,917        248,768,539        (253,022,468 )         -            (1,094 )           14,720,894          423,074 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total    $ 30,479,939      $ 382,166,622      $ (392,199,781 )       $ -          $ (1,094 )         $ 20,445,686        $ 594,423  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    56    

 

  

 

 

 

Invesco S&P 500® Equal Weight Materials ETF (RTM)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Chemicals-55.47%

      

Air Products and Chemicals, Inc.

      40,943      $ 12,051,981  

Albemarle Corp.

      51,156        9,487,392  

Celanese Corp.

      105,516        11,210,020  

CF Industries Holdings, Inc.

      146,753        10,504,580  

Corteva, Inc.

      195,944        11,976,097  

Dow, Inc.

      214,164        11,650,522  

DuPont de Nemours, Inc.

      163,718        11,414,419  

Eastman Chemical Co.

      142,612        12,017,913  

Ecolab, Inc.

      72,997        12,251,816  

FMC Corp.

      95,518        11,804,114  

International Flavors & Fragrances, Inc.

      136,316        13,217,199  

Linde PLC

      33,784        12,481,499  

LyondellBasell Industries N.V., Class A

      129,742        12,274,891  

Mosaic Co. (The)

      234,637        10,054,195  

PPG Industries, Inc.

      91,568        12,843,328  

Sherwin-Williams Co. (The)

      53,894        12,801,981  
     

 

 

  
        188,041,947  
     

 

 

  

Construction Materials-7.13%

      

Martin Marietta Materials, Inc.

      33,770        12,265,264  

Vulcan Materials Co.

      68,028        11,913,063  
     

 

 

  
        24,178,327  
     

 

 

  

Containers & Packaging-24.06%

      

Amcor PLC

      1,074,338        11,785,488  

Avery Dennison Corp.

      67,579        11,791,184  

Ball Corp.(b)

      219,183        11,656,152  

International Paper Co.

      324,207        10,734,494  

Packaging Corp. of America

      87,133        11,785,609  

Sealed Air Corp.

      254,884        12,231,883  

WestRock Co.

      387,091        11,585,634  
     

 

 

  
        81,570,444  
     

 

 

  
         Shares          Value  

Metals & Mining-13.33%

      

Freeport-McMoRan, Inc.

      304,594      $ 11,547,159  

Newmont Corp.

      273,625        12,969,825  

Nucor Corp.

      72,479        10,739,938  

Steel Dynamics, Inc.

      95,683        9,946,248  
     

 

 

  
        45,203,170  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $383,251,294)

 

      338,993,888  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.42%

 

Invesco Private Government Fund,
4.83%(c)(d)(e)

      3,243,583        3,243,583  

Invesco Private Prime Fund, 4.99%(c)(d)(e)

      8,340,653        8,340,653  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $11,584,920)

 

      11,584,236  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.41%
(Cost $394,836,214)

 

      350,578,124  

OTHER ASSETS LESS LIABILITIES-(3.41)%

 

      (11,548,296 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 339,029,828  
     

 

 

  
 

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, 2023.

(c) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class    $ 137,092      $ 10,575,637      $ (10,712,729 )                $         -                          $         -                        $         -               $ 7,467  

 

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

 

    57    

 

  

 

 

 

Invesco S&P 500® Equal Weight Materials ETF (RTM)–(continued)

April 30, 2023

 

    

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund    $ 3,860,545      $ 94,651,802      $ (95,268,764 )                $ -                          $ -                 $ 3,243,583        $ 160,454 * 
Invesco Private Prime Fund      9,001,641        232,288,001        (232,947,225 )         (684 )           (1,080 )           8,340,653          433,866 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total    $ 12,999,278      $ 337,515,440      $ (338,928,718 )       $ (684 )         $ (1,080 )         $ 11,584,236        $ 601,787  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(d) 

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

(e) 

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

 

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

 

    58    

 

  

 

 

 

Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.00%

 

Diversified REITs-26.39%

      

Crown Castle, Inc.

      26,049      $ 3,206,371  

Digital Realty Trust, Inc.

      32,157        3,188,367  

Federal Realty Investment Trust

      34,248        3,386,785  

Iron Mountain, Inc.

      64,388        3,556,793  

Kimco Realty Corp.

      175,555        3,368,900  

Public Storage

      11,718        3,454,818  

Realty Income Corp.

      53,850        3,383,934  

SBA Communications Corp., Class A

      13,757        3,589,064  
     

 

 

  
        27,135,032  
     

 

 

  

Health Care REITs-10.50%

      

Healthpeak Properties, Inc.

      153,921        3,381,644  

Ventas, Inc.

      73,999        3,555,652  

Welltower, Inc.(b)

      48,725        3,859,995  
     

 

 

  
        10,797,291  
     

 

 

  

Hotel & Resort REITs-3.27%

      

Host Hotels & Resorts, Inc.(b)

      207,843        3,360,821  
     

 

 

  

Industrial REITs-3.43%

      

Prologis, Inc.

      28,187        3,530,422  
     

 

 

  

Office REITs-6.12%

      

Alexandria Real Estate Equities, Inc.

      26,000        3,228,680  

Boston Properties, Inc.

      57,395        3,062,597  
     

 

 

  
        6,291,277  
     

 

 

  

Real Estate Management & Development-3.14%

 

   

CBRE Group, Inc., Class A(c)

      42,062        3,224,473  
     

 

 

  

Residential REITs-23.78%

      

AvalonBay Communities, Inc.

      19,921        3,593,151  

Camden Property Trust

      30,842        3,394,162  

Equity Residential

      56,526        3,575,269  

Essex Property Trust, Inc.

      15,600        3,427,788  

Invitation Homes, Inc.

      109,218        3,644,605  

Mid-America Apartment Communities, Inc.

      22,120        3,402,056  

UDR, Inc.

      82,592        3,413,527  
     

 

 

  
        24,450,558  
     

 

 

  
         Shares          Value  

Retail REITs-6.64%

      

Regency Centers Corp.

      56,419      $ 3,465,819  

Simon Property Group, Inc.

      29,641        3,358,918  
     

 

 

  
        6,824,737  
     

 

 

  

Specialized REITs-16.73%

      

American Tower Corp.

      17,239        3,523,479  

Equinix, Inc.

      4,965        3,595,057  

Extra Space Storage, Inc.(b)

      21,472        3,264,603  

VICI Properties, Inc.

      103,422        3,510,143  

Weyerhaeuser Co.

      110,684        3,310,559  
     

 

 

  
        17,203,841  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $127,976,458)

 

      102,818,452  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-7.90%

 

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

      2,274,652        2,274,652  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      5,849,106        5,849,106  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $8,123,758)

 

      8,123,758  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-107.90%
(Cost $136,100,216)

 

      110,942,210  

OTHER ASSETS LESS LIABILITIES-(7.90)%

 

      (8,124,140 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 102,818,070  
     

 

 

  
 

 

Investment Abbreviations:

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, 2023. (c) Non-income producing security.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class    $ 67,431      $ 2,884,931      $ (2,952,362 )                $ -                          $         -                        $ -               $ 945  

 

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

 

    59    

 

  

 

 

 

Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)–(continued)

April 30, 2023

 

    

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)		     Value
April 30, 2023		      Dividend
Income		  
Investments Purchased with Cash Collateral from Securities on Loan:                                       
Invesco Private Government Fund       $ 2,756,763         $ 38,191,621      $ (38,673,732 )                $ -                          $ -                        $ 2,274,652               $ 51,140 * 
Invesco Private Prime Fund         6,428,598           86,174,142        (86,753,632 )         -            (2 )           5,849,106          137,564 * 
     

 

 

        

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total       $ 9,252,792         $ 127,250,694      $ (128,379,726 )       $ -          $ (2 )         $ 8,123,758        $ 189,649  
     

 

 

        

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f)

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

 

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

 

    60    

 

  

 

 

 

Invesco S&P 500® Equal Weight Technology ETF (RYT)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-100.04%

 

Communications Equipment-7.80%

      

Arista Networks, Inc.(b)

      257,586      $ 41,254,974  

Cisco Systems, Inc.

      776,895        36,708,289  

F5, Inc.(b)

      272,390        36,598,320  

Juniper Networks, Inc.

      1,224,870        36,929,830  

Motorola Solutions, Inc.

      144,279        42,042,901  
     

 

 

  
           193,534,314  
     

 

 

  

Electronic Equipment, Instruments & Components-11.81%

 

Amphenol Corp., Class A

      493,150        37,218,031  

CDW Corp.

      198,068        33,590,352  

Corning, Inc.

      1,134,276        37,680,649  

Keysight Technologies, Inc.(b)(c)

      244,165        35,316,026  

TE Connectivity Ltd.

      302,947        37,071,624  

Teledyne Technologies, Inc.(b)(c)

      91,446        37,895,222  

Trimble, Inc.(b)

      781,401        36,803,987  

Zebra Technologies Corp., Class A(b)

      130,907        37,705,143  
     

 

 

  
        293,281,034  
     

 

 

  

IT Services-12.61%

      

Accenture PLC, Class A

      149,144        41,803,572  

Akamai Technologies, Inc.(b)

      524,263        42,973,838  

Cognizant Technology Solutions Corp., Class A

      624,810        37,307,405  

DXC Technology Co.(b)(c)

      1,478,872        35,271,097  

EPAM Systems, Inc.(b)(c)

      133,430        37,685,969  

Gartner, Inc.(b)(c)

      120,020        36,301,249  

International Business Machines Corp.

      300,725        38,014,647  

VeriSign, Inc.(b)

      197,312        43,763,802  
     

 

 

  
        313,121,579  
     

 

 

  

Semiconductors & Semiconductor Equipment-31.71%

 

Advanced Micro Devices, Inc.(b)

      456,345        40,783,553  

Analog Devices, Inc.

      207,560        37,335,893  

Applied Materials, Inc.

      329,802        37,277,520  

Broadcom, Inc.

      61,360        38,442,040  

Enphase Energy, Inc.(b)

      179,459        29,467,168  

First Solar, Inc.(b)

      181,611        33,158,536  

Intel Corp.

      1,385,967        43,048,135  

KLA Corp.

      102,653        39,679,491  

Lam Research Corp.

      78,790        41,292,263  

Microchip Technology, Inc.

      462,499        33,757,802  

Micron Technology, Inc.(c)

      686,802        44,202,577  

Monolithic Power Systems, Inc.

      78,768        36,388,453  

NVIDIA Corp.

      164,277        45,585,225  

NXP Semiconductors N.V. (China)

      215,515        35,288,426  

ON Semiconductor Corp.(b)

      481,322        34,635,931  

Qorvo, Inc.(b)

      395,741        36,439,831  

QUALCOMM, Inc.

      327,511        38,253,285  

Skyworks Solutions, Inc.

      338,988        35,898,829  

SolarEdge Technologies, Inc.(b)(c)

      123,968        35,408,980  

Teradyne, Inc.(c)

      372,456        34,035,029  

Texas Instruments, Inc.

      219,797        36,750,058  
     

 

 

  
        787,129,025  
     

 

 

  

Software-26.78%

      

Adobe, Inc.(b)

      114,564        43,254,784  
         Shares          Value  

Software-(continued)

      

ANSYS, Inc.(b)

      127,439      $ 40,005,651  

Autodesk, Inc.(b)

      194,444        37,875,747  

Cadence Design Systems, Inc.(b)

      192,804        40,382,798  

Fair Isaac Corp.(b)

      54,223        39,471,633  

Fortinet, Inc.(b)

      642,036        40,480,370  

Gen Digital, Inc.(c)

      2,271,283        40,133,571  

Intuit, Inc.

      96,091        42,659,599  

Microsoft Corp.

      151,760        46,629,777  

Oracle Corp.

      448,745        42,505,126  

PTC, Inc.(b)

      318,685        40,087,386  

Roper Technologies, Inc.

      89,753        40,817,869  

Salesforce, Inc.(b)

      217,843        43,213,516  

ServiceNow, Inc.(b)

      90,889        41,756,224  

Synopsys, Inc.(b)

      106,202        39,434,927  

Tyler Technologies, Inc.(b)

      121,775        46,156,378  
     

 

 

  
        664,865,356  
     

 

 

  

Technology Hardware, Storage & Peripherals-9.33%

 

Apple, Inc.

      254,048        43,106,865  

Hewlett Packard Enterprise Co.(c)

      2,632,660        37,699,691  

HP, Inc.(c)

      1,374,355        40,832,087  

NetApp, Inc.(c)

      606,333        38,132,282  

Seagate Technology Holdings PLC(c)

      610,948        35,905,414  

Western Digital Corp.(b)

      1,046,201        36,031,163  
     

 

 

  
        231,707,502  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $2,423,236,228)

 

      2,483,638,810  
     

 

 

  

Money Market Funds-0.06%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $1,549,245)

      1,549,245        1,549,245  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $2,424,785,473)

 

      2,485,188,055  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.27%

 

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

      29,707,142        29,707,142  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      76,389,794        76,389,794  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $106,100,170)

 

      106,096,936  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.37%
(Cost $2,530,885,643)

 

      2,591,284,991  

OTHER ASSETS LESS LIABILITIES-(4.37)%

 

      (108,479,314 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 2,482,805,677  
     

 

 

  
 

 

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

 

    61    

 

  

 

 

 

Invesco S&P 500® Equal Weight Technology ETF (RYT)–(continued)

April 30, 2023

 

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain		     Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class    $ 360,687      $ 28,373,634      $ (27,185,076 )                $ -                          $ -                        $ 1,549,245               $ 29,381  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      32,615,774        482,213,988        (485,122,620 )         -            -            29,707,142          773,061 * 
Invesco Private Prime Fund      76,062,459        968,226,785        (967,910,727 )         (8,861 )           20,138            76,389,794          2,148,420 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total    $ 109,038,920      $ 1,478,814,407      $ (1,480,218,423 )       $ (8,861 )         $ 20,138          $ 107,646,181        $ 2,950,862  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    62    

 

  

 

 

 

Invesco S&P 500® Equal Weight Utilities ETF (RYU)

April 30, 2023

    

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.88%

 

Electric Utilities-56.49%

 

Alliant Energy Corp.

      231,492      $ 12,764,469  

American Electric Power Co., Inc.

      132,436        12,239,735  

Constellation Energy Corp.

      149,472        11,569,133  

Duke Energy Corp.

      124,872        12,347,343  

Edison International

      175,422        12,911,059  

Entergy Corp.

      115,474        12,422,693  

Evergy, Inc.

      201,943        12,542,680  

Eversource Energy

      159,415        12,372,198  

Exelon Corp.

      289,180        12,272,799  

FirstEnergy Corp.

      305,086        12,142,423  

NextEra Energy, Inc.(b)

      159,137        12,194,668  

NRG Energy, Inc.

      367,303        12,550,744  

PG&E Corp.(c)

      733,985        12,558,483  

Pinnacle West Capital Corp.

      156,992        12,317,592  

PPL Corp.

      442,601        12,711,501  

Southern Co. (The)

      181,693        13,363,520  

Xcel Energy, Inc.

      183,773        12,847,571  
     

 

 

  
        212,128,611  
     

 

 

  

Gas Utilities-3.23%

      

Atmos Energy Corp.(b)

      106,186        12,120,070  
     

 

 

  

Independent Power and Renewable Electricity Producers-3.14%

 

AES Corp. (The)

      498,354        11,791,056  
     

 

 

  

Multi-Utilities-33.60%

      

Ameren Corp.

      143,037        12,726,002  

CenterPoint Energy, Inc.

      420,597        12,815,591  

CMS Energy Corp.

      199,581        12,425,913  

Consolidated Edison, Inc.(b)

      127,909        12,595,199  

Dominion Energy, Inc.

      217,850        12,447,949  
         Shares          Value  

Multi-Utilities-(continued)

 

   

DTE Energy Co.

      110,950      $ 12,471,889  

NiSource, Inc.

      435,017        12,380,584  

Public Service Enterprise Group, Inc.

      206,132        13,027,542  

Sempra Energy(b)

      80,628        12,536,848  

WEC Energy Group, Inc.

      132,672        12,759,066  
  

 

 

  
     126,186,583  
  

 

 

  

Water Utilities-3.42%

 

   

American Water Works Co., Inc.

      86,729        12,857,574  
  

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $381,657,191)

 

      375,083,894  
  

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.67%

 

   

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

      5,960,965        5,960,965  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      15,328,610        15,328,610  
  

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $21,289,575)

 

      21,289,575  
  

 

 

  

TOTAL INVESTMENTS IN SECURITIES-105.55%
(Cost $402,946,766)

 

      396,373,469  

OTHER ASSETS LESS LIABILITIES-(5.55)%

 

      (20,831,657 ) 
  

 

 

  

NET ASSETS-100.00%.

 

    $ 375,541,812  
  

 

 

  
 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30,  2022		      Purchases
at Cost		      Proceeds
from Sales		     Change  in
Unrealized
Appreciation		     Realized
Gain		     Value
April 30,  2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class    $ 47,578      $ 11,409,238      $ (11,456,816 )                $ -                          $ -                        $ -               $ 9,953  
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      2,860,309        122,464,359        (119,363,703 )         -            -            5,960,965          156,372 * 
Invesco Private Prime Fund      6,674,440        272,362,465        (263,709,935 )         -            1,640            15,328,610          419,864 * 
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  
Total    $ 9,582,327      $ 406,236,062      $ (394,530,454 )       $ -          $ 1,640          $ 21,289,575        $ 586,189  
  

 

 

     

 

 

     

 

 

       

 

 

         

 

 

         

 

 

       

 

 

  

 

*

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.

 

    63    

 

  

 

 

 

Invesco S&P 500® Equal Weight Utilities ETF (RYU)–(continued)

April 30, 2023

    

 

(e)

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

(f)

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

 

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

 

    64    

 

  

 

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

April 30, 2023

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.90%

 

Communication Services-2.64%

      

Cable One, Inc.(b)

      718      $ 544,538  

Frontier Communications Parent, Inc.(b)(c)

      18,965               427,471  

Iridium Communications, Inc.

      7,865        499,192  

John Wiley & Sons, Inc., Class A(b)

      12,793        493,426  

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

      12,653        502,957  

Nexstar Media Group, Inc., Class A

      2,786        483,232  

TEGNA, Inc.

      29,722        508,246  

TripAdvisor, Inc.(b)(c)

      23,539        417,346  

World Wrestling Entertainment, Inc., Class A(b)

      5,688        609,583  

Ziff Davis, Inc.(b)(c)

      6,254        457,418  
     

 

 

  
        4,943,409  
     

 

 

  

Consumer Discretionary-16.13%

      

Adient PLC(c)

      11,361        419,675  

Aramark(b)

      13,345        463,071  

Autoliv, Inc. (Sweden)

      5,034        431,968  

AutoNation, Inc.(c)

      3,340        439,878  

Boyd Gaming Corp.

      7,553        524,178  

Brunswick Corp.(b)

      5,542        469,906  

Capri Holdings Ltd.(c)

      10,764        446,706  

Carter’s, Inc.(b)

      6,593        459,994  

Choice Hotels International, Inc.(b)

      3,926        500,644  

Churchill Downs, Inc.(b)

      1,929        564,290  

Columbia Sportswear Co.

      5,346        446,605  

Crocs, Inc.(c)

      4,003        495,051  

Dana, Inc.

      31,833        470,810  

Deckers Outdoor Corp.(c)

      1,120        536,861  

Dick’s Sporting Goods, Inc.(b)

      3,155        457,507  

Five Below, Inc.(c)

      2,354        464,585  

Foot Locker, Inc.(b)

      10,764        451,980  

Fox Factory Holding Corp.(b)(c)

      4,050        449,024  

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

      26,759        516,181  

Gap, Inc. (The)(b)

      42,464        407,654  

Gentex Corp.

      17,134        472,727  

Goodyear Tire & Rubber Co. (The)(c)

      42,425        452,675  

Graham Holdings Co., Class B

      787        452,974  

Grand Canyon Education, Inc.(c)

      4,252        504,712  

H&R Block, Inc.(b)

      12,973        439,914  

Harley-Davidson, Inc.(b)

      11,609        430,694  

Helen of Troy Ltd.(b)(c)

      4,516        453,135  

Hilton Grand Vacations, Inc.(b)(c)

      10,239        438,229  

KB Home

      13,333        584,252  

Kohl’s Corp.(b)

      18,590        409,538  

Lear Corp.

      3,417        436,214  

Leggett & Platt, Inc.(b)

      14,524        469,270  

Light & Wonder, Inc.(b)(c)

      8,039        484,671  

Lithia Motors, Inc., Class A

      1,876        414,390  

Macy’s, Inc.(b)

      23,562        385,003  

Marriott Vacations Worldwide Corp.(b)

      3,230        434,629  

Mattel, Inc.(c)

      27,640        497,520  

Murphy USA, Inc.

      1,823        501,744  

Nordstrom, Inc.(b)

      25,306        391,231  

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

      8,599        561,085  

Papa John’s International, Inc.

      5,945        444,627  

Penn Entertainment, Inc.(b)(c)

      16,311        485,905  

Polaris, Inc.(b)

      4,139        449,702  
         Shares          Value  

Consumer Discretionary-(continued)

      

PVH Corp.

      6,156      $ 528,246  

RH(b)(c)

      1,777        453,366  

Service Corp. International

      7,142        501,297  

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

      10,740        571,261  

Taylor Morrison Home Corp., Class A(c)

      13,099        564,436  

Tempur Sealy International, Inc.

      11,754        440,422  

Texas Roadhouse, Inc.

      4,543        502,547  

Thor Industries, Inc.(b)

      5,544        438,087  

Toll Brothers, Inc.

      8,046        514,220  

TopBuild Corp.(c)

      2,393        539,574  

Topgolf Callaway Brands Corp.(b)(c)

      20,479        454,019  

Travel + Leisure Co.

      11,788        451,127  

Under Armour, Inc., Class A(b)(c)

      27,481        243,756  

Under Armour, Inc., Class C(b)(c)

      27,609        221,976  

Valvoline, Inc.

      13,549        468,118  

Victoria’s Secret & Co.(c)

      14,492        449,397  

Visteon Corp.(c)

      2,883        404,744  

Wendy’s Co. (The)(b)

      22,107        488,565  

Williams-Sonoma, Inc.

      3,827        463,220  

Wingstop, Inc.

      2,797        559,708  

Wyndham Hotels & Resorts, Inc.

      6,498        443,294  

YETI Holdings, Inc.(b)(c)

      12,395        488,983  
     

 

 

  
          30,201,772  
     

 

 

  

Consumer Staples-4.76%

      

BellRing Brands, Inc.(c)

      15,459        556,369  

BJ’s Wholesale Club Holdings, Inc.(c)

      6,173        471,432  

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

      1,479        469,597  

Casey’s General Stores, Inc.

      2,180        498,828  

Celsius Holdings, Inc.(b)(c)

      5,560        531,369  

Coca-Cola Consolidated, Inc.

      882        519,904  

Coty,Inc.,Class A(c)

      43,059        511,110  

Darling Ingredients, Inc.(b)(c)

      7,691        458,153  

Energizer Holdings, Inc.

      13,767        460,231  

Flowers Foods, Inc.(b)

      16,970        466,845  

Grocery Outlet Holding Corp.(b)(c)

      17,288        514,837  

Ingredion, Inc.

      4,814        511,102  

Lancaster Colony Corp.

      2,474        517,363  

Performance Food Group Co.(c)

      8,454        529,981  

Pilgrim’s Pride Corp.(c)

      19,411        442,765  

Post Holdings, Inc.(c)

      5,293        478,964  

Sprouts Farmers Market, Inc.(b)(c)

      13,975        484,373  

US Foods Holding Corp.(c)

      12,747        489,485  
     

 

 

  
        8,912,708  
     

 

 

  

Energy-3.80%

      

Antero Midstream Corp.

      45,747        492,238  

Antero Resources Corp.(c)

      19,726        453,501  

ChampionX Corp.

      16,095        435,853  

Chord Energy Corp.

      3,393        482,926  

CNX Resources Corp.(b)(c)

      30,488        473,479  

DT Midstream, Inc.

      9,340        460,182  

Equitrans Midstream Corp.

      80,557        414,868  

HF Sinclair Corp.

      9,369        413,266  

Matador Resources Co.

      9,050        443,721  

Murphy Oil Corp.

      12,591        462,216  

NOV, Inc.

      22,851        382,754  

PBF Energy, Inc., Class A

      10,424        363,381  

PDC Energy, Inc.

      7,042        458,082  
 

 

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

 

    65    

 

  

 

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)

April 30, 2023

    

 

         Shares          Value  

Energy-(continued)

      

Range Resources Corp.

      17,974      $ 475,412  

Southwestern Energy Co.(c)

      93,439        484,948  

Valaris Ltd.(c)

      7,142        428,520  
     

 

 

  
            7,125,347  
     

 

 

  

Financials-14.84%

      

Affiliated Managers Group, Inc.

      3,194        461,150  

American Financial Group, Inc.

      3,777        463,551  

Annaly Capital Management, Inc.(b)

      25,086        501,218  

Associated Banc-Corp(b)

      22,583        402,655  

Bank of Hawaii Corp.

      7,282        352,667  

Bank OZK(b)

      12,608        450,358  

Brighthouse Financial, Inc.(c)

      9,468        418,486  

Cadence Bank

      19,026        384,706  

Cathay General Bancorp

      11,986        381,994  

CNO Financial Group, Inc.

      20,272        454,904  

Columbia Banking System, Inc.(b)

      19,297        412,184  

Commerce Bancshares, Inc.(b)

      7,613        425,186  

Cullen/Frost Bankers, Inc.

      3,887        428,542  

East West Bancorp, Inc.

      7,361        380,490  

Essent Group Ltd.(b)

      11,589        492,185  

Euronet Worldwide, Inc.(b)(c)

      4,563        505,307  

Evercore, Inc., Class A

      3,891        443,846  

F.N.B. Corp.

      36,118        414,635  

Federated Hermes, Inc., Class B

      11,909        492,913  

First American Financial Corp.

      8,711        501,841  

First Financial Bankshares, Inc.

      14,038        410,752  

First Horizon Corp.

      22,964        403,018  

FirstCash Holdings, Inc.

      5,233        539,156  

Fulton Financial Corp.

      29,895        356,647  

Glacier Bancorp, Inc.(b)

      11,289        375,133  

Hancock Whitney Corp.

      10,866        396,826  

Hanover Insurance Group, Inc. (The)

      3,562        425,873  

Home BancShares, Inc.(b)

      21,048        458,215  

Interactive Brokers Group, Inc., Class A

      5,750        447,637  

International Bancshares Corp.(b)

      10,249        437,325  

Janus Henderson Group PLC

      18,116        470,110  

Jefferies Financial Group, Inc.

      13,979        447,747  

Kemper Corp.

      7,991        388,762  

Kinsale Capital Group, Inc.

      1,569        512,608  

MGIC Investment Corp.

      35,782        532,078  

Navient Corp.

      27,857        460,755  

New York Community Bancorp, Inc.

      62,630        669,515  

Old National Bancorp

      28,922        387,844  

Old Republic International Corp.

      19,042        481,191  

Pinnacle Financial Partners, Inc.

      7,707        417,951  

Primerica, Inc.

      2,739        499,895  

Prosperity Bancshares, Inc.

      7,200        450,864  

Reinsurance Group of America, Inc.

      3,451        491,146  

RenaissanceRe Holdings Ltd. (Bermuda)

      2,376        511,814  

RLI Corp.

      3,497        486,258  

SEI Investments Co.

      8,180        481,884  

Selective Insurance Group, Inc.

      4,877        469,801  

SLM Corp.

      35,949        539,954  

South State Corp.(b)

      6,096        420,502  

Starwood Property Trust, Inc.

      25,320        452,975  

Stifel Financial Corp.

      7,906        474,123  

Synovus Financial Corp.

      13,303        409,732  

Texas Capital Bancshares, Inc.(b)(c)

      7,551        379,438  

UMB Financial Corp.

      5,987        380,833  
         Shares          Value  

Financials-(continued)

      

United Bankshares, Inc.(b)

      12,758      $ 422,672  

Unum Group

      11,434        482,515  

Valley National Bancorp(b)

      45,929        430,814  

Voya Financial, Inc.(b)

      6,697        512,187  

Webster Financial Corp.

      10,728        400,154  

Western Union Co. (The)

      41,548        454,120  

WEX, Inc.(c)

      2,564        454,725  

Wintrust Financial Corp.

      5,761        393,880  
     

 

 

  
          27,788,247  
     

 

 

  

Health Care-10.62%

      

Acadia Healthcare Co., Inc.(c)

      6,691        483,692  

Amedisys, Inc.(b)(c)

      5,591        448,957  

Arrowhead Pharmaceuticals, Inc.(c)

      17,544        621,233  

Azenta, Inc.(b)(c)

      11,328        492,655  

Bruker Corp.

      6,402        506,590  

Chemed Corp.

      917        505,496  

Encompass Health Corp.

      8,647        554,705  

Enovis Corp.(c)

      8,571        499,261  

Envista Holdings Corp.(b)(c)

      12,329        474,543  

Exelixis, Inc.(c)

      27,673        506,416  

Globus Medical, Inc., Class A(b)(c)

      8,468        492,330  

Haemonetics Corp.(c)

      6,126        512,807  

Halozyme Therapeutics, Inc.(c)

      11,088        356,257  

HealthEquity, Inc.(c)

      7,484        400,020  

ICU Medical, Inc.(b)(c)

      3,014        570,068  

Inari Medical, Inc.(c)

      8,156        541,722  

Integra LifeSciences Holdings Corp.(b)(c)

      8,731        482,999  

Jazz Pharmaceuticals PLC(b)(c)

      3,443        483,638  

Lantheus Holdings, Inc.(c)

      6,477        553,460  

LivaNova PLC(c)

      11,203        536,624  

Masimo Corp.(c)

      2,670        505,004  

Medpace Holdings, Inc.(c)

      2,631        526,568  

Neogen Corp.(b)(c)

      26,650        458,913  

Neurocrine Biosciences, Inc.(c)

      4,818        486,811  

Omnicell, Inc.(b)(c)

      8,961        544,560  

Option Care Health, Inc.(c)

      15,070        484,501  

Patterson Cos., Inc.

      17,471        473,639  

Penumbra, Inc.(b)(c)

      1,875        532,725  

Perrigo Co. PLC.

      12,876        478,858  

Progyny, Inc.(b)(c)

      15,114        502,389  

QuidelOrtho Corp.(b)(c)

      5,543        498,593  

R1 RCM, Inc.(b)(c)

      34,653        540,240  

Repligen Corp.(b)(c)

      2,776        420,925  

Shockwave Medical, Inc.(c)

      2,531        734,395  

Sotera Health Co.(b)(c)

      28,078        470,868  

STAAR Surgical Co.(b)(c)

      8,151        574,401  

Syneos Health, Inc.(c)

      13,103        514,424  

Tenet Healthcare Corp.(c)

      8,779        643,676  

United Therapeutics Corp.(c)

      2,018        464,402  
     

 

 

  
        19,879,365  
     

 

 

  

Industrials-19.20%

      

Acuity Brands, Inc.(b)

      2,429        382,276  

Advanced Drainage Systems, Inc.(b)

      5,506        471,974  

AECOM

      5,478        454,948  

AGCO Corp.

      3,556        440,731  

ASGN, Inc.(b)(c)

      5,587        399,973  

Avis Budget Group, Inc.(c)

      2,406        425,068  

Axon Enterprise, Inc.(c)

      2,167        456,609  

Brink’s Co. (The)

      7,191        451,954  
 

 

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

 

    66    

 

  

 

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)

April 30, 2023

    

 

         Shares          Value  

Industrials-(continued)

      

Builders FirstSource, Inc.(c)

      5,654      $ 535,830  

CACI International, Inc., Class A(c)

      1,642        514,471  

Carlisle Cos., Inc.

      1,899        409,899  

Chart Industries, Inc.(b)(c)

      3,494        465,051  

Clean Harbors, Inc.(c)

      3,432        498,189  

Concentrix Corp.

      3,592               346,664  

Crane Co.(b)(c)

      5,088        366,692  

Crane NXT Co.(b)

      11,919        564,484  

Curtiss-Wright Corp.

      2,709        460,069  

Donaldson Co., Inc.

      7,201        457,624  

EMCOR Group, Inc.

      2,913        498,123  

EnerSys

      5,526        458,492  

Esab Corp.

      7,726        450,889  

ExlService Holdings, Inc.(c)

      3,015        537,816  

Exponent, Inc.

      4,556        419,380  

Flowserve Corp.(b)

      14,322        478,212  

Fluor Corp.(b)(c)

      13,845        402,336  

Fortune Brands Innovations, Inc.

      8,087        523,148  

FTI Consulting, Inc.(b)(c)

      2,474        446,557  

GATX Corp.(b)

      4,495        512,025  

Genpact Ltd.(b)

      10,314        459,489  

Graco, Inc.

      6,824        541,075  

GXO Logistics, Inc.(c)

      9,959        529,122  

Hertz Global Holdings, Inc.(b)(c)

      26,821        447,374  

Hexcel Corp.

      6,747        486,324  

Hubbell, Inc.

      1,929        519,518  

Insperity, Inc.(b)

      3,893        476,737  

ITT, Inc.

      5,338        450,741  

JetBlue Airways Corp.(c)

      61,300        437,682  

KBR, Inc.(b)

      8,703        493,721  

Kirby Corp.(b)(c)

      6,534        469,403  

Knight-Swift Transportation Holdings, Inc.

      8,216        462,725  

Landstar System, Inc.

      2,615        460,318  

Lennox International, Inc.

      1,881        530,273  

Lincoln Electric Holdings, Inc.

      2,772        465,142  

ManpowerGroup, Inc.

      5,707        432,077  

MasTec, Inc.(c)

      4,807        426,910  

Maximus, Inc.(b)

      6,018        503,406  

MDU Resources Group, Inc.

      15,464        451,858  

Mercury Systems, Inc.(b)(c)

      9,259        441,377  

Middleby Corp. (The)(b)(c)

      3,194        449,971  

MSA Safety, Inc.

      3,467        449,843  

MSC Industrial Direct Co., Inc., Class A

      5,613        509,267  

nVent Electric PLC

      10,579        443,577  

Oshkosh Corp.

      5,564        425,757  

Owens Corning

      4,946        528,282  

Paylocity Holding Corp.(c)

      2,645        511,252  

Regal Rexnord Corp.

      3,059        398,159  

Ryder System, Inc.

      5,074        401,658  

Saia, Inc.(b)(c)

      1,670        497,276  

Science Applications International Corp.

      4,449        453,931  

Simpson Manufacturing Co., Inc.

      4,449        559,595  

Stericycle, Inc.(b)(c)

      10,611        484,392  

SunPower Corp.(b)(c)

      31,486        416,245  

Sunrun, Inc.(b)(c)

      22,266        468,477  

Terex Corp.

      8,672        386,684  

Tetra Tech, Inc.

      3,466        479,590  

Timken Co. (The)

      5,612        431,282  

Toro Co. (The)

      4,224        440,394  

Trex Co., Inc.(b)(c)

      9,454        516,756  
         Shares          Value  

Industrials-(continued)

      

UFP Industries, Inc.

      5,832      $ 457,929  

Univar Solutions, Inc.(c)

      14,384        510,632  

Valmont Industries, Inc.

      1,521        441,942  

Vicor Corp.(b)(c)

      10,759        462,314  

Watsco, Inc.(b)

      1,575        545,549  

Watts Water Technologies, Inc., Class A

      2,773        448,477  

Werner Enterprises, Inc.

      10,156        458,747  

Woodward, Inc.

      4,928        473,187  

XPO, Inc.(c)

      13,322        588,566  
     

 

 

  
          35,954,487  
     

 

 

  

Information Technology-9.82%

      

ACI Worldwide, Inc.(c)

      19,427        492,086  

Allegro MicroSystems, Inc. (Japan)(b)(c)

      10,477        374,762  

Amkor Technology, Inc.

      18,201        407,156  

Arrow Electronics, Inc.(c)

      3,979        455,317  

Aspen Technology, Inc.(b)(c)

      2,156        381,612  

Avnet, Inc.

      10,747        443,421  

Belden, Inc.

      5,521        435,552  

Blackbaud, Inc.(c)

      8,359        579,738  

Calix, Inc.(c)

      9,679        442,330  

Ciena Corp.(b)(c)

      9,319        429,047  

Cirrus Logic, Inc.(c)

      4,580        392,918  

Cognex Corp.

      9,724        463,738  

Coherent Corp.(b)(c)

      11,977        408,895  

CommVault Systems, Inc.(c)

      8,320        484,806  

Dynatrace, Inc.(c)

      12,043        509,178  

Envestnet, Inc.(b)(c)

      8,148        516,420  

IPG Photonics Corp.(c)

      3,907        449,227  

Jabil, Inc.

      5,635        440,375  

Kyndryl Holdings, Inc.(c)

      31,615        457,153  

Lattice Semiconductor Corp.(c)

      5,332        424,960  

Littelfuse, Inc.

      1,773        429,492  

Lumentum Holdings, Inc.(b)(c)

      8,956        432,127  

MACOM Technology Solutions Holdings,
Inc.(b)(c)

      6,595        384,752  

Manhattan Associates, Inc.(c)

      3,361        556,851  

MKS Instruments, Inc.(b)

      5,277        442,582  

National Instruments Corp.(b)

      9,295        541,248  

NCR Corp.(c)

      20,424        455,251  

Novanta, Inc.(b)(c)

      3,207        490,158  

Power Integrations, Inc.(b)

      5,674        412,954  

Qualys, Inc.(b)(c)

      3,917        442,386  

Silicon Laboratories, Inc.(b)(c)

      2,718        378,617  

SiTime Corp.(b)(c)

      3,655        396,458  

Super Micro Computer, Inc.(b)(c)

      4,976        524,620  

Synaptics, Inc.(c)

      4,293        380,188  

TD SYNNEX Corp.

      5,057        450,275  

Teradata Corp.(b)(c)

      12,218        472,959  

Universal Display Corp.

      3,382        451,362  

Vishay Intertechnology, Inc.

      21,560        459,012  

Vontier Corp.

      17,996        488,232  

Wolfspeed, Inc.(b)(c)

      7,383        343,679  

Xerox Holdings Corp.

      29,627        464,255  
     

 

 

  
        18,386,149  
     

 

 

  

Materials-6.36%

      

Alcoa Corp.

      10,278        381,725  

AptarGroup, Inc.

      4,101        486,010  

Ashland, Inc.

      4,740        481,631  

Avient Corp.

      11,647        448,526  
 

 

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

 

    67    

 

  

 

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)

April 30, 2023

    

 

         Shares          Value  

Materials-(continued)

      

Axalta Coating Systems Ltd.(b)(c)

      15,610      $ 492,808  

Cabot Corp.(b)

      6,211        445,701  

Chemours Co. (The)

      14,790        429,945  

Cleveland-Cliffs, Inc.(c)

      23,830        366,505  

Commercial Metals Co.

      9,635        449,858  

Eagle Materials, Inc.

      3,394        503,025  

Greif, Inc., Class A.

      7,432        466,655  

Ingevity Corp.(c)

      6,463        463,656  

Louisiana-Pacific Corp.

      8,265        493,751  

MP Materials Corp.(b)(c)

      15,732        340,913  

NewMarket Corp.

      1,358        542,657  

Olin Corp.

      8,676        480,650  

Reliance Steel & Aluminum Co.

      1,849        458,182  

Royal Gold, Inc.

      4,069        538,898  

RPM International, Inc.(b)

      5,411        443,864  

Scotts Miracle-Gro Co. (The)(b)

      6,237        416,694  

Sensient Technologies Corp.

      6,584        490,245  

Silgan Holdings, Inc.

      8,956        441,173  

Sonoco Products Co.

      8,191        496,539  

United States Steel Corp.

      16,964        388,136  

Westlake Corp.(b)

      4,180        475,600  

Worthington Industries, Inc.

      8,228        488,661  
     

 

 

  
        11,912,008  
     

 

 

  

Real Estate-7.65%

      

Agree Realty Corp.

      6,912        469,947  

Apartment Income REIT Corp.

      13,222        488,950  

Brixmor Property Group, Inc.

      21,691        462,669  

Corporate Office Properties Trust

      19,224        440,037  

Cousins Properties, Inc.(b)

      21,019        458,424  

CubeSmart(b)

      10,118        460,268  

Douglas Emmett, Inc.(b)

      36,605        471,472  

EastGroup Properties, Inc.

      2,956        492,351  

EPR Properties

      12,257        514,304  

First Industrial Realty Trust, Inc.

      9,126        478,841  

Healthcare Realty Trust, Inc.(b)

      25,032        495,133  

Highwoods Properties, Inc.(b)

      19,542        447,903  

Independence Realty Trust, Inc.(b)

      27,706        461,305  

Jones Lang LaSalle, Inc.(c)

      2,995        416,425  

Kilroy Realty Corp.

      14,742        431,056  

Kite Realty Group Trust(b)

      22,783        472,064  

Lamar Advertising Co., Class A

      4,701        496,802  

Life Storage, Inc.

      3,912        525,695  

Macerich Co. (The)(b)

      43,220        431,768  

Medical Properties Trust, Inc.(b)

      52,513        460,539  

National Retail Properties, Inc.

      10,772        468,582  

National Storage Affiliates Trust

      11,414        440,010  

Omega Healthcare Investors, Inc.

      16,821        450,130  

Park Hotels & Resorts, Inc.

      37,045        446,392  

Physicians Realty Trust(b)

      32,077        462,550  

PotlatchDeltic Corp.(b)

      9,679        447,460  

Rayonier, Inc.(b)

      14,268        447,444  

Rexford Industrial Realty, Inc.

      8,182        456,310  

Investment Abbreviations:

      

REIT-Real Estate Investment Trust

      
         Shares          Value  

Real Estate-(continued)

      

Sabra Health Care REIT, Inc.

      41,213      $ 469,828  

Spirit Realty Capital, Inc.(b)

      11,727        451,020  

Vornado Realty Trust(b)

      26,978        404,940  
     

 

 

  
        14,320,619  
     

 

 

  

Utilities-4.08%

      

ALLETE, Inc.

      7,654        477,456  

Black Hills Corp.

      7,708        503,255  

Essential Utilities, Inc.

      11,075        472,902  

Hawaiian Electric Industries, Inc.

      12,365        484,832  

IDACORP, Inc.

      4,540        504,485  

National Fuel Gas Co.

      8,341        466,262  

New Jersey Resources Corp.

      9,300        480,252  

NorthWestern Corp.

      8,266        484,553  

OGE Energy Corp.

      13,418        503,712  

ONE Gas, Inc.

      6,209        477,783  

Ormat Technologies, Inc.(b)

      5,360        459,942  

PNM Resources, Inc.

      9,421        453,433  

Portland General Electric Co.

      10,118        512,173  

Southwest Gas Holdings, Inc.

      7,785        435,960  

Spire, Inc.

      6,943        470,249  

UGI Corp.

      13,143        445,285  
     

 

 

  
        7,632,534  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $180,545,567)

 

      187,056,645  
     

 

 

  

Money Market Funds-0.10%

 

   

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $175,345)

      175,345        175,345  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $180,720,912)

 

      187,231,990  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.96%

 

   

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

      13,122,643        13,122,643  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

      33,616,496        33,616,496  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $46,741,942)

 

      46,739,139  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-124.96%
(Cost $227,462,854)

 

      233,971,129  

OTHER ASSETS LESS LIABILITIES-(24.96)%

 

      (46,728,103 ) 
     

 

 

  

NET ASSETS-100.00%.

 

    $ 187,243,026  
     

 

 

  
 

 

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

 

    68    

 

  

 

 

 

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30,  2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30,  2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                                               
Invesco Government & Agency Portfolio, Institutional Class      $ 68,915      $ 3,759,436      $ (3,653,006 )                 $ -                           $ -                          $ 175,345                $ 2,177
Investments Purchased with Cash Collateral from Securities on Loan:                                                               
Invesco Private Government Fund        8,211,304        60,770,268        (55,858,929 )            -                 -                  13,122,643             325,839 *
Invesco Private Prime Fund        19,147,838        127,768,074        (113,299,292 )            (5,127 )                 5,003                  33,616,496             882,789 *
    

 

 

       

 

 

       

 

 

           

 

 

                

 

 

                 

 

 

            

 

 

  
Total      $ 27,428,057      $ 192,297,778      $ (172,811,227 )          $ (5,127 )               $ 5,003                $ 46,914,484           $ 1,210,805
    

 

 

       

 

 

       

 

 

           

 

 

                

 

 

                 

 

 

            

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

 

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

 

    69    

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

    Invesco S&P 500®
Equal Weight
ETF (RSP)		     Invesco S&P 500®
Equal Weight
Communication Services
ETF (EWCO)		     Invesco S&P 500®
Equal Weight
Consumer Discretionary
ETF (RCD)		     Invesco S&P 500®
Equal Weight
Consumer Staples
ETF (RHS)		  

Assets:

                    

Unaffiliated investments in securities, at value(a)

   $ 33,673,813,815              $ 122,336,080                       $ 491,361,663                       $ 1,099,283,214           

Affiliated investments in securities, at value

     1,987,865,981         15,149,225           60,807,173           37,132,701    

Receivable for:

                    

Dividends

     27,703,037         166,115           388,957           1,304,811    

Securities lending

     317,152         2,154           6,924           3,519    

Investments sold

     242,256,640         -           -           -    

Investments sold - affiliated broker

     -         -           -           -    

Fund shares sold

     173,812,044         -           -           -    
 

 

 

      

 

 

        

 

 

        

 

 

    

Total assets

     36,105,768,669         137,653,574           552,564,717           1,137,724,245    
 

 

 

      

 

 

        

 

 

        

 

 

    

Liabilities:

                    

Due to custodian

     12,056,671         81,179           2,295           -    

Payable for:

                    

Investments purchased

     173,049,495         -           -           -    

Investments purchased - affiliated broker

     -         -           -           -    

Collateral upon return of securities loaned

     1,919,963,387         15,149,388           60,653,465           36,937,708    

Fund shares repurchased

     242,825,107         -           -           -    

Accrued unitary management fees

     5,564,422         39,274           156,443           310,865    
 

 

 

      

 

 

        

 

 

        

 

 

    

Total liabilities

     2,353,459,082         15,269,841           60,812,203           37,248,573    
 

 

 

      

 

 

        

 

 

        

 

 

    

Net Assets

   $ 33,752,309,587       $ 122,383,733         $ 491,752,514         $ 1,100,475,672    
 

 

 

      

 

 

        

 

 

        

 

 

    

Net assets consist of:

                    

Shares of beneficial interest

   $ 37,761,840,432       $ 133,171,881         $ 629,186,866         $ 1,106,735,938    

Distributable earnings (loss)

     (4,009,530,845 )        (10,788,148 )          (137,434,352 )          (6,260,266 )   
 

 

 

      

 

 

        

 

 

        

 

 

    

Net Assets

   $ 33,752,309,587       $ 122,383,733         $ 491,752,514         $ 1,100,475,672    
 

 

 

      

 

 

        

 

 

        

 

 

    

Shares outstanding (unlimited amount authorized, $0.01 par value)

     232,602,663         4,480,001           3,790,000           6,250,000    

Net asset value

   $ 145.11       $ 27.32         $ 129.75         $ 176.08    
 

 

 

      

 

 

        

 

 

        

 

 

    

Market price

   $ 145.10       $ 27.33         $ 129.73         $ 176.05    
 

 

 

      

 

 

        

 

 

        

 

 

    

Unaffiliated investments in securities, at cost

   $ 33,852,121,100       $ 124,257,757         $ 548,355,064         $ 1,018,286,901    
 

 

 

      

 

 

        

 

 

        

 

 

    

Affiliated investments in securities, at cost

   $ 2,003,655,626       $ 15,149,388         $ 60,811,727         $ 37,132,701    
 

 

 

      

 

 

        

 

 

        

 

 

    

(a)Includes securities on loan with an aggregate value of:

   $ 1,905,525,650       $ 15,278,515         $ 60,611,495         $ 35,886,865    
 

 

 

      

 

 

        

 

 

        

 

 

    

 

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

 

    70    

 

  

 

 

 

    

    

 

Invesco S&P 500®
Equal Weight
Energy
ETF (RYE)		     Invesco S&P 500®
Equal Weight
Financials
ETF (RYF)		     Invesco S&P 500®
Equal Weight
Health Care
ETF (RYH)		      Invesco S&P 500®
Equal Weight
Industrials
ETF (RGI)		     Invesco S&P 500®
Equal Weight
Materials
ETF (RTM)		     Invesco S&P 500®
Equal Weight
Real Estate
ETF (EWRE)		     Invesco S&P 500®
Equal Weight
Technology
ETF (RYT)		  
                     
$ 529,217,758     $ 304,063,600     $ 1,024,000,948      $ 370,847,468     $ 338,993,888     $ 102,818,452     $ 2,483,638,810  
  9,438,905       18,152,225       38,974,900        20,445,686       11,584,236       8,123,758       107,646,181  
                     
  1,018,353       342,550       510,097        149,547       230,255       49,576       165,083  
  1,582       10,954       3,477        3,072       1,312       735       12,678  
  -       -       -        -       -       -       12,394,559  
  -       -       -        9,826,738       -       -       63,603,691  
  -       -       -        -       -       -       -  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  539,676,598       322,569,329       1,063,489,422        401,272,511       350,809,691       110,992,521       2,667,461,002  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
                     
  -       -       -        50,452       82,565       17,339       3,050  
            
  -       286,230       -        9,771,864       -       -       -  
  -       18,037       -        -       -       -       75,097,741  
  9,169,793       13,507,532       38,973,976        20,445,686       11,584,920       8,123,758       106,100,170  
  -       -       -        -       -       -       2,621,778  
  172,930       106,263       332,560        120,517       112,378       33,354       832,586  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  9,342,723       13,918,062       39,306,536        30,388,519       11,779,863       8,174,451       184,655,325  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
$ 530,333,875     $ 308,651,267     $ 1,024,182,886      $ 370,883,992     $ 339,029,828     $ 102,818,070     $ 2,482,805,677  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
                     
$ 664,148,794     $ 420,603,146     $ 966,609,810      $ 416,878,711     $ 426,565,458     $ 134,985,737     $ 2,734,019,456  
  (133,814,919 )      (111,951,879 )      57,573,076        (45,994,719 )      (87,535,630 )      (32,167,667 )      (251,213,779 ) 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
$ 530,333,875     $ 308,651,267     $ 1,024,182,886      $ 370,883,992     $ 339,029,828     $ 102,818,070     $ 2,482,805,677  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
 

     

7,610,005

  

 

     6,040,000       3,420,000        1,990,000       2,110,000       3,300,000       9,470,000  
$ 69.69     $ 51.10     $ 299.47      $ 186.37     $ 160.68     $ 31.16     $ 262.18  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
$ 69.70     $ 51.09     $ 299.50      $ 186.38     $ 160.61     $ 31.16     $ 262.10  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
$ 484,302,395     $ 340,363,687     $ 861,811,284      $ 366,775,291     $ 383,251,294     $ 127,976,458     $ 2,423,236,228  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
$ 9,438,905     $ 19,750,980     $ 38,974,900      $ 20,445,686     $ 11,584,920     $ 8,123,758     $ 107,649,415  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
 

$

     

9,195,522

  

 

   $ 13,263,117     $ 38,921,391      $ 20,567,186     $ 11,411,471     $ 8,048,612     $ 95,943,693  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

    

 

    71    

 

  

 

 

 

Statements of Assets and Liabilities–(continued)

April 30, 2023

 

   

Invesco S&P 500®
Equal Weight
Utilities

  ETF (RYU)  

    

Invesco S&P
MidCap 400®
Equal Weight
  ETF (EWMC)  

  

Assets:

            

Unaffiliated investments in securities, at value(a)

            $ 375,083,894                       $ 187,056,645           

Affiliated investments in securities, at value

       21,289,575           46,914,484    

Receivable for:

            

Dividends

       703,198           67,622    

Securities lending

       2,072           7,766    

Fund shares sold

       1,155,513           -    
   

 

 

        

 

 

    

Total assets

       398,234,252           234,046,517    
   

 

 

        

 

 

    

Liabilities:

            

Due to custodian

       122,236           -    

Payable for:

            

Investments purchased

       1,153,993           -    

Collateral upon return of securities loaned

       21,289,575           46,741,942    

Accrued unitary management fees

       126,636           61,549    
   

 

 

        

 

 

    

Total liabilities

       22,692,440           46,803,491    
   

 

 

        

 

 

    

Net Assets.

     $ 375,541,812         $ 187,243,026    
   

 

 

        

 

 

    

Net assets consist of:

            

Shares of beneficial interest

     $ 418,041,191         $ 215,691,732    

Distributable earnings (loss)

       (42,499,379 )          (28,448,706 )   
   

 

 

        

 

 

    

Net Assets

     $ 375,541,812         $ 187,243,026    
   

 

 

        

 

 

    

Shares outstanding (unlimited amount authorized, $0.01 par value)

       3,250,000           2,170,000    

Net asset value

     $ 115.55         $ 86.29    
   

 

 

        

 

 

    

Market price

     $ 115.57         $ 86.28    
   

 

 

        

 

 

    

Unaffiliated investments in securities, at cost

     $ 381,657,191         $ 180,545,567    
   

 

 

        

 

 

    

Affiliated investments in securities, at cost

     $ 21,289,575         $ 46,917,287    
   

 

 

        

 

 

    

(a)Includes securities on loan with an aggregate value of:

     $ 20,906,466         $ 46,172,096    
   

 

 

        

 

 

    

 

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

 

    72    

 

  

 

 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

    73    

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

   

Invesco S&P 500®
Equal Weight

      ETF (RSP)       

  

Invesco S&P 500®
Equal Weight
Communication Services
ETF (EWCO)

  

Invesco S&P 500®
Equal Weight
Consumer Discretionary
ETF (RCD)

  

Invesco S&P 500®
Equal Weight
Consumer Staples
ETF (RHS)

Investment income:

                                        

Unaffiliated dividend income

     $ 606,905,850                  $ 761,367                           $ 6,903,186                       $ 17,387,998         

Affiliated dividend income

       2,971,616           698               7,177               9,393    

Securities lending income, net

       2,810,106           7,221               91,097               36,363    

Foreign withholding tax

       (201,664 )           -               -               -    
   

 

 

          

 

 

              

 

 

              

 

 

      

Total investment income

       612,485,908           769,286               7,001,460               17,433,754    
   

 

 

          

 

 

              

 

 

              

 

 

      

Expenses:

                                        

Unitary management fees

       64,481,123           186,347               1,685,437               2,711,167    

Professional fees

       218           -               54               -    
   

 

 

          

 

 

              

 

 

              

 

 

      

Total expenses

       64,481,341           186,347               1,685,491               2,711,167    
   

 

 

          

 

 

              

 

 

              

 

 

      

Less: Waivers

       (10,961 )           (24 )               (243 )               (326 )    
   

 

 

          

 

 

              

 

 

              

 

 

      

Net expenses

       64,470,380           186,323               1,685,248               2,710,841    
   

 

 

          

 

 

              

 

 

              

 

 

      

Net investment income

       548,015,528           582,963               5,316,212               14,722,913    
   

 

 

          

 

 

              

 

 

              

 

 

      

Realized and unrealized gain (loss)
from:

                                        

Net realized gain (loss) from:

                                        

Unaffiliated investment securities

       (1,450,460,060 )           (6,836,419 )               (41,568,521 )               (16,143,738 )    

Affiliated investment securities

       (1,643,489 )           (2,505 )               11,859               16,268    

Unaffiliated in-kind redemptions

       1,743,669,761           246,654               17,099,853               34,695,997    

Affiliated in-kind redemptions

       1,278,072           -               -               -    
   

 

 

          

 

 

              

 

 

              

 

 

      

Net realized gain (loss)

       292,844,284           (6,592,270 )               (24,456,809 )               18,568,527    
   

 

 

          

 

 

              

 

 

              

 

 

      

Change in net unrealized appreciation (depreciation) of:

                                        

Unaffiliated investment securities

       (831,564,495 )           7,065,962               25,977,953               4,693,140    

Affiliated investment securities

       (3,077,756 )           (298 )               (7,532 )               -    
   

 

 

          

 

 

              

 

 

              

 

 

      

Change in net unrealized appreciation (depreciation)

       (834,642,251 )           7,065,664               25,970,421               4,693,140    
   

 

 

          

 

 

              

 

 

              

 

 

      

Net realized and unrealized gain (loss)

       (541,797,967 )           473,394               1,513,612               23,261,667    
   

 

 

          

 

 

              

 

 

              

 

 

      

Net increase (decrease) in net assets resulting from operations

     $ 6,217,561         $ 1,056,357             $ 6,829,824             $ 37,984,580    
   

 

 

          

 

 

              

 

 

              

 

 

      

 

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

 

    74    

 

  

 

 

 

    

    

 

Invesco S&P 500®     Invesco S&P 500®     Invesco S&P 500®     Invesco S&P 500®     Invesco S&P 500®     Invesco S&P 500®     Invesco S&P 500®  
Equal Weight     Equal Weight     Equal Weight     Equal Weight     Equal Weight     Equal Weight     Equal Weight  
Energy     Financials     Health Care     Industrials     Materials     Real Estate     Technology  
ETF (RYE)     ETF (RYF)     ETF (RYH)     ETF (RGI)     ETF (RTM)     ETF (EWRE)     ETF (RYT)  
                    
$ 21,900,091     $ 9,889,688     $ 9,763,797     $ 5,171,383     $ 10,260,863     $ 3,868,099     $ 23,959,455  
  8,791       273,179       11,048       13,653       7,467       945       29,381  
  28,986       30,928       32,292       32,463       25,689       7,877       125,587  
  -       -       -       -       -       -       (88,272 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  21,937,868       10,193,795       9,807,137       5,217,499       10,294,019       3,876,921       24,026,151  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                    
  2,211,046       1,668,209       3,754,915       1,365,249       1,593,743       477,830       8,705,334  
  -       -       -       -       -       -       -  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  2,211,046       1,668,209       3,754,915       1,365,249       1,593,743       477,830       8,705,334  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (354 )      (220 )      (404 )      (362 )      (293 )      (40 )      (814 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  2,210,692       1,667,989       3,754,511       1,364,887       1,593,450       477,790       8,704,520  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  19,727,176       8,525,806       6,052,626       3,852,612       8,700,569       3,399,131       15,321,631  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

     

    

  

 

            
           
  (10,675,299 )      (39,399,983 )      (13,892,223 )      (17,644,631 )      (19,928,608 )      (8,277,438 )      (160,396,995 ) 
  6,474       (1,611,367 )      1,423       (1,094 )      (1,080 )      (2 )      20,138  
  89,452,642       17,130,382       12,343,405       7,453,848       28,289,976       (344,139 )      150,328,540  
  -       (88,829 )      -       -       -       -       -  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  78,783,817       (23,969,797 )      (1,547,395 )      (10,191,877 )      8,360,288       (8,621,579 )      (10,048,317 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

     

    

  

 

            
  (65,292,200 )      (26,220,963 )      63,425,201       15,221,810       (72,034,095 )      (24,464,475 )      13,715,781  
  (1,800 )      1,117,108       (876 )      -       (684 )      -       (8,861 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

     

(65,294,000

  

) 

     (25,103,855 )      63,424,325       15,221,810       (72,034,779 )      (24,464,475 )      13,706,920  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  13,489,817       (49,073,652 )      61,876,930       5,029,933       (63,674,491 )      (33,086,054 )      3,658,603  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

$

     

33,216,993

  

 

   $ (40,547,846 )    $ 67,929,556     $ 8,882,545     $ (54,973,922 )    $ (29,686,923 )    $ 18,980,234  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    75    

 

  

 

 

 

Statements of Operations–(continued)

For the year ended April 30, 2023

 

     Invesco S&P 500®
Equal Weight
Utilities
ETF (RYU)		      Invesco S&P
MidCap 400®
Equal Weight
ETF (EWMC)		  

Investment income:

                

Unaffiliated dividend income

       $ 11,201,749           $ 2,399,193    

Affiliated dividend income

         9,953             2,177    

Securities lending income, net

         24,683             95,572    
     

 

 

          

 

 

    

Total investment income

         11,236,385             2,496,942    
     

 

 

          

 

 

    

Expenses:

                

Unitary management fees

         1,591,979             576,359    
     

 

 

          

 

 

    

Less: Waivers

         (343 )            (74 )   
     

 

 

          

 

 

    

Net expenses

         1,591,636             576,285    
     

 

 

          

 

 

    

Net investment income

         9,644,749             1,920,657    
     

 

 

          

 

 

    

Realized and unrealized gain (loss) from:

                

Net realized gain (loss) from:

                

Unaffiliated investment securities

         (6,873,581 )            (6,641,430 )   

Affiliated investment securities

         1,640             5,003    

In-kind redemptions

         19,071,756             2,589,073    
     

 

 

          

 

 

    

Net realized gain (loss)

         12,199,815             (4,047,354 )   
     

 

 

          

 

 

    

Change in net unrealized appreciation (depreciation) of:

                

Unaffiliated investment securities

         (30,658,342 )            3,864,689    

Affiliated investment securities

         -             (5,127 )   
     

 

 

          

 

 

    

Change in net unrealized appreciation (depreciation)

         (30,658,342 )            3,859,562    
     

 

 

          

 

 

    

Net realized and unrealized gain (loss)

         (18,458,527 )            (187,792 )   
     

 

 

          

 

 

    

Net increase (decrease) in net assets resulting from operations

       $ (8,813,778 )          $ 1,732,865    
     

 

 

          

 

 

    

 

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

 

    76    

 

  

 

 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

    77    

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

     Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight
     ETF (RSP)   Communication Services ETF (EWCO)
     2023   2022   2023   2022

Operations:

                 

Net investment income

      $ 548,015,528     $ 453,441,999     $ 582,963     $ 500,475

Net realized gain (loss)

        292,844,284       4,032,689,988       (6,592,270 )       4,856,621

Change in net unrealized appreciation (depreciation)

        (834,642,251 )       (4,542,078,666 )       7,065,664       (14,693,249 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

        6,217,561       (55,946,679 )       1,056,357       (9,336,153 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to Shareholders from:

                 

Distributable earnings

        (585,873,061 )       (414,826,419 )       (571,708 )       (492,257 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Shareholder Transactions:

                 

Proceeds from shares sold

        11,372,499,401       17,287,255,363       93,942,544       38,761,355

Value of shares repurchased

        (9,355,432,438 )       (11,107,088,517 )       (10,193,991 )       (33,782,369 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from share transactions

        2,017,066,963       6,180,166,846       83,748,553       4,978,986
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets

        1,437,411,463       5,709,393,748       84,233,202       (4,849,424 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net assets:

                 

Beginning of period

        32,314,898,124       26,605,504,376       38,150,531       42,999,955
    

 

 

      

 

 

      

 

 

      

 

 

  

End of period

      $ 33,752,309,587     $ 32,314,898,124     $ 122,383,733     $ 38,150,531
    

 

 

      

 

 

      

 

 

      

 

 

  

Changes in Shares Outstanding:

                 

Shares sold

        79,520,000       111,570,000       3,580,000       1,070,000

Shares repurchased

        (66,030,000 )       (72,000,000 )       (370,000 )       (920,000 )

Shares outstanding, beginning of period

        219,112,663       179,542,663       1,270,001       1,120,001
    

 

 

      

 

 

      

 

 

      

 

 

  

Shares outstanding, end of period

        232,602,663       219,112,663       4,480,001       1,270,001
    

 

 

      

 

 

      

 

 

      

 

 

  

 

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

 

    78    

 

  

 

 

 

    

    

 

Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight
Consumer Discretionary ETF (RCD)   Consumer Staples ETF (RHS)   Energy ETF (RYE)
2023   2022   2023   2022   2023   2022
                            
  $ 5,316,212     $ 4,003,929     $ 14,722,913     $ 11,895,707     $ 19,727,176     $ 8,637,669
    (24,456,809 )       108,025,811       18,568,527       23,867,463       78,783,817       30,521,763
    25,970,421       (181,527,662 )       4,693,140       11,129,654       (65,294,000 )       113,000,326
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    6,829,824       (69,497,922 )       37,984,580       46,892,824       33,216,993       152,159,758
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    (4,975,114 )       (3,814,408 )       (16,231,924 )       (9,688,630 )       (20,903,859 )       (7,745,649 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    600,354,617       544,817,140       659,074,268       168,265,330       280,820,649       424,900,042
    (476,620,320 )       (1,078,796,534 )       (164,978,667 )       (98,015,506 )       (306,984,789 )       (181,594,852 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
   

     

123,734,297

      (533,979,394 )       494,095,601       70,249,824       (26,164,140 )       243,305,190
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    125,589,007       (607,291,724 )       515,848,257       107,454,018       (13,851,006 )       387,719,299
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    366,163,507       973,455,231       584,627,415       477,173,397       544,184,881       156,465,582
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 491,752,514     $ 366,163,507     $ 1,100,475,672     $ 584,627,415     $ 530,333,875     $ 544,184,881
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    4,960,000       3,720,000       3,890,000       990,000       3,950,000       7,790,000
    (4,030,000 )       (7,400,000 )       (990,000 )       (600,000 )       (4,610,000 )       (3,360,000 )
    2,860,000       6,540,000       3,350,000       2,960,000       8,270,005       3,840,005
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    3,790,000       2,860,000       6,250,000       3,350,000       7,610,005       8,270,005
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

 

    79    

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

     Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight
     Financials ETF (RYF)   Health Care ETF (RYH)
     2023   2022   2023   2022

Operations:

                 

Net investment income

      $ 8,525,806     $ 7,916,082     $ 6,052,626     $ 5,496,570

Net realized gain (loss)

        (23,969,797 )       41,006,093       (1,547,395 )       97,181,308

Change in net unrealized appreciation (depreciation)

        (25,103,855 )       (72,308,998 )       63,424,325       (100,450,688 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

        (40,547,846 )       (23,386,823 )       67,929,556       2,227,190
    

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to Shareholders from:

                 

Distributable earnings

        (8,617,035 )       (7,576,669 )       (5,972,746 )       (5,700,199 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Shareholder Transactions:

                 

Proceeds from shares sold

        56,081,564       291,613,975       100,536,751       347,594,026

Value of shares repurchased

        (181,916,060 )       (152,900,425 )       (39,620,177 )       (256,351,506 )
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from share transactions

        (125,834,496 )       138,713,550       60,916,574       91,242,520
    

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets

        (174,999,377 )       107,750,058       122,873,384       87,769,511
    

 

 

      

 

 

      

 

 

      

 

 

  

Net assets:

                 

Beginning of period

        483,650,644       375,900,586       901,309,502       813,539,991
    

 

 

      

 

 

      

 

 

      

 

 

  

End of period

      $ 308,651,267     $ 483,650,644     $ 1,024,182,886     $ 901,309,502
    

 

 

      

 

 

      

 

 

      

 

 

  

Changes in Shares Outstanding:

                 

Shares sold

        990,000       4,570,000       360,000       1,140,000

Shares repurchased

        (3,350,000 )       (2,470,000 )       (140,000 )       (840,000 )

Shares outstanding, beginning of period

        8,400,000       6,300,000       3,200,000       2,900,000
    

 

 

      

 

 

      

 

 

      

 

 

  

Shares outstanding, end of period

        6,040,000       8,400,000       3,420,000       3,200,000
    

 

 

      

 

 

      

 

 

      

 

 

  

 

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

 

    80    

 

  

 

 

 

    

    

 

Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight   Invesco S&P 500® Equal Weight
Industrials ETF (RGI)   Materials ETF (RTM)   Real Estate ETF (EWRE)
2023   2022   2023   2022   2023   2022
                            
  $ 3,852,612     $ 3,947,344     $ 8,700,569     $ 7,745,959     $ 3,399,131     $ 1,597,672
    (10,191,877 )       86,633,921       8,360,288       109,286,193       (8,621,579 )       7,923,065
    15,221,810       (108,913,558 )       (72,034,779 )       (78,942,473 )       (24,464,475 )       (4,181,810 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    8,882,545       (18,332,293 )       (54,973,922 )       38,089,679       (29,686,923 )       5,338,927
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    (4,002,515 )       (3,744,767 )       (8,701,685 )       (7,882,048 )       (2,736,795 )       (2,593,643 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                     
    93,121,101       225,497,806       139,688,209       340,502,147       37,762,335       169,321,932
    (137,802,256 )       (350,326,361 )       (310,635,807 )       (410,473,194 )       (74,730,664 )       (45,120,196 )
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (44,681,155 )       (124,828,555 )       (170,947,598 )       (69,971,047 )       (36,968,329 )       124,201,736
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    (39,801,125 )       (146,905,615 )       (234,623,205 )       (39,763,416 )       (69,392,047 )       126,947,020
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    410,685,117       557,590,732       573,653,033       613,416,449       172,210,117       45,263,097
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
  $ 370,883,992     $ 410,685,117     $ 339,029,828     $ 573,653,033     $ 102,818,070     $ 172,210,117
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
                            
    500,000       1,180,000       790,000       1,920,000       1,140,000       4,340,000
    (830,000 )       (1,870,000 )       (1,880,000 )       (2,430,000 )       (2,280,000 )       (1,190,000 )
    2,320,000       3,010,000       3,200,000       3,710,000       4,440,000       1,290,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    1,990,000       2,320,000       2,110,000       3,200,000       3,300,000       4,440,000
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

    81    

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

     Invesco S&P 500® Equal Weight     Invesco S&P 500® Equal Weight  
     Technology ETF (RYT)     Utilities ETF (RYU)  
     2023     2022     2023     2022  

Operations:

         

Net investment income

    $ 15,321,631     $ 14,489,903     $ 9,644,749     $ 5,949,854  

Net realized gain (loss)

      (10,048,317 )      527,227,488       12,199,815       9,214,155  

Change in net unrealized appreciation (depreciation)

      13,706,920       (692,880,474 )      (30,658,342 )      6,353,473  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      18,980,234       (151,163,083 )      (8,813,778 )      21,517,482  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders from:

         

Distributable earnings

      (15,024,617 )      (14,410,661 )      (9,404,642 )      (5,695,196 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shareholder Transactions:

         

Proceeds from shares sold

      1,010,928,884       1,044,687,721       203,450,089       174,240,285  

Value of shares repurchased

      (707,392,682 )      (1,293,818,623 )      (143,023,336 )      (65,285,928 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from share transactions

      303,536,202       (249,130,902 )      60,426,753       108,954,357  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets

      307,491,819       (414,704,646 )      42,208,333       124,776,643  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net assets:

         

Beginning of period

      2,175,313,858       2,590,018,504       333,333,479       208,556,836  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 2,482,805,677     $ 2,175,313,858     $ 375,541,812     $ 333,333,479  
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding:

         

Shares sold

      3,970,000       3,550,000       1,690,000       1,520,000  

Shares repurchased

      (2,900,000 )      (4,490,000 )      (1,290,000 )      (600,000 ) 

Shares outstanding, beginning of period

      8,400,000       9,340,000       2,850,000       1,930,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      9,470,000       8,400,000       3,250,000       2,850,000  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

    82    

 

  

 

 

 

    

    

 

Invesco S&P MidCap 400® Equal Weight
ETF (EWMC)
2023         2022
        
  $ 1,920,657        $ 1,311,425
    (4,047,354 )          15,936,922
    3,859,562          (26,325,234 )
 

 

 

         

 

 

  
    1,732,865          (9,076,887 )
 

 

 

         

 

 

  
        
    (1,850,957 )          (1,286,646 )
 

 

 

         

 

 

  
        
    76,350,632          60,749,853
    (12,184,387 )          (41,124,909 )
 

 

 

         

 

 

  
    64,166,245          19,624,944
 

 

 

         

 

 

  
    64,048,153          9,261,411
 

 

 

         

 

 

  
        
    123,194,873          113,933,462
 

 

 

         

 

 

  
  $ 187,243,026        $ 123,194,873
 

 

 

         

 

 

  
        
    880,000          660,000
    (150,000 )          (450,000 )
    1,440,000          1,230,000
 

 

 

         

 

 

  
    2,170,000          1,440,000
 

 

 

         

 

 

  

 

    83    

 

  

 

 

 

Financial Highlights

Invesco S&P 500® Equal Weight ETF (RSP)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 147.48     $ 148.18     $ 96.17     $ 108.20     $ 99.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      2.42       2.30       1.93       2.15       1.78  

Net realized and unrealized gain (loss) on investments

      (2.19 )      (0.91 )      52.09       (11.97 )      8.45  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      0.23       1.39       54.02       (9.82 )      10.23  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (2.60 )      (2.09 )      (2.01 )      (2.21 )      (1.90 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 145.11     $ 147.48     $ 148.18     $ 96.17     $ 108.20  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 145.10     $ 147.45     $ 148.23     $ 96.31     $ 108.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      0.30 %      0.88 %      56.72 %      (8.98 )%      10.45 % 

Market Price Total Return(c)

      0.29 %      0.86 %      56.53 %      (8.89 )%      10.43 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 33,752,310     $ 32,314,898     $ 26,605,504     $ 10,943,870     $ 16,143,961  

Ratio to average net assets of:

           

Expenses

      0.20 %      0.20 %      0.20 %      0.20 %      0.20 % 

Net investment income

      1.70 %      1.48 %      1.60 %      2.01 %      1.74 % 

Portfolio turnover rate(d)

      21 %      18 %      24 %      19 %      19 % 

 

(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) 

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.

 

    84    

 

  

 

 

 

Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

 

          

For the Period

November 5, 2018(a)

Through

  
     Years Ended April 30,     April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

                

Net asset value at beginning of period

    $ 30.04     $ 38.39     $ 22.73     $ 25.39              $ 25.00          
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Net investment income(b)

      0.34       0.41       0.41       0.41 (c)         0.16    

Net realized and unrealized gain (loss) on investments

      (2.73 )(d)      (8.37 )      15.60       (2.64 )         0.33    
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Total from investment operations

      (2.39 )      (7.96 )      16.01       (2.23 )         0.49    
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Distributions to shareholders from:

                

Net investment income

      (0.33 )      (0.39 )      (0.35 )      (0.40 )         (0.10 )   

Net realized gains

      -       -       -       (0.03 )         -    
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Total distributions

      (0.33 )      (0.39 )      (0.35 )      (0.43 )         (0.10 )   
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Net asset value at end of period

    $ 27.32     $ 30.04     $ 38.39     $ 22.73        $ 25.39    
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Market price at end of period(e)

    $ 27.33     $ 30.04     $ 38.43     $ 22.74        $ 25.41    
  

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

Net Asset Value Total Return(f)

      (7.91 )%      (20.90 )%      70.90 %      (8.89 )%         2.04 %(g)   

Market Price Total Return(f)

      (7.88 )%      (20.98 )%      71.00 %      (8.92 )%         2.12 %(g)   

Ratios/Supplemental Data:

                

Net assets at end of period (000’s omitted)

    $ 122,384     $ 38,151     $ 43,000     $ 18,180        $ 22,851    

Ratio to average net assets of:

                

Expenses

      0.40 %      0.40 %      0.40 %      0.42 %(h)         0.40 %(i)   

Net investment income

      1.25 %      1.13 %      1.36 %      1.65 %(c)(h)         1.42 %(i)   

Portfolio turnover rate(j)

      37 %      29 %      20 %      30 %         10 %   

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.29 and 1.17%, respectively.

(d) 

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.

(e) 

The mean between the last bid and ask prices.

(f) 

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.

(g) 

The net asset value total return from Fund Inception (November 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 was 0.04%.

(h) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(i) 

Annualized.

(j) 

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.

 

    85    

 

  

 

 

 

Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 128.03     $ 148.85     $ 81.71     $ 107.85     $ 99.15  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.54       0.92       0.56       1.83       1.49  

Net realized and unrealized gain (loss) on investments

      1.51       (20.78 )      67.17       (26.05 )      8.80  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      3.05       (19.86 )      67.73       (24.22 )      10.29  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.33 )      (0.96 )      (0.59 )      (1.92 )      (1.59 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 129.75     $ 128.03     $ 148.85     $ 81.71     $ 107.85  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 129.73     $ 127.91     $ 148.79     $ 81.63     $ 107.86  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      2.52 %      (13.40 )%      83.19 %      (22.56 )%      10.58 % 

Market Price Total Return(c)

      2.59 %      (13.44 )%      83.29 %      (22.64 )%      10.61 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 491,753     $ 366,164     $ 973,455     $ 49,028     $ 113,239  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.41 %(d)      0.40 % 

Net investment income

      1.26 %      0.62 %      0.45 %      1.80 %(d)      1.45 % 

Portfolio turnover rate(e)

      26 %      21 %      33 %      28 %      30 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 174.52     $ 161.21     $ 133.63     $ 134.95     $ 122.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      3.65       4.02       2.79       3.19       2.87  

Net realized and unrealized gain (loss) on investments

      2.11       12.63       28.05       (1.34 )      12.30  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      5.76       16.65       30.84       1.85       15.17  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (4.20 )      (3.34 )      (3.26 )      (3.17 )      (3.09 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 176.08     $ 174.52     $ 161.21     $ 133.63     $ 134.95  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 176.05     $ 174.50     $ 161.11     $ 133.58     $ 134.97  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      3.48 %      10.51 %      23.34 %      1.44 %      12.63 % 

Market Price Total Return(c)

      3.48 %      10.58 %      23.31 %      1.37 %      12.67 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,100,476     $ 584,627     $ 477,173     $ 481,080     $ 431,837  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      2.17 %      2.46 %      1.91 %      2.32 %      2.27 % 

Portfolio turnover rate(d)

      23 %      13 %      14 %      22 %      19 % 

 

(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) 

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.

 

    86    

 

  

 

 

 

Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Energy ETF (RYE)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 65.80     $ 40.75     $ 28.05     $ 51.81     $ 60.29  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      2.50       1.54       0.86       1.09       0.82  

Net realized and unrealized gain (loss) on investments

      4.04       24.84       12.80       (23.84 )      (8.34 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      6.54       26.38       13.66       (22.75 )      (7.52 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (2.65 )      (1.33 )      (0.96 )      (1.01 )      (0.96 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 69.69     $ 65.80     $ 40.75     $ 28.05     $ 51.81  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 69.70     $ 65.79     $ 40.80     $ 28.06     $ 51.82  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      10.18 %      65.91 %      50.01 %      (44.18 )%      (12.46 )% 

Market Price Total Return(c)

      10.21 %      65.68 %      50.15 %      (44.17 )%      (12.65 )% 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 530,334     $ 544,185     $ 156,466     $ 82,739     $ 209,823  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      3.57 %      2.92 %      2.75 %      2.60 %      1.46 % 

Portfolio turnover rate(d)

      20 %      50 %      37 %      34 %      31 % 

 

(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) 

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. For the year ended April 30, 2022, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

Invesco S&P 500® Equal Weight Financials ETF (RYF)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 57.58     $ 59.67     $ 35.43     $ 43.78     $ 43.94  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.14       1.05       1.05       0.92       0.78  

Net realized and unrealized gain (loss) on investments

      (6.47 )      (2.13 )      24.25       (8.38 )      -  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (5.33 )      (1.08 )      25.30       (7.46 )      0.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.15 )      (1.01 )      (1.06 )      (0.89 )      (0.94 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 51.10     $ 57.58     $ 59.67     $ 35.43     $ 43.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 51.09     $ 57.53     $ 59.73     $ 35.53     $ 43.79  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      (9.31 )%      (1.90 )%      72.61 %      (17.09 )%      1.98 % 

Market Price Total Return(c)

      (9.25 )%      (2.08 )%      72.30 %      (16.88 )%      1.91 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 308,651     $ 483,651     $ 375,901     $ 161,203     $ 291,145  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      2.04 %      1.68 %      2.33 %      2.15 %      1.86 % 

Portfolio turnover rate(d)

      25 %      17 %      19 %      23 %      17 % 

 

(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) 

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.

 

    87    

 

  

 

 

 

Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Health Care ETF (RYH)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 281.66     $ 280.53     $ 214.07     $ 193.66     $ 178.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.81       1.76       1.25       1.31       1.05  

Net realized and unrealized gain on investments

      17.79       1.19 (b)      66.53       20.36       14.87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      19.60       2.95       67.78       21.67       15.92  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.79 )      (1.82 )      (1.32 )      (1.26 )      (1.04 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 299.47     $ 281.66     $ 280.53     $ 214.07     $ 193.66  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

    $ 299.50     $ 281.64     $ 280.73     $ 214.39     $ 193.67  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

      7.00 %      1.00 %      31.76 %      11.27 %      8.91 % 

Market Price Total Return(d)

      7.04 %      0.91 %      31.66 %      11.42 %      8.82 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 1,024,183     $ 901,310     $ 813,540     $ 706,437     $ 706,845  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      0.64 %      0.59 %      0.51 %      0.64 %      0.55 % 

Portfolio turnover rate(e)

      26 %      22 %      20 %      23 %      23 % 

 

(a) 

Based on average shares outstanding.

(b) 

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.

(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) 

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.

Invesco S&P 500® Equal Weight Industrials ETF (RGI)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 177.02     $ 185.25     $ 109.44     $ 126.03     $ 115.01  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.99       1.50       1.31       1.83       1.53  

Net realized and unrealized gain (loss) on investments

      9.42       (8.31 )      75.87       (16.57 )      11.15  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      11.41       (6.81 )      77.18       (14.74 )      12.68  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (2.06 )      (1.42 )      (1.37 )      (1.85 )      (1.66 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 186.37     $ 177.02     $ 185.25     $ 109.44     $ 126.03  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 186.38     $ 176.94     $ 185.17     $ 109.50     $ 126.01  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      6.55 %      (3.70 )%      70.89 %      (11.70 )%      11.21 % 

Market Price Total Return(c)

      6.61 %      (3.71 )%      70.73 %      (11.64 )%      11.17 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 370,884     $ 410,685     $ 557,591     $ 142,273     $ 245,750  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      1.13 %      0.79 %      0.89 %      1.46 %      1.29 % 

Portfolio turnover rate(d)

      22 %      17 %      19 %      23 %      28 % 

 

(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) 

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.

 

    88    

 

  

 

 

 

Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Materials ETF (RTM)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 179.27     $ 165.34     $ 94.33     $ 108.11     $ 106.31  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      3.59       2.58       2.48       2.10       1.79  

Net realized and unrealized gain (loss) on investments

      (18.60 )      14.03       70.77       (13.65 )      1.97  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (15.01 )      16.61       73.25       (11.55 )      3.76  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (3.58 )      (2.68 )      (2.24 )      (2.23 )      (1.96 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 160.68     $ 179.27     $ 165.34     $ 94.33     $ 108.11  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 160.61     $ 179.25     $ 165.42     $ 94.49     $ 108.16  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      (8.32 )%      10.18 %      78.45 %      (10.70 )%      3.67 % 

Market Price Total Return(c)

      (8.34 )%      10.11 %      78.24 %      (10.58 )%      3.70 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 339,030     $ 573,653     $ 613,416     $ 108,480     $ 129,728  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      2.18 %      1.50 %      1.83 %      1.99 %      1.69 % 

Portfolio turnover rate(d)

      22 %      15 %      18 %      25 %      23 % 

 

(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) 

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.

 

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Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 38.79     $ 35.09     $ 25.65     $ 29.71     $ 25.96  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      0.94       0.57       0.67 (b)      0.72       0.69  

Net realized and unrealized gain (loss) on investments

      (7.82 )      4.04       9.93       (3.62 )      3.97  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (6.88 )      4.61       10.60       (2.90 )      4.66  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (0.75 )      (0.91 )      (1.16 )      (1.03 )      (0.85 ) 

Net realized gains

      -       -       -       (0.13 )      (0.06 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (0.75 )      (0.91 )      (1.16 )      (1.16 )      (0.91 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 31.16     $ 38.79     $ 35.09     $ 25.65     $ 29.71  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

    $ 31.16     $ 38.88     $ 35.12     $ 25.65     $ 29.75  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

      (17.78 )%      13.20 %      42.37 %      (9.59 )%      18.35 % 

Market Price Total Return(d)

      (17.98 )%      13.37 %      42.50 %      (9.71 )%      18.51 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 102,818     $ 172,210     $ 45,263     $ 23,084     $ 37,143  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.41 %(e)      0.40 % 

Net investment income

      2.85 %      1.48 %      2.36 %(b)      2.37 %(e)      2.46 % 

Portfolio turnover rate(f)

      26 %      19 %      21 %      15 %      14 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.49 and 1.73%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

 

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Financial Highlights–(continued)

Invesco S&P 500® Equal Weight Technology ETF (RYT)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 258.97     $ 277.30     $ 183.15     $ 180.69     $ 150.94  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.80       1.57       1.87       3.15 (b)      1.57  

Net realized and unrealized gain (loss) on investments

      3.19       (18.32 )      95.21       1.50       29.78  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      4.99       (16.75 )      97.08       4.65       31.35  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.78 )      (1.58 )      (2.93 )      (2.19 )      (1.60 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 262.18     $ 258.97     $ 277.30     $ 183.15     $ 180.69  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

    $ 262.10     $ 258.95     $ 277.24     $ 183.44     $ 180.66  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

      1.99 %      (6.10 )%      53.40 %      2.73 %      20.92 % 

Market Price Total Return(d)

      1.90 %      (6.08 )%      53.12 %      2.91 %      20.77 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 2,482,806     $ 2,175,314     $ 2,590,019     $ 1,529,343     $ 1,788,846  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      0.70 %      0.53 %      0.81 %      1.73 %(b)      0.98 % 

Portfolio turnover rate(e)

      35 %      24 %      25 %      23 %      27 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.92 and 1.06%, respectively.

(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) 

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.

Invesco S&P 500® Equal Weight Utilities ETF (RYU)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 116.96     $ 108.06     $ 92.31     $ 97.25     $ 84.51  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      2.79       2.82       2.70       2.77       2.67  

Net realized and unrealized gain (loss) on investments

      (1.53 )      8.74       16.05       (4.99 )      12.69  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      1.26       11.56       18.75       (2.22 )      15.36  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (2.67 )      (2.66 )      (3.00 )      (2.72 )      (2.62 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 115.55     $ 116.96     $ 108.06     $ 92.31     $ 97.25  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 115.57     $ 116.96     $ 107.84     $ 92.52     $ 97.23  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      1.11 %      10.90 %      20.80 %      (2.28 )%      18.54 % 

Market Price Total Return(c)

      1.14 %      11.15 %      20.28 %      (2.04 )%      18.60 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 375,542     $ 333,333     $ 208,557     $ 300,013     $ 335,499  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 

Net investment income

      2.42 %      2.56 %      2.77 %      2.72 %      2.96 % 

Portfolio turnover rate(d)

      11 %      15 %      10 %      11 %      27 % 

 

(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) 

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.

 

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Financial Highlights–(continued)

Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

 

     Years Ended April 30,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

    $ 85.55     $ 92.63     $ 53.10     $ 66.18     $ 63.30  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

      1.13       0.93       0.75       0.89       0.77  

Net realized and unrealized gain (loss) on investments

      0.71       (7.10 )      39.56       (12.99 )      2.96  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      1.84       (6.17 )      40.31       (12.10 )      3.73  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

      (1.10 )      (0.91 )      (0.78 )      (0.98 )      (0.85 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

    $ 86.29     $ 85.55     $ 92.63     $ 53.10     $ 66.18  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

    $ 86.28     $ 85.47     $ 92.64     $ 52.87     $ 66.19  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

      2.23 %      (6.72 )%      76.41 %      (18.24 )%      5.96 % 

Market Price Total Return(c)

      2.31 %      (6.81 )%      77.20 %      (18.60 )%      5.99 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

    $ 187,243     $ 123,195     $ 113,933     $ 53,095     $ 105,893  

Ratio to average net assets of:

           

Expenses

      0.40 %      0.40 %      0.40 %      0.41 %(d)      0.40 % 

Net investment income

      1.33 %      1.01 %      1.06 %      1.42 %(d)      1.19 % 

Portfolio turnover rate(e)

      33 %      28 %      33 %      32 %      30 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 S&P 500® Equal Weight ETF (RSP)    "S&P 500® Equal Weight ETF"
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)    "S&P 500® Equal Weight Communication Services ETF"
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)    "S&P 500® Equal Weight Consumer Discretionary ETF"
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)    "S&P 500® Equal Weight Consumer Staples ETF"
Invesco S&P 500® Equal Weight Energy ETF (RYE)    "S&P 500® Equal Weight Energy ETF"
Invesco S&P 500® Equal Weight Financials ETF (RYF)    "S&P 500® Equal Weight Financials ETF"
Invesco S&P 500® Equal Weight Health Care ETF (RYH)    "S&P 500® Equal Weight Health Care ETF"
Invesco S&P 500® Equal Weight Industrials ETF (RGI)    "S&P 500® Equal Weight Industrials ETF"
Invesco S&P 500® Equal Weight Materials ETF (RTM)    "S&P 500® Equal Weight Materials ETF"
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)    "S&P 500® Equal Weight Real Estate ETF"
Invesco S&P 500® Equal Weight Technology ETF (RYT)    "S&P 500® Equal Weight Technology ETF"
Invesco S&P 500® Equal Weight Utilities ETF (RYU)    "S&P 500® Equal Weight Utilities ETF"
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)    "S&P MidCap 400® Equal Weight 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 NYSE Arca, Inc.

    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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 of the Funds is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

S&P 500® Equal Weight ETF    S&P 500® Equal Weight Index
S&P 500® Equal Weight Communication Services ETF    S&P 500® Equal Weight Communication Services Plus Index
S&P 500® Equal Weight Consumer Discretionary ETF    S&P 500® Equal Weight Consumer Discretionary Index
S&P 500® Equal Weight Consumer Staples ETF    S&P 500® Equal Weight Consumer Staples Index
S&P 500® Equal Weight Energy ETF    S&P 500® Equal Weight Energy Plus Index
S&P 500® Equal Weight Financials ETF    S&P 500® Equal Weight Financials Index
S&P 500® Equal Weight Health Care ETF    S&P 500® Equal Weight Health Care Index
S&P 500® Equal Weight Industrials ETF    S&P 500® Equal Weight Industrials Index
S&P 500® Equal Weight Materials ETF    S&P 500® Equal Weight Materials Index
S&P 500® Equal Weight Real Estate ETF    S&P 500® Equal Weight Real Estate Index
S&P 500® Equal Weight Technology ETF    S&P 500® Equal Weight Information Technology Index
S&P 500® Equal Weight Utilities ETF    S&P 500® Equal Weight Utilities Plus Index
S&P MidCap 400® Equal Weight ETF    S&P MidCap 400® Equal Weight Index

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 Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

 

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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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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

 

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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly 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 requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to 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.

 

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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 has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, 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 a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific 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 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 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.

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 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

 

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act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

     Amount  
S&P 500® Equal Weight ETF    $ 142,101  
S&P 500® Equal Weight Communication Services ETF      551  
S&P 500® Equal Weight Consumer Discretionary ETF      6,190  
S&P 500® Equal Weight Consumer Staples ETF      2,668  
S&P 500® Equal Weight Energy ETF      1,922  
S&P 500® Equal Weight Financials ETF      2,528  
S&P 500® Equal Weight Health Care ETF      1,000  
S&P 500® Equal Weight Industrials ETF      2,380  
S&P 500® Equal Weight Materials ETF      1,852  
S&P 500® Equal Weight Real Estate ETF      649  
S&P 500® Equal Weight Technology ETF      6,812  
S&P 500® Equal Weight Utilities ETF      1,970  
S&P MidCap 400® Equal Weight ETF      6,972  

 

J.

Other Risks

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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

 

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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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and 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. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because S&P 500® Equal Weight Communication Services ETF 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.

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.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement 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 and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost 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 (iii) any other matters that directly benefit the Adviser). 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)
S&P 500® Equal Weight ETF    0.20%
S&P 500® Equal Weight Communication Services ETF    0.40%
S&P 500® Equal Weight Consumer Discretionary ETF    0.40%
S&P 500® Equal Weight Consumer Staples ETF    0.40%
S&P 500® Equal Weight Energy ETF    0.40%
S&P 500® Equal Weight Financials ETF    0.40%
S&P 500® Equal Weight Health Care ETF    0.40%
S&P 500® Equal Weight Industrials ETF    0.40%
S&P 500® Equal Weight Materials ETF    0.40%

 

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     Unitary Management Fees
(as a % of average daily net  assets)
S&P 500® Equal Weight Real Estate ETF    0.40%
S&P 500® Equal Weight Technology ETF    0.40%
S&P 500® Equal Weight Utilities ETF    0.40%
S&P MidCap 400® Equal Weight ETF    0.40%

    Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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 a 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. This agreement is not subject to recapture by the Adviser.

    For the fiscal year ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:

 

S&P 500® Equal Weight ETF    $ 10,961  
S&P 500® Equal Weight Communication Services ETF      24  
S&P 500® Equal Weight Consumer Discretionary ETF      243  
S&P 500® Equal Weight Consumer Staples ETF      326  
S&P 500® Equal Weight Energy ETF      354  
S&P 500® Equal Weight Financials ETF      220  
S&P 500® Equal Weight Health Care ETF      404  
S&P 500® Equal Weight Industrials ETF      362  
S&P 500® Equal Weight Materials ETF      293  
S&P 500® Equal Weight Real Estate ETF      40  
S&P 500® Equal Weight Technology ETF      814  
S&P 500® Equal Weight Utilities ETF      343  
S&P MidCap 400® Equal Weight ETF      74  

    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 Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

    Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

    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 fiscal year ended April 30, 2023, 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:

 

S&P 500® Equal Weight ETF    $ 1,032,597  
S&P 500® Equal Weight Communication Services ETF      4,439  
S&P 500® Equal Weight Consumer Discretionary ETF      17,036  
S&P 500® Equal Weight Consumer Staples ETF      16,520  
S&P 500® Equal Weight Energy ETF      26,065  
S&P 500® Equal Weight Financials ETF      14,134  
S&P 500® Equal Weight Health Care ETF      21,424  
S&P 500® Equal Weight Industrials ETF      8,750  
S&P 500® Equal Weight Materials ETF      12,991  
S&P 500® Equal Weight Real Estate ETF      4,486  
S&P 500® Equal Weight Technology ETF      84,483  
S&P 500® Equal Weight Utilities ETF      14,691  
S&P MidCap 400® Equal Weight ETF      16,836  

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.

 

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NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

    For the fiscal year ended April 30, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

     Securities Purchases         Securities Sales         Net Realized Gains (Losses)*
S&P 500® Equal Weight ETF      $ 128,368,235           $ -           $ -
S&P 500® Equal Weight Energy ETF        11,130,781             -             -
S&P 500® Equal Weight Industrials ETF        9,771,864             -             -
S&P 500® Equal Weight Technology ETF        -             9,771,864             (4,872,533 )
S&P MidCap 400® Equal Weight ETF        1,191,960             2,186,214             (565,653 )

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–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, 2023. 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  
S&P 500® Equal Weight ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 33,741,725,888         $ -                  $ -                  $ 33,741,725,888  

Money Market Funds

      -           1,919,953,908             -             1,919,953,908  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 33,741,725,888         $ 1,919,953,908           $ -           $ 35,661,679,796  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Communication Services ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 122,336,080         $ -           $ -           $ 122,336,080  

Money Market Funds

      -           15,149,225             -             15,149,225  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 122,336,080         $ 15,149,225           $ -           $ 137,485,305  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Consumer Discretionary ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 491,361,663         $ -           $ -           $ 491,361,663  

Money Market Funds

      158,262           60,648,911             -             60,807,173  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 491,519,925         $ 60,648,911           $ -           $ 552,168,836  
  

 

 

        

 

 

          

 

 

          

 

 

  

 

    100    

 

  

 

 

 

 

     Level 1             Level 2            Level 3             Total  
S&P 500® Equal Weight Consumer Staples ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 1,099,283,214         $ -           $ -           $ 1,099,283,214  

Money Market Funds

      194,993           36,937,708                    -                    37,132,701  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 1,099,478,207         $ 36,937,708           $ -           $ 1,136,415,915  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Energy ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 529,217,758         $ -           $ -           $ 529,217,758  

Money Market Funds

      269,112           9,169,793             -             9,438,905  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 529,486,870         $ 9,169,793           $ -           $ 538,656,663  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Financials ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 308,558,923         $ -           $ -           $ 308,558,923  

Money Market Funds

      149,370           13,507,532             -             13,656,902  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 308,708,293         $ 13,507,532           $ -           $ 322,215,825  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Health Care ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 1,024,000,948         $ -           $ -           $ 1,024,000,948  

Money Market Funds

      924           38,973,976             -             38,974,900  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 1,024,001,872         $ 38,973,976           $ -           $ 1,062,975,848  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Industrials ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 370,847,468         $ -           $ -           $ 370,847,468  

Money Market Funds

      -           20,445,686             -             20,445,686  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 370,847,468         $ 20,445,686           $ -           $ 391,293,154  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Materials ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 338,993,888         $ -           $ -           $ 338,993,888  

Money Market Funds

      -           11,584,236             -             11,584,236  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 338,993,888         $ 11,584,236           $ -           $ 350,578,124  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Real Estate ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 102,818,452         $ -           $ -           $ 102,818,452  

Money Market Funds

      -           8,123,758             -             8,123,758  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 102,818,452         $ 8,123,758           $ -           $ 110,942,210  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Technology ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 2,483,638,810         $ -           $ -           $ 2,483,638,810  

Money Market Funds

      1,549,245           106,096,936             -             107,646,181  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 2,485,188,055         $ 106,096,936           $ -           $ 2,591,284,991  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P 500® Equal Weight Utilities ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 375,083,894         $ -           $ -           $ 375,083,894  

Money Market Funds

      -           21,289,575             -             21,289,575  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 375,083,894         $ 21,289,575           $ -           $ 396,373,469  
  

 

 

        

 

 

          

 

 

          

 

 

  
S&P MidCap 400® Equal Weight ETF                         
Investments in Securities                         

Common Stocks & Other Equity Interests

    $ 187,056,645         $ -           $ -           $ 187,056,645  

Money Market Funds

      175,345           46,739,139             -             46,914,484  
  

 

 

        

 

 

          

 

 

          

 

 

  

Total Investments

    $ 187,231,990         $ 46,739,139           $ -           $ 233,971,129  
  

 

 

        

 

 

          

 

 

          

 

 

  

 

    101    

 

  

 

 

 

 

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

     2023      2022  
     Ordinary
Income*		      Ordinary
Income*		  
S&P 500® Equal Weight ETF    $ 585,873,061      $ 414,826,419  
S&P 500® Equal Weight Communication Services ETF      571,708        492,257  
S&P 500® Equal Weight Consumer Discretionary ETF      4,975,114        3,814,408  
S&P 500® Equal Weight Consumer Staples ETF      16,231,924        9,688,630  
S&P 500® Equal Weight Energy ETF      20,903,859        7,745,649  
S&P 500® Equal Weight Financials ETF      8,617,035        7,576,669  
S&P 500® Equal Weight Health Care ETF      5,972,746        5,700,199  
S&P 500® Equal Weight Industrials ETF      4,002,515        3,744,767  
S&P 500® Equal Weight Materials ETF      8,701,685        7,882,048  
S&P 500® Equal Weight Real Estate ETF      2,736,795        2,593,643  
S&P 500® Equal Weight Technology ETF      15,024,617        14,410,661  
S&P 500® Equal Weight Utilities ETF      9,404,642        5,695,196  
S&P MidCap 400® Equal Weight ETF      1,850,957        1,286,646  

 

*

Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income		   Net
Unrealized
Appreciation
(Depreciation)-
Investments		   Capital Loss
Carryforwards		   Shares of
Beneficial
Interest		   Total Net
Assets
S&P 500® Equal Weight ETF   $ 522,045     $ (226,496,706 )    $ (3,783,556,184 )    $ 37,761,840,432     $ 33,752,309,587  
S&P 500® Equal Weight Communication Services ETF     68,746       (6,145,099 )      (4,711,795 )      133,171,881       122,383,733  
S&P 500® Equal Weight Consumer Discretionary ETF     530,619       (57,238,802 )      (80,726,169 )      629,186,866       491,752,514  
S&P 500® Equal Weight Consumer Staples ETF     1,384,687       77,506,865       (85,151,818 )      1,106,735,938       1,100,475,672  
S&P 500® Equal Weight Energy ETF     -       41,094,334       (174,909,253 )      664,148,794       530,333,875  
S&P 500® Equal Weight Financials ETF     460,159       (38,970,078 )      (73,441,960 )      420,603,146       308,651,267  
S&P 500® Equal Weight Health Care ETF     167,907       152,321,049       (94,915,880 )      966,609,810       1,024,182,886  
S&P 500® Equal Weight Industrials ETF     83,544       2,913,345       (48,991,608 )      416,878,711       370,883,992  
S&P 500® Equal Weight Materials ETF     72,913       (46,427,935 )      (41,180,608 )      426,565,458       339,029,828  
S&P 500® Equal Weight Real Estate ETF     653,457       (26,180,642 )      (6,640,482 )      134,985,737       102,818,070  
S&P 500® Equal Weight Technology ETF     428,899       50,538,955       (302,181,633 )      2,734,019,456       2,482,805,677  
S&P 500® Equal Weight Utilities ETF     494,765       (7,678,918 )      (35,315,226 )      418,041,191       375,541,812  
S&P MidCap 400® Equal Weight ETF     94,479       6,364,472       (34,907,657 )      215,691,732       187,243,026  

    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.

    The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  
S&P 500® Equal Weight ETF    $ 984,514,173      $ 2,799,042,011      $ 3,783,556,184  
S&P 500® Equal Weight Communication Services ETF      2,030,653        2,681,142        4,711,795  
S&P 500® Equal Weight Consumer Discretionary ETF      22,556,988        58,169,181        80,726,169  
S&P 500® Equal Weight Consumer Staples ETF      16,199,293        68,952,525        85,151,818  
S&P 500® Equal Weight Energy ETF      35,366,939        139,542,314        174,909,253  
S&P 500® Equal Weight Financials ETF      20,298,842        53,143,118        73,441,960  
S&P 500® Equal Weight Health Care ETF      11,123,077        83,792,803        94,915,880  

 

    102    

 

  

 

 

 

 

     No expiration         
     Short-Term      Long-Term      Total*  
S&P 500® Equal Weight Industrials ETF    $ 13,411,753      $ 35,579,855      $ 48,991,608  
S&P 500® Equal Weight Materials ETF      16,820,646        24,359,962        41,180,608  
S&P 500® Equal Weight Real Estate ETF      3,865,105        2,775,377        6,640,482  
S&P 500® Equal Weight Technology ETF      119,120,788        183,060,845        302,181,633  
S&P 500® Equal Weight Utilities ETF      16,347,223        18,968,003        35,315,226  
S&P MidCap 400® Equal Weight ETF      13,015,943        21,891,714        34,907,657  

 

*

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 fiscal year ended April 30, 2023, 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  
S&P 500® Equal Weight ETF    $ 6,787,254,196      $ 6,746,248,698  
S&P 500® Equal Weight Communication Services ETF      18,608,449        18,010,212  
S&P 500® Equal Weight Consumer Discretionary ETF      112,526,331        112,819,615  
S&P 500® Equal Weight Consumer Staples ETF      160,398,067        162,286,642  
S&P 500® Equal Weight Energy ETF      116,970,520        109,388,733  
S&P 500® Equal Weight Financials ETF      102,697,799        102,520,111  
S&P 500® Equal Weight Health Care ETF      242,892,592        242,439,830  
S&P 500® Equal Weight Industrials ETF      77,067,600        77,315,976  
S&P 500® Equal Weight Materials ETF      86,859,264        86,743,789  
S&P 500® Equal Weight Real Estate ETF      32,756,517        31,383,429  
S&P 500® Equal Weight Technology ETF      760,599,015        759,454,599  
S&P 500® Equal Weight Utilities ETF      46,851,653        44,888,075  
S&P MidCap 400® Equal Weight ETF      48,380,519        47,917,349  

For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind
Sales		  
S&P 500® Equal Weight ETF    $ 11,315,874,584      $ 9,310,507,473  
S&P 500® Equal Weight Communication Services ETF      93,317,719        10,206,692  
S&P 500® Equal Weight Consumer Discretionary ETF      600,571,108        476,520,139  
S&P 500® Equal Weight Consumer Staples ETF      658,538,954        164,780,451  
S&P 500® Equal Weight Energy ETF      265,147,168        298,218,653  
S&P 500® Equal Weight Financials ETF      55,878,006        181,691,524  
S&P 500® Equal Weight Health Care ETF      100,475,442        39,593,627  
S&P 500® Equal Weight Industrials ETF      93,056,363        137,505,300  
S&P 500® Equal Weight Materials ETF      139,582,402        310,353,788  
S&P 500® Equal Weight Real Estate ETF      37,782,631        74,676,401  
S&P 500® Equal Weight Technology ETF      1,010,354,383        707,513,225  
S&P 500® Equal Weight Utilities ETF      202,898,625        143,096,303  
S&P MidCap 400® Equal Weight ETF      76,079,132        12,169,851  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

    103    

 

  

 

 

 

 

    As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  
S&P 500® Equal Weight ETF    $ 2,646,318,879      $ (2,872,815,585 )    $ (226,496,706 )    $ 35,888,176,502  
S&P 500® Equal Weight Communication Services ETF      5,711,393        (11,856,492 )      (6,145,099 )      143,630,404  
S&P 500® Equal Weight Consumer Discretionary ETF      22,672,411        (79,911,213 )      (57,238,802 )      609,407,638  
S&P 500® Equal Weight Consumer Staples ETF      93,864,864        (16,357,999 )      77,506,865       1,058,909,050  
S&P 500® Equal Weight Energy ETF      50,160,908        (9,066,574 )      41,094,334       497,562,329  
S&P 500® Equal Weight Financials ETF      19,301,462        (58,271,540 )      (38,970,078 )      361,185,903  
S&P 500® Equal Weight Health Care ETF      205,083,670        (52,762,621 )      152,321,049       910,654,799  
S&P 500® Equal Weight Industrials ETF      24,704,548        (21,791,203 )      2,913,345       388,379,809  
S&P 500® Equal Weight Materials ETF      6,867,689        (53,295,624 )      (46,427,935 )      397,006,059  
S&P 500® Equal Weight Real Estate ETF      730,812        (26,911,454 )      (26,180,642 )      137,122,852  
S&P 500® Equal Weight Technology ETF      198,983,459        (148,444,504 )      50,538,955       2,540,746,036  
S&P 500® Equal Weight Utilities ETF      8,825,508        (16,504,426 )      (7,678,918 )      404,052,387  
S&P MidCap 400® Equal Weight ETF      19,337,489        (12,973,017 )      6,364,472       227,606,657  

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income (Loss)		           Undistributed Net
Realized Gain (Loss)		  

Shares of
Beneficial Interest

S&P 500® Equal Weight ETF      $ (236,002 )          $ (1,736,629,742 )     $ 1,736,865,744
S&P 500® Equal Weight Communication Services ETF        -            142,717       (142,717 )
S&P 500® Equal Weight Consumer Discretionary ETF        -            (15,821,815 )       15,821,815
S&P 500® Equal Weight Consumer Staples ETF        -            (34,056,206 )       34,056,206
S&P 500® Equal Weight Energy ETF        182,244            (83,898,502 )       83,716,258
S&P 500® Equal Weight Financials ETF        8,619            (15,317,374 )       15,308,755
S&P 500® Equal Weight Health Care ETF        -            (12,129,002 )       12,129,002
S&P 500® Equal Weight Industrials ETF        -            (6,837,012 )       6,837,012
S&P 500® Equal Weight Materials ETF        -            (26,083,651 )       26,083,651
S&P 500® Equal Weight Real Estate ETF        (8,879 )            3,279,514       (3,270,635 )
S&P 500® Equal Weight Technology ETF        -            (147,339,248 )       147,339,248
S&P 500® Equal Weight Utilities ETF        -            (18,858,392 )       18,858,392
S&P MidCap 400® Equal Weight ETF        -            (2,535,364 )       2,535,364

NOTE 9–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does 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 Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain

 

    104    

 

  

 

 

 

 

securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    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 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

On June 22, 2023, the Board approved changes to Invesco S&P MidCap 400® Equal Weight ETF’s name, ticker symbol, investment objective, underlying index and principal investment strategy. The Board also approved a reduction in the annual unitary advisory fee of the Fund. The Fund’s name will change to Invesco S&P MidCap 400® GARP ETF, and its ticker symbol will change to GRPM. The Fund’s underlying index will change to S&P MidCap 400® GARP Index (the “New Underlying Index”), the investment objective will change to track the investment results (before fees and expenses) of the New Underlying Index, and the principal investment strategy will change to generally invest at least 90% of the Fund’s total assets in the components of the New Underlying Index. The Fund’s annual unitary advisory fee will be reduced to 0.35% of the Fund’s average daily net assets. These changes will be effective after the close of markets on August 25, 2023

    Additionally, effective after the close of markets on June 6, 2023, each Fund below changed its ticker as follows:

 

Fund

   

Former Ticker Symbol

   

New Ticker Symbol

Invesco S&P 500® Equal Weight Communication Services ETF    EWCO                                                             RSPC                                                     
Invesco S&P 500® Equal Weight Consumer Discretionary ETF    RCD    RSPD
Invesco S&P 500® Equal Weight Consumer Staples ETF    RHS    RSPS
Invesco S&P 500® Equal Weight Energy ETF    RYE    RSPG
Invesco S&P 500® Equal Weight Financials ETF    RYF    RSPF
Invesco S&P 500® Equal Weight Health Care ETF    RYH    RSPH
Invesco S&P 500® Equal Weight Industrials ETF    RGI    RSPN
Invesco S&P 500® Equal Weight Materials ETF    RTM    RSPM
Invesco S&P 500® Equal Weight Real Estate ETF    EWRE    RSPR
Invesco S&P 500® Equal Weight Technology ETF    RYT    RSPT
Invesco S&P 500® Equal Weight Utilities ETF    RYU    RSPU

 

    105    

 

  

 

 

 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500® Equal Weight ETF, Invesco S&P 500® Equal Weight Communication Services ETF, Invesco S&P 500® Equal Weight Consumer Discretionary ETF, Invesco S&P 500® Equal Weight Consumer Staples ETF, Invesco S&P 500® Equal Weight Energy ETF, Invesco S&P 500® Equal Weight Financials ETF, Invesco S&P 500® Equal Weight Health Care ETF, Invesco S&P 500® Equal Weight Industrials ETF, Invesco S&P 500® Equal Weight Materials ETF, Invesco S&P 500® Equal Weight Real Estate ETF, Invesco S&P 500® Equal Weight Technology ETF, Invesco S&P 500® Equal Weight Utilities ETF and Invesco S&P MidCap 400® Equal Weight ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500® Equal Weight ETF, Invesco S&P 500® Equal Weight Communication Services ETF, Invesco S&P 500® Equal Weight Consumer Discretionary ETF, Invesco S&P 500® Equal Weight Consumer Staples ETF, Invesco S&P 500® Equal Weight Energy ETF, Invesco S&P 500® Equal Weight Financials ETF, Invesco S&P 500® Equal Weight Health Care ETF, Invesco S&P 500® Equal Weight Industrials ETF, Invesco S&P 500® Equal Weight Materials ETF, Invesco S&P 500® Equal Weight Real Estate ETF, Invesco S&P 500® Equal Weight Technology ETF, Invesco S&P 500® Equal Weight Utilities ETF and Invesco S&P MidCap 400® Equal Weight ETF (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

   

Beginning

Account Value

November 1, 2022

      

Ending

Account Value

April 30, 2023

      

Annualized

Expense Ratio

Based on the

Six-Month Period

      

Expenses Paid

During the

Six-Month Period(1)

  Invesco S&P 500® Equal Weight ETF (RSP)

                            

Actual

     $ 1,000.00             $ 1,048.90               0.20 %             $ 1.02

Hypothetical (5% return before expenses)

       1,000.00           1,023.80           0.20           1.00

  Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

                            

Actual

       1,000.00           1,059.40           0.40           2.04

Hypothetical (5% return before expenses)

       1,000.00           1,022.81           0.40           2.01

  Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

                            

Actual

       1,000.00           1,128.70           0.40           2.11

Hypothetical (5% return before expenses)

       1,000.00           1,022.81           0.40           2.01

  Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

                            

Actual

       1,000.00           1,059.80           0.40           2.04

Hypothetical (5% return before expenses)

       1,000.00           1,022.81           0.40           2.01

  Invesco S&P 500® Equal Weight Energy ETF (RYE)

                            

Actual

       1,000.00           939.60           0.40           1.92

Hypothetical (5% return before expenses)

       1,000.00           1,022.81           0.40           2.01

 

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Calculating your ongoing Fund expenses–(continued)

    

    

    

    

 

    

Beginning

Account Value

November 1, 2022

       

Ending

Account Value

April 30, 2023

       

Annualized

Expense Ratio

Based on the

Six-Month Period

       

Expenses Paid

During the

Six-Month Period(1)

  Invesco S&P 500® Equal Weight Financials ETF (RYF)

                                            

Actual

      $ 1,000.00          $ 913.40            0.40 %          $ 1.90

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Health Care ETF (RYH)

                                

Actual

        1,000.00            1,089.50            0.40            2.07

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Industrials ETF (RGI)

                                

Actual

        1,000.00            1,075.70            0.40            2.06

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Materials ETF (RTM)

                                

Actual

        1,000.00            1,056.30            0.40            2.04

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

                                

Actual

        1,000.00            1,019.70            0.40            2.00

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Technology ETF (RYT)

                                

Actual

        1,000.00            1,076.20            0.40            2.06

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P 500® Equal Weight Utilities ETF (RYU)

                                

Actual

        1,000.00            1,054.60            0.40            2.04

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

  Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

                                

Actual

        1,000.00            1,038.30            0.40            2.02

Hypothetical (5% return before expenses)

        1,000.00            1,022.81            0.40            2.01

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

    108    

 

  

 

 

 

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

                       Corporate                  
     Qualified        Qualified        Dividends        U.S.        Business
     Business        Dividend        Received        Treasury        Interest
     Income*        Income*        Deduction*        Obligations*        Income*

  Invesco S&P 500® Equal Weight ETF

      0 %           100 %               96 %               0 %               0 % 

  Invesco S&P 500® Equal Weight Communication Services ETF

      0 %         98 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Consumer Discretionary ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Consumer Staples ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Energy ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Financials ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Health Care ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Industrials ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Materials ETF

      0 %         100 %         88 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Real Estate ETF

      86 %         1 %         0 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Technology ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P 500® Equal Weight Utilities ETF

      0 %         100 %         100 %         0 %         0 % 

  Invesco S&P MidCap 400® Equal Weight ETF

      3 %         97 %         96 %         0 %         0 % 

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

    109    

 

  

 

 

 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		  

Term of
Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    110    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

   Position(s)
Held
with Trust		  

Term of
Office

and

Length of
Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).   216   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    111    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time
Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    112    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   Number of
Portfolios in
Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    113    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held with
Trust		  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   Number of
Portfolios in
Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    114    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    115    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    116    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Interested Trustee		  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

   Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer  

Trustee since 2022, President and Principal

Executive Officer since 2020

   President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    117    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		   Position(s)
Held
with Trust		   Length of
Time
Served*		  

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2020   Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President and Treasurer   Since 2018   Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Secretary   Since 2020   Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    118    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		   Position(s)
Held
with Trust		   Length of
Time
Served*		  

Principal

Occupation(s) During

the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2009   Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

   Vice President   Since 2012   Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice President   Since 2013   Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    119    

 

  

 

 

 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers		  

Position(s)
Held

with Trust

   Length of
Time
Served*		  

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital Management

LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

   Chief Compliance Officer   Since 2017   Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

    120    

 

  

 

 

 

 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Dow Jones Industrial Average Dividend ETF   Invesco S&P 500® Equal Weight Materials ETF
Invesco NASDAQ Internet ETF   Invesco S&P 500® Equal Weight Real Estate ETF
Invesco Raymond James SB-1 Equity ETF   Invesco S&P 500® Equal Weight Technology ETF
Invesco S&P 500 BuyWrite ETF   Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500® Equal Weight Communication Services ETF   Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF   Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF   Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Energy ETF   Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight ETF   Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight Financials ETF   Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Health Care ETF   Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF   Invesco S&P SmallCap 600® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 pays all other operating expenses of each Fund, except that each Fund pays its 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:

 

    121    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

  ●

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

 

  ●

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

 

  ●

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

 

  ●

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

 

  ●

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

 

  ●

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

 

  ●

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

     Equal         Equal to/Lower        Lower than
     to/Lower         than Open-End        Open-End
     than ETF         Index Fund        Active Fund
  Invesco Fund    Peer Median                Peer Median               Peer Median

Invesco Dow Jones Industrial Average Dividend ETF

    X         X            X

Invesco NASDAQ Internet ETF

               X

Invesco Raymond James SB-1 Equity ETF

               X

Invesco S&P 500 BuyWrite ETF

    X         N/A        X

Invesco S&P 500® Equal Weight Communication Services ETF

               X

Invesco S&P 500® Equal Weight Consumer Discretionary ETF

    X            X

Invesco S&P 500® Equal Weight Consumer Staples ETF

    X            X

Invesco S&P 500® Equal Weight Energy ETF

               X

Invesco S&P 500® Equal Weight ETF

    X         X        X

Invesco S&P 500® Equal Weight Financials ETF

               X

Invesco S&P 500® Equal Weight Health Care ETF

               X

Invesco S&P 500® Equal Weight Industrials ETF

    X            X

Invesco S&P 500® Equal Weight Materials ETF

    X            X

Invesco S&P 500® Equal Weight Real Estate ETF

               X

Invesco S&P 500® Equal Weight Technology ETF

    X            X

Invesco S&P 500® Equal Weight Utilities ETF

            X        X

Invesco S&P 500® Pure Growth ETF

    X         X        X

Invesco S&P 500® Pure Value ETF

               X

Invesco S&P 500® Top 50 ETF

               X

Invesco S&P MidCap 400® Equal Weight ETF

               X

Invesco S&P MidCap 400® Pure Growth ETF

               X

Invesco S&P MidCap 400® Pure Value ETF

            X        X

Invesco S&P SmallCap 600® Pure Growth ETF

               X

Invesco S&P SmallCap 600® Pure Value ETF

            X        X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that

 

    122    

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. 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 fee was reasonable and appropriate in light of the services provided, the nature of the index, 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 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.

 

    123    

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

      
Downers Grove, IL 60515    P-TRST1-AR-2    invesco.com/ETFs

LOGO   

 

Invesco Annual Report to Shareholders

 

April 30, 2023

 

  

RPG

 

   

Invesco S&P 500® Pure Growth ETF

 

  

RPV

 

   

Invesco S&P 500® Pure Value ETF

 

  

XLG

 

   

Invesco S&P 500® Top 50 ETF

 

  

RFG

 

   

Invesco S&P MidCap 400® Pure Growth ETF

 

  

RFV

 

   

Invesco S&P MidCap 400® Pure Value ETF

 

  

RZG

 

   

Invesco S&P SmallCap 600® Pure Growth ETF

 

   RZV    Invesco S&P SmallCap 600® Pure Value ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      18  
Schedules of Investments   

Invesco S&P 500® Pure Growth ETF (RPG)

      19  

Invesco S&P 500® Pure Value ETF (RPV)

      21  

Invesco S&P 500® Top 50 ETF (XLG)

      23  

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

      25  

Invesco S&P MidCap 400® Pure Value ETF (RFV)

      27  

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

      29  

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

      32  
Statements of Assets and Liabilities      36  
Statements of Operations      38  
Statements of Changes in Net Assets      40  
Financial Highlights      44  
Notes to Financial Statements      48  
Report of Independent Registered Public Accounting Firm      58  
Fund Expenses      59  
Tax Information      61  
Trustees and Officers      62  
Approval of Investment Advisory Contracts      73  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-

expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

 

 

 

   3  

 

 

 

RPG    Management’s Discussion of Fund Performance
   Invesco S&P 500® Pure Growth ETF (RPG)

 

As an index fund, the Invesco S&P 500® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”— one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value to-price ratio, earnings to price ratio, and sales to price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style- attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.77)%. On a net asset value (“NAV”) basis, the Fund returned (2.74)%. During the same time period, the Index returned (2.46)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During this same time period, the S&P 500® Growth Index returned (1.87)%.

For the fiscal year ended April 30, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the health care sector. The financials sector detracted most significantly from the Fund’s return during this period, followed by the materials and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Enphase Energy, Inc., an information technology company (portfolio average weight of 3.05%) and Eli Lilly and Co., a health care company (portfolio average weight of 2.13%). Positions that

detracted most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (no longer held at fiscal year-end) and SVB Financial Group, a financials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Energy      28.49  
Health Care      21.88  
Information Technology      13.67  
Materials      11.52  
Industrials      6.86  
Consumer Discretionary      5.69  
Financials      5.57  
Consumer Staples      4.21  
Utilities      1.99  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Steel Dynamics, Inc.      2.58  
Diamondback Energy, Inc.      2.55  
Nucor Corp.      2.55  
Targa Resources Corp.      2.54  
Coterra Energy, Inc.      2.46  
Vertex Pharmaceuticals, Inc.      2.43  
Mosaic Co. (The)      2.38  
Regeneron Pharmaceuticals, Inc.      2.27  
APA Corp.      2.05  
EQT Corp.      2.03  
Total      23.84  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco S&P 500® Pure Growth ETF (RPG) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Pure Growth Index     (2.46 )%      10.24 %      33.98 %      7.96 %      46.65 %      11.49 %      196.64 %        10.10 %      421.28 % 
S&P 500® Growth Index     (1.87 )      12.23       41.35       12.15       77.43       13.55       256.35         10.50       454.75  
Fund                    
NAV Return     (2.74 )      9.87       32.64       7.58       44.11       11.09       186.35         9.71       390.64  
Market Price Return     (2.77 )      9.87       32.62       7.56       43.97       11.09       186.31         9.71       390.56  

 

Guggenheim S&P 500® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   5  

 

 

 

RPV    Management’s Discussion of Fund Performance
   Invesco S&P 500® Pure Value ETF (RPV)

 

As an index fund, the Invesco S&P 500® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”— one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings to price ratio, and sales to price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (4.31)%. On a net asset value (“NAV”) basis, the Fund returned (4.31)%. During the same time period, the Index returned (4.07)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Value Index returned 6.74%.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return followed by the energy and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return during this period, followed by the communication services and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included PulteGroup, Inc., a consumer discretionary company (portfolio average weight of 1.06%) and Cigna Group, a health care company (no longer held at fiscal year-end).

Positions that detracted most significantly from the Fund’s return during this period included Lumen Technologies, Inc., a communication services company (no longer held at fiscal year-end) and DISH Network Corp., Class A, a communication services company (portfolio average weight of 1.22%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      21.72  
Consumer Discretionary      18.76  
Communication Services      11.63  
Health Care      8.87  
Consumer Staples      8.38  
Materials      8.03  
Industrials      8.03  
Information Technology      7.44  
Energy      4.48  
Sector Types Each Less Than 3%      2.51  
Money Market Funds Plus Other Assets Less Liabilities      0.15  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Paramount Global, Class B      4.13  
Warner Bros Discovery, Inc.      2.36  
General Motors Co.      2.33  
Mohawk Industries, Inc.      2.32  
PulteGroup, Inc.      2.27  
CarMax, Inc.      2.20  
Citigroup, Inc.      2.14  
Walgreens Boots Alliance, Inc.      2.11  
Phillips 66      2.10  
WestRock Co.      2.08  
Total      24.04  

 

*

Excluding money market fund holdings.

 

 

 

   6  

 

 

Invesco S&P 500® Pure Value ETF (RPV) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
S&P 500® Pure Value Index     (4.07 )%      21.51 %      79.39 %      5.57 %      31.10 %      9.48 %      147.36 %        8.29 %      292.42 % 
S&P 500® Value Index     6.74       15.80       55.29       9.73       59.09       10.16       163.17         7.56       249.17  
Fund                    
NAV Return     (4.31 )      21.11       77.63       5.29       29.41       9.15       139.99         7.88       267.77  
Market Price Return     (4.31 )      21.00       77.16       5.27       29.30       9.13       139.67         7.88       267.82  

 

Guggenheim S&P 500® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   7  

 

 

 

XLG    Management’s Discussion of Fund Performance
   Invesco S&P 500® Top 50 ETF (XLG)

 

As an index fund, the Invesco S&P 500® Top 50 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of the 50 largest companies in the S&P 500® Index based on float-adjusted market capitalization. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.71%. On a net asset value (“NAV”) basis, the Fund returned 2.69%. During the same time period, the Index returned 2.85%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100® Index (the “Benchmark Index”) returned 3.52%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue-chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the industrials sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection within the consumer discretionary sector.

For the fiscal year ended April 30, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the communication services and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included NVIDIA Corp., an information technology company, (portfolio average weight of 2.55%) and Microsoft Corp., an information technology company (portfolio average weight of 10.90%). Positions that detracted

most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 3.20%) and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 5.41%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      37.26  
Health Care      14.83  
Communication Services      12.61  
Consumer Discretionary      10.90  
Financials      10.85  
Consumer Staples      7.77  
Energy      4.16  
Sector Types Each Less Than 3%      1.59  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Apple, Inc.      13.34  
Microsoft Corp.      12.09  
Amazon.com, Inc.      4.97  
NVIDIA Corp.      3.61  
Alphabet, Inc., Class A      3.38  
Berkshire Hathaway, Inc., Class B      3.13  
Alphabet, Inc., Class C      2.97  
Meta Platforms, Inc., Class A      2.83  
Exxon Mobil Corp.      2.58  
UnitedHealth Group, Inc.      2.43  
Total      51.33  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco S&P 500® Top 50 ETF (XLG) (continued)

 

Growth of a $10,000 Investment

 

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P 500® Top 50 Index     2.85 %      14.32 %      49.42 %      13.07 %      84.82 %      13.02 %      240.18 %        9.47 %      409.10 % 
S&P 100® Index     3.52       14.46       49.94       12.50       80.22       12.53       225.67         9.41       403.91  
Fund                    
NAV Return     2.69       14.09       48.49       12.86       83.12       12.80       233.40         9.26       391.63  
Market Price Return     2.71       14.04       48.31       12.83       82.86       12.80       233.62         9.26       391.57  

 

Guggenheim S&P 500® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® Top 50 Index performance is comprised of the performance of the Russell Top 50® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   9  

 

 

 

RFG    Management’s Discussion of Fund Performance
   Invesco S&P MidCap 400® Pure Growth ETF (RFG)

 

As an index fund, the Invesco S&P MidCap 400® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.18)%. On a net asset value (“NAV”) basis, the Fund returned (1.27)%. During the same time period, the Index returned (0.99)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Growth Index returned 0.79%.

For the fiscal year ended April 30, 2023, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return during this period, followed by the materials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Shockwave Medical, Inc., a health care company (portfolio average weight of 3.93%) and Builders FirstSource, Inc., a industrials company

(portfolio average weight of 1.85%). Positions that detracted most significantly from the Fund’s return during the period included Cleveland-Cliffs Inc., a materials company (no longer held at fiscal year-end) and Halozyme Therapeutics, Inc., a health care company (portfolio average weight of 1.46%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Energy      18.96  
Industrials      18.60  
Health Care      13.72  
Financials      11.86  
Consumer Discretionary      11.33  
Materials      9.92  
Consumer Staples      5.16  
Information Technology      3.92  
Communication Services      3.40  
Utilities      3.07  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Shockwave Medical, Inc.      2.64  
Builders FirstSource, Inc.      2.56  
Annaly Capital Management, Inc.      2.53  
PBF Energy, Inc., Class A      2.52  
Kinsale Capital Group, Inc.      2.38  
PDC Energy, Inc.      2.35  
Range Resources Corp.      2.16  
Murphy USA, Inc.      2.06  
Reliance Steel & Aluminum Co.      1.94  
Matador Resources Co.      1.90  
Total      23.04  

 

*

Excluding money market fund holdings.

 

 

 

   10  

 

 

Invesco S&P MidCap 400® Pure Growth ETF (RFG) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P MidCap 400® Pure Growth Index     (0.99 )%      12.23 %      41.35 %      4.19 %      22.77 %      6.93 %      95.34 %        8.33 %      294.73 % 
S&P MidCap 400® Growth Index     0.79       12.92       44.00       6.91       39.66       9.48       147.31         8.82       326.82  
Fund                    
NAV Return     (1.27 )      11.89       40.06       3.94       21.31       6.63       89.99         8.00       274.85  
Market Price Return     (1.18 )      11.81       39.79       3.91       21.16       6.63       90.03         8.00       274.80  

 

Guggenheim S&P MidCap 400® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   11  

 

 

 

RFV    Management’s Discussion of Fund Performance
   Invesco S&P MidCap 400® Pure Value ETF (RFV)

 

As an index fund, the Invesco S&P MidCap 400® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 6.67%. On a net asset value (“NAV”) basis, the Fund returned 6.51%. During the same time period, the Index returned 6.82%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Value Index returned 1.69%.

For the fiscal year ended April 30, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively. The real estate sector detracted most significantly from the Fund’s return during this period, followed by the utilities and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Taylor Morrison Home Corp., a consumer discretionary company (portfolio

average weight of 2.07%) and Unum Group, a financials company (portfolio average weight of 2.91%). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 1.61%) and United States Steel Corp., Inc., a materials company (portfolio average weight of 2.58%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Consumer Discretionary      35.22  
Financials      14.82  
Information Technology      14.44  
Industrials      11.18  
Health Care      7.49  
Materials      7.46  
Real Estate      5.51  
Sector Types Each Less Than 3%      3.81  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Taylor Morrison Home Corp., Class A      3.83  
KB Home      3.61  
Goodyear Tire & Rubber Co. (The)      3.27  
United States Steel Corp.      2.80  
PVH Corp.      2.69  
Avnet, Inc.      2.36  
Tenet Healthcare Corp.      2.36  
Arrow Electronics, Inc.      2.35  
Cleveland-Cliffs, Inc.      2.33  
Brighthouse Financial, Inc.      2.33  
Total      27.93  

 

*

Excluding money market fund holdings.

 

 

 

   12  

 

 

Invesco S&P MidCap 400® Pure Value ETF (RFV) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P MidCap 400® Pure Value Index     6.82 %      28.77 %      113.51 %      9.70 %      58.87 %      10.40 %      168.85 %        8.79 %      324.88 % 
S&P MidCap 400® Value Index     1.69       19.90       72.35       7.80       45.58       9.47       147.04         8.14       283.32  
Fund                    
NAV Return     6.51       28.36       111.49       9.39       56.61       10.06       160.72         8.41       299.66  
Market Price Return     6.67       28.27       111.04       9.35       56.34       10.07       160.93         8.40       299.37  

 

Guggenheim S&P MidCap 400® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   13  

 

 

 

RZG    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

 

As an index fund, the Invesco S&P SmallCap 600® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are then ranked based on their relative growth and value scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics and includes only those securities that exhibit “pure growth” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (5.26)%. On a net asset value (“NAV”) basis, the Fund returned (5.37)%. During the same time period, the Index returned (5.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600® Growth Index returned (4.65)%.

For the fiscal year ended April 30, 2023, the consumer staples sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The financials sector detracted most significantly from the Fund’s return during this period, followed by the health care and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Dorian LPG, an energy company (portfolio average weight of 1.62%) and Celsius Holdings, Inc., a consumer staples company (no longer held at

fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Clearfield, Inc., an information technology company (portfolio average weight of 0.79%) and iTeos Therapeutics, Inc., a health care company (portfolio average weight of 1.01%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Health Care      18.84  
Information Technology      17.06  
Industrials      16.64  
Financials      13.33  
Energy      11.81  
Consumer Discretionary      8.46  
Consumer Staples      5.71  
Materials      3.97  
Sector Types Each Less Than 3%      4.19  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Axcelis Technologies, Inc.      2.32  
Vir Biotechnology, Inc.      1.86  
Green Brick Partners, Inc.      1.80  
Civitas Resources, Inc.      1.80  
Comstock Resources, Inc.      1.71  
elf Beauty, Inc.      1.55  
Mr. Cooper Group, Inc.      1.53  
Encore Wire Corp.      1.52  
Rambus, Inc.      1.46  
ARMOUR Residential REIT, Inc.      1.44  
Total      16.99  

 

*

Excluding money market fund holdings.

 

 

 

   14  

 

 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG) (continued)

 

Growth of a $10,000 Investment

 

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P SmallCap 600® Pure Growth Index     (5.04 )%      10.79 %      36.00 %      1.30 %      6.65 %      7.69 %      109.69 %        7.33 %      236.62 % 
S&P SmallCap 600® Growth Index     (4.65 )      12.49       42.35       5.30       29.45       9.83       155.48         8.47       303.51  
Fund                    
NAV Return     (5.37 )      10.44       34.70       0.93       4.76       7.36       103.39         7.03       220.90  
Market Price Return     (5.26 )      10.37       34.46       0.90       4.58       7.39       103.97         7.03       220.87  

 

Guggenheim S&P SmallCap 600® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

 

Notes

Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   15  

 

 

 

RZV    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600® Pure Value ETF (RZV)

 

As an index fund, the Invesco S&P SmallCap 600® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the ratio of the three-year net change in earnings per share to current price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are then ranked based on their relative value and growth scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both value and growth characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics and includes only those securities that exhibit “pure value” characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics generally receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.02)%. On a net asset value (“NAV”) basis, the Fund returned (1.94)%. During the same time period, the Index returned (1.56)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600® Value Index returned (2.97)%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and energy sectors, respectively. The real estate sector detracted most significantly from the Fund’s return during this period, followed by the consumer discretionary and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included SkyWest, Inc., an industrials company (portfolio average weight of 0.81%) and M/I Homes, Inc., a consumer discretionary company (portfolio

average weight of 1.17%). Positions that detracted most significantly from the Fund’s return during this period included Big Lots, Inc., a consumer discretionary company (portfolio average weight of 0.70%) and Conn’s, Inc., a consumer discretionary company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Consumer Discretionary      29.52  
Industrials      17.68  
Financials      12.17  
Materials      9.70  
Communication Services      6.88  
Information Technology      6.21  
Real Estate      6.06  
Consumer Staples      4.61  
Energy      3.98  
Health Care      3.15  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
SkyWest, Inc.      2.30  
M/I Homes, Inc.      2.22  
Olympic Steel, Inc.      1.81  
Century Communities, Inc.      1.71  
Tri Pointe Homes, Inc.      1.70  
Genworth Financial, Inc., Class A      1.69  
G-III Apparel Group Ltd.      1.63  
Aaron’s Co., Inc. (The)      1.55  
Lumen Technologies, Inc.      1.52  
Kelly Services, Inc., Class A      1.46  
Total      17.59  

 

*

Excluding money market fund holdings.

 

 

 

   16  

 

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
S&P SmallCap 600® Pure Value Index     (1.56 )%      28.92 %      114.26 %      5.92 %      33.31 %      7.98 %      115.59 %        6.44 %      191.89 % 
S&P SmallCap 600® Value Index     (2.97 )      19.06       68.76       5.43       30.27       9.18       140.58         7.50       245.81  
Fund                    
NAV Return     (1.94 )      28.46       112.00       5.59       31.27       7.66       109.21         6.18       179.75  
Market Price Return     (2.02 )      28.37       111.53       5.56       31.07       7.68       109.53         6.17       179.65  

 

Guggenheim S&P SmallCap 600® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   17  

 

 

Liquidity Risk Management Program

 

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

 

 

   18  

 

 

Invesco S&P 500® Pure Growth ETF (RPG)

April 30, 2023

Schedule of Investments(a)

 

    Shares      Value  
Common Stocks & Other Equity Interests-99.88%

 

Consumer Discretionary-5.69%     

AutoZone, Inc.(b)

    12,891      $ 34,332,729  

O’Reilly Automotive, Inc.(b)

    36,924        33,870,754  

Tractor Supply Co.

     99,349        23,684,802  

Ulta Beauty, Inc.(b)

    35,077        19,342,510  
    

 

 

  
       111,230,795  
    

 

 

  
Consumer Staples-4.21%     

Dollar General Corp.

     85,156        18,858,648  

Dollar Tree, Inc.(b)(c)

    125,014        19,215,902  

Hershey Co. (The)

     72,335        19,751,795  

Monster Beverage Corp.(b)

    437,852        24,519,712  
    

 

 

  
       82,346,057  
    

 

 

  
Energy-28.49%     

APA Corp.

     1,084,885        39,978,012  

Chevron Corp.

     154,822        26,099,893  

ConocoPhillips

     343,587        35,351,666  

Coterra Energy, Inc.

     1,878,430        48,087,808  

Devon Energy Corp.(c)

    464,788        24,833,623  

Diamondback Energy, Inc.(c)

    350,810        49,885,182  

EOG Resources, Inc.

     252,085        30,116,595  

EQT Corp.(c)

    1,140,544        39,736,553  

Exxon Mobil Corp.

     256,384        30,340,483  

Hess Corp.

     217,176        31,503,550  

Marathon Oil Corp.

     1,241,873        30,003,652  

Occidental Petroleum Corp.

     507,740        31,241,242  

ONEOK, Inc.

     497,279        32,527,019  

Pioneer Natural Resources Co.

     176,892        38,482,855  

Targa Resources Corp.

     656,647        49,596,548  

Williams Cos., Inc. (The)

     627,665        18,993,143  
    

 

 

  
       556,777,824  
    

 

 

  
Financials-5.57%     

Ameriprise Financial, Inc.

     44,236        13,497,288  

Arch Capital Group Ltd.(b)(c)

    371,366        27,878,446  

Jack Henry & Associates, Inc.(c)

    94,522        15,439,224  

Progressive Corp. (The)

     130,536        17,805,110  

Raymond James Financial, Inc.(c)

    188,813        17,093,241  

W.R. Berkley Corp.

     290,038        17,089,039  
    

 

 

  
       108,802,348  
    

 

 

  
Health Care-21.88%     

AbbVie, Inc.

     145,898        22,048,106  

Amgen, Inc.

     55,161        13,224,298  

Bristol-Myers Squibb Co.

     281,322        18,783,870  

Danaher Corp.

     86,783        20,559,760  

DexCom, Inc.(b)

    117,722        14,284,387  

Elevance Health, Inc.

     51,865        24,306,532  

Eli Lilly and Co.

     56,996        22,562,437  

Gilead Sciences, Inc.

     167,352        13,758,008  

Hologic, Inc.(b)

    253,805        21,829,768  

Incyte Corp.(b)(c)

    303,237        22,563,865  

Insulet Corp.(b)

    69,397        22,071,022  

Merck & Co., Inc.

     163,610        18,892,047  

Moderna, Inc.(b)

    146,785        19,506,259  

Molina Healthcare, Inc.(b)

    94,054        28,017,746  

Pfizer, Inc.

     526,289        20,467,379  

Regeneron Pharmaceuticals, Inc.(b)

    55,439        44,450,436  
    Shares      Value  
Health Care-(continued)     

Thermo Fisher Scientific, Inc.

     29,712      $ 16,487,189  

UnitedHealth Group, Inc.

     32,843        16,161,712  

Vertex Pharmaceuticals, Inc.(b)

    139,477        47,523,998  
    

 

 

  
       427,498,819  
    

 

 

  
Industrials-6.86%     

Deere & Co.

     44,217        16,714,910  

Expeditors International of Washington,
Inc.(c)

     279,672        31,837,861  

J.B. Hunt Transport Services, Inc.

     98,205        17,214,354  

Quanta Services, Inc.

     138,083        23,424,400  

Rollins, Inc.

     469,043        19,817,067  

W.W. Grainger, Inc.

     35,898        24,969,572  
    

 

 

  
       133,978,164  
    

 

 

  
Information Technology-13.67%     

Apple, Inc.

     146,157        24,799,920  

Arista Networks, Inc.(b)

    146,722        23,498,996  

Enphase Energy, Inc.(b)(c)

    138,794        22,789,975  

Fair Isaac Corp.(b)

    26,172        19,051,907  

Fortinet, Inc.(b)

    430,627        27,151,032  

KLA Corp.

     77,000        29,763,580  

Lam Research Corp.

     46,431        24,333,559  

Monolithic Power Systems, Inc.

     49,302        22,776,045  

ON Semiconductor Corp.(b)

    258,876        18,628,717  

PTC, Inc.(b)

    156,403        19,673,933  

QUALCOMM, Inc.

     131,993        15,416,782  

SolarEdge Technologies, Inc.(b)

    67,307        19,224,898  
    

 

 

  
       267,109,344  
    

 

 

  
Materials-11.52%     

Albemarle Corp.

     51,821        9,610,723  

CF Industries Holdings, Inc.

     482,231        34,518,095  

FMC Corp.

     131,148        16,207,270  

Freeport-McMoRan, Inc.

     470,173        17,824,258  

Mosaic Co. (The)

     1,086,919        46,574,479  

Nucor Corp.(c)

    336,358        49,841,529  

Steel Dynamics, Inc.

     485,856        50,504,731  
    

 

 

  
       225,081,085  
    

 

 

  
Utilities-1.99%     

PG&E Corp.(b)(c)

    2,277,095        38,961,095  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,868,000,134)

        1,951,785,531  
    

 

 

  
Money Market Funds-0.06%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $1,123,323)

     1,123,323        1,123,323  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $1,869,123,457)

 

      1,952,908,854  
    

 

 

  
 

 

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

 

 

 

   19  

 

 

Invesco S&P 500® Pure Growth ETF (RPG)–(continued)

April 30, 2023

 

    Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.79%     

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

     15,236,858      $ 15,236,858  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

     39,180,492        39,180,492  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $54,417,350)

 

      54,417,350  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.73%
(Cost $1,923,540,807)

 

      2,007,326,204  

OTHER ASSETS LESS LIABILITIES-(2.73)%

 

      (53,280,507 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 1,954,045,697  
    

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                  

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 35,469,320      $ (34,345,997 )      $ -      $ -      $ 1,123,323      $ 31,680

Investments Purchased with Cash Collateral from Securities on Loan:

                                  

Invesco Private Government Fund

       22,260,207        643,613,429        (650,636,778 )        -        -        15,236,858        717,757 *

Invesco Private Prime Fund

       51,899,910        1,314,902,988        (1,327,621,118 )        (7,532 )        6,244        39,180,492        2,015,993 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 74,160,117      $ 1,993,985,737      $ (2,012,603,893 )      $ (7,532 )      $ 6,244      $ 55,540,673      $ 2,765,430
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

 

 

   20  

 

 

Invesco S&P 500® Pure Value ETF (RPV)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.85%

 

Communication Services-11.63%     

AT&T, Inc.

     1,919,872      $ 33,924,138  

DISH Network Corp., Class A(b)(c)

    5,545,346        41,645,549  

Fox Corp., Class A(c)

    454,405        15,113,510  

Fox Corp., Class B

     209,291        6,391,747  

News Corp., Class A(c)

    1,054,883        18,576,490  

News Corp., Class B(c)

    326,815        5,800,966  

Paramount Global, Class B(c)

    4,812,748        112,281,411  

Verizon Communications, Inc.

     471,947        18,325,702  

Warner Bros Discovery, Inc.(b)

    4,712,380        64,135,492  
    

 

 

  
       316,195,005  
    

 

 

  
Consumer Discretionary-18.76%     

Best Buy Co., Inc.

     500,440        37,292,789  

BorgWarner, Inc.

     822,838        39,603,193  

CarMax, Inc.(b)(c)

    854,473        59,838,744  

Ford Motor Co.

     4,566,382        54,248,618  

General Motors Co.

     1,915,191        63,277,911  

Lennar Corp., Class A

     459,284        51,811,828  

Mohawk Industries, Inc.(b)

    596,636        63,183,752  

Newell Brands, Inc.(c)

    3,064,521        37,233,930  

PulteGroup, Inc.

     919,611        61,751,879  

Whirlpool Corp.(c)

    299,310        41,780,683  
    

 

 

  
       510,023,327  
    

 

 

  
Consumer Staples-8.38%     

Kraft Heinz Co. (The)

     661,833        25,990,182  

Kroger Co. (The)

     992,391        48,259,974  

Molson Coors Beverage Co., Class B(c)

    712,110        42,356,303  

Tyson Foods, Inc., Class A

     862,306        53,885,502  

Walgreens Boots Alliance, Inc.(c)

    1,626,278        57,326,300  
    

 

 

  
       227,818,261  
    

 

 

  
Energy-4.48%     

Kinder Morgan, Inc.

     856,776        14,693,708  

Phillips 66

     577,627        57,185,073  

Valero Energy Corp.

     436,574        50,061,941  
    

 

 

  
       121,940,722  
    

 

 

  
Financials-21.72%     

Allstate Corp. (The)

     142,563        16,503,093  

American International Group, Inc.

     603,520        32,010,701  

Assurant, Inc.

     222,775        27,430,286  

Bank of America Corp.

     493,000        14,435,040  

Bank of New York Mellon Corp. (The)

     549,291        23,394,304  

Berkshire Hathaway, Inc., Class B(b)

    134,334        44,135,436  

Capital One Financial Corp.

     446,507        43,445,131  

Citigroup, Inc.

     1,234,473        58,106,644  

Citizens Financial Group, Inc.

     699,903        21,654,999  

Fidelity National Information Services, Inc.

     447,288        26,264,751  

Franklin Resources, Inc.

     957,348        25,733,514  

Global Payments, Inc.

     148,478        16,734,955  

Goldman Sachs Group, Inc. (The)

     49,371        16,955,976  

Hartford Financial Services Group, Inc. (The)

     226,602        16,086,476  

Invesco Ltd.(d)

    2,286,628        39,169,938  

Lincoln National Corp.

     828,060        17,993,744  

Loews Corp.

     646,551        37,221,941  
        Shares          Value  
Financials-(continued)     

M&T Bank Corp.

     92,066      $ 11,581,903  

MetLife, Inc.

     212,826        13,052,618  

Prudential Financial, Inc.

     198,670        17,284,290  

State Street Corp.

     256,630        18,544,084  

Synchrony Financial

     554,630        16,367,131  

Truist Financial Corp.

     502,936        16,385,655  

Wells Fargo & Co.

     502,374        19,969,366  
    

 

 

  
       590,461,976  
    

 

 

  
Health Care-8.87%     

AmerisourceBergen Corp.

     220,716        36,826,465  

Cardinal Health, Inc.

     412,784        33,889,566  

Centene Corp.(b)

    563,174        38,819,584  

CVS Health Corp.

     421,301        30,885,576  

DaVita, Inc.(b)

    210,103        18,984,907  

Universal Health Services, Inc., Class B(c)

    225,497        33,903,474  

Viatris, Inc.

     5,127,856        47,842,897  
    

 

 

  
       241,152,469  
    

 

 

  
Industrials-8.03%     

Alaska Air Group, Inc.(b)(c)

    660,641        28,711,458  

American Airlines Group, Inc.(b)(c)

    2,028,344        27,666,612  

Delta Air Lines, Inc.(b)

    679,160        23,301,979  

FedEx Corp.

     224,215        51,071,693  

Southwest Airlines Co.

     388,118        11,756,094  

Stanley Black & Decker, Inc.

     426,671        36,838,774  

United Airlines Holdings, Inc.(b)

    887,541        38,874,296  
    

 

 

  
       218,220,906  
    

 

 

  
Information Technology-7.44%     

DXC Technology Co.(b)

    1,841,208        43,912,811  

Hewlett Packard Enterprise Co.

     2,817,480        40,346,314  

HP, Inc.

     761,089        22,611,954  

Intel Corp.

     783,707        24,341,939  

Micron Technology, Inc.

     378,601        24,366,760  

Western Digital Corp.(b)

    1,357,132        46,739,626  
    

 

 

  
       202,319,404  
    

 

 

  
Materials-8.03%     

Celanese Corp.

     152,044        16,153,155  

Dow, Inc.

     622,706        33,875,206  

DuPont de Nemours, Inc.

     211,689        14,758,957  

Eastman Chemical Co.

     237,766        20,036,541  

International Paper Co.

     1,092,408        36,169,629  

LyondellBasell Industries N.V., Class A

     433,566        41,019,679  

WestRock Co.

     1,885,511        56,433,344  
    

 

 

  
       218,446,511  
    

 

 

  
Real Estate-0.59%     

CBRE Group, Inc., Class A(b)

    210,946        16,171,120  
    

 

 

  
Utilities-1.92%     

Evergy, Inc.

     230,751        14,331,945  

Exelon Corp.

     498,387        21,151,544  

Pinnacle West Capital Corp.

     213,219        16,729,163  
    

 

 

  
       52,212,652  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $3,051,995,337)

 

      2,714,962,353  
    

 

 

  
 

 

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

 

 

 

   21  

 

 

Invesco S&P 500® Pure Value ETF (RPV)–(continued)

April 30, 2023

 

        Shares          Value  
Money Market Funds-0.04%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $1,188,078)

     1,188,078      $ 1,188,078  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.89%
(Cost $3,053,183,415)

 

      2,716,150,431  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.51%

 

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

    80,004,554        80,004,554  
        Shares          Value  
Money Market Funds-(continued)     
Invesco Private Prime Fund, 4.99%(d)(e)(f)     205,725,996      $ 205,725,996  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $285,755,895)

 

      285,730,550  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-110.40%
(Cost $3,338,939,310)

 

      3,001,880,981  

OTHER ASSETS LESS LIABILITIES-(10.40)%

 

      (282,726,663 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 2,719,154,318  
    

 

 

  
 

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

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

(d)

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

 

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

Invesco Ltd.

     $ 36,016,603      $ 28,644,677      $ (20,592,376 )     $ (2,861,389 )     $ (2,037,577 )     $ 39,169,938      $ 1,592,828

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       228,618        123,706,900        (122,747,440 )       -       -       1,188,078        70,499

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private
Government Fund

       36,255,009        897,333,686        (853,584,141 )       -       -       80,004,554        2,584,635 *

Invesco Private Prime
Fund

       84,530,808        1,921,620,925        (1,800,384,405 )       (28,054 )       (13,278 )       205,725,996        7,153,591 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total

     $ 157,031,038      $ 2,971,306,188      $ (2,797,308,362 )     $ (2,889,443 )     $ (2,050,855 )     $ 326,088,566      $ 11,401,553
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e)

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

(f)

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

 

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

 

 

 

   22  

 

 

Invesco S&P 500® Top 50 ETF (XLG)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.97%

 

Communication Services-12.61%     

Alphabet, Inc., Class A(b)

    690,401      $ 74,107,643  

Alphabet, Inc., Class C(b)

    601,974        65,145,626  

AT&T, Inc.

     825,472        14,586,090  

Comcast Corp., Class A

     487,155        20,153,603  

Meta Platforms, Inc., Class A(b)

    258,108        62,028,515  

Verizon Communications, Inc.

     486,388        18,886,446  

Walt Disney Co. (The)(b)

    211,554        21,684,285  
    

 

 

  
       276,592,208  
    

 

 

  
Consumer Discretionary-10.90%     

Amazon.com, Inc.(b)

    1,033,542        108,987,004  

Home Depot, Inc. (The)

     118,221        35,530,140  

McDonald’s Corp.

     84,811        25,082,853  

NIKE,Inc.,Class B

     144,224        18,276,065  

Tesla, Inc.(b)

    311,868        51,243,031  
    

 

 

  
       239,119,093  
    

 

 

  
Consumer Staples-7.77%     

Coca-Cola Co. (The)

     450,715        28,913,367  

Costco Wholesale Corp.

     51,426        25,878,592  

PepsiCo, Inc.

     159,451        30,437,601  

Philip Morris International, Inc.

     179,570        17,951,613  

Procter & Gamble Co. (The)

     273,508        42,771,181  

Walmart, Inc.

     162,430        24,522,057  
    

 

 

  
       170,474,411  
    

 

 

  
Energy-4.16%     

Chevron Corp.

     206,252        34,769,962  

Exxon Mobil Corp.

     477,398        56,495,279  
    

 

 

  
       91,265,241  
    

 

 

  
Financials-10.85%     

Bank of America Corp.

     808,272        23,666,204  

Berkshire Hathaway, Inc., Class B(b)

    208,857        68,619,967  

JPMorgan Chase & Co.

     340,130        47,019,571  

Mastercard, Inc., Class A

     97,835        37,180,235  

Visa, Inc., Class A(c)

    188,344        43,833,299  

Wells Fargo & Co.

     441,242        17,539,370  
    

 

 

  
       237,858,646  
    

 

 

  
Health Care-14.83%     

Abbott Laboratories

     201,914        22,305,439  

AbbVie, Inc.

     205,082        30,991,992  

Bristol-Myers Squibb Co.

     246,193        16,438,307  

Danaher Corp.

     75,892        17,979,574  

Eli Lilly and Co.

     91,454        36,202,980  

Johnson & Johnson

     303,121        49,620,908  

Medtronic PLC

     154,085        14,014,031  
        Shares          Value  
Health Care-(continued)     

Merck & Co., Inc.

     293,995      $ 33,947,603  

Pfizer, Inc.

     650,022        25,279,355  

Thermo Fisher Scientific, Inc.

     45,427        25,207,442  

UnitedHealth Group, Inc.

     108,299        53,292,855  
    

 

 

  
       325,280,486  
    

 

 

  
Industrials-0.63%     

Union Pacific Corp.

     70,874        13,870,042  
    

 

 

  
Information Technology-37.26%     

Accenture PLC, Class A

     72,943        20,445,194  

Adobe, Inc.(b)

    53,022        20,018,986  

Advanced Micro Devices, Inc.(b)

    186,723        16,687,435  

Apple, Inc.

     1,724,065        292,539,349  

Broadcom, Inc.

     48,373        30,305,685  

Cisco Systems, Inc.

     475,705        22,477,061  

Intel Corp.

     479,066        14,879,790  

Microsoft Corp.

     862,885        265,130,045  

NVIDIA Corp.

     285,206        79,141,813  

QUALCOMM, Inc.

     129,088        15,077,478  

Salesforce, Inc.(b)

    115,800        22,971,246  

Texas Instruments, Inc.

     104,916        17,541,955  
    

 

 

  
       817,216,037  
    

 

 

  
Materials-0.96%     

Linde PLC

     57,059        21,080,448  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $1,901,307,828)

 

      2,192,756,612  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.77%     

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

    10,832,299        10,832,299  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    27,854,484        27,854,484  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $38,686,946)

 

      38,686,783  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-101.74%
(Cost $1,939,994,774)

 

      2,231,443,395  

OTHER ASSETS LESS LIABILITIES-(1.74)%

 

      (38,057,783 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 2,193,385,612  
    

 

 

  
 

 

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

 

 

 

   23  

 

 

Invesco S&P 500® Top 50 ETF (XLG)–(continued)

April 30, 2023

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                  

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 31,053,032      $ (31,053,032 )      $ -      $ -      $ -      $ 17,698

Investments Purchased with Cash Collateral from Securities on Loan:

                                  

Invesco Private Government Fund

       12,114,562        214,682,580        (215,964,843 )        -        -        10,832,299        420,358 *

Invesco Private Prime Fund

       25,624,591        407,954,984        (405,724,881 )        (4,506 )        4,296        27,854,484        1,122,895 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 37,739,153      $ 653,690,596      $ (652,742,756 )      $ (4,506 )      $ 4,296      $ 38,686,783      $ 1,560,951
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e)

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

(f)

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

 

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

 

 

 

   24  

 

 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.94%

 

Communication Services-3.40%     
Nexstar Media Group, Inc., Class A     25,665      $ 4,451,594  

World Wrestling Entertainment, Inc., Class A(b)

     35,938        3,851,476  
    

 

 

  
       8,303,070  
    

 

 

  
Consumer Discretionary-11.33%     

Crocs, Inc.(c)

    19,317        2,388,934  

Deckers Outdoor Corp.(c)

    5,140        2,463,808  

Grand Canyon Education, Inc.(c)

    33,373        3,961,375  

H&R Block, Inc.(b)

    56,996        1,932,734  

Murphy USA, Inc.

     18,270        5,028,452  

Service Corp. International

     26,594        1,866,633  

Tempur Sealy International, Inc.

     80,956        3,033,421  

Texas Roadhouse, Inc.

     24,560        2,716,827  

Visteon Corp.(c)

    11,019        1,546,958  

Wingstop, Inc.(b)

    13,785        2,758,516  
    

 

 

  
       27,697,658  
    

 

 

  
Consumer Staples-5.16%     

Casey’s General Stores, Inc.

     14,769        3,379,443  

Celsius Holdings, Inc.(b)(c)

    44,922        4,293,195  

Darling Ingredients, Inc.(b)(c)

    50,199        2,990,354  

Lancaster Colony Corp.(b)

    9,355        1,956,318  
    

 

 

  
       12,619,310  
    

 

 

  
Energy-18.96%     

Antero Resources Corp.(c)

    187,883        4,319,430  

CNX Resources Corp.(b)(c)

    251,566        3,906,820  

DT Midstream, Inc.(b)

    71,220        3,509,009  

Matador Resources Co.

     95,001        4,657,899  

Murphy Oil Corp.

     93,710        3,440,094  

NOV, Inc.

     126,314        2,115,760  

PBF Energy, Inc., Class A

     176,432        6,150,420  

PDC Energy, Inc.

     88,459        5,754,258  

Range Resources Corp.

     199,633        5,280,293  

Southwestern Energy Co.(c)

    762,474        3,957,240  

Valaris Ltd.(b)(c)

    54,581        3,274,860  
    

 

 

  
       46,366,083  
    

 

 

  
Financials-11.86%     

Annaly Capital Management, Inc.(b)

    309,500        6,183,810  

FirstCash Holdings, Inc.

     20,753        2,138,181  

Jefferies Financial Group, Inc.

     110,693        3,545,497  

Kinsale Capital Group, Inc.(b)

    17,783        5,809,883  

RLI Corp.

     32,513        4,520,933  

Selective Insurance Group, Inc.

     18,021        1,735,963  

SLM Corp.

     214,108        3,215,902  

WEX, Inc.(b)(c)

    10,416        1,847,278  
    

 

 

  
       28,997,447  
    

 

 

  
Health Care-13.72%     

Exelixis, Inc.(c)

    101,305        1,853,882  

Halozyme Therapeutics, Inc.(c)

    90,799        2,917,372  

HealthEquity, Inc.(b)(c)

    22,449        1,199,899  

Inari Medical, Inc.(b)(c)

    47,988        3,187,363  

Jazz Pharmaceuticals PLC(b)(c)

    16,917        2,376,331  

Lantheus Holdings, Inc.(c)

    39,080        3,339,386  

Medpace Holdings, Inc.(b)(c)

    13,159        2,633,642  

Neurocrine Biosciences, Inc.(c)

    38,537        3,893,778  
        Shares          Value  
Health Care-(continued)     
Option Care Health, Inc.(c)     78,948      $ 2,538,178  

Repligen Corp.(b)(c)

    10,970        1,663,381  

Shockwave Medical, Inc.(c)

    22,213        6,445,324  

United Therapeutics Corp.(c)

    6,454        1,485,259  
    

 

 

  
       33,533,795  
    

 

 

  
Industrials-18.60%     

Avis Budget Group, Inc.(b)(c)

    17,073        3,016,287  

Axon Enterprise, Inc.(c)

    21,256        4,478,852  

Builders FirstSource, Inc.(c)

    66,008        6,255,578  

Carlisle Cos., Inc.(b)

    8,613        1,859,116  

Clean Harbors, Inc.(c)

    20,360        2,955,458  

Concentrix Corp.

     18,569        1,792,094  

EMCOR Group, Inc.(b)

    14,002        2,394,342  

ExlService Holdings, Inc.(c)

    14,245        2,541,023  

FTI Consulting, Inc.(b)(c)

    12,200        2,202,100  

KBR, Inc.(b)

    34,237        1,942,265  

Landstar System, Inc.(b)

    20,168        3,550,173  

Paylocity Holding Corp.(b)(c)

    8,250        1,594,643  

Simpson Manufacturing Co., Inc.

     24,519        3,084,000  

Toro Co. (The)

     14,809        1,543,986  

UFP Industries, Inc.(b)

    46,020        3,613,490  

Valmont Industries, Inc.

     9,170        2,664,435  
    

 

 

  
       45,487,842  
    

 

 

  
Information Technology-3.92%     

Amkor Technology, Inc.

     144,435        3,231,012  

Belden, Inc.

     28,455        2,244,815  

Calix, Inc.(c)

    27,260        1,245,782  

Cirrus Logic, Inc.(b)(c)

    33,505        2,874,394  
    

 

 

  
       9,596,003  
    

 

 

  
Materials-9.92%     

Cabot Corp.(b)

    31,138        2,234,463  

Eagle Materials, Inc.(b)

    12,954        1,919,912  

Louisiana-Pacific Corp.

     65,687        3,924,141  

MP Materials Corp.(b)(c)

    88,523        1,918,293  

Olin Corp.

     44,503        2,465,466  

Reliance Steel & Aluminum Co.

     19,104        4,733,971  

Silgan Holdings, Inc.

     49,483        2,437,533  

Westlake Corp.(b)

    40,557        4,614,576  
    

 

 

  
       24,248,355  
    

 

 

  
Utilities-3.07%     

Essential Utilities, Inc.

     66,989        2,860,430  

OGE Energy Corp.

     60,708        2,278,978  

ONE Gas, Inc.(b)

    30,750        2,366,213  
    

 

 

  
       7,505,621  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $236,540,244)

 

      244,355,184  
    

 

 

  

 

 

 

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

 

 

 

   25  

 

 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)–(continued)

April 30, 2023

 

        Shares          Value  
Money Market Funds-0.08%

 

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $210,840)

     210,840      $ 210,840  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $236,751,084)

 

      244,566,024  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-18.07%     

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

    12,371,070        12,371,070  
        Shares          Value  
Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    31,811,322      $ 31,811,322  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $44,182,823)

 

      44,182,392  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-118.09%
(Cost $280,933,907)

 

      288,748,416  

OTHER ASSETS LESS LIABILITIES-(18.09)%

 

      (44,238,941 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 244,509,475  
    

 

 

  
 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		      Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain		      Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                     
Invesco Government & Agency Portfolio, Institutional Class    $ -      $ 4,309,867      $ (4,099,027 )     $ -      $ -      $ 210,840      $ 2,910  
Investments Purchased with Cash Collateral from Securities on Loan:                     

Invesco Private Government Fund

      20,042,244        164,357,691        (172,028,865 )       -        -        12,371,070        386,491 * 

Invesco Private Prime Fund

      48,584,214        310,475,393        (327,252,314 )       (1,744 )       5,773        31,811,322        1,056,786 * 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 68,626,458      $ 479,142,951      $ (503,380,206 )     $ (1,744 )     $ 5,773      $ 44,393,232      $ 1,446,187  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

 

 

   26  

 

 

Invesco S&P MidCap 400® Pure Value ETF (RFV)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.93%

 

Communication Services-0.53%

 

   

Frontier Communications Parent,
Inc.(b)(c)

    59,294      $     1,336,487  
    

 

 

  
Consumer Discretionary-35.22%

 

   

Adient PLC(b)(c)

    115,437        4,264,243  

Dana, Inc.(c)

    262,396        3,880,837  

Foot Locker, Inc.(c)

    131,003        5,500,816  

Gap, Inc. (The)(c)

    278,914        2,677,574  

Goodyear Tire & Rubber Co.
(The)(b)(c)

    766,307        8,176,496  

Graham Holdings Co., Class B(c)

    6,348        3,653,718  

KB Home

     205,792        9,017,805  

Kohl’s Corp.(c)

    239,961        5,286,341  

Lear Corp.(c)

    21,129        2,697,328  

Lithia Motors, Inc., Class A(c)

    24,618        5,437,870  

Macy’s, Inc.(c)

    206,154        3,368,556  

Nordstrom, Inc.(c)

    181,004        2,798,322  

PVH Corp.

     78,482        6,734,540  

Skechers U.S.A., Inc., Class A(b)(c)

    32,073        1,705,963  

Taylor Morrison Home Corp., Class A(b)

    222,319        9,579,726  

Thor Industries, Inc.(c)

    68,832        5,439,105  

Toll Brothers, Inc.

     85,122        5,440,147  

Topgolf Callaway Brands Corp.(b)(c)

    109,180        2,420,521  
    

 

 

  
       88,079,908  
    

 

 

  
Consumer Staples-2.01%

 

   

Pilgrim’s Pride Corp.(b)(c)

    154,454        3,523,096  

Post Holdings, Inc.(b)(c)

    16,531        1,495,890  
    

 

 

  
       5,018,986  
    

 

 

  
Financials-14.82%

 

   

Associated Banc-Corp(c)

    67,791        1,208,714  

Brighthouse Financial, Inc.(b)

    131,812        5,826,090  

CNO Financial Group, Inc.

     70,858        1,590,054  

Essent Group Ltd.

     41,454        1,760,551  

F.N.B. Corp.(c)

    121,198        1,391,353  

First American Financial Corp.

     49,805        2,869,266  

Janus Henderson Group PLC(c)

    82,331        2,136,490  

Kemper Corp.

     33,669        1,637,997  

MGIC Investment Corp.

     151,774        2,256,879  

Navient Corp.

     226,971        3,754,100  

New York Community Bancorp, Inc.(c)

    352,000        3,762,880  

Old Republic International Corp.

     89,752        2,268,033  

Reinsurance Group of America, Inc.

     10,721        1,525,813  

Starwood Property Trust, Inc.(c)

    74,562        1,333,914  

Unum Group

     89,066        3,758,585  
    

 

 

  
       37,080,719  
    

 

 

  
Health Care-7.49%

 

   

Enovis Corp.(b)(c)

    64,528        3,758,756  

Patterson Cos., Inc.

     84,035        2,278,189  

Perrigo Co. PLC.

     74,386        2,766,415  

Syneos Health, Inc.(b)

    102,809        4,036,282  

Tenet Healthcare Corp.(b)

    80,338        5,890,382  
    

 

 

  
       18,730,024  
    

 

 

  
Industrials-11.18%

 

   

Fluor Corp.(b)(c)

    71,419        2,075,436  

GXO Logistics, Inc.(b)(c)

    45,594        2,422,409  

Hertz Global Holdings, Inc.(b)(c)

    82,652        1,378,635  

JetBlue Airways Corp.(b)

    791,296        5,649,853  
        Shares          Value  
Industrials-(continued)

 

   

ManpowerGroup, Inc.

     51,887      $     3,928,365  

Ryder System, Inc.

     47,492        3,759,467  

Univar Solutions, Inc.(b)

    101,869        3,616,350  

XPO, Inc.(b)

    116,016        5,125,587  
    

 

 

  
       27,956,102  
    

 

 

  
Information Technology-14.44%

 

   

Arrow Electronics, Inc.(b)

    51,433        5,885,478  

Avnet, Inc.

     142,843        5,893,702  

Coherent Corp.(b)

    50,118        1,711,029  

Jabil, Inc.

     49,903        3,899,919  

Kyndryl Holdings, Inc.(b)(c)

    229,674        3,321,086  

MKS Instruments, Inc.(c)

    19,432        1,629,762  

NCR Corp.(b)(c)

    143,224        3,192,463  

TD SYNNEX Corp.

     53,936        4,802,461  

Vishay Intertechnology, Inc.

     59,362        1,263,817  

Xerox Holdings Corp.

     287,641        4,507,335  
    

 

 

  
       36,107,052  
    

 

 

  
Materials-7.46%

 

   

Alcoa Corp.

     36,980        1,373,437  

Avient Corp.

     60,853        2,343,449  

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

    379,395        5,835,095  

Greif, Inc., Class A(c)

    33,288        2,090,154  

United States Steel Corp.

     306,232        7,006,588  
    

 

 

  
       18,648,723  
    

 

 

  
Real Estate-5.51%

 

   

Cousins Properties, Inc.(c)

    78,538        1,712,914  

Jones Lang LaSalle, Inc.(b)(c)

    18,579        2,583,224  

Kilroy Realty Corp.

     38,809        1,134,775  

Medical Properties Trust, Inc.(c)

    171,142        1,500,915  

Park Hotels & Resorts, Inc.(c)

    328,389        3,957,088  

Sabra Health Care REIT, Inc.

     101,237        1,154,102  

Vornado Realty Trust(c)

    115,412        1,732,334  
    

 

 

  
       13,775,352  
    

 

 

  
Utilities-1.27%

 

   

Southwest Gas Holdings, Inc.

     23,135        1,295,560  

UGI Corp.(c)

    55,914        1,894,366  
    

 

 

  
       3,189,926  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $271,309,816)

 

      249,923,279  
    

 

 

  
Money Market Funds-0.04%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $110,321)

     110,321        110,321  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $271,420,137)

 

      250,033,600  
    

 

 

  

 

 

 

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

 

 

 

   27  

 

 

Invesco S&P MidCap 400® Pure Value ETF (RFV)–(continued)

April 30, 2023

 

        Shares          Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-20.41%     

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

    14,295,372      $ 14,295,372  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    36,759,529        36,759,529  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $51,057,268)

 

      51,054,901  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-120.38%
(Cost $322,477,405)

 

      301,088,501  

OTHER ASSETS LESS LIABILITIES-(20.38)%

 

      (50,983,139 ) 
    

 

 

  

NET ASSETS-100.00%.

 

    $ 250,105,362  
    

 

 

  
 

Investment Abbreviations:

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) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 89,315      $ 4,929,290      $ (4,908,284 )      $ -      $ -      $ 110,321      $ 2,241
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

       7,518,534        117,811,516        (111,034,678 )        -        -        14,295,372        359,521 *

Invesco Private Prime Fund

       17,532,140        214,967,246        (195,734,051 )        (4,019 )        (1,787 )        36,759,529        983,077 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 25,139,989      $ 337,708,052      $ (311,677,013 )      $ (4,019 )      $ (1,787 )      $ 51,165,222      $ 1,344,839
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

 

 

   28  

 

 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.01%

 

Communication Services-1.73%     

ATN International, Inc.

     17,455      $ 631,347  

Cars.com, Inc.(b)

    45,106        882,725  
    

 

 

  
       1,514,072  
    

 

 

  
Consumer Discretionary-8.46%     

Adtalem Global Education, Inc.(b)(c)

    23,607        957,736  

Cavco Industries, Inc.(b)(c)

    2,961        888,951  

Ethan Allen Interiors, Inc.(c)

    20,230        565,024  

Green Brick Partners, Inc.(b)(c)

    42,387        1,579,764  

Jack in the Box, Inc.

     10,310        955,634  

Monarch Casino & Resort, Inc.(c)

    12,396        859,787  

Stride, Inc.(b)(c)

    16,473        707,680  

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

    12,238        894,108  
    

 

 

  
       7,408,684  
    

 

 

  
Consumer Staples-5.71%     

Cal-Maine Foods, Inc.

     17,010        807,975  

elf Beauty, Inc.(b)

    14,600        1,354,296  

Hostess Brands, Inc.(b)

    16,935        436,246  

Medifast, Inc.(c)

    4,182        383,280  

MGP Ingredients, Inc.

     7,158        706,351  

Simply Good Foods Co. (The)(b)

    20,657        751,295  

Tootsie Roll Industries, Inc.(c)

    13,659        558,380  
    

 

 

  
       4,997,823  
    

 

 

  
Energy-11.81%     

Civitas Resources, Inc.(c)

    22,852        1,577,930  

Comstock Resources, Inc.(c)

    130,234        1,497,691  

CONSOL Energy, Inc.

     6,930        411,226  

Dorian LPG Ltd

     55,208        1,226,722  

Northern Oil and Gas, Inc.

     30,773        1,020,740  

Ranger Oil Corp.

     20,064        826,637  

REX American Resources Corp.(b)

    43,638        1,234,519  

RPC, Inc.

     47,582        351,631  

SM Energy Co.

     40,048        1,124,548  

Vital Energy, Inc.(b)(c)

    22,924        1,066,654  
    

 

 

  
       10,338,298  
    

 

 

  
Financials-13.33%     

ARMOUR Residential REIT, Inc.(c)

    247,026        1,259,833  

Avantax, Inc.(b)

    26,838        680,880  

BancFirst Corp.

     5,795        462,962  

Bancorp, Inc. (The)(b)(c)

    13,693        436,944  

Banner Corp.

     5,115        255,341  

City Holding Co.

     4,678        426,587  

CVB Financial Corp.(c)

    12,701        190,134  

Dime Community Bancshares, Inc.(c)

    17,658        363,755  

First Bancorp.

     53,104        623,972  

Hanmi Financial Corp.

     29,286        473,262  

Heritage Financial Corp.

     12,762        224,739  

Mr. Cooper Group, Inc.(b)

    28,930        1,339,459  

NBT Bancorp, Inc.(c)

    11,469        369,760  

OFG Bancorp

     33,994        869,226  

Palomar Holdings, Inc.(b)(c)

    12,662        636,392  

Piper Sandler Cos.

     5,544        750,879  

Preferred Bank

     7,336        352,715  

ServisFirst Bancshares, Inc.

     5,796        292,698  
        Shares          Value  
Financials-(continued)     

Stellar Bancorp, Inc.(c)

    18,620      $ 427,143  

StoneX Group, Inc.(b)

    12,541        1,229,896  
    

 

 

  
       11,666,577  
    

 

 

  
Health Care-18.84%     

AdaptHealth Corp.(b)(c)

    31,320        372,082  

Addus HomeCare Corp.(b)

    3,482        284,619  

AMN Healthcare Services, Inc.(b)

    9,620        830,687  

Amphastar Pharmaceuticals, Inc.(b)(c)

    23,778        850,539  

Arcus Biosciences, Inc.(b)(c)

    19,777        353,020  

Catalyst Pharmaceuticals, Inc.(b)

    78,126        1,243,766  

Collegium Pharmaceutical, Inc.(b)

    16,957        394,589  

Corcept Therapeutics, Inc.(b)(c)

    29,366        661,616  

Cross Country Healthcare, Inc.(b)(c)

    46,507        1,022,224  

Cytokinetics, Inc.(b)

    27,308        1,021,319  

Dynavax Technologies Corp.(b)(c)

    94,081        979,383  

Ensign Group, Inc. (The)

     8,899        864,004  

Innoviva, Inc.(b)(c)

    57,248        671,519  

iTeos Therapeutics, Inc.(b)

    89,664        1,231,983  

NextGen Healthcare, Inc.(b)

    20,723        346,903  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(e)

    2,880        0  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(e)

    2,881        0  

Pacira BioSciences, Inc.(b)

    7,403        335,430  

REGENXBIO, Inc.(b)(c)

    33,358        645,811  

Supernus Pharmaceuticals, Inc.(b)

    16,880        622,197  

uniQure N.V. (Netherlands)(b)(c)

    29,639        575,293  

Veradigm, Inc.(b)(c)

    25,719        321,230  

Vir Biotechnology, Inc.(b)(c)

    64,624        1,625,294  

Xencor, Inc.(b)(c)

    13,510        357,204  

Zynex, Inc.(b)(c)

    77,176        882,893  
    

 

 

  
       16,493,605  
    

 

 

  
Industrials-16.64%     

AAON, Inc.(c)

    8,615        844,270  

Aerojet Rocketdyne Holdings, Inc.(b)(c)

    6,856        386,747  

AeroVironment, Inc.(b)

    4,168        419,676  

Applied Industrial Technologies, Inc.

     3,656        495,973  

Boise Cascade Co.

     15,653        1,069,256  

Comfort Systems USA, Inc.

     7,171        1,071,993  

Encore Wire Corp.(c)

    8,498        1,328,492  

EnPro Industries, Inc.

     4,478        422,141  

Forward Air Corp.

     6,729        709,977  

Franklin Electric Co., Inc.

     4,703        420,777  

Hillenbrand, Inc.(c)

    8,818        402,277  

Lindsay Corp.

     4,992        602,734  

Marten Transport Ltd.

     35,600        718,764  

Matson, Inc.

     18,460        1,255,834  

Mueller Industries, Inc.(c)

    14,408        1,035,215  

NV5 Global, Inc.(b)(c)

    3,957        374,847  

PGT Innovations, Inc.(b)(c)

    40,651        1,043,105  

Sun Country Airlines Holdings,
Inc.(b)(c)

    33,386        658,706  

Titan International, Inc.(b)(c)

    58,124        567,290  

Verra Mobility Corp.(b)(c)

    43,649        739,850  
    

 

 

  
       14,567,924  
    

 

 

  
Information Technology-17.06%     

A10 Networks, Inc.

     20,949        296,219  
 

 

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

 

 

 

   29  

 

 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)

April 30, 2023

 

        Shares          Value  
Information Technology-(continued)

 

Advanced Energy Industries, Inc.(c)

    11,778      $     1,018,797  

Agilysys, Inc.(b)

    6,650        518,966  

Alpha & Omega Semiconductor
Ltd.(b)(c)

    23,641        564,547  

Axcelis Technologies, Inc.(b)(c)

    17,154        2,029,318  

Badger Meter, Inc.

     3,758        497,296  

Clearfield, Inc.(b)(c)

    12,692        554,387  

CTS Corp.(c)

    10,618        416,332  

Digi International, Inc.(b)(c)

    12,631        380,951  

Diodes, Inc.(b)

    6,067        483,540  

DoubleVerify Holdings, Inc.(b)(c)

    33,924        998,044  

Extreme Networks, Inc.(b)

    18,217        323,898  

Fabrinet (Thailand)(b)(c)

    5,144        488,423  

Harmonic, Inc.(b)(c)

    47,126        664,005  

Kulicke & Soffa Industries, Inc. (Singapore)(c)

    19,033        907,113  

MaxLinear, Inc.(b)

    11,440        276,047  

NetScout Systems, Inc.(b)

    10,155        276,317  

Onto Innovation, Inc.(b)(c)

    6,333        512,846  

Photronics, Inc.(b)

    49,210        711,577  

Plexus Corp.(b)

    5,044        441,199  

Progress Software Corp.

     9,858        541,007  

Rambus, Inc.(b)

    28,814        1,277,613  

SPS Commerce, Inc.(b)

    2,506        369,134  

Veeco Instruments, Inc.(b)(c)

    20,907        385,107  
    

 

 

  
       14,932,683  
    

 

 

  
Materials-3.97%     

American Vanguard Corp.

     25,088        482,944  

Hawkins, Inc.

     22,355        901,801  

Innospec, Inc.(c)

    4,560        463,433  

Kaiser Aluminum Corp.(c)

    9,708        638,010  

Livent Corp.(b)(c)

    16,830        367,735  

Myers Industries, Inc.

     32,838        622,280  
    

 

 

  
       3,476,203  
    

 

 

  
        Shares          Value  
Real Estate-1.51%     

Marcus & Millichap, Inc.(c)

    17,255      $ 543,015  

St. Joe Co. (The)

     19,056        783,201  
    

 

 

  
       1,326,216  
    

 

 

  
Utilities-0.95%     

SJW Group

     5,328        404,502  

Unitil Corp.

     7,729        429,655  
    

 

 

  
       834,157  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $90,853,758)

 

      87,556,242  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.57%     

Invesco Private Government Fund, 4.83%(f)(g)(h)

    7,134,462        7,134,462  

Invesco Private Prime Fund,
4.99%(f)(g)(h)

    20,506,800        20,506,800  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $27,643,030)

 

      27,641,262  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-131.58%
(Cost $118,496,788)

 

      115,197,504  

OTHER ASSETS LESS LIABILITIES-(31.58)%

 

      (27,645,256 ) 
    

 

 

  

NET ASSETS-100.00%.

 

    $     87,552,248  
    

 

 

  
 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Rts. -Rights

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2023 represented 1.02% of the Fund’s Net Assets.

(e) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(f) 

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

 

     Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		      Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain		      Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money Market Funds:                     

Invesco Government & Agency

Portfolio, Institutional Class

    $ 56,928      $ 3,041,411      $ (3,098,339 )     $ -      $ -      $ -      $ 1,131  

 

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

 

 

 

   30  

 

 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)

April 30, 2023

 

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

Invesco Private Government Fund

     $ 11,064,178      $ 44,893,951      $ (48,823,667 )      $ -      $ -      $ 7,134,462      $ 260,856 *

Invesco Private Prime Fund

       25,804,690        85,356,743        (90,657,665 )        (3,151 )        6,183        20,506,800        708,337 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 36,925,796      $ 133,292,105      $ (142,579,671 )      $ (3,151 )      $ 6,183      $ 27,641,262      $ 970,324
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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, 2023.

(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 2I.

 

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

 

 

 

   31  

 

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.96%

 

Communication Services-6.88%     

AMC Networks, Inc., Class A(b)

    178,719      $ 3,161,539  

Consolidated Communications Holdings, Inc.(b)

     476,733        1,844,957  

E.W. Scripps Co. (The), Class A(b)(c)

    189,929        1,601,101  

Gannett Co., Inc.(b)

    670,351        1,273,667  

Lumen Technologies, Inc.(c)

    1,739,584        4,122,814  

Marcus Corp. (The)(c)

    53,727        941,297  

Scholastic Corp.

     18,228        701,231  

Telephone & Data Systems, Inc.

     364,147        3,641,470  

Thryv Holdings, Inc.(b)(c)

    59,671        1,340,211  
    

 

 

  
       18,628,287  
    

 

 

  
Consumer Discretionary-29.52%     

Aaron’s Co., Inc. (The)

     313,760        4,188,696  

Abercrombie & Fitch Co., Class A(b)(c)

    89,293        2,101,957  

American Axle & Manufacturing Holdings, Inc.(b)(c)

    162,956        1,165,135  

American Eagle Outfitters, Inc.(c)

    74,027        991,222  

America’s Car-Mart, Inc.(b)(c)

    40,798        3,279,751  

Big Lots, Inc.(c)

    201,990        1,815,890  

Caleres, Inc.(c)

    75,428        1,719,758  

Century Communities, Inc.

     68,686        4,625,315  

Chico’s FAS, Inc.(b)(c)

    196,400        989,856  

Children’s Place, Inc. (The)(b)(c)

    50,467        1,495,842  

Designer Brands, Inc., Class A(c)

    145,015        1,187,673  

El Pollo Loco Holdings, Inc.(c)

    63,460        591,447  

Genesco, Inc.(b)(c)

    56,272        1,950,388  

G-III Apparel Group Ltd.(b)(c)

    280,389        4,402,107  

Group 1 Automotive, Inc.(c)

    13,100        2,940,688  

Guess?, Inc.

     46,460        875,771  

Hanesbrands, Inc.(c)

    327,376        1,715,450  

La-Z-Boy, Inc.(c)

    63,166        1,814,759  

LGI Homes, Inc.(b)(c)

    7,215        857,142  

M.D.C. Holdings, Inc.

     93,877        3,846,141  

M/I Homes, Inc.(b)

    88,962        6,017,390  

MarineMax, Inc.(b)(c)

    93,180        2,713,402  

Meritage Homes Corp.

     25,909        3,317,648  

ODP Corp. (The)(b)

    46,321        2,001,530  

Patrick Industries, Inc.

     43,745        3,002,219  

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

    111,653        1,588,822  

Shoe Carnival, Inc.(c)

    52,208        1,213,836  

Signet Jewelers Ltd

     19,169        1,410,455  

Sleep Number Corp.(b)(c)

    33,811        762,438  

Sonic Automotive, Inc., Class A(c)

    42,031        1,871,220  

Standard Motor Products, Inc.

     25,743        927,006  

Tri Pointe Homes, Inc.(b)

    160,496        4,603,025  

Upbound Group, Inc.

     67,385        1,796,484  

Urban Outfitters, Inc.(b)(c)

    41,149        1,113,492  

Wolverine World Wide, Inc.(c)

    220,713        3,694,736  

Zumiez, Inc.(b)(c)

    73,591        1,286,739  
    

 

 

  
       79,875,430  
    

 

 

  
Consumer Staples-4.61%     

B&G Foods, Inc.(c)

    129,801        2,082,008  

Fresh Del Monte Produce, Inc.

     130,228        3,738,846  

Seneca Foods Corp., Class A(b)(c)

    43,298        2,060,985  

SpartanNash Co.

     66,816        1,638,328  
        Shares          Value  
Consumer Staples-(continued)     

United Natural Foods, Inc.(b)

    55,794      $ 1,521,502  

Universal Corp.

     25,940        1,423,847  
    

 

 

  
       12,465,516  
    

 

 

  
Energy-3.98%     

Bristow Group, Inc.(b)

    62,186        1,391,100  

DMC Global, Inc.(b)

    61,885        1,172,102  

Helix Energy Solutions Group, Inc.(b)

    183,356        1,329,331  

Oil States International, Inc.(b)

    329,596        2,320,356  

Par Pacific Holdings, Inc.(b)

    83,079        1,946,541  

World Fuel Services Corp.

     110,142        2,603,757  
    

 

 

  
       10,763,187  
    

 

 

  
Financials-12.17%     

Ambac Financial Group, Inc.(b)

    80,166        1,278,648  

Apollo Commercial Real Estate Finance, Inc.(c)

     96,265        974,202  

Bread Financial Holdings, Inc.(c)

    46,102        1,272,415  

Encore Capital Group, Inc.(b)(c)

    25,138        1,291,590  

Enova International, Inc.(b)

    18,345        805,712  

EZCORP, Inc., Class A(b)(c)

    230,571        1,985,216  

Genworth Financial, Inc., Class A(b)

    788,535        4,581,388  

Green Dot Corp., Class A(b)(c)

    46,402        797,650  

Hilltop Holdings, Inc.(c)

    25,347        786,264  

HomeStreet, Inc.

     31,555        307,977  

Hope Bancorp, Inc.

     67,476        614,032  

LendingTree, Inc.(b)(c)

    50,753        1,209,444  

PacWest Bancorp

     120,312        1,221,167  

ProAssurance Corp.

     44,930        806,943  

PROG Holdings, Inc.(b)(c)

    86,457        2,613,595  

Radian Group, Inc.(c)

    70,758        1,717,297  

Ready Capital Corp.(c)

    65,409        701,839  

SiriusPoint Ltd. (Bermuda)(b)(c)

    217,432        1,889,484  

Stewart Information Services Corp.(c)

    76,057        3,167,774  

United Fire Group, Inc.

     35,802        963,074  

Universal Insurance Holdings, Inc.

     142,811        2,202,146  

World Acceptance Corp.(b)(c)

    17,335        1,749,101  
    

 

 

  
       32,936,958  
    

 

 

  
Health Care-3.15%     

Emergent BioSolutions, Inc.(b)(c)

    261,253        2,306,864  

Enhabit, Inc.(b)(c)

    237,250        2,906,312  

Orthofix Medical, Inc.(b)(c)

    36,630        689,743  

Owens & Minor, Inc.(b)

    101,103        1,571,141  

Phibro Animal Health Corp., Class A

     67,638        1,052,447  
    

 

 

  
       8,526,507  
    

 

 

  
Industrials-17.68%     

ABM Industries, Inc.

     29,858        1,271,354  

Allegiant Travel Co.(b)(c)

    11,940        1,240,685  

American Woodmark Corp.(b)(c)

    33,329        1,683,781  

ArcBest Corp.(c)

    20,963        1,978,907  

AZZ, Inc.

     21,315        804,215  

CoreCivic, Inc.(b)(c)

    97,179        854,203  

Deluxe Corp.(c)

    112,937        1,710,996  

DXP Enterprises, Inc.(b)

    80,211        2,021,317  

GEO Group, Inc. (The)(b)(c)

    139,891        1,053,379  

GMS, Inc.(b)(c)

    27,492        1,596,186  

Granite Construction, Inc.(c)

    21,869        833,865  
 

 

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

 

 

 

   32  

 

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)

April 30, 2023

 

        Shares          Value  
Industrials-(continued)     

Greenbrier Cos., Inc. (The)

     60,962      $ 1,612,445  

Harsco Corp.(b)(c)

    317,366        2,180,304  

Hawaiian Holdings, Inc.(b)(c)

    59,799        498,126  

Heidrick & Struggles International, Inc.

     45,441        1,141,023  

HNI Corp.(c)

    30,700        797,586  

Interface, Inc.

     94,646        742,025  

Kaman Corp.

     75,963        1,676,503  

KAR Auction Services, Inc.(b)(c)

    79,280        1,073,451  

Kelly Services, Inc., Class A

     241,475        3,962,605  

MillerKnoll, Inc.(c)

    93,463        1,589,806  

Pitney Bowes, Inc.(c)

    260,994        916,089  

Powell Industries, Inc.

     34,298        1,373,978  

Proto Labs, Inc.(b)(c)

    41,875        1,204,744  

Resideo Technologies, Inc.(b)(c)

    162,961        2,900,706  

RXO, Inc.(b)

    94,916        1,717,030  

SkyWest, Inc.(b)

    219,567        6,213,746  

TrueBlue, Inc.(b)(c)

    114,587        1,735,993  

Veritiv Corp.(c)

    12,648        1,452,876  
    

 

 

  
       47,837,924  
    

 

 

  
Information Technology-6.21%     

Benchmark Electronics, Inc.

     86,081        1,837,829  

Cerence, Inc.(b)(c)

    49,368        1,261,352  

Comtech Telecommunications Corp.

     138,679        1,435,328  

Ebix, Inc.(c)

    102,738        1,670,520  

Ichor Holdings Ltd.(b)

    29,407        818,985  

Insight Enterprises, Inc.(b)

    16,487        1,994,103  

NETGEAR, Inc.(b)

    62,605        884,609  

PC Connection, Inc.

     21,703        873,980  

ScanSource, Inc.(b)

    98,398        2,691,185  

SMART Global Holdings, Inc.(b)(c)

    59,269        913,928  

TTM Technologies, Inc.(b)

    83,040        980,702  

Viasat, Inc.(b)(c)

    41,129        1,440,749  
    

 

 

  
       16,803,270  
    

 

 

  
Materials-9.70%     

AdvanSix, Inc.

     26,768        1,008,618  

Arconic Corp.(b)

    101,885        2,521,654  

Century Aluminum Co.(b)(c)

    282,454        2,426,280  

Clearwater Paper Corp.(b)

    65,933        2,380,181  

Koppers Holdings, Inc.

     70,051        2,298,373  

Mativ Holdings, Inc., Class A(c)

    123,579        2,393,725  

Minerals Technologies, Inc.

     11,607        687,831  

Olympic Steel, Inc.(c)

    105,374        4,907,267  

Rayonier Advanced Materials, Inc.(b)(c)

    411,123        2,236,509  

SunCoke Energy, Inc.

     266,955        2,076,910  

Tredegar Corp.(c)

    175,696        1,648,029  

Trinseo PLC

     91,881        1,664,884  
    

 

 

  
       26,250,261  
    

 

 

  

Investment Abbreviations:

REIT-Real Estate Investment Trust

        Shares          Value  
Real Estate-6.06%     

Anywhere Real Estate, Inc.(b)(c)

    551,570      $ 3,513,501  

Brandywine Realty Trust

     178,753        702,499  

Cushman & Wakefield PLC(b)(c)

    186,337        1,835,420  

Douglas Elliman, Inc.(c)

    649,495        2,071,889  

Hudson Pacific Properties, Inc.(c)

    144,004        800,662  

JBG SMITH Properties, (Acquired 03/17/2023; Cost $964,059)(c)(d)

    67,292        960,257  

Office Properties Income Trust

     113,973        743,104  

Orion Office REIT, Inc.

     74,807        459,315  

Pebblebrook Hotel Trust(c)

    121,328        1,726,497  

RE/MAX Holdings, Inc., Class A

     75,061        1,449,428  

Safehold, Inc.(b)

    1        32  

Service Properties Trust

     111,239        975,566  

SL Green Realty Corp.

     49,643        1,175,050  
    

 

 

  
       16,413,220  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $291,272,413)

 

      270,500,560  
    

 

 

  
Money Market Funds-0.00%     

Invesco Government & Agency Portfolio,
Institutional Class, 4.78%(e)(f)
(Cost $10,655)

     10,655        10,655  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $291,283,068)

 

      270,511,215  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-25.22%     

Invesco Private Government Fund,
4.83%(e)(f)(g)

    19,104,887        19,104,887  

Invesco Private Prime Fund, 4.99%(e)(f)(g)

    49,126,853        49,126,853  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $68,237,745)

 

      68,231,740  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-125.18%
(Cost $359,520,813)

 

      338,742,955  

OTHER ASSETS LESS LIABILITIES-(25.18)%

 

      (68,135,083 ) 
    

 

 

  

NET ASSETS-100.00%.

      $ 270,607,872  
    

 

 

  
 

 

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

 

 

 

   33  

 

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)

April 30, 2023

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Restricted security. The value of this security at April 30, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

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

 

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

Invesco Mortgage Capital, Inc.

     $ 485,636      $ 194,259      $ (525,369 )      $ 263,000      $ (417,526 )      $ -      $ 59,639

Investments in Affiliated

Money Market Funds:

                                  

Invesco Government & Agency

Portfolio, Institutional Class

       104,095        10,431,160        (10,524,600 )        -        -        10,655        3,430
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

       16,991,207        125,064,587        (122,950,907 )        -        -        19,104,887        556,944 *

Invesco Private Prime Fund

       39,656,595        249,630,349        (240,155,899 )        (8,320 )        4,128        49,126,853        1,522,691 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Total

     $ 57,237,533      $ 385,320,355      $ (374,156,775 )      $ 254,680      $ (413,398 )      $ 68,242,395      $ 2,142,704
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(f) 

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

(g) 

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

 

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

 

 

 

   34  

 

 

 

(This Page Intentionally Left Blank)

 

 

 

   35  

 

 

Statements of Assets and Liabilities

April 30, 2023

 

    Invesco S&P 500®
Pure Growth ETF
(RPG)		    Invesco S&P 500®
Pure Value ETF
(RPV)		    Invesco S&P 500®
Top 50 ETF (XLG)
Assets:              

Unaffiliated investments in securities, at value(a)

    $ 1,951,785,531      $ 2,675,792,415      $ 2,192,756,612

Affiliated investments in securities, at value

       55,540,673        326,088,566        38,686,783

Cash

       -        4,152        -

Receivable for:

              

Dividends

       1,818,230        3,817,679        1,619,552

Securities lending

       7,446        42,646        6,522

Investments sold

       54,768,469        18,271,912        -

Fund shares sold

       -        760,124        3,183,071
   

 

 

       

 

 

       

 

 

  

Total assets

       2,063,920,349        3,024,777,494        2,236,252,540
   

 

 

       

 

 

       

 

 

  
Liabilities:              

Due to custodian

       108        -        675,506

Payable for:

              

Investments purchased

       -        759,376        3,182,625

Collateral upon return of securities loaned

       54,417,350        285,755,895        38,686,946

Fund shares repurchased

       54,870,518        18,287,719        -

Accrued unitary management fees

       586,676        820,186        321,851
   

 

 

       

 

 

       

 

 

  

Total liabilities

       109,874,652        305,623,176        42,866,928
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 1,954,045,697      $ 2,719,154,318      $ 2,193,385,612
   

 

 

       

 

 

       

 

 

  
Net assets consist of:              

Shares of beneficial interest

     $ 2,654,144,756      $ 3,624,254,295      $ 2,012,640,501

Distributable earnings (loss)

       (700,099,059 )        (905,099,977 )        180,745,111
   

 

 

       

 

 

       

 

 

  
Net Assets     $ 1,954,045,697      $ 2,719,154,318      $ 2,193,385,612
   

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       12,820,299        35,772,836        6,890,785

Net asset value

     $ 152.42      $ 76.01      $ 318.31
   

 

 

       

 

 

       

 

 

  

Market price

     $ 152.40      $ 76.00      $ 318.19
   

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 1,868,000,134      $ 2,999,828,492      $ 1,901,307,828
   

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 55,540,673      $ 339,110,818      $ 38,686,946
   

 

 

       

 

 

       

 

 

  

(a) Includes securities on loan with an aggregate value of:

     $ 53,574,320      $ 282,892,064      $ 38,548,932
   

 

 

       

 

 

       

 

 

  

 

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

 

 

 

   36  

 

 

 

Invesco S&P
MidCap 400® Pure
Growth ETF (RFG)		    Invesco S&P
MidCap 400® Pure
Value ETF (RFV)		    Invesco S&P
SmallCap 600®
Pure Growth ETF
(RZG)		    Invesco S&P
SmallCap 600®
Pure Value ETF
(RZV)
                
  $ 244,355,184      $ 249,923,279      $ 87,556,242      $ 270,500,560
    44,393,232        51,165,222        27,641,262        68,242,395
    -        -        -        -
                
    10,801        140,235        57,854        176,281
    4,004        7,420        3,036        9,165
    -        -        -        -
    -        -        -        -
 

 

 

       

 

 

       

 

 

       

 

 

  
    288,763,221        301,236,156        115,258,394        338,928,401
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    -        -        37,622        -
    -        -        -        -
    44,182,823        51,057,268        27,643,030        68,237,745
    -        -        -        -
    70,923        73,526        25,494        82,784
 

 

 

       

 

 

       

 

 

       

 

 

  
    44,253,746        51,130,794        27,706,146        68,320,529
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 244,509,475      $ 250,105,362      $ 87,552,248      $ 270,607,872
 

 

 

       

 

 

       

 

 

       

 

 

  
                
  $ 496,280,506      $ 345,024,365      $ 229,572,514      $ 466,841,160
    (251,771,031 )        (94,919,003 )        (142,020,266 )        (196,233,288 )
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 244,509,475      $ 250,105,362      $ 87,552,248      $ 270,607,872
 

 

 

       

 

 

       

 

 

       

 

 

  
    1,340,021        2,670,499        760,004        3,060,040
  $ 182.47      $ 93.65      $ 115.20      $ 88.43
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 182.42      $ 93.60      $ 115.18      $ 88.38
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 236,540,244      $ 271,309,816      $ 90,853,758      $ 291,272,413
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 44,393,663      $ 51,167,589      $ 27,643,030      $ 68,248,400
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 43,509,899      $ 50,425,689      $ 27,351,852      $ 67,298,242
 

 

 

       

 

 

       

 

 

       

 

 

  

 

 

 

   37  

 

 

Statements of Operations

For the year ended April 30, 2023

 

    Invesco S&P 500®
Pure Growth ETF
(RPG)		    Invesco S&P 500®
Pure Value ETF
(RPV)		    Invesco S&P 500®
Top 50 ETF  (XLG)
Investment income:              

Unaffiliated dividend income

     $ 34,578,319      $ 94,091,520      $ 28,069,000

Affiliated dividend income

       31,680        1,663,327        17,698

Securities lending income, net

       122,770        430,816        63,096

Foreign withholding tax

       -        -        -
   

 

 

       

 

 

       

 

 

  

Total investment income

       34,732,769        96,185,663        28,149,794
   

 

 

       

 

 

       

 

 

  
Expenses:              

Unitary management fees

       7,829,055        12,161,217        3,912,473

Other expenses

       -        52        -
   

 

 

       

 

 

       

 

 

  

Total expenses

       7,829,055        12,161,269        3,912,473
   

 

 

       

 

 

       

 

 

  

Less: Waivers

       (1,060 )        (2,592 )        (663 )
   

 

 

       

 

 

       

 

 

  

Net expenses

       7,827,995        12,158,677        3,911,810
   

 

 

       

 

 

       

 

 

  

Net investment income

       26,904,774        84,026,986        24,237,984
   

 

 

       

 

 

       

 

 

  
Realized and unrealized gain (loss) from:              

Net realized gain (loss) from:

              

Unaffiliated investment securities

       (412,484,381 )        (198,177,488 )        (49,072,905 )

Affiliated investment securities

       6,244        (161,215 )        4,296

Unaffiliated in-kind redemptions

       70,312,766        251,921,258        181,005,410

Affiliated in-kind redemptions

       -        (1,889,640 )        -
   

 

 

       

 

 

       

 

 

  

Net realized gain (loss)

       (342,165,371 )        51,692,915        131,936,801
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation) of:

              

Unaffiliated investment securities

       246,777,888        (367,148,855 )        (128,618,160 )

Affiliated investment securities

       (7,532 )        (2,889,443 )        (4,506 )
   

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation)

       246,770,356        (370,038,298 )        (128,622,666 )
   

 

 

       

 

 

       

 

 

  

Net realized and unrealized gain (loss)

       (95,395,015 )        (318,345,383 )        3,314,135
   

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ (68,490,241 )      $ (234,318,397 )      $ 27,552,119
   

 

 

       

 

 

       

 

 

  

 

 

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

 

 

 

   38  

 

 

 

Invesco S&P
MidCap 400® Pure
Growth ETF (RFG)		    Invesco S&P
MidCap 400® Pure
Value ETF (RFV)		    Invesco S&P
SmallCap 600®
Pure Growth ETF
(RZG)		    Invesco S&P
SmallCap 600®
Pure Value ETF
(RZV)
                
  $ 2,875,611      $ 3,946,760      $ 2,057,744      $ 5,162,177
    2,910        2,241        1,131        63,069
    231,530        64,085        49,786        116,277
    -        -        (6,539 )        -
 

 

 

       

 

 

       

 

 

       

 

 

  
    3,110,051        4,013,086        2,102,122        5,341,523
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    912,908        646,634        355,519        1,010,760
    -        -        -        -
 

 

 

       

 

 

       

 

 

       

 

 

  
    912,908        646,634        355,519        1,010,760
 

 

 

       

 

 

       

 

 

       

 

 

  
    (104 )        (82 )        (49 )        (168 )
 

 

 

       

 

 

       

 

 

       

 

 

  
    912,804        646,552        355,470        1,010,592
 

 

 

       

 

 

       

 

 

       

 

 

  
    2,197,247        3,366,534        1,746,652        4,330,931
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    (50,100,411 )        (14,148,324 )        (29,167,733 )        (33,878,031 )
    5,773        (1,787 )        6,183        (394,616 )
    13,355,036        14,815,174        785,692        21,736,850
    -        -        -        (18,782 )
 

 

 

       

 

 

       

 

 

       

 

 

  
    (36,739,602 )        665,063        (28,375,858 )        (12,554,579 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    27,634,269        (11,155,193 )        20,042,429        (11,721,395 )
    (1,744 )        (4,019 )        (3,151 )        254,680
 

 

 

       

 

 

       

 

 

       

 

 

  
    27,632,525        (11,159,212 )        20,039,278        (11,466,715 )
 

 

 

       

 

 

       

 

 

       

 

 

  
    (9,107,077 )        (10,494,149 )        (8,336,580 )        (24,021,294 )
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ (6,909,830 )      $ (7,127,615 )      $ (6,589,928 )      $ (19,690,363 )
 

 

 

       

 

 

       

 

 

       

 

 

  

 

 

 

   39  

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

     Invesco S&P 500® Pure Growth ETF (RPG)    Invesco S&P 500® Pure Value ETF (RPV)
     2023    2022    2023    2022
Operations:                    

Net investment income

      $ 26,904,774      $ 1,727,132      $ 84,026,986      $ 62,020,153

Net realized gain (loss)

        (342,165,371 )        492,853,142        51,692,915        297,854,254

Change in net unrealized appreciation (depreciation)

        246,770,356        (765,698,312 )        (370,038,298 )        (243,626,596 )
    

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

        (68,490,241 )        (271,118,038 )        (234,318,397 )        116,247,811
    

 

 

       

 

 

       

 

 

       

 

 

  
Distributions to Shareholders from:                    

Distributable earnings

        (26,468,365 )        (119,825 )        (90,174,466 )        (51,458,072 )
    

 

 

       

 

 

       

 

 

       

 

 

  
Shareholder Transactions:                    

Proceeds from shares sold

        378,316,431        1,901,217,760        2,089,690,422        3,495,329,984

Value of shares repurchased

        (611,648,460 )        (1,998,029,879 )        (2,819,284,239 )        (2,025,732,789 )
    

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from share transactions

        (233,332,029 )        (96,812,119 )        (729,593,817 )        1,469,597,195
    

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

        (328,290,635 )        (368,049,982 )        (1,054,086,680 )        1,534,386,934
    

 

 

       

 

 

       

 

 

       

 

 

  
Net assets:                    

Beginning of year

        2,282,336,332        2,650,386,314        3,773,240,998        2,238,854,064
    

 

 

       

 

 

       

 

 

       

 

 

  

End of year

      $ 1,954,045,697      $ 2,282,336,332      $ 2,719,154,318      $ 3,773,240,998
    

 

 

       

 

 

       

 

 

       

 

 

  
Changes in Shares Outstanding:

 

               

Shares sold

        2,420,000        9,250,000        26,000,000        43,130,000

Shares repurchased

        (3,980,000 )        (10,220,000 )        (36,460,000 )        (26,030,000 )

Shares outstanding, beginning of year

        14,380,299        15,350,299        46,232,836        29,132,836
    

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of year

        12,820,299        14,380,299        35,772,836        46,232,836
    

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

 

 

   40  

 

 

 

Invesco S&P 500® Top 50 ETF (XLG)    Invesco S&P Midcap 400® Pure Growth ETF (RFG)
2023    2022    2023    2022
                
  $ 24,237,984      $ 22,300,799      $ 2,197,247      $ 510,612
    131,936,801        187,208,389        (36,739,602 )        43,354,521
    (128,622,666 )        (231,467,737 )        27,632,525        (113,800,161 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    27,552,119        (21,958,549 )        (6,909,830 )        (69,935,028 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    (24,431,724 )        (22,288,877 )        (2,522,850 )        (290,367 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    482,329,812        722,727,072        74,739,971        137,069,734
    (431,406,481 )        (351,981,215 )        (104,531,803 )        (187,101,780 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    50,923,331        370,745,857        (29,791,832 )        (50,032,046 )
 

 

 

       

 

 

       

 

 

       

 

 

  
    54,043,726        326,498,431        (39,224,512 )        (120,257,441 )
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    2,139,341,886        1,812,843,455        283,733,987        403,991,428
 

 

 

       

 

 

       

 

 

       

 

 

  
  $ 2,193,385,612      $ 2,139,341,886      $ 244,509,475      $ 283,733,987
 

 

 

       

 

 

       

 

 

       

 

 

  
                
    1,570,000        2,080,000        400,000        610,000
    (1,490,000 )        (1,050,000 )        (580,000 )        (860,000 )
    6,810,785        5,780,785        1,520,021        1,770,021
 

 

 

       

 

 

       

 

 

       

 

 

  
    6,890,785        6,810,785        1,340,021        1,520,021
 

 

 

       

 

 

       

 

 

       

 

 

  

 

 

 

   41  

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

    Invesco S&P MidCap 400® Pure Value ETF (RFV)   Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
    2023   2022   2023   2022
Operations:                

Net investment income

     $ 3,366,534     $ 3,014,263     $ 1,746,652     $ 575,250

Net realized gain (loss)

       665,063       21,131,028       (28,375,858 )       23,084,396

Change in net unrealized appreciation (depreciation)

       (11,159,212 )       (32,404,568 )       20,039,278       (53,377,250 )
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from operations

       (7,127,615 )       (8,259,277 )       (6,589,928 )       (29,717,604 )
   

 

 

      

 

 

      

 

 

      

 

 

  
Distributions to Shareholders from:                

Distributable earnings

       (3,557,631 )       (2,774,070 )       (1,764,418 )       (432,797 )
   

 

 

      

 

 

      

 

 

      

 

 

  
Shareholder Transactions:                

Proceeds from shares sold

       302,276,858       134,036,525       27,645,743       129,783,035

Value of shares repurchased

       (181,654,210 )       (146,614,490 )       (40,900,625 )       (128,659,135 )
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets resulting from share transactions

       120,622,648       (12,577,965 )       (13,254,882 )       1,123,900
   

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) in net assets

       109,937,402       (23,611,312 )       (21,609,228 )       (29,026,501 )
   

 

 

      

 

 

      

 

 

      

 

 

  
Net assets:                

Beginning of year

       140,167,960       163,779,272       109,161,476       138,187,977
   

 

 

      

 

 

      

 

 

      

 

 

  

End of year

     $ 250,105,362     $ 140,167,960     $ 87,552,248     $ 109,161,476
   

 

 

      

 

 

      

 

 

      

 

 

  
Changes in Shares Outstanding:                

Shares sold

       3,090,000       1,390,000       220,000       900,000

Shares repurchased

       (1,980,000 )       (1,580,000 )       (340,000 )       (890,000 )

Shares outstanding, beginning of year

       1,560,499       1,750,499       880,004       870,004
   

 

 

      

 

 

      

 

 

      

 

 

  

Shares outstanding, end of year

       2,670,499       1,560,499       760,004       880,004
   

 

 

      

 

 

      

 

 

      

 

 

  

 

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

 

 

 

   42  

 

 

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)
2023    2022
      
    $4,330,931        $ 2,987,533
    (12,554,579)          57,009,757
      
    (11,466,715)          (51,145,105 )
 

 

 

       

 

 

  
      
    (19,690,363)          8,852,185
 

 

 

       

 

 

  
      
    (4,215,256)          (2,916,498 )
 

 

 

       

 

 

  
      
    213,867,166          194,344,627
    (205,071,420)          (252,069,646 )
 

 

 

       

 

 

  
      
    8,795,746          (57,725,019 )
 

 

 

       

 

 

  
    (15,109,873)          (51,789,332 )
 

 

 

       

 

 

  
      
    285,717,745          337,507,077
 

 

 

       

 

 

  
    $270,607,872        $ 285,717,745
 

 

 

       

 

 

  
      
    2,290,000          2,030,000
    (2,350,000)          (2,710,000 )
    3,120,040          3,800,040
 

 

 

       

 

 

  
    3,060,040        3,120,040
 

 

 

       

 

 

  

 

 

 

   43  

 

 

Financial Highlights

Invesco S&P 500® Pure Growth ETF (RPG)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  
Per Share Operating Performance:           

Net asset value at beginning of year

   $ 158.71     $ 172.66     $ 116.76      $ 119.17     $ 109.10  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.87       0.11       0.34        1.00       0.60  

Net realized and unrealized gain (loss) on investments

     (6.29 )      (14.05 )      56.02        (2.28 )      10.04  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations.

     (4.42 )      (13.94 )      56.36        (1.28 )      10.64  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (1.87 )      (0.01 )      (0.46 )       (1.13 )      (0.57 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 152.42     $ 158.71     $ 172.66      $ 116.76     $ 119.17  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 152.40     $ 158.73     $ 172.70      $ 116.76     $ 119.19  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (2.74 )%      (8.08 )%      48.37 %       (1.02 )%      9.79 % 

Market Price Total Return(c)

    (2.77 )%      (8.10 )%      48.40 %       (1.03 )%      9.71 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 1,954,046     $ 2,282,336     $ 2,650,386      $ 2,195,101     $ 2,842,159  

Ratio to average net assets of:

           

Expenses

     0.35 %      0.35 %      0.35 %       0.35 %      0.35 % 

Net investment income

     1.20 %      0.06 %      0.23 %       0.84 %      0.53 % 

Portfolio turnover rate(d)

    78 %      45 %      56 %       73 %      64 % 

 

(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) 

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.

Invesco S&P 500® Pure Value ETF (RPV)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  
Per Share Operating Performance:            

Net asset value at beginning of year

   $ 81.61     $ 76.85      $ 45.75      $ 66.34     $ 66.33  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.91       1.64        1.31        1.65       1.49  

Net realized and unrealized gain (loss) on investments.

     (5.47 )      4.51        31.03        (20.59 )      (0.01 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations

     (3.56 )      6.15        32.34        (18.94 )      1.48  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (2.04 )      (1.39 )       (1.24 )       (1.65 )      (1.47 ) 

Net asset value at end of year

   $ 76.01     $ 81.61      $ 76.85      $ 45.75     $ 66.34  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 76.00     $ 81.60      $ 76.88      $ 45.86     $ 66.36  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (4.31 )%      8.13 %       71.67 %       (28.82 )%      2.37 % 

Market Price Total Return(c)

    (4.31 )%      8.06 %       71.32 %       (28.67 )%      2.33 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 2,719,154     $ 3,773,241      $ 2,238,854      $ 496,546     $ 928,883  

Ratio to average net assets of:

            

Expenses

     0.35 %      0.35 %       0.35 %       0.35 %      0.35 % 

Net investment income

     2.42 %      2.04 %       2.16 %       2.64 %      2.29 % 

Portfolio turnover rate(d)

    45 %      32 %       46 %       46 %      37 % 

 

(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) 

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.

 

 

 

   44  

 

 

Financial Highlights–(continued)

Invesco S&P 500® Top 50 ETF (XLG)

 

    Years Ended April 30,  
    2023      2022      2021      2020      2019  
Per Share Operating Performance:              

Net asset value at beginning of year

   $ 314.11      $ 313.60      $ 222.29      $ 212.34      $ 187.22  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

    3.65        3.48        3.66        3.70        3.72  

Net realized and unrealized gain on investments

     4.29        0.53        91.14        9.96        25.18  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total from investment operations

     7.94        4.01        94.80        13.66        28.90  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Distributions to shareholders from:

              

Net investment income

     (3.74 )       (3.50 )       (3.49 )       (3.71 )       (3.78 ) 
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value at end of year

   $ 318.31      $ 314.11      $ 313.60      $ 222.29      $ 212.34  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Market price at end of year(b)

  $ 318.19      $ 313.84      $ 313.62      $ 222.49      $ 212.32  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Asset Value Total Return(c)

    2.69 %       1.21 %       42.97 %       6.61 %       15.64 % 

Market Price Total Return(c)

    2.71 %       1.12 %       42.85 %       6.73 %       15.50 % 
Ratios/Supplemental Data:              

Net assets at end of year (000’s omitted)

   $ 2,193,386      $ 2,139,342      $ 1,812,843      $ 1,122,748      $ 838,904  

Ratio to average net assets of:

              

Expenses

     0.20 %       0.20 %       0.20 %       0.20 %       0.20 % 

Net investment income

     1.24 %       1.02 %       1.36 %       1.71 %       1.89 % 

Portfolio turnover rate(d)

    5 %       5 %       5 %       8 %       8 % 

 

(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) 

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.

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  
Per Share Operating Performance:           

Net asset value at beginning of year

   $ 186.66     $ 228.24     $ 132.00      $ 151.86     $ 154.65  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.53       0.30       0.01        0.95       1.07  

Net realized and unrealized gain (loss) on investments

     (3.95 )      (41.69 )      96.56        (19.90 )      (2.69 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     (2.42 )      (41.39 )      96.57        (18.95 )      (1.62 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (1.77 )      (0.19 )      (0.33 )       (0.91 )      (1.17 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 182.47     $ 186.66     $ 228.24      $ 132.00     $ 151.86  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 182.42     $ 186.49     $ 228.23      $ 132.20     $ 151.97  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (1.27 )%      (18.15 )%      73.26 %       (12.46 )%      (1.05 )% 

Market Price Total Return(c)

    (1.18 )%      (18.21 )%      72.95 %       (12.39 )%      (1.07 )% 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 244,509     $ 283,734     $ 403,991      $ 270,607     $ 493,563  

Ratio to average net assets of:

           

Expenses

     0.35 %      0.35 %      0.35 %       0.35 %      0.35 % 

Net investment income

     0.84 %      0.14 %      0.01 %       0.66 %      0.69 % 

Portfolio turnover rate(d)

    81 %      83 %      73 %       94 %      86 % 

 

(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) 

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.

 

 

 

   45  

 

 

Financial Highlights–(continued)

Invesco S&P MidCap 400® Pure Value ETF (RFV)

 

    Years Ended April 30,  
    2023      2022     2021      2020     2019  
Per Share Operating Performance:            

Net asset value at beginning of year

   $ 89.82      $ 93.56     $ 46.79      $ 69.61     $ 65.71  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.69        1.75       0.72        1.41       0.81  

Net realized and unrealized gain (loss) on investments

     3.98 (b)        (3.84 )      47.07        (22.86 )      3.90  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     5.67        (2.09 )      47.79        (21.45 )      4.71  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (1.84 )       (1.65 )      (1.02 )       (1.37 )      (0.81 ) 
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year.

   $ 93.65      $ 89.82     $ 93.56      $ 46.79     $ 69.61  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(c)

  $ 93.60      $ 89.63     $ 93.64      $ 46.86     $ 69.69  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

    6.50 %       (2.28 )%      103.18 %       (30.96 )%      7.25 % 

Market Price Total Return(d)

    6.67 %       (2.56 )%      103.05 %       (30.94 )%      7.25 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 250,105      $ 140,168     $ 163,779      $ 56,172     $ 142,737  

Ratio to average net assets of:

            

Expenses

     0.35 %       0.35 %      0.35 %       0.35 %      0.35 % 

Net investment income

     1.82 %       1.85 %      1.07 %       2.25 %      1.20 % 

Portfolio turnover rate(e)

    57 %       47 %      65 %       61 %      57 % 

 

(a) 

Based on average shares outstanding.

(b) 

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.

(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) 

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.

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  
Per Share Operating Performance:           

Net asset value at beginning of year

   $ 124.05     $ 158.84     $ 87.82      $ 115.59     $ 114.43  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    2.08 (b)       0.67       0.47        0.74       0.32  

Net realized and unrealized gain (loss) on investments

     (8.74 )      (34.95 )      71.04        (27.63 )      1.32  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations.

     (6.66 )      (34.28 )      71.51        (26.89 )      1.64  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (2.19 )      (0.51 )      (0.49 )       (0.88 )      (0.48 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 115.20     $ 124.05     $ 158.84      $ 87.82     $ 115.59  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(c)

  $ 115.18     $ 123.88     $ 158.74      $ 87.97     $ 115.58  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

    (5.36 )%      (21.63 )%      81.63 %       (23.30 )%      1.43 % 

Market Price Total Return(d)

    (5.26 )%      (21.68 )%      81.22 %       (23.16 )%      1.26 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 87,552     $ 109,161     $ 138,188      $ 96,608     $ 236,954  

Ratio to average net assets of:

           

Expenses

     0.35 %      0.35 %      0.35 %       0.35 %      0.35 % 

Net investment income

     1.72 %(b)      0.43 %      0.38 %       0.69 %      0.26 % 

Portfolio turnover rate(e)

    72 %      80 %      79 %       85 %      71 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.73 and 1.43%, respectively.

(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) 

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.

 

 

 

   46  

 

 

Financial Highlights–(continued)

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  
Per Share Operating Performance:            

Net asset value at beginning of year

   $ 91.58     $ 88.82      $ 43.07      $ 67.47     $ 71.57  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.35       0.90        0.57        0.68       0.99  

Net realized and unrealized gain (loss) on investments

     (3.19 )      2.75        45.63        (24.39 )      (4.02 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations

     (1.84 )      3.65        46.20        (23.71 )      (3.03 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (1.31 )      (0.89 )       (0.45 )       (0.69 )      (1.07 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value at end of year.

   $ 88.43     $ 91.58      $ 88.82      $ 43.07     $ 67.47  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 88.38     $ 91.61      $ 88.87      $ 43.14     $ 67.53  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (1.92 )%      4.10 %       107.66 %       (35.31 )%      (4.27 )% 

Market Price Total Return(c)

    (2.02 )%      4.08 %       107.44 %       (35.27 )%      (4.28 )% 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 270,608     $ 285,718      $ 337,507      $ 81,842     $ 192,279  

Ratio to average net assets of:

            

Expenses

     0.35 %      0.35 %       0.35 %       0.35 %      0.35 % 

Net investment income

     1.50 %      0.95 %       0.86 %       1.14 %      1.38 % 

Portfolio turnover rate(d)

    62 %      54 %       74 %       70 %      52 % 

 

(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) 

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.

 

 

 

   47  

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 S&P 500® Pure Growth ETF (RPG)

    “S&P 500® Pure Growth ETF”

Invesco S&P 500® Pure Value ETF (RPV)

    “S&P 500® Pure Value ETF”

Invesco S&P 500® Top 50 ETF (XLG)

    “S&P 500® Top 50 ETF”

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

    “S&P MidCap 400® Pure Growth ETF”

Invesco S&P MidCap 400® Pure Value ETF (RFV)

    “S&P MidCap 400® Pure Value ETF”

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

    “S&P SmallCap 600® Pure Growth ETF”

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

    “S&P SmallCap 600® Pure Value 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 NYSE Arca, Inc.

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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 of the Funds is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an Underlying Index):

 

  Fund   

Underlying Index

S&P 500® Pure Growth ETF

    S&P 500® Pure Growth Index

S&P 500® Pure Value ETF

    S&P 500® Pure Value Index

S&P 500® Top 50 ETF

    S&P 500® Top 50 Index

S&P MidCap 400® Pure Growth ETF

    S&P MidCap 400® Pure Growth Index

S&P MidCap 400® Pure Value ETF

    S&P MidCap 400® Pure Value Index

S&P SmallCap 600® Pure Growth ETF

    S&P SmallCap 600® Pure Growth Index

S&P SmallCap 600® Pure Value ETF

    S&P SmallCap 600® Pure Value Index

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 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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

 

 

 

   48  

 

 

 

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

 

 

 

   49  

 

 

 

 

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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly 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 has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, 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

 

 

 

   50  

 

 

 

 

(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 a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific 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 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 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.

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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

    Amount  

S&P 500® Pure Growth ETF

     $5,445  

S&P 500® Pure Value ETF

     20,277  

S&P 500® Top 50 ETF

     5,490  

 

 

 

   51  

 

 

 

     Amount  

S&P MidCap 400® Pure Growth ETF

      10,403  

S&P MidCap 400® Pure Value ETF

      4,184  

S&P SmallCap 600® Pure Growth ETF

      2,943  

S&P SmallCap 600® Pure Value ETF

      6,695  

 

J.

Other Risks

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its

 

 

 

   52  

 

 

 

corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because S&P 500® Top 50 ETF is non-diversified, and to the extent certain Funds become 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 the Fund’s performance.

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.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement 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 and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost 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 (iii) any other matters that directly benefit the Adviser). 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)

S&P 500® Pure Growth ETF

    0.35%

S&P 500® Pure Value ETF

    0.35%

S&P 500® Top 50 ETF

    0.20%

S&P MidCap 400® Pure Growth ETF

    0.35%

S&P MidCap 400® Pure Value ETF

    0.35%

S&P SmallCap 600® Pure Growth ETF

    0.35%

S&P SmallCap 600® Pure Value ETF

    0.35%

Through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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 a 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 fiscal year ended April 30, 2023, the Adviser waived fees for each Fund in the following amounts:

 

S&P 500® Pure Growth ETF

    $ 1,060  

S&P 500® Pure Value ETF

      2,592  

S&P 500® Top 50 ETF

      663  

S&P MidCap 400® Pure Growth ETF

      104  

S&P MidCap 400® Pure Value ETF

      82  

S&P SmallCap 600® Pure Growth ETF

      49  

S&P SmallCap 600® Pure Value ETF

      168  

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 Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

 

 

 

   53  

 

 

 

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

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 fiscal year ended April 30, 2023, 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:

 

S&P 500® Pure Growth ETF

    $ 116,260  

S&P 500® Pure Value ETF

      264,170  

S&P 500® Top 50 ETF

      2,175  

S&P MidCap 400® Pure Growth ETF

      47,807  

S&P MidCap 400® Pure Value ETF

      40,303  

S&P SmallCap 600® Pure Growth ETF

      23,003  

S&P SmallCap 600® Pure Value ETF

      58,721  

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended April 30, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

   

Securities Purchases

  

Securities Sales

  

Net Realized Gains (Losses)*

S&P 500® Pure Growth ETF

     $ 18,808,538       $ -     $ -

S&P MidCap 400® Pure Growth ETF

       10,746,521         10,405,397       3,225,286

S&P MidCap 400® Pure Value ETF

       1,965,632         3,791,567       (1,940,617 )

S&P SmallCap 600® Pure Growth ETF

       -         3,289,953       1,040,441

S&P SmallCap 600® Pure Value ETF

       5,637,102         174,590       (32,737)  

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–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, 2023. 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

 

 

 

   54  

 

 

 

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
S&P 500® Pure Growth ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 1,951,785,531      $ -      $ -      $ 1,951,785,531

Money Market Funds

        1,123,323        54,417,350        -        55,540,673
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 1,952,908,854      $ 54,417,350      $ -      $ 2,007,326,204
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P 500® Pure Value ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 2,714,962,353      $ -      $ -      $ 2,714,962,353

Money Market Funds

        1,188,078        285,730,550        -        286,918,628
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 2,716,150,431      $ 285,730,550      $ -      $ 3,001,880,981
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P 500® Top 50 ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 2,192,756,612      $ -      $ -      $ 2,192,756,612

Money Market Funds

        -        38,686,783        -        38,686,783
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 2,192,756,612      $ 38,686,783      $ -      $ 2,231,443,395
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P MidCap 400® Pure Growth ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 244,355,184      $ -      $ -      $ 244,355,184

Money Market Funds

        210,840        44,182,392        -        44,393,232
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 244,566,024      $ 44,182,392      $ -      $ 288,748,416
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P MidCap 400® Pure Value ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 249,923,279      $ -      $ -      $ 249,923,279

Money Market Funds

        110,321        51,054,901        -        51,165,222
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 250,033,600      $ 51,054,901      $ -      $ 301,088,501
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P SmallCap 600® Pure Growth ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 87,556,242      $ -      $ 0      $ 87,556,242

Money Market Funds

        -        27,641,262        -        27,641,262
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 87,556,242      $ 27,641,262      $ 0      $ 115,197,504
    

 

 

       

 

 

       

 

 

       

 

 

  
S&P SmallCap 600® Pure Value ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

      $ 270,500,560      $ -      $ -      $ 270,500,560

Money Market Funds

        10,655        68,231,740        -        68,242,395
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments

      $ 270,511,215      $ 68,231,740      $ -      $ 338,742,955
    

 

 

       

 

 

       

 

 

       

 

 

  

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

     2023      2022  
     Ordinary
Income*		      Ordinary
Income*		  

S&P 500® Pure Growth ETF

    $ 26,468,365      $ 119,825  

S&P 500® Pure Value ETF

      90,174,466        51,458,072  

S&P 500® Top 50 ETF

      24,431,724        22,288,877  

S&P MidCap 400® Pure Growth ETF

      2,522,850        290,367  

S&P MidCap 400® Pure Value ETF

      3,557,631        2,774,070  

S&P SmallCap 600® Pure Growth ETF

      1,764,418        432,797  

S&P SmallCap 600® Pure Value ETF

      4,215,256        2,916,498  

 

*

Includes short-term capital gain distributions, if any.

 

 

 

   55  

 

 

 

Tax Components of Net Assets at Fiscal Year-End:

 

     Undistributed
Ordinary
Income		      Net
Unrealized
Appreciation
(Depreciation)-
Investments		      Capital Loss
Carryforwards		      Shares of
Beneficial
Interest		      Total
Net Assets		  

S&P 500® Pure Growth ETF

    $ 2,043,717      $ 83,745,093      $ (785,887,869 )     $ 2,654,144,756      $ 1,954,045,697  

S&P 500® Pure Value ETF

      4,414,943        (341,709,139 )       (567,805,781 )       3,624,254,295        2,719,154,318  

S&P 500® Top 50 ETF

      1,798,517        289,634,357        (110,687,763 )       2,012,640,501        2,193,385,612  

S&P MidCap 400® Pure Growth ETF

      -        7,352,615        (259,123,646 )       496,280,506        244,509,475  

S&P MidCap 400® Pure Value ETF

      62,367        (21,579,559 )       (73,401,811 )       345,024,365        250,105,362  

S&P SmallCap 600® Pure Growth ETF

      124,687        (3,485,040 )       (138,659,913 )       229,572,514        87,552,248  

S&P SmallCap 600® Pure Value ETF

      208,212        (22,902,757 )       (173,538,743 )       466,841,160        270,607,872  

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.

The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

S&P 500® Pure Growth ETF

    $ 432,201,860      $ 353,686,009      $ 785,887,869  

S&P 500® Pure Value ETF

      313,446,664        254,359,117        567,805,781  

S&P 500® Top 50 ETF

      42,328,049        68,359,714        110,687,763  

S&P MidCap 400® Pure Growth ETF

      183,134,801        75,988,845        259,123,646  

S&P MidCap 400® Pure Value ETF

      40,543,335        32,858,476        73,401,811  

S&P SmallCap 600® Pure Growth ETF

      101,793,178        36,866,735        138,659,913  

S&P SmallCap 600® Pure Value ETF

      83,388,872        90,149,871        173,538,743  

 

*

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 fiscal year ended April 30, 2023, 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  

S&P 500® Pure Growth ETF

    $ 1,738,310,281      $ 1,740,358,609  

S&P 500® Pure Value ETF

      1,556,495,498        1,544,388,007  

S&P 500® Top 50 ETF

      90,206,210        90,970,370  

S&P MidCap 400® Pure Growth ETF

      213,872,659        211,681,642  

S&P MidCap 400® Pure Value ETF

      108,557,781        106,442,961  

S&P SmallCap 600® Pure Growth ETF

      73,983,513        73,942,646  

S&P SmallCap 600® Pure Value ETF

      181,192,051        177,875,888  

For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind Sales  

S&P 500® Pure Growth ETF

    $ 377,520,155      $ 610,618,929  

S&P 500® Pure Value ETF

      2,076,808,665        2,823,745,133  

S&P 500® Top 50 ETF

      482,146,891        430,421,471  

S&P MidCap 400® Pure Growth ETF

      74,639,064        106,616,120  

S&P MidCap 400® Pure Value ETF

      301,924,707        183,256,958  

S&P SmallCap 600® Pure Growth ETF

      27,622,840        40,854,272  

S&P SmallCap 600® Pure Value ETF

      213,608,187        207,276,713  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

 

 

   56  

 

 

 

As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  

S&P 500® Pure Growth ETF

    $ 198,492,639      $ (114,747,546 )     $ 83,745,093      $ 1,923,581,111  

S&P 500® Pure Value ETF

      107,164,002        (448,873,141 )       (341,709,139 )       3,343,590,120  

S&P 500® Top 50 ETF

      380,381,083        (90,746,726 )       289,634,357        1,941,809,038  

S&P MidCap 400® Pure Growth ETF

      23,387,010        (16,034,395 )       7,352,615        281,395,801  

S&P MidCap 400® Pure Value ETF

      8,936,258        (30,515,817 )       (21,579,559 )       322,668,060  

S&P SmallCap 600® Pure Growth ETF

      7,300,113        (10,785,153 )       (3,485,040 )       118,682,544  

S&P SmallCap 600® Pure Value ETF

      18,080,277        (40,983,034 )       (22,902,757 )       361,645,712  

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

     Undistributed Net
Investment Income		    Undistributed Net
Realized Gain (Loss)		    Shares of
Beneficial Interest

S&P 500® Pure Growth ETF

      $ -        $(69,798,456)          $69,798,456

S&P 500® Pure Value ETF

        -        (233,851,287 )        233,851,287

S&P 500® Top 50 ETF

        28,407        (180,750,026 )        180,721,619

S&P MidCap 400® Pure Growth ETF

        105,358        (11,504,247 )        11,398,889

S&P MidCap 400® Pure Value ETF

        1,188        (14,066,014 )        14,064,826

S&P SmallCap 600® Pure Growth ETF

        -        127,000        (127,000 )

S&P SmallCap 600® Pure Value ETF

        -        (19,471,783 )        19,471,783

NOTE 9–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does 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 Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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 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.

 

 

 

   57  

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P 500® Top 50 ETF, Invesco S&P Midcap 400® Pure Growth ETF, Invesco S&P Midcap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P 500® Top 50 ETF, Invesco S&P Midcap 400® Pure Growth ETF, Invesco S&P Midcap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF (seven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

 

 

   58  

 

 

Calculating your ongoing Fund expenses

 

 

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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 expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

    Beginning
Account Value
November 1, 2022		      Ending
Account Value
April 30, 2023		      Annualized
Expense Ratio
Based on the
Six-Month Period		      Expenses Paid
During the
Six-Month Period(1)
  
Invesco S&P 500® Pure Growth ETF (RPG)           

Actual

     $1,000.00        $   985.70        0.35%        $1.72  

Hypothetical (5% return before expenses)

     1,000.00        1,023.06        0.35        1.76  
Invesco S&P 500® Pure Value ETF (RPV)           

Actual

     1,000.00        976.70        0.35        1.72  

Hypothetical (5% return before expenses)

     1,000.00        1,023.06        0.35        1.76  
Invesco S&P 500® Top 50 ETF (XLG)           

Actual

     1,000.00        1,125.50        0.20        1.05  

Hypothetical (5% return before expenses)

     1,000.00        1,023.80        0.20        1.00  
Invesco S&P MidCap 400® Pure Growth ETF (RFG)           

Actual

     1,000.00        992.60        0.35        1.73  

Hypothetical (5% return before expenses)

     1,000.00        1,023.06        0.35        1.76  
Invesco S&P MidCap 400® Pure Value ETF (RFV)           

Actual

     1,000.00        1,033.20        0.35        1.76  

Hypothetical (5% return before expenses)

     1,000.00        1,023.06        0.35        1.76  

 

 

 

   59  

 

 

 

Calculating your ongoing Fund expenses–(continued)

 

    Beginning
Account Value
November 1, 2022		      Ending
Account Value
April 30, 2023		      Annualized
Expense Ratio
Based on the
Six-Month Period		      Expenses Paid
During the
Six-Month Period(1)		  
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)           

Actual

     $1,000.00              $   958.20            0.35 %       $1.70      

Hypothetical (5% return before expenses)

     1,000.00              1,023.06            0.35        1.76      
Invesco S&P SmallCap 600® Pure Value ETF (RZV)                                        

Actual

     1,000.00              993.40            0.35        1.73      

Hypothetical (5% return before expenses)

     1,000.00              1,023.06            0.35        1.76      

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

 

 

   60  

 

 

Tax Information

 

 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

    Qualified
Business
Income*		    Qualified
Dividend
Income*		    Corporate
Dividends
Received
Deduction*		    U.S.
Treasury
Obligations*		    Business
Interest
Income*
  Invesco S&P 500® Pure Growth ETF       0 %        100 %        100 %        0 %        0 %
  Invesco S&P 500® Pure Value ETF       0 %        100 %        100 %        0 %        0 %
  Invesco S&P 500® Top 50 ETF       0 %        100 %        100 %        0 %        0 %
  Invesco S&P MidCap 400® Pure Growth ETF       0 %        100 %        100 %        0 %        0 %
  Invesco S&P MidCap 400® Pure Value ETF       0 %        100 %        100 %        0 %        0 %
  Invesco S&P SmallCap 600® Pure Growth ETF       0 %        74 %        75 %        0 %        0 %
  Invesco S&P SmallCap 600® Pure Value ETF       4 %        96 %        95 %        0 %        0 %

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.    

 

 

 

   61  

 

 

Trustees and Officers

 

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of
Office and
Length of
Time
Served*		   

Principal

Occupation(s) During

the Past 5 Years

    Number of
Portfolios
in Fund
Complex**
Overseen
by
Independent
Trustees		    Other Directorships
Held by
Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee    Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003    Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).    216    Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2010    Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.    216    None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   62  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of
Office
and
Length of
Time
Served*		    Principal Occupation(s) During the Past 5 Years    Number of
Portfolios in
Fund
Complex**
Overseen
by
Independent
Trustees		    Other Directorships
Held by
Independent
Trustees During the
Past 5 Years

Edmund P. Giambastiani, Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Trustee    Since 2019    President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).    216    Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   63  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of
Office
and
Length
of Time
Served*		    Principal Occupation(s) During the Past 5 Years   

Number of

Portfolios

in Fund

Complex**

Overseen
by
Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).    216    Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   64  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of
Office
and
Length
of Time
Served*		   

Principal

Occupation(s) During

the Past 5 Years

   

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

   

Other

Directorships

Held by
Independent
Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Audit Committee and Trustee    Chair of the Audit Committee since 2008; Trustee since 2006   

Formerly, Managing Director of

Finance (2020-2021) and Senior

Director of Finance (2015-2020), By

The Hand Club for Kids (not-for-profit);

Chief Financial Officer, Hope Network

(social services) (2008-2012);

Assistant Vice President and

Controller, Priority Health (health

insurance) (2005-2008); Regional

Chief Financial Officer, United

Healthcare (2005); Chief Accounting

Officer, Senior Vice President of

Finance, Oxford Health Plans

(2000-2004); Audit Partner, Arthur

Andersen LLP (1996-2000).

    216    Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Investment Oversight Committee and Trustee    Chair of the Investment Oversight Committee since 2014; Trustee since 2013   

Managing Partner, RDG Funds LLC

(real estate) (2008-Present); formerly, Managing Director, Citadel LLC

(1999-2007).

    216    Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   65  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   

Position(s)
Held

with Trust

   

Term of

Office

and

Length of
Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		  

Other

Directorships Held by
Independent Trustees
During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   66  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of Office
and Length of
Time Served*		    Principal Occupation(s) During the Past 5
Years		    Number of
Portfolios in
Fund
Complex**
Overseen
by
Independent
Trustees		    Other Directorships
Held by
Independent
Trustees During the
Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2013    Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.    216    Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chair of the Board and Trustee    Chair since 2012; Trustee since 2006    Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).    216    Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   67  

 

 

Trustees and Officers–(continued)

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   68  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Interested Trustee		    Position(s)
Held with
Trust		   

Term of

Office

and

Length of
Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

    Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee		   

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road Suite 700

Downers Grove, IL 60515

    Trustee, President and Principal Executive Officer    Trustee since 2022, President and Principal Executive Officer since 2020    President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).    216    None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

 

   69  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of

Birth of Executive Officers

    Position(s)
Held with
Trust		    Length of
Time Served*		    Principal Occupation(s) During the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

 

   70  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Executive Officers		    Position(s)
Held with
Trust		    Length of
Time Served*		    Principal Occupation(s) During the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

 

   71  

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Executive Officers		    Position(s)
Held with
Trust		    Length of
Time Served*		    Principal Occupation(s) During the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

 

 

   72  

 

 

Approval of Investment Advisory Contracts

 

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Dow Jones Industrial Average Dividend ETF    Invesco S&P 500® Equal Weight Materials ETF
Invesco NASDAQ Internet ETF    Invesco S&P 500® Equal Weight Real Estate ETF
Invesco Raymond James SB-1 Equity ETF    Invesco S&P 500® Equal Weight Technology ETF
Invesco S&P 500 BuyWrite ETF    Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500® Equal Weight Communication Services ETF    Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF    Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF    Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Energy ETF    Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight ETF    Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight Financials ETF    Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Health Care ETF    Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF    Invesco S&P SmallCap 600® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 pays all other operating expenses of each Fund, except that each Fund pays its 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:

 

 

 

   73  

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

  ●  

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

 

  ●  

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

 

  ●  

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600 ® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

 

  ●  

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

 

  ●  

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

 

  ●  

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

 

  ●  

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

  Invesco Fund

   Equal
to/Lower
than ETF
Peer Median		    Equal to/Lower
than Open-End
Index Fund
Peer Median		    Lower than
Open-End
Active Fund
Peer Median
  Invesco Dow Jones Industrial Average Dividend ETF   X    X    X
  Invesco NASDAQ Internet ETF         X
  Invesco Raymond James SB-1 Equity ETF         X
  Invesco S&P 500 BuyWrite ETF   X    N/A    X
  Invesco S&P 500® Equal Weight Communication Services ETF         X
  Invesco S&P 500® Equal Weight Consumer Discretionary ETF   X       X
  Invesco S&P 500® Equal Weight Consumer Staples ETF   X       X
  Invesco S&P 500® Equal Weight Energy ETF         X
  Invesco S&P 500® Equal Weight ETF   X    X    X
  Invesco S&P 500® Equal Weight Financials ETF         X
  Invesco S&P 500® Equal Weight Health Care ETF         X
  Invesco S&P 500® Equal Weight Industrials ETF   X       X
  Invesco S&P 500® Equal Weight Materials ETF   X       X
  Invesco S&P 500® Equal Weight Real Estate ETF         X
  Invesco S&P 500® Equal Weight Technology ETF   X       X
  Invesco S&P 500® Equal Weight Utilities ETF      X    X
  Invesco S&P 500® Pure Growth ETF   X    X    X
  Invesco S&P 500® Pure Value ETF         X
  Invesco S&P 500® Top 50 ETF         X
  Invesco S&P MidCap 400® Equal Weight ETF         X
  Invesco S&P MidCap 400® Pure Growth ETF         X
  Invesco S&P MidCap 400® Pure Value ETF      X    X
  Invesco S&P SmallCap 600® Pure Growth ETF         X
  Invesco S&P SmallCap 600® Pure Value ETF      X    X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that

 

 

 

   74  

 

 

 

Approval of Investment Advisory Contracts–(continued)

the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. 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 fee was reasonable and appropriate in light of the services provided, the nature of the index, 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 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.

 

 

 

   75  

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

      
Downers Grove, IL 60515    P-TRST1-AR-3        invesco.com/ETFs

LOGO   

 

Invesco Annual Report to Shareholders

 

April 30, 2023

 

   PYZ   Invesco DWA Basic Materials Momentum ETF
   PEZ   Invesco DWA Consumer Cyclicals Momentum ETF
   PSL   Invesco DWA Consumer Staples Momentum ETF
   PXI   Invesco DWA Energy Momentum ETF
   PFI   Invesco DWA Financial Momentum ETF
   PTH   Invesco DWA Healthcare Momentum ETF
   PRN   Invesco DWA Industrials Momentum ETF
   PTF   Invesco DWA Technology Momentum ETF
   PUI   Invesco DWA Utilities Momentum ETF
   PNQI   Invesco NASDAQ Internet ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      33  
Schedules of Investments   

Invesco DWA Basic Materials Momentum ETF (PYZ)

     34  

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

     36  

Invesco DWA Consumer Staples Momentum ETF (PSL)

     38  

Invesco DWA Energy Momentum ETF (PXI)

     40  

Invesco DWA Financial Momentum ETF (PFI)

     42  

Invesco DWA Healthcare Momentum ETF (PTH)

     44  

Invesco DWA Industrials Momentum ETF (PRN)

     46  

Invesco DWA Technology Momentum ETF (PTF)

     48  

Invesco DWA Utilities Momentum ETF (PUI)

     50  

Invesco NASDAQ Internet ETF (PNQI)

     52  
Statements of Assets and Liabilities      55  
Statements of Operations      57  
Statements of Changes in Net Assets      59  
Financial Highlights      63  
Notes to Financial Statements      70  
Report of Independent Registered Public Accounting Firm      82  
Fund Expenses      83  
Tax Information      85  
Trustees and Officers      86  
Approval of Investment Advisory Contracts      97  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining, sent markets lower in December. As energy prices declined the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-

over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

 

 

 

   3  

 

 

 

PYZ    Management’s Discussion of Fund Performance
   Invesco DWA Basic Materials Momentum ETF (PYZ)

 

As an index fund, the Invesco DWA Basic Materials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Basic Materials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the basic materials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the basic materials sector for inclusion in the Index. Companies in the basic materials sector are principally engaged in the business of producing raw materials, including paper or wood products, chemicals, construction materials, and mining and metals.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (9.74)%. On a net asset value (“NAV”) basis, the Fund returned (9.61)%. During the same time period, the Index returned (9.13)%. During the fiscal year, the Fund fully

replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Materials Index (the “Benchmark Index”) returned (3.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 29 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the materials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the steel and commodity chemicals sub-industries and most underweight in the industrial gases and specialty chemicals sub-industries during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the industrial gases sub-industry, and the stock selection within the fertilizers and agricultural chemicals sub-industry.

For the fiscal year ended April 30, 2023, the metal, glass & plastic containers sub-industry contributed most significantly to the Fund’s return, followed by the industrial gases sub-industry. Fertilizers and agricultural chemicals and diversified chemicals were the largest detractors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included O-I Glass Inc., a metal, glass & plastic containers company (portfolio average weight of 1.21%), and Air Products and Chemicals, Inc., an industrial gases company (portfolio average weight of 2.79%). Positions that detracted most significantly from the Fund’s return during this period included Intrepid Potash, Inc., a fertilizers and agricultural chemicals company (no longer held at fiscal year-end), and Cleveland-Cliffs Inc., a steel company (portfolio average weight of 2.10%).

 

 

 

   4  

 

 

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Steel      28.91  
Commodity Chemicals      15.29  
Specialty Chemicals      14.70  
Fertilizers & Agricultural Chemicals      8.97  
Industrial Gases      4.07  
Diversified Metals & Mining      3.77  
Paper & Plastic Packaging Products & Materials      3.74  
Sub-Industry Types Each Less than 3%      20.56  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Olin Corp.      4.40  
Air Products and Chemicals, Inc.      4.07  
Corteva, Inc.      3.94  
Steel Dynamics, Inc.      3.76  
Avery Dennison Corp.      3.74  
Reliance Steel & Aluminum Co.      3.50  
Nucor Corp.      3.31  
Scotts Miracle-Gro Co. (The)      3.04  
Carpenter Technology Corp.      2.85  
United States Steel Corp.      2.74  
Total      35.35  

 

*

Excluding money market fund holdings.

 

 

 

   5  

 

 

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Basic Materials Technical Leaders™ Index     (9.13 )%      21.76 %      80.50 %      6.05 %      34.17 %      8.41 %      124.25 %        9.44 %      345.05 % 
S&P 500® Materials Index     (3.03 )      18.13       64.84       9.53       57.67       9.66       151.44         8.08       261.58  
Fund                    
NAV Return     (9.61 )      21.03       77.28       5.39       30.03       7.71       110.17         8.62       292.86  
Market Price Return     (9.74 )      20.91       76.74       5.36       29.85       7.73       110.53         8.62       292.83  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.70% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Basic Materials Technical LeadersTM Index performance is comprised of the performance of the Dynamic Basic Materials Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   6  

 

 

 

PEZ    Management’s Discussion of Fund Performance
   Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

 

As an index fund, the Invesco DWA Consumer Cyclicals Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Consumer Cyclicals Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer discretionary sector for inclusion in the Index. Companies in the consumer discretionary sector are principally engaged in the businesses of providing consumer goods and services that are cyclical in nature, including retail, automotive, leisure and recreation, media and home construction and furnishing.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.40)%. On a net asset value (“NAV”) basis,

the Fund returned (1.25)%. During the same time period, the Index returned (0.77)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Consumer Discretionary Index (the “Benchmark Index”) returned (8.48)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 53 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer discretionary sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track the Index, which employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the automotive retail sub-industry and most underweight in the internet & direct marketing retail sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight in the automobile manufacturers sub-industry and overweight allocation to and security selection in the automotive retail sub-industry.

For the fiscal year ended April 30, 2023, the automotive retail sub-industry contributed most significantly to the Fund’s return followed by the other specialty retail sub-industry. The hotels, resorts & cruise lines sub-industry detracted most significantly from the Fund’s return, followed by the leisure facilities sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included O’Reilly Automotive, Inc., an automotive retail company (no longer held at fiscal year-end), and Deckers Outdoor Corp., a footwear company (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during this period included SeaWorld Entertainment, Inc., a leisure facilities company (average portfolio weight of 1.42%), and Domino’s Pizza, Inc., a restaurants company (no longer held at fiscal year-end).

 

 

 

   7  

 

 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Other Specialty Retail      21.90  
Restaurants      9.47  
Automotive Retail      8.02  
Movies & Entertainment      6.21  
Home Improvement Retail      6.09  
Home Furnishings      5.16  
Apparel, Accessories & Luxury Goods      4.92  
Leisure Facilities      4.78  
Homebuilding      4.78  
Casinos & Gaming      4.70  
Hotels Resorts & Cruise Lines      4.59  
Consumer Staples Merchandise Retail      3.61  
Footwear      3.45  
Sub-Industry Types Each Less than 3%      12.24  
Money Market Funds Plus Other Assets Less Liabilities      0.08  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Dick’s Sporting Goods, Inc.      6.31  
Tempur Sealy International, Inc.      4.25  
Five Below, Inc.      4.09  
AutoNation, Inc.      3.99  
BJ’s Wholesale Club Holdings, Inc.      3.61  
Home Depot, Inc. (The)      3.57  
World Wrestling Entertainment, Inc., Class A      3.52  
Deckers Outdoor Corp.      3.45  
Tractor Supply Co.      3.42  
Tapestry, Inc.      3.41  
Total      39.62  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Consumer Cyclicals Technical Leaders™ Index     (0.77 )%      19.39 %      70.17 %      7.44 %      43.18 %      8.35 %      122.92 %        7.43 %      227.49 % 
S&P 500® Consumer Discretionary Index     (8.48 )      7.29       23.49       7.99       46.87       11.70       202.32         10.24       401.77  
Fund                    
NAV Return     (1.25 )      18.84       67.83       6.89       39.55       7.75       111.02         6.83       198.29  
Market Price Return     (1.40 )      18.83       67.81       6.88       39.47       7.77       111.34         6.83       198.56  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Dorsey Wright® Consumer Cyclicals Technical LeadersTM Index performance is comprised of the performance of the Dynamic Consumer Discretionary Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   9  

 

 

 

PSL    Management’s Discussion of Fund Performance
   Invesco DWA Consumer Staples Momentum ETF (PSL)

 

As an index fund, the Invesco DWA Consumer Staples Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Consumer Staples Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer staples sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer staples sector for inclusion in the Index. Companies in the consumer staples sector are principally engaged in the businesses of providing consumer goods and services that have non-cyclical characteristics, including tobacco, textiles, food and beverages, and non-discretionary retail goods and services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 7.44%. On a net asset value (“NAV”) basis, the Fund returned 7.34%. During the same time period, the Index returned 8.01%. During the fiscal year, the Fund fully replicated

the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Consumer Staples Index (the “Benchmark Index”) returned 2.24%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 37 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer staples sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the food distributors sub-industry and most underweight in the consumer staples merchandise retail sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the personal care products and the soft drinks & non-alcoholic beverages sub-industries.

For the fiscal year ended April 30, 2023, the personal care products sub-industry contributed most significantly to the Fund’s return, followed by the soft drinks & non-alcoholic beverages sub-industry. The household products sub-industry detracted most significantly from the Fund’s return, followed by the tobacco sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included e.l.f. Beauty, Inc., a personal care products company (portfolio average weight of 2.46%), and Celsius Holdings, Inc., a soft drinks & non-alcoholic beverages company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Spectrum Brands Holdings, Inc., a household products company (no longer held at fiscal year-end), and Freshpet Inc., a packaged foods & meats company (no longer held at fiscal year-end).

 

 

 

   10  

 

 

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Packaged Foods & Meats      31.19  
Food Distributors      14.10  
Soft Drinks & Non-alcoholic Beverages      13.95  
Personal Care Products      11.83  
Food Retail      10.18  
Specialized Consumer Services      4.45  
Education Services      4.01  
Household Products      3.96  
Agricultural Products & Services      3.30  
Tobacco      3.03  
Money Market Funds Plus Other Assets Less Liabilities      0.00  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
elf Beauty, Inc.      4.45  
Service Corp. International      4.45  
Hershey Co. (The)      4.18  
Lamb Weston Holdings, Inc.      4.12  
Performance Food Group Co.      4.05  
Procter & Gamble Co. (The)      3.96  
US Foods Holding Corp.      3.84  
PepsiCo, Inc.      3.82  
Coty, Inc., Class A      3.77  
Keurig Dr Pepper, Inc.      3.75  
Total      40.39  

 

*

Excluding money market fund holdings.

 

 

 

   11  

 

 

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—Dorsey Wright® Consumer Staples Technical Leaders™ Index     8.01 %      15.56 %      54.33 %      7.43 %      43.07 %      10.29 %      166.20 %        10.06 %      388.37 % 
S&P 500® Consumer Staples Index     2.24       13.51       46.26       12.40       79.42       9.67       151.74         10.11       392.58  
Fund                    
NAV Return     7.34       15.02       52.18       6.86       39.35       9.65       151.19         9.37       340.42  
Market Price Return     7.44       15.04       52.26       6.79       38.89       9.65       151.35         9.37       340.33  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Dorsey Wright® Consumer Staples Technical LeadersTM Index performance is comprised of the performance of the Dynamic Consumer Staples Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   12  

 

 

 

PXI    Management’s Discussion of Fund Performance
   Invesco DWA Energy Momentum ETF (PXI)

 

As an index fund, the Invesco DWA Energy Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Energy Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the energy sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the energy sector for inclusion in the Index. Companies in the energy sector are principally engaged in the business of producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (4.50)%. On a net asset value (“NAV”) basis, the Fund returned (4.42)%. During the same time period, the

Index returned (3.98)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Energy Index (the “Benchmark Index”) returned 19.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 23 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the energy sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & production sub-industry and most underweight in the integrated oil & gas sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and security selection in the oil & gas exploration & production sub-industry and an underweight allocation to the integrated oil & gas sub-industry.

For the fiscal year ended April 30, 2023, the integrated oil & gas sub-industry contributed most significantly to the Fund’s return. The oil & gas exploration & production sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Weatherford International plc, an oil & gas equipment & services company (portfolio average weight of 2.81%), and CONSOL Energy Inc., a coal & consumable fuels company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Ovintiv Inc., an oil & gas exploration & production company (no longer held at fiscal year-end), and Patterson-UTI Energy, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).

 

 

 

   13  

 

 

Invesco DWA Energy Momentum ETF (PXI) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Oil & Gas Exploration & Production      47.86  
Oil & Gas Equipment & Services      12.26  
Oil & Gas Refining & Marketing      11.56  
Oil & Gas Storage & Transportation      10.11  
Oil & Gas Drilling      6.88  
Integrated Oil & Gas      6.86  
Sub-Industry Types Each Less than 3%      4.45  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Cheniere Energy, Inc.      6.93  
Matador Resources Co.      6.35  
Texas Pacific Land Corp.      6.12  
ConocoPhillips      3.82  
Hess Corp.      3.63  
PBF Energy, Inc., Class A      3.43  
Marathon Petroleum Corp.      3.35  
Targa Resources Corp.      3.18  
Weatherford International PLC      3.08  
Transocean Ltd.      3.03  
Total      42.92  

 

*

Excluding money market fund holdings.

 

 

 

   14  

 

 

Invesco DWA Energy Momentum ETF (PXI) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Energy Technical Leaders™ Index     (3.98 )%      40.05 %      174.71 %      0.86 %      4.37 %      (0.14 )%      (1.37 )%        4.32 %      101.41 % 
S&P 500® Energy Index     19.22       37.56       160.30       8.29       48.92       4.87       60.95         5.91       158.58  
Fund                    
NAV Return     (4.42 )      39.27       170.16       0.32       1.62       (0.69 )      (6.69 )        3.72       82.98  
Market Price Return     (4.50 )      39.13       169.32       0.28       1.42       (0.69 )      (6.66 )        3.72       83.05  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.70% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Energy Technical LeadersTM Index performance is comprised of the performance of the Dynamic Energy Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   15  

 

 

 

PFI    Management’s Discussion of Fund Performance
   Invesco DWA Financial Momentum ETF (PFI)

 

As an index fund, the Invesco DWA Financial Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Financials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the financials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the financials sector for inclusion in the Index. Companies in the financials sector are principally engaged in the business of providing financial services and products, including banking, investment services, insurance and real estate finance services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (9.00)%. On a net asset value (“NAV”) basis, the Fund returned (9.05)%. During the same time period, the Index returned (8.48)%. During the fiscal year, the Fund fully

replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Financials Index (the “Benchmark Index”) returned (1.82)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 73 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the financials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large- capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the data processing & outsourced services sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to the residential REITs sub-industry and an overweight allocation to the industrial REITs sub-industry.

For the fiscal year ended April 30, 2023, the insurance brokers sub-industry contributed most significantly to the Fund’s return, followed by the data processing & outsourced services sub-industry. The regional banks sub-industry detracted most significantly from the Fund’s return, followed by the residential REITs sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Mastercard Inc., Class A, a transaction & payment processing services company (portfolio average weight of 4.45%), and Progressive Corp., a property & casualty insurance company (portfolio average weight of 3.10%). Positions that detracted most significantly from the Fund’s return during this period included Independence Realty Trust, Inc., a multi-family residential REITs company (no longer held at fiscal year-end), and Prologis, Inc., an industrial REITs company (no longer held at fiscal year-end).

 

 

 

   16  

 

 

Invesco DWA Financial Momentum ETF (PFI) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Insurance Brokers      13.36  
Property & Casualty Insurance      11.83  
Transaction & Payment Processing Services      9.53  
Life & Health Insurance      7.96  
Asset Management & Custody Banks      7.61  
Investment Banking & Brokerage      7.33  
Consumer Finance      5.49  
Retail REITs      5.05  
Other Specialized REITs      4.77  
Hotel & Resort REITs      4.58  
Commercial & Residential Mortgage Finance      4.14  
Self-Storage REITs      3.75  
Sub-Industry Types Each Less than 3%      14.52  
Money Market Funds Plus Other Assets Less Liabilities      0.08  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Arthur J. Gallagher & Co.      4.16  
Progressive Corp. (The)      3.87  
CubeSmart      3.75  
Mastercard, Inc., Class A      3.75  
Ameriprise Financial, Inc.      3.69  
Visa, Inc., Class A      3.37  
Marsh & McLennan Cos., Inc.      3.35  
Globe Life, Inc.      3.31  
Aon PLC, Class A      3.22  
Morgan Stanley      2.83  
Total      35.30  

 

*

Excluding money market fund holdings.

 

 

 

   17  

 

 

Invesco DWA Financial Momentum ETF (PFI) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Financials Technical Leaders™ Index     (8.48 )%      10.85 %      36.21 %      5.29 %      29.38 %      7.74 %      110.71 %        5.14 %      129.18 % 
S&P 500® Financials Index     (1.82 )      15.76       55.14       6.15       34.77       10.36       168.06         3.05       64.33  
Fund                    
NAV Return     (9.05 )      10.16       33.68       4.65       25.52       7.04       97.49         4.40       103.84  
Market Price Return     (9.00 )      10.15       33.63       4.60       25.19       7.04       97.47         4.39       103.73  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.70% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Financials Technical LeadersTM Index performance is comprised of the performance of the Dynamic Financial Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   18  

 

 

 

PTH    Management’s Discussion of Fund Performance
   Invesco DWA Healthcare Momentum ETF (PTH)

 

As an index fund, the Invesco DWA Healthcare Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Healthcare Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the healthcare sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the healthcare sector for inclusion in the Index. Companies in the healthcare sector are principally engaged in the business of providing healthcare-related products and services, including biotechnology, pharmaceuticals, medical technology and supplies, and facilities.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.31)%. On a net asset value (“NAV”) basis, the Fund returned (1.34)%. During the same time period, the Index returned (0.94)%. During the fiscal year, the Fund fully

replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Health Care Index (the “Benchmark Index”) returned 4.17%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 65 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the healthcare sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the biotechnology sub-industry.

For the fiscal year ended April 30, 2023, the pharmaceuticals sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and personal care products sub-industry. The healthcare facilities sub-industry detracted most significantly from the Fund’s return, followed by the health care technology and life sciences tools & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Prometheus Biosciences, Inc., a biotechnology company (portfolio average weight of 2.15%), and Provention Bio, Inc., a pharmaceuticals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Altimmune, Inc., a biotechnology company (no longer held at fiscal year-end), and Cassava Sciences, Inc., a pharmaceuticals company (no longer held at fiscal year-end).

 

 

 

   19  

 

 

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Biotechnology      35.02  
Health Care Equipment      17.74  
Life Sciences Tools & Services      12.69  
Pharmaceuticals      11.78  
Health Care Supplies      8.78  
Health Care Services      5.41  
Health Care Facilities      5.36  
Health Care Technology      3.24  
Money Market Funds Plus Other Assets Less Liabilities      (0.02)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Prometheus Biosciences, Inc.      6.67  
Lantheus Holdings, Inc.      4.38  
Reata Pharmaceuticals, Inc., Class A      4.08  
Thermo Fisher Scientific, Inc.      4.05  
IVERIC bio, Inc.      4.02  
IDEXX Laboratories, Inc.      3.71  
Apellis Pharmaceuticals, Inc.      3.39  
HCA Healthcare, Inc.      3.05  
Mettler-Toledo International, Inc.      3.01  
Penumbra, Inc.      2.70  
Total      39.06  

 

*

Excluding money market fund holdings.

 

 

 

   20  

 

 

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Healthcare Technical Leaders™ Index     (0.94 )%      7.43 %      23.99 %      9.66 %      58.56 %      12.67 %      229.69 %        10.78 %      444.13 % 
S&P 500® Health Care Index     4.17       12.05       40.66       12.23       78.04       12.89       236.28         10.84       449.09  
Fund                    
NAV Return     (1.34 )      6.86       22.01       9.09       54.48       12.00       210.65         10.06       388.39  
Market Price Return     (1.31 )      6.78       21.75       9.04       54.13       12.02       211.10         10.05       388.23  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Healthcare Technical LeadersTM Index performance is comprised of the performance of the Dynamic Healthcare Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   21  

 

 

 

PRN    Management’s Discussion of Fund Performance
   Invesco DWA Industrials Momentum ETF (PRN)

 

As an index fund, the Invesco DWA Industrials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Industrials Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the industrials sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the industrials sector for inclusion in the Index. Companies in the industrials sector are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing products and services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 5.52%. On a net asset value (“NAV”) basis, the Fund returned 5.32%. During the same time period, the Index

returned 5.88%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Industrials Index (the “Benchmark Index”) returned 7.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 73 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the industrials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the trading companies & distributors sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection within building products sub-industry and the construction & engineering sub-industry.

For the fiscal year ended April 30, 2023, the construction & engineering sub-industry contributed most significantly to the Fund’s return, followed by the trading companies & distributors and diversified support services sub-industries, respectively. The agricultural & farm machinery sub-industry detracted most significantly from the Fund’s return, followed by the rail transportation and building products sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Saia, Inc., a cargo ground transportation company (portfolio average weight of 1.31%), and W.W. Grainger, Inc., a trading companies & distributors company (portfolio average weight of 4.63%). Positions that detracted most significantly from the Fund’s return during this period included Advanced Drainage Systems, Inc., a building products company (no longer held at fiscal year-end), and Deere & Company, an agricultural & farm machinery company (portfolio average weight of 1.26%).

 

 

 

   22  

 

 

Invesco DWA Industrials Momentum ETF (PRN) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Trading Companies & Distributors      15.25  
Construction & Engineering      11.76  
Aerospace & Defense      10.69  
Building Products      10.31  
Cargo Ground Transportation      8.76  
Electrical Components & Equipment      8.74  
Diversified Support Services      6.72  
Agricultural & Farm Machinery      5.30  
Industrial Machinery & Supplies & Components      4.52  
Research & Consulting Services      4.34  
Paper & Plastic Packaging Products & Materials      3.65  
Sub-Industry Types Each Less than 3%      9.97  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
HEICO Corp.      3.91  
AMETEK, Inc.      3.68  
Graphic Packaging Holding Co.      3.65  
Trane Technologies PLC      3.65  
Copart, Inc.      3.64  
Hubbell, Inc.      3.56  
W.W. Grainger, Inc.      3.53  
Builders FirstSource, Inc.      3.46  
Saia, Inc.      3.43  
Old Dominion Freight Line, Inc.      3.42  
Total      35.93  

 

*

Excluding money market fund holdings.

 

 

 

   23  

 

 

Invesco DWA Industrials Momentum ETF (PRN) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Industrials Technical Leaders™ Index     5.88 %      16.55 %      58.31 %      11.38 %      71.40 %      11.08 %      185.89 %        9.71 %      363.26 % 
S&P 500® Industrials Index     7.04       17.90       63.89       8.79       52.39       11.15       187.67         8.43       281.86  
Fund                    
NAV Return     5.32       15.87       55.55       10.73       66.48       10.39       168.63         8.90       309.94  
Market Price Return     5.52       15.74       55.04       10.72       66.39       10.39       168.80         8.90       310.18  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.63% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Industrials Technical LeadersTM Index performance is comprised of the performance of the Dynamic Industrials Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   24  

 

 

 

PTF    Management’s Discussion of Fund Performance
   Invesco DWA Technology Momentum ETF (PTF)

 

As an index fund, the Invesco DWA Technology Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Technology Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the technology sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the technology sector for inclusion in the Index. Companies in the technology sector are principally engaged in the business of providing technology-related products and services, including computer hardware and software, internet, electronics and semiconductors, and wireless communication technologies.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 2.05%. On a net asset value (“NAV”) basis, the Fund returned 2.13%. During the same time period, the Index returned 2.78%. During the fiscal year, the Fund fully replicated

the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Information Technology Index (the “Benchmark Index”) returned 8.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 66 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the technology sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being underweight in the systems software sub-industry.

For the fiscal year ended April 30, 2023, the electrical components & equipment sub-industry contributed most significantly to the Fund’s return, followed by the application software and semiconductor materials & equipment sub-industries, respectively. The data processing & outsourced services sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Array Technologies Inc, an electronic equipment & instruments company (no longer held at fiscal year-end) and Lattice Semiconductor Corp., a systems software company (portfolio average weight of 3.31%). Positions that detracted most significantly from the Fund’s return during this period included Coherent Corp., an electronic components company (no longer held at fiscal year-end), and HP Inc., an internet services & infrastructure company (no longer held at fiscal year-end).

 

 

 

   25  

 

 

Invesco DWA Technology Momentum ETF (PTF) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Application Software      34.62  
Semiconductors      28.39  
Semiconductor Materials & Equipment      10.11  
Systems Software      6.12  
Technology Hardware, Storage & Peripherals      5.78  
Technology Distributors      4.19  
Internet Services & Infrastructure      4.17  
Sub-Industry Types Each Less than 3%      6.61  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Intuit, Inc.      4.94  
Cadence Design Systems, Inc.      4.36  
Super Micro Computer, Inc.      4.05  
Riot Platforms, Inc.      3.89  
Lattice Semiconductor Corp.      3.86  
KLA Corp.      3.63  
ON Semiconductor Corp.      3.53  
Axcelis Technologies, Inc.      3.40  
First Solar, Inc.      3.36  
Marathon Digital Holdings, Inc.      3.30  
Total      38.32  

 

*

Excluding money market fund holdings.

 

 

 

   26  

 

 

Invesco DWA Technology Momentum ETF (PTF) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Technology Technical Leaders™ Index     2.78 %      17.01 %      60.19 %      17.24 %      121.49 %      16.10 %      345.12 %        10.68 %      436.36 % 
S&P 500® Information Technology Index     8.08       19.28       69.72       19.72       145.99       20.09       523.76         14.47       836.46  
Fund                    
NAV Return     2.13       16.31       57.36       16.52       114.74       15.40       318.86         9.97       381.77  
Market Price Return     2.05       16.27       57.17       16.50       114.57       15.43       319.84         9.96       381.58  

 

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.69% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Technology Technical LeadersTM Index performance is comprised of the performance of the Dynamic Technology Sector Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   27  

 

 

 

PUI    Management’s Discussion of Fund Performance
   Invesco DWA Utilities Momentum ETF (PUI)

 

As an index fund, the Invesco DWA Utilities Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Utilities Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the utilities sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark IndexTM. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the utilities sector for inclusion in the Index. Companies in the utilities sector are principally engaged in providing energy, water, natural gas or telecommunications services. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater; and provide land line telephone services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.95)%. On a net asset value (“NAV”) basis, the Fund returned (3.00)%. During the same time period, the Index returned (2.42)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Utilities Index (the “Benchmark Index”) returned (0.21)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the utilities sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the gas utilities sub-industry and most underweight in the electric utilities sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection and underweight allocation in the electric utilities sub-industry and the Fund being overweight in the renewable electricity sub-industry.

For the fiscal year ended April 30, 2023, the oil & gas storage & transportation sub-industry contributed most significantly to the Fund’s return. The multi-utilities sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Constellation Energy Corp., an electric utilities company (portfolio average weight of 3.42%), and AES Corp., an independent power producers & energy traders company (portfolio average weight of 2.22%). Positions that detracted most significantly from the Fund’s return during this period included EQT Corp., an oil & gas exploration & production company (no longer held at fiscal year-end), and Montauk Renewables, Inc., a renewable electricity company (no longer held at fiscal year-end).

 

 

 

   28  

 

 

Invesco DWA Utilities Momentum ETF (PUI) (continued)

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Electric Utilities      46.42  
Multi-Utilities      22.58  
Gas Utilities      12.60  
Water Utilities      6.65  
Oil & Gas Storage & Transportation      4.55  
Independent Power Producers & Energy Traders      4.02  
Sub-Industry Types Each Less than 3%      3.07  
Money Market Funds Plus Other Assets Less Liabilities      0.11  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
NextEra Energy, Inc.      4.56  
ONEOK, Inc.      4.55  
Atmos Energy Corp.      4.28  
Sempra Energy      4.24  
NiSource, Inc.      4.03  
Southern Co. (The)      4.03  
Alliant Energy Corp.      3.90  
DTE Energy Co.      3.78  
WEC Energy Group, Inc.      3.52  
American Water Works Co., Inc.      3.52  
Total      40.41  

 

*

Excluding money market fund holdings.

 

 

 

   29  

 

 

Invesco DWA Utilities Momentum ETF (PUI) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Blended-Dorsey Wright® Utilities Technical Leaders™ Index     (2.42 )%      6.56 %      21.01 %      7.33 %      42.40 %      8.74 %      131.11 %        8.16 %      295.21 % 
S&P 500® Utilities Index     (0.21 )      9.86       32.58       9.54       57.70       8.94       135.52         8.65       327.79  
Fund                    
NAV Return     (3.00 )      5.93       18.88       6.70       38.29       8.08       117.59         7.43       251.06  
Market Price Return     (2.95 )      5.82       18.49       6.68       38.19       8.10       117.95         7.44       251.54  

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.81% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-Dorsey Wright® Utilities Technical LeadersTM Index performance is comprised of the performance of the Dynamic Utilities Intellidex® Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   30  

 

 

 

PNQI    Management’s Discussion of Fund Performance
   Invesco NASDAQ Internet ETF (PNQI)

 

As an index fund, the Invesco NASDAQ Internet ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ CTA Internet IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles the Index, which is designed to track the performance of companies engaged in internet-related businesses that are listed on one of the New York Stock Exchange, NYSE American, Cboe Exchange or The Nasdaq Stock Market. Companies in the Index include companies whose primary business includes Internet-related services including, but not limited to, Internet software, Internet search engines, web hosting, website design or Internet retail commerce as determined by the Consumer Technology Association (“CTA”). The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.54%. On a net asset value (“NAV”) basis, the Fund returned 0.40%. During the same time period, the Index returned 0.96%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the NASDAQ-100® Index (the “Benchmark Index”) returned 3.99%. The Benchmark Index is an unmanaged, modified market-capitalization weighted index based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that consists of companies engaged in internet-related businesses, whereas the Benchmark Index consists of approximately 100 of the largest non-financial companies listed on the NASDAQ Stock Market, which may include companies that are not engaged in internet related businesses.

Relative to the Benchmark Index, the Fund was most overweight in the movies & entertainment sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation in the semiconductor sub-industry, followed by the Fund’s security selection in the broadline retail sub-industry.

For the fiscal year ended April 30, 2023, the movies & entertainment sub-industry contributed most significantly to the Fund’s return. The internet & direct marketing retail sub-industry detracted most significantly from the Fund’s return, followed by the data processing & outsourced services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.26%), and Meta Platforms Inc., Class A, an interactive media & services company (portfolio average weight of 8.22%). Positions that detracted most significantly from the Fund’s return during this period included Snap, Inc., Class A, an interactive media & services company (portfolio average weight of 0.87%), and Walt Disney Co., a movies & entertainment company (portfolio average weight of 7.67%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Interactive Media & Services      21.10  
Broadline Retail      17.04  
Movies & Entertainment      12.45  
Application Software      12.13  
Systems Software      9.13  
Hotels, Resorts & Cruise Lines      7.56  
Internet Services & Infrastructure      5.68  
Transaction & Payment Processing Services      3.78  
Passenger Ground Transportation      3.05  
Sub-Industry Types Each Less than 3%      8.12  
Money Market Funds Plus Other Assets Less Liabilities      (0.04)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Meta Platforms, Inc., Class A      10.04  
Microsoft Corp.      9.00  
Alphabet, Inc., Class C      8.76  
Amazon.com, Inc.      8.18  
Walt Disney Co. (The)      7.20  
Salesforce, Inc.      4.43  
Adobe, Inc.      4.26  
Booking Holdings, Inc.      3.89  
PayPal Holdings, Inc.      3.78  
Netflix, Inc.      3.74  
Total      63.28  

 

*

Excluding money market fund holdings.

 

 

 

   31  

 

 

Invesco NASDAQ Internet ETF (PNQI) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Nasdaq CTA Internet IndexSM     0.96 %      (0.90 )%      (2.67 )%      2.27 %      11.90 %      12.42 %      222.36 %        13.24 %      536.04 % 
Nasdaq-100® Index     3.99       14.66       50.74       15.98       109.88       17.72       410.96         15.00       700.93  
Fund                    
NAV Return     0.40       (1.46 )      (4.31 )      1.70       8.79       11.79       204.91         12.63       486.88  
Market Price Return     0.54       (1.44 )      (4.25 )      1.68       8.69       11.80       205.01         12.51       477.80  

 

Fund Inception: June 12, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not

reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   32  

 

 

Liquidity Risk Management Program

 

 

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  33  

 

  

 

 

 

Invesco DWA Basic Materials Momentum ETF (PYZ)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-100.01%

 

Aluminum-2.46%

    

Arconic Corp.(b)

    75,647     $ 1,872,263  

Century Aluminum Co.(b)(c)

    229,608       1,972,333  
   

 

 

  
      3,844,596  
   

 

 

  

Automotive Retail-2.12%

    

Valvoline, Inc.

     95,830       3,310,926  
   

 

 

  

Commodity Chemicals-15.29%

    

Cabot Corp.

     44,165       3,169,280  

Dow, Inc.

     55,629       3,026,218  

LyondellBasell Industries N.V., Class A(c)

    35,991       3,405,109  

Olin Corp.

     124,201       6,880,735  

Orion Engineered Carbons S.A. (Germany)

     79,186       1,917,093  

PureCycle Technologies, Inc.(b)(c)

    262,446       1,724,270  

Westlake Corp.(c)

    33,475       3,808,786  
   

 

 

  
      23,931,491  
   

 

 

  

Construction Materials-1.99%

    

Summit Materials, Inc., Class A(b)

    113,704       3,116,627  
   

 

 

  

Copper-1.84%

    

Freeport-McMoRan, Inc.

     76,009       2,881,501  
   

 

 

  

Diversified Chemicals-1.26%

    

Chemours Co. (The)

     67,919       1,974,405  
   

 

 

  

Diversified Metals & Mining-3.77%

    

Materion Corp.

     33,821       3,663,152  

Piedmont Lithium, Inc.(b)(c)

    38,916       2,237,670  
   

 

 

  
      5,900,822  
   

 

 

  

Fertilizers & Agricultural Chemicals-8.97%

 

  

Corteva, Inc.

     100,813       6,161,691  

FMC Corp.

     25,219       3,116,564  

Scotts Miracle-Gro Co. (The)(c)

    71,361       4,767,628  
   

 

 

  
      14,045,883  
   

 

 

  

Forest Products-1.71%

    

Louisiana-Pacific Corp.

     44,774       2,674,799  
   

 

 

  

Gold-2.05%

    

Royal Gold, Inc.

     24,227       3,208,624  
   

 

 

  

Industrial Gases-4.07%

    

Air Products and Chemicals, Inc.

     21,628       6,366,418  
   

 

 

  

Metal, Glass & Plastic Containers-2.51%

 

  

O-I Glass, Inc.(b)

    174,692       3,925,329  
   

 

 

  

Paper & Plastic Packaging Products & Materials-3.74%

 

Avery Dennison Corp.

     33,535       5,851,187  
   

 

 

  

Paper Products-1.53%

    

Sylvamo Corp.

     52,296       2,396,203  
   

 

 

  

Silver-1.41%

    

Hecla Mining Co.(c)

    366,088       2,214,832  
   

 

 

  

Specialty Chemicals-14.70%

    

Albemarle Corp.

     20,932       3,882,049  

Ashland, Inc.

     28,601       2,906,148  

Avient Corp.

     90,616       3,489,622  

Investment Abbreviations:

    

REIT-Real Estate Investment Trust

    
        Shares             Value      

Specialty Chemicals-(continued)

    

Element Solutions, Inc.

     112,775     $ 2,046,866  

H.B. Fuller Co.

     30,846       2,041,080  

Innospec, Inc.

     15,350       1,560,020  

NewMarket Corp.

     5,620       2,245,752  

Quaker Chemical Corp.(c)

    11,217       2,093,429  

RPM International, Inc.

     33,519       2,749,563  
   

 

 

  
      23,014,529  
   

 

 

  

Steel-28.91%

    

ATI, Inc.(b)(c)

    106,364       4,107,778  

Carpenter Technology Corp.

     84,619       4,462,806  

Cleveland-Cliffs, Inc.(b)

    258,496       3,975,669  

Commercial Metals Co.

     86,344       4,031,401  

Nucor Corp.

     34,968       5,181,558  

Olympic Steel, Inc.

     40,918       1,905,551  

Reliance Steel & Aluminum Co.

     22,127       5,483,071  

Ryerson Holding Corp.

     56,503       2,134,118  

Steel Dynamics, Inc.

     56,665       5,890,327  

SunCoke Energy, Inc.

     223,514       1,738,939  

United States Steel Corp.

     187,479       4,289,520  

Worthington Industries, Inc.

     34,701       2,060,892  
   

 

 

  
      45,261,630  
   

 

 

  

Timber REITs-1.68%

    

PotlatchDeltic Corp.(c)

    56,860       2,628,638  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $144,418,778)

       156,548,440  
   

 

 

  

Money Market Funds-0.11%

    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $180,435)

     180,435       180,435  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $144,599,213)

       156,728,875  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.31%

 

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

    5,834,163       5,834,163  

Invesco Private Prime Fund, 4.99%(d)(e)(f) 

     15,002,132       15,002,132  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,836,624)

 

     20,836,295  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-113.43%
(Cost $165,435,837)

 

     177,565,170  

OTHER ASSETS LESS LIABILITIES-(13.43)%

 

     (21,028,712 ) 
   

 

 

  

NET ASSETS-100.00%.

     $ 156,536,458  
   

 

 

  
 

 

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

 

  34  

 

  

 

 

 

Invesco DWA Basic Materials Momentum ETF (PYZ)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class     $     273,111      $     3,808,072      $     (3,900,748 )      $ -     $ -      $     180,435      $     5,335
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund       9,705,723        78,025,611        (81,897,171 )        -       -        5,834,163        170,514 *
Invesco Private Prime Fund       22,636,353        161,279,036        (168,913,495 )       (329 )       567        15,002,132        470,597 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 32,615,187      $ 243,112,719      $ (254,711,414 )      $ (329 )     $ 567      $ 21,016,730      $ 646,446
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  35  

 

  

 

 

 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.92%

 

Advertising-2.65%

    

Interpublic Group of Cos., Inc. (The)(b)

    16,878     $ 603,051  
   

 

 

  

Apparel, Accessories & Luxury  Goods-4.92%

    

Oxford Industries, Inc.

     3,323       342,900  

Tapestry, Inc.

     19,016       776,043  
   

 

 

  
      1,118,943  
   

 

 

  

Automotive Retail-8.02%

    

AutoNation, Inc.(b)(c)

    6,905       909,389  

Group 1 Automotive, Inc.(b)

    2,051       460,408  

Penske Automotive Group, Inc.(b)

    3,295       456,621  
   

 

 

  
      1,826,418  
   

 

 

  

Casinos & Gaming-4.70%

    

Churchill Downs, Inc.(b)

    1,269       371,220  

Las Vegas Sands Corp.(c)

    10,942       698,647  
   

 

 

  
      1,069,867  
   

 

 

  

Consumer Staples Merchandise  Retail-3.61%

    

BJ’s Wholesale Club Holdings, Inc.(c)

    10,770       822,505  
   

 

 

  

Distributors-2.94%

    

LKQ Corp.

     11,611       670,303  
   

 

 

  

Education Services-2.58%

    

Duolingo, Inc.(b)(c)

    4,308       586,577  
   

 

 

  

Footwear-3.45%

    

Deckers Outdoor Corp.(c)

    1,638       785,159  
   

 

 

  

Home Furnishings-5.16%

    

Ethan Allen Interiors, Inc.

     7,473       208,721  

Tempur Sealy International, Inc.

     25,807       966,988  
   

 

 

  
      1,175,709  
   

 

 

  

Home Improvement Retail-6.09%

    

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

    5,786       574,781  

Home Depot, Inc. (The)

     2,701       811,759  
   

 

 

  
      1,386,540  
   

 

 

  

Homebuilding-4.78%

    

NVR, Inc.(c)

    111       648,240  

Skyline Champion Corp.(b)(c)

    5,943       440,792  
   

 

 

  
      1,089,032  
   

 

 

  

Hotels, Resorts & Cruise Lines-4.59%

    

Hilton Grand Vacations, Inc.(c)

    6,093       260,780  

Hyatt Hotels Corp., Class A(b)(c)

    4,628       528,981  

Marriott Vacations Worldwide Corp.

     1,890       254,318  
   

 

 

  
      1,044,079  
   

 

 

  

Interactive Media & Services-1.05%

    

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

    12,193       238,617  
   

 

 

  

Leisure Facilities-4.78%

    

Bowlero Corp.(b)(c)

    22,421       328,019  

SeaWorld Entertainment, Inc.(b)(c)

    7,921       425,041  

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

    10,112       334,505  
   

 

 

  
      1,087,565  
   

 

 

  
        Shares             Value      

Leisure Products-1.34%

    

Topgolf Callaway Brands Corp.(b)(c)

    13,748     $ 304,793  
   

 

 

  

Movies & Entertainment-6.21%

    

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

    8,490       612,893  

World Wrestling Entertainment, Inc., Class A(b)

    7,470       800,560  
   

 

 

  
      1,413,453  
   

 

 

  

Other Specialty Retail-21.90%

    

Academy Sports & Outdoors, Inc.(b)

    10,220       649,175  

Dick’s Sporting Goods, Inc.(b)

    9,899       1,435,454  

Five Below, Inc.(c)

    4,723       932,131  

Signet Jewelers Ltd.

     6,598       485,481  

Tractor Supply Co.(b)

    3,265       778,376  

Ulta Beauty, Inc.(c)

    1,279       705,279  
   

 

 

  
      4,985,896  
   

 

 

  

Restaurants-9.47%

    

Bloomin’ Brands, Inc.

     11,826       292,930  

Darden Restaurants, Inc.

     4,776       725,618  

Jack in the Box, Inc.

     4,238       392,820  

Wingstop, Inc.(b)

    3,724       745,210  
   

 

 

  
      2,156,578  
   

 

 

  

Trading Companies &  Distributors-1.68%

    

Beacon Roofing Supply, Inc.(b)(c)

    6,344       381,782  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $20,926,159)

 

     22,746,867  
   

 

 

  
Money Market Funds-0.64%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $144,833)

     144,833       144,833  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.56%
(Cost $21,070,992)

 

     22,891,700  
   

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-31.28%

 

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

    1,999,085       1,999,085  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    5,121,565       5,121,565  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $7,120,694)

       7,120,650  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-131.84%
(Cost $28,191,686)

 

     30,012,350  

OTHER ASSETS LESS LIABILITIES-(31.84)%

 

     (7,247,326 ) 
   

 

 

  

NET ASSETS-100.00%

 

   $ 22,765,024  
   

 

 

  
 

 

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

 

  36  

 

  

 

 

 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                               
Invesco Government & Agency Portfolio, Institutional Class     $ 140,012      $ 1,006,606      $ (1,001,785 )      $ -     $ -     $ 144,833      $ 4,253
Investments Purchased with Cash Collateral from Securities on Loan:                               
Invesco Private Government Fund       1,359,112        30,103,785        (29,463,812 )        -       -       1,999,085        46,125 *
Invesco Private Prime Fund       3,168,189        62,930,239        (60,976,573 )       (44 )       (246 )       5,121,565        127,776 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total     $ 4,667,313      $ 94,040,630      $ (91,442,170 )      $ (44 )     $ (246 )     $ 7,265,483      $ 178,154
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  37  

 

  

 

 

 

Invesco DWA Consumer Staples Momentum ETF (PSL)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-100.00%

 

Agricultural Products &  Services-3.30%

     

Bunge Ltd.

     42,873      $ 4,012,913  
    

 

 

  

Education Services-4.01%

     

Laureate Education, Inc., Class A

     217,826        2,698,864  

Perdoceo Education Corp.(b)

    167,046        2,168,257  
    

 

 

  
       4,867,121  
    

 

 

  

Food Distributors-14.10%

     

Andersons, Inc. (The)(c)

    68,787        3,074,779  

Performance Food Group Co.(b)

    78,614        4,928,312  

Sysco Corp.

     58,223        4,468,033  

US Foods Holding Corp.(b)

    121,440        4,663,296  
    

 

 

  
       17,134,420  
    

 

 

  

Food Retail-10.18%

     

Casey’s General Stores, Inc.

     18,246        4,175,050  

Ingles Markets, Inc., Class A(c)

    28,099        2,586,232  

Sprouts Farmers Market, Inc.(b)(c)

    92,090        3,191,839  

Weis Markets, Inc.(c)

    29,315        2,418,194  
    

 

 

  
       12,371,315  
    

 

 

  

Household Products-3.96%

     

Procter & Gamble Co. (The)

     30,767        4,811,344  
    

 

 

  

Packaged Foods & Meats-31.19%

     

Cal-Maine Foods, Inc.

     53,197        2,526,858  

Conagra Brands, Inc.

     98,977        3,757,167  

General Mills, Inc.

     50,594        4,484,146  

Hershey Co. (The)(c)

    18,588        5,075,639  

JM Smucker Co. (The)(c)

    23,320        3,600,841  

Kraft Heinz Co. (The)

     100,268        3,937,524  

Lamb Weston Holdings, Inc.

     44,733        5,001,597  

Mondelez International, Inc., Class A(c)

    54,701        4,196,661  

Post Holdings, Inc.(b)

    31,086        2,812,972  

Utz Brands, Inc.(c)

    131,988        2,495,893  
    

 

 

  
       37,889,298  
    

 

 

  

Personal Care Products-11.83%

     

Coty, Inc., Class A(b)

    386,182        4,583,980  

elf Beauty, Inc.(b)(c)

    58,307        5,408,557  

Inter Parfums, Inc.

     28,855        4,379,901  
    

 

 

  
       14,372,438  
    

 

 

  
        Shares              Value      

Soft Drinks & Non-alcoholic Beverages-13.95%

 

Coca-Cola Consolidated, Inc.

     6,189      $ 3,648,168  

Keurig Dr Pepper, Inc.

     139,265        4,553,965  

Monster Beverage Corp.(b)

    73,344        4,107,264  

PepsiCo, Inc.

     24,303        4,639,200  
    

 

 

  
       16,948,597  
    

 

 

  

Specialized Consumer Services-4.45%

 

Service Corp. International(c)

    76,970        5,402,524  
    

 

 

  

Tobacco-3.03%

     

Philip Morris International, Inc.

     36,875        3,686,394  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $108,123,643)

 

      121,496,364  
    

 

 

  
Money Market Funds-0.12%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $146,579)

     146,579        146,579  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $108,270,222)

 

      121,642,943  
    

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-11.58%

 

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

    3,940,344        3,940,344  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    10,132,313        10,132,313  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,072,672)

 

      14,072,657  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-111.70%
(Cost $122,342,894)

 

      135,715,600  

OTHER ASSETS LESS LIABILITIES-(11.70)%

 

      (14,218,141 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 121,497,459  
    

 

 

  
 

 

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

 

  38  

 

  

 

 

 

Invesco DWA Consumer Staples Momentum ETF (PSL)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money
Market Funds:		                                
Invesco Government & Agency Portfolio, Institutional Class     $ 24,532      $ 6,415,250      $ (6,293,203 )      $ -     $ -      $ 146,579      $ 5,996
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund       5,383,930        62,304,519        (63,748,105 )        -       -        3,940,344        133,623 *
Invesco Private Prime Fund       12,091,655        128,056,473        (130,017,655 )       (1,498 )       3,338        10,132,313        369,480 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 17,500,117      $ 196,776,242      $ (200,058,963 )      $ (1,498 )     $ 3,338      $ 14,219,236      $ 509,099
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  39  

 

  

 

 

 

Invesco DWA Energy Momentum ETF (PXI)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-99.98%

 

Coal & Consumable Fuels-1.88%

     

Arch Resources, Inc.(b)

    14,635      $ 1,789,129  
    

 

 

  

Integrated Oil & Gas-6.86%

     

Chevron Corp.

     12,075        2,035,603  

Exxon Mobil Corp.

     21,773        2,576,617  

Occidental Petroleum Corp.

     31,367        1,930,012  
    

 

 

  
       6,542,232  
    

 

 

  

Oil & Gas Drilling-6.88%

     

Diamond Offshore Drilling, Inc.(b)(c)

    113,531        1,304,471  

Transocean Ltd.(b)(c)

    490,398        2,893,348  

Valaris Ltd.(b)(c)

    39,368        2,362,080  
    

 

 

  
       6,559,899  
    

 

 

  

Oil & Gas Equipment &  Services-12.26%

     

ChampionX Corp.

     73,837        1,999,506  

Helix Energy Solutions Group, Inc.(b)(c)

    270,132        1,958,457  

Oceaneering International, Inc.(c)

    71,067        1,260,018  

Oil States International, Inc.(c)

    151,224        1,064,617  

Tidewater, Inc.(b)(c)

    54,796        2,467,464  

Weatherford International PLC(c)

    45,389        2,933,491  
    

 

 

  
       11,683,553  
    

 

 

  

Oil & Gas Exploration &  Production-47.86%

     

Antero Resources Corp.(c)

    124,842        2,870,118  

APA Corp.

     61,832        2,278,509  

Chord Energy Corp.

     15,822        2,251,945  

ConocoPhillips

     35,360        3,638,190  

Devon Energy Corp.

     46,719        2,496,196  

Diamondback Energy, Inc.(b)

    15,208        2,162,578  

EOG Resources, Inc.

     19,087        2,280,324  

Hess Corp.(b)

    23,845        3,458,956  

Kosmos Energy Ltd. (Ghana)(c)

    260,036        1,664,230  

Magnolia Oil & Gas Corp., Class A(b)

    59,134        1,248,910  

Marathon Oil Corp.

     87,942        2,124,679  

Matador Resources Co.

     123,449        6,052,704  

Murphy Oil Corp.

     52,031        1,910,058  

Northern Oil and Gas, Inc.(b)

    52,038        1,726,100  

Permian Resources Corp.(b)

    236,003        2,466,231  

Texas Pacific Land Corp.(b)

    3,947        5,832,285  

Vitesse Energy, Inc.

     63,204        1,162,954  
    

 

 

  
       45,624,967  
    

 

 

  
        Shares              Value      

Oil & Gas Refining & Marketing-11.56%

 

CVR Energy, Inc.(b)

    38,643      $ 1,017,856  

Marathon Petroleum Corp.

     26,196        3,195,912  

Par Pacific Holdings, Inc.(c)

    67,037        1,570,677  

PBF Energy, Inc., Class A

     93,858        3,271,890  

Valero Energy Corp.

     17,131        1,964,412  
    

 

 

  
       11,020,747  
    

 

 

  

Oil & Gas Storage & Transportation-10.11%

 

Cheniere Energy, Inc.

     43,175        6,605,775  

Targa Resources Corp.

     40,194        3,035,853  
    

 

 

  
       9,641,628  
    

 

 

  

Steel-2.57%

     

Alpha Metallurgical Resources, Inc.(b)

    16,696        2,446,966  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $93,659,850)

 

      95,309,121  
    

 

 

  
Money Market Funds-0.23%

 

Invesco Government & Agency Portfolio,
Institutional Class, 4.78%(d)(e)
(Cost $221,047)

     221,047        221,047  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.21%
(Cost $93,880,897)

 

      95,530,168  
    

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-21.75%

 

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

    5,805,002        5,805,002  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    14,927,149        14,927,149  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,732,151)

 

      20,732,151  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-121.96%
(Cost $114,613,048)

 

      116,262,319  

OTHER ASSETS LESS LIABILITIES-(21.96)%

 

      (20,936,961 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 95,325,358  
    

 

 

  
 

 

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

 

  40  

 

  

 

 

 

Invesco DWA Energy Momentum ETF (PXI)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money
Market Funds:		                               
Invesco Government & Agency Portfolio, Institutional Class     $ 249,928      $ 14,203,081      $ (14,231,962 )      $ -     $ -     $ 221,047      $ 8,298
Investments Purchased with Cash Collateral from Securities on Loan:                               
Invesco Private Government Fund       13,426,783        149,486,657        (157,108,438 )        -       -       5,805,002        291,893 *
Invesco Private Prime Fund       31,312,864        310,072,679        (326,455,286 )       (405 )       (2,703 )       14,927,149        799,598 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total     $ 44,989,575      $ 473,762,417      $ (497,795,686 )      $ (405 )     $ (2,703 )     $ 20,953,198      $ 1,099,789
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  41  

 

  

 

 

 

Invesco DWA Financial Momentum ETF (PFI)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.92%

 

Asset Management & Custody Banks-7.61%

 

  

Ameriprise Financial, Inc.

     3,488     $ 1,064,259  

Federated Hermes, Inc., Class B

     10,348       428,304  

Victory Capital Holdings, Inc., Class A(b)

    12,532       382,727  

WisdomTree, Inc.(b)

    51,426       320,898  
   

 

 

  
      2,196,188  
   

 

 

  

Commercial & Residential Mortgage Finance-4.14%

 

Federal Agricultural Mortgage Corp., Class C(b)

    3,106       413,999  

Mr. Cooper Group, Inc.(b)(c)

    16,883       781,683  
   

 

 

  
      1,195,682  
   

 

 

  

Consumer Finance-5.49%

    

American Express Co.

     4,861       784,274  

Enova International, Inc.(b)(c)

    8,057       353,863  

FirstCash Holdings, Inc.

     4,331       446,223  
   

 

 

  
      1,584,360  
   

 

 

  

Diversified REITs-1.51%

    

Essential Properties Realty Trust, Inc.

     17,657       437,011  
   

 

 

  

Financial Exchanges & Data-2.36%

    

FactSet Research Systems, Inc.

     1,652       680,112  
   

 

 

  

Hotel & Resort REITs-4.58%

    

Apple Hospitality REIT, Inc.

     27,090       403,370  

Ryman Hospitality Properties, Inc.(b)

    7,010       628,517  

Service Properties Trust

     33,195       291,120  
   

 

 

  
      1,323,007  
   

 

 

  

Industrial Machinery & Supplies & Components-1.49%

 

Symbotic, Inc.(c)

    16,240       431,334  
   

 

 

  

Insurance Brokers-13.36%

    

Aon PLC, Class A

     2,858       929,365  

Arthur J. Gallagher & Co.

     5,772       1,200,922  

Goosehead Insurance, Inc., Class A(b)(c)

    5,964       342,930  

Marsh & McLennan Cos., Inc.

     5,379       969,242  

Ryan Specialty Holdings, Inc., Class A(b)(c)

    10,184       416,118  
   

 

 

  
      3,858,577  
   

 

 

  

Investment Banking & Brokerage-7.33%

    

Houlihan Lokey, Inc.(b)

    5,557       507,799  

Morgan Stanley

     9,094       818,187  

Piper Sandler Cos

     3,491       472,821  

StoneX Group, Inc.(c)

    3,230       316,766  
   

 

 

  
      2,115,573  
   

 

 

  

Life & Health Insurance-7.96%

    

Aflac, Inc.

     9,941       694,379  

Globe Life, Inc.

     8,812       956,278  

Primerica, Inc.

     3,549       647,728  
   

 

 

  
      2,298,385  
   

 

 

  

Mortgage REITs-1.55%

    

New York Mortgage Trust, Inc.(b)

    43,508       447,262  
   

 

 

  

Other Specialized REITs-4.77%

    

Gaming and Leisure Properties, Inc.

     13,945       725,140  

VICI Properties, Inc.

     19,206       651,852  
   

 

 

  
      1,376,992  
   

 

 

  

Property & Casualty Insurance-11.83%

 

Ambac Financial Group, Inc.(c)

    21,537       343,515  
        Shares             Value      

Property & Casualty Insurance-(continued)

 

  

Arch Capital Group Ltd.(c)

    9,825     $ 737,563  

HCI Group, Inc.

     5,687       288,103  

Old Republic International Corp.

     17,610       445,005  

Progressive Corp. (The)

     8,184       1,116,298  

RLI Corp.(b)

    3,479       483,755  
   

 

 

  
      3,414,239  
   

 

 

  

Real Estate Services-1.52%

    

Redfin Corp.(b)(c)

    59,012       439,639  
   

 

 

  

Regional Banks-2.29%

    

OFG Bancorp

     13,610       348,008  

Pathward Financial, Inc.(b)

    6,999       311,665  
   

 

 

  
      659,673  
   

 

 

  

Reinsurance-2.18%

    

Everest Re Group Ltd.

     1,668       630,504  
   

 

 

  

Retail REITs-5.05%

    

Brixmor Property Group, Inc.

     19,139       408,235  

Kite Realty Group Trust(b)

    20,732       429,567  

Simon Property Group, Inc.

     5,485       621,560  
   

 

 

  
      1,459,362  
   

 

 

  

Self-Storage REITs-3.75%

    

CubeSmart

     23,808       1,083,026  
   

 

 

  

Trading Companies &  Distributors-1.62%

    

FTAI Aviation Ltd.

     16,436       467,604  
   

 

 

  

Transaction & Payment Processing Services-9.53%

 

International Money Express, Inc.(c)

    13,182       339,832  

Mastercard, Inc., Class A

     2,848       1,082,325  

Payoneer Global, Inc.(b)(c)

    64,831       353,977  

Visa, Inc., Class A(b)

    4,186       974,208  
   

 

 

  
      2,750,342  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $27,581,996)

 

     28,848,872  
   

 

 

  
Money Market Funds-0.47%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $135,073)

     135,073       135,073  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.39%
(Cost $27,717,069)

 

     28,983,945  
   

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-13.40%

 

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

    1,083,298       1,083,298  
 

 

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

 

  42  

 

  

 

 

 

Invesco DWA Financial Momentum ETF (PFI)–(continued)

April 30, 2023

    

 

        Shares             Value      
Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    2,785,624     $ 2,785,624  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,869,020)

 

     3,868,922  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-113.79%
(Cost $31,586,089)

 

     32,852,867  

OTHER ASSETS LESS LIABILITIES-(13.79)%

 

     (3,980,452 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 28,872,415  
   

 

 

  

Investment Abbreviations:

    

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money
Market Funds:		                                
Invesco Government & Agency
Portfolio, Institutional Class		     $ 196,176      $ 2,093,690      $ (2,154,793 )      $ -     $ -      $ 135,073      $ 4,058
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund       949,782        23,168,732        (23,035,216 )        -       -        1,083,298        49,231 *
Invesco Private Prime Fund       2,214,095        55,682,335        (55,110,861 )       (98 )       153        2,785,624        134,518 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 3,360,053      $ 80,944,757      $ (80,300,870 )      $ (98 )     $ 153      $ 4,003,995      $ 187,807
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  43  

 

  

 

 

 

Invesco DWA Healthcare Momentum ETF (PTH)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-100.02%

 

Biotechnology-35.02%

    

Amicus Therapeutics, Inc.(b)(c)

    192,604     $ 2,222,650  

Apellis Pharmaceuticals, Inc.(b)(c)

    73,533       6,134,858  

Ardelyx, Inc.(b)

    1,037,647       4,627,906  

Celldex Therapeutics, Inc.(b)(c)

    61,123       1,921,707  

Exact Sciences Corp.(b)(c)

    68,979       4,419,485  

IVERIC bio, Inc.(b)(c)

    221,665       7,290,562  

Krystal Biotech, Inc.(b)(c)

    33,107       2,780,988  

Kymera Therapeutics, Inc.(b)(c)

    90,890       2,866,671  

Morphic Holding, Inc.(b)(c)

    62,671       2,961,831  

Natera, Inc.(b)

    74,971       3,802,529  

Prometheus Biosciences, Inc.(b)(c)

    62,282       12,079,594  

Protagonist Therapeutics, Inc.(b)

    154,724       3,496,762  

PTC Therapeutics, Inc.(b)

    47,791       2,635,196  

Regeneron Pharmaceuticals, Inc.(b)

    5,374       4,308,819  

Syndax Pharmaceuticals, Inc.(b)

    91,662       1,883,654  
   

 

 

  
      63,433,212  
   

 

 

  

Health Care Equipment-17.74%

    

Alphatec Holdings, Inc.(b)

    189,580       2,737,535  

IDEXX Laboratories, Inc.(b)

    13,671       6,728,320  

Inspire Medical Systems, Inc.(b)

    15,067       4,032,381  

Insulet Corp.(b)

    11,702       3,721,704  

Masimo Corp.(b)

    20,845       3,942,623  

Penumbra, Inc.(b)(c)

    17,210       4,889,705  

Pulmonx Corp.(b)(c)

    150,705       1,770,784  

TransMedics Group, Inc.(b)(c)

    54,586       4,317,753  
   

 

 

  
      32,140,805  
   

 

 

  

Health Care Facilities-5.36%

    

Ensign Group, Inc. (The)(c)

    43,214       4,195,647  

HCA Healthcare, Inc.

     19,217       5,521,621  
   

 

 

  
      9,717,268  
   

 

 

  

Health Care Services-5.41%

    

agilon health, inc.(b)(c)

    150,378       3,649,674  

CorVel Corp.(b)

    17,928       3,621,994  

NeoGenomics, Inc.(b)(c)

    172,492       2,521,833  
   

 

 

  
      9,793,501  
   

 

 

  

Health Care Supplies-8.78%

    

Haemonetics Corp.(b)

    28,042       2,347,396  

Lantheus Holdings, Inc.(b)

    92,850       7,934,032  

Merit Medical Systems, Inc.(b)

    41,330       3,359,716  

UFP Technologies, Inc.(b)(c)

    16,471       2,270,363  
   

 

 

  
      15,911,507  
   

 

 

  

Health Care Technology-3.24%

    

Evolent Health, Inc., Class A(b)(c)

    116,452       4,240,017  

Phreesia, Inc.(b)(c)

    51,369       1,625,315  
   

 

 

  
      5,865,332  
   

 

 

  
        Shares             Value      

Life Sciences Tools & Services-12.69%

    

10X Genomics, Inc., Class A(b)(c)

    52,654     $ 2,760,649  

Agilent Technologies, Inc.

     32,610       4,416,372  

Bruker Corp.

     38,128       3,017,069  

Mettler-Toledo International, Inc.(b)

    3,661       5,460,382  

Thermo Fisher Scientific, Inc.

     13,207       7,328,564  
   

 

 

  
      22,983,036  
   

 

 

  

Pharmaceuticals-11.78%

    

Collegium Pharmaceutical, Inc.(b)

    65,656       1,527,815  

Cymabay Therapeutics, Inc.(b)(c)

    425,603       4,579,489  

Harrow Health, Inc.(b)

    107,700       2,717,271  

Reata Pharmaceuticals, Inc., Class A(b)

    74,791       7,393,838  

Revance Therapeutics, Inc.(b)(c)

    95,930       3,053,452  

Supernus Pharmaceuticals, Inc.(b)

    55,964       2,062,833  
   

 

 

  
      21,334,698  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $157,811,874)

 

     181,179,359  
   

 

 

  
Money Market Funds-0.15%    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $272,087)

     272,087       272,087  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.17%
(Cost $158,083,961)

 

     181,451,446  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

  
Money Market Funds-23.56%    

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

    11,949,604       11,949,604  

Invesco Private Prime Fund, 4.99%(d)(e)(f) 

     30,727,554       30,727,554  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $42,677,158)

 

     42,677,158  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-123.73%
(Cost $200,761,119)

 

     224,128,604  

OTHER ASSETS LESS LIABILITIES-(23.73)%

 

     (42,984,748 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 181,143,856  
   

 

 

  
 

 

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

 

  44  

 

  

 

 

 

Invesco DWA Healthcare Momentum ETF (PTH)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency
Portfolio, Institutional Class		     $ 481,376      $ 11,348,781      $ (11,558,070 )      $ -     $ -      $ 272,087      $ 12,629
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund       13,055,110        183,323,282        (184,428,788 )        -       -        11,949,604        429,661 *
Invesco Private Prime Fund       30,443,565        365,008,654        (364,725,376 )       (426 )       1,137        30,727,554        1,166,119 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 43,980,051      $ 559,680,717      $ (560,712,234 )      $ (426 )     $ 1,137      $ 42,949,245      $ 1,608,409
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  45  

 

  

 

 

 

Invesco DWA Industrials Momentum ETF (PRN)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-100.01%

 

Aerospace & Defense-10.69%

    

Axon Enterprise, Inc.(b)

    12,715     $ 2,679,178  

HEICO Corp.(c)

    29,767       5,019,907  

Howmet Aerospace, Inc.

     66,871       2,961,716  

TransDigm Group, Inc.

     4,010       3,067,650  
   

 

 

  
      13,728,451  
   

 

 

  

Agricultural & Farm Machinery-5.30%

 

  

Deere & Co.

     7,953       3,006,393  

Toro Co. (The)

     36,430       3,798,192  
   

 

 

  
      6,804,585  
   

 

 

  

Building Products-10.31%

 

  

A.O. Smith Corp.

     60,255       4,114,814  

Builders FirstSource, Inc.(b)

    46,896       4,444,334  

Trane Technologies PLC

     25,226       4,687,243  
   

 

 

  
      13,246,391  
   

 

 

  

Cargo Ground Transportation-8.76%

 

  

ArcBest Corp.

     25,954       2,450,058  

Old Dominion Freight Line, Inc.

     13,724       4,397,032  

Saia, Inc.(b)(c)

    14,800       4,406,996  
   

 

 

  
      11,254,086  
   

 

 

  

Construction & Engineering-11.76%

 

  

Comfort Systems USA, Inc.

     15,295       2,286,449  

Granite Construction, Inc.(c)

    49,084       1,871,573  

MYR Group, Inc.(b)

    15,231       1,949,416  

Quanta Services, Inc.

     23,879       4,050,834  

Sterling Infrastructure, Inc.(b)

    43,658       1,611,853  

WillScot Mobile Mini Holdings Corp.(b)

    73,308       3,328,183  
   

 

 

  
      15,098,308  
   

 

 

  

Diversified Support Services-6.72%

 

  

Cintas Corp.

     8,661       3,947,424  

Copart, Inc.(b)

    59,188       4,678,811  
   

 

 

  
      8,626,235  
   

 

 

  

Electrical Components & Equipment-8.74%

 

  

AMETEK, Inc.

     34,266       4,726,310  

Encore Wire Corp.(c)

    12,297       1,922,390  

Hubbell, Inc.

     16,969       4,570,091  
   

 

 

  
      11,218,791  
   

 

 

  

Electronic Equipment & Instruments-1.13%

 

  

Napco Security Technologies, Inc.(b)(c)

    46,874       1,453,094  
   

 

 

  

Electronic Manufacturing Services-2.17%

 

  

Jabil, Inc.

     35,695       2,789,564  
   

 

 

  

Environmental & Facilities Services-1.11%

 

  

CECO Environmental Corp.(b)

    122,451       1,421,656  
   

 

 

  

Human Resource & Employment Services-1.60%

 

  

Insperity, Inc.(c)

    16,807       2,058,185  
   

 

 

  

Industrial Machinery & Supplies & Components-4.52%

 

IDEX Corp.

     13,118       2,706,506  

Illinois Tool Works, Inc.

     12,828       3,103,606  
   

 

 

  
      5,810,112  
   

 

 

  
        Shares         Value  

Oil & Gas Storage & Transportation-1.39%

 

Dorian LPG Ltd.

     80,456     $ 1,787,732  
   

 

 

  

Paper & Plastic Packaging Products & Materials-3.65%

 

Graphic Packaging Holding Co.

     190,180       4,689,839  
   

 

 

  

Research & Consulting Services-4.34%

 

CBIZ, Inc.(b)

    34,558       1,820,861  

CRA International, Inc.

     14,566       1,531,469  

KBR, Inc.(c)

    39,238       2,225,972  
   

 

 

  
      5,578,302  
   

 

 

  

Trading Companies & Distributors-15.25%

 

Applied Industrial Technologies, Inc.

     14,373       1,949,841  

GMS, Inc.(b)

    29,398       1,706,848  

McGrath RentCorp.

     20,957       1,862,658  

Rush Enterprises, Inc., Class A

     30,199       1,603,869  

Triton International Ltd. (Bermuda)(c)

    44,924       3,713,867  

W.W. Grainger, Inc.

     6,517       4,533,030  

WESCO International, Inc.

     29,306       4,220,064  
   

 

 

  
      19,590,177  
   

 

 

  

Transaction & Payment Processing Services-2.57%

 

Fiserv, Inc.(b)

    27,063       3,304,934  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $116,180,160)

 

     128,460,442  
   

 

 

  
Money Market Funds-0.13%

 

Invesco Government & Agency Portfolio,
Institutional Class, 4.78%(d)(e)
(Cost $166,062)

     166,062       166,062  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.14%
(Cost $116,346,222)

 

     128,626,504  
   

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-10.37%

 

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

    3,700,195       3,700,195  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    9,618,556       9,618,556  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,318,894)

       13,318,751  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-110.51%
(Cost $129,665,116)

 

     141,945,255  

OTHER ASSETS LESS LIABILITIES-(10.51)%

 

     (13,501,814 ) 
   

 

 

  

NET ASSETS-100.00%

 

   $ 128,443,441  
   

 

 

  
 

 

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

 

  46  

 

  

 

 

 

Invesco DWA Industrials Momentum ETF (PRN)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 253,005      $ 5,534,997      $ (5,621,940 )      $ -     $ -     $ 166,062      $ 5,592
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        2,482,930        45,967,804        (44,750,539 )        -       -       3,700,195        117,415 *
Invesco Private Prime Fund        5,791,524        104,549,357        (100,718,246 )       (143 )       (3,936 )       9,618,556        315,074 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 8,527,459      $ 156,052,158      $ (151,090,725 )      $ (143 )     $ (3,936 )     $ 13,484,813      $ 438,081
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  47  

 

  

 

 

 

Invesco DWA Technology Momentum ETF (PTF)

April 30, 2023

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.99%

 

Alternative Carriers-1.90%

    

Iridium Communications, Inc.

     69,013     $ 4,380,255  
   

 

 

  

Application Software-34.62%

    

Agilysys, Inc.(b)

    42,018       3,279,085  

Altair Engineering, Inc., Class A(b)(c)

    52,500       3,625,125  

Cadence Design Systems, Inc.(b)

    47,877       10,027,838  

Intapp, Inc.(b)

    85,682       3,454,698  

Intuit, Inc.

     25,614       11,371,335  

Manhattan Associates, Inc.(b)

    27,697       4,588,839  

Marathon Digital Holdings, Inc.(b)(c)

    754,943       7,602,276  

MicroStrategy, Inc., Class A(b)(c)

    20,298       6,665,457  

Riot Platforms, Inc.(b)(c)

    749,513       8,964,175  

Samsara, Inc., Class A(b)(c)

    212,731       3,839,795  

Smartsheet, Inc., Class A(b)

    108,682       4,441,833  

SPS Commerce, Inc.(b)(c)

    32,584       4,799,623  

Synopsys, Inc.(b)

    19,046       7,072,161  
   

 

 

  
      79,732,240  
   

 

 

  

Communications Equipment-2.99%

    

Arista Networks, Inc.(b)

    42,934       6,876,310  
   

 

 

  

Electronic Components-1.72%

    

Belden, Inc.

     50,117       3,953,730  
   

 

 

  

Internet Services & Infrastructure-4.17%

 

Fastly, Inc., Class A(b)(c)

    359,321       5,310,764  

Squarespace, Inc., Class A(b)

    138,255       4,299,731  
   

 

 

  
      9,610,495  
   

 

 

  

Semiconductor Materials & Equipment-10.11%

 

Axcelis Technologies, Inc.(b)(c)

    66,103       7,819,985  

KLA Corp.

     21,651       8,368,977  

Onto Innovation, Inc.(b)

    51,011       4,130,871  

PDF Solutions, Inc.(b)

    82,293       2,966,663  
   

 

 

  
      23,286,496  
   

 

 

  

Semiconductors-28.39%

    

Allegro MicroSystems, Inc. (Japan)(b)(c)

    133,936       4,790,891  

Broadcom, Inc.

     10,006       6,268,759  

First Solar, Inc.(b)

    42,422       7,745,409  

Impinj, Inc.(b)(c)

    70,122       6,199,486  

indie Semiconductor, Inc., A Shares (China)(b)(c)

    369,510       2,797,191  

Lattice Semiconductor Corp.(b)

    111,487       8,885,514  

MACOM Technology Solutions Holdings, Inc.(b)(c)

    71,041       4,144,532  

Microchip Technology, Inc.

     62,374       4,552,678  

Navitas Semiconductor Corp.(b)(c)

    426,288       2,272,115  

ON Semiconductor Corp.(b)

    112,853       8,120,902  
        Shares         Value  

Semiconductors-(continued)

    

Rambus, Inc.(b)

    107,116     $ 4,749,523  

Texas Instruments, Inc.

     29,073       4,861,005  
   

 

 

  
      65,388,005  
   

 

 

  

Systems Software-6.12%

    

Fortinet, Inc.(b)

    107,164       6,756,690  

Microsoft Corp.

     23,898       7,342,900  
   

 

 

  
      14,099,590  
   

 

 

  

Technology Distributors-4.19%

    

CDW Corp.

     34,467       5,845,259  

Insight Enterprises, Inc.(b)(c)

    31,378       3,795,169  
   

 

 

  
      9,640,428  
   

 

 

  

Technology Hardware, Storage & Peripherals-5.78%

 

  

Avid Technology, Inc.(b)(c)

    135,295       3,992,555  

Super Micro Computer, Inc.(b)(c)

    88,332       9,312,843  
   

 

 

  
      13,305,398  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $213,250,338)

 

     230,272,947  
   

 

 

  
Money Market Funds-0.13%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $292,096)

     292,096       292,096  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $213,542,434)

 

     230,565,043  
   

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-22.66%

 

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

    14,253,080       14,253,080  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    37,945,789       37,945,789  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $52,200,265)

 

     52,198,869  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-122.78%
(Cost $265,742,699)

 

     282,763,912  

OTHER ASSETS LESS LIABILITIES-(22.78)%

 

     (52,467,045 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 230,296,867  
   

 

 

  
 

 

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

 

  48  

 

  

 

 

 

Invesco DWA Technology Momentum ETF (PTF)–(continued)

April 30, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 357,742      $ 2,562,487      $ (2,628,133 )      $ -     $ -      $ 292,096      $ 9,665
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        9,721,813        122,086,838        (117,555,571 )        -       -        14,253,080        286,394 *
Invesco Private Prime Fund        22,682,210        250,373,867        (235,109,666 )       (1,485 )       863        37,945,789        779,812 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total      $ 32,761,765      $ 375,023,192      $ (355,293,370 )      $ (1,485 )     $ 863      $ 52,490,965      $ 1,075,871
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  49  

 

  

 

 

 

Invesco DWA Utilities Momentum ETF (PUI)

April 30, 2023

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.89%

 

Construction & Engineering-1.42%

    

MDU Resources Group, Inc.

     21,000     $ 613,620  
   

 

 

  

Electric Utilities-46.42%

    

Alliant Energy Corp.

     30,656       1,690,372  

American Electric Power Co., Inc.

     9,005       832,242  

Constellation Energy Corp.

     19,112       1,479,269  

Duke Energy Corp.

     15,011       1,484,288  

Evergy, Inc.

     16,956       1,053,137  

Eversource Energy

     12,319       956,078  

Exelon Corp.

     30,122       1,278,378  

FirstEnergy Corp.

     20,374       810,885  

IDACORP, Inc.

     6,545       727,280  

NextEra Energy, Inc.(b)

    25,759       1,973,912  

Otter Tail Corp.(b)

    12,666       911,319  

PG&E Corp.(b)(c)

    88,004       1,505,748  

Pinnacle West Capital Corp.

     17,417       1,366,538  

Portland General Electric Co.(b)

    16,406       830,472  

Southern Co. (The)

     23,712       1,744,018  

Xcel Energy, Inc.

     20,895       1,460,769  
   

 

 

  
      20,104,705  
   

 

 

  

Gas Utilities-12.60%

    

Atmos Energy Corp.(b)

    16,247       1,854,433  

Chesapeake Utilities Corp.

     4,923       607,990  

National Fuel Gas Co.

     10,856       606,850  

New Jersey Resources Corp.(b)

    17,301       893,424  

ONE Gas, Inc.(b)

    9,960       766,422  

UGI Corp.(b)

    21,525       729,267  
   

 

 

  
      5,458,386  
   

 

 

  

Independent Power Producers & Energy Traders-4.02%

 

AES Corp. (The)

     40,503       958,301  

Vistra Corp.

     32,859       784,016  
   

 

 

  
      1,742,317  
   

 

 

  

Multi-Utilities-22.58%

    

Ameren Corp.(b)

    9,883       879,291  

CenterPoint Energy, Inc.

     32,121       978,727  

CMS Energy Corp.

     18,936       1,178,955  

DTE Energy Co.

     14,552       1,635,790  

NiSource, Inc.

     61,331       1,745,480  

Sempra Energy

     11,820       1,837,892  

WEC Energy Group, Inc.

     15,842       1,523,525  
   

 

 

  
      9,779,660  
   

 

 

  
    Shares     Value  

Oil & Gas Storage & Transportation-4.55%

 

ONEOK, Inc.

     30,127     $ 1,970,607  
   

 

 

  

Renewable Electricity-1.65%

    

Clearway Energy, Inc., Class C(b)

    23,487       713,300  
   

 

 

  

Water Utilities-6.65%

    

American Water Works Co., Inc.

     10,275       1,523,269  

Essential Utilities, Inc.

     15,797       674,532  

Middlesex Water Co.

     9,325       680,538  
   

 

 

  
      2,878,339  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $44,898,256)

 

     43,260,934  
   

 

 

  
Money Market Funds-0.27%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $116,870)

     116,870       116,870  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.16%
(Cost $45,015,126)

 

     43,377,804  
   

 

 

  
Investments Purchased with Cash Collateral
from Securities on Loan

 

Money Market Funds-21.97%

 

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

    2,664,890       2,664,890  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    6,852,888       6,852,888  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $9,517,820)

 

     9,517,778  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-122.13%
(Cost $54,532,946)

 

     52,895,582  

OTHER ASSETS LESS LIABILITIES-(22.13)%

 

     (9,586,084 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 43,309,498  
   

 

 

  
 

 

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

 

  50  

 

  

 

 

 

Invesco DWA Utilities Momentum ETF (PUI)–(continued)

April 30, 2023

    

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 141,321      $ 2,255,556      $ (2,280,008 )      $ -     $ 1     $ 116,870      $ 3,707
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        935,498        26,439,596        (24,710,204 )        -       -       2,664,890        36,318 *
Invesco Private Prime Fund        2,182,493        58,301,333        (53,629,976 )       (42 )       (920 )       6,852,888        99,399 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 3,259,312      $ 86,996,485      $ (80,620,188 )      $ (42 )     $ (919 )     $ 9,634,648      $ 139,424
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  51  

 

  

 

 

 

Invesco NASDAQ Internet ETF (PNQI)

April 30, 2023

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-100.04%

 

Advertising-0.08%

 

  

Criteo S.A., ADR (France)(b)

    14,199     $ 446,559  
   

 

 

  

Apparel Retail-0.02%

    

Lands’ End, Inc.(b)(c)

    8,043       57,668  

Stitch Fix, Inc., Class A(b)(c)

    20,785       70,877  
   

 

 

  
      128,545  
   

 

 

  

Application Software-12.13%

    

Adobe, Inc.(b)

    59,618       22,509,372  

Alarm.com Holdings, Inc.(b)(c)

    12,079       576,048  

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

    34,783       920,358  

Consensus Cloud Solutions, Inc.(b)(c)

    4,826       180,155  

DocuSign, Inc.(b)

    48,937       2,419,445  

Dropbox, Inc., Class A(b)

    67,177       1,366,380  

Envestnet, Inc.(b)(c)

    13,147       833,257  

LivePerson, Inc.(b)

    18,358       84,998  

Momentive Global, Inc.(b)

    36,437       342,143  

New Relic, Inc.(b)

    16,765       1,198,195  

Open Text Corp. (Canada)(c)

    65,825       2,494,109  

PROS Holdings, Inc.(b)(c)

    11,165       316,751  

Salesforce, Inc.(b)

    118,044       23,416,388  

SPS Commerce, Inc.(b)(c)

    8,838       1,301,837  

Unity Software, Inc.(b)(c)

    91,210       2,459,934  

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

    59,787       3,672,715  
   

 

 

  
      64,092,085  
   

 

 

  

Broadline Retail-17.04%

    

Alibaba Group Holding Ltd., ADR (China)(b)(c)

    211,895       17,945,388  

Amazon.com, Inc.(b)

    409,915       43,225,537  

eBay, Inc.

     130,666       6,066,822  

Global-e Online Ltd. (Israel)(b)(c)

    38,082       1,061,726  

JD.com, Inc., ADR (China)(c)

    112,179       4,007,034  

MercadoLibre, Inc. (Brazil)(b)

    12,232       15,626,258  

Vipshop Holdings Ltd., ADR (China)(b)

    131,555       2,065,413  
   

 

 

  
      89,998,178  
   

 

 

  

Casinos & Gaming-0.46%

    

DraftKings, Inc., Class A(b)(c)

    109,918       2,408,303  
   

 

 

  

Commercial Printing-0.06%

    

Cimpress PLC (Ireland)(b)(c)

    6,387       331,805  
   

 

 

  

Data Processing & Outsourced Services-0.10%

 

Dlocal Ltd. (Uruguay)(b)(c)

    39,411       551,754  
   

 

 

  

Education Services-0.13%

    

2U, Inc.(b)(c)

    19,294       106,889  

Chegg, Inc.(b)(c)

    30,800       553,784  
   

 

 

  
      660,673  
   

 

 

  

Financial Exchanges & Data-0.45%

    

Coinbase Global, Inc., Class A(b)(c)

    44,680       2,403,337  
   

 

 

  

Health Care Technology-0.22%

    

GoodRx Holdings, Inc., Class A(b)(c)

    20,069       93,722  

Teladoc Health, Inc.(b)(c)

    39,410       1,045,548  
   

 

 

  
      1,139,270  
   

 

 

  

Homefurnishing Retail-0.18%

    

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

    10,960       223,145  

Wayfair, Inc., Class A(b)(c)

    20,649       719,205  
   

 

 

  
      942,350  
   

 

 

  
        Shares         Value  

Hotels, Resorts & Cruise Lines-7.56%

 

Airbnb, Inc., Class A(b)(c)

    99,525     $ 11,910,157  

Booking Holdings, Inc.(b)

    7,652       20,555,644  

Expedia Group, Inc.(b)

    35,978       3,380,493  

MakeMyTrip Ltd. (India)(b)(c)

    15,967       374,266  

Trip.com Group Ltd., ADR (China)(b)(c)

    105,355       3,741,156  
   

 

 

  
      39,961,716  
   

 

 

  

Human Resource & Employment Services-0.50%

 

  

Paylocity Holding Corp.(b)(c)

    13,573       2,623,525  
   

 

 

  

Interactive Home Entertainment-2.88%

 

Bilibili, Inc., ADR (China)(b)(c)

    29,972       610,230  

NetEase, Inc., ADR (China)(c)

    31,349       2,794,136  

Roblox Corp., Class A(b)

    134,783       4,798,275  

Sea Ltd., ADR (Singapore)(b)(c)

    91,936       7,002,765  
   

 

 

  
      15,205,406  
   

 

 

  

Interactive Media & Services-21.10%

    

Alphabet, Inc., Class C(b)

    427,755       46,291,646  

Autohome, Inc., ADR (China)

     16,317       483,799  

Baidu, Inc., ADR (China)(b)

    37,250       4,492,723  

Bumble, Inc., Class A(b)

    31,561       574,726  

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

    16,101       315,097  

Eventbrite, Inc., Class A(b)

    19,942       144,978  

Hello Group, Inc., ADR (China)

     42,070       351,705  

JOYY, Inc., ADR (China)

     14,114       429,489  

Meta Platforms, Inc., Class A(b)

    220,797       53,061,935  

Shutterstock, Inc.(c)

    8,723       584,441  

Snap, Inc., Class A(b)

    323,010       2,813,417  

TripAdvisor, Inc.(b)(c)

    31,193       553,052  

Yelp, Inc.(b)(c)

    16,925       506,396  

Ziff Davis, Inc.(b)(c)

    11,485       840,013  
   

 

 

  
      111,443,417  
   

 

 

  

Internet Services & Infrastructure-5.68%

 

Akamai Technologies, Inc.(b)

    38,034       3,117,647  

Brightcove, Inc.(b)

    10,315       42,704  

Fastly, Inc., Class A(b)

    30,520       451,086  

GoDaddy, Inc., Class A(b)

    37,365       2,827,783  

Okta, Inc.(b)

    37,178       2,547,808  

Shopify, Inc., Class A (Canada)(b)

    291,367       14,116,731  

VeriSign, Inc.(b)

    25,526       5,661,667  

Wix.com Ltd. (Israel)(b)

    14,307       1,248,000  
   

 

 

  
      30,013,426  
   

 

 

  

Movies & Entertainment-12.45%

    

Netflix, Inc.(b)

    59,955       19,780,953  

Roku, Inc., Class A(b)(c)

    29,859       1,678,374  

Spotify Technology S.A.(b)

    47,074       6,289,087  

Walt Disney Co. (The)(b)(c)

    371,162       38,044,105  
   

 

 

  
      65,792,519  
   

 

 

  

Other Specialty Retail-0.19%

    

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

    9,175       84,502  

Chewy, Inc., Class A(b)(c)

    27,298       846,511  

PetMed Express, Inc.(c)

    5,131       78,863  
   

 

 

  
      1,009,876  
   

 

 

  
 

 

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

 

  52  

 

  

 

 

 

Invesco NASDAQ Internet ETF (PNQI)–(continued)

April 30, 2023

    

 

        Shares         Value  

Passenger Ground Transportation-3.05%

 

Lyft,Inc.,Class A(b)

    89,924     $ 921,721  

Uber Technologies, Inc.(b)

    489,171       15,188,760  
   

 

 

  
      16,110,481  
   

 

 

  

Real Estate Services-0.38%

    

Redfin Corp.(b)(c)

    26,707       198,967  

Zillow Group, Inc., Class C(b)(c)

    41,528       1,808,129  
   

 

 

  
      2,007,096  
   

 

 

  

Research & Consulting Services-1.44%

 

CoStar Group, Inc.(b)

    99,000       7,618,050  
   

 

 

  

Restaurants-1.03%

    

DoorDash, Inc., Class A(b)(c)

    88,569       5,419,537  
   

 

 

  

Systems Software-9.13%

    

Gitlab, Inc., Class A(b)(c)

    22,196       673,870  

Microsoft Corp.

     154,864       47,583,513  
   

 

 

  
      48,257,383  
   

 

 

  

Transaction & Payment Processing Services-3.78%

 

PayPal Holdings, Inc.(b)

    262,407       19,942,932  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.04%
(Cost $596,292,627)

 

     528,508,223  
   

 

 

  
        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.84%

 

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

    8,626,317     $ 8,626,317  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    22,188,871       22,188,871  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $30,815,188)

 

     30,815,188  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-105.88%
(Cost $627,107,815)

 

     559,323,411  

OTHER ASSETS LESS LIABILITIES-(5.88)%

 

     (31,038,835 ) 
   

 

 

  

NET ASSETS-100.00%.

     $ 528,284,576  
   

 

 

  
 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class     $ 376,768      $ 1,756,073      $ (2,132,841 )      $ -     $ -      $ -      $ 2,296
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund       14,297,896        276,041,101        (281,712,680 )        -       -        8,626,317        434,314 *
Invesco Private Prime Fund       33,326,145        530,519,452        (541,658,347 )       (1,316 )       2,937        22,188,871        1,181,215 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 48,000,809      $ 808,316,626      $ (825,503,868 )      $ (1,316 )     $ 2,937      $ 30,815,188      $ 1,617,825
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  53  

 

  

 

 

 

 

(This Page Intentionally Left Blank)

 

  54  

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

    Invesco DWA
Basic Materials
Momentum
ETF (PYZ)		    Invesco DWA
Consumer Cyclicals
Momentum
ETF (PEZ)		    Invesco DWA
Consumer Staples
Momentum
ETF (PSL)		    Invesco DWA
Energy
Momentum
ETF (PXI)
Assets:                   

Unaffiliated investments in securities, at value(a)

    $ 156,548,440      $ 22,746,867      $ 121,496,364      $ 95,309,121

Affiliated investments in securities, at value

       21,016,730        7,265,483        14,219,236        20,953,198

Receivable for:

                   

Dividends

       68,654        7,834        225,047        37,606

Securities lending

       3,942        867        1,028        2,347

Investments sold

       -        -        881,970        2,311,992

Fund shares sold

       -        -        -        -

Expenses absorbed

       -        4,131        -        -

Other assets

       -        12,983        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total assets

       177,637,766        30,038,165        136,823,645        118,614,264
   

 

 

       

 

 

       

 

 

       

 

 

  
Liabilities:                   

Due to custodian

       -        -        -        -

Payable for:

                   

Investments purchased

       -        -        126,001        -

Investments purchased - affiliated broker

       -        -        12,623        -

Collateral upon return of securities loaned

       20,836,624        7,120,694        14,072,672        20,732,151

Fund shares repurchased

       -        -        883,012        2,313,472

Accrued unitary management fees

       -        -        -        -

Accrued advisory fees

       45,677        -        33,307        25,233

Accrued trustees’ and officer’s fees

       54,264        49,291        55,336        60,290

Accrued expenses

       164,743        103,156        143,235        157,760
   

 

 

       

 

 

       

 

 

       

 

 

  

Total liabilities

       21,101,308        7,273,141        15,326,186        23,288,906
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 156,536,458      $ 22,765,024      $ 121,497,459      $ 95,325,358
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets consist of:                   

Shares of beneficial interest

     $ 243,348,232      $ 106,733,148      $ 226,775,597      $ 297,701,307

Distributable earnings (loss)

       (86,811,774 )        (83,968,124 )        (105,278,138 )        (202,375,949 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Net Assets     $ 156,536,458      $ 22,765,024      $ 121,497,459      $ 95,325,358
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

       1,910,000        330,000        1,370,000        2,460,000

Net asset value

     $ 81.96      $ 68.98      $ 88.68      $ 38.75
   

 

 

       

 

 

       

 

 

       

 

 

  

Market price

     $ 81.92      $ 69.03      $ 88.68      $ 38.73
   

 

 

       

 

 

       

 

 

       

 

 

  

Unaffiliated investments in securities, at cost

     $ 144,418,778      $ 20,926,159      $ 108,123,643      $ 93,659,850
   

 

 

       

 

 

       

 

 

       

 

 

  

Affiliated investments in securities, at cost

     $ 21,017,059      $ 7,265,527      $ 14,219,251      $ 20,953,198
   

 

 

       

 

 

       

 

 

       

 

 

  

(a) Includes securities on loan with an aggregate value of:

     $ 20,652,522      $ 7,050,169      $ 13,790,006      $ 20,630,674
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

  55  

 

  

 

 

 

 

Invesco DWA
Financial
Momentum
ETF (PFI)		      Invesco DWA
Healthcare
Momentum
ETF (PTH)		      Invesco DWA
Industrials
Momentum
ETF (PRN)		      Invesco DWA
Technology
Momentum
ETF (PTF)		      Invesco DWA
Utilities
Momentum
ETF (PUI)		      Invesco
NASDAQ
Internet
ETF (PNQI)		  
                       
$ 28,848,872      $ 181,179,359      $ 128,460,442      $ 230,272,947      $ 43,260,934      $ 528,508,223  
  4,003,995        42,949,245        13,484,813        52,490,965        9,634,648        30,815,188  
              
  28,681        1,200        28,157        1,082        80,132        97,592  
  527        4,004        1,356        53,203        470        12,354  
  -        -        -        -        -        -  
  -        -        -        1,197,684        -        -  
  -        -        -        -        -        -  
  8,467        -        -        -        -        -  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  32,890,542        224,133,808        141,974,768        284,015,881        52,976,184        559,433,357  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                       
  -        -        -        -        -        75,539  
              
  -        -        -        1,197,047        -        -  
  -        -        -        -        -        -  
  3,869,020        42,677,158        13,318,894        52,200,265        9,517,820        30,815,188  
  -        -        -        -        -        -  
  -        -        -        -        -        258,054  
  1,061        50,685        44,956        72,389        6,624        -  
  48,782        61,197        55,462        55,232        51,916        -  
  99,264        200,912        112,015        194,081        90,326        -  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  4,018,127        42,989,952        13,531,327        53,719,014        9,666,686        31,148,781  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 28,872,415      $ 181,143,856      $ 128,443,441      $ 230,296,867      $ 43,309,498      $ 528,284,576  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                       
$ 74,992,941      $ 498,800,647      $ 234,260,072      $ 415,752,661      $ 76,168,709      $ 784,003,841  
  (46,120,526 )       (317,656,791 )       (105,816,631 )       (185,455,794 )       (32,859,211 )       (255,719,265 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 28,872,415      $ 181,143,856      $ 128,443,441      $ 230,296,867      $ 43,309,498      $ 528,284,576  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  710,000        1,510,000        1,360,000        1,910,000        1,290,000        3,760,000  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 40.67      $ 119.96      $ 94.44      $ 120.57      $ 33.57      $ 140.50  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 40.63      $ 119.92      $ 94.45      $ 120.53      $ 33.57      $ 140.52  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 27,581,996      $ 157,811,874      $ 116,180,160      $ 213,250,338      $ 44,898,256      $ 596,292,627  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 4,004,093      $ 42,949,245      $ 13,484,956      $ 52,492,361      $ 9,634,690      $ 30,815,188  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 3,811,292      $ 42,074,043      $ 13,298,996      $ 51,823,881      $ 9,319,923      $ 30,450,468  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  56  

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

    Invesco DWA
Basic Materials
Momentum
ETF (PYZ)		    Invesco DWA
Consumer Cyclicals
Momentum
ETF (PEZ)		    Invesco DWA
Consumer Staples
Momentum
ETF (PSL)		    Invesco DWA
Energy
Momentum
ETF (PXI)
Investment income:                   

Unaffiliated dividend income

     $ 2,394,910      $ 316,339      $ 3,163,512      $ 7,946,299

Affiliated dividend income

       5,335        4,253        5,996        8,298

Securities lending income, net

       186,864        46,607        27,161        337,063

Foreign withholding tax

       (703 )        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Total investment income

       2,586,406        367,199        3,196,669        8,291,660
   

 

 

       

 

 

       

 

 

       

 

 

  
Expenses:                   

Unitary management fees

       -        -        -        -

Advisory fees

       714,079        131,162        604,725        1,043,387

Sub-licensing fees

       214,225        39,349        181,418        313,018

Accounting & administration fees

       22,602        14,327        20,350        28,198

Professional fees

       36,657        35,833        36,522        37,339

Printing fees

       20,372        19,822        13,875        16,784

Custodian & transfer agent fees

       15,735        3,799        5,493        9,246

Trustees’ and officer’s fees

       5,021        4,194        4,627        5,264

Recapture (Note 3)

       -        -        -        -

Other expenses

       20,008        17,200        19,206        17,171
   

 

 

       

 

 

       

 

 

       

 

 

  

Total expenses

       1,048,699        265,686        886,216        1,470,407
   

 

 

       

 

 

       

 

 

       

 

 

  

Less: Waivers

       (191,976 )        (108,420 )        (160,741 )        (218,641 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net expenses

       856,723        157,266        725,475        1,251,766
   

 

 

       

 

 

       

 

 

       

 

 

  

Net investment income (loss)

       1,729,683        209,933        2,471,194        7,039,894
   

 

 

       

 

 

       

 

 

       

 

 

  
Realized and unrealized gain (loss) from:                   

Net realized gain (loss) from:

                   

Unaffiliated investment securities

       (32,435,904 )        (6,886,414 )        (18,239,004 )        (11,968,941 )

Affiliated investment securities

       567        (246 )        3,338        (2,703 )

In-kind redemptions

       2,091,883        (675,162 )        10,706,448        37,629,090

Foreign currencies

       (25 )        -        -        -
   

 

 

       

 

 

       

 

 

       

 

 

  

Net realized gain (loss)

       (30,343,479 )        (7,561,822 )        (7,529,218 )        25,657,446
   

 

 

       

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation) of:

                   

Unaffiliated investment securities

       2,155,069        6,060,412        14,037,469        (37,154,860 )

Affiliated investment securities

       (329 )        (44 )        (1,498 )        (405 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Change in net unrealized appreciation (depreciation)

       2,154,740        6,060,368        14,035,971        (37,155,265 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net realized and unrealized gain (loss)

       (28,188,739 )        (1,501,454 )        6,506,753        (11,497,819 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

     $ (26,459,056 )      $ (1,291,521 )      $ 8,977,947      $ (4,457,925 )
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

  57  

 

  

 

 

 

 

Invesco DWA
Financial
Momentum
ETF (PFI)		      Invesco DWA
Healthcare
Momentum
ETF (PTH)		      Invesco DWA
Industrials
Momentum
ETF (PRN)		      Invesco DWA
Technology
Momentum
ETF (PTF)		      Invesco DWA
Utilities
Momentum
ETF (PUI)		      Invesco
NASDAQ
Internet
ETF (PNQI)		  
                       
$ 1,083,540      $ 628,898      $ 1,808,550      $ 802,684      $ 1,642,183      $ 1,014,502  
  4,058        12,629        5,592        9,665        3,707        2,296  
  8,353        669,145        22,157        107,352        6,166        141,628  
  (5,885 )       -        -        (14,990 )       -        (8,054 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  1,090,066        1,310,672        1,836,299        904,711        1,652,056        1,150,372  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              
  -        -        -        -        -        2,931,273  
  266,676        1,138,276        602,224        1,030,432        307,087        -  
  49,714        341,484        60,607        309,131        92,127        -  
  16,493        34,053        20,775        25,352        7,098        -  
  36,023        37,400        36,473        37,030        36,121        -  
  21,587        36,410        28,642        28,291        13,052        -  
  6,412        8,775        6,508        7,600        3,912        -  
  4,734        5,451        4,821        5,565        4,362        -  
  -        -        1,932        -        -        -  
  21,725        21,109        21,731        25,535        15,281        -  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  423,364        1,622,958        783,713        1,468,936        479,040        2,931,273  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  (103,486 )       (257,421 )       (61,210 )       (232,680 )       (110,649 )       (94 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  319,878        1,365,537        722,503        1,236,256        368,391        2,931,179  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  770,188        (54,865 )       1,113,796        (331,545 )       1,283,665        (1,780,807 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              
              
  (11,853,314 )       (57,560,554 )       (19,626,856 )       (56,091,830 )       (4,344,856 )       (43,839,038 ) 
  153        1,137        (3,936 )       863        (919 )       2,937  
  (1,178,095 )       3,006,803        1,031,624        14,489,761        3,900,346        21,469,610  
  -        -        -        -        -        -  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  (13,031,256 )       (54,552,614 )       (18,599,168 )       (41,601,206 )       (445,429 )       (22,366,491 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              
  6,634,394        49,430,155        24,217,616        47,165,956        (5,695,680 )       24,296,676  
  (98 )       (426 )       (143 )       (1,485 )       (42 )       (1,316 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  6,634,296        49,429,729        24,217,473        47,164,471        (5,695,722 )       24,295,360  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  (6,396,960 )       (5,122,885 )       5,618,305        5,563,265        (6,141,151 )       1,928,869  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ (5,626,772 )     $ (5,177,750 )     $ 6,732,101      $ 5,231,720      $ (4,857,486 )     $ 148,062  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  58  

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

    Invesco DWA Basic Materials
Momentum ETF (PYZ)		    Invesco DWA Consumer Cyclicals
Momentum ETF (PEZ)
    2023    2022    2023    2022
Operations:                   

Net investment income (loss)

     $ 1,729,683      $ 681,094      $ 209,933      $ 256,531

Net realized gain (loss)

       (30,343,479 )        8,809,809        (7,561,822 )        (3,638,383 )

Change in net unrealized appreciation (depreciation)

       2,154,740        (4,279,541 )        6,060,368        (19,881,708 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

       (26,459,056 )        5,211,362        (1,291,521 )        (23,263,560 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Distributions to Shareholders from:                   

Distributable earnings

       (1,743,728 )        (713,538 )        (181,785 )        (274,022 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Shareholder Transactions:                   

Proceeds from shares sold

       58,858,993        194,398,106        -        108,859,338

Value of shares repurchased

       (61,407,537 )        (126,409,880 )        (14,479,301 )        (173,596,534 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from share transactions

       (2,548,544 )        67,988,226        (14,479,301 )        (64,737,196 )
   

 

 

       

 

 

       

 

 

       

 

 

  

Net increase (decrease) in net assets

       (30,751,328 )        72,486,050        (15,952,607 )        (88,274,778 )
   

 

 

       

 

 

       

 

 

       

 

 

  
Net assets:                   

Beginning of year

       187,287,786        114,801,736        38,717,631        126,992,409
   

 

 

       

 

 

       

 

 

       

 

 

  

End of year

     $ 156,536,458      $ 187,287,786      $ 22,765,024      $ 38,717,631
   

 

 

       

 

 

       

 

 

       

 

 

  
Changes in Shares Outstanding:                   

Shares sold

       690,000        2,100,000        -        1,190,000

Shares repurchased

       (820,000 )        (1,400,000 )        (220,000 )        (2,060,000 )

Shares outstanding, beginning of year

       2,040,000        1,340,000        550,000        1,420,000
   

 

 

       

 

 

       

 

 

       

 

 

  

Shares outstanding, end of year

       1,910,000        2,040,000        330,000        550,000
   

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

  59  

 

  

 

 

 

 

Invesco DWA Consumer
Staples Momentum ETF (PSL)		      Invesco DWA Energy
Momentum ETF (PXI)		      Invesco DWA Financial
Momentum ETF (PFI)		      Invesco DWA Healthcare
Momentum ETF (PTH)		  
2023      2022      2023      2022      2023      2022      2023      2022  
                    
$ 2,471,194      $ 1,470,236      $ 7,039,894      $ 1,580,112      $ 770,188      $ 1,287,670      $ (54,865 )     $ (2,069,621 ) 
  (7,529,218 )       6,343,307        25,657,446        32,581,657        (13,031,256 )       (624,663 )       (54,552,614 )       (41,069,263 ) 
  14,035,971        (19,410,012 )       (37,155,265 )       32,988,858        6,634,296        (14,529,598 )       49,429,729        (51,286,438 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  8,977,947        (11,596,469 )       (4,457,925 )       67,150,627        (5,626,772 )       (13,866,591 )       (5,177,750 )       (94,425,322 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                    
  (2,475,873 )       (1,442,905 )       (7,195,508 )       (1,335,094 )       (816,131 )       (1,320,002 )       -        -  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                    
  98,186,163        118,293,134        76,919,560        288,217,685        23,143,715        154,026,851        4,965,922        359,960,194  
  (82,730,990 )       (116,934,578 )       (210,643,376 )       (252,911,675 )       (71,998,070 )       (110,378,841 )       (92,228,741 )       (550,184,148 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  15,455,173        1,358,556        (133,723,816 )       35,306,010        (48,854,355 )       43,648,010        (87,262,819 )       (190,223,954 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  21,957,247        (11,680,818 )       (145,377,249 )       101,121,543        (55,297,258 )       28,461,417        (92,440,569 )       (284,649,276 ) 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                    
  99,540,212        111,221,030        240,702,607        139,581,064        84,169,673        55,708,256        273,584,425        558,233,701  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
$ 121,497,459      $ 99,540,212      $ 95,325,358      $ 240,702,607      $ 28,872,415      $ 84,169,673      $ 181,143,856      $ 273,584,425  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
                    
  1,170,000        1,330,000        1,760,000        8,510,000        580,000        2,890,000        40,000        2,170,000  
  (980,000 )       (1,330,000 )       (5,030,000 )       (8,480,000 )       (1,720,000 )       (2,130,000 )       (780,000 )       (3,490,000 ) 
  1,180,000        1,180,000        5,730,000        5,700,000        1,850,000        1,090,000        2,250,000        3,570,000  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
  1,370,000        1,180,000        2,460,000        5,730,000        710,000        1,850,000        1,510,000        2,250,000  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  60  

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

    Invesco DWA Industrials
Momentum ETF (PRN)		      Invesco DWA Technology
Momentum ETF (PTF)		  
    2023      2022      2023      2022  
Operations:           

Net investment income (loss)

   $ 1,113,796      $ 342,575      $ (331,545 )     $ (923,523 ) 

Net realized gain (loss)

     (18,599,168 )       10,839,783        (41,601,206 )       4,544,435  

Change in net unrealized appreciation (depreciation)

     24,217,473        (37,772,934 )       47,164,471        (61,071,017 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     6,732,101        (26,590,576 )       5,231,720        (57,450,105 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (1,148,969 )       (391,888 )       -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold

     24,825,901        225,521,096        113,251,506        400,259,524  

Value of shares repurchased

     (75,874,027 )       (339,515,702 )       (93,625,586 )       (434,606,833 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     (51,048,126 )       (113,994,606 )       19,625,920        (34,347,309 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     (45,464,994 )       (140,977,070 )       24,857,640        (91,797,414 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     173,908,435        314,885,505        205,439,227        297,236,641  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 128,443,441      $ 173,908,435      $ 230,296,867      $ 205,439,227  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     290,000        2,110,000        920,000        2,540,000  

Shares repurchased

     (850,000 )       (3,260,000 )       (750,000 )       (2,880,000 ) 

Shares outstanding, beginning of year

     1,920,000        3,070,000        1,740,000        2,080,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     1,360,000        1,920,000        1,910,000        1,740,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

  61  

 

  

 

 

 

 

Invesco DWA Utilities
Momentum ETF (PUI)		      Invesco NASDAQ
Internet ETF (PNQI)		  
2023      2022      2023      2022  
        
$ 1,283,665      $ 992,395      $ (1,780,807 )     $ (5,131,630 ) 
  (445,429 )       618,594        (22,366,491 )       27,108,254  
  (5,695,722 )       363,406        24,295,360        (453,536,469 ) 

 

 

     

 

 

     

 

 

     

 

 

  
  (4,857,486 )       1,974,395        148,062        (431,559,845 ) 

 

 

     

 

 

     

 

 

     

 

 

  
        
        
  (1,259,429 )       (978,385 )       -        -  

 

 

     

 

 

     

 

 

     

 

 

  
        
  45,958,102        12,709,138        106,828,408        155,935,644  
  (52,293,542 )       (7,671,363 )       (135,609,435 )       (236,899,762 ) 

 

 

     

 

 

     

 

 

     

 

 

  
  (6,335,440 )       5,037,775        (28,781,027 )       (80,964,118 ) 

 

 

     

 

 

     

 

 

     

 

 

  
  (12,452,355 )       6,033,785        (28,632,965 )       (512,523,963 ) 

 

 

     

 

 

     

 

 

     

 

 

  
        
        
  55,761,853        49,728,068        556,917,541        1,069,441,504  

 

 

     

 

 

     

 

 

     

 

 

  
$ 43,309,498      $ 55,761,853      $ 528,284,576      $ 556,917,541  

 

 

     

 

 

     

 

 

     

 

 

  
        
  1,250,000        350,000        870,000        720,000  
  (1,540,000 )       (220,000 )       (1,090,000 )       (1,120,000 ) 
  1,580,000        1,450,000        3,980,000        4,380,000  

 

 

     

 

 

     

 

 

     

 

 

  
  1,290,000        1,580,000        3,760,000        3,980,000  

 

 

     

 

 

     

 

 

     

 

 

  

 

  62  

 

  

 

 

 

Financial Highlights

 

Invesco DWA Basic Materials Momentum ETF (PYZ)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 91.81     $ 85.67      $ 47.51      $ 60.49     $ 66.74  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.00       0.35        0.47        0.79       0.72  

Net realized and unrealized gain (loss) on investments

     (9.87 )      6.16        38.31        (12.77 )      (6.30 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations.

     (8.87 )      6.51        38.78        (11.98 )      (5.58 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (0.98 )      (0.37 )       (0.62 )       (1.00 )      (0.67 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 81.96     $ 91.81      $ 85.67      $ 47.51     $ 60.49  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 81.92     $ 91.90      $ 85.68      $ 47.63     $ 60.48  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (9.61 )%      7.61 %       82.25 %       (19.95 )%      (8.36 )% 

Market Price Total Return(c)

    (9.74 )%      7.70 %       81.80 %       (19.74 )%      (8.46 )% 

Ratios/Supplemental Data:

            

Net assets at end of year (000’s omitted)

   $ 156,536     $ 187,288      $ 114,802      $ 35,634     $ 63,518  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.60 %      0.60 %       0.60 %       0.61 %(d)      0.60 % 

Expenses, prior to Waivers.

     0.73 %      0.70 %       0.82 %       0.79 %(d)      0.76 % 

Net investment income

     1.21 %      0.38 %       0.70 %       1.40 %(d)      1.12 % 

Portfolio turnover rate(e)

    86 %      125 %       132 %       90 %      89 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

 

  63  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

 

    Years Ended April 30,  
    2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 70.40     $ 89.43     $ 41.64     $ 56.86     $ 50.42  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    0.53       0.22       (0.00 )(b)       0.06       0.08  

Net realized and unrealized gain (loss) on investments

     (1.46 )      (19.05 )      47.98       (15.17 )      6.53  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (0.93 )      (18.83 )      47.98       (15.11 )      6.61  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

          

Net investment income

     (0.49 )      (0.20 )      (0.19 )      (0.11 )      (0.17 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

   $ 68.98     $ 70.40     $ 89.43     $ 41.64     $ 56.86  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(c)

  $ 69.03     $ 70.54     $ 89.37     $ 41.67     $ 56.87  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(d)

    (1.27 )%      (21.10 )%      115.43 %      (26.51 )%      13.15 % 

Market Price Total Return(d)

    (1.40 )%      (20.90 )%      115.13 %      (26.47 )%      13.03 % 

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 22,765     $ 38,718     $ 126,992     $ 16,657     $ 31,271  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.60 %      0.60 %      0.60 %      0.61 %(e)      0.60 % 

Expenses, prior to Waivers

     1.01 %      0.73 %      0.80 %      0.82 %(e)      0.80 % 

Net investment income

     0.80 %      0.25 %      (0.00 )%(f)      0.12 %(e)      0.15 % 

Portfolio turnover rate(g)

    192 %      227 %      163 %      176 %      136 % 

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $(0.005).

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(f) 

Amount represents less than 0.005%.

(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.

 

  64  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Consumer Staples Momentum ETF (PSL)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 84.36     $ 94.26     $ 60.84      $ 72.67     $ 67.39  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.68 (b)       1.21       0.73        0.46       0.45  

Net realized and unrealized gain (loss) on investments

     4.34       (9.89 )      33.35        (11.78 )      5.25  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     6.02       (8.68 )      34.08        (11.32 )      5.70  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (1.70 )      (1.22 )      (0.66 )       (0.51 )      (0.42 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 88.68     $ 84.36     $ 94.26      $ 60.84     $ 72.67  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(c)

  $ 88.68     $ 84.28     $ 94.31      $ 60.81     $ 72.65  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

    7.34 %      (9.27 )%      56.25 %       (15.61 )%      8.50 % 

Market Price Total Return(d)

    7.44 %      (9.41 )%      56.42 %       (15.63 )%      8.12 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

   $ 121,497     $ 99,540     $ 111,221      $ 109,513     $ 174,401  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.60 %      0.60 %      0.60 %       0.60 %      0.60 % 

Expenses, prior to Waivers

     0.73 %      0.73 %      0.75 %       0.71 %      0.71 % 

Net investment income

     2.04 %(b)       1.34 %      0.93 %       0.65 %      0.64 % 

Portfolio turnover rate(e)

    135 %      94 %      97 %       119 %      118 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.24 and 1.51%, respectively.

(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) 

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.

 

  65  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Energy Momentum ETF (PXI)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 42.01     $ 24.49      $ 15.20      $ 31.95     $ 42.26  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.47       0.32        0.17        0.74 (b)       0.28  

Net realized and unrealized gain (loss) on investments

     (3.24 )      17.47        9.33        (16.70 )      (10.24 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations

     (1.77 )      17.79        9.50        (15.96 )      (9.96 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (1.49 )      (0.27 )       (0.21 )       (0.79 )      (0.35 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 38.75     $ 42.01      $ 24.49      $ 15.20     $ 31.95  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(c)

  $ 38.73     $ 42.02      $ 24.51      $ 15.24     $ 31.95  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(d)

    (4.42 )%      72.99 %       63.39 %       (50.75 )%      (23.63 )% 

Market Price Total Return(d)

    (4.50 )%      72.89 %       63.10 %       (50.62 )%      (23.74 )% 

Ratios/Supplemental Data:

            

Net assets at end of year (000’s omitted)

   $ 95,325     $ 240,703      $ 139,581      $ 17,479     $ 51,127  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.60 %      0.60 %       0.60 %       0.62 %(e)      0.60 % 

Expenses, prior to Waivers

     0.70 %      0.70 %       0.85 %       0.86 %(e)      0.75 % 

Net investment income

     3.37 %      1.00 %       0.86 %       2.98 %(b)(e)      0.72 % 

Portfolio turnover rate(f)

    147 %      115 %       196 %       92 %      113 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.58 and 2.35%, respectively.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(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.

 

  66  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco DWA Financial Momentum ETF (PFI)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 45.50     $ 51.11     $ 31.88      $ 35.52     $ 35.16  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.60       0.75       0.47        0.52       0.41  

Net realized and unrealized gain (loss) on investments

     (4.74 )      (5.61 )      19.34        (3.54 )      0.39  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     (4.14 )      (4.86 )      19.81        (3.02 )      0.80  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (0.69 )      (0.75 )      (0.58 )       (0.62 )      (0.44 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 40.67     $ 45.50     $ 51.11      $ 31.88     $ 35.52  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 40.63     $ 45.43     $ 51.16      $ 31.86     $ 35.49  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (9.05 )%      (9.63 )%      62.64 %       (8.33 )%      2.44 % 

Market Price Total Return(c)

    (9.00 )%      (9.85 )%      62.90 %       (8.31 )%      2.18 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

   $ 28,872     $ 84,170     $ 55,708      $ 28,695     $ 24,861  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.60 %      0.60 %      0.60 %       0.61 %(d)      0.60 % 

Expenses, prior to Waivers

     0.79 %      0.70 %      0.82 %       0.71 %(d)      0.79 % 

Net investment income

     1.44 %      1.44 %      1.16 %       1.40 %(d)      1.22 % 

Portfolio turnover rate(e)

    144 %      153 %      167 %       158 %      132 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

Invesco DWA Healthcare Momentum ETF (PTH)

 

    Years Ended April 30,  
    2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 121.59     $ 156.37     $ 98.32     $ 77.79     $ 77.65  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

    (0.03 )      (0.72 )      (0.47 )      (0.30 )      (0.33 ) 

Net realized and unrealized gain (loss) on investments

     (1.60 )      (34.06 )      58.52       20.83       0.47  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.63 )      (34.78 )      58.05       20.53       0.14  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

   $ 119.96     $ 121.59     $ 156.37     $ 98.32     $ 77.79  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

  $ 119.92     $ 121.51     $ 156.15     $ 98.49     $ 77.69  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (1.34 )%      (22.24 )%      59.04 %      26.39 %      0.18 % 

Market Price Total Return(c)

    (1.31 )%      (22.18 )%      58.54 %      26.78 %      (0.15 )% 

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 181,144     $ 273,584     $ 558,234     $ 265,463     $ 163,351  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.60 %      0.60 %      0.60 %      0.60 %      0.60 % 

Expenses, prior to Waivers

     0.71 %      0.68 %      0.67 %      0.73 %      0.69 % 

Net investment income (loss)

     (0.02 )%      (0.47 )%      (0.32 )%      (0.34 )%      (0.39 )% 

Portfolio turnover rate(d)

    219 %      204 %      217 %      175 %      166 % 

 

(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) 

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.

 

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Financial Highlights–(continued)

 

Invesco DWA Industrials Momentum ETF (PRN)

 

    Years Ended April 30,  
    2023      2022     2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 90.58      $ 102.57     $ 61.51      $ 63.65     $ 57.87  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.83        0.14       0.05        0.30       0.17  

Net realized and unrealized gain (loss) on investments

     3.91        (11.97 )      41.11        (2.16 )      5.76  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     4.74        (11.83 )      41.16        (1.86 )      5.93  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (0.88 )       (0.16 )      (0.10 )       (0.28 )      (0.15 ) 
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 94.44      $ 90.58     $ 102.57      $ 61.51     $ 63.65  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 94.45      $ 90.42     $ 102.49      $ 61.72     $ 63.64  
 

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    5.32 %       (11.56 )%      66.98 %       (2.95 )%      10.28 % 

Market Price Total Return(c)

    5.52 %       (11.64 )%      66.28 %       (2.61 )%      10.19 % 

Ratios/Supplemental Data:

            

Net assets at end of year (000’s omitted)

   $ 128,443      $ 173,908     $ 314,886      $ 58,431     $ 101,839  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.60 %       0.60 %      0.60 %       0.61 %(d)      0.60 % 

Expenses, prior to Waivers

     0.65 %       0.63 %      0.64 %       0.62 %(d)      0.64 % 

Net investment income

     0.92 %       0.13 %      0.06 %       0.46 %(d)      0.29 % 

Portfolio turnover rate(e)

    142 %       152 %      169 %       111 %      104 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

Invesco DWA Technology Momentum ETF (PTF)

 

    Years Ended April 30,  
    2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 118.07     $ 142.90     $ 76.63     $ 71.82     $ 56.19  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

    (0.19 )      (0.46 )      (0.46 )      (0.12 )      (0.09 ) 

Net realized and unrealized gain (loss) on investments

     2.69       (24.37 )      66.73       4.93       15.76  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     2.50       (24.83 )      66.27       4.81       15.67  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

          

Net investment income

     -       -       -       -       (0.04 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

   $ 120.57     $ 118.07     $ 142.90     $ 76.63     $ 71.82  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

  $ 120.53     $ 118.10     $ 142.85     $ 76.69     $ 71.91  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

    2.13 %      (17.37 )%      86.48 %      6.70 %      27.90 % 

Market Price Total Return(c)

    2.05 %      (17.33 )%      86.28 %      6.65 %      28.01 % 

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 230,297     $ 205,439     $ 297,237     $ 157,096     $ 175,966  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.60 %      0.60 %      0.60 %      0.60 %      0.60 % 

Expenses, prior to Waivers

     0.71 %      0.69 %      0.69 %      0.69 %      0.72 % 

Net investment income (loss)

     (0.16 )%      (0.31 )%      (0.37 )%      (0.17 )%      (0.15 )% 

Portfolio turnover rate(d)

    158 %      207 %      172 %      159 %      133 % 

 

(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) 

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.

 

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Financial Highlights–(continued)

 

Invesco DWA Utilities Momentum ETF (PUI)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 35.29     $ 34.30      $ 30.19      $ 32.18     $ 27.11  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.72       0.73        0.64        0.65       0.63  

Net realized and unrealized gain (loss) on investments

     (1.77 )      0.98        4.27        (1.87 )      4.98  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations

     (1.05 )      1.71        4.91        (1.22 )      5.61  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

            

Net investment income

     (0.67 )      (0.72 )       (0.80 )       (0.77 )      (0.54 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 33.57     $ 35.29      $ 34.30      $ 30.19     $ 32.18  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 33.57     $ 35.27      $ 34.24      $ 30.29     $ 32.18  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

    (3.00 )%      5.08 %       16.63 %       (3.84 )%      20.98 % 

Market Price Total Return(c)

    (2.95 )%      5.20 %       16.05 %       (3.53 )%      20.89 % 

Ratios/Supplemental Data:

            

Net assets at end of year (000’s omitted)

   $ 43,309     $ 55,762      $ 49,728      $ 81,526     $ 223,637  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.60 %      0.60 %       0.60 %       0.60 %      0.60 % 

Expenses, prior to Waivers

     0.78 %      0.81 %       0.81 %       0.69 %      0.73 % 

Net investment income

     2.09 %      2.12 %       2.06 %       1.93 %      2.08 % 

Portfolio turnover rate(d)

    60 %      61 %       64 %       69 %      49 % 

 

(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) 

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.

Invesco NASDAQ Internet ETF (PNQI)

 

    Years Ended April 30,  
    2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 139.93     $ 244.16     $ 146.82     $ 142.44     $ 129.15  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

    (0.46 )      (1.21 )      (1.15 )      (0.44 )      (0.44 ) 

Net realized and unrealized gain (loss) on investments

     1.03       (103.02 )      98.49       4.82       13.73  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     0.57       (104.23 )      97.34       4.38       13.29  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of year

   $ 140.50     $ 139.93     $ 244.16     $ 146.82     $ 142.44  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of year(b)

  $ 140.52     $ 139.77     $ 244.35     $ 146.75     $ 142.41  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

    0.40 %      (42.68 )%      66.30 %      3.07 %      10.29 % 

Market Price Total Return(c)

    0.54 %      (42.81 )%      66.50 %      3.05 %      10.15 % 

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 528,285     $ 556,918     $ 1,069,442     $ 557,897     $ 598,232  

Ratio to average net assets of:

          

Expenses

     0.60 %      0.60 %      0.60 %      0.60 %(d)       0.60 % 

Net investment income (loss)

     (0.36 )%      (0.55 )%      (0.54 )%      (0.32 )%      (0.34 )% 

Portfolio turnover rate(e)

    21 %      29 %      27 %      41 %      20 % 

 

(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) 

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.

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 DWA Basic Materials Momentum ETF (PYZ)   “DWA Basic Materials Momentum ETF”
  Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)   “DWA Consumer Cyclicals Momentum ETF”
  Invesco DWA Consumer Staples Momentum ETF (PSL)   “DWA Consumer Staples Momentum ETF”
  Invesco DWA Energy Momentum ETF (PXI)   “DWA Energy Momentum ETF”
  Invesco DWA Financial Momentum ETF (PFI)   “DWA Financial Momentum ETF”
  Invesco DWA Healthcare Momentum ETF (PTH)   “DWA Healthcare Momentum ETF”
  Invesco DWA Industrials Momentum ETF (PRN)   “DWA Industrials Momentum ETF”
  Invesco DWA Technology Momentum ETF (PTF)   “DWA Technology Momentum ETF”
  Invesco DWA Utilities Momentum ETF (PUI)   “DWA Utilities Momentum ETF”
  Invesco NASDAQ Internet ETF (PNQI)   “NASDAQ Internet 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 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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

   

Fund

  

Underlying Index

  DWA Basic Materials Momentum ETF   Dorsey Wright® Basic Materials Technical Leaders Index
  DWA Consumer Cyclicals Momentum ETF   Dorsey Wright® Consumer Cyclicals Technical Leaders Index
  DWA Consumer Staples Momentum ETF   Dorsey Wright® Consumer Staples Technical Leaders Index
  DWA Energy Momentum ETF   Dorsey Wright® Energy Technical Leaders Index
  DWA Financial Momentum ETF   Dorsey Wright® Financials Technical Leaders Index
  DWA Healthcare Momentum ETF   Dorsey Wright® Healthcare Technical Leaders Index
  DWA Industrials Momentum ETF   Dorsey Wright® Industrials Technical Leaders Index
  DWA Technology Momentum ETF   Dorsey Wright® Technology Technical Leaders Index
  DWA Utilities Momentum ETF   Dorsey Wright® Utilities Technical Leaders Index
  NASDAQ Internet ETF   NASDAQ CTA Internet IndexSM

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 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 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. U.S. exchange-traded options are valued at the mean

 

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between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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, acts of terrorism, 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

 

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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 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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly 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 NASDAQ Internet ETF) is responsible for all of its 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, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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,

 

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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 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).

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for 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).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific 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 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.

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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid

 

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to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

        Amount  
 

DWA Basic Materials Momentum ETF

   $ 15,897  
 

DWA Consumer Cyclicals Momentum ETF

     3,823  
 

DWA Consumer Staples Momentum ETF

     1,474  
 

DWA Energy Momentum ETF

     26,650  
 

DWA Financial Momentum ETF

     702  
 

DWA Healthcare Momentum ETF

     47,376  
 

DWA Industrials Momentum ETF

     1,370  
 

DWA Technology Momentum ETF

     7,091  
 

DWA Utilities Momentum ETF

     520  
 

NASDAQ Internet ETF

     8,332  

 

J.

Other Risks

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Market Risk. Securities in each Underlying Index 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 an Underlying Index.

 

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Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because NASDAQ Internet ETF 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.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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 Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost 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 (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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 a 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. This agreement is not subject to recapture by the Adviser.

 

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For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

 

DWA Basic Materials Momentum ETF

   $ 191,976  
 

DWA Consumer Cyclicals Momentum ETF

     108,420  
 

DWA Consumer Staples Momentum ETF

     160,741  
 

DWA Energy Momentum ETF

     218,641  
 

DWA Financial Momentum ETF

     103,486  
 

DWA Healthcare Momentum ETF

     257,421  
 

DWA Industrials Momentum ETF

     61,210  
 

DWA Technology Momentum ETF

     232,680  
 

DWA Utilities Momentum ETF

     110,649  
 

NASDAQ Internet ETF

     94  

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2023 are as follows:

 

    Total
Potential
Recapture		    Potential Recapture Amounts Expiring
    Amounts    4/30/24    4/30/25    4/30/26

DWA Basic Materials Momentum ETF

     $ 479,817      $ 120,236      $ 167,780      $ 191,801

DWA Consumer Cyclicals Momentum ETF

       354,215        113,510        132,414        108,291

DWA Consumer Staples Momentum ETF

       463,069        163,949        138,574        160,546

DWA Energy Momentum ETF

       491,701        117,061        156,302        218,338

DWA Financial Momentum ETF

       268,311        75,623        89,336        103,352

DWA Healthcare Momentum ETF

       1,045,486        426,000        362,462        257,024

DWA Industrials Momentum ETF

       202,769        60,753        82,905        59,111

DWA Technology Momentum ETF

       747,210        255,670        259,127        232,413

DWA Utilities Momentum ETF

       341,170        131,512        99,123        110,535

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 Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

   

Fund

  

Licensor

 

DWA Basic Materials Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Consumer Cyclicals Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Consumer Staples Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Energy Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Financial Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Healthcare Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Industrials Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Technology Momentum ETF

   Dorsey Wright & Associates, LLC
 

DWA Utilities Momentum ETF

   Dorsey Wright & Associates, LLC
 

NASDAQ Internet ETF

   Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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.

 

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For the fiscal year ended April 30, 2023, 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:

 

 

DWA Basic Materials Momentum ETF

    $ 38,130  
 

DWA Consumer Cyclicals Momentum ETF

      10,568  
 

DWA Consumer Staples Momentum ETF

      26,650  
 

DWA Energy Momentum ETF

      106,362  
 

DWA Financial Momentum ETF

      27,502  
 

DWA Healthcare Momentum ETF

      127,436  
 

DWA Industrials Momentum ETF

      32,191  
 

DWA Technology Momentum ETF

      56,305  
 

DWA Utilities Momentum ETF

      7,232  
 

NASDAQ Internet ETF

      10,135  

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended April 30, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

    Securities Purchases   Securities Sales   Net Realized Gains (Losses)*

DWA Healthcare Momentum ETF

     $ -     $ 2,105,296     $ (52,701 )

DWA Technology Momentum ETF

       -       555,842       (26,143 )

DWA Utilities Momentum ETF

       -       310,678       (65,175 )

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–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, 2023. 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

 

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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
 

DWA Basic Materials Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 156,548,440      $ -      $ -        $ 156,548,440
 

Money Market Funds

       180,435          20,836,295        -        21,016,730  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 156,728,875      $ 20,836,295      $ -        $ 177,565,170
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Consumer Cyclicals Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 22,746,867      $ -      $ -        $ 22,746,867
 

Money Market Funds

       144,833          7,120,650        -        7,265,483  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 22,891,700      $ 7,120,650      $ -        $ 30,012,350
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Consumer Staples Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 121,496,364      $ -      $ -        $ 121,496,364
 

Money Market Funds

       146,579          14,072,657        -        14,219,236  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 121,642,943      $ 14,072,657      $ -        $ 135,715,600
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Energy Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 95,309,121      $ -      $ -        $ 95,309,121
 

Money Market Funds

       221,047          20,732,151        -        20,953,198  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 95,530,168      $ 20,732,151      $ -        $ 116,262,319
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Financial Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 28,848,872      $ -      $ -        $ 28,848,872
 

Money Market Funds

       135,073          3,868,922        -        4,003,995  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 28,983,945      $ 3,868,922      $ -        $ 32,852,867
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Healthcare Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 181,179,359      $ -      $ -        $ 181,179,359
 

Money Market Funds

       272,087          42,677,158        -        42,949,245  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 181,451,446      $ 42,677,158      $ -        $ 224,128,604
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Industrials Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 128,460,442      $ -      $ -        $ 128,460,442
 

Money Market Funds

       166,062          13,318,751        -        13,484,813  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 128,626,504      $ 13,318,751      $ -        $ 141,945,255
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Technology Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 230,272,947      $ -      $ -        $ 230,272,947
 

Money Market Funds

       292,096          52,198,869        -        52,490,965  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 230,565,043      $ 52,198,869      $ -        $ 282,763,912
     

 

 

       

 

 

       

 

 

       

 

 

  
 

DWA Utilities Momentum ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 43,260,934      $ -      $ -        $ 43,260,934
 

Money Market Funds

       116,870          9,517,778        -        9,634,648  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 43,377,804      $ 9,517,778      $ -        $ 52,895,582
     

 

 

       

 

 

       

 

 

       

 

 

  
 

NASDAQ Internet ETF

                   
 

Investments in Securities

                   
 

Common Stocks & Other Equity Interests

     $ 528,508,223      $ -      $ -        $ 528,508,223
 

Money Market Funds

       -          30,815,188        -        30,815,188  
     

 

 

       

 

 

       

 

 

       

 

 

  
 

Total Investments

     $ 528,508,223      $ 30,815,188      $ -        $ 559,323,411
     

 

 

       

 

 

       

 

 

       

 

 

  

 

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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

    2023    2022
    Ordinary
Income*		    Ordinary
Income*

DWA Basic Materials Momentum ETF

       $1,743,728        $ 713,538

DWA Consumer Cyclicals Momentum ETF

       181,785          274,022

DWA Consumer Staples Momentum ETF

       2,475,873          1,442,905

DWA Energy Momentum ETF

       7,195,508          1,335,094

DWA Financial Momentum ETF

       816,131          1,320,002

DWA Healthcare Momentum ETF

       -          -

DWA Industrials Momentum ETF

       1,148,969          391,888

DWA Technology Momentum ETF

       -          -

DWA Utilities Momentum ETF

       1,259,429          978,385

NASDAQ Internet ETF

       -          -

*     Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income		    Temporary
Book/Tax
Differences		    Net
Unrealized
Appreciation
(Depreciation)-
Investments		    Capital Loss
Carryforwards		    Late-Year
Ordinary
Loss
Deferral		    Shares of
Beneficial
Interest		    Total
Net Assets

DWA Basic Materials Momentum ETF

     $ -      $ (51,185 )      $ 11,140,337      $ (97,900,926 )      $ -      $ 243,348,232      $ 156,536,458

DWA Consumer Cyclicals Momentum ETF

       14,403        (47,901 )        1,819,915        (85,754,541 )        -        106,733,148        22,765,024

DWA Consumer Staples Momentum ETF

       286,761        (52,245 )        13,007,061        (118,519,715 )        -        226,775,597        121,497,459

DWA Energy Momentum ETF

       120,488        (56,998 )        1,468,570        (203,908,009 )        -        297,701,307        95,325,358

DWA Financial Momentum ETF

       -        (45,711 )        1,221,143        (47,295,958 )        -        74,992,941        28,872,415

DWA Healthcare Momentum ETF

       -        (58,732 )        23,360,502        (340,863,021 )        (95,540 )        498,800,647        181,143,856

DWA Industrials Momentum ETF

       -        (52,411 )        12,206,127        (117,970,347 )        -        234,260,072        128,443,441

DWA Technology Momentum ETF

       -        (52,239 )        16,878,104        (202,085,597 )        (196,062 )        415,752,661        230,296,867

DWA Utilities Momentum ETF

       40,685        (48,464 )        (1,955,291 )        (30,896,141 )        -        76,168,709        43,309,498

NASDAQ Internet ETF

       -        -        (86,539,243 )        (168,527,264 )        (652,758 )        784,003,841        528,284,576

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.

The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

    No expiration         
    Short-Term      Long-Term      Total*  

DWA Basic Materials Momentum ETF

   $ 83,216,134      $ 14,684,792      $ 97,900,926  

DWA Consumer Cyclicals Momentum ETF

     85,754,541        -        85,754,541  

DWA Consumer Staples Momentum ETF

     112,134,416        6,385,299        118,519,715  

DWA Energy Momentum ETF

     172,778,440        31,129,569        203,908,009  

DWA Financial Momentum ETF

     47,295,958        -        47,295,958  

DWA Healthcare Momentum ETF

     340,863,021        -        340,863,021  

DWA Industrials Momentum ETF

     116,655,076        1,315,271        117,970,347  

DWA Technology Momentum ETF

     199,340,306        2,745,291        202,085,597  

DWA Utilities Momentum ETF

     27,003,697        3,892,444        30,896,141  

NASDAQ Internet ETF

     81,059,554        87,467,710        168,527,264  

 

*

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.

 

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NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2023, 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  

DWA Basic Materials Momentum ETF

   $ 125,914,974      $ 125,724,102  

DWA Consumer Cyclicals Momentum ETF

     51,083,587        51,123,508  

DWA Consumer Staples Momentum ETF

     167,939,944        167,533,407  

DWA Energy Momentum ETF

     306,536,843        307,546,248  

DWA Financial Momentum ETF

     78,560,629        78,411,997  

DWA Healthcare Momentum ETF

     498,236,296        498,225,992  

DWA Industrials Momentum ETF

     176,110,021        187,978,438  

DWA Technology Momentum ETF

     347,040,848        333,308,850  

DWA Utilities Momentum ETF

     36,442,747        36,266,669  

NASDAQ Internet ETF

     101,148,400        102,598,743  

For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

    In-kind
Purchases		    In-kind
Sales

DWA Basic Materials Momentum ETF

     $ 58,827,335      $ 61,419,857

DWA Consumer Cyclicals Momentum ETF

       -        14,467,510

DWA Consumer Staples Momentum ETF

       98,191,841        83,061,646

DWA Energy Momentum ETF

       76,908,286        209,698,643

DWA Financial Momentum ETF

       23,126,771        71,977,553

DWA Healthcare Momentum ETF

       4,966,232        92,185,679

DWA Industrials Momentum ETF

       24,186,435        63,182,451

DWA Technology Momentum ETF

       98,730,248        93,254,387

DWA Utilities Momentum ETF

       45,928,919        52,259,751

NASDAQ Internet ETF

       106,821,228        135,573,029

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

              Net     
    Gross    Gross    Unrealized     
    Unrealized    Unrealized    Appreciation     
    Appreciation    (Depreciation)    (Depreciation)    Cost

DWA Basic Materials Momentum ETF

     $ 15,935,151      $ (4,794,814 )      $ 11,140,337      $ 166,424,833

DWA Consumer Cyclicals Momentum ETF

       2,014,696        (194,781 )        1,819,915        28,192,435

DWA Consumer Staples Momentum ETF

       14,971,759        (1,964,698 )        13,007,061        122,708,539

DWA Energy Momentum ETF

       6,868,499        (5,399,929 )        1,468,570        114,793,749

DWA Financial Momentum ETF

       1,788,034        (566,891 )        1,221,143        31,631,724

DWA Healthcare Momentum ETF

       27,032,149        (3,671,647 )        23,360,502        200,768,102

DWA Industrials Momentum ETF

       14,617,018        (2,410,891 )        12,206,127        129,739,128

DWA Technology Momentum ETF

       26,218,904        (9,340,800 )        16,878,104        265,885,808

DWA Utilities Momentum ETF

       759,947        (2,715,238 )        (1,955,291 )        54,850,873

NASDAQ Internet ETF

       56,104,699        (142,643,942 )        (86,539,243 )        645,862,654

 

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NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and net operating losses, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

    Undistributed Net
Investment Income		    Undistributed Net
Realized Gain (Loss)		    Shares of
Beneficial Interest

DWA Basic Materials Momentum ETF

     $ 16,123      $ (1,825,475 )      $ 1,809,352

DWA Consumer Cyclicals Momentum ETF

       -        677,903        (677,903 )

DWA Consumer Staples Momentum ETF

       -        (10,330,786 )        10,330,786

DWA Energy Momentum ETF

       -        (36,906,173 )        36,906,173

DWA Financial Momentum ETF

       39,834        1,735,794        (1,775,628 )

DWA Healthcare Momentum ETF

       325,905        (2,759,158 )        2,433,253

DWA Industrials Momentum ETF

       37,366        (613,110 )        575,744

DWA Technology Momentum ETF

       480,492        (13,406,865 )        12,926,373

DWA Utilities Momentum ETF

       -        (3,699,603 )        3,699,603

NASDAQ Internet ETF

       2,334,891        (12,195,417 )        9,860,526

NOTE 9–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 the unitary management fee, pays for such compensation for NASDAQ Internet ETF. The Interested Trustee does 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 Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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 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.

 

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay 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 expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

              Annualized     
    Beginning    Ending    Expense Ratio    Expenses Paid
    Account Value    Account Value    Based on the    During the
    November 1, 2022    April 30, 2023    Six-Month Period    Six-Month Period(1)

Invesco DWA Basic Materials Momentum ETF (PYZ)

                   

Actual

     $ 1,000.00      $ 1,034.50        0.60 %      $ 3.03

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

                   

Actual

       1,000.00        1,059.00        0.60        3.06

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Consumer Staples Momentum ETF (PSL)

                   

Actual

       1,000.00        1,097.00        0.60        3.12

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Energy Momentum ETF (PXI)

                   

Actual

       1,000.00        821.70        0.60        2.71

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Financial Momentum ETF (PFI)

                   

Actual

       1,000.00        958.00        0.60        2.91

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

 

  83  

 

  

 

 

 

 

Calculating your ongoing Fund expenses–(continued)

 

              Annualized     
    Beginning    Ending    Expense Ratio    Expenses Paid
    Account Value    Account Value    Based on the    During the
    November 1, 2022    April 30, 2023    Six-Month Period    Six-Month Period(1)

Invesco DWA Healthcare Momentum ETF (PTH)

                   

Actual

     $ 1,000.00      $ 951.60        0.60 %      $ 2.90

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Industrials Momentum ETF (PRN)

                   

Actual

       1,000.00        1,063.60        0.60        3.07

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Technology Momentum ETF (PTF)

                   

Actual

       1,000.00        1,046.60        0.60        3.04

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco DWA Utilities Momentum ETF (PUI)

                   

Actual

       1,000.00        1,006.50        0.60        2.99

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco NASDAQ Internet ETF (PNQI)

                   

Actual

       1,000.00        1,230.20        0.60        3.32

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

  84  

 

  

 

 

 

 

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

              Corporate               
    Qualified    Qualified    Dividends    U.S.    Business    Qualified
    Business    Dividend    Received    Treasury    Interest    Interest
    Income*    Income*    Deduction*    Obligations*    Income*    Income*

Invesco DWA Basic Materials Momentum ETF

       0 %        100 %        100 %        0 %        0 %        0 %

Invesco DWA Consumer Cyclicals Momentum ETF

       0 %        100 %        100 %        0 %        0 %        1 %

Invesco DWA Consumer Staples Momentum ETF

       0 %        98 %        98 %        0 %        0 %        0 %

Invesco DWA Energy Momentum ETF

       0 %        100 %        100 %        0 %        0 %        0 %

Invesco DWA Financial Momentum ETF

       11 %        89 %        87 %        0 %        0 %        0 %

Invesco DWA Healthcare Momentum ETF

       0 %        0 %        0 %        0 %        0 %        0 %

Invesco DWA Industrials Momentum ETF

       0 %        100 %        100 %        0 %        0 %        0 %

Invesco DWA Technology Momentum ETF

       0 %        0 %        0 %        0 %        0 %        0 %

Invesco DWA Utilities Momentum ETF

       0 %        100 %        100 %        0 %        0 %        0 %

Invesco NASDAQ Internet ETF

       0 %        0 %        0 %        0 %        0 %        0 %

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

  85  

 

  

 

 

 

 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  86  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).   216   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  87  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other Directorships
Held by
Independent Trustees
During the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  88  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other Directorships
Held by
Independent Trustees
During the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim—1964

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  89  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  90  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees		   Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  91  

 

  

 

 

 

 

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  92  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth
of Interested Trustee		   Position(s)
Held
with Trust		   Term of
Office
and
Length of
Time
Served*		   Principal
Occupation(s) During
the Past 5 Years		   Number of
Portfolios
in Fund
Complex**
Overseen by
Interested
Trustee		  

Other
Directorships
Held by

Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer   Trustee since 2022, President and Principal Executive Officer since 2020   President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  93  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth
of Executive Officers		    Position(s)
Held
with Trust		    Length of
Time
Served*		    Principal
Occupation(s) During
the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

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Trustees and Officers–(continued)

 

Name, Address and Year of Birth
of Executive Officers		    Position(s)
Held
with Trust		    Length of
Time
Served*		    Principal
Occupation(s) During
the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

  95  

 

  

 

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth
of Executive Officers		    Position(s)
Held
with Trust		    Length of
Time
Served*		    Principal
Occupation(s) During
the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

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Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Dow Jones Industrial Average Dividend ETF    Invesco S&P 500® Equal Weight Materials ETF
Invesco NASDAQ Internet ETF    Invesco S&P 500® Equal Weight Real Estate ETF
Invesco Raymond James SB-1 Equity ETF    Invesco S&P 500® Equal Weight Technology ETF
Invesco S&P 500 BuyWrite ETF    Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500® Equal Weight Communication Services  ETF    Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF    Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF    Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Energy ETF    Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight ETF    Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight Financials ETF    Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Health Care ETF    Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF    Invesco S&P SmallCap 600® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 pays all other operating expenses of each Fund, except that each Fund pays its 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:

 

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Approval of Investment Advisory Contracts–(continued)

 

  ●  

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

 

  ●  

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

 

  ●  

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

 

  ●  

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

 

  ●  

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

 

  ●  

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

 

  ●  

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

Invesco Fund

   Equal
to/Lower
than ETF
Peer Median		    Equal to/Lower
than Open-End
Index Fund
Peer Median		    Lower  than
Open-End
Active Fund
Peer Median

Invesco Dow Jones Industrial Average Dividend ETF

   X    X    X

Invesco NASDAQ Internet ETF

         X

Invesco Raymond James SB-1 Equity ETF

         X

Invesco S&P 500 BuyWrite ETF

   X    N/A    X

Invesco S&P 500® Equal Weight Communication Services ETF

         X

Invesco S&P 500® Equal Weight Consumer Discretionary ETF

   X       X

Invesco S&P 500® Equal Weight Consumer Staples ETF

   X       X

Invesco S&P 500® Equal Weight Energy ETF

         X

Invesco S&P 500® Equal Weight ETF

   X    X    X

Invesco S&P 500® Equal Weight Financials ETF

         X

Invesco S&P 500® Equal Weight Health Care ETF

         X

Invesco S&P 500® Equal Weight Industrials ETF

   X       X

Invesco S&P 500® Equal Weight Materials ETF

   X       X

Invesco S&P 500® Equal Weight Real Estate ETF

         X

Invesco S&P 500® Equal Weight Technology ETF

   X       X

Invesco S&P 500® Equal Weight Utilities ETF

      X    X

Invesco S&P 500® Pure Growth ETF

   X    X    X

Invesco S&P 500® Pure Value ETF

         X

Invesco S&P 500® Top 50 ETF

         X

Invesco S&P MidCap 400® Equal Weight ETF

         X

Invesco S&P MidCap 400® Pure Growth ETF

         X

Invesco S&P MidCap 400® Pure Value ETF

      X    X

Invesco S&P SmallCap 600® Pure Growth ETF

         X

Invesco S&P SmallCap 600® Pure Value ETF

      X    X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that

 

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Approval of Investment Advisory Contracts–(continued)

the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. 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 fee was reasonable and appropriate in light of the services provided, the nature of the index, 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 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.

 

  99  

 

  

 

 

 

 

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF    Invesco Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF    Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF    Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF    Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF    Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF    Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF    Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF    Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF    Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF    Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF    Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF    Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF    Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF    Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF    Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF    Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF    Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF    Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF    Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF    Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF    Invesco Water Resources ETF
Invesco Dynamic Media ETF    Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF    Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF    Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals ETF   

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

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Approval of Investment Advisory Contracts–(continued)

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●  

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●  

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●  

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●  

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●  

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●  

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●  

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●  

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●  

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●  

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

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Approval of Investment Advisory Contracts–(continued)

Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees 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*		    Lower  than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

         X

Invesco Buyback AchieversTM ETF

         X

Invesco Dividend AchieversTM ETF

         X

Invesco DWA Basic Materials Momentum ETF

   X       X

Invesco DWA Consumer Cyclicals Momentum ETF

   X       X

Invesco DWA Consumer Staples Momentum ETF

         X

Invesco DWA Energy Momentum ETF

         X

Invesco DWA Financial Momentum ETF

         X

Invesco DWA Healthcare Momentum ETF

         X

Invesco DWA Industrials Momentum ETF

         X

Invesco DWA Momentum ETF

         X

Invesco DWA Technology Momentum ETF

         X

Invesco DWA Utilities Momentum ETF

         X

Invesco Dynamic Biotechnology & Genome ETF

         X

Invesco Dynamic Building & Construction ETF

         X

Invesco Dynamic Energy Exploration & Production ETF

         X

Invesco Dynamic Food & Beverage ETF

         X

Invesco Dynamic Large Cap Growth ETF

         X

Invesco Dynamic Large Cap Value ETF

         X

Invesco Dynamic Leisure and Entertainment ETF

   X       X

Invesco Dynamic Market ETF

         X

Invesco Dynamic Media ETF

   X       X

Invesco Dynamic Networking ETF

         X

Invesco Dynamic Oil & Gas Services ETF

         X

Invesco Dynamic Pharmaceuticals ETF

         X

Invesco Dynamic Semiconductors ETF

         X

Invesco Dynamic Software ETF

         X

Invesco Financial Preferred ETF

         X

Invesco FTSE RAFI US 1000 ETF

         X

Invesco FTSE RAFI US 1500 Small-Mid ETF

         X

Invesco Global Listed Private Equity ETF

      N/A    X

Invesco Golden Dragon China ETF

   X    N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

         X

Invesco International Dividend AchieversTM ETF

   X       X

 

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Approval of Investment Advisory Contracts–(continued)

 

Invesco Fund

   Equal
to/Lower
than ETF Peer  Median		    Equal to/Lower
than Open-End
Index Fund
Peer Median*		    Lower  than
Open-End
Active Fund
Peer Median

Invesco MSCI Sustainable Future ETF

         X

Invesco S&P 100 Equal Weight ETF

      X    X

Invesco S&P 500 GARP ETF

         X

Invesco S&P 500® Quality ETF

   X       X

Invesco S&P 500 Value with Momentum ETF

         X

Invesco S&P MidCap Momentum ETF

         X

Invesco S&P MidCap Quality ETF

         X

Invesco S&P MidCap Value with Momentum ETF

      X    X

Invesco S&P SmallCap Momentum ETF

         X

Invesco S&P SmallCap Value with Momentum ETF

      X    X

Invesco S&P Spin-Off ETF

         X

Invesco Water Resources ETF

   X    X    X

Invesco WilderHill Clean Energy ETF

      X    X

Invesco Zacks Mid-Cap ETF

         X

Invesco Zacks Multi-Asset Income 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 that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

Invesco Fund

   Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower  than
Open-End
Index Fund
Peer Median*		    Lower  than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

         X

Invesco Buyback AchieversTM ETF

         X

Invesco Dividend AchieversTM ETF

      X    X

Invesco DWA Basic Materials Momentum ETF

         X

Invesco DWA Consumer Cyclicals Momentum ETF

         X

Invesco DWA Consumer Staples Momentum ETF

         X

Invesco DWA Energy Momentum ETF

         X

Invesco DWA Financial Momentum ETF

         X

Invesco DWA Healthcare Momentum ETF

         X

Invesco DWA Industrials Momentum ETF

         X

Invesco DWA Momentum ETF

      X    X

Invesco DWA Technology Momentum ETF

         X

Invesco DWA Utilities Momentum ETF

         X

Invesco Dynamic Biotechnology & Genome ETF

         X

Invesco Dynamic Building & Construction ETF

         X

Invesco Dynamic Energy Exploration & Production ETF

         X

Invesco Dynamic Food & Beverage ETF

         X

Invesco Dynamic Large Cap Growth ETF

         X

Invesco Dynamic Large Cap Value ETF

         X

 

  103  

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

Invesco Fund

   Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower  than
Open-End
Index Fund
Peer Median*		    Lower  than
Open-End
Active Fund
Peer Median

Invesco Dynamic Leisure and Entertainment ETF

         X

Invesco Dynamic Market ETF

         X

Invesco Dynamic Media ETF

         X

Invesco Dynamic Networking ETF

         X

Invesco Dynamic Oil & Gas Services ETF

         X

Invesco Dynamic Pharmaceuticals ETF

         X

Invesco Dynamic Semiconductors ETF

         X

Invesco Dynamic Software ETF

         X

Invesco Financial Preferred ETF

         X

Invesco FTSE RAFI US 1000 ETF

         X

Invesco FTSE RAFI US 1500 Small-Mid ETF

         X

Invesco Global Listed Private Equity ETF

      N/A    X

Invesco Golden Dragon China ETF

      N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

      X    X

Invesco International Dividend AchieversTM ETF

         X

Invesco MSCI Sustainable Future ETF

         X

Invesco S&P 100 Equal Weight ETF

      X    X

Invesco S&P 500 GARP ETF

         X

Invesco S&P 500® Quality ETF

   X       X

Invesco S&P 500 Value with Momentum ETF

         X

Invesco S&P MidCap Momentum ETF

         X

Invesco S&P MidCap Quality ETF

         X

Invesco S&P MidCap Value with Momentum ETF

      X    X

Invesco S&P SmallCap Momentum ETF

         X

Invesco S&P SmallCap Value with Momentum ETF

      X    X

Invesco S&P Spin-Off ETF

         X

Invesco Water Resources ETF

   X    X    X

Invesco WilderHill Clean Energy ETF

      X    X

Invesco Zacks Mid-Cap ETF

         X

Invesco Zacks Multi-Asset Income 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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.

 

  104  

 

  

 

 

 

 

Approval of Investment Advisory Contracts–(continued)

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, 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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

  105  

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    P-PS-AR-3            invesco.com/ETFs

LOGO

  

 

Invesco Annual Report to Shareholders

 

April 30, 2023

 

   PPA  

Invesco Aerospace & Defense ETF

 

   PDP  

Invesco DWA Momentum ETF

 

   PSP  

Invesco Global Listed Private Equity ETF

 

   PGJ  

Invesco Golden Dragon China ETF

 

   ERTH  

Invesco MSCI Sustainable Future ETF

 

   RYJ  

Invesco Raymond James SB-1 Equity ETF

 

   PBP  

Invesco S&P 500 BuyWrite ETF

 

   SPHQ  

Invesco S&P 500® Quality ETF

 

   CSD  

Invesco S&P Spin-Off ETF

 

   PHO  

Invesco Water Resources ETF

 

   PBW   Invesco WilderHill Clean Energy ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      27  
Schedules of Investments   

Invesco Aerospace & Defense ETF (PPA)

      28  

Invesco DWA Momentum ETF (PDP)

      30  

Invesco Global Listed Private Equity ETF (PSP)

      32  

Invesco Golden Dragon China ETF (PGJ)

      34  

Invesco MSCI Sustainable Future ETF (ERTH)

      36  

Invesco Raymond James SB-1 Equity ETF (RYJ)

      40  

Invesco S&P 500 BuyWrite ETF (PBP)

      43  

Invesco S&P 500® Quality ETF (SPHQ)

      49  

Invesco S&P Spin-Off ETF (CSD)

      51  

Invesco Water Resources ETF (PHO)

      53  

Invesco WilderHill Clean Energy ETF (PBW)

      55  
Statements of Assets and Liabilities      58  
Statements of Operations      60  
Statements of Changes in Net Assets      62  
Financial Highlights      66  
Notes to Financial Statements      74  
Report of Independent Registered Public Accounting Firm      92  
Fund Expenses      93  
Tax Information      95  
Trustees and Officers      96  
Approval of Investment Advisory Contracts      107  

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by just 0.25% in February and March, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1

The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500® Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year as record inflation, rising interest rates, recession fears and Russia’s invasion of Ukraine led to generally weaker consumer sentiment around the globe. To tame inflation, Western central banks raised interest rates, which was in contrast to some central banks in the East, that lowered their policy rate or kept rates the same. Inflation headwinds continued into the third quarter of 2022, with several central banks continuing to raise interest rates to combat inflation.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first quarter of 2023, global equity markets managed to deliver gains despite volatility and a banking crisis. January’s rally gave way to mixed global equity results in February, as inflation appeared more persistent than expected, boosting expectations that interest rates may stay higher for longer. The quarter’s largest shock came in March as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Amid the banking turmoil, some global central banks continued to raise interest rates to fight inflation. Though they lagged international developed market equities, emerging market equities also delivered gains for the quarter.

In April 2023, developed market equities posted a modest gain supported by positive economic data, while emerging market equities declined for the month. Within emerging markets, the Chinese equity market was negatively affected by renewed geopolitical tensions between the US and China. For the fiscal year ended April 30, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period in negative territory.

 

 

 

   3  

 

 

 

PPA    Management’s Discussion of Fund Performance
   Invesco Aerospace & Defense ETF (PPA)

 

As an index fund, the Invesco Aerospace & Defense ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the SPADE® Defense Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, SPADE Indexes LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is composed of common stocks of companies that are systematically important to the defense sector and are involved with the development, manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include, for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and space systems, as well as national/homeland security activities including border security, biometric screening systems, and military cybersecurity efforts. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 11.55%. On a net asset value (“NAV”) basis, the Fund returned 11.51%. During the same time period, the Index returned 11.89%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500® Aerospace & Defense Index (the “Benchmark Index”) returned 12.00%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 22 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors due primarily to its exposure to the aerospace and defense industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that limits its constituents to companies that are involved in U.S. defense, military, homeland security and space operations, whereas the Benchmark Index includes companies that are involved in the commercial aerospace industry as well.

Relative to the Benchmark Index, the Fund was most overweight in the research & consulting services sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2023. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to security selection in the aerospace & defense sub-industry.

For the fiscal year ended April 30, 2023, the aerospace & defense sub-industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and the research & consulting services sub-industries, respectively. The metal, glass & plastic containers sub-industry was the greatest detractor during this period, followed by the IT consulting & other services sub-industry and the application software sub-industry, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included General Electric Company, an industrial conglomerates company (portfolio average weight of 2.47%) and Boeing Company, an aerospace & defense company (portfolio average weight of 6.95%). Positions that detracted most significantly from the Fund’s return during this period included L3 Harris Technologies Inc., an aerospace & defense company (portfolio average weight of 5.07%) and Spirit AeroSystems Holdings, Inc. Class A., an aerospace & defense company (portfolio average weight of 0.95%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Aerospace & Defense      70.22  
Professional Services      10.20  
Industrial Conglomerates      9.63  
Machinery      3.17  
Industry Types Each Less Than 3%      6.79  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Boeing Co. (The)      6.57  
Raytheon Technologies Corp.      6.54  
Northrop Grumman Corp.      6.53  
Lockheed Martin Corp.      6.24  
General Dynamics Corp.      4.98  
Honeywell International, Inc.      4.86  
General Electric Co.      4.77  
L3Harris Technologies, Inc.      4.45  
Axon Enterprise, Inc.      3.78  
TransDigm Group, Inc.      3.62  
Total      52.34  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco Aerospace & Defense ETF (PPA) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  

Index

         Average
Annualized		     Cumulative  
SPADE® Defense Index     11.89 %      15.61 %      54.53 %      9.16 %      54.97 %      15.08 %      307.28 %        11.89 %      614.79 % 
S&P Composite 1500® Aerospace & Defense Index     12.00       15.14       52.63       5.21       28.89       13.72       261.88         11.96       623.12  
Fund                    
NAV Return     11.51       15.05       52.29       8.61       51.16       14.43       284.99         11.22       543.43  
Market Price Return     11.55       14.98       51.99       8.60       51.06       14.44       285.32         11.22       543.86  

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   5  

 

 

 

PDP    Management’s Discussion of Fund Performance
   Invesco DWA Momentum ETF (PDP)

 

As an index fund, the Invesco DWA Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of approximately 100 securities from an eligible universe of approximately 1,000 securities of the largest constituents by float-adjusted market capitalization within the NASDAQ US Benchmark IndexTM, a market capitalization-weighted index designed to track the performance of the U.S. equity market.

The Index Provider selects securities for the Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength or “momentum” characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long term upward price movements of the security as compared to a representative benchmark index.

After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores from the universe of eligible securities for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.52%. On a net asset value (“NAV”) basis, the Fund returned 1.52%. During the same time period, the Index returned 2.15%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 3000® Growth Index returned 2.25%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included O’Reilly Automotive, Inc., a consumer discretionary company (portfolio average weight of 3.03%) and Cadence Design Systems, Inc., an information technology company (portfolio average weight of 2.05%). Positions that detracted most significantly from the Fund’s return during this period included R1 RCM Inc., a health care company (no longer held at fiscal year-end) and Alcoa Corporation, a materials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      24.14  
Industrials      23.99  
Consumer Discretionary      15.05  
Financials      10.71  
Health Care      10.61  
Energy      6.15  
Materials      4.78  
Consumer Staples      3.23  
Sector Types Each Less Than 3%      1.38  
Money Market Funds Plus Other Assets Less Liabilities      (0.04)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
O’Reilly Automotive, Inc.      3.31  
Mastercard, Inc., Class A      3.03  
Copart, Inc.      2.77  
ANSYS, Inc.      2.71  
Cadence Design Systems, Inc.      2.62  
Mettler-Toledo International, Inc.      2.29  
Old Dominion Freight Line, Inc.      2.29  
Danaher Corp.      2.11  
TransDigm Group, Inc.      2.10  
Amphenol Corp., Class A      2.05  
Total      25.28  

 

*

Excluding money market fund holdings.

 

 

 

   6  

 

 

Invesco DWA Momentum ETF (PDP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—Dorsey Wright Technical Leaders Index     2.15 %      8.40 %      27.36 %      8.32 %      49.14 %      9.97 %      158.77 %        8.03 %      248.32 % 
Russell 3000® Growth Index     2.25       13.24       45.20       13.14       85.36       14.05       272.25         11.00       440.03  
Fund                    
NAV Return     1.52       7.71       24.97       7.66       44.65       9.35       144.49         7.70       231.83  
Market Price Return     1.52       7.65       24.75       7.63       44.43       9.35       144.45         7.69       231.02  

 

Fund Inception: March 1, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Dorsey Wright® Technical Leaders Index is comprised of price only returns (which reflects no dividends paid by the component companies of the Index) from Fund inception through the conversion date, December 31, 2013, and total returns (which reflects dividends paid by the component companies of the Index) following the conversion date through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   7  

 

 

 

PSP    Management’s Discussion of Fund Performance
   Invesco Global Listed Private Equity ETF (PSP)

 

As an index fund, the Invesco Global Listed Private Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Red Rocks Capital LLC (the “Index Provider”) compiles and maintains the Index, which is composed of securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles that are listed on a nationally recognized exchange, all of whose principal businesses are to invest in, lend capital to, or provide services to privately held companies.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (5.73)%. On a net asset value (“NAV”) basis, the Fund returned (5.65)%. During the same time period, the Index returned (5.58)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, partially offset by a reversion of impacts from foreign fair valuation triggers.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned 2.06%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,884 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the global equity markets.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the capital markets industry and most underweight in the banks industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to stock selection within the capital markets and financial services industry.

For the fiscal year ended April 30, 2023, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the trading companies and distributors industry.

The capital markets industry detracted most significantly from the Fund’s return, followed by the interactive media & services and financial services industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included 3i Group plc., a capital markets company (portfolio average weight of 5.34%) and Melrose Industries PLC., a aerospace & defense company (portfolio average weight of 4.62%). Positions that detracted most significantly from the Fund’s return during this period included EQT AB, a capital markets company (portfolio average weight of 4.60%) and IAC/InterActiveCorp., an interactive media & services company (portfolio average weight of 4.60%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Capital Markets      53.89  
Closed-End Funds      16.48  
Financial Services      15.51  
Aerospace & Defense      5.22  
Industry Types Each Less Than 3%      6.71  
Money Market Funds Plus Other Assets Less Liabilities      2.19  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
3i Group PLC      5.83  
Melrose Industries PLC      5.22  
Partners Group Holding AG      5.02  
Blackstone, Inc., Class A      4.81  
KKR & Co., Inc., Class A      4.57  
EQT AB      4.56  
Eurazeo SE      4.48  
Sofina S.A.      4.05  
Carlyle Group, Inc. (The)      3.97  
TPG, Inc.      3.79  
Total      46.30  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco Global Listed Private Equity ETF (PSP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—Red Rocks Global Listed Private Equity Index     (5.58 )%      10.79 %      35.97 %      3.39 %      18.16 %      6.78 %      92.79 %        2.56 %      51.88 % 
MSCI All Country World Index (Net)     2.06       12.04       40.66       7.03       40.45       7.91       114.08         5.99       161.26  
Fund                    
NAV Return     (5.65 )      9.83       32.47       2.66       14.05       5.92       77.67         0.81       14.21  
Market Price Return     (5.73 )      9.82       32.44       2.65       13.98       5.88       77.13         0.81       14.21  

 

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 1.34%, including acquired fund fees and expenses of 0.69%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Red Rocks Global Listed Private Equity Index is comprised of the Red Rocks Capital Listed Private Equity Index from Fund inception until September 30, 2009, followed by the performance of the Red Rocks Global Listed Private Equity Index from September 30, 2009 through April 30, 2023.

 

-

Net returns reflect invested dividends net of withholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   9  

 

 

 

PGJ    Management’s Discussion of Fund Performance
   Invesco Golden Dragon China ETF (PGJ)

 

As an index fund, the Invesco Golden Dragon China ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Golden Dragon China IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of U.S. exchange-listed companies that are headquartered or incorporated in the People’s Republic of China (excluding Hong Kong).

The Index is designed to provide access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S. exchange listed securities. Securities in the Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”), shares of beneficial interest or limited partnership interests.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.88)%. On a net asset value (“NAV”) basis, the Fund returned (1.80)%. During the same time period, the Index returned (1.55)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the FTSE China 50 Index (the “Benchmark Index”) returned (8.70)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equity exposure to Chinese companies.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that has substantially different individual company components and sector weightings. Additionally, the Fund invests in Chinese companies, as defined by the Index methodology, listed on U.S. exchanges, whereas the Benchmark Index is composed of Chinese stocks listed on the Hong Kong stock exchange. A comparison to the Benchmark Index is still relevant as the Fund and Benchmark Index both represent exposure to Chinese companies.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2023. The

majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the consumer discretionary sector, as well as the overweight allocation in the industrials sector.

For the fiscal year ended April 30, 2023, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the energy sector. The information technology sector detracted most significantly from the Fund’s return, followed by the financials and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included PDD Holdings Incl, ADR, a consumer discretionary company (portfolio average weight of 8.71%) and Vipshop Holdings Ltd, ADR, a consumer discretionary company (portfolio average weight of 3.29%). Positions that detracted most significantly from the Fund’s return during this period included NIO, Inc., ADR, a consumer discretionary company (portfolio average weight of 6.93%) and JD.com, Inc., ADR, a consumer discretionary company (portfolio average weight of 7.84%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Consumer Discretionary      53.23  
Communication Services      25.11  
Information Technology      7.24  
Industrials      5.29  
Real Estate      3.69  
Financials      3.06  
Sector Types Each Less Than 3%      2.31  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Alibaba Group Holding Ltd., ADR      8.28  
Trip.com Group Ltd., ADR      7.77  
Baidu, Inc., ADR      7.52  
JD.com, Inc., ADR      6.90  
PDD Holdings, Inc., ADR      6.66  
ZTO Express (Cayman), Inc., ADR      4.94  
NetEase, Inc., ADR      4.92  
Vipshop Holdings Ltd., ADR      4.52  
H World Group Ltd., ADR      4.25  
KE Holdings, Inc., ADR      3.69  
Total      59.45  

 

*

Excluding money market fund holdings.

 

 

 

   10  

 

 

Invesco Golden Dragon China ETF (PGJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Nasdaq Golden Dragon China Index     (1.55 )%      (12.18 )%      (32.27 )%      (9.44 )%      (39.09 )%      4.32 %      52.68 %        4.84 %      138.60 % 
FTSE China 50 Index     (8.70 )      (7.78 )      (21.57 )      (6.89 )      (30.02 )      0.74       7.64         5.51       168.28  
Fund                    
NAV Return     (1.80 )      (12.44 )      (32.87 )      (9.76 )      (40.16 )      3.99       47.94         4.41       121.06  
Market Price Return     (1.88 )      (12.40 )      (32.78 )      (9.75 )      (40.14 )      4.03       48.44         4.39       120.55  

 

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.71%, and the net annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund

at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   11  

 

 

 

ERTH    Management’s Discussion of Fund Performance
   Invesco MSCI Sustainable Future ETF (ERTH)

 

As an index fund, the Invesco MSCI Sustainable Future ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Environment Select Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is a custom index comprised of companies that the index methodology has determined focus on offering products or services that contribute to a more environmentally sustainable economy by making a more efficient use of limited global natural resources. The Index is designed to maximize exposure to the following six themes that impact the environment (“Environmental Impact Themes”): alternative energy, energy efficiency, green building, sustainable water, pollution prevention and control, and sustainable agriculture. The Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,200 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Securities eligible for inclusion in the Index include American depositary receipts (“ADRs”), global depositary receipts (“GDRs”), and real estate investment trusts (“REITs”). Companies that derive 75% or more of their revenue cumulatively from the six Environmental Impact Themes are eligible for inclusion in the Index. Such companies are evaluated for their level of involvement in, and strategic commitment to, the six Environmental Impact Themes, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Index, securities will remain constituents as long as the revenue they derive cumulatively from the six Environmental Impact Themes does not fall below 60%. The Index weights its constituents by their free-float adjusted market capitalization. The Index Provider constrains the weight of any single security in the Index to 5%.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (13.95)%. On a net asset value (“NAV”) basis, the Fund returned (14.22)%. During the same time period, the Index returned (15.99)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to foreign fair valuation triggers, partially offset by fees and expenses that the Fund incurred during the period.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned 2.06%. The Benchmark

Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,884 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the global equity markets.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology and focuses on providing exposure to Environmental Impact Themes, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical equipment industry and most underweight in the banks industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in and overweight allocation to the automobiles industry.

For the fiscal year ended April 30, 2023, the semiconductors & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the household durables industry and electronic equipment instruments & components industry. The automobiles industry was the largest detracting industry, followed by the diversified REITS and electrical equipment industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included First Solar, Inc., a semiconductor and semiconductor equipment company (portfolio average weight of 2.88%), and Enphase Energy, Inc., a semiconductor and semiconductor equipment company (portfolio average weight of 5.48%). Positions that detracted most significantly from the Fund’s return during this period included Tesla, Inc., an automobiles company (portfolio average weight of 4.90%) and NIO Inc, ADR, an automobiles company (portfolio average weight of 4.90%).

 

 

 

   12  

 

 

Invesco MSCI Sustainable Future ETF (ERTH) (continued)

 

Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2023		  
Semiconductors & Semiconductor Equipment      15.38  
Electrical Equipment      14.94  
Automobiles      13.55  
Independent Power and Renewable Electricity Producers      9.86  
Diversified REITs      6.94  
Ground Transportation      6.23  
Retail REITs      5.30  
Building Products      4.39  
Food Products      3.40  
Industry Types Each Less Than 3%      19.93  
Money Market Funds Plus Other Assets Less Liabilities      0.08  
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Vestas Wind Systems A/S      5.15  
Digital Realty Trust, Inc.      4.93  
Tesla, Inc.      4.48  
Enphase Energy, Inc.      4.44  
First Solar, Inc.      4.14  
Central Japan Railway Co.      4.10  
SolarEdge Technologies, Inc.      3.77  
Li Auto, Inc., A Shares      3.09  
NIO, Inc., ADR      2.55  
Kingspan Group PLC      2.52  
Total      39.17  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years
Average
Annualized

    

3 Years
Cumulative

    

5 Years
Average
Annualized

    

5 Years
Cumulative

    

10 Years
Average
Annualized

    

10 Years
Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended -MSCI Global Environment Select Index     (15.99 )%      8.85 %      28.96 %      5.95 %      33.52 %      9.11 %      139.21 %        6.09 %      165.64 % 
MSCI All Country World Index (Net)     2.06       12.04       40.66       7.03       40.45       7.91       114.08         5.99       161.26  
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.11       322.27  
Fund                    
NAV Return     (14.22 )      8.51       27.77       5.58       31.16       8.55       127.05         5.43       139.42  
Market Price Return     (13.95 )      8.42       27.45       5.48       30.58       8.58       127.76         5.42       139.16  

 

 

   13  

 

 

Invesco MSCI Sustainable Future ETF (ERTH) (continued)

 

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-MSCI Global Environment Select Index performance is comprised of the performance of The Cleantech IndexTM, the Fund’s previous underlying index, from Fund inception through March 24, 2021, followed by the performance of the Index for the period March 25, 2021 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

Effective August 26, 2022, the Fund changed its designated broad-based securities market benchmark index from the S&P 500® Index to the Benchmark Index, as the Benchmark Index more closely reflects the performance of the types of securities in which the Fund invests.

 

 

 

   14  

 

 

 

RYJ    Management’s Discussion of Fund Performance
   Invesco Raymond James SB-1 Equity ETF (RYJ)

 

As an index fund, the Invesco Raymond James SB-1 Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Raymond James SB-1 Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Raymond James Research Services, LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of U.S.-listed equity securities that are rated Strong Buy 1 (“SB-1”) by an affiliate of the Index Provider (together, the affiliate and the Index Provider are referred to as “Raymond James”). SB-1 is Raymond James’ highest rating for a security and generally indicates Raymond James’ expectation that the security will achieve certain total return targets in the short-term. The Index includes equity securities of all market capitalizations, including common stocks, sponsored American depositary receipts (“ADRs”), real estate investment trusts (“REITs”), master limited partnerships (“MLPs”) and business development companies (“BDCs”) that are rated SB-1 by Raymond James. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.19)%. On a net asset value (“NAV”) basis, the Fund returned (1.30)%. During the same time period, the Index returned (0.57)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400® Index (the “Benchmark Index”) returned 1.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 401 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection within the financials and information technology sectors.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the healthcare sector. The financials sector was the largest detractor, followed by the real estate sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included CymaBay Therapeutics, Inc., a health care company (portfolio average weight of 0.57%) and 89bio Inc., a health care company (portfolio average weight of 0.51%). Positions that detracted most significantly from the Fund’s return during this period included DISH Network Corporation, a communication services company (portfolio average weight of 0.51%) and Edgio Inc., a information technology company (portfolio average weight of 0.51%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      19.96  
Industrials      14.11  
Health Care      13.70  
Energy      13.62  
Information Technology      12.49  
Real Estate      10.15  
Consumer Discretionary      8.17  
Communication Services      3.37  
Sector Types Each Less Than 3%      4.38  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
New York Community Bancorp, Inc.      0.65  
Wabash National Corp.      0.62  
Tenet Healthcare Corp.      0.61  
Shyft Group, Inc. (The)      0.61  
Frontier Communications Parent, Inc.      0.60  
Ocular Therapeutix, Inc.      0.60  
Valley National Bancorp      0.60  
Planet Fitness, Inc., Class A      0.59  
Coastal Financial Corp.      0.59  
Medical Properties Trust, Inc.      0.59  
Total      6.06  

 

*

Excluding money market fund holdings.

 

 

 

   15  

 

 

Invesco Raymond James SB-1 Equity ETF (RYJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Raymond James SB-1 Equity Index     (0.57 )%      18.88 %      67.99 %      5.85 %      32.90 %      9.03 %      137.32 %        N/A       N/A  
S&P MidCap 400® Index     1.33       16.52       58.18       7.56       43.96       9.64       151.10         8.87       322.51  
Fund                    
NAV Return     (1.30 )      17.96       64.14       5.04       27.90       8.26       121.13         7.52       241.81  
Market Price Return     (1.19 )      17.91       63.92       5.03       27.81       8.26       121.09         7.30       229.99  

 

Guggenheim Raymond James SB-1 Equity ETF (the “Predecessor Fund”) Inception: May 19, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.81% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

 

 

   16  

 

 

 

PBP    Management’s Discussion of Fund Performance
   Invesco S&P 500 BuyWrite ETF (PBP)

 

As an index fund, the Invesco S&P 500 BuyWrite ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and will write (sell) call options thereon.

Strictly in accordance with its guidelines and mandated procedures, the Chicago Board Options Exchange, Incorporated (the “Index Provider”) compiles, calculates and maintains the Index, which is a total return benchmark index that is designed to track the performance of a hypothetical “buy-write” strategy on the S&P 500® Index.

The Index is based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500® Index “covered” call option, generally on the third Friday of each month. A “buy-write,” also called a covered call, generally is considered an investment strategy in which an investor buys a stock or basket of stocks, and sells call options that correspond to the stock or basket of stocks. In return for a premium, the Fund gives the right to the purchaser of the option written by the Fund to receive a cash payment equal to the difference between the value of the S&P 500® Index and the exercise price, if the value on the expiration date is above the exercise price. In addition, covered call options partially hedge against a decline in the price of the securities on which they are written to the extent of the premium the Fund receives. The Fund will write options that are traded on national securities exchanges. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.21)%. On a net asset value (“NAV”) basis, the Fund returned (1.47)%. During the same time period, the Index returned (1.12)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 2.66%.

For the fiscal year ended April 30, 2023, several of the Fund’s covered call options contributed most significantly to the Fund’s return, followed by the information technology and health care sectors, respectively. Several of the Fund’s covered call options also detracted most significantly from the Fund’s return, followed by the consumer discretionary and real estate sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included the SPX 10/21/2022 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end), and the SPX 06/17/2022 covered call contract, a short S&P 500 Index call

contract (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included the SPX 08/19/2022 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end), and the SPX 11/18/2022 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      26.30  
Health Care      14.71  
Financials      13.38  
Consumer Discretionary      10.11  
Industrials      8.68  
Communication Services      8.45  
Consumer Staples      7.53  
Energy      4.78  
Sector Types Each Less Than 3%      8.17  
Money Market Funds Plus Other Assets Less Liabilities      (2.11)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Apple, Inc.      7.40  
Microsoft Corp.      6.71  
Amazon.com, Inc.      2.76  
NVIDIA Corp.      2.00  
Alphabet, Inc., Class A      1.87  
Berkshire Hathaway, Inc., Class B      1.74  
Alphabet, Inc., Class C      1.65  
Meta Platforms, Inc., Class A      1.57  
Exxon Mobil Corp.      1.43  
UnitedHealth Group, Inc.      1.35  
Total      28.48  

 

*

Excluding money market fund holdings.

 

 

 

   17  

 

 

Invesco S&P 500 BuyWrite ETF (PBP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  

CBOE S&P 500 BuyWrite IndexSM

     (1.12 )%      10.99 %      36.74 %      4.21 %      22.91 %      5.79 %      75.51 %        4.56 %      98.35 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.25       289.50  
Fund                    

NAV Return

     (1.47 )      10.41       34.58       3.70       19.92       5.12       64.82         3.82       77.99  
Market Price Return     (1.21 )      10.49       34.90       3.66       19.67       5.12       64.68         3.82       77.88  

 

Fund Inception: December 20, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   18  

 

 

 

SPHQ    Management’s Discussion of Fund Performance
   Invesco S&P 500® Quality ETF (SPHQ)

 

As an index fund, the Invesco S&P 500® Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index that have high “quality”—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. The Index Provider assesses a security’s quality based on the following three fundamental measures: return on equity, accruals ratio and financial leverage ratio. Return-on-equity is calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share. Accruals ratio is computed using the change of the company’s total assets over the last year divided by the company’s average net operating assets over the last two years. Financial leverage is calculated as the company’s latest total debt divided by the company’s book value. The Index Provider assesses the quality of companies in the financials or real estate sectors (according to the Global Industry Classification Standard (“GICS”)) based only on the return of equity and financial leverage ratio measures.

In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the S&P 500® Index and then selects the 100 stocks with the highest quality score for inclusion in the Index. The Index Provider weights each component stock of the Index by the total of its quality score multiplied by its market capitalization in the eligible universe, subject to security and sector constraints and optimization procedures. Stock with higher scores receive relatively greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 5.80%. On a net asset value (“NAV”) basis, the Fund returned 5.78%. During the same time period, the Index returned 5.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the S&P 500® Index returned 2.66%.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return during this period, followed by the consumer discretionary and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included ExxonMobil Corporation, an energy company (portfolio average weight of 4.38%) and Meta Platforms Inc., Class A, a communication services company (portfolio average weight of 3.46%). Positions that detracted most significantly from the Fund’s return during this period included Walmart Inc., a consumer staples company (no longer held at fiscal year-end) and Target Corporation, a consumer staples company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      27.70  
Health Care      13.64  
Energy      13.18  
Consumer Staples      11.56  
Financials      11.32  
Industrials      8.83  
Communication Services      5.57  
Materials      3.95  
Consumer Discretionary      3.29  
Sector Types Each Less Than 3%      0.86  
Money Market Funds Plus Other Assets Less Liabilities      0.10  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Microsoft Corp.      5.82  
Apple, Inc.      5.58  
Meta Platforms, Inc., Class A      5.43  
Exxon Mobil Corp.      5.29  
Mastercard, Inc., Class A      4.94  
Visa, Inc., Class A      4.56  
Procter & Gamble Co. (The)      3.55  
Chevron Corp.      3.36  
Eli Lilly and Co.      3.03  
Broadcom, Inc.      2.95  
Total      44.51  

 

*

Excluding money market fund holdings.

 

 

 

   19  

 

 

Invesco S&P 500® Quality ETF (SPHQ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  

Blended—S&P 500® Quality Index

     5.94 %      14.72 %      51.00 %      12.33 %      78.87 %      12.65 %      229.02 %        8.31 %      301.28 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.27       367.73  
Fund                    

NAV Return

     5.78       14.54       50.26       12.16       77.46       12.39       221.63         8.14       290.07  
Market Price Return     5.80       14.53       50.23       12.14       77.35       12.39       221.63         8.11       288.28  

 

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.19% and the net annual operating expense ratio was indicated as 0.15%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® Quality Index is comprised of the performance of the Value Line Timeliness Select Index, the Fund’s underlying index from Fund inception through the conversion date, June 29, 2010, followed by the performance of the S&P 500® High Quality Rankings Index, the Fund’s underlying index for the period June 29, 2010 through March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   20  

 

 

 

CSD    Management’s Discussion of Fund Performance
   Invesco S&P Spin-Off ETF (CSD)

 

As an index fund, the Invesco S&P Spin-Off ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P U.S. Spin-Off Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of U.S. companies that have been spun off from a parent company within the past four years. The Index is comprised of equity securities of U.S. companies added to the S&P U.S. BMI, a country sub-index of the S&P Global BMI, that have been spun off and have a float-adjusted market capitalization of at least $1 billion at the time they are added to the Index. The Index Provider defines a spin-off company as any company resulting from one of the following events: spin-off, carve-out or split-off. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (1.65)%. On a net asset value (“NAV”) basis, the Fund returned (1.53)%. During the same time period, the Index returned (0.89)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap® Index (the “Benchmark Index”) returned (1.69)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 849 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight the financials sector during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the utilities sector along with its underweight exposure to and security selection in the information technology sector.

For the fiscal year ended April 30, 2023, the utilities sector contributed most significantly to the Fund’s return, followed by the

information technology sector. The communication services sector was the largest detractor followed by the real estate sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Constellation Energy Corp., a utilities company (portfolio average weight of 7.34%) and Otis Worldwide Corporation, an industrials company (portfolio average weight of 7.37%). Positions that detracted most significantly from the Fund’s return during this period included Concentrix Corporation, an industrials company (portfolio average weight of 4.46%) and Vimeo, Inc., a communication services company (portfolio average weight of 0.97%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      40.22  
Health Care      16.17  
Information Technology      9.52  
Utilities      7.47  
Materials      6.81  
Consumer Discretionary      6.28  
Real Estate      5.39  
Energy      4.58  
Communication Services      3.63  
Money Market Funds Plus Other Assets Less Liabilities      (0.07)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Otis Worldwide Corp.      7.62  
Constellation Energy Corp.      7.47  
GE HealthCare Technologies, Inc.      7.27  
Carrier Global Corp.      6.86  
Corteva, Inc.      6.81  
GXO Logistics, Inc.      5.01  
Organon & Co.      4.96  
Apartment Income REIT Corp.      4.77  
U-Haul Holding Co., Series N      4.60  
DT Midstream, Inc.      4.58  
Total      59.95  

 

*

Excluding money market fund holdings.

 

 

 

   21  

 

 

Invesco S&P Spin-Off ETF (CSD) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P U.S. Spin-Off Index     (0.89 )%      19.11 %      68.97 %      2.69 %      14.21 %      6.52 %      87.99 %        6.82 %      194.37 % 
Russell Midcap® Index     (1.69 )      13.78       47.30       7.97       46.75       9.85       155.94         8.22       264.42  
Fund                    
NAV Return     (1.53 )      18.35       65.79       2.05       10.66       5.94       78.09         6.15       165.79  
Market Price Return     (1.65 )      18.31       65.59       2.06       10.74       5.95       78.18         6.15       165.66  

 

Guggenheim S&P Spin-Off ETF (the “Predecessor Fund”) Inception:

December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.65%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P U.S. Spin-Off Index performance is comprised of the performance of the Beacon Spin-Off Index, the Fund’s previous underlying index, prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2023.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

 

 

   22  

 

 

 

PHO    Management’s Discussion of Fund Performance
   Invesco Water Resources ETF (PHO)

 

As an index fund, the Invesco Water Resources ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ OMX US Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles the Index, which seeks to track the performance of companies that are listed on the New York Stock Exchange (“NYSE”), NYSE American, Cboe Exchange (“Cboe”) or The Nasdaq Stock Market (“Nasdaq”), create products designed to conserve and purify water for homes, businesses and industries. The Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”), shares of beneficial interest and tracking stocks. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 8.42%. On a net asset value (“NAV”) basis, the Fund returned 8.46%. During the same time period, the Index returned 9.11%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 504 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall

U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the technology hardware, storage & peripherals industry during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the stock selection and overweight allocation in the chemicals industry.

For the fiscal year ended April 30, 2023, the machinery industry contributed most significantly to the Fund’s return, followed by the trading companies & distributors and electronic equipment, instruments & components industries, respectively. The building

products industry was the largest detractor followed by the software industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Xylem Inc., a machinery company (portfolio average weight of 6.15%) and Ferguson Plc, a trading companies & distributors company (portfolio average weight of 4.94%). Positions that detracted most significantly from the Fund’s return during this period included Zurn Elkay Water Solutions Corporation., a building products company (portfolio average weight of 2.56%) and Advanced Drainage Systems, Inc., a building products company (portfolio average weight of 3.68%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Machinery      29.82  
Water Utilities      15.67  
Life Sciences Tools & Services      11.60  
Building Products      10.23  
Software      8.52  
Chemicals      8.49  
Trading Companies & Distributors      7.87  
Industry Types Each Less Than 3%      7.77  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Roper Technologies, Inc.      8.52  
Ecolab, Inc.      8.49  
Xylem, Inc.      8.15  
Ferguson PLC      7.87  
Danaher Corp.      7.71  
American Water Works Co., Inc.      4.25  
A.O. Smith Corp.      4.19  
Pentair PLC      4.18  
Evoqua Water Technologies Corp.      4.10  
Waters Corp.      3.89  
Total      61.35  

 

*

Excluding money market fund holdings.

 

 

 

   23  

 

 

Invesco Water Resources ETF (PHO) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

         

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index   1 Year           Average
Annualized		     Cumulative  
Blended—Nasdaq OMX US Water IndexSM     9.11 %      16.51 %      58.16 %      13.08 %      84.91 %      10.34 %      167.45 %        8.98 %      346.47 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.27       367.73  
Fund                    
NAV Return     8.46       15.64       54.64       12.33       78.87       9.62       150.62         7.95       278.76  
Market Price Return     8.42       15.57       54.36       12.32       78.80       9.62       150.63         7.88       274.51  

 

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—NASDAQ OMX US Water IndexSM is comprised of the performance of the Palisades Water Index, from Fund inception through the conversion date, March 1, 2012, followed by the performance of the NASDAQ OMX US Water IndexSM from the conversion date through April 30, 2023.

 

-

Net returns reflect invested dividends net of witholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   24  

 

 

 

PBW    Management’s Discussion of Fund Performance
   Invesco WilderHill Clean Energy ETF (PBW)

 

As an index fund, the Invesco WilderHill Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill Clean Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderShares, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of stocks of publicly traded companies in the United States that are engaged in the business of the advancement of cleaner energy and conservation or are important to the development of clean energy. The Index may include securities of foreign issuers, including issuers located in emerging market countries. Stocks are included in the Index based on the Index Provider’s evaluation that such companies will substantially benefit from a societal transition toward the use of cleaner energy, zero-CO2 renewables and conservation.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (27.52)%. On a net asset value (“NAV”) basis, the Fund returned (27.59)%. During the same time period, the Index returned (30.03)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and expenses that the Fund incurred during the period.

During this same time period, the Russell 2000 Growth® Index (the “Benchmark Index”) returned 0.72%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical equipment industry and most underweight in the biotechnology industry during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the electrical equipment industry, followed by the overweight allocation in the automobiles industry.

For the fiscal year ended April 30, 2023, the semiconductors & semiconductor equipment industry contributed most significantly

to the Fund’s return, followed by the construction & engineering and electronic equipment, instruments & components industries, respectively. The electrical equipment industry detracted most significantly from the Fund’s return, followed by the automobiles and aerosapce & defense industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included First Solar, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 1.67%) and Array Technologies Inc, an electrical components & equipment company (portfolio average weight of 1.52%). Positions that detracted most significantly from the Fund’s return during this period included Energy Vault Holdings, Inc., an electrical equipment company (portfolio average weight of 1.26%) and Vertical Aerospace Ltd., an aerospace & defense company (portfolio average weight of 0.64%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Electrical Equipment      28.36  
Semiconductors & Semiconductor Equipment      12.04  
Automobiles      10.56  
Independent Power and Renewable Electricity Producers      8.63  
Metals & Mining      8.22  
Construction & Engineering      5.76  
Electronic Equipment, Instruments & Components      4.51  
Specialty Retail      4.32  
Automobile Components      3.99  
Chemicals      3.96  
Machinery      3.21  
Industry Types Each Less Than 3%      6.37  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
NaaS Technology, Inc., ADR      2.87  
Sunnova Energy International, Inc.      1.97  
FTC Solar, Inc.      1.96  
Bel Fuse, Inc., Class B      1.82  
Maxeon Solar Technologies Ltd.      1.76  
Sunrun, Inc.      1.73  
ReNew Energy Global PLC, Class A      1.70  
Lion Electric Co. (The)      1.69  
Ormat Technologies, Inc.      1.64  
TPI Composites, Inc.      1.62  
Total      18.76  

 

*

Excluding money market fund holdings.

 

 

 

   25  

 

 

Invesco WilderHill Clean Energy ETF (PBW) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year    

3 Years

Average
Annualized

    

3 Years

Cumulative

    

5 Years

Average
Annualized

    

5 Years

Cumulative

    

10 Years

Average
Annualized

    

10 Years

Cumulative

           Fund Inception  
Index         Average
Annualized		     Cumulative  
WilderHill Clean Energy Index     (30.03 )%      4.11 %      12.83 %      8.14 %      47.91 %      4.71 %      58.40 %        (3.86 )%      (51.12 )% 
Russell 2000® Growth Index     0.72       7.82       25.33       4.00       21.64       8.44       124.77         7.79       290.34  
Nasdaq Composite Index     0.02       12.08       40.79       12.60       80.98       15.09       307.68         N/A       N/A  
Fund                    
NAV Return     (27.59 )      5.84       18.56       9.77       59.36       6.19       82.27         (2.84 )      (40.76 ) 
Market Price Return     (27.52 )      5.80       18.42       9.74       59.16       6.18       82.18         (2.84 )      (40.75 ) 

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

Effective August 26, 2022, the Fund changed its designated broad-based securities market benchmark index from the NASDAQ® Composite Index to the Benchmark Index, as the Benchmark Index more closely reflects the performance of the types of securities in which the Fund invests.

 

 

 

   26  

 

 

Liquidity Risk Management Program

    

 

 

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  27  

 

  

 

 

 

Invesco Aerospace & Defense ETF (PPA)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.01%

 

Aerospace & Defense-70.22%

     

AAR Corp.(b)

     179,417      $ 9,469,629  

Aerojet Rocketdyne Holdings,
Inc.(b)

     396,170        22,347,950  

AeroVironment, Inc.(b)

     130,600        13,150,114  

Axon Enterprise, Inc.(b)

     336,695        70,945,003  

Boeing Co. (The)(b)

     597,134        123,475,368  

BWX Technologies, Inc.

     381,701        24,650,251  

CAE, Inc. (Canada)(b)

     1,561,850        35,172,862  

Curtiss-Wright Corp.

     132,683        22,533,554  

Ducommun, Inc.(b)

     58,981        2,949,050  

Elbit Systems Ltd. (Israel)(c)

     222,348        40,869,786  

General Dynamics Corp.

     428,464        93,550,830  

HEICO Corp.(c)

     231,687        39,071,696  

Hexcel Corp.

     379,043        27,321,419  

Howmet Aerospace, Inc.

     1,385,250        61,352,722  

Huntington Ingalls Industries, Inc.

     196,747        39,676,000  

Kaman Corp.

     107,236        2,366,699  

Kratos Defense & Security Solutions, Inc.(b)

    654,412        8,441,915  

L3Harris Technologies, Inc.

     428,293        83,581,379  

Leonardo DRS, Inc.(b)(c)

     1,237,359        18,622,253  

Lockheed Martin Corp.

     252,565        117,303,814  

Maxar Technologies, Inc.

     386,187        20,359,779  

Mercury Systems, Inc.(b)

     300,355        14,317,923  

Moog, Inc., Class A

     103,129        9,292,954  

Northrop Grumman Corp.

     265,908        122,655,383  

Parsons Corp.(b)(c)

     211,084        9,182,154  

Raytheon Technologies Corp.

     1,230,978        122,974,702  

Spirit AeroSystems Holdings, Inc., Class A(c)

     543,930        16,187,357  

Textron, Inc.

     768,908        51,470,701  

TransDigm Group, Inc.

     88,897        68,006,205  

Triumph Group, Inc.(b)

     322,613        3,487,447  

V2X, Inc.(b)(c)

     139,069        6,007,781  

Woodward, Inc.

     197,503        18,964,238  
    

 

 

  
       1,319,758,918  
    

 

 

  

Communications Equipment-0.50%

 

   

Comtech Telecommunications Corp.

     144,049        1,490,907  

Viasat, Inc.(b)(c)

     227,246        7,960,428  
    

 

 

  
       9,451,335  
    

 

 

  

Containers & Packaging-0.60%

 

   

Ball Corp.(c)

     211,280        11,235,870  
    

 

 

  

Diversified Telecommunication Services-0.60%

 

   

Iridium Communications, Inc.

     178,275        11,315,114  
    

 

 

  

Electrical Equipment-0.92%

     

Eaton Corp. PLC

     103,318        17,266,504  
    

 

 

  

Electronic Equipment, Instruments & Components-2.80%

 

Keysight Technologies, Inc.(b)

     102,324        14,800,143  

OSI Systems, Inc.(b)

     54,653        6,173,603  

Teledyne Technologies, Inc.(b)

     70,445        29,192,408  

TTM Technologies, Inc.(b)

     212,123        2,505,173  
    

 

 

  
       52,671,327  
    

 

 

  
        Shares         Value  

Industrial Conglomerates-9.63%

    

General Electric Co.

     904,745     $ 89,542,612  

Honeywell International, Inc.

     457,476       91,422,004  
   

 

 

  
      180,964,616  
   

 

 

  

Machinery-3.17%

    

Oshkosh Corp.

     130,126       9,957,242  

Parker-Hannifin Corp.

     152,490       49,540,951  
   

 

 

  
      59,498,193  
   

 

 

  

Metals & Mining-0.89%

    

ATI, Inc.(b)(c)

     431,750       16,674,185  
   

 

 

  

Professional Services-10.20%

    

Booz Allen Hamilton Holding Corp.

     505,970       48,431,448  

CACI International, Inc., Class A(b)

     90,928       28,489,561  

Jacobs Solutions, Inc.

     185,387       21,404,783  

KBR, Inc.(c)

     565,481       32,079,737  

Leidos Holdings, Inc.

     445,380       41,536,139  

Planet Labs PBC(b)(c)

     531,834       2,169,883  

Science Applications International Corp.

     172,397       17,589,666  
   

 

 

  
      191,701,217  
   

 

 

  

Software-0.48%

    

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

     1,176,010       9,114,078  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,757,129,024)

       1,879,651,357  
   

 

 

  

Money Market Funds-0.04%

    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $718,890)

     718,890       718,890  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $1,757,847,914)

 

     1,880,370,247  
   

 

 

  

Investments Purchased with Cash Collateral from
Securities on Loan

 

Money Market Funds-6.18%

    

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

     32,529,303       32,529,303  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

     83,646,779       83,646,779  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $116,191,277)

 

     116,176,082  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-106.23%
(Cost $1,874,039,191)

 

     1,996,546,329  

OTHER ASSETS LESS LIABILITIES-(6.23)%

 

     (117,050,437 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 1,879,495,892  
   

 

 

  
 

 

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

 

  28  

 

  

 

 

 

Invesco Aerospace & Defense ETF (PPA)–(continued)

April 30, 2023

 

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

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

(d)

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

 

   

Value

April 30, 2022

    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 337,190      $ 23,558,008      $ (23,176,308 )      $ -        $ -        $ 718,890      $ 28,029
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund       25,045,121        376,198,565        (368,714,383 )        -          -          32,529,303        958,994 *
Invesco Private Prime Fund       59,781,622        790,925,692        (767,071,261 )        (17,476 )        28,202        83,646,779        2,627,685 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 85,163,933      $ 1,190,682,265      $ (1,158,961,952 )      $ (17,476 )      $ 28,202      $ 116,894,972      $ 3,614,708
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e)

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

(f)

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

 

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

 

  29  

 

  

 

 

 

Invesco DWA Momentum ETF (PDP)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.04%

 

Communication Services-0.72%

     

T-Mobile US, Inc.(b)

     50,992      $ 7,337,749  
    

 

 

  

Consumer Discretionary-15.05%

     

AutoNation, Inc.(b)

     46,642        6,142,751  

Boyd Gaming Corp.

     144,649        10,038,641  

Churchill Downs, Inc.(c)

     20,496        5,995,695  

Darden Restaurants, Inc.(c)

     35,651        5,416,456  

Deckers Outdoor Corp.(b)(c)

     12,572        6,026,263  

Dick’s Sporting Goods, Inc.(c)

     68,939        9,996,844  

Hilton Grand Vacations, Inc.(b)(c)

     119,571        5,117,639  

MGM Resorts International

     149,060        6,695,775  

NVR, Inc.(b)

     1,807        10,552,880  

O’Reilly Automotive, Inc.(b)

     36,574        33,549,696  

Penske Automotive Group, Inc.(c)

     47,835        6,628,974  

Service Corp. International

     198,642        13,942,682  

Tapestry, Inc.

     127,079        5,186,094  

Tempur Sealy International, Inc.(c)

     170,367        6,383,652  

TJX Cos., Inc. (The)

     120,022        9,460,134  

Tractor Supply Co.

     23,576        5,620,518  

Wingstop, Inc.(c)

     29,552        5,913,651  
    

 

 

  
       152,668,345  
    

 

 

  

Consumer Staples-3.23%

     

BJ’s Wholesale Club Holdings,
Inc.(b)

     76,023        5,805,876  

Costco Wholesale Corp.

     23,612        11,882,031  

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

     34,484        8,507,892  

Performance Food Group Co.(b)

     104,772        6,568,157  
    

 

 

  
       32,763,956  
    

 

 

  

Energy-6.15%

     

Antero Midstream Corp.

     573,796        6,174,045  

Civitas Resources, Inc.(c)

     133,945        9,248,902  

Exxon Mobil Corp.

     52,412        6,202,436  

Marathon Petroleum Corp.

     66,819        8,151,918  

PBF Energy, Inc., Class A

     287,616        10,026,294  

Targa Resources Corp.

     233,715        17,652,494  

Valero Energy Corp.

     42,921        4,921,751  
    

 

 

  
       62,377,840  
    

 

 

  

Financials-10.71%

     

Aon PLC, Class A

     26,453        8,601,986  

Arthur J. Gallagher & Co.

     30,353        6,315,245  

Fiserv, Inc.(b)

     152,063        18,569,934  

Globe Life, Inc.

     47,255        5,128,113  

Marsh & McLennan Cos., Inc.

     32,427        5,843,021  

Mastercard, Inc., Class A

     81,021        30,790,411  

MSCI, Inc.

     33,375        16,101,769  

Primerica, Inc.

     31,938        5,829,004  

Visa, Inc., Class A(c)

     49,348        11,484,760  
    

 

 

  
       108,664,243  
    

 

 

  

Health Care-10.61%

     

Chemed Corp.

     11,959        6,592,399  

Danaher Corp.

     90,373        21,410,267  

Ensign Group, Inc. (The)(c)

     62,217        6,040,649  

IDEXX Laboratories, Inc.(b)

     30,152        14,839,608  

Mettler-Toledo International, Inc.(b)

     15,561        23,209,232  

Prometheus Biosciences, Inc.(b)(c)

     83,204        16,137,416  

Roivant Sciences Ltd.(b)

     698,866        5,975,304  
        Shares          Value  

Health Care-(continued)

     

Tenet Healthcare Corp.(b)

     92,392      $ 6,774,181  

Thermo Fisher Scientific, Inc.

     12,131        6,731,492  
    

 

 

  
       107,710,548  
    

 

 

  

Industrials-23.99%

     

AMETEK, Inc.

     38,377        5,293,340  

API Group Corp.(b)

     251,283        5,719,201  

Applied Industrial Technologies, Inc.

     38,334        5,200,390  

Atkore, Inc.(b)

     99,142        12,524,609  

Axon Enterprise, Inc.(b)

     23,608        4,974,442  

Builders FirstSource, Inc.(b)(c)

     114,113        10,814,489  

Carrier Global Corp.

     114,509        4,788,766  

Cintas Corp.

     24,049        10,960,813  

Clean Harbors, Inc.(b)

     38,483        5,586,192  

Copart, Inc.(b)

     356,132        28,152,235  

Deere & Co.

     14,024        5,301,352  

Equifax, Inc.(c)

     30,698        6,396,849  

Howmet Aerospace, Inc.

     133,462        5,911,032  

IDEX Corp.

     64,885        13,387,073  

Illinois Tool Works, Inc.

     25,539        6,178,906  

Old Dominion Freight Line, Inc.

     72,368        23,185,984  

Quanta Services, Inc.

     48,979        8,308,798  

Snap-on, Inc.

     28,635        7,428,205  

Tetra Tech, Inc.

     40,223        5,565,656  

Trane Technologies PLC

     56,691        10,533,755  

TransDigm Group, Inc.

     27,852        21,306,780  

W.W. Grainger, Inc.

     26,201        18,224,630  

WESCO International, Inc.

     76,348        10,994,112  

WillScot Mobile Mini Holdings
Corp.(b)

     148,560        6,744,624  
    

 

 

  
       243,482,233  
    

 

 

  

Information Technology-24.14%

     

Amphenol Corp., Class A

     275,308        20,777,495  

Analog Devices, Inc.

     28,020        5,040,238  

ANSYS, Inc.(b)

     87,594        27,497,508  

Applied Materials, Inc.

     57,638        6,514,823  

Arista Networks, Inc.(b)

     32,736        5,242,998  

Cadence Design Systems, Inc.(b)

     127,077        26,616,278  

CDW Corp.

     39,940        6,773,424  

First Solar, Inc.(b)

     29,483        5,383,006  

Fortinet, Inc.(b)

     256,218        16,154,545  

Intuit, Inc.

     30,078        13,353,128  

Jabil, Inc.

     63,387        4,953,694  

Keysight Technologies, Inc.(b)

     38,867        5,621,723  

KLA Corp.

     18,557        7,173,023  

Lattice Semiconductor Corp.(b)

     223,021        17,774,774  

MACOM Technology Solutions Holdings, Inc.(b)(c)

     101,155        5,901,383  

Microsoft Corp.

     24,352        7,482,395  

ON Semiconductor Corp.(b)

     146,799        10,563,656  

Oracle Corp.

     66,963        6,342,735  

SPS Commerce, Inc.(b)

     51,421        7,574,313  

Synopsys, Inc.(b)

     36,106        13,406,880  

Teledyne Technologies, Inc.(b)

     45,245        18,749,528  

VeriSign, Inc.(b)

     27,310        6,057,358  
    

 

 

  
       244,954,905  
    

 

 

  

Materials-4.78%

     

ATI, Inc.(b)(c)

     193,357        7,467,447  
 

 

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

 

  30  

 

  

 

 

 

Invesco DWA Momentum ETF (PDP)–(continued)

April 30, 2023

 

        Shares          Value  

Materials-(continued)

     

Graphic Packaging Holding Co.(c)

     645,533      $ 15,918,844  

Louisiana-Pacific Corp.(c)

     92,642        5,534,433  

Nucor Corp.

     38,296        5,674,701  

Olin Corp.

     158,738        8,794,085  

Reliance Steel & Aluminum Co.

     20,812        5,157,214  
    

 

 

  
       48,546,724  
    

 

 

  

Real Estate-0.66%

     

Ryman Hospitality Properties, Inc.(c)

     74,475        6,677,429  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.04%
(Cost $911,948,857)

        1,015,183,972  
    

 

 

  

Investments Purchased with
Cash Collateral from Securities on  Loan

     

Money Market Funds-7.31%

     

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

     20,775,244        20,775,244  
        Shares          Value  

Money Market Funds-(continued)

     

Invesco Private Prime Fund,
4.99%(d)(e)(f)

     53,422,056      $ 53,422,056  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $74,198,457)

        74,197,300  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-107.35%
(Cost $986,147,314)

 

      1,089,381,272  

OTHER ASSETS LESS LIABILITIES-(7.35)%

 

      (74,571,127 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 1,014,810,145  
    

 

 

  
 

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

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

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 932,748      $ 15,602,164      $ (16,534,912 )     $ -       $ -       $ -        $ 14,932
Investments Purchased with Cash Collateral from Securities on Loan:                                

Invesco Private Government Fund

        18,147,289        280,139,210        (277,511,255 )       -         -         20,775,244        549,950 *
Invesco Private Prime Fund        41,729,944        640,537,084        (628,840,754 )       (1,366 )       (2,852 )       53,422,056        1,511,907 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 60,809,981      $ 936,278,458      $ (922,886,921 )     $ (1,366 )     $ (2,852 )     $ 74,197,300      $ 2,076,789
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f)

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

 

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

 

  31  

 

  

 

 

 

Invesco Global Listed Private Equity ETF (PSP)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-81.33%

 

Aerospace & Defense-5.22%

     

Melrose Industries PLC (United Kingdom)

     1,756,867      $ 9,031,571  
    

 

 

  

Biotechnology-0.51%

     

PureTech Health PLC(b)

     335,341        883,023  
    

 

 

  

Capital Markets-53.89%

     

3i Group PLC (United Kingdom)

     454,517        10,094,570  

Alaris Equity Partners Income (Canada)

     66,435        850,337  

AURELIUS Equity Opportunities SE & Co. KGaA (Germany)(c)

     51,488        953,253  

Blackstone Secured Lending Fund

     69,592        1,795,474  

Blackstone, Inc., Class A

     93,148        8,320,911  

Blue Owl Capital, Inc.(c)

     391,274        4,405,745  

Bridgepoint Group PLC (United Kingdom)(c)(d)

    1,056,087        3,199,027  

Carlyle Group, Inc. (The)(c)

     226,734        6,876,842  

Chrysalis Investments Ltd. (Guernsey)(b)(c)

     1,109,359        833,824  

EQT AB (Sweden)(c)

     368,740        7,901,636  

Gimv N.V. (Belgium)(c)

     38,273        1,998,586  

Hamilton Lane, Inc., Class A(c)

     39,724        2,926,864  

Intermediate Capital Group PLC
(United Kingdom)

     263,505        4,310,565  

IP Group PLC (United Kingdom)

     1,760,813        1,246,013  

JAFCO Group Co. Ltd. (Japan)

     81,351        1,033,579  

KKR & Co., Inc., Class A

     149,201        7,918,097  

Molten Ventures PLC (United Kingdom)(b)(c)

     296,287        1,041,985  

Onex Corp. (Canada)

     103,897        4,779,277  

P10, Inc., Class A(c)

     84,449        872,358  

Partners Group Holding AG (Switzerland)(c)

     8,963        8,692,615  

Patria Investments Ltd., Class A (Cayman Islands)

     83,717        1,241,523  

Petershill Partners PLC (United Kingdom)(c)(d)

     1,114,384        2,336,318  

Ratos AB, Class B (Sweden)(c)

     424,039        1,462,624  

StepStone Group, Inc., Class A(c)

     74,948        1,651,104  

TPG, Inc.(c)

     226,767        6,569,440  
    

 

 

  
       93,312,567  
    

 

 

  

Diversified Consumer Services-1.43%

 

   

Graham Holdings Co., Class B(c)

     4,303        2,476,678  
    

 

 

  

Financial Services-15.51%

     

Cannae Holdings, Inc.(b)(c)

     59,351        1,082,562  

Compass Diversified Holdings(c)

     63,432        1,209,014  

Eurazeo SE (France)

     108,806        7,765,877  

Kinnevik AB, Class B (Sweden)(b)(c)

     354,592        5,802,556  

Sofina S.A. (Belgium)(c)

     30,539        7,005,989  

Wendel SE (France)

     35,644        3,998,060  
    

 

 

  
       26,864,058  
    

 

 

  

Industrial Conglomerates-1.92%

     

Fosun International Ltd. (China)

     4,746,557        3,319,609  
    

 

 

  

Interactive Media & Services-1.76%

 

   

IAC, Inc.(b)(c)

     58,855        3,046,923  
    

 

 

  

IT Services-1.09%

     

Digital Garage, Inc. (Japan)

     53,607        1,881,845  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $172,860,718)

 

      140,816,274  
    

 

 

  
        Shares          Value  

Closed-End Funds-16.48%

     

Apax Global Alpha Ltd. (Guernsey)(d)

     821,472      $ 1,744,940  

Ares Capital Corp.(c)

     273,030        5,045,594  

FS KKR Capital Corp., BDC(c)

     132,335        2,489,221  

Goldman Sachs BDC, Inc., BDC

     27,249        378,761  

Golub Capital BDC, Inc.(c)

     63,970        862,316  

HBM Healthcare Investments AG (Switzerland), Class A(b)(c)

     9,202        2,140,120  

Hercules Capital, Inc.(c)

     57,640        763,154  

HgCapital Trust PLC (United Kingdom)(c)

     816,572        3,535,777  

Main Street Capital Corp.

     31,213        1,264,751  

NB Private Equity Partners Ltd. (Guernsey)

     64,421        1,261,526  

New Mountain Finance Corp., BDC(c)

     34,359        408,529  

Oakley Capital Investments Ltd. (Bermuda)(c)

    312,177        1,844,165  

Oaktree Specialty Lending Corp.(c)

     21,611        408,016  

Owl Rock Capital Corp., BDC(c)

     162,525        2,109,574  

Princess Private Equity Holding Ltd. (Guernsey)

     126,011        1,316,039  

Prospect Capital Corp.(c)

     118,863        809,457  

Sixth Street Specialty Lending, Inc.(c)

     23,002        420,477  

Syncona Ltd. (United Kingdom)(b)(c)

     893,426        1,729,340  
    

 

 

  

Total Closed-End Funds
(Cost $30,785,557)

 

      28,531,757  
    

 

 

  
    Shares         
Money Market Funds-1.16%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(e)(f)
(Cost $2,007,766)

     2,007,766        2,007,766  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.97%
(Cost $205,654,041)

 

      171,355,797  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-30.97%     

Invesco Private Government Fund, 4.83%(e)(f)(g)

     15,014,772        15,014,772  

Invesco Private Prime Fund,
4.99%(e)(f)(g)

     38,609,514        38,609,514  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $53,627,323)

 

      53,624,286  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-129.94% (Cost $259,281,364)

 

      224,980,083  

OTHER ASSETS LESS LIABILITIES-(29.94)%

 

      (51,832,577 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 173,147,506  
    

 

 

  
 

 

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

 

  32  

 

  

 

 

 

Invesco Global Listed Private Equity ETF (PSP)–(continued)

April 30, 2023

 

Investment Abbreviations:

BDC-Business Development Company

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c)

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

(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $7,280,285, which represented 4.20% of the Fund’s Net Assets.

(e) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 2,395,158      $ 14,358,816      $ (14,746,208 )      $ -      $ -      $ 2,007,766      $ 47,982
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund       8,533,789        97,302,876        (90,821,893 )        -        -        15,014,772        410,540 *
Invesco Private Prime Fund       20,226,755        202,329,915        (183,945,740 )        (3,257 )        1,841        38,609,514        1,129,221 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 31,155,702      $ 313,991,607      $ (289,513,841 )      $ (3,257 )      $ 1,841      $ 55,632,052      $ 1,587,743
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(f)

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

(g)

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

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

 

United Kingdom                                  21.10%

 

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                          

Citibank, N.A.

     Receive       


 Brookfield
Business
Partners
LP		  
 
 
 		     

 1-Day
CORRA

plus 55

basis

points

  
 

 

 

 

      Monthly        October-2023        CAD 1,593,260        $-      $ (54,008 )     $ (54,008 ) 
                   

 

 

     

 

 

     

 

 

  

Abbreviations:

CAD     -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

 

(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.

 

  33  

 

  

 

 

 

Invesco Golden Dragon China ETF (PGJ)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.93%(b)

 

Communication Services-25.11%

     

Autohome,Inc.,ADR

     75,917      $ 2,250,939  

Baidu, Inc., ADR(c)(d)

     124,966        15,072,149  

Bilibili, Inc., ADR(c)(d)

     139,443        2,839,060  

DouYu International Holdings Ltd., ADR(c)

     199,626        221,585  

Hello Group, Inc., ADR

     195,720        1,636,219  

iQIYI, Inc., ADR(c)

     433,630        2,645,143  

JOYY, Inc., ADR

     65,659        1,998,003  

Kanzhun Ltd., ADR(c)(d)

     306,593        5,668,905  

Luokung Technology Corp.(c)

     18,587        24,349  

NetEase, Inc., ADR(d)

     110,811        9,876,584  

Sohu.com Ltd., ADR(c)

     38,946        516,424  

So-Young International,
Inc., ADR(c)(d)

     88,753        238,746  

Tencent Music Entertainment Group, ADR(c)

     770,634        5,710,398  

Weibo Corp., ADR(c)

     94,196        1,649,372  
    

 

 

  
       50,347,876  
    

 

 

  

Consumer Discretionary-53.23%

     

Alibaba Group Holding Ltd., ADR(c)

     195,997        16,598,986  

Baozun, Inc., ADR(c)(d)

     54,865        254,025  

China Automotive Systems, Inc.(c)

     34,187        168,542  

H World Group Ltd., ADR(c)(d)

     181,616        8,517,790  

JD.com, Inc., ADR(d)

     387,181        13,830,105  

Kandi Technologies Group, Inc.(c)

     84,056        267,298  

Li Auto, Inc., ADR(c)(d)

     297,089        6,981,591  

MINISO Group Holding Ltd., ADR

     104,503        1,927,035  

New Oriental Education & Technology Group,
Inc., ADR(c)(d)

     125,025        5,699,890  

Newegg Commerce, Inc.(c)(d)

     424,905        471,645  

NIO, Inc., ADR(c)(d)

     916,213        7,210,596  

Niu Technologies, ADR(c)(d)

     57,487        213,852  

PDD Holdings, Inc., ADR(c)(d)

     196,133        13,366,464  

TAL Education Group, ADR(c)

     513,186        3,007,270  

TH International Ltd.(c)

     167,974        757,563  

Trip.com Group Ltd., ADR(c)(d)

     438,779        15,581,042  

Tuniu Corp., ADR(c)

     56,489        104,505  

Vipshop Holdings Ltd., ADR(c)

     577,793        9,071,350  

Xpeng, Inc., ADR(c)(d)

     287,194        2,728,343  
    

 

 

  
       106,757,892  
    

 

 

  

Consumer Staples-0.60%

     

111, Inc., ADR(c)

     54,683        149,285  

Dada Nexus Ltd., ADR(c)(d)

     107,690        652,601  

Yatsen Holding Ltd., ADR(c)

     407,663        411,740  
    

 

 

  
       1,213,626  
    

 

 

  

Financials-3.06%

     

LexinFintech Holdings Ltd., ADR(c)

     162,157        387,555  

Lufax Holding Ltd., ADR

     1,008,884        1,715,103  

Noah Holdings Ltd., ADR(c)(d)

     36,058        571,880  

Qifu Technology, Inc., ADR

     154,947        2,733,265  

Qudian, Inc., ADR(c)(d)

     226,735        285,686  

Up Fintech Holding Ltd., ADR(c)(d)

     150,114        438,333  
    

 

 

  
       6,131,822  
    

 

 

  

Health Care-1.71%

     

Burning Rock Biotech Ltd., ADR(c)(d)

     63,330        196,956  

Gracell Biotechnologies, Inc., ADR(c)

     75,514        131,394  
        Shares          Value  

Health Care-(continued)

     

I-Mab, ADR(c)(d)

     77,264      $ 237,973  

Meihua International Medical Technologies Co. Ltd.(c)

     27,110        102,205  

Zai Lab Ltd., ADR(c)(d)

     78,966        2,762,231  
    

 

 

  
       3,430,759  
    

 

 

  

Industrials-5.29%

     

EHang Holdings Ltd., ADR(c)(d)

     40,685        452,010  

Emeren Group Ltd., ADR(c)

     61,953        252,768  

ZTO Express (Cayman), Inc., ADR(d)

     357,576        9,897,704  
    

 

 

  
       10,602,482  
    

 

 

  

Information Technology-7.24%

     

Agora, Inc., ADR(c)(d)

     81,114        271,732  

Bit Digital, Inc.(c)

     93,392        184,916  

Canaan, Inc., ADR(c)(d)

     179,267        505,533  

Canadian Solar, Inc. (Canada)(c)

     72,773        2,723,166  

Chindata Group Holdings Ltd., ADR(c)(d)

     141,554        893,206  

Daqo New Energy Corp., ADR(c)(d)

     83,836        3,849,749  

GDS Holdings Ltd., ADR(c)(d)

     97,164        1,508,957  

Hollysys Automation Technologies Ltd.

     70,157        1,119,706  

JinkoSolar Holding Co. Ltd., ADR(c)(d)

     45,254        2,245,051  

Kingsoft Cloud Holdings Ltd., ADR(c)(d)

     119,754        686,190  

Vnet Group, Inc., ADR(c)(d)

     152,299        447,759  

Xunlei Ltd., ADR(c)

     59,706        94,335  
    

 

 

  
       14,530,300  
    

 

 

  

Real Estate-3.69%

     

KE Holdings, Inc., ADR(c)

     471,414        7,396,486  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $291,823,228)

 

      200,411,243  
    

 

 

  
Money Market Funds-0.05%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(e)(f)
(Cost $93,062)

     93,062        93,062  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $291,916,290)

 

      200,504,305  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-25.74%     

Invesco Private Government Fund, 4.83%(e)(f)(g)

     14,196,763        14,196,763  

Invesco Private Prime Fund,
4.99%(e)(f)(g)

     37,413,796        37,413,796  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $51,611,324)

 

      51,610,559  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-125.72%
(Cost $343,527,614)

 

      252,114,864  

OTHER ASSETS LESS LIABILITIES-(25.72)%

 

      (51,574,304 ) 
    

 

 

  

NET ASSETS-100.00%.

      $ 200,540,560  
    

 

 

  

 

 

 

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

 

  34  

 

  

 

 

 

Invesco Golden Dragon China ETF (PGJ)–(continued)

April 30, 2023

 

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) 

Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

(c) 

Non-income producing security.

(d) 

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

(e) 

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

 

    Value
April 30, 2022		   Purchases
at Cost		   Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		   Value
April 30, 2023		   Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class     $ 163,140     $ 4,882,990     $ (4,953,068)         $        -       $        -     $ 93,062     $ 5,990
Investments Purchased with Cash Collateral from Securities on Loan:                            

Invesco Private Government Fund

       22,508,565       185,567,563       (193,879,365 )                -                -       14,196,763       614,120 *
Invesco Private Prime Fund       52,545,493       389,938,542       (405,070,152 )       (5,281)       5,194       37,413,796       1,688,255 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Total     $ 75,217,198     $ 580,389,095     $ (603,902,585 )       $(5,281)       $5,194     $ 51,703,621     $ 2,308,365
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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

 

(f) 

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

(g) 

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

 

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

 

  35  

 

  

 

 

 

Invesco MSCI Sustainable Future ETF (ERTH)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.21%

 

Automobiles-13.55%

    

Li Auto, Inc., A Shares (China)(b)

     739,915     $ 8,619,884  

Lucid Group, Inc.(b)(c)

     277,105       2,200,214  

NIO, Inc., ADR (China)(b)(c)

     903,649       7,111,717  

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

     211,406       2,710,225  

Tesla, Inc.(b)

     76,208       12,521,736  

Workhorse Group, Inc.(b)(c)

     110,023       103,664  

Xpeng, Inc. (China)(b)

     563,404       2,698,632  

Yadea Group Holdings Ltd. (China)(d)

     808,390       1,886,611  
   

 

 

  
      37,852,683  
   

 

 

  

Building Products-4.39%

    

Advanced Drainage Systems, Inc.

     44,198       3,788,653  

Kingspan Group PLC (Ireland)

     101,919       7,054,915  

Rockwool A/S, Class B (Denmark)(c)

     5,881       1,422,057  
   

 

 

  
      12,265,625  
   

 

 

  

Chemicals-1.63%

    

FutureFuel Corp.

     9,058       67,935  

Umicore S.A. (Belgium)(c)

     136,315       4,478,635  
   

 

 

  
      4,546,570  
   

 

 

  

Commercial Services & Supplies-0.51%

 

China Everbright Environment Group Ltd. (China)

     2,302,467       973,795  

Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)

     314,242       112,888  

Midac Holdings Co. Ltd. (Japan)(c)

     4,722       65,993  

Sunny Friend Environmental Technology Co. Ltd. (Taiwan)

     51,000       262,942  
   

 

 

  
      1,415,618  
   

 

 

  

Construction & Engineering-0.80%

    

China Conch Venture Holdings Ltd. (China)

     1,068,415       1,698,597  

Emeren Group Ltd., ADR (China)(b)

     20,864       85,125  

OX2 AB (Sweden)(b)(c)

     58,874       454,588  
   

 

 

  
      2,238,310  
   

 

 

  

Diversified REITs-6.94%

    

Digital Realty Trust, Inc.

     138,844       13,766,382  

Inmobiliaria Colonial SOCIMI S.A.
(Spain)(c)

     186,405       1,192,560  

Lar Espana Real Estate SOCIMI S.A. (Spain)

     23,277       131,830  

Mercialys S.A. (France)(c)

     46,024       463,392  

Merlin Properties SOCIMI S.A. (Spain)

     208,748       1,845,967  

OUE Commercial REIT (Singapore)

     1,452,063       353,724  

Vornado Realty Trust(c)

     107,511       1,613,740  
   

 

 

  
      19,367,595  
   

 

 

  

Electrical Equipment-14.94%

    

Alfen N.V. (Netherlands)(b)(c)(d)

     14,753       1,192,883  

Array Technologies, Inc.(b)

     93,431       1,910,664  

Blink Charging Co.(b)(c)

     33,536       239,112  

China High Speed Transmission Equipment Group Co. Ltd.
(Hong Kong)(b)

     329,226       119,949  

Contemporary Amperex Technology Co. Ltd., A Shares (China)

     172,800       5,757,755  

CS Wind Corp. (South Korea)

     16,767       944,584  

Dajin Heavy Industry Co. Ltd., A Shares (China)

     19,700       86,697  

Energiekontor AG (Germany)

     4,818       385,633  
        Shares             Value      

Electrical Equipment-(continued)

    

Ginlong Technologies Co. Ltd., A Shares (China)(b)

     15,800     $ 259,525  

GoodWe Technologies Co. Ltd., A Shares (China)

     4,993       187,095  

Kempower OYJ (Finland)(b)(c)

     11,262       410,297  

Ming Yang Smart Energy Group Ltd., A Shares (China)

     98,900       294,921  

Nordex SE (Germany)(b)(c)

     89,544       1,075,560  

Plug Power, Inc.(b)(c)

     346,364       3,127,667  

PNE AG (Germany)

     25,176       411,912  

PowerCell Sweden AB (Sweden)(b)

     33,479       283,179  

Pylon Technologies Co. Ltd., A Shares (China)

     6,890       240,835  

Shoals Technologies Group, Inc., Class A(b)(c)

    111,516       2,329,569  

Signify N.V

     82,926       2,765,735  

Soltec Power Holdings S.A. (Spain)(b)

     18,926       108,337  

Stem, Inc.(b)(c)

     40,194       170,021  

Sungrow Power Supply Co. Ltd., A Shares (China)

     60,600       986,121  

SunPower Corp.(b)(c)

     58,773       776,979  

Sunrun, Inc.(b)(c)

     126,567       2,662,970  

Titan Wind Energy Suzhou Co. Ltd., A Shares (China)

     89,200       177,416  

TPI Composites, Inc.(b)(c)

     26,951       333,114  

Vestas Wind Systems A/S (Denmark)(b)(c)

     520,962       14,388,129  

Xinjiang Goldwind Science & Technology Co. Ltd., A Shares (China)

     56,900       90,012  
   

 

 

  
      41,716,671  
   

 

 

  

Electronic Equipment, Instruments & Components-0.82%

 

Badger Meter, Inc.

     17,366       2,298,043  
   

 

 

  

Food Products-3.40%

    

Darling Ingredients, Inc.(b)(c)

     106,205       6,326,632  

Grieg Seafood ASA (Norway)

     31,533       263,387  

Minerva S.A. (Brazil)

     197,300       337,191  

Salmar ASA (Norway)(c)

     42,168       1,863,642  

SLC Agricola S.A. (Brazil)

     79,450       690,821  
   

 

 

  
      9,481,673  
   

 

 

  

Ground Transportation-6.23%

 

BTS Group Holdings PCL, NVDR (Thailand)

     4,449,191       1,003,259  

BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)(b)

     1       0  

Central Japan Railway Co. (Japan)

     92,639       11,460,390  

MTR Corp. Ltd. (Hong Kong)

     990,151       4,938,204  
   

 

 

  
      17,401,853  
   

 

 

  

Household Durables-1.96%

 

KB Home

     51,116       2,239,903  

Meritage Homes Corp.

     24,117       3,088,182  

Neinor Homes S.A. (Spain)(b)(d)

     15,245       154,335  
   

 

 

  
      5,482,420  
   

 

 

  

Independent Power and Renewable Electricity Producers-9.86%

 

Altus Power, Inc.(b)

     34,881       158,360  

Audax Renovables S.A. (Spain)(b)(c)

     68,954       83,281  

BCPG PCL, NVDR (Thailand)

     1,074,514       306,802  

Boralex, Inc., Class A (Canada)

     64,484       1,877,990  
 

 

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

 

  36  

 

  

 

 

 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2023

 

        Shares             Value      

Independent Power and Renewable Electricity Producers-(continued)

 

Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(c)(d)

     400,036     $ 210,467  

CECEP Solar Energy Co. Ltd., A Shares (China)

     211,000       211,968  

CECEP Wind-Power Corp., A Shares (China)

     322,900       178,037  

China Datang Corp. Renewable Power Co. Ltd., H Shares (China)

     1,575,217       610,028  

China Everbright Greentech Ltd.
(China)(d)

     315,450       60,680  

China Three Gorges Renewables Group Co. Ltd., A Shares (China)

     1,193,800       933,922  

Concord New Energy Group Ltd.
(Hong Kong)

     4,830,518       430,752  

Corp ACCIONA Energias Renovables S.A. (Spain)(c)

     38,052       1,367,826  

EDP Renovaveis S.A. (Spain)(c)

     174,637       3,886,833  

Encavis AG (Germany)

     84,678       1,465,370  

Energix-Renewable Energies Ltd. (Israel)

     187,622       552,580  

Enlight Renewable Energy Ltd. (Israel)(b)

     81,058       1,328,057  

eRex Co. Ltd. (Japan)(c)

     21,874       278,555  

Greenvolt-Energias Renovaveis S.A. (Portugal)(b)(c)

     42,443       288,874  

Grenergy Renovables S.A. (Spain)(b)

     10,553       309,671  

Montauk Renewables, Inc.(b)(c)

     44,669       297,049  

Neoen S.A. (France)(c)(d)

     47,421       1,423,996  

NextEra Energy Partners L.P.

     57,768       3,322,238  

Omega Energia S.A. (Brazil)(b)

     230,191       425,151  

Ormat Technologies, Inc.(c)

     30,327       2,602,360  

RENOVA, Inc. (Japan)(b)

     24,790       349,188  

Scatec ASA (South Africa)(d)

     81,630       530,655  

Solaria Energia y Medio Ambiente S.A. (Spain)(b)

     54,462       860,404  

SPCG PCL, NVDR (Thailand)

     312,411       116,191  

Sunnova Energy International, Inc.(b)(c)

     69,187       1,242,598  

Super Energy Corp. PCL, NVDR (Thailand)

     12,360,032       217,176  

TransAlta Renewables, Inc. (Canada)(c)

     80,460       750,438  

Voltalia S.A. (France)(b)(c)

     28,686       436,404  

West Holdings Corp. (Japan)

     17,488       414,837  
   

 

 

  
      27,528,738  
   

 

 

  

Industrial REITs-2.10%

    

Advance Logistics Investment Corp. (Japan)

     664       672,461  

CRE Logistics REIT, Inc. (Japan)

     518       712,528  

Mitsubishi Estate Logistics REIT Investment Corp. (Japan)

     372       1,140,601  

Nippon Prologis REIT, Inc. (Japan)

     1,474       3,350,369  
   

 

 

  
      5,875,959  
   

 

 

  

IT Services-0.34%

 

Chindata Group Holdings Ltd., ADR (China)(b)(c)

     87,237       550,466  

Kingsoft Cloud Holdings Ltd., ADR (China)(b)(c)

     71,948       412,262  
   

 

 

  
      962,728  
   

 

 

  

Machinery-2.83%

 

Alstom S.A. (France)(c)

     209,307       5,254,644  

Dawonsys Co. Ltd. (South Korea)(b)

     17,951       163,630  

Ebusco Holding N.V. (Netherlands)(b)(c)

     8,147       80,319  

Energy Recovery, Inc.(b)

     28,892       650,937  

Hyliion Holdings Corp.(b)

     77,340       105,956  

Lion Electric Co. (The) (Canada)(b)

     70,787       157,096  
        Shares             Value      

Machinery-(continued)

    

Proterra, Inc.(b)(c)

     120,850     $ 141,394  

Riyue Heavy Industry Co. Ltd., A Shares (China)

     33,300       104,156  

Stadler Rail AG (Switzerland)(c)

     29,776       1,240,485  
   

 

 

  
      7,898,617  
   

 

 

  

Metals & Mining-0.56%

    

Schnitzer Steel Industries, Inc., Class A

     16,474       475,934  

Sims Ltd.

     106,226       1,098,621  
   

 

 

  
      1,574,555  
   

 

 

  

Office REITs-2.77%

    

Brandywine Realty Trust

     108,707       427,218  

Centuria Office REIT (Australia)

     215,222       202,677  

Covivio S.A. (France)(c)

     30,136       1,713,413  

Douglas Emmett, Inc.(c)

     117,462       1,512,911  

Global One Real Estate Investment Corp. (Japan)

     307       237,411  

Japan Excellent, Inc. (Japan)

     592       506,068  

Keppel REIT (Singapore)

     1,638,104       1,068,209  

Mori Hills REIT Investment Corp. (Japan)

     1,006       1,135,550  

Paramount Group, Inc.(c)

     110,793       479,734  

Piedmont Office Realty Trust, Inc., Class A(c)

    71,435       465,042  
   

 

 

  
      7,748,233  
   

 

 

  

Oil, Gas & Consumable Fuels-0.47%

    

Enviva, Inc.(c)

     22,018       473,387  

REX American Resources Corp.(b)

     9,097       257,354  

VERBIO Vereinigte BioEnergie AG (Germany)

     14,326       533,629  

Waga Energy S.A. (France)(b)(c)

     1,676       44,037  
   

 

 

  
      1,308,407  
   

 

 

  

Paper & Forest Products-2.70%

    

Canfor Corp. (Canada)(b)

     37,930       569,383  

Mercer International, Inc. (Germany)

     30,076       292,640  

Suzano S.A. (Brazil)

     484,200       3,852,036  

West Fraser Timber Co. Ltd. (Canada)

     39,143       2,828,293  
   

 

 

  
      7,542,352  
   

 

 

  

Real Estate Management & Development-0.89%

 

  

Deutsche EuroShop AG (Germany)

     8,050       181,743  

Platzer Fastigheter Holding AB, Class B (Sweden)

     39,113       329,080  

Swire Properties Ltd. (Hong Kong)

     731,129       1,960,568  
   

 

 

  
      2,471,391  
   

 

 

  

Retail REITs-5.30%

    

AEON REIT Investment Corp. (Japan)

     1,047       1,198,746  

CapitaLand Integrated Commercial Trust (Singapore)

     3,626,370       5,517,769  

First Capital REIT (Canada)

     57,712       676,987  

Frasers Centrepoint Trust (Singapore)

     635,559       1,052,794  

Fukuoka REIT Corp. (Japan)

     261       313,204  

Klepierre S.A. (France)(c)

     141,425       3,584,819  

Lendlease Global Commercial REIT (Singapore)

     749,203       393,091  

Mapletree Pan Asia Commercial Trust (Singapore)

     1,558,227       2,055,601  
   

 

 

  
      14,793,011  
   

 

 

  

Semiconductors & Semiconductor Equipment-15.38%

 

  

Duk San Neolux Co. Ltd. (South Korea)(b)

     6,656       215,833  

Enphase Energy, Inc.(b)

     75,488       12,395,130  

 

 

 

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

 

  37  

 

  

 

 

 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2023

 

     Shares      Value  

Semiconductors & Semiconductor Equipment-(continued)

 

First Solar, Inc.(b)

      63,353      $ 11,566,991  

JA Solar Technology Co. Ltd., A Shares (China)

      133,308        777,159  

LONGi Green Energy Technology Co. Ltd., A Shares (China)

      295,972        1,489,643  

Maxeon Solar Technologies Ltd.(b)

      16,959        476,717  

Shanghai Aiko Solar Energy Co. Ltd., A Shares (China)(b)

      42,100        189,590  

SMA Solar Technology AG (Germany)(b)

      6,973        752,883  

SolarEdge Technologies, Inc.(b)

      36,834        10,520,895  

TSEC Corp. (Taiwan)(b)

      364,000        435,722  

United Renewable Energy Co. Ltd. (Taiwan)(b)

      1,037,075        699,986  

Xinyi Solar Holdings Ltd. (China)

      3,212,142        3,433,148  
     

 

 

  
        42,953,697  
     

 

 

  

Software-0.14%

      

CM.com N.V. (Netherlands)(b)(c)(d)

      11,201        124,277  

Tuya, Inc., ADR (China)(b)

      133,769        263,525  
     

 

 

  
        387,802  
     

 

 

  

Specialty Retail-0.03%

      

Fastned B.V., CVA (Netherlands)(b)(c)

      2,395        85,536  
     

 

 

  

Transportation Infrastructure-0.40%

      

Taiwan High Speed Rail Corp. (Taiwan)

      1,106,000        1,117,063  
     

 

 

  

Water Utilities-0.27%

      

Beijing Enterprises Water Group Ltd. (China)

      2,949,344        747,678  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $351,751,089)

         277,062,828  
     

 

 

  
    Shares      Value  
Exchange-Traded Funds-0.71%

 

   

iShares MSCI India ETF(b)(c)
(Cost $2,026,167)

     48,421      $ 1,991,072  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $353,777,256)

        279,053,900  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-22.92%     

Invesco Private Government Fund,
4.83%(e)(f)(g)

     17,921,494        17,921,494  

Invesco Private Prime Fund,
4.99%(e)(f)(g)

     46,083,841        46,083,841  
    

 

 

  

Total Investments Purchased with Cash Collateral
from Securities on Loan
(Cost $64,007,567)

 

      64,005,335  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-122.84%
(Cost $417,784,823)

 

      343,059,235  

OTHER ASSETS LESS LIABILITIES-(22.84)%

 

      (63,779,463 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 279,279,772  
    

 

 

  
 

 

Investment Abbreviations:

ADR   -   American Depositary Receipt
CVA   -   Dutch Certificates
ETF   -   Exchange-Traded Fund
NVDR   -   Non-Voting Depositary Receipt
REIT   -   Real Estate Investment Trust
Wts.   -   Warrants

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2023 was $5,696,792, which represented 2.04% of the Fund’s Net Assets.

(e) 

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

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain		      Value
April 30, 2023		      Dividend
Income		  
Investments in Affiliated Money
Market Funds:		                   
Invesco Government & Agency
Portfolio, Institutional Class		   $ -      $ 9,157,500      $ (9,157,500 )    $ -      $ -      $ -      $ 2,504  

 

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

 

  38  

 

  

 

 

 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2023

 

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

Invesco Private Government Fund

     $ 28,369,013      $ 153,090,502      $ (163,538,021 )     $ -     $ -      $ 17,921,494      $ 586,451 *
Invesco Private Prime Fund       66,151,778        331,526,168        (351,593,789 )       (2,712 )       2,396        46,083,841        1,598,276 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total     $ 94,520,791      $ 493,774,170      $ (524,289,310 )     $ (2,712 )     $ 2,396      $ 64,005,335      $ 2,187,231
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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

 

(f) 

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

(g) 

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

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

 

China

     14.76 % 

 

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

 

  39  

 

  

 

 

 

Invesco Raymond James SB-1 Equity ETF (RYJ)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-99.95%

 

Communication Services-3.37%

     

AT&T, Inc.(b)

     37,220      $         657,677  

DISH Network Corp., Class A(b)(c)

     87,242        655,188  

Frontier Communications Parent, Inc.(b)(c)

     31,659        713,594  

Integral Ad Science Holding Corp.(c)

     43,796        688,911  

Iridium Communications, Inc.

     10,102        641,174  

T-Mobile US, Inc.(c)

     4,501        647,694  
    

 

 

  
       4,004,238  
    

 

 

  

Consumer Discretionary-8.17%

     

Advance Auto Parts, Inc.

     5,117        642,337  

Arko Corp.(b)

     76,476        639,339  

Bloomin’ Brands, Inc.

     27,191        673,521  

Capri Holdings Ltd.(c)

     14,378        596,687  

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

     19,327        685,336  

Everi Holdings, Inc.(b)(c)

     41,265        627,228  

lululemon athletica, inc.(b)(c)

     1,744        662,598  

Mobileye Global, Inc., Class A (Israel)(b)(c)

     14,749        555,152  

Newell Brands, Inc.

     53,366        648,397  

Planet Fitness, Inc., Class A(c)

     8,467        703,946  

Polaris, Inc.(b)

     6,025        654,616  

Tempur Sealy International, Inc.(b)

     17,808        667,266  

Tractor Supply Co.(b)

     2,638        628,899  

Ulta Beauty, Inc.(b)(c)

     1,205        664,473  

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

     20,295        671,359  
    

 

 

  
       9,721,154  
    

 

 

  

Consumer Staples-2.75%

     

Darling Ingredients, Inc.(b)(c)

     11,391        678,562  

Dollar General Corp.

     3,015        667,702  

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

     2,541        626,916  

Primo Water Corp.

     42,465        645,043  

Target Corp.

     4,099        646,617  
    

 

 

  
       3,264,840  
    

 

 

  

Energy-13.62%

     

APA Corp.

     17,425        642,111  

Atlas Energy Solutions, Inc., Class A(c)

     36,680        661,707  

Cheniere Energy, Inc.

     4,348        665,244  

ConocoPhillips

     6,330        651,294  

Devon Energy Corp.

     12,161        649,762  

Diamondback Energy, Inc.(b)

     4,628        658,102  

Energy Transfer L.P.

     51,849        667,815  

Enterprise Products Partners L.P.

     24,613        647,568  

Enviva, Inc.(b)

     28,914        621,651  

EOG Resources, Inc.

     5,555        663,656  

Halliburton Co.(b)

     19,396        635,219  

Kimbell Royalty Partners L.P.

     40,677        652,459  

Marathon Oil Corp.

     27,068        653,963  

Marathon Petroleum Corp.

     5,227        637,694  

NexTier Oilfield Solutions, Inc.(b)(c)

     80,903        653,696  

Northern Oil and Gas, Inc.(b)

     19,871        659,121  

Occidental Petroleum Corp.

     10,590        651,603  

Patterson-UTI Energy, Inc.(b)

     54,337        608,031  

Pioneer Natural Resources Co.

     2,916        634,376  

Plains All American Pipeline L.P.

     50,456        650,882  

Plains GP Holdings L.P., Class A(c)

     48,482        649,659  

Select Energy Services, Inc., Class A

     90,611        673,240  

Targa Resources Corp.

     8,694        656,658  
        Shares              Value      

Energy-(continued)

     

TXO Energy Partners L.P.(c)

     28,750      $       640,262  

Valero Energy Corp.

     5,343        612,682  
    

 

 

  
       16,198,455  
    

 

 

  

Financials-19.96%

     

Allstate Corp. (The)

     5,597        647,909  

American Equity Investment Life Holding Co.(b)

     17,338        668,206  

Arthur J. Gallagher & Co.

     3,160        657,470  

AssetMark Financial Holdings, Inc.(c)

     20,145        618,049  

Cadence Bank(b)

     31,447        635,858  

Chubb Ltd.

     3,221        649,225  

Coastal Financial Corp.(b)(c)

     19,327        700,604  

Columbia Banking System, Inc.

     29,915        638,984  

Comerica, Inc.

     14,343        622,056  

Fidelity National Information Services, Inc.

     11,673        685,438  

Flywire Corp.(b)(c)

     22,352        652,008  

Globe Life, Inc.(b)

     5,988        649,818  

Hancock Whitney Corp.(b)

     17,650        644,578  

Huntington Bancshares, Inc.(b)

     56,486        632,643  

I3 Verticals, Inc., Class A(b)(c)

     26,521        616,613  

Intercontinental Exchange, Inc.

     6,096        664,037  

Kemper Corp.

     11,731        570,713  

Ladder Capital Corp.(b)

     70,867        662,606  

Merchants Bancorp(b)

     26,235        608,652  

Mercury General Corp.

     21,191        644,418  

NBT Bancorp, Inc.(b)

     19,734        636,224  

New York Community Bancorp, Inc.

     71,953        769,178  

Nexpoint Real Estate Finance, Inc.

     31,776        442,322  

Old Second Bancorp, Inc.

     49,394        607,052  

Pacific Premier Bancorp, Inc.(b)

     28,978        644,471  

Primerica, Inc.

     3,649        665,979  

Redwood Trust, Inc.(b)

     96,750        607,590  

Skyward Specialty Insurance Group, Inc.(c)

     30,052        642,512  

Starwood Property Trust, Inc.(b)

     37,646        673,487  

Texas Capital Bancshares, Inc.(c)

     12,561        631,190  

TPG RE Finance Trust, Inc.

     88,297        629,558  

Travelers Cos., Inc. (The)

     3,665        663,878  

Valley National Bancorp(b)

     75,510        708,284  

Voya Financial, Inc.(b)

     8,507        650,615  

Wells Fargo & Co.

     15,765        626,659  

Willis Towers Watson PLC

     2,720        629,952  

Wintrust Financial Corp.(b)

     9,291        635,226  
    

 

 

  
       23,734,062  
    

 

 

  

Health Care-13.70%

     

89bio, Inc.(b)(c)

     40,008        639,328  

Acadia Healthcare Co., Inc.(c)

     9,002        650,755  

ADMA Biologics, Inc.(b)(c)

     190,969        639,746  

Apellis Pharmaceuticals, Inc.(b)(c)

     7,969        664,854  

Argenx SE, ADR (Netherlands)(c)

     1,729        670,644  

Aveanna Healthcare Holdings, Inc.(b)(c)

     367,577        452,120  

Avidity Biosciences, Inc.(b)(c)

     41,710        517,204  

Blueprint Medicines Corp.(b)(c)

     13,641        696,373  

Boston Scientific Corp.(c)

     12,485        650,718  

Cigna Group (The)(b)

     2,569        650,702  

Cymabay Therapeutics, Inc.(b)(c)

     63,904        687,607  

DexCom, Inc.(c)

     5,376        652,324  

Dyne Therapeutics, Inc.(c)

     62,565        648,173  
 

 

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

 

  40  

 

  

 

 

 

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

April 30, 2023

 

        Shares              Value      

Health Care-(continued)

     

Encompass Health Corp.(b)

     10,715      $         687,367  

Health Catalyst, Inc.(b)(c)

     52,096        656,410  

InflaRx N.V. (Germany)(c)

     139,773        680,694  

Mirum Pharmaceuticals, Inc.(b)(c)

     25,502        684,729  

Ocular Therapeutix, Inc.(b)(c)

     114,848        712,058  

QuidelOrtho Corp.(b)(c)

     7,334        659,693  

REGENXBIO, Inc.(b)(c)

     34,814        673,999  

Relay Therapeutics, Inc.(c)

     52,681        598,983  

Sol-Gel Technologies Ltd.
(Israel)(b)(c)

     10,147        36,428  

Tarsus Pharmaceuticals, Inc.(b)(c)

     45,368        676,890  

Tenet Healthcare Corp.(c)

     9,944        729,094  

UnitedHealth Group, Inc.

     1,348        663,337  

Xencor, Inc.(b)(c)

     23,172        612,668  
    

 

 

  
       16,292,898  
    

 

 

  

Industrials-14.11%

     

AeroVironment, Inc.(b)(c)

     6,338        638,173  

Alaska Air Group, Inc.(b)(c)

     15,081        655,420  

Byrna Technologies, Inc.(b)(c)

     65,431        341,550  

Casella Waste Systems, Inc., Class A(b)(c)

     7,472        665,008  

Chart Industries, Inc.(b)(c)

     5,099        678,677  

Clean Harbors, Inc.(c)

     4,560        661,930  

Construction Partners, Inc., Class A(b)(c)

     25,752        668,007  

Copa Holdings S.A., Class A (Panama)(b)

     7,324        661,504  

Delta Air Lines, Inc.(c)

     18,965        650,689  

Emeren Group Ltd., ADR (China)(c)

     157,917        644,301  

Federal Signal Corp.(b)

     12,813        658,332  

Forward Air Corp.

     5,892        621,665  

FTC Solar, Inc.(b)(c)

     254,625        695,126  

Griffon Corp.

     22,536        641,149  

PACCAR, Inc.

     9,051        676,019  

Ryanair Holdings PLC, ADR
(Ireland)(b)(c)

     6,954        664,733  

Shyft Group, Inc. (The)(b)

     28,838        723,257  

Southwest Airlines Co.

     20,395        617,765  

SS&C Technologies Holdings, Inc.(b)

     11,415        668,234  

Tecnoglass, Inc.

     14,161        620,960  

Union Pacific Corp.

     3,243        634,655  

United Parcel Service, Inc., Class B

     3,369        605,780  

V2X, Inc.(b)(c)

     15,040        649,728  

Wabash National Corp.(b)

     28,600        734,162  

Waste Connections, Inc.

     4,570        635,915  

WESCO International, Inc.

     4,597        661,968  
    

 

 

  
       16,774,707  
    

 

 

  

Information Technology-12.49%

     

Advanced Micro Devices, Inc.(c)

     7,290        651,507  

Alarm.com Holdings, Inc.(b)(c)

     13,629        649,967  

Avnet, Inc.(b)

     15,841        653,600  

Ciena Corp.(b)(c)

     14,103        649,302  

Cognex Corp.

     13,573        647,296  

Edgio, Inc.(c)

     988,791        653,591  

EngageSmart, Inc.(b)(c)

     38,149        655,018  

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

     40,253        594,939  

GoDaddy, Inc., Class A(c)

     8,555        647,443  

HubSpot, Inc.(c)

     1,575        662,996  

Itron, Inc.(b)(c)

     12,648        675,403  

Jabil, Inc.

     8,071        630,749  

Juniper Networks, Inc.

     21,288        641,833  

Microchip Technology, Inc.(b)

     8,476        618,663  

New Relic, Inc.(c)

     9,055        647,161  

nLight, Inc.(b)(c)

     72,912        639,438  
        Shares              Value      

Information Technology-(continued)

 

   

NVIDIA Corp.

     2,424      $         672,636  

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

     80,605        624,689  

Pure Storage, Inc., Class A(b)(c)

     27,533        628,578  

RingCentral, Inc., Class A(c)

     22,994        633,715  

Roper Technologies, Inc.(b)

     1,482        673,984  

Salesforce, Inc.(c)

     3,326        659,779  

TD SYNNEX Corp.(b)

     7,234        644,115  
    

 

 

  
       14,856,402  
    

 

 

  

Materials-1.08%

     

Graphic Packaging Holding Co.(b)

     26,618        656,400  

Scotts Miracle-Gro Co. (The)(b)

     9,402        628,148  
    

 

 

  
       1,284,548  
    

 

 

  

Real Estate-10.15%

     

Agree Realty Corp.

     9,774        664,534  

CareTrust REIT, Inc.(b)

     33,810        658,957  

CBRE Group, Inc., Class A(b)(c)

     9,094        697,146  

Cushman & Wakefield PLC(b)(c)

     69,006        679,709  

Digital Realty Trust, Inc.(b)

     6,970        691,075  

DigitalBridge Group, Inc.

     55,531        690,250  

EPR Properties

     16,297        683,822  

Equinix, Inc.(b)

     932        674,843  

Extra Space Storage, Inc.(b)

     4,324        657,421  

Federal Realty Investment Trust(b)

     6,770        669,485  

Kite Realty Group Trust(b)

     31,238        647,251  

Medical Properties Trust, Inc.(b)

     79,822        700,039  

PotlatchDeltic Corp.(b)

     13,752        635,755  

Prologis, Inc.

     5,330        667,583  

SBA Communications Corp., Class A(b)

     2,540        662,661  

Uniti Group, Inc.(b)

     196,099        670,659  

Welltower, Inc.(b)

     8,657        685,808  

Weyerhaeuser Co.

     21,089        630,772  
    

 

 

  
       12,067,770  
    

 

 

  

Utilities-0.55%

     

Sunnova Energy International, Inc.(b)(c)

     36,195        650,062  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $107,284,572)

        118,849,136  
    

 

 

  
Money Market Funds-0.05%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $52,868)

     52,868        52,868  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $107,337,440)

        118,902,004  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-32.63%     

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

     10,968,987        10,968,987  
 

 

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

 

  41  

 

  

 

 

 

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

April 30, 2023

    

 

        Shares              Value      
Money Market Funds-(continued)

 

   

Invesco Private Prime Fund,
4.99%(d)(e)(f)

     27,834,303      $ 27,834,303  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $38,805,526)

 

      38,803,290  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-132.63%
(Cost $146,142,966)

 

      157,705,294  

OTHER ASSETS LESS LIABILITIES-(32.63)%

 

      (38,796,624 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 118,908,670  
    

 

 

  
 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

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) 

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

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 9,638      $ 2,749,518      $ (2,706,288)        $ -      $ -      $ 52,868      $ 1,199
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund       6,869,651        55,784,360        (51,685,024 )        -        -        10,968,987        213,410 *
Invesco Private Prime Fund       15,899,917        102,185,056        (90,251,701 )        (4,185 )        5,216        27,834,303        572,044 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 22,779,206      $ 160,718,934      $ (144,643,013 )      $ (4,185 )      $ 5,216      $ 38,856,158      $ 786,653
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  42  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-102.11%

 

Communication Services-8.45%

     

Activision Blizzard, Inc.

     1,947      $ 151,301  

Alphabet, Inc., Class A(b)

     16,312        1,750,930  

Alphabet, Inc., Class C(b)

     14,222        1,539,105  

AT&T, Inc.

     19,524        344,989  

Charter Communications, Inc.,
Class A(b)

     289        106,554  

Comcast Corp., Class A

     11,523        476,707  

DISH Network Corp., Class A(b)

     680        5,107  

Electronic Arts, Inc.

     713        90,751  

Fox Corp., Class A

     814        27,074  

Fox Corp., Class B

     373        11,391  

Interpublic Group of Cos., Inc. (The)

     1,062        37,945  

Live Nation Entertainment, Inc.(b)

     391        26,502  

Match Group, Inc.(b)

     763        28,155  

Meta Platforms, Inc., Class A(b)

     6,098        1,465,471  

Netflix, Inc.(b)

     1,218        401,855  

News Corp., Class A

     1,036        18,244  

News Corp., Class B

     307        5,449  

Omnicom Group, Inc.

     555        50,266  

Paramount Global, Class B

     1,379        32,172  

Take-Two Interactive Software, Inc.(b)

     434        53,942  

T-Mobile US, Inc.(b)

     1,617        232,686  

Verizon Communications, Inc.

     11,502        446,623  

Walt Disney Co. (The)(b)

     5,002        512,705  

Warner Bros Discovery, Inc.(b)

     6,039        82,191  
    

 

 

  
       7,898,115  
    

 

 

  

Consumer Discretionary-10.11%

     

Advance Auto Parts, Inc.

     161        20,210  

Amazon.com, Inc.(b)

     24,419        2,574,984  

Aptiv PLC(b)

     739        76,014  

AutoZone, Inc.(b)

     51        135,829  

Bath & Body Works, Inc.

     624        21,902  

Best Buy Co., Inc.

     539        40,166  

Booking Holdings, Inc.(b)

     108        290,121  

BorgWarner, Inc.

     640        30,803  

Caesars Entertainment, Inc.(b)

     585        26,495  

CarMax, Inc.(b)

     432        30,253  

Carnival Corp.(b)

     2,739        25,226  

Chipotle Mexican Grill, Inc.(b)

     76        157,139  

D.R. Horton, Inc.

     853        93,676  

Darden Restaurants, Inc.

     333        50,593  

Domino’s Pizza, Inc.

     97        30,795  

eBay, Inc.

     1,482        68,809  

Etsy, Inc.(b)

     343        34,653  

Expedia Group, Inc.(b)

     400        37,584  

Ford Motor Co.

     10,699        127,104  

Garmin Ltd.

     419        41,133  

General Motors Co.

     3,810        125,882  

Genuine Parts Co.

     386        64,968  

Hasbro, Inc.

     351        20,786  

Hilton Worldwide Holdings, Inc.

     728        104,847  

Home Depot, Inc. (The)

     2,791        838,807  

Las Vegas Sands Corp.(b)

     898        57,337  

Lennar Corp., Class A

     692        78,065  

LKQ Corp.

     693        40,007  

Lowe’s Cos., Inc.

     1,657        344,374  

Marriott International, Inc., Class A

     737        124,804  
        Shares          Value  

Consumer Discretionary-(continued)

     

McDonald’s Corp.

     2,006      $ 593,274  

MGM Resorts International

     859        38,586  

Mohawk Industries, Inc.(b)

     145        15,356  

Newell Brands, Inc.

     1,017        12,357  

NIKE, Inc., Class B

     3,412        432,369  

Norwegian Cruise Line Holdings Ltd.(b)

     1,134        15,139  

NVR, Inc.(b)

     10        58,400  

O’Reilly Automotive, Inc.(b)

     171        156,860  

Pool Corp.

     108        37,943  

PulteGroup, Inc.

     616        41,364  

Ralph Lauren Corp.

     114        13,086  

Ross Stores, Inc.

     940        100,326  

Royal Caribbean Cruises Ltd.(b)

     600        39,258  

Starbucks Corp.

     3,151        360,128  

Tapestry, Inc.

     641        26,159  

Tesla, Inc.(b)

     7,365        1,210,143  

TJX Cos., Inc. (The)

     3,157        248,835  

Tractor Supply Co.

     303        72,235  

Ulta Beauty, Inc.(b)

     138        76,097  

VF Corp.

     903        21,230  

Whirlpool Corp.

     148        20,659  

Wynn Resorts Ltd.(b)

     282        32,227  

Yum! Brands, Inc.

     765        107,544  
    

 

 

  
       9,442,941  
    

 

 

  

Consumer Staples-7.53%

     

Altria Group, Inc.

     4,879        231,801  

Archer-Daniels-Midland Co.

     1,495        116,730  

Brown-Forman Corp., Class B

     500        32,545  

Bunge Ltd.

     409        38,282  

Campbell Soup Co.

     549        29,811  

Church & Dwight Co., Inc.

     665        64,585  

Clorox Co. (The)

     338        55,980  

Coca-Cola Co. (The)

     10,658        683,711  

Colgate-Palmolive Co.

     2,283        182,183  

Conagra Brands, Inc.

     1,302        49,424  

Constellation Brands, Inc., Class A

     444        101,885  

Costco Wholesale Corp.

     1,217        612,419  

Dollar General Corp.

     611        135,312  

Dollar Tree, Inc.(b)

     568        87,307  

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

     633        156,174  

General Mills, Inc.

     1,610        142,694  

Hershey Co. (The)

     401        109,497  

Hormel Foods Corp.

     792        32,028  

JM Smucker Co. (The)

     292        45,088  

Kellogg Co.

     699        48,769  

Keurig Dr Pepper, Inc.

     2,321        75,897  

Kimberly-Clark Corp.

     921        133,444  

Kraft Heinz Co. (The)

     2,175        85,412  

Kroger Co. (The)

     1,780        86,561  

Lamb Weston Holdings, Inc.

     392        43,830  

McCormick & Co., Inc.

     685        60,177  

Molson Coors Beverage Co., Class B

     513        30,513  

Mondelez International, Inc., Class A

     3,739        286,856  

Monster Beverage Corp.(b)

     2,081        116,536  

PepsiCo, Inc.

     3,772        720,037  

Philip Morris International, Inc.

     4,245        424,373  

Procter & Gamble Co. (The)

     6,460        1,010,215  
 

 

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

 

  43  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2023

 

        Shares          Value  

Consumer Staples-(continued)

 

   

Sysco Corp.

     1,386      $ 106,362  

Target Corp.

     1,258        198,449  

Tyson Foods, Inc., Class A

     780        48,742  

Walgreens Boots Alliance, Inc.

     1,957        68,984  

Walmart, Inc.

     3,838        579,423  
    

 

 

  
       7,032,036  
    

 

 

  

Energy-4.78%

 

   

APA Corp.

     878        32,354  

Baker Hughes Co., Class A

     2,748        80,351  

Chevron Corp.

     4,870        820,985  

ConocoPhillips

     3,354        345,093  

Coterra Energy, Inc.

     2,153        55,117  

Devon Energy Corp.

     1,785        95,373  

Diamondback Energy, Inc.

     502        71,384  

EOG Resources, Inc.

     1,606        191,869  

EQT Corp.

     1,003        34,945  

Exxon Mobil Corp.

     11,282        1,335,112  

Halliburton Co.

     2,471        80,925  

Hess Corp.

     757        109,810  

Kinder Morgan, Inc.

     5,406        92,713  

Marathon Oil Corp.

     1,735        41,918  

Marathon Petroleum Corp.

     1,248        152,256  

Occidental Petroleum Corp.

     1,987        122,260  

ONEOK, Inc.

     1,221        79,866  

Phillips 66

     1,272        125,928  

Pioneer Natural Resources Co.

     650        141,407  

Schlumberger N.V.

     3,880        191,478  

Targa Resources Corp.

     618        46,678  

Valero Energy Corp.

     1,053        120,747  

Williams Cos., Inc. (The)

     3,328        100,705  
    

 

 

  
       4,469,274  
    

 

 

  

Financials-13.38%

 

   

Aflac, Inc.

     1,529        106,801  

Allstate Corp. (The)

     719        83,231  

American Express Co.

     1,626        262,339  

American International Group, Inc.

     2,030        107,671  

Ameriprise Financial, Inc.

     289        88,180  

Aon PLC, Class A

     564        183,401  

Arch Capital Group Ltd.(b)

     1,011        75,896  

Arthur J. Gallagher & Co.

     579        120,467  

Assurant, Inc.

     145        17,854  

Bank of America Corp.

     19,117        559,746  

Bank of New York Mellon Corp. (The)

     2,010        85,606  

Berkshire Hathaway, Inc., Class B(b)

     4,936        1,621,723  

BlackRock, Inc.

     409        274,521  

Brown & Brown, Inc.

     643        41,403  

Capital One Financial Corp.

     1,042        101,387  

Cboe Global Markets, Inc.

     291        40,653  

Charles Schwab Corp. (The)

     4,167        217,684  

Chubb Ltd.

     1,134        228,569  

Cincinnati Financial Corp.

     430        45,769  

Citigroup, Inc.

     5,292        249,094  

Citizens Financial Group, Inc.

     1,346        41,645  

CME Group, Inc., Class A

     983        182,612  

Comerica, Inc.

     359        15,570  

Discover Financial Services.

     727        75,223  

Everest Re Group Ltd.

     108        40,824  

FactSet Research Systems, Inc.

     105        43,227  

Fidelity National Information Services, Inc

     1,620        95,126  
        Shares          Value  

Financials-(continued)

 

   

Fifth Third Bancorp

     1,867      $ 48,915  

First Republic Bank

     507        1,780  

Fiserv, Inc.(b)

     1,735        211,878  

FleetCor Technologies, Inc.(b)

     203        43,426  

Franklin Resources, Inc.

     779        20,939  

Global Payments, Inc.

     719        81,038  

Globe Life, Inc.

     248        26,913  

Goldman Sachs Group, Inc. (The)

     925        317,682  

Hartford Financial Services Group, Inc. (The)

     860        61,051  

Huntington Bancshares, Inc.

     3,943        44,162  

Intercontinental Exchange, Inc.

     1,526        166,227  

Invesco Ltd.(c)

     1,243        21,293  

Jack Henry & Associates, Inc.

     201        32,831  

JPMorgan Chase & Co.

     8,035        1,110,758  

KeyCorp.

     2,551        28,724  

Lincoln National Corp.

     415        9,018  

Loews Corp.

     533        30,685  

M&T Bank Corp.

     463        58,245  

MarketAxess Holdings, Inc.

     103        32,792  

Marsh & McLennan Cos., Inc.

     1,357        244,518  

Mastercard, Inc., Class A

     2,310        877,869  

MetLife, Inc.

     1,800        110,394  

Moody’s Corp.

     431        134,955  

Morgan Stanley

     3,582        322,273  

MSCI, Inc.

     218        105,174  

Nasdaq, Inc.

     926        51,273  

Northern Trust Corp.

     569        44,473  

PayPal Holdings, Inc.(b)

     3,090        234,840  

PNC Financial Services Group, Inc. (The)

     1,095        142,624  

Principal Financial Group, Inc.

     622        46,457  

Progressive Corp. (The)

     1,599        218,104  

Prudential Financial, Inc.

     1,004        87,348  

Raymond James Financial, Inc.

     530        47,981  

Regions Financial Corp.

     2,553        46,618  

S&P Global, Inc.

     903        327,410  

State Street Corp.

     954        68,936  

Synchrony Financial

     1,200        35,412  

T. Rowe Price Group, Inc.

     613        68,858  

Travelers Cos., Inc. (The)

     632        114,480  

Truist Financial Corp.

     3,624        118,070  

U.S. Bancorp

     3,806        130,470  

Visa, Inc., Class A

     4,453        1,036,347  

W.R. Berkley Corp.

     557        32,818  

Wells Fargo & Co.

     10,439        414,950  

Willis Towers Watson PLC

     293        67,859  

Zions Bancorporation N.A

     401        11,172  
    

 

 

  
       12,496,262  
    

 

 

  

Health Care-14.71%

 

   

Abbott Laboratories

     4,774        527,384  

AbbVie, Inc.

     4,846        732,328  

Agilent Technologies, Inc.

     808        109,427  

Align Technology, Inc.(b)

     200        65,060  

AmerisourceBergen Corp.

     443        73,915  

Amgen, Inc.

     1,464        350,979  

Baxter International, Inc.

     1,378        65,703  

Becton, Dickinson and Co.

     778        205,633  

Biogen, Inc.(b)

     393        119,562  

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

     59        26,597  

Bio-Techne Corp.

     430        34,348  
 

 

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

 

  44  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2023

 

        Shares          Value  

Health Care-(continued)

 

   

Boston Scientific Corp.(b)

     3,914      $ 203,998  

Bristol-Myers Squibb Co.

     5,823        388,802  

Cardinal Health, Inc.

     704        57,798  

Catalent, Inc.(b)

     491        24,609  

Centene Corp.(b)

     1,508        103,946  

Charles River Laboratories International, Inc.(b)

     138        26,237  

Cigna Group (The)

     817        206,938  

Cooper Cos., Inc. (The)

     134        51,114  

CVS Health Corp.

     3,509        257,245  

Danaher Corp.

     1,796        425,490  

DaVita, Inc.(b)

     150        13,554  

DENTSPLY SIRONA, Inc.

     586        24,571  

DexCom, Inc.(b)

     1,056        128,135  

Edwards Lifesciences Corp.(b)

     1,690        148,686  

Elevance Health, Inc.

     652        305,560  

Eli Lilly and Co.

     2,161        855,453  

GE HealthCare Technologies,
Inc.(b)

     993        80,771  

Gilead Sciences, Inc.

     3,420        281,158  

HCA Healthcare, Inc.

     579        166,364  

Henry Schein, Inc.(b)

     371        29,980  

Hologic, Inc.(b)

     673        57,885  

Humana, Inc.

     341        180,897  

IDEXX Laboratories, Inc.(b)

     226        111,228  

Illumina, Inc.(b)

     430        88,391  

Incyte Corp.(b)

     505        37,577  

Insulet Corp.(b)

     191        60,746  

Intuitive Surgical, Inc.(b)

     962        289,774  

IQVIA Holdings, Inc.(b)

     507        95,433  

Johnson & Johnson

     7,163        1,172,583  

Laboratory Corp. of America Holdings

     242        54,864  

McKesson Corp.

     378        137,683  

Medtronic PLC

     3,646        331,604  

Merck & Co., Inc.

     6,940        801,362  

Mettler-Toledo International, Inc.(b)

     60        89,490  

Moderna, Inc.(b)

     903        120,000  

Molina Healthcare, Inc.(b)

     159        47,364  

Organon & Co.

     684        16,847  

PerkinElmer, Inc.

     345        45,019  

Pfizer, Inc.

     15,373        597,856  

Quest Diagnostics, Inc.

     304        42,198  

Regeneron Pharmaceuticals, Inc.(b)

     295        236,528  

ResMed, Inc.

     401        96,625  

STERIS PLC

     272        51,286  

Stryker Corp.

     923        276,577  

Teleflex, Inc.

     129        35,155  

Thermo Fisher Scientific, Inc.

     1,075        596,517  

UnitedHealth Group, Inc.

     2,561        1,260,242  

Universal Health Services, Inc., Class B

     176        26,462  

Vertex Pharmaceuticals, Inc.(b)

     707        240,896  

Viatris, Inc.

     3,314        30,920  

Waters Corp.(b)

     162        48,658  

West Pharmaceutical Services, Inc.

     203        73,332  

Zimmer Biomet Holdings, Inc.

     573        79,326  

Zoetis, Inc.

     1,273        223,768  
    

 

 

  
       13,746,438  
    

 

 

  

Industrials-8.68%

 

   

3M Co.

     1,504        159,755  

A.O. Smith Corp.

     346        23,628  

Alaska Air Group, Inc.(b)

     341        14,820  
        Shares          Value  

Industrials-(continued)

 

   

Allegion PLC

     239      $ 26,405  

American Airlines Group, Inc.(b)

     1,778        24,252  

AMETEK, Inc.

     628        86,620  

Automatic Data Processing, Inc.

     1,132        249,040  

Boeing Co. (The)(b)

     1,541        318,648  

Broadridge Financial Solutions, Inc.

     321        46,677  

C.H. Robinson Worldwide, Inc.

     321        32,379  

Carrier Global Corp.

     2,280        95,350  

Caterpillar, Inc.

     1,428        312,446  

Ceridian HCM Holding, Inc.(b)

     419        26,598  

Cintas Corp.

     235        107,106  

Copart, Inc.(b)

     1,172        92,647  

CoStar Group, Inc.(b)

     1,110        85,414  

CSX Corp.

     5,745        176,027  

Cummins, Inc.

     387        90,960  

Deere & Co.

     740        279,735  

Delta Air Lines, Inc.(b)

     1,752        60,111  

Dover Corp.

     382        55,833  

Eaton Corp. PLC

     1,087        181,659  

Emerson Electric Co.

     1,573        130,968  

Equifax, Inc.

     335        69,807  

Expeditors International of Washington, Inc.

     435        49,520  

Fastenal Co.

     1,559        83,937  

FedEx Corp.

     637        145,096  

Fortive Corp.

     964        60,819  

Generac Holdings, Inc.(b)

     172        17,582  

General Dynamics Corp.

     615        134,279  

General Electric Co.

     2,988        295,722  

Honeywell International, Inc.

     1,831        365,907  

Howmet Aerospace, Inc.

     1,005        44,511  

Huntington Ingalls Industries, Inc.

     110        22,183  

IDEX Corp.

     206        42,502  

Illinois Tool Works, Inc.

     758        183,390  

Ingersoll Rand, Inc.

     1,105        62,990  

J.B. Hunt Transport Services, Inc.

     227        39,791  

Jacobs Solutions, Inc.

     346        39,949  

Johnson Controls International PLC

     1,877        112,320  

L3Harris Technologies, Inc.

     520        101,478  

Leidos Holdings, Inc.

     374        34,879  

Lockheed Martin Corp.

     625        290,281  

Masco Corp.

     615        32,909  

Nordson Corp.

     147        31,798  

Norfolk Southern Corp.

     622        126,285  

Northrop Grumman Corp.

     392        180,818  

Old Dominion Freight Line, Inc.

     248        79,457  

Otis Worldwide Corp.

     1,133        96,645  

PACCAR, Inc.

     1,426        106,508  

Parker-Hannifin Corp.

     350        113,708  

Paychex, Inc.

     876        96,237  

Paycom Software, Inc.(b)

     131        38,038  

Pentair PLC

     449        26,078  

Quanta Services, Inc.

     392        66,499  

Raytheon Technologies Corp.

     4,012        400,799  

Republic Services, Inc.

     561        81,132  

Robert Half International, Inc.

     295        21,535  

Rockwell Automation, Inc.

     312        88,424  

Rollins, Inc.

     633        26,744  

Snap-on, Inc.

     146        37,874  

Southwest Airlines Co.

     1,623        49,161  

Stanley Black & Decker, Inc.

     404        34,881  
 

 

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

 

  45  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2023

 

        Shares          Value  

Industrials-(continued)

 

   

Textron, Inc.

     570      $ 38,156  

Trane Technologies PLC

     626        116,317  

TransDigm Group, Inc.

     142        108,630  

Union Pacific Corp.

     1,677        328,189  

United Airlines Holdings, Inc.(b)

     894        39,157  

United Parcel Service, Inc., Class B

     1,998        359,260  

United Rentals, Inc.

     190        68,611  

Verisk Analytics, Inc.

     427        82,885  

W.W. Grainger, Inc.

     124        86,251  

Wabtec Corp.

     497        48,542  

Waste Management, Inc.

     1,014        168,375  

Xylem, Inc.

     492        51,089  
    

 

 

  
       8,105,013  
    

 

 

  

Information Technology-26.30%

 

   

Accenture PLC, Class A

     1,726        483,781  

Adobe, Inc.(b)

     1,255        473,838  

Advanced Micro Devices, Inc.(b)

     4,411        394,211  

Akamai Technologies, Inc.(b)

     430        35,247  

Amphenol Corp., Class A

     1,623        122,488  

Analog Devices, Inc.

     1,387        249,494  

ANSYS, Inc.(b)

     237        74,399  

Apple, Inc.

     40,740        6,912,763  

Applied Materials, Inc.

     2,311        261,212  

Arista Networks, Inc.(b)

     676        108,268  

Autodesk, Inc.(b)

     589        114,731  

Broadcom, Inc.

     1,145        717,342  

Cadence Design Systems, Inc.(b)

     749        156,878  

CDW Corp.

     370        62,748  

Cisco Systems, Inc.

     11,255        531,799  

Cognizant Technology Solutions Corp., Class A

     1,390        82,997  

Corning, Inc.

     2,080        69,098  

DXC Technology Co.(b)

     624        14,882  

Enphase Energy, Inc.(b)

     372        61,082  

EPAM Systems, Inc.(b)

     157        44,343  

F5, Inc.(b)

     164        22,035  

Fair Isaac Corp.(b)

     68        49,501  

First Solar, Inc.(b)

     271        49,479  

Fortinet, Inc.(b)

     1,773        111,788  

Gartner, Inc.(b)

     218        65,936  

Gen Digital, Inc.

     1,560        27,565  

Hewlett Packard Enterprise Co.

     3,504        50,177  

HP, Inc.

     2,356        69,997  

Intel Corp.

     11,341        352,251  

International Business Machines Corp.

     2,479        313,370  

Intuit, Inc.

     770        341,841  

Juniper Networks, Inc.

     885        26,683  

Keysight Technologies, Inc.(b)

     486        70,295  

KLA Corp.

     379        146,499  

Lam Research Corp.

     372        194,958  

Microchip Technology, Inc.

     1,498        109,339  

Micron Technology, Inc.

     2,983        191,986  

Microsoft Corp.

     20,392        6,265,646  

Monolithic Power Systems, Inc.

     123        56,822  

Motorola Solutions, Inc.

     457        133,170  

NetApp, Inc.

     588        36,979  

NVIDIA Corp.

     6,741        1,870,560  

NXP Semiconductors N.V. (China)

     709        116,092  

ON Semiconductor Corp.(b)

     1,178        84,769  

Oracle Corp.

     4,211        398,866  
        Shares          Value  

Information Technology-(continued)

 

   

PTC, Inc.(b)

     292      $ 36,731  

Qorvo, Inc.(b)

     271        24,954  

QUALCOMM, Inc.

     3,055        356,824  

Roper Technologies, Inc.

     291        132,341  

Salesforce, Inc.(b)

     2,738        543,137  

Seagate Technology Holdings PLC

     525        30,854  

ServiceNow, Inc.(b)

     556        255,438  

Skyworks Solutions, Inc.

     435        46,066  

SolarEdge Technologies, Inc.(b)

     152        43,416  

Synopsys, Inc.(b)

     416        154,469  

TE Connectivity Ltd.

     864        105,728  

Teledyne Technologies, Inc.(b)

     129        53,458  

Teradyne, Inc.

     426        38,928  

Texas Instruments, Inc.

     2,479        414,489  

Trimble, Inc.(b)

     674        31,745  

Tyler Technologies, Inc.(b)

     115        43,588  

VeriSign, Inc.(b)

     251        55,672  

Western Digital Corp.(b)

     872        30,032  

Zebra Technologies Corp.,
Class A(b)

     140        40,324  
    

 

 

  
       24,566,399  
    

 

 

  

Materials-2.65%

 

   

Air Products and Chemicals, Inc.

     607        178,677  

Albemarle Corp.

     320        59,347  

Amcor PLC

     4,059        44,527  

Avery Dennison Corp.

     221        38,560  

Ball Corp.

     857        45,575  

Celanese Corp.

     273        29,004  

CF Industries Holdings, Inc.

     536        38,367  

Corteva, Inc.

     1,948        119,062  

Dow, Inc.

     1,926        104,774  

DuPont de Nemours, Inc.

     1,253        87,359  

Eastman Chemical Co.

     322        27,135  

Ecolab, Inc.

     677        113,628  

FMC Corp.

     344        42,512  

Freeport-McMoRan, Inc.

     3,905        148,039  

International Flavors & Fragrances, Inc.

     696        67,484  

International Paper Co.

     972        32,183  

Linde PLC

     1,348        498,019  

LyondellBasell Industries N.V., Class A

     693        65,565  

Martin Marietta Materials, Inc.

     170        61,744  

Mosaic Co. (The)

     930        39,850  

Newmont Corp.

     2,168        102,763  

Nucor Corp.

     691        102,392  

Packaging Corp. of America

     254        34,356  

PPG Industries, Inc.

     643        90,187  

Sealed Air Corp.

     394        18,908  

Sherwin-Williams Co. (The)

     645        153,213  

Steel Dynamics, Inc.

     456        47,401  

Vulcan Materials Co.

     364        63,744  

WestRock Co.

     695        20,801  
    

 

 

  
       2,475,176  
    

 

 

  

Real Estate-2.59%

 

   

Alexandria Real Estate Equities, Inc.

     431        53,522  

American Tower Corp.

     1,276        260,802  

AvalonBay Communities, Inc.

     383        69,082  

Boston Properties, Inc.

     392        20,917  

Camden Property Trust.

     302        33,235  

CBRE Group, Inc., Class A(b)

     863        66,158  

Crown Castle, Inc.

     1,181        145,369  
 

 

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

 

  46  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2023

 

        Shares          Value  

Real Estate-(continued)

 

   

Digital Realty Trust, Inc.

     786      $ 77,932  

Equinix, Inc.

     254        183,916  

Equity Residential

     930        58,822  

Essex Property Trust, Inc.

     176        38,672  

Extra Space Storage, Inc.

     366        55,647  

Federal Realty Investment Trust

     201        19,877  

Healthpeak Properties, Inc.

     1,495        32,845  

Host Hotels & Resorts, Inc.

     1,955        31,612  

Invitation Homes, Inc.

     1,587        52,958  

Iron Mountain, Inc.

     795        43,916  

Kimco Realty Corp.

     1,691        32,450  

Mid-America Apartment Communities, Inc.

     314        48,293  

Prologis, Inc.

     2,531        317,008  

Public Storage

     432        127,367  

Realty Income Corp.

     1,713        107,645  

Regency Centers Corp.

     420        25,801  

SBA Communications Corp., Class A

     296        77,223  

Simon Property Group, Inc.

     894        101,308  

UDR, Inc.

     845        34,924  

Ventas, Inc.

     1,092        52,471  

VICI Properties, Inc.

     2,742        93,063  

Welltower, Inc.

     1,290        102,194  

Weyerhaeuser Co.

     2,002        59,880  
    

 

 

  
       2,424,909  
    

 

 

  

Utilities-2.93%

 

   

AES Corp. (The)

     1,825        43,179  

Alliant Energy Corp.

     686        37,826  

Ameren Corp.

     707        62,902  

American Electric Power Co., Inc.

     1,404        129,758  

American Water Works Co., Inc.

     527        78,128  

Atmos Energy Corp.

     391        44,629  

CenterPoint Energy, Inc.

     1,719        52,378  

CMS Energy Corp.

     796        49,559  

Consolidated Edison, Inc.

     969        95,417  

Constellation Energy Corp.

     894        69,196  
        Shares          Value  

Utilities-(continued)

 

   

Dominion Energy, Inc.

     2,277      $ 130,108  

DTE Energy Co.

     529        59,465  

Duke Energy Corp.

     2,103        207,945  

Edison International

     1,043        76,765  

Entergy Corp.

     556        59,814  

Evergy, Inc.

     627        38,943  

Eversource Energy

     951        73,807  

Exelon Corp.

     2,715        115,225  

FirstEnergy Corp.

     1,484        59,063  

NextEra Energy, Inc.

     5,441        416,944  

NiSource, Inc.

     1,109        31,562  

NRG Energy, Inc.

     630        21,527  

PG&E Corp.(b)

     4,399        75,267  

Pinnacle West Capital Corp.

     309        24,244  

PPL Corp.

     2,013        57,813  

Public Service Enterprise Group, Inc.

     1,363        86,142  

Sempra Energy

     858        133,410  

Southern Co. (The)

     2,975        218,811  

WEC Energy Group, Inc.

     861        82,802  

Xcel Energy, Inc.

     1,495        104,515  
    

 

 

  
       2,737,144  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $87,349,333)

 

      95,393,707  
    

 

 

  
Money Market Funds-0.03%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(c)(d)
(Cost $28,864)

     28,864        28,864  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-102.14%
(Cost $87,378,197)

 

      95,422,571  

OTHER ASSETS LESS LIABILITIES-(2.14)%

 

      (2,003,111 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 93,419,460  
    

 

 

  
 

 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation		    Realized
Gain
(Loss)		    Value
April 30, 2023		    Dividend
Income
Invesco Ltd.     $ 24,206      $ 18,517      $ (20,873 )      $ 2,592      $ (3,149 )      $ 21,293      $ 1,027
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class       -        4,958,027        (4,929,163 )        -        -        28,864        1,316
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 24,206      $ 4,976,544      $ (4,950,036 )      $ 2,592      $ (3,149 )      $ 50,157      $ 2,343
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

(d)

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

 

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

 

  47  

 

  

 

 

 

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2023

 

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        05/19/2023        228        $4,120        $(93,936,000)        $(2,054,280)

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

 

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

 

  48  

 

  

 

 

 

Invesco S&P 500® Quality ETF (SPHQ)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-99.90%

 

Communication Services-5.57%

 

Interpublic Group of Cos., Inc. (The)(b)

     195,350      $ 6,979,856  

Meta Platforms, Inc., Class A(c)

     1,088,150        261,504,208  
    

 

 

  
       268,484,064  
    

 

 

  

Consumer Discretionary-3.29%

 

Best Buy Co., Inc.

     107,334        7,998,530  

Booking Holdings, Inc.(c)

     21,947        58,956,445  

Genuine Parts Co.

     63,294        10,653,013  

LKQ Corp.

     120,676        6,966,625  

NVR, Inc.(c)

     1,683        9,828,720  

Tapestry, Inc.

     135,706        5,538,162  

TJX Cos., Inc. (The)

     543,383        42,829,448  

Ulta Beauty, Inc.(c)

     28,776        15,867,950  
    

 

 

  
       158,638,893  
    

 

 

  

Consumer Staples-11.56%

 

Brown-Forman Corp., Class B

     92,288        6,007,026  

Coca-Cola Co. (The)

     1,797,134        115,286,146  

Costco Wholesale Corp.

     233,665        117,584,901  

Kraft Heinz Co. (The)(b)

     357,764        14,049,392  

PepsiCo, Inc.

     652,072        124,474,024  

Procter & Gamble Co. (The)

     1,093,482        170,998,715  

Tyson Foods, Inc., Class A

     137,552        8,595,625  
    

 

 

  
       556,995,829  
    

 

 

  

Energy-13.18%

 

APA Corp.

     182,312        6,718,197  

Chevron Corp.

     961,315        162,058,483  

EOG Resources, Inc.

     353,001        42,173,029  

Exxon Mobil Corp.

     2,152,822        254,764,956  

Marathon Oil Corp.

     425,143        10,271,455  

Marathon Petroleum Corp.

     319,927        39,031,094  

Occidental Petroleum Corp.

     525,341        32,324,232  

Phillips 66

     277,569        27,479,331  

Schlumberger N.V.

     651,818        32,167,218  

Valero Energy Corp.

     245,133        28,109,401  
    

 

 

  
       635,097,396  
    

 

 

  

Financials-11.32%

 

American International Group, Inc.

     351,462        18,641,545  

Ameriprise Financial, Inc.

     78,746        24,026,980  

Jack Henry & Associates, Inc.

     36,492        5,960,603  

MarketAxess Holdings, Inc.

     17,066        5,433,303  

Mastercard, Inc., Class A

     626,043        237,915,121  

Principal Financial Group, Inc.(b)

     139,677        10,432,475  

T. Rowe Price Group, Inc.(b)

     105,892        11,894,848  

Visa, Inc., Class A(b)

     943,449        219,568,886  

Willis Towers Watson PLC

     48,564        11,247,422  
    

 

 

  
       545,121,183  
    

 

 

  

Health Care-13.64%

 

Abbott Laboratories

     840,967        92,901,625  

AbbVie, Inc.

     904,302        136,658,118  

Amgen, Inc.

     250,796        60,125,833  

Biogen, Inc.(c)

     74,791        22,753,666  

Bristol-Myers Squibb Co.

     1,002,499        66,936,858  

Eli Lilly and Co.

     369,515        146,276,208  

IDEXX Laboratories, Inc.(c)

     54,008        26,580,577  

Quest Diagnostics, Inc.

     51,766        7,185,638  
        Shares              Value      

Health Care-(continued)

     

Teleflex, Inc.(b)

     20,977      $ 5,716,652  

Vertex Pharmaceuticals, Inc.(c)

     115,557        39,373,737  

Waters Corp.(c)

     42,419        12,740,971  

Zoetis, Inc.

     227,742        40,032,489  
    

 

 

  
       657,282,372  
    

 

 

  

Industrials-8.83%

 

3M Co.

     274,097        29,114,583  

A.O. Smith Corp.

     59,038        4,031,705  

Allegion PLC

     40,660        4,492,117  

Automatic Data Processing, Inc.

     343,128        75,488,160  

Carrier Global Corp.

     450,491        18,839,534  

Cintas Corp.

     40,633        18,519,302  

Expeditors International of Washington, Inc.

     83,732        9,532,051  

Fastenal Co.

     268,368        14,448,933  

Illinois Tool Works, Inc.

     159,542        38,599,591  

Ingersoll Rand, Inc.

     195,347        11,138,686  

L3Harris Technologies, Inc.

     85,442        16,674,006  

Nordson Corp.(b)

     25,137        5,437,384  

Northrop Grumman Corp.

     65,869        30,383,394  

Old Dominion Freight Line, Inc.

     47,114        15,094,854  

Paychex, Inc.

     163,566        17,969,361  

Paycom Software, Inc.(c)

     24,105        6,999,369  

Robert Half International, Inc.

     63,137        4,609,001  

Rollins, Inc.

     106,659        4,506,343  

United Parcel Service, Inc., Class B

     382,012        68,689,578  

Verisk Analytics, Inc.

     75,348        14,625,800  

W.W. Grainger, Inc.

     23,301        16,207,477  
    

 

 

  
       425,401,229  
    

 

 

  

Information Technology-27.70%

 

Accenture PLC, Class A

     298,500        83,666,565  

Apple, Inc.

     1,583,083        268,617,524  

Applied Materials, Inc.

     455,840        51,523,595  

Broadcom, Inc.

     226,737        142,050,731  

Cadence Design Systems, Inc.(c)

     142,114        29,765,777  

Cisco Systems, Inc.

     2,021,116        95,497,731  

Corning, Inc.

     362,381        12,038,297  

Keysight Technologies, Inc.(c)

     83,345        12,055,021  

KLA Corp.

     105,030        40,598,296  

Lam Research Corp.

     85,704        44,915,752  

Microchip Technology, Inc.

     284,225        20,745,583  

Microsoft Corp.

     913,032        280,538,212  

NetApp, Inc.

     146,971        9,243,006  

NXP Semiconductors N.V. (China)

     128,039        20,965,106  

ON Semiconductor Corp.(c)

     205,890        14,815,844  

QUALCOMM, Inc.

     658,952        76,965,594  

Roper Technologies, Inc.

     51,365        23,359,775  

Synopsys, Inc.(c)

     71,500        26,549,380  

Teradyne, Inc.(b)

     90,182        8,240,831  

Texas Instruments, Inc.

     430,862        72,040,126  
    

 

 

  
       1,334,192,746  
    

 

 

  

Materials-3.95%

 

CF Industries Holdings, Inc.

     152,439        10,911,583  

DuPont de Nemours, Inc.

     244,802        17,067,595  

Eastman Chemical Co.

     58,322        4,914,795  

Freeport-McMoRan, Inc.

     686,835        26,037,915  
 

 

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

 

  49  

 

  

 

 

 

Invesco S&P 500® Quality ETF (SPHQ)–(continued)

April 30, 2023

 

        Shares              Value      

Materials-(continued)

     

International Paper Co.

     192,383      $ 6,369,801  

Linde PLC

     239,262        88,395,346  

LyondellBasell Industries N.V., Class A

     125,224        11,847,443  

Mosaic Co. (The)

     181,242        7,766,220  

Newmont Corp.

     355,977        16,873,310  
    

 

 

  
       190,184,008  
    

 

 

  

Real Estate-0.66%

     

Public Storage

     107,806        31,784,443  
    

 

 

  

Utilities-0.20%

     

PPL Corp.

     333,384        9,574,788  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.90%
(Cost $4,319,739,989)

 

      4,812,756,951  
    

 

 

  
        Shares              Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.55%

 

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

     61,322,989      $ 61,322,989  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    157,687,686        157,687,686  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $219,023,888)

 

      219,010,675  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.45%
(Cost $4,538,763,877)

 

      5,031,767,626  

OTHER ASSETS LESS LIABILITIES-(4.45)%

 

      (214,276,833 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 4,817,490,793  
    

 

 

  
 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

    Value
April 30, 2022		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
April 30,
2023		     Dividend
Income		  
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class   $         -     $ 90,471,975     $ (90,471,975 )    $         -     $         -     $         -     $ 46,713  
Investments Purchased with Cash Collateral from Securities on Loan:              

Invesco Private Government Fund

     70,708,076       546,149,921       (555,535,008 )              -               -       61,322,989       1,669,644 * 
Invesco Private Prime Fund     164,924,660       1,050,591,948       (1,057,795,537 )      (27,096 )      (6,289 )      157,687,686       4,456,463 * 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total   $ 235,632,736     $ 1,687,213,844     $ (1,703,802,520 )    $ (27,096 )    $ (6,289 )    $ 219,010,675     $ 6,172,820  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  50  

 

  

 

 

 

Invesco S&P Spin-Off ETF (CSD)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-100.07%

 

Communication Services-3.63%

     

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

     19,902      $ 642,238  

Sphere Entertainment Co.(b)(c)

     24,718        695,564  

Vimeo, Inc.(b)

     175,897        578,701  
    

 

 

  
       1,916,503  
    

 

 

  

Consumer Discretionary-6.28%

     

Kontoor Brands, Inc.(c)

     35,618        1,608,865  

Victoria’s Secret & Co.(b)(c)

     54,925        1,703,224  
    

 

 

  
       3,312,089  
    

 

 

  

Energy-4.58%

     

DT Midstream, Inc.

     49,037        2,416,053  
    

 

 

  

Health Care-16.17%

     

Embecta Corp.(c)

     48,665        1,350,454  

Enhabit, Inc.(b)(c)

     59,443        728,177  

GE HealthCare Technologies, Inc.(b)

     47,151        3,835,262  

Organon & Co.

     106,128        2,613,933  
    

 

 

  
       8,527,826  
    

 

 

  

Industrials-40.22%

     

Carrier Global Corp.

     86,575        3,620,566  

Concentrix Corp.

     21,072        2,033,659  

Crane Co.(b)(c)

     26,215        1,889,315  

Esab Corp.

     33,156        1,934,984  

GXO Logistics, Inc.(b)(c)

     49,710        2,641,092  

MasterBrand, Inc.(b)

     134,564        1,085,931  

Otis Worldwide Corp.

     47,139        4,020,957  

RXO, Inc.(b)(c)

     86,186        1,559,105  

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

     44,847        2,426,223  
    

 

 

  
       21,211,832  
    

 

 

  

Information Technology-9.52%

     

Consensus Cloud Solutions, Inc.(b)(c)

     20,846        778,181  

Kyndryl Holdings, Inc.(b)

     134,046        1,938,305  

Vontier Corp.

     85,016        2,306,484  
    

 

 

  
       5,022,970  
    

 

 

  
        Shares              Value      

Materials-6.81%

     

Corteva, Inc.(c)

     58,765      $ 3,591,717  
    

 

 

  

Real Estate-5.39%

     

Apartment Income REIT Corp.

     67,980        2,513,900  

Orion Office REIT, Inc.

     53,568        328,908  
    

 

 

  
       2,842,808  
    

 

 

  

Utilities-7.47%

     

Constellation Energy Corp.

     50,917        3,940,976  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $45,600,231)

        52,782,774  
    

 

 

  
Money Market Funds-0.13%

 

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $66,088)

     66,088        66,088  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20%
(Cost $45,666,319)

        52,848,862  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-15.94%

 

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

     2,353,900        2,353,900  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

     6,052,885        6,052,885  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $8,406,845)

 

      8,406,785  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-116.14%
(Cost $54,073,164)

 

      61,255,647  

OTHER ASSETS LESS LIABILITIES-(16.14)%

 

      (8,511,991 ) 
    

 

 

  

NET ASSETS-100.00%

 

    $ 52,743,656  
    

 

 

  
 

 

Investment Abbreviations:

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) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain		     Value
April 30, 2023		     Dividend
Income		  
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class   $ 45,749     $ 2,587,336     $ (2,566,997 )    $ -     $ -     $ 66,088     $ 3,207  

 

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

 

  51  

 

  

 

 

 

Invesco S&P Spin-Off ETF (CSD)–(continued)

April 30, 2023

 

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

Invesco Private Government Fund

   $ 2,332,430     $ 30,391,918     $ (30,370,448 )    $ -     $ -     $ 2,353,900     $ 64,596 * 
Invesco Private Prime Fund     8,088,332       66,673,527       (68,710,140 )      (61 )      1,227       6,052,885       174,161 * 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total   $ 10,466,511     $ 99,652,781     $ (101,647,585 )    $ (61 )    $ 1,227     $ 8,472,873     $ 241,964  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  52  

 

  

 

 

 

Invesco Water Resources ETF (PHO)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-99.97%

 

Building Products-10.23%

     

A.O. Smith Corp.

     1,069,385      $ 73,028,302  

Advanced Drainage Systems, Inc.(b)

     790,946        67,799,891  

Zurn Elkay Water Solutions Corp.

     1,731,979        37,324,147  
    

 

 

  
       178,152,340  
    

 

 

  

Chemicals-8.49%

     

Ecolab, Inc.(b)

     880,808        147,834,815  
    

 

 

  

Commercial Services & Supplies-2.89%

 

   

Tetra Tech, Inc.(b)

     363,822        50,342,050  
    

 

 

  

Construction & Engineering-2.71%

     

Northwest Pipe Co.(c)

     42,357        1,166,512  

Stantec, Inc. (Canada)

     63,429        3,808,912  

Valmont Industries, Inc.

     145,148        42,174,203  
    

 

 

  
       47,149,627  
    

 

 

  

Electronic Equipment, Instruments & Components-2.17%

 

Badger Meter, Inc.(b)

     161,656        21,391,939  

Itron, Inc.(b)(c)

     306,961        16,391,717  
    

 

 

  
       37,783,656  
    

 

 

  

Life Sciences Tools & Services-11.60%

 

   

Danaher Corp.

     567,117        134,355,689  

Waters Corp.(c)

     225,753        67,807,171  
    

 

 

  
       202,162,860  
    

 

 

  

Machinery-29.82%

     

Energy Recovery, Inc.(b)(c)

     368,796        8,308,975  

Evoqua Water Technologies Corp.(c)

     1,445,359        71,473,003  

Franklin Electric Co., Inc.

     176,999        15,836,100  

Gorman-Rupp Co. (The)

     74,073        1,818,492  

IDEX Corp.

     311,956        64,362,762  

Lindsay Corp.(b)

     121,172        14,630,307  

Mueller Industries, Inc.(b)

     380,865        27,365,150  

Mueller Water Products, Inc., Class A

     860,549        11,531,357  

Pentair PLC

     1,254,629        72,868,852  

Toro Co. (The)(b)

     635,478        66,254,936  

Watts Water Technologies, Inc.,
Class A(b)

     142,641        23,069,329  

Xylem, Inc.(b)

     1,367,476        141,998,708  
    

 

 

  
       519,517,971  
    

 

 

  

Software-8.52%

     

Roper Technologies, Inc.

     326,287        148,388,801  
    

 

 

  

Trading Companies & Distributors-7.87%

 

   

Ferguson PLC(b)

     974,181        137,184,168  
    

 

 

  

Investment Abbreviations:

ADR -American Depositary Receipt

        Shares              Value      

Water Utilities-15.67%

     

American States Water Co.(b)

     220,964      $ 19,610,555  

American Water Works Co., Inc.

     499,957        74,118,625  

Artesian Resources Corp., Class A(b)

     60,810        3,331,172  

California Water Service Group

     280,606        15,736,384  

Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR (Brazil)(b)

     3,080,464        28,494,292  

Essential Utilities, Inc.

     1,474,844        62,975,839  

Global Water Resources, Inc.

     37,644        412,955  

Middlesex Water Co.

     238,471        17,403,614  

SJW Group(b)

     642,201        48,755,900  

York Water Co. (The)(b)

     53,384        2,244,263  
    

 

 

  
       273,083,599  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $1,500,972,228)

 

      1,741,599,887  
    

 

 

  
Money Market Funds-0.05%

 

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $946,318)

     946,318        946,318  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $1,501,918,546)

        1,742,546,205  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.17%

 

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

     30,093,703        30,093,703  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

     77,383,809        77,383,809  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $107,478,614)

        107,477,512  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-106.19%
(Cost $1,609,397,160)

        1,850,023,717  

OTHER ASSETS LESS LIABILITIES-(6.19)%

 

      (107,833,243 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 1,742,190,474  
    

 

 

  
 

 

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

 

  53  

 

  

 

 

 

Invesco Water Resources ETF (PHO)–(continued)

April 30, 2023

 

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, 2023.

(c) 

Non-income producing security.

(d) 

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

 

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

Investments in Affiliated

Money Market Funds:

              

Invesco Government & Agency

Portfolio, Institutional Class

   $ 2,036,333     $ 26,094,710     $ (27,184,725 )    $ -     $ -     $ 946,318     $ 36,717  

Investments Purchased with

Cash Collateral from

Securities on Loan:

              

Invesco Private Government Fund

     14,403,192       371,833,529       (356,143,018 )      -       -       30,093,703       769,645 * 
Invesco Private Prime Fund     32,750,005       805,661,319       (761,017,802 )      (1,102 )      (8,611 )      77,383,809       2,070,524 * 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total   $ 49,189,530     $ 1,203,589,558     $ (1,144,345,545 )    $ (1,102 )    $ (8,611 )    $ 108,423,830     $ 2,876,886  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  54  

 

  

 

 

 

Invesco WilderHill Clean Energy ETF (PBW)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.93%

 

Aerospace & Defense-2.63%

     

Archer Aviation, Inc., Class A(b)(c)

     3,709,458      $ 7,344,727  

Vertical Aerospace Ltd. (United Kingdom)(b)(c)

     5,302,154        9,755,963  
    

 

 

  
       17,100,690  
    

 

 

  

Automobile Components-3.99%

     

Gentherm, Inc.(b)

     163,528        9,754,445  

QuantumScape Corp.(b)(c)

     1,234,499        8,641,493  

Solid Power, Inc.(b)(c)

     3,348,201        7,600,416  
    

 

 

  
       25,996,354  
    

 

 

  

Automobiles-10.56%

     

Fisker, Inc.(b)(c)

     1,541,520        9,927,389  

Gogoro, Inc. (Taiwan)(b)(c)

     2,400,219        8,064,736  

NIO, Inc., ADR (China)(b)

     1,004,091        7,902,196  

Polestar Automotive Holding UK PLC, ADR (Hong Kong)(b)(c)

     2,652,484        10,159,014  

Rivian Automotive, Inc., Class A(b)

     678,916        8,703,703  

Tesla, Inc.(b)

     48,445        7,959,998  

Workhorse Group, Inc.(b)(c)

     7,506,470        7,072,596  

Xpeng, Inc., ADR (China)(b)(c)

     939,263        8,922,998  
    

 

 

  
       68,712,630  
    

 

 

  

Chemicals-3.96%

     

Albemarle Corp.

     43,161        8,004,639  

Livent Corp.(b)

     457,622        9,999,041  

Sociedad Quimica y Minera de Chile S.A., ADR (Chile)

     114,825        7,748,391  
    

 

 

  
       25,752,071  
    

 

 

  

Commercial Services & Supplies-1.37%

 

   

Li-Cycle Holdings Corp. (Canada)(b)(c)

     1,884,506        8,951,404  
    

 

 

  

Construction & Engineering-5.76%

     

Ameresco, Inc., Class A(b)

     203,097        8,448,835  

Emeren Group Ltd., ADR (China)(b)(c)

     2,423,846        9,889,292  

MYR Group, Inc.(b)

     75,853        9,708,426  

Quanta Services, Inc.

     55,577        9,428,082  
    

 

 

  
       37,474,635  
    

 

 

  

Electrical Equipment-28.36%

     

American Superconductor Corp.(b)

     807,958        3,272,230  

Array Technologies, Inc.(b)

     505,326        10,333,917  

Ballard Power Systems, Inc. (Canada)(b)(c) 

     1,744,379        7,710,155  

Beam Global(b)(c)

     207,376        1,849,794  

Blink Charging Co.(b)(c)

     1,163,727        8,297,373  

Bloom Energy Corp., Class A(b)

     512,838        8,538,753  

ChargePoint Holdings, Inc.(b)(c)

     878,026        7,612,485  

Energy Vault Holdings, Inc.(b)(c)

     4,645,974        7,851,696  

Enovix Corp.(b)(c)

     809,388        8,757,578  

ESS Tech, Inc.(b)(c)

     3,271,414        3,500,413  

Fluence Energy, Inc.(b)

     579,228        10,460,858  

FREYR Battery S.A. (Norway)(b)(c)

     1,320,281        9,334,387  

FTC Solar, Inc.(b)(c)

     4,677,801        12,770,397  

FuelCell Energy, Inc.(b)

     3,281,425        6,169,079  

Nextracker, Inc., Class A(b)

     310,797        9,786,998  

Plug Power, Inc.(b)(c)

     816,781        7,375,532  

SES AI Corp.(b)(c)

     3,231,930        5,268,046  
        Shares         Value  
Electrical Equipment-(continued)

 

Shoals Technologies Group, Inc., Class A(b)

     412,552     $ 8,618,211  

Stem, Inc.(b)(c)

     1,512,675       6,398,615  

SunPower Corp.(b)(c)

     750,332       9,919,389  

Sunrun, Inc.(b)

     536,256       11,282,826  

TPI Composites, Inc.(b)

     854,127       10,557,010  

Tritium DCFC Ltd. (Australia)(b)(c)

     3,208,490       3,186,672  

Wallbox N.V. (Spain)(b)(c)

     2,088,118       5,700,562  
   

 

 

  
      184,552,976  
   

 

 

  

Electronic Equipment, Instruments & Components-4.51%

 

Advanced Energy Industries, Inc.

     96,678       8,362,647  

Bel Fuse, Inc., Class B

     290,744       11,812,929  

Itron, Inc.(b)

     172,023       9,186,028  
   

 

 

  
      29,361,604  
   

 

 

  

Independent Power and Renewable Electricity Producers-8.63%

 

Altus Power, Inc.(b)

     1,793,978       8,144,660  

Azure Power Global Ltd. (India)(b)(c)

     1,596,589       3,448,632  

Brookfield Renewable Corp., Class A

     299,668       10,011,908  

Ormat Technologies, Inc.

     124,607       10,692,527  

ReNew Energy Global PLC, Class A (India)(b)(c)

     2,153,639       11,026,632  

Sunnova Energy International, Inc.(b)

     714,609       12,834,377  
   

 

 

  
      56,158,736  
   

 

 

  

Machinery-3.21%

    

ESCO Technologies, Inc.

     105,816       9,901,203  

Lion Electric Co. (The) (Canada)(b)(c)

     4,951,080       10,991,398  
   

 

 

  
      20,892,601  
   

 

 

  

Metals & Mining-8.22%

    

5E Advanced Materials, Inc.(b)(c)

     1,638,752       6,915,533  

Lithium Americas Corp. (Canada)(b)(c)

     452,064       9,032,239  

MP Materials Corp.(b)

     356,568       7,726,829  

Piedmont Lithium, Inc.(b)

     181,391       10,429,982  

Sigma Lithium Corp. (Brazil)(b)(c)

     282,917       9,848,341  

Standard Lithium Ltd. (Canada)(b)(c)

     2,795,199       9,531,629  
   

 

 

  
      53,484,553  
   

 

 

  

Oil, Gas & Consumable Fuels-0.76%

    

Gevo, Inc.(b)

     4,277,989       4,962,467  
   

 

 

  

Passenger Airlines-1.61%

    

Joby Aviation, Inc.(b)(c)

     2,425,032       10,500,389  
   

 

 

  

Semiconductors & Semiconductor Equipment-12.04%

 

Canadian Solar, Inc. (Canada)(b)

     260,331       9,741,586  

Enphase Energy, Inc.(b)

     45,854       7,529,227  

First Solar, Inc.(b)

     47,621       8,694,642  

JinkoSolar Holding Co. Ltd., ADR (China)(b)

     209,648       10,400,637  

Maxeon Solar Technologies Ltd.(b)(c)

     407,411       11,452,323  

Navitas Semiconductor Corp.(b)

     1,283,841       6,842,873  

SolarEdge Technologies, Inc.(b)

     32,189       9,194,144  

Universal Display Corp.

     59,724       7,970,765  

Wolfspeed, Inc.(b)

     140,336       6,532,641  
   

 

 

  
      78,358,838  
   

 

 

  
 

 

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

 

 

55

  

 

  

 

 

 

Invesco WilderHill Clean Energy ETF (PBW)–(continued)

April 30, 2023

 

        Shares         Value  

Specialty Retail-4.32%

    

EVgo, Inc.(b)(c)

     1,580,125     $ 9,464,949  

NaaS Technology, Inc., ADR (China)(b)(c)

     2,113,132       18,658,955  
   

 

 

  
      28,123,904  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $1,201,083,911)

 

     650,383,852  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-26.14%

 

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

     47,450,266       47,450,266  
        Shares         Value  
Money Market Funds-(continued)    

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    122,663,705     $ 122,663,705  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $170,135,177)

       170,113,971  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-126.07%
(Cost $1,371,219,088)

 

     820,497,823  

OTHER ASSETS LESS LIABILITIES-(26.07)%

 

     (169,664,046 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 650,833,777  
   

 

 

  

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

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

Investments

in Affiliated Money

Market Funds:

                    

Invesco Government &

Agency Portfolio,

Institutional Class

   $ -      $ 55,892,591      $ (55,892,591 )     $ -      $ -      $ -      $ 21,044  

Investments

Purchased with Cash

Collateral from

Securities on Loan:

                    

Invesco Private

Government Fund

     104,086,434        391,974,291        (448,610,459 )       -        -        47,450,266        2,083,313 * 

Invesco Private Prime

Fund

     246,283,566        850,192,607        (973,839,348 )       (54,578 )       81,458        122,663,705        5,728,421 * 

 

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

 

 

56

  

 

  

 

 

 

Invesco WilderHill Clean Energy ETF (PBW)–(continued)

April 30, 2023

 

 

    Value
April 30, 2022		      Purchases
at Cost		      Proceeds
from Sales		      Change in
Unrealized
Appreciation
(Depreciation)		      Realized
Gain
(Loss)		      Value
April 30, 2023		      Dividend
Income		  
Investments in Other Affiliates:                    
American Superconductor Corp.**   $ 10,901,875      $ 8,347,780      $ (14,079,860 )     $ 17,390,674      $ (19,288,239 )     $ 3,272,230      $ -  
Arcimoto, Inc.**     8,451,757        7,103,904        (8,233,695 )       23,512,605        (30,834,571 )       -        -  
ElectraMeccanica Vehicles Corp.**     12,798,781        7,149,251        (13,620,459 )       31,973,102        (38,300,675 )       -        -  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
Total   $ 382,522,413      $ 1,320,660,424      $ (1,514,276,412 )     $ 72,821,803      $ (88,342,027 )     $ 173,386,201      $ 7,832,778  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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.

**

As of April 30, 2023, this security was not considered as an affiliate of the Fund.

 

(e) 

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

(f) 

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

 

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

 

 

57

  

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

    Invesco
Aerospace &
Defense
ETF (PPA)		      Invesco
DWA
Momentum
ETF (PDP)		      Invesco
Global Listed
Private Equity
ETF (PSP)		      Invesco
Golden
Dragon China
ETF (PGJ)		  

Assets:

           

Unaffiliated investments in securities, at value(a)

   $ 1,879,651,357      $ 1,015,183,972      $ 169,348,031      $ 200,411,243  

Affiliated investments in securities, at value

     116,894,972        74,197,300        55,632,052        51,703,621  

Foreign currencies, at value

     -        -        -        -  

Receivable for:

           

Dividends

     648,571        420,485        617,751        396,566  

Securities lending

     13,482        7,549        23,189        52,326  

Investments sold

     -        -        1,209,691        -  

Investments sold-affiliated broker

     -           -        -  

Fund shares sold

     3,211,467        -        52,167        -  

Foreign tax reclaims

     -        -        335,065        -  

Other assets

     21,882        1,035,774        22,755        18,741  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

     2,000,441,731        1,090,845,080        227,240,701        252,582,497  
 

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

           

Other investments:

           

Unrealized depreciation on swap agreements - OTC

     -        -        54,008        -  

Open written options, at value

     -        -        -        -  

Due to custodian

     153        985,780        7,791        -  

Due to foreign custodian

     -        -        101,149        -  

Payable for:

           

Investments purchased

     3,212,113        -        63,026        -  

Investments purchased - affiliated broker

     -        -        -        -  

Collateral upon return of securities loaned

     116,191,277        74,198,457        53,627,323        51,611,324  

Fund shares repurchased

     -        -        -        -  

Swap payables

     -        -        4,566        -  

Expenses recaptured

     -        -        15        -  

Accrued unitary management fees

     -        -        -        -  

Accrued advisory fees

     771,282        421,478        69,692        82,550  

Accrued trustees’ and officer’s fees

     84,095        175,923        88,801        92,480  

Accrued expenses

     686,919        253,297        76,824        255,583  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

     120,945,839        76,034,935        54,093,195        52,041,937  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net Assets

   $ 1,879,495,892      $ 1,014,810,145      $ 173,147,506      $ 200,540,560  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net assets consist of:

           

Shares of beneficial interest

   $ 1,849,696,282      $ 1,792,615,238      $ 322,041,149      $ 600,246,805  

Distributable earnings (loss)

     29,799,610        (777,805,093 )       (148,893,643 )       (399,706,245 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net Assets

   $ 1,879,495,892      $ 1,014,810,145      $ 173,147,506      $ 200,540,560  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

     23,410,000        13,490,000        16,600,000        7,480,000  

Net asset value

   $ 80.29      $ 75.23      $ 10.43      $ 26.81  
 

 

 

     

 

 

     

 

 

     

 

 

  

Market price

   $ 80.29      $ 75.20      $ 10.44      $ 26.82  
 

 

 

     

 

 

     

 

 

     

 

 

  

Unaffiliated investments in securities, at cost

   $ 1,757,129,024      $ 911,948,857      $ 203,646,275      $ 291,823,228  
 

 

 

     

 

 

     

 

 

     

 

 

  

Affiliated investments in securities, at cost

   $ 116,910,167      $ 74,198,457      $ 55,635,089      $ 51,704,386  
 

 

 

     

 

 

     

 

 

     

 

 

  

Foreign currencies (due to foreign custodian), at cost

   $ -      $ -      $ (101,227 )     $ -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Premium received on written options.

   $ -      $ -      $ -      $ -  
 

 

 

     

 

 

     

 

 

     

 

 

  

(a) Includes securities on loan with an aggregate value of:

   $ 114,570,871      $ 73,498,113      $ 52,645,335      $ 51,008,009  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 

58

  

 

  

 

 

 

 

Invesco MSCI

Sustainable Future

ETF (ERTH)

     Invesco
Raymond James
SB-1 Equity ETF
(RYJ)		      Invesco
S&P 500
BuyWrite
ETF (PBP)		      Invesco
S&P 500®
Quality
ETF (SPHQ)		      Invesco
S&P Spin-Off
ETF (CSD)		      Invesco
Water
Resources
ETF (PHO)		      Invesco
WilderHill
Clean Energy
ETF (PBW)		  
                         
$ 279,053,900     $ 118,849,136      $ 95,372,414      $ 4,812,756,951      $ 52,782,774      $ 1,741,599,887      $ 650,383,852  
  64,005,335       38,856,158        50,157        219,010,675        8,472,873        108,423,830        170,113,971  
  419       -        -        -        -        -        -  
  328,487       43,100        82,885        4,376,694        6,077        1,513,266        21,600  
  28,770       9,016        -        24,705        635        12,699        2,414,234  
  2       6,890,638        2,191,902        -        -        -        10,680,885  
  -       -        -        3,507,969        -        -        -  
  -       -        -        11,957,705        -        -        -  
  317,488       754        -        -        -        1,278        -  
  23,047       -        -        602,517        7,877        32,758        53,989  
  343,757,448       164,648,802        97,697,358        5,052,237,216        61,270,236        1,851,583,718        833,668,531  
  -       -        -           -           -  
  -       -        2,054,280        -        -        -        -  
  265,544       7,993        1,287        326,787        -        442        1,113,935  
  -       -        -        -        -           -  
  87       6,853,559        35,567        12,169,518        -        -        -  
  -       -        -        2,504,023        -        -        -  
  64,007,567       38,805,526        -        219,023,888        8,406,845        107,478,614        170,135,177  
  -       -        2,147,574        -        -        -        10,679,510  
  -       -        -        -        -        -        -  
  -       -        -        -        -        -        22,867  
  -       73,054        39,190        -        -        -        -  
  103,513       -        -        403,604        9,378        715,861        288,516  
  61,853       -        -        111,772        9,337        226,308        117,305  
  39,112       -        -        206,831        101,020        972,019        477,444  
  64,477,676       45,740,132        4,277,898        234,746,423        8,526,580        109,393,244        182,834,754  
$ 279,279,772     $ 118,908,670      $ 93,419,460      $ 4,817,490,793      $ 52,743,656      $ 1,742,190,474      $ 650,833,777  
                         
$ 390,187,337     $ 186,119,377      $ 102,928,519      $ 5,065,850,921      $ 205,839,859      $ 1,852,917,530      $ 2,381,726,775  
  (110,907,565 )      (67,210,707 )       (9,509,059 )       (248,360,128 )       (153,096,203 )       (110,727,056 )       (1,730,892,998 ) 
$ 279,279,772     $ 118,908,670      $ 93,419,460      $ 4,817,490,793      $ 52,743,656      $ 1,742,190,474      $ 650,833,777  
  6,000,000       2,152,822        4,350,000        100,140,000        950,000        33,120,000        18,368,273  
$ 46.55     $ 55.23      $ 21.48      $ 48.11      $ 55.52      $ 52.60      $ 35.43  
$ 46.53     $ 55.22      $ 21.47      $ 48.11      $ 55.50      $ 52.58      $ 35.41  
$ 353,777,256     $ 107,284,572      $ 87,311,873      $ 4,319,739,989      $ 45,600,231      $ 1,500,972,228      $ 1,201,083,911  
$ 64,007,567     $ 38,858,394      $ 66,324      $ 219,023,888      $ 8,472,933      $ 108,424,932      $ 170,135,177  
$ 774     $ -      $ -      $ -      $ -      $ -      $ -  
$ -     $ -      $ 1,740,036      $ -      $ -      $ -      $ -  
$ 61,929,505     $ 38,281,634      $ -      $ 217,813,210      $ 8,291,099      $ 105,851,643      $ 165,470,736  

 

 

 

59

  

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

 

    Invesco
Aerospace &
Defense
ETF (PPA)		      Invesco
DWA
Momentum
ETF (PDP)		      Invesco
Global Listed
Private Equity
ETF (PSP)		      Invesco
Golden
Dragon China
ETF (PGJ)		  
Investment income:           

Unaffiliated dividend income

   $ 18,783,639      $ 14,150,443      $ 6,413,407      $ 2,099,020  

Affiliated dividend income

     28,029        14,932        47,982        5,990  

Securities lending income, net

     2,816,159        310,751        461,294        1,265,461  

Foreign withholding tax

     (73,748 )       -        (403,287 )       (10,535 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Total investment income

     21,554,079        14,476,126        6,519,396        3,359,936  
 

 

 

     

 

 

     

 

 

     

 

 

  
Expenses:           

Unitary management fees

     -        -        -        -  

Advisory fees

     7,808,550        5,495,863        935,466        1,210,904  

Sub-licensing fees

     937,008        1,099,165        187,092        242,179  

Accounting & administration fees

     99,404        88,397        25,170        30,952  

Professional fees

     45,802        44,392        34,700        42,765  

Custodian & transfer agent fees

     14,590        11,968        15,587        220,452  

Trustees’ and officer’s fees

     14,659        5,735        2,892        2,828  

Tax expenses

     -        -        -        -  

Other expenses

     88,855        109,297        59,711        42,816  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

     9,008,868        6,854,817        1,260,618        1,792,896  
 

 

 

     

 

 

     

 

 

     

 

 

  

Less: Waivers

     (801 )       (540 )       (1,465 )       (97,843 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net expenses

     9,008,067        6,854,277        1,259,153        1,695,053  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     12,546,012        7,621,849        5,260,243        1,664,883  
 

 

 

     

 

 

     

 

 

     

 

 

  
Realized and unrealized gain (loss) from:           

Net realized gain (loss) from:

           

Unaffiliated investment securities

     (48,081,214 )       (196,849,187 )       (23,762,331 )       (61,105,784 ) 

Affiliated investment securities

     28,202        (2,852 )       1,841        5,194  

Unaffiliated in-kind redemptions

     105,524,487        13,404,925        13,122,957        11,511,397  

Affiliated in-kind redemptions

     -        -        -        -  

Short Sales

     -        -        -        -  

Foreign currencies

     -        -        (42,298 )       -  

Swap agreements

     -        -        (473,567 )       -  

Written options

     -        -        -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net realized gain (loss)

     57,471,475        (183,447,114 )       (11,153,398 )       (49,589,193 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Change in net unrealized appreciation (depreciation) of:

           

Unaffiliated investment securities

     101,864,532        184,041,248        (6,716,234 )       37,092,907  

Affiliated investment securities

     (17,476 )       (1,366 )       (3,257 )       (5,281 ) 

Foreign currencies

     -        -        61,938        -  

Swap agreements

     -        -        43,320        -  

Written options

     -        -        -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Change in net unrealized appreciation (depreciation)

     101,847,056        184,039,882        (6,614,233 )       37,087,626  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net realized and unrealized gain (loss)

     159,318,531        592,768        (17,767,631 )       (12,501,567 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

   $ 171,864,543      $ 8,214,617      $ (12,507,388 )     $ (10,836,684 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 

60

  

 

  

 

 

 

 

 

Invesco MSCI
Sustainable Future
ETF (ERTH)

     Invesco
Raymond James
SB-1 Equity ETF
(RYJ)		     Invesco
S&P 500
BuyWrite
ETF (PBP)		     Invesco
S&P 500®
Quality
ETF (SPHQ)		     Invesco
S&P Spin-Off
ETF (CSD)		     Invesco
Water
Resources
ETF (PHO)		     Invesco
WilderHill Clean
Energy
ETF (PBW)		  
           
$ 5,287,621     $ 2,066,530     $ 1,933,209     $ 74,193,803     $ 868,407     $ 19,661,159     $ 2,360,818  
  2,504       1,199       2,343       46,713       3,207       36,717       21,044  
  500,878       88,696       -       322,218       10,531       110,808       40,021,144  
  (349,417 )      (3,441 )      (473 )      (18,243 )      -       (8,283 )      (326,357 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  5,441,586       2,152,984       1,935,079       74,544,491       882,145       19,800,401       42,076,649  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                    
  -       898,075       540,725       -       -       -       -  
  1,670,047       -       -       5,666,745       279,901       8,447,597       4,744,294  
  20,876       -       -       904,148       27,991       1,267,146       948,852  
  38,321       -       -       344,136       16,247       140,284       133,553  
  62,039       -       -       62,240       33,691       47,974       44,409  
  134,819       -       -       51,020       4,421       3,791       127,559  
  6,475       -       -       34,046       7,773       6,504       8,741  
  -       -       -       -       -       -       608  
  125,743       -       -       237,980       28,390       148,300       236,562  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  2,058,320       898,075       540,725       7,300,315       398,414       10,061,596       6,244,578  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (33,489 )      (36 )      (42 )      (1,635,164 )      (34,626 )      (1,056 )      (784 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  2,024,831       898,039       540,683       5,665,151       363,788       10,060,540       6,243,794  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  3,416,755       1,254,945       1,394,396       68,879,340       518,357       9,739,861       35,832,855  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                    
  (33,893,423 )      (11,742,529 )      (4,481,842 )      (578,500,926 )      (6,034,930 )      (75,056,954 )      (608,989,220 ) 
  2,396       5,216       (3,149 )      (6,289 )      1,227       (8,611 )      (88,342,027 ) 
  18,808,857       4,657,321       27,275,258       189,382,429       4,245,340       101,762,859       65,354,902  
  -       -       890       -       -       -       -  
  -       -       (11,937 )      -       -       -       -  
  (71,717 )      -       -       -       -       -       -  
  -       -       -       -       -       -       -  
  -       -       (3,389,736 )      -       -       -       -  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (15,153,887 )      (7,079,992 )      19,389,484       (389,124,786 )      (1,788,363 )      26,697,294       (631,976,345 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (37,004,368 )      4,197,738       (21,606,187 )      550,645,492       274,753       91,445,602       221,106,175  
  (2,712 )      (4,185 )      2,592       (27,096 )      (61 )      (1,102 )      76,796,380  
  27,400       -       -       -       -       -       -  
  -       -       -       -       -       -       -  
  -       -       (3,029,623 )      -       -       -       -  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (36,979,680 )      4,193,553       (24,633,218 )      550,618,396       274,692       91,444,500       297,902,555  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (52,133,567 )      (2,886,439 )      (5,243,734 )      161,493,610       (1,513,671 )      118,141,794       (334,073,790 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ (48,716,812 )    $ (1,631,494 )    $ (3,849,338 )    $ 230,372,950     $ (995,314 )    $ 127,881,655     $ (298,240,935 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

61

  

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

 

    Invesco Aerospace & Defense
ETF (PPA)		      Invesco DWA Momentum
ETF (PDP)		  
    2023      2022      2023      2022  
Operations:           

Net investment income (loss)

   $ 12,546,012      $ 4,657,496      $ 7,621,849      $ (2,402,291 ) 

Net realized gain (loss)

     57,471,475        52,491,256        (183,447,114 )       56,794,585  

Change in net unrealized appreciation (depreciation)

     101,847,056        (128,364,883 )       184,039,882        (307,621,573 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     171,864,543        (71,216,131 )       8,214,617        (253,229,279 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (13,151,371 )       (4,267,913 )       (6,541,547 )       -  
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold

     736,605,724        984,265,515        60,796,731        1,703,552,968  

Value of shares repurchased

     (472,233,238 )       (195,766,267 )       (274,187,348 )       (2,012,832,969 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     264,372,486        788,499,248        (213,390,617 )       (309,280,001 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     423,085,658        713,015,204        (211,717,547 )       (562,509,280 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     1,456,410,234        743,395,030        1,226,527,692        1,789,036,972  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 1,879,495,892      $ 1,456,410,234      $ 1,014,810,145      $ 1,226,527,692  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     9,790,000        12,760,000        810,000        18,770,000  

Shares repurchased

     (6,420,000 )       (2,630,000 )       (3,770,000 )       (22,770,000 ) 

Shares outstanding, beginning of year

     20,040,000        9,910,000        16,450,000        20,450,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     23,410,000        20,040,000        13,490,000        16,450,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 

62

  

 

  

 

 

 

 

 

Invesco Global Listed Private
Equity ETF (PSP)		     Invesco Golden Dragon
China ETF (PGJ)		     Invesco MSCI Sustainable
Future ETF (ERTH)		     Invesco Raymond James SB-1
Equity ETF (RYJ)		  
2023     2022     2023     2022     2023     2022     2023     2022  
             
$ 5,260,243     $ 6,973,925     $ 1,664,883     $ 797,148     $ 3,416,755     $ 3,556,707     $ 1,254,945     $ 852,164  
  (11,153,398 )      26,589,776       (49,589,193 )      (16,708,153 )      (15,153,887 )      10,279,351       (7,079,992 )      19,535,352  
  (6,614,233 )      (85,955,218 )      37,087,626       (169,087,371 )      (36,979,680 )      (87,176,938 )      4,193,553       (29,169,464 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (12,507,388 )      (52,391,517 )      (10,836,684 )      (184,998,376 )      (48,716,812 )      (73,340,880 )      (1,631,494 )      (8,781,948 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                      
  (2,967,539 )      (27,104,093 )      (2,158,845 )      -       (3,982,357 )      (62,642,968 )      (849,008 )      (729,997 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  125,235,216       98,337,239       77,206,276       187,483,856       24,355,050       130,708,572       16,530,016       40,714,492  
  (131,737,487 )      (58,069,507 )      (102,675,701 )      (37,774,624 )      (79,113,153 )      (94,794,820 )      (16,495,059 )      (51,078,058 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                      
  (6,502,271 )      40,267,732       (25,469,425 )      149,709,232       (54,758,103 )      35,913,752       34,957       (10,363,566 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (21,977,198 )      (39,227,878 )      (38,464,954 )      (35,289,144 )      (107,457,272 )      (100,070,096 )      (2,445,545 )      (19,875,511 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
             
  195,124,704       234,352,582       239,005,514       274,294,658       386,737,044       486,807,140       121,354,215       141,229,726  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 173,147,506     $ 195,124,704     $ 200,540,560     $ 239,005,514     $ 279,279,772     $ 386,737,044     $ 118,908,670     $ 121,354,215  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                      
  12,500,000       6,350,000       2,700,000       5,230,000       450,000       1,900,000       280,000       660,000  
  (13,250,000 )      (4,000,000 )      (3,900,000 )      (870,000 )      (1,500,000 )      (1,350,000 )      (280,000 )      (830,000 ) 
  17,350,000       15,000,000       8,680,000       4,320,000       7,050,000       6,500,000       2,152,822       2,322,822  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  16,600,000       17,350,000       7,480,000       8,680,000       6,000,000       7,050,000       2,152,822       2,152,822  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

63

  

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

 

    Invesco S&P 500

BuyWrite ETF (PBP)		      Invesco S&P 500® Quality
ETF (SPHQ)		  
    2023      2022      2023      2022  
Operations:           

Net investment income

   $ 1,394,396      $ 1,546,284      $ 68,879,340      $ 46,977,249  

Net realized gain (loss)

     19,389,484        47,822,543        (389,124,786 )       510,517,542  

Change in net unrealized appreciation (depreciation)

     (24,633,218 )       (35,943,392 )       550,618,396        (582,787,059 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     (3,849,338 )       13,425,435        230,372,950        (25,292,268 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (1,438,993 )       (11,042,019 )       (70,243,548 )       (44,708,736 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold

     30,632,738        44,741,889        2,576,253,855        3,017,069,728  

Value of shares repurchased

     (69,971,794 )       (76,896,678 )       (1,576,680,180 )       (1,959,498,965 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     (39,339,056 )       (32,154,789 )       999,573,675        1,057,570,763  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     (44,627,387 )       (29,771,373 )       1,159,703,077        987,569,759  
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     138,046,847        167,818,220        3,657,787,716        2,670,217,957  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 93,419,460      $ 138,046,847      $ 4,817,490,793      $ 3,657,787,716  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     1,500,000        1,950,000        57,550,000        60,470,000  

Shares repurchased

     (3,400,000 )       (3,400,000 )       (36,290,000 )       (39,980,000 ) 

Shares outstanding, beginning of year

     6,250,000        7,700,000        78,880,000        58,390,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     4,350,000        6,250,000        100,140,000        78,880,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 

64

  

 

  

 

 

 

 

 

Invesco S&P Spin-Off
ETF (CSD)		     Invesco Water Resources
ETF (PHO)		     Invesco WilderHill Clean
Energy ETF (PBW)		  
2023     2022     2023     2022     2023     2022  
$ 518,357     $ 443,908     $ 9,739,861     $ 4,736,431     $ 35,832,855     $ 20,751,444  
  (1,788,363 )      (54,631 )      26,697,294       225,596,434       (631,976,345 )      (255,724,106 ) 
  274,692       (8,802,589 )      91,444,500       (367,552,552 )      297,902,555       (572,211,383 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (995,314 )      (8,413,312 )      127,881,655       (137,219,687 )      (298,240,935 )      (807,184,045 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (459,000 )      (531,999 )      (9,687,113 )      (4,449,322 )      (38,198,585 )      (31,654,543 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  5,551,868       644,755       233,810,160       593,002,133       1,115,865,815       1,706,005,079  
  (16,190,099 )      (2,411,194 )      (267,890,874 )      (397,668,565 )      (1,198,860,073 )      (1,993,294,808 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (10,638,231 )      (1,766,439 )      (34,080,714 )      195,333,568       (82,994,258 )      (287,289,729 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (12,092,545 )      (10,711,750 )      84,113,828       53,664,559       (419,433,778 )      (1,126,128,317 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  64,836,201       75,547,951       1,658,076,646       1,604,412,087       1,070,267,555       2,196,395,872  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 52,743,656     $ 64,836,201     $ 1,742,190,474     $ 1,658,076,646     $ 650,833,777     $ 1,070,267,555  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  100,000       10,000       4,400,000       10,520,000       22,890,000       23,700,000  
  (290,000 )      (40,000 )      (5,270,000 )      (7,280,000 )      (25,510,000 )      (27,710,000 ) 
  1,140,000       1,170,000       33,990,000       30,750,000       20,988,273       24,998,273  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  950,000       1,140,000       33,120,000       33,990,000       18,368,273       20,988,273  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

65

  

 

  

 

 

 

Financial Highlights

 

Invesco Aerospace & Defense ETF (PPA)

 

    Years Ended April 30,  
    2023      2022     2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 72.68      $ 75.01     $ 53.88      $ 61.93     $ 55.62  

Net investment income(a)

     0.61        0.44       0.44        0.80       0.49  

Net realized and unrealized gain (loss) on investments

     7.66        (2.38 )      21.13        (7.98 )      6.30  

Total from investment operations

     8.27        (1.94 )      21.57        (7.18 )      6.79  

Distributions to shareholders from:

            

Net investment income

     (0.66 )       (0.39 )      (0.44 )       (0.87 )      (0.48 ) 

Net asset value at end of year

   $ 80.29      $ 72.68     $ 75.01      $ 53.88     $ 61.93  

Market price at end of year(b)

   $ 80.29      $ 72.65     $ 74.97      $ 53.98     $ 61.94  
Net Asset Value Total Return(c)     11.51 %       (2.59 )%      40.21 %       (11.64 )%      12.33 % 
Market Price Total Return(c)     11.55 %       (2.58 )%      39.87 %       (11.48 )%      12.27 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 1,879,496      $ 1,456,410     $ 743,395      $ 708,521     $ 938,246  

Ratio to average net assets of:

            

Expenses

     0.58 %       0.58 %      0.61 %       0.59 %      0.59 % 

Net investment income

     0.80 %       0.59 %      0.71 %       1.22 %      0.86 % 

Portfolio turnover rate(d)

     19 %       26 %      22 %       18 %      15 % 

 

(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) 

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.

Invesco DWA Momentum ETF (PDP)

 

    Years Ended April 30,  
    2023      2022     2021     2020      2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 74.56      $ 87.48     $ 60.60     $ 58.78      $ 52.66  

Net investment income (loss)(a)

     0.51        (0.12 )      (0.15 )      0.19        0.11  

Net realized and unrealized gain (loss) on investments

     0.61        (12.80 )      27.05       1.86        6.10  

Total from investment operations.

     1.12        (12.92 )      26.90       2.05        6.21  

Distributions to shareholders from:

            

Net investment income

     (0.45 )       -       (0.02 )      (0.23 )       (0.09 ) 

Net asset value at end of year

   $ 75.23      $ 74.56     $ 87.48     $ 60.60      $ 58.78  

Market price at end of year(b)

   $ 75.20      $ 74.53     $ 87.44     $ 60.68      $ 58.79  
Net Asset Value Total Return(c)     1.52 %       (14.77 )%      44.41 %      3.53 %       11.81 % 
Market Price Total Return(c)     1.52 %       (14.77 )%      44.15 %      3.65 %       11.70 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 1,014,810      $ 1,226,528     $ 1,789,037     $ 1,290,768      $ 1,545,947  

Ratio to average net assets of:

            

Expenses

     0.62 %       0.62 %      0.62 %      0.62 %       0.62 % 

Net investment income (loss)

     0.69 %       (0.14 )%      (0.18 )%      0.32 %       0.20 % 

Portfolio turnover rate(d)

     140 %       173 %      124 %      82 %       82 % 

 

(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) 

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.

 

 

66

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco Global Listed Private Equity ETF (PSP)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 11.25     $ 15.62     $ 9.31      $ 12.10     $ 12.19  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.28       0.41       0.30        0.52 (b)      0.32  

Net realized and unrealized gain (loss) on investments

     (0.93 )      (3.17 )      6.53        (2.36 )      (0.03 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     (0.65 )      (2.76 )      6.83        (1.84 )      0.29  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (0.17 )      (1.61 )      (0.52 )       (0.95 )      (0.38 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 10.43     $ 11.25     $ 15.62      $ 9.31     $ 12.10  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(c)

   $ 10.44     $ 11.27     $ 15.60      $ 9.32     $ 12.13  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
Net Asset Value Total Return(d)     (5.65 )%      (19.85 )%      75.17 %       (15.82 )%      2.28 % 
Market Price Total Return(d)     (5.73 )%      (19.61 )%      74.76 %       (15.92 )%      2.36 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 173,148     $ 195,125     $ 234,353      $ 141,534     $ 244,443  

Ratio to average net assets of:

           

Expenses, after Waivers(e)

     0.67 %      0.65 %      0.68 %       0.63 %      0.64 % 

Expenses, prior to Waivers(e)

     0.67 %      0.65 %      0.69 %       0.65 %      0.66 % 

Net investment income

     2.81 %      2.73 %      2.42 %       4.47 %(b)      2.79 % 

Portfolio turnover rate(f)

     38 %      62 %      47 %       50 %      64 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 2.82%, respectively.

(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) 

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.

(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.

 

 

67

  

 

  

 

 

 

Financial Highlights-(continued)

 

Invesco Golden Dragon China ETF (PGJ)

 

    Years Ended April 30  
    2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 27.54     $ 63.49     $ 40.36     $ 42.08     $ 45.58  

Net investment income (loss)(a)

     0.19       0.14       (0.12 )      0.16       0.11  

Net realized and unrealized gain (loss) on investments

     (0.67 )      (36.09 )      23.36       (1.72 )      (3.51 ) 

Total from investment operations

     (0.48 )      (35.95 )      23.24       (1.56 )      (3.40 ) 

Distributions to shareholders from:

          

Net investment income

     (0.25 )      -       (0.11 )      (0.16 )      (0.10 ) 

Net asset value at end of year

   $ 26.81     $ 27.54     $ 63.49     $ 40.36     $ 42.08  

Market price at end of year(b)

   $ 26.82     $ 27.57     $ 63.52     $ 40.32     $ 42.11  
Net Asset Value Total Return(c)     (1.80 )%      (56.62 )%      57.61 %      (3.67 )%      (7.46 )% 
Market Price Total Return(c)     (1.88 )%      (56.60 )%      57.84 %      (3.83 )%      (7.39 )% 
Ratios/Supplemental Data:          

Net assets at end of year (000’s omitted)

   $ 200,541     $ 239,006     $ 274,295     $ 161,450     $ 216,730  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.70 %      0.70 %      0.69 %      0.70 %(d)      0.70 % 

Expenses, prior to Waivers

     0.74 %      0.71 %      0.69 %      0.71 %(d)      0.70 % 

Net investment income (loss)

     0.69 %      0.35 %      (0.20 )%      0.40 %(d)      0.27 % 

Portfolio turnover rate(e)

     24 %      42 %      40 %      30 %      36 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

(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.

 

 

68

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco MSCI Sustainable Future ETF (ERTH)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 54.86     $ 74.89     $ 42.68      $ 45.03     $ 42.12  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.53       0.54       0.10        0.23       0.19  

Net realized and unrealized gain (loss) on investments

     (8.25 )      (10.40 )      32.29        (2.25 )      2.95  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total from investment operations

     (7.72 )      (9.86 )      32.39        (2.02 )      3.14  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

           

Net investment income

     (0.59 )      (0.52 )      (0.18 )       (0.33 )      (0.23 ) 

Net realized gains

     -       (9.65 )      -        -       -  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total distributions

     (0.59 )      (10.17 )      (0.18 )       (0.33 )      (0.23 ) 
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 46.55     $ 54.86     $ 74.89      $ 42.68     $ 45.03  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

   $ 46.53     $ 54.67     $ 74.75      $ 42.74     $ 45.21  
 

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net Asset Value Total Return(c)

     (14.22 )%      (15.38 )%      75.99 %       (4.49 )%      7.48 % 

Market Price Total Return(c)

     (13.95 )%      (15.57 )%      75.42 %       (4.73 )%      7.55 % 

Ratios/Supplemental Data:

           

Net assets at end of year (000’s omitted)

   $ 279,280     $ 386,737     $ 486,807      $ 224,059     $ 180,121  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.61 %(d)      0.55 %      0.61 %       0.65 %      0.68 % 

Expenses, prior to Waivers

     0.62 %(d)      0.55 %      0.61 %       0.65 %      0.68 % 

Net investment income

     1.02 %      0.83 %      0.16 %       0.51 %      0.47 % 

Portfolio turnover rate(e)

     37 %      30 %      140 %       75 %      21 % 

 

(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) 

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.

 

 

69

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco Raymond James SB-1 Equity ETF (RYJ)

 

                                                               
    Years Ended April 30,     Eight Months Ended
April  30,
2019		      Year Ended August  31,
2018		  
    2023     2022     2021     2020  

Per Share Operating Performance:

                      

Net asset value at beginning of year

   $ 56.37     $ 60.80     $ 34.18     $ 45.30                  $ 49.24                       $ 39.34            

Net investment income(a)

     0.58       0.38       0.23       0.33         0.13            0.27     

Net realized and unrealized gain (loss) on investments

     (1.33 )      (4.48 )      26.53       (11.35 )        (3.55 )           9.63     

Total from investment operations

     (0.75 )      (4.10 )      26.76       (11.02 )        (3.42 )           9.90     

Distributions to shareholders from:

                      

Net investment income

     (0.39 )      (0.33 )      (0.14 )      (0.10 )        (0.52 )           -     

Net asset value at end of year

   $ 55.23     $ 56.37     $ 60.80     $ 34.18       $ 45.30          $ 49.24     

Market price at end of year(b)

   $ 55.22     $ 56.30     $ 60.81     $ 34.22       $ 45.30          $ 49.19 (b)    
Net Asset Value Total Return(c)     (1.30 )%      (6.78 )%      78.39 %      (24.40 )%        (6.60 )%           25.16 %    
Market Price Total Return(c)     (1.19 )%      (6.90 )%      78.21 %      (24.31 )%        (6.51 )%           25.10 %    
Ratios/Supplemental Data:                      

Net assets at end of year (000’s omitted)

   $ 118,909     $ 121,354     $ 141,230     $ 101,604       $ 173,156          $ 200,560     

Ratio to average net assets of:

                      

Expenses

     0.75 %(d)      0.75 %      0.75 %(d)      0.75 %        0.75 %(d)(e)           0.71 %    

Net investment income

     1.05 %      0.62 %      0.49 %      0.78 %        0.44 %(e)           0.60 %    

Portfolio turnover rate(f)

     104 %      92 %      110 %      114 %        65 %           82 %    

 

(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.

 

 

70

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P 500 BuyWrite ETF (PBP)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 22.09     $ 21.79      $ 17.45      $ 21.39     $ 21.29  

Net investment income(a)

     0.26       0.21        0.23        0.33       0.32  

Net realized and unrealized gain (loss) on investments

     (0.60 )      1.57        4.35        (3.05 )      0.32  

Total from investment operations

     (0.34 )      1.78        4.58        (2.72 )      0.64  

Distributions to shareholders from:

            

Net investment income

     (0.27 )      (0.24 )       (0.24 )       (0.36 )      (0.31 ) 

Net realized gains

     -       (1.24 )       -        (0.86 )      (0.23 ) 

Total distributions

     (0.27 )      (1.48 )       (0.24 )       (1.22 )      (0.54 ) 

Net asset value at end of year

   $ 21.48     $ 22.09      $ 21.79      $ 17.45     $ 21.39  

Market price at end of year(b)

   $ 21.47     $ 22.02      $ 21.76      $ 17.40     $ 21.39  
Net Asset Value Total Return(c)     (1.47 )%      8.06 %       26.40 %       (13.62 )%      3.16 % 
Market Price Total Return(c)     (1.21 )%      7.86 %       26.59 %       (13.85 )%      2.97 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 93,419     $ 138,047      $ 167,818      $ 192,813     $ 320,778  

Ratio to average net assets of:

            

Expenses

     0.49 %      0.49 %       0.49 %       0.49 %      0.53 % 

Net investment income

     1.26 %      0.92 %       1.19 %       1.56 %      1.47 % 

Portfolio turnover rate(d)

     38 %      33 %       19 %       19 %      15 % 

 

(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) 

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.

Invesco S&P 500® Quality ETF (SPHQ)

 

    Years Ended April 30,  
    2023      2022      2021      2020      2019  

Per Share Operating Performance:

              

Net asset value at beginning of year

   $ 46.37      $ 45.73      $ 33.61      $ 33.29      $ 29.53  

Net investment income(a)

     0.82        0.70        0.63        0.61        0.51  

Net realized and unrealized gain on investments

     1.76        0.60        12.11        0.35        3.75  

Total from investment operations

     2.58        1.30        12.74        0.96        4.26  

Distributions to shareholders from:

              

Net investment income

     (0.84 )       (0.66 )       (0.62 )       (0.64 )       (0.50 ) 

Net asset value at end of year

   $ 48.11      $ 46.37      $ 45.73      $ 33.61      $ 33.29  

Market price at end of year(b)

   $ 48.11      $ 46.36      $ 45.75      $ 33.62      $ 33.30  
Net Asset Value Total Return(c)     5.78 %       2.76 %       38.23 %       3.03 %       14.63 % 
Market Price Total Return(c)     5.80 %       2.70 %       38.26 %       3.03 %       14.59 % 
Ratios/Supplemental Data:              

Net assets at end of year (000’s omitted)

   $ 4,817,491      $ 3,657,788      $ 2,670,218      $ 1,756,210      $ 1,469,785  

Ratio to average net assets of:

              

Expenses, after Waivers

     0.15 %       0.15 %       0.15 %       0.15 %       0.19 % 

Expenses, prior to Waivers

     0.19 %       0.19 %       0.19 %       0.21 %       0.26 % 

Net investment income

     1.82 %       1.40 %       1.59 %       1.79 %       1.67 % 

Portfolio turnover rate(d)

     65 %       48 %       57 %       56 %       73 % 

 

(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) 

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.

 

 

71

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P Spin-Off ETF (CSD)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 56.87     $ 64.57     $ 34.38      $ 52.43     $ 52.61  

Net investment income(a)

     0.50       0.38       0.33        0.58       0.43  

Net realized and unrealized gain (loss) on investments

     (1.40 )      (7.63 )      30.41        (18.08 )      (0.19 ) 

Total from investment operations

     (0.90 )      (7.25 )      30.74        (17.50 )      0.24  

Distributions to shareholders from:

           

Net investment income

     (0.45 )      (0.45 )      (0.55 )       (0.55 )      (0.42 ) 

Net asset value at end of year

   $ 55.52     $ 56.87     $ 64.57      $ 34.38     $ 52.43  

Market price at end of year(b)

   $ 55.50     $ 56.92     $ 64.57      $ 34.41     $ 52.41  
Net Asset Value Total Return(c)     (1.53 )%      (11.24 )%      89.69 %       (33.72 )%      0.71 % 
Market Price Total Return(c)     (1.65 )%      (11.16 )%      89.53 %       (33.64 )%      0.78 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 52,744     $ 64,836     $ 75,548      $ 58,447     $ 146,814  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.65 %      0.65 %      0.65 %       0.62 %      0.62 % 

Expenses, prior to Waivers

     0.71 %      0.65 %      0.68 %       0.62 %      0.62 % 

Net investment income

     0.93 %      0.60 %      0.68 %       1.27 %      0.84 % 

Portfolio turnover rate(d)

     106 %      68 %      57 %       55 %      49 % 

 

(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) 

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.

Invesco Water Resources ETF (PHO)

 

    Years Ended April 30,  
    2023      2022     2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 48.78      $ 52.18     $ 34.44      $ 34.67     $ 30.09  

Net investment income(a)

     0.29        0.14       0.17        0.15       0.16  

Net realized and unrealized gain (loss) on investments

     3.82        (3.41 )      17.74        (0.18 )      4.55  

Total from investment operations

     4.11        (3.27 )      17.91        (0.03 )      4.71  

Distributions to shareholders from:

            

Net investment income

     (0.29 )       (0.13 )      (0.17 )       (0.20 )      (0.13 ) 

Net asset value at end of year

   $ 52.60      $ 48.78     $ 52.18      $ 34.44     $ 34.67  

Market price at end of year(b)

   $ 52.58      $ 48.78     $ 52.17      $ 34.49     $ 34.70  
Net Asset Value Total Return(c)     8.46 %       (6.29 )%      52.15 %       (0.07 )%      15.74 % 
Market Price Total Return(c)     8.42 %       (6.27 )%      51.90 %       (0.01 )%      15.84 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 1,742,190      $ 1,658,077     $ 1,604,412      $ 991,846     $ 941,269  

Ratio to average net assets of:

            

Expenses

     0.60 %       0.59 %      0.60 %       0.60 %      0.60 % 

Net investment income

     0.58 %       0.25 %      0.39 %       0.42 %      0.51 % 

Portfolio turnover rate(d)

     32 %       29 %      22 %       26 %      31 % 

 

(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) 

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.

 

 

72

  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco WilderHill Clean Energy ETF (PBW)

 

    Years Ended April 30,  
    2023     2022     2021      2020      2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 50.99     $ 87.86     $ 31.91      $ 28.30      $ 24.64  

Net investment income(a)

     1.77       0.93       0.61        0.49        0.39  

Net realized and unrealized gain (loss) on investments

     (15.53 )      (36.46 )      55.82        3.73        3.66  

Total from investment operations

     (13.76 )      (35.53 )      56.43        4.22        4.05  

Distributions to shareholders from:

            

Net investment income

     (1.80 )      (1.34 )      (0.48 )       (0.61 )       (0.39 ) 

Net asset value at end of year

   $ 35.43     $ 50.99     $ 87.86      $ 31.91      $ 28.30  

Market price at end of year(b)

   $ 35.41     $ 50.92     $ 87.72      $ 31.93      $ 28.31  

Net Asset Value Total Return(c)

     (27.59 )%      (40.88 )%      176.87 %       15.13 %       16.76 % 

Market Price Total Return(c)

     (27.52 )%      (40.86 )%      176.26 %       15.16 %       16.70 % 

Ratios/Supplemental Data:

            

Net assets at end of year (000’s omitted)

   $ 650,834     $ 1,070,268     $ 2,196,396      $ 247,876      $ 144,857  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.66 %      0.62 %      0.61 %       0.70 %       0.70 % 

Expenses, prior to Waivers

     0.66 %      0.62 %      0.61 %       0.70 %       0.71 % 

Net investment income

     3.78 %      1.23 %      0.71 %       1.57 %       1.56 % 

Portfolio turnover rate(d)

     55 %      60 %      81 %       40 %       40 % 

 

(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) 

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.

 

 

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Notes to Financial Statements

Invesco Exchange–Traded Fund Trust

April 30, 2023

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 Aerospace & Defense ETF (PPA)

    “Aerospace & Defense ETF”

Invesco DWA Momentum ETF (PDP)

    “DWA Momentum ETF”

Invesco Global Listed Private Equity ETF (PSP)

    “Global Listed Private Equity ETF”

Invesco Golden Dragon China ETF (PGJ)

    “Golden Dragon China ETF”

Invesco MSCI Sustainable Future ETF (ERTH)

    “MSCI Sustainable Future ETF”

Invesco Raymond James SB-1 Equity ETF (RYJ)

    “Raymond James SB-1 Equity ETF”

Invesco S&P 500 BuyWrite ETF (PBP)

    “S&P 500 BuyWrite ETF”

Invesco S&P 500® Quality ETF (SPHQ)

    “S&P 500® Quality ETF”

Invesco S&P Spin-Off ETF (CSD)

    “S&P Spin-Off ETF”

Invesco Water Resources ETF (PHO)

    “Water Resources ETF”

Invesco WilderHill Clean Energy ETF (PBW)

    “WilderHill Clean Energy 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 NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on 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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

Aerospace & Defense ETF

    SPADE® Defense Index

DWA Momentum ETF

    Dorsey Wright® Technical Leaders Index

Global Listed Private Equity ETF

    Red Rocks Global Listed Private Equity Index

Golden Dragon China ETF

    NASDAQ Golden Dragon China Index

MSCI Sustainable Future ETF

    MSCI Global Environment Select Index

Raymond James SB-1 Equity ETF

    Raymond James SB-1 Equity index

S&P 500 BuyWrite ETF

    CBOE S&P 500 BuyWrite IndexSM

S&P 500® Quality ETF

    S&P 500® Quality Index

S&P Spin-Off ETF

    S&P U.S. Spin-Off Index

Water Resources ETF

    NASDAQ OMX US Water IndexSM

WilderHill Clean Energy ETF

    WilderHill Clean Energy Index

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 Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

 

 

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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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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

 

 

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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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 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 include whether each Fund’s Underlying Index has made a country determination and 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 Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to 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

 

 

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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, partnerships 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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended April 30, 2023, the Funds did not enter into any closing agreements.

G.

Expenses - Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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 acquired fund fees and expenses, if any, and 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).

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for 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).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific 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 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.

H.

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.

I.

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

 

 

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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.

J.

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 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 fiscal year ended April 30, 2023, each Fund (except for S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

 

   

Amount

  

Aerospace & Defense ETF

     $16,490  

DWA Momentum ETF

     25,515  

Global Listed Private Equity ETF

     13,806  

Golden Dragon China ETF

     71,620  

MSCI Sustainable Future ETF

     17,562  

Raymond James SB-1 Equity ETF

     5,922  

S&P 500® Quality ETF

     22,707  

S&P Spin-Off ETF

     727  

Water Resources ETF

     5,196  

WilderHill Clean Energy ETF

     2,158,796  

 

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. 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

 

 

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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.

L.

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.

M.

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 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

 

 

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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. 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.

N. 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.

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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

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

 

 

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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 markets 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. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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.

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. If 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to

 

 

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privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.

Market Risk. Securities in each Underlying Index 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 an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective 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 portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.

Thematic Investing Risk. Certain Funds rely on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.

 

 

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NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost 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 (iii) any other matters that directly benefit the Adviser).

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap (including sub-licensing fees) for S&P 500® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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. These waivers do not apply to a 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. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Aerospace & Defense ETF

   $ 801  

DWA Momentum ETF

     540  

Global Listed Private Equity ETF

     1,465  

Golden Dragon China ETF

     97,843  

MSCI Sustainable Future ETF

     33,489  

Raymond James SB-1 Equity ETF

     36  

S&P 500 BuyWrite ETF

     42  

S&P 500® Quality ETF

     1,635,164  

S&P Spin-Off ETF

     34,626  

Water Resources ETF

     1,056  

WilderHill Clean Energy ETF

     784  

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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.

 

 

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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2023 are as follows:

 

    Total
Potential
Recapture
Amounts		                       
        
     Potential Recapture Amounts Expiring  
     4/30/24      4/30/25      4/30/26  

Golden Dragon China ETF

   $ 97,629      $ -      $ -      $ 97,629  

MSCI Sustainable Future ETF

     33,384        -        -        33,384  

S&P 500® Quality ETF

     3,818,595        994,660        1,190,350        1,633,585  

S&P Spin-Off ETF

     55,540        12,903        8,096        34,541  

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 Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund   Licensor

Aerospace & Defense ETF

   SPADE Indexes

DWA Momentum ETF

   Dorsey Wright & Associates, LLC

Global Listed Private Equity ETF

   Red Rocks Capital, LLC

Golden Dragon China ETF

   Nasdaq, Inc.

MSCI Sustainable Future ETF

   MSCI, Inc.

Raymond James SB-1 Equity ETF

   Raymond James Research Services, LLC

S&P 500 BuyWrite ETF

   S&P Dow Jones Indices LLC

S&P 500® Quality ETF

   S&P Dow Jones Indices LLC

S&P Spin-Off ETF

   S&P Dow Jones Indices LLC

Water Resources ETF

   Nasdaq, Inc.

WilderHill Clean Energy ETF

   WilderHill

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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 fiscal year ended April 30, 2023, 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:

 

Aerospace & Defense ETF

   $ 35,791  

DWA Momentum ETF

     186,584  

Global Listed Private Equity ETF

     9,303  

Golden Dragon China ETF

     16,144  

MSCI Sustainable Future ETF

     25,604  

Raymond James SB-1 Equity ETF

     53,030  

S&P 500 BuyWrite ETF

     58  

S&P 500® Quality ETF

     277,152  

S&P Spin-Off ETF

     24,896  

Water Resources ETF

     12,110  

WilderHill Clean Energy ETF

     163,083  

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by

 

 

 

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virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended April 30, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

    Securities Purchases    Securities Sales    Net Realized Gains*

DWA Momentum ETF

   $16,778,785        $-        $-

S&P 500 BuyWrite ETF

   81,895        -        -

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–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, 2023, for each Fund (except for S&P 500 BuyWrite ETF). As of April 30, 2023, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs.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  

Aerospace & Defense ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,879,651,357      $ -        $-      $ 1,879,651,357  

Money Market Funds

     718,890        116,176,082        -        116,894,972  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 1,880,370,247      $ 116,176,082        $-      $ 1,996,546,329  
 

 

 

     

 

 

     

 

 

     

 

 

  

DWA Momentum ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,015,183,972      $ -        $-      $ 1,015,183,972  

Money Market Funds

     -        74,197,300        -        74,197,300  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 1,015,183,972      $ 74,197,300        $-      $ 1,089,381,272  
 

 

 

     

 

 

     

 

 

     

 

 

  

Global Listed Private Equity ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 140,816,274      $ -        $-      $ 140,816,274  

Closed-End Funds

     28,531,757        -        -        28,531,757  

Money Market Funds

     2,007,766        53,624,286        -        55,632,052  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

     171,355,797        53,624,286        -        224,980,083  
 

 

 

     

 

 

     

 

 

     

 

 

  

Other Investments - Liabilities*

           

Swap Agreements

     -        (54,008 )       -        (54,008 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 171,355,797      $ 53,570,278        $-      $ 224,926,075  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

 

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    Level 1      Level 2      Level 3      Total  

Golden Dragon China ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 200,411,243      $ -        $-      $ 200,411,243  

Money Market Funds

     93,062        51,610,559        -        51,703,621  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 200,504,305      $ 51,610,559        $-      $ 252,114,864  
 

 

 

     

 

 

     

 

 

     

 

 

  

MSCI Sustainable Future ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 277,062,828      $ -        $-      $ 277,062,828  

Exchange-Traded Funds

     1,991,072        -        -        1,991,072  

Money Market Funds

     -        64,005,335        -        64,005,335  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 279,053,900      $ 64,005,335        $-      $ 343,059,235  
 

 

 

     

 

 

     

 

 

     

 

 

  

Raymond James SB-1 Equity ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 118,849,136      $ -        $-      $ 118,849,136  

Money Market Funds

     52,868        38,803,290        -        38,856,158  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 118,902,004      $ 38,803,290        $-      $ 157,705,294  
 

 

 

     

 

 

     

 

 

     

 

 

  

S&P 500® Quality ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 4,812,756,951      $ -        $-      $ 4,812,756,951  

Money Market Funds

     -        219,010,675        -        219,010,675  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 4,812,756,951      $ 219,010,675        $-      $ 5,031,767,626  
 

 

 

     

 

 

     

 

 

     

 

 

  

S&P Spin-Off ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 52,782,774      $ -        $-      $ 52,782,774  

Money Market Funds

     66,088        8,406,785        -        8,472,873  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 52,848,862      $ 8,406,785        $-      $ 61,255,647  
 

 

 

     

 

 

     

 

 

     

 

 

  

Water Resources ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,741,599,887      $ -        $-      $ 1,741,599,887  

Money Market Funds

     946,318        107,477,512        -        108,423,830  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 1,742,546,205      $ 107,477,512        $-      $ 1,850,023,717  
 

 

 

     

 

 

     

 

 

     

 

 

  

WilderHill Clean Energy ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 650,383,852      $ -        $-      $ 650,383,852  

Money Market Funds

     -        170,113,971        -        170,113,971  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 650,383,852      $ 170,113,971        $-      $ 820,497,823  
 

 

 

     

 

 

     

 

 

     

 

 

  
* Unrealized appreciation (depreciation).           

NOTE 6–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.

 

 

86

  

 

  

 

 

 

 

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, 2023:

 

    Value  
    Global Listed
Private Equity ETF		      S&P 500
BuyWrite ETF		  

Derivative Liabilities

   Equity
Risk		      Equity
Risk		  

  Unrealized depreciation on swap agreements–OTC

     $(54,008)      $ -  

  Options written, at value – Exchange-Traded

     -        (2,054,280 ) 
 

 

 

     

 

 

  

  Total Derivative Liabilities

     (54,008)        (2,054,280 ) 
 

 

 

     

 

 

  

  Derivatives not subject to master netting agreements

     -        2,054,280  
 

 

 

     

 

 

  

  Total Derivative Liabilities subject to master netting agreements

     $(54,008)      $ -  
 

 

 

     

 

 

  

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, 2023:

Global Listed Private Equity ETF

 

    Financial Derivative
Assets		    Financial Derivative
Liabilities		    Net Value of
Derivatives		    Collateral
(Received)/Pledged		   

 

Counterparty

   Swap Agreements    Swap Agreements    Non-Cash    Cash    Net Amount

Citibank, N.A.

   $-    $(54,008)    $(54,008)    $-    $-    $(54,008)

Effect of Derivative Investments for the Fiscal Year Ended April 30, 2023

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  
    Global Listed
Private Equity ETF		      S&P 500
BuyWrite ETF		  
    Equity
Risk		  

 Realized Gain (Loss):

     

Options written

   $ -      $ (3,389,736 ) 

Swap agreements

     (473,567 )       -  

 Change in Net Unrealized Appreciation (Depreciation):

     

Options written

     -        (3,029,623 ) 

Swap agreements

     43,320        -  
 

 

 

     

 

 

  

 Total

   $ (430,247 )     $ (6,419,359 ) 
 

 

 

     

 

 

  

The table below summarizes the average notional value of derivatives held during the period.

 

    Average Notional Value  
    Global Listed
Private Equity ETF		      S&P 500
BuyWrite ETF		  

  Options written

   $ -      $ 111,918,962  

  Swap agreements

     1,830,440        -  

 

 

87

  

 

  

 

 

 

 

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

    2023      2022  
    Ordinary
Income*		      Ordinary
Income*		      Long-Term
Capital Gains		  

Aerospace & Defense ETF

     $13,151,371        $4,267,913        $                  -  

DWA Momentum ETF

     6,541,547        -        -  

Global Listed Private Equity ETF

     2,967,539        27,104,093        -  

Golden Dragon China ETF

     2,158,845        -        -  

MSCI Sustainable Future ETF

     3,982,357        32,390,721        30,252,247  

Raymond James SB-1 Equity ETF

     849,008        729,997        -  

S&P 500 BuyWrite ETF

     1,438,993        11,042,019        -  

S&P 500® Quality ETF

     70,243,548        44,708,736        -  

S&P Spin-Off ETF

     459,000        531,999        -  

Water Resources ETF

     9,687,113        4,449,322        -  

WilderHill Clean Energy ETF

     38,198,585        31,654,543        -  

*    Includes short-term capital gain distributions, if any.

        

Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income		   Temporary
Book/Tax
Differences		   Net
Unrealized
Appreciation
(Depreciation)-
Investments		   Net
Unrealized
Appreciation
(Depreciation)-
Other
Investments		   Net
Unrealized
(Depreciation)-
Foreign
Currencies 		  Capital Loss
Carryforwards		   Late-Year
Ordinary
Loss
Deferral		   Shares of
Beneficial
Interest		   Total
Net Assets
Aerospace & Defense ETF     $ -     $ (77,716)       $ 88,232,277     $ -     $ -     $ (58,354,951 )     $              -     $ 1,849,696,282     $ 1,879,495,892
DWA Momentum ETF       711,992       (166,862 )       103,137,135       -       -       (881,487,358 )       -       1,792,615,238     $ 1,014,810,145
Global Listed Private Equity ETF       5,417,788       (84,132 )       (43,973,983 )       (54,008 )       (5,055 )       (110,194,253 )       -       322,041,149     $ 173,147,506
Golden Dragon China ETF       1,756,069       (88,713 )       (107,619,205 )       -       -       (293,754,396 )       -       600,246,805     $ 200,540,560
MSCI Sustainable Future ETF       226,789       (233,102 )       (85,785,300 )       -       2,296       (25,118,248 )       -       390,187,337     $ 279,279,772
Raymond James SB- 1 Equity ETF       1,008,277       (1,247,470 )       388,228       -       -       (67,359,742 )       -       186,119,377     $ 118,908,670
S&P 500 BuyWrite ETF       37,014       -       314,244       (314,244 )       -       (9,546,073 )       -       102,928,519     $ 93,419,460
S&P 500® Quality ETF       3,394,608       (105,396 )       398,748,159       -       -       (650,397,499 )       -       5,065,850,921     $ 4,817,490,793
S&P Spin- Off ETF       99,675       (6,735 )       3,249,448       -       -       (156,438,591 )       -       205,839,859     $ 52,743,656

 

 

88

  

 

  

 

 

 

 

    Undistributed
Ordinary
Income		   Temporary
Book/Tax
Differences		   Net
Unrealized
Appreciation
(Depreciation)-
Investments		   Net
Unrealized
Appreciation
(Depreciation)-
Other
Investments		   Net
Unrealized
(Depreciation)-
Foreign
Currencies 		  Capital Loss
Carryforwards		   Late-Year
Ordinary
Loss
Deferral		   Shares of
Beneficial
Interest		   Total
Net Assets
Water Resources ETF       $        472,000     $ (219,066 )     $ 228,679,943     $                 -     $                 -     $ (339,659,933  )$       -     $ 1,852,917,530     $ 1,742,190,474
WilderHill Clean Energy ETF       -       (115,929 )       (670,341,366 )       -       -       (1,058,419,537 )       (2,016,166 )       2,381,726,775     $ 650,833,777

    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.

    The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

Aerospace & Defense ETF

      $26,525,361        $31,829,590        $58,354,951  

DWA Momentum ETF

      870,576,180        10,911,178        881,487,358  

Global Listed Private Equity ETF

      37,515,025        72,679,228        110,194,253  

Golden Dragon China ETF

      54,421,872        239,332,524        293,754,396  

MSCI Sustainable Future ETF

      9,661,323        15,456,925        25,118,248  

Raymond James SB-1 Equity ETF

      38,722,358        28,637,384        67,359,742  

S&P 500 BuyWrite ETF

      7,254,078        2,291,995        9,546,073  

S&P 500® Quality ETF

      520,712,543        129,684,956        650,397,499  

S&P Spin-Off ETF

      60,432,527        96,006,064        156,438,591  

Water Resources ETF

      196,601,256        143,058,677        339,659,933  

WilderHill Clean Energy ETF

      472,569,964        585,849,573        1,058,419,537  

 

*

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 8–Investment Transactions

For the fiscal year ended April 30, 2023, 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  

Aerospace & Defense ETF

   $ 303,467,442      $ 303,895,900  

DWA Momentum ETF

     1,553,719,964        1,551,975,621  

Global Listed Private Equity ETF

     72,031,492        70,216,418  

Golden Dragon China ETF

     56,430,179        56,759,380  

MSCI Sustainable Future ETF

     125,522,332        132,860,529  

Raymond James SB-1 Equity ETF

     126,238,748        125,366,534  

S&P 500 BuyWrite ETF

     42,773,309        45,847,903  

S&P 500® Quality ETF

     2,544,748,157        2,495,087,693  

S&P Spin-Off ETF

     59,619,547        59,385,028  

Water Resources ETF

     544,321,772        540,729,119  

WilderHill Clean Energy ETF

     520,158,810        519,795,385  

 

 

89

  

 

  

 

 

 

 

    For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

    In-kind
Purchases		    In-kind
Sales

Aerospace & Defense ETF

     $ 735,585,872      $ 470,570,931

DWA Momentum ETF

       60,574,305        273,558,779

Global Listed Private Equity ETF

       121,223,288        126,914,465

Golden Dragon China ETF

       76,895,018        102,528,293

MSCI Sustainable Future ETF

       14,508,824        62,060,582

Raymond James SB-1 Equity ETF

       16,525,292        16,408,593

S&P 500 BuyWrite ETF

       31,505,794        72,424,548

S&P 500® Quality ETF

       2,534,022,912        1,587,181,976

S&P Spin-Off ETF

       5,551,516        16,259,994

Water Resources ETF

       233,723,458        270,813,507

WilderHill Clean Energy ETF

       1,113,064,994        1,196,056,502

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

    As of April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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  

 Aerospace & Defense ETF

   $ 193,106,834      $ (104,874,557 )     $ 88,232,277      $ 1,908,314,052  

 DWA Momentum ETF

     120,330,468        (17,193,333 )       103,137,135        986,244,137  

 Global Listed Private Equity ETF

     3,824,204        (47,852,195 )       (44,027,991 )       268,954,066  

 Golden Dragon China ETF

     11,631,713        (119,250,918 )       (107,619,205 )       359,734,069  

 MSCI Sustainable Future ETF

     19,943,950        (105,729,250 )       (85,785,300 )       428,844,535  

 Raymond James SB-1 Equity ETF

     19,708,854        (19,320,626 )       388,228        157,317,066  

 S&P 500 BuyWrite ETF

     13,365,648        (13,365,648 )       -        93,368,291  

 S&P 500® Quality ETF

     576,026,035        (177,277,876 )       398,748,159        4,633,019,467  

 S&P Spin-Off ETF

     8,793,950        (5,544,502 )       3,249,448        58,006,199  

 Water Resources ETF

     260,306,350        (31,626,407 )       228,679,943        1,621,343,774  

 WilderHill Clean Energy ETF

     20,313,576        (690,654,942 )       (670,341,366 )       1,490,839,189  

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies, partnerships and fair fund distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

    Undistributed Net
Investment Income (Loss)		      Undistributed Net
Realized Gain (Loss)		      Shares of
Beneficial Interest		  

Aerospace & Defense ETF

   $ 194,953      $ (88,982,166 )     $ 88,787,213  

DWA Momentum ETF

     -        (12,414,559 )       12,414,559  

Global Listed Private Equity ETF

     3,525,396        (8,099,215 )       4,573,819  

Golden Dragon China ETF

     (257,942 )       (2,706,676 )       2,964,618  

MSCI Sustainable Future ETF

     321,038        (13,210,991 )       12,889,953  

Raymond James SB-1 Equity ETF

     187,696        (3,629,539 )       3,441,843  

S&P 500 BuyWrite ETF

     10,637        (10,332 )       (305 ) 

S&P 500® Quality ETF

     -        (159,031,588 )       159,031,588  

S&P Spin-Off ETF

     -        (3,010,812 )       3,010,812  

Water Resources ETF

     -        (100,750,046 )       100,750,046  

WilderHill Clean Energy ETF

     1,193,563        184,791,354        (185,984,917 ) 

 

 

90

  

 

  

 

 

 

 

NOTE 10–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 the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Interested Trustee does 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 Funds. 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 11–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    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 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.

 

 

91

  

 

  

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Aerospace & Defense ETF, Invesco DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco Raymond James SB-1 Equity ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500® Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of Invesco Aerospace & Defense ETF, Invesco DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco Raymond James SB-1 Equity ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500® Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

 

92

  

 

  

 

 

 

Calculating your ongoing Fund expenses

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco Raymond James SB-1 Equity ETF and Invesco S&P 500 BuyWrite ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco Raymond James SB-1 Equity ETF or Invesco S&P 500 BuyWrite ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay 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 expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF and Invesco Raymond James SB-1 Equity ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

    Beginning
Account Value
November 1, 2022		      Ending
Account Value
April 30, 2023		      Annualized
Expense Ratio
Based on the
Six-Month Period		      Expenses Paid
During the
Six-Month Period(1) 		  

Invesco Aerospace & Defense ETF (PPA)

           

Actual

     $1,000.00        $1,060.50        0.58 %       $2.96  

Hypothetical (5% return before expenses)

     1,000.00        1,021.92        0.58        2.91  

Invesco DWA Momentum ETF (PDP)

           

Actual

     1,000.00        1,011.90        0.63        3.14  

Hypothetical (5% return before expenses)

     1,000.00        1,021.67        0.63        3.16  

 

 

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Calculating your ongoing Fund expenses–(continued)

 

    Beginning
Account Value
November 1, 2022		    Ending
Account Value
April 30, 2023		    Annualized
Expense Ratio
Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period(1) 

Invesco Global Listed Private Equity ETF (PSP)

                   

Actual

     $ 1,000.00      $ 1,139.90        0.69 %      $ 3.66

Hypothetical (5% return before expenses)

       1,000.00        1,021.37        0.69        3.46

Invesco Golden Dragon China ETF (PGJ)

                   

Actual

       1,000.00        1,414.20        0.74        4.43

Hypothetical (5% return before expenses)

       1,000.00        1,021.12        0.74        3.71

Invesco MSCI Sustainable Future ETF (ERTH)

                   

Actual

       1,000.00        979.80        0.64        3.14

Hypothetical (5% return before expenses)

       1,000.00        1,021.62        0.64        3.21

Invesco Raymond James SB-1 Equity ETF (RYJ)

                   

Actual

       1,000.00        1,005.50        0.75        3.73

Hypothetical (5% return before expenses)

       1,000.00        1,021.08        0.75        3.76

Invesco S&P 500 BuyWrite ETF (PBP)

                   

Actual

       1,000.00        1,075.20        0.49        2.52

Hypothetical (5% return before expenses)

       1,000.00        1,022.36        0.49        2.46

Invesco S&P 500® Quality ETF (SPHQ)

                   

Actual

       1,000.00        1,117.90        0.15        0.79

Hypothetical (5% return before expenses)

       1,000.00        1,024.05        0.15        0.75

Invesco S&P Spin-Off ETF (CSD)

                   

Actual

       1,000.00        1,050.80        0.65        3.31

Hypothetical (5% return before expenses)

       1,000.00        1,021.57        0.65        3.26

Invesco Water Resources ETF (PHO)

                   

Actual

       1,000.00        1,048.00        0.60        3.05

Hypothetical (5% return before expenses)

       1,000.00        1,021.82        0.60        3.01

Invesco WilderHill Clean Energy ETF (PBW)

                   

Actual

       1,000.00        787.90        0.69        3.06

Hypothetical (5% return before expenses)

       1,000.00        1,021.37        0.69        3.46

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

 

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Tax Information

 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

    Qualified
Business
Income*		    Qualified
Dividend
Income*		    Corporate
Dividends
Received
Deduction*		    U.S.
Treasury
Obligations*		    Business
Interest
Income*

Invesco Aerospace & Defense ETF

   0%    100%    100%    0%    0%

Invesco DWA Momentum ETF

   0%    100%    100%    0%    0%

Invesco Global Listed Private Equity ETF

   0%    30%    13%    0%    0%

Invesco Golden Dragon China ETF

   0%    42%    0%    0%    0%

Invesco MSCI Sustainable Future ETF

   12%    41%    5%    0%    0%

Invesco Raymond James SB-1 Equity ETF

   11%    89%    86%    0%    0%

Invesco S&P 500 BuyWrite ETF

   0%    0%    0%    0%    0%

Invesco S&P 500® Quality ETF

   0%    100%    100%    0%    0%

Invesco S&P Spin-Off ETF

   0%    100%    100%    0%    0%

Invesco Water Resources ETF

   0%    100%    100%    0%    0%

Invesco WilderHill Clean Energy ETF

   0%    5%    1%    0%    0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

 

 

95

  

 

  

 

 

 

Trustees and Officers

 

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)

Held
with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   216   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   216   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

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Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   

Position(s)

Held with
Trust

   

Term of

Office

and

Length of

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

   

Number of

Portfolios

in Fund

Complex**
Overseen by

Independent

Trustees

   

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani, Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Trustee    Since 2019    President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).    216    Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

97

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

    Principal
Occupation(s) During
the Past 5 Years		  

Number of

Portfolios

in Fund

Complex**

Overseen by
Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019    Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   216   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

98

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

99

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

100

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of

Birth of Independent Trustees

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Independent

Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

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Trustees and Officers–(continued)

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

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Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Interested Trustee		  

Position(s)
Held

with Trust

  

Term of
Office

and

Length of
Time
Served*

   

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund
Complex**
Overseen by
Interested
Trustee

   Other
Directorships
Held by
Interested
Trustee During
the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer   Trustee since 2022, President and Principal Executive Officer since 2020    President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

 

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Trustees and Officers–(continued)

 

Name, Address and Year of Birth

of Executive Officers

   

Position(s)
Held

with Trust

    Length of
Time
Served*		   

Principal

Occupation(s) During

the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

104

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth
of Executive Officers		    Position(s)
Held
with Trust		   

Length of
Time

Served*

    Principal
Occupation(s) During
the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

 

105

  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of Birth

of Executive Officers

   

Position(s)
Held

with Trust

    Length of
Time
Served*		   

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

 

106

  

 

  

 

 

 

Approval of Investment Advisory Contracts

 

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500® Equal Weight Communication Services ETF

Invesco S&P 500® Equal Weight Consumer Discretionary ETF

Invesco S&P 500® Equal Weight Consumer Staples ETF

Invesco S&P 500® Equal Weight Energy ETF

Invesco S&P 500® Equal Weight ETF

Invesco S&P 500® Equal Weight Financials ETF

Invesco S&P 500® Equal Weight Health Care ETF

Invesco S&P 500® Equal Weight Industrials ETF

Invesco S&P 500® Equal Weight Materials ETF

Invesco S&P 500® Equal Weight Real Estate ETF

Invesco S&P 500® Equal Weight Technology ETF

Invesco S&P 500® Equal Weight Utilities ETF

Invesco S&P 500® Pure Growth ETF

Invesco S&P 500® Pure Value ETF

Invesco S&P 500® Top 50 ETF

Invesco S&P MidCap 400® Equal Weight ETF

Invesco S&P MidCap 400® Pure Growth ETF

Invesco S&P MidCap 400® Pure Value ETF

Invesco S&P SmallCap 600® Pure Growth ETF

Invesco S&P SmallCap 600® Pure Value ETF

 

 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 pays all other operating expenses of each Fund, except that each Fund pays its 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:

 

 

107

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

  ●  

0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF;

 

  ●  

0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF;

 

  ●  

0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF;

 

  ●  

0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

 

  ●  

0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

 

  ●  

0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and

 

  ●  

0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“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 and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer Median		    Equal to/Lower
than Open-End
Index Fund
Peer Median		    Lower than
Open-End
Active Fund
Peer Median

Invesco Dow Jones Industrial Average Dividend ETF

        X        X        X

Invesco NASDAQ Internet ETF

                  X

Invesco Raymond James SB-1 Equity ETF

                  X

Invesco S&P 500 BuyWrite ETF

        X        N/A        X

Invesco S&P 500® Equal Weight Communication Services ETF

                  X

Invesco S&P 500® Equal Weight Consumer Discretionary ETF

        X             X

Invesco S&P 500® Equal Weight Consumer Staples ETF

        X             X

Invesco S&P 500® Equal Weight Energy ETF

                  X

Invesco S&P 500® Equal Weight ETF

        X        X        X

Invesco S&P 500® Equal Weight Financials ETF

                  X

Invesco S&P 500® Equal Weight Health Care ETF

                  X

Invesco S&P 500® Equal Weight Industrials ETF

        X             X

Invesco S&P 500® Equal Weight Materials ETF

        X             X

Invesco S&P 500® Equal Weight Real Estate ETF

                  X

Invesco S&P 500® Equal Weight Technology ETF

        X             X

Invesco S&P 500® Equal Weight Utilities ETF

             X        X

Invesco S&P 500® Pure Growth ETF

        X        X        X

Invesco S&P 500® Pure Value ETF

                  X

Invesco S&P 500® Top 50 ETF

                  X

Invesco S&P MidCap 400® Equal Weight ETF

                  X

Invesco S&P MidCap 400® Pure Growth ETF

                  X

Invesco S&P MidCap 400® Pure Value ETF

             X        X

Invesco S&P SmallCap 600® Pure Growth ETF

                  X

Invesco S&P SmallCap 600® Pure Value ETF

             X        X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that

 

 

108

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco S&P 500® Equal Weight ETF. 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 fee was reasonable and appropriate in light of the services provided, the nature of the index, 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 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.

 

 

109

  

 

  

 

 

 

Approval of Investment Advisory Contracts

    

 

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF

Invesco BuyBack AchieversTM ETF

Invesco Dividend AchieversTM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend AchieversTM ETF

Invesco International Dividend AchieversTM ETF

Invesco MSCI Sustainable Future ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

 

 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

 

110

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●  

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●  

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●  

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●  

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●  

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●  

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●  

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●  

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●  

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●  

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

 

111

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees 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*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

                  X

Invesco Buyback AchieversTM ETF

                  X

Invesco Dividend AchieversTM ETF

                  X

Invesco DWA Basic Materials Momentum ETF

        X             X

Invesco DWA Consumer Cyclicals Momentum ETF

        X             X

Invesco DWA Consumer Staples Momentum ETF

                  X

Invesco DWA Energy Momentum ETF

                  X

Invesco DWA Financial Momentum ETF

                  X

Invesco DWA Healthcare Momentum ETF

                  X

Invesco DWA Industrials Momentum ETF

                  X

Invesco DWA Momentum ETF

                  X

Invesco DWA Technology Momentum ETF

                  X

Invesco DWA Utilities Momentum ETF

                  X

Invesco Dynamic Biotechnology & Genome ETF

                  X

Invesco Dynamic Building & Construction ETF

                  X

Invesco Dynamic Energy Exploration & Production ETF

                  X

Invesco Dynamic Food & Beverage ETF

                  X

Invesco Dynamic Large Cap Growth ETF

                  X

Invesco Dynamic Large Cap Value ETF

                  X

Invesco Dynamic Leisure and Entertainment ETF

        X             X

Invesco Dynamic Market ETF

                  X

Invesco Dynamic Media ETF

        X             X

Invesco Dynamic Networking ETF

                  X

Invesco Dynamic Oil & Gas Services ETF

                  X

Invesco Dynamic Pharmaceuticals ETF

                  X

Invesco Dynamic Semiconductors ETF

                  X

Invesco Dynamic Software ETF

                  X

Invesco Financial Preferred ETF

                  X

Invesco FTSE RAFI US 1000 ETF

                  X

Invesco FTSE RAFI US 1500 Small-Mid ETF

                  X

Invesco Global Listed Private Equity ETF

             N/A        X

Invesco Golden Dragon China ETF

        X        N/A        X

Invesco High Yield Equity Dividend AchieversTM ETF

                  X

Invesco International Dividend AchieversTM ETF

        X             X

 

 

112

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

Invesco Fund

    Equal
to/Lower
than ETF Peer Median		    Equal to/Lower
than Open-End
Index Fund
Peer  Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco MSCI Sustainable Future ETF

                  X

Invesco S&P 100 Equal Weight ETF

             X        X

Invesco S&P 500 GARP ETF

                  X

Invesco S&P 500® Quality ETF

        X             X

Invesco S&P 500 Value with Momentum ETF

                  X

Invesco S&P MidCap Momentum ETF

                  X

Invesco S&P MidCap Quality ETF

                  X

Invesco S&P MidCap Value with Momentum ETF

             X        X

Invesco S&P SmallCap Momentum ETF

                  X

Invesco S&P SmallCap Value with Momentum ETF

             X        X

Invesco S&P Spin-Off ETF

                  X

Invesco Water Resources ETF

        X        X        X

Invesco WilderHill Clean Energy ETF

             X        X

Invesco Zacks Mid-Cap ETF

                  X

Invesco Zacks Multi-Asset Income 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 that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

                  X

Invesco Buyback AchieversTM ETF

                  X

Invesco Dividend AchieversTM ETF

             X        X

Invesco DWA Basic Materials Momentum ETF

                  X

Invesco DWA Consumer Cyclicals Momentum ETF

                  X

Invesco DWA Consumer Staples Momentum ETF

                  X

Invesco DWA Energy Momentum ETF

                  X

Invesco DWA Financial Momentum ETF

                  X

Invesco DWA Healthcare Momentum ETF

                  X

Invesco DWA Industrials Momentum ETF

                  X

Invesco DWA Momentum ETF

             X        X

Invesco DWA Technology Momentum ETF

                  X

Invesco DWA Utilities Momentum ETF

                  X

Invesco Dynamic Biotechnology & Genome ETF

                  X

Invesco Dynamic Building & Construction ETF

                  X

Invesco Dynamic Energy Exploration & Production ETF

                  X

Invesco Dynamic Food & Beverage ETF

                  X

Invesco Dynamic Large Cap Growth ETF

                  X

Invesco Dynamic Large Cap Value ETF

                  X

 

 

113

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Dynamic Leisure and Entertainment ETF

          X

Invesco Dynamic Market ETF

          X

Invesco Dynamic Media ETF

          X

Invesco Dynamic Networking ETF

          X

Invesco Dynamic Oil & Gas Services ETF

          X

Invesco Dynamic Pharmaceuticals ETF

          X

Invesco Dynamic Semiconductors ETF

          X

Invesco Dynamic Software ETF

          X

Invesco Financial Preferred ETF

          X

Invesco FTSE RAFI US 1000 ETF

          X

Invesco FTSE RAFI US 1500 Small-Mid ETF

          X

Invesco Global Listed Private Equity ETF

       N/A    X

Invesco Golden Dragon China ETF

       N/A    X

Invesco High Yield Equity Dividend AchieversTM ETF

       X    X

Invesco International Dividend AchieversTM ETF

          X

Invesco MSCI Sustainable Future ETF

          X

Invesco S&P 100 Equal Weight ETF

       X    X

Invesco S&P 500 GARP ETF

          X

Invesco S&P 500® Quality ETF

    X       X

Invesco S&P 500 Value with Momentum ETF

          X

Invesco S&P MidCap Momentum ETF

          X

Invesco S&P MidCap Quality ETF

          X

Invesco S&P MidCap Value with Momentum ETF

       X    X

Invesco S&P SmallCap Momentum ETF

          X

Invesco S&P SmallCap Value with Momentum ETF

       X    X

Invesco S&P Spin-Off ETF

          X

Invesco Water Resources ETF

    X    X    X

Invesco WilderHill Clean Energy ETF

       X    X

Invesco Zacks Mid-Cap ETF

          X

Invesco Zacks Multi-Asset Income 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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.

 

 

114

  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

 

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, 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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

 

115

  

 

  

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

      
Downers Grove, IL 60515    P-PS-AR-4    invesco.com/ETFs

LOGO

  

 

Invesco Annual Report to Shareholders

 

April 30, 2023

 

   PWB  

Invesco Dynamic Large Cap Growth ETF

 

   PWV  

Invesco Dynamic Large Cap Value ETF

 

   EQWL  

Invesco S&P 100 Equal Weight ETF

 

   SPGP  

Invesco S&P 500 GARP ETF

 

   SPVM  

Invesco S&P 500 Value with Momentum ETF

 

   XMMO  

Invesco S&P MidCap Momentum ETF

 

   XMHQ  

Invesco S&P MidCap Quality ETF

 

   XMVM  

Invesco S&P MidCap Value with Momentum ETF

 

   XSMO  

Invesco S&P SmallCap Momentum ETF

 

   XSVM  

Invesco S&P SmallCap Value with Momentum ETF

 

   CZA  

Invesco Zacks Mid-Cap ETF

 

   CVY   Invesco Zacks Multi-Asset Income ETF

 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      30  
Schedules of Investments   

Invesco Dynamic Large Cap Growth ETF (PWB)

      31  

Invesco Dynamic Large Cap Value ETF (PWV)

      33  

Invesco S&P 100 Equal Weight ETF (EQWL)

      35  

Invesco S&P 500 GARP ETF (SPGP)

      37  

Invesco S&P 500 Value with Momentum ETF (SPVM)

      39  

Invesco S&P MidCap Momentum ETF (XMMO)

      41  

Invesco S&P MidCap Quality ETF (XMHQ)

      43  

Invesco S&P MidCap Value with Momentum ETF (XMVM)

      45  

Invesco S&P SmallCap Momentum ETF (XSMO)

      47  

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

      49  

Invesco Zacks Mid-Cap ETF (CZA)

      52  

Invesco Zacks Multi-Asset Income ETF (CVY)

      54  
Statements of Assets and Liabilities      57  
Statements of Operations      59  
Statements of Changes in Net Assets      61  
Financial Highlights      66  
Notes to Financial Statements      76  
Report of Independent Registered Public Accounting Firm      90  
Fund Expenses      91  
Tax Information      93  
Trustees and Officers      94  
Approval of Investment Advisory Contracts      105  

 

 

 

   2  

 

 

The Market Environment

 

 

 

Domestic Equity

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the Consumer Price Index (CPI) rose 8.6% for the 12 months ended May 2022.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the US Federal Reserve (the Fed) raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which represented the largest series of increases in nearly 30 years.3 US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data showed inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target benchmark federal funds rate by 0.75% in November and by 0.50% in December.3

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the likelihood of a recession and the risk of a deeper recession than initially anticipated. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread to other sectors sent investors to safe haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the benchmark federal funds rate by just 0.25% in February and March 2023, a slower pace than in 2022.3 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil. Markets stabilized in April due to milder inflation data and better-than-expected corporate earnings. For the 12 months ending

March 31, 2023, the CPI came in at 5%, the smallest 12-month increase since the period ending May 2021.1 The March month-over-month CPI rose by 0.1%, a decline from an increase of 0.4% in February.1 The labor market remained tight and the unemployment rate held at a historically low 3.5%.2 As corporate earnings season got underway, a number of companies, including some big tech names provided optimistic future guidance.

In this environment, US stocks for the fiscal year ended April 30, 2023, had returns of 2.66%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

 

 

 

   3  

 

 

 

PWB    Management’s Discussion of Fund Performance
   Invesco Dynamic Large Cap Growth ETF (PWB)

 

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. growth stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest (by market capitalization) and most liquid U.S. stocks traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 3.18%. On a net asset value (“NAV”) basis, the Fund returned 3.27%. During the same time period, the Index returned 3.86%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000® Growth Index returned 2.34%.

For the fiscal year ended April 30, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the communication services and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Eli Lilly and Co., a health care company (portfolio average weight of 3.58%), and MercadoLibre, Inc., a consumer discretionary company (portfolio average weight of 0.63%). Positions that detracted most significantly from the Fund’s return during this period included Halliburton Co., an energy company (portfolio average weight of 0.86%), and NextEra Energy, Inc., a utilities company (no longer held at fiscal year-end).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Information Technology      33.77  
Financials      13.54  
Consumer Discretionary      11.84  
Health Care      11.11  
Industrials      10.79  
Energy      7.27  
Consumer Staples      6.22  
Communication Services      4.44  
Materials      1.04  
Money Market Funds Plus Other Assets Less Liabilities      (0.02)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Salesforce, Inc.      3.90  
Microsoft Corp.      3.87  
Eli Lilly and Co.      3.84  
Apple, Inc.      3.63  
Oracle Corp.      3.49  
Adobe, Inc.      3.46  
Broadcom, Inc.      3.42  
Mastercard, Inc., Class A      3.39  
Exxon Mobil Corp.      3.38  
Visa, Inc., Class A      3.35  
Total      35.73  

 

*

Excluding money market fund holdings.

 

 

 

   4  

 

 

Invesco Dynamic Large Cap Growth ETF (PWB) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Large Cap Growth Intellidex® Index     3.86 %      11.08 %      37.08 %      9.72 %      59.04 %      13.16 %      244.27 %        9.79 %      445.45 % 
Russell 1000® Growth Index     2.34       13.62       46.66       13.80       90.89       14.46       286.08         10.93       558.15  
Fund                    
NAV Return     3.27       10.46       34.77       9.10       54.59       12.49       224.55         9.11       386.77  
Market Price Return     3.18       10.43       34.67       9.07       54.32       12.50       224.59         9.09       385.65  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   5  

 

 

 

PWV    Management’s Discussion of Fund Performance
   Invesco Dynamic Large Cap Value ETF (PWV)

 

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. value stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest (by market capitalization) and most liquid U.S. stocks traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.52%. On a net asset value (“NAV”) basis, the Fund returned 0.53%. During the same time period, the Index returned 1.14%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000® Value Index returned 1.21%.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return followed by the health care and financials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the utilities and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included JPMorgan Chase & Co., a financials company (portfolio average weight of 3.31%), and Marathon Petroleum Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Meta Platforms, Inc., Class A, a communication services company (no longer held at fiscal year-end), and Pfizer, Inc., a health care company (portfolio average weight of 3.30%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Health Care      31.94  
Financials      23.21  
Consumer Staples      13.10  
Information Technology      7.64  
Energy      7.22  
Industrials      6.34  
Consumer Discretionary      4.64  
Utilities      3.05  
Materials      2.84  
Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Abbott Laboratories      3.64  
Merck & Co., Inc.      3.61  
Johnson & Johnson      3.54  
Walmart, Inc.      3.50  
Home Depot, Inc. (The)      3.47  
United Parcel Service, Inc., Class B      3.44  
Philip Morris International, Inc.      3.41  
AbbVie, Inc.      3.40  
JPMorgan Chase & Co.      3.38  
Cisco Systems, Inc.      3.25  
Total      34.64  
 

 

 

   6  

 

 

Invesco Dynamic Large Cap Value ETF (PWV) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Dynamic Large Cap Value Intellidex® Index     1.14 %      14.67 %      50.79 %      8.06 %      47.37 %      9.22 %      141.60 %        9.39 %      410.21 % 
Russell 1000® Value Index     1.21       14.38       49.64       7.75       45.23       9.13       139.51         7.31       259.95  
Fund                    
NAV Return     0.53       13.97       48.03       7.48       43.42       8.60       128.09         8.70       355.23  
Market Price Return     0.52       13.92       47.84       7.46       43.28       8.59       127.96         8.70       354.52  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   7  

 

 

 

EQWL    Management’s Discussion of Fund Performance
   Invesco S&P 100 Equal Weight ETF (EQWL)

 

As an index fund, the Invesco S&P 100 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is an equal- weighted version of the S&P 100® Index. Unlike the S&P 100® Index, which employs a market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 4.95%. On a net asset value (“NAV”) basis, the Fund returned 4.75%. During the same time period, the Index returned 5.02%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100® Index (the “Benchmark Index”) returned 3.52%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the consumer discretionary and communication services sectors.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Netflix, Inc., a

communication services company (portfolio average weight of 1.04%), and General Electric Co., an industrials company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during this period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 0.95%), and Target Corp., a consumer staples company (portfolio average weight of 1.00%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      16.95  
Information Technology      14.51  
Health Care      14.06  
Consumer Staples      12.24  
Industrials      11.61  
Consumer Discretionary      9.98  
Communication Services      9.55  
Utilities      4.08  
Sector Types Each Less Than 3%      6.93  
Money Market Funds Plus Other Assets Less Liabilities      0.09  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Meta Platforms, Inc., Class A      1.27  
Eli Lilly and Co.      1.19  
Microsoft Corp.      1.17  
NVIDIA Corp.      1.15  
Medtronic PLC      1.12  
Mondelez International, Inc., Class A      1.12  
Comcast Corp., Class A      1.11  
Amazon.com, Inc.      1.10  
Adobe, Inc.      1.09  
Starbucks Corp.      1.09  
Total      11.41  

 

*

Excluding money market fund holdings.

 

 

 

   8  

 

 

Invesco S&P 100 Equal Weight ETF (EQWL) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P 100® Equal Weight Index     5.02 %      16.33 %      57.44 %      11.17 %      69.79 %      12.30 %      218.90 %        9.65 %      353.61 % 
S&P 100® Index     3.52       14.46       49.94       12.50       80.22       12.53       225.67         9.15       320.75  
Fund                    
NAV Return     4.75       16.05       56.30       10.90       67.77       11.98       210.09         9.20       323.84  
Market Price Return     4.95       16.10       56.49       10.89       67.67       11.98       210.01         9.19       323.53  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.35% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 100® Equal Weight Index is comprised of the performance of the Dynamic Large Cap IntellidexSM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Top 200® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   9  

 

 

 

SPGP    Management’s Discussion of Fund Performance
   Invesco S&P 500 GARP ETF (SPGP)

 

As an index fund, the Invesco S&P 500 GARP ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® GARP Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 75 growth stocks in the S&P 500® Index that exhibit quality characteristics and have attractive valuation.

In selecting constituent securities for the Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the S&P 500® Index. A stock’s growth score is the average of its: (i) three-year earnings per share (“EPS”) growth, calculated as a company’s three-year EPS compound annual growth rate and (ii) three-year sales per share (“SPS”) growth, calculated as a company’s three-year SPS compound annual growth rate. After adjusting for outliers, the stocks are ranked by growth score and the top 150 stocks remain eligible for inclusion in the Index.

The Index Provider then calculates a quality/value (“QV”) composite score for each of the remaining 150 stocks. A stock’s QV composite score is the average of its: (i) financial leverage ratio, calculated as a company’s latest total debt divided by its book value; (ii) return on equity, calculated as a company’s trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a company’s trailing 12-month EPS divided by its price. In accordance with the Index methodology, the stocks are ranked by QV composite score and the top 75 stocks are included in the Index.

The Underlying Index components are weighted by growth score and no security will have a weight below 0.05% or above 5%. Additionally, each sector will be subject to a maximum weight of 40%. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 1.95%. On a net asset value (“NAV”) basis, the Fund returned 1.96%. During the same time period, the Index returned 2.27%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 2.66%.

For the fiscal year ended April 30, 2023, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the communication services and information technology sectors, respectively. The financials sector detracted

most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Meta Platforms, Inc., Class A, an communication services company (portfolio average weight of 1.74%), and D.R. Horton, Inc., a consumer discretionary company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included SVB Financial Group, a financials company (no longer held at fiscal year-end), and Signature Bank, a financials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Health Care      26.85  
Information Technology      19.06  
Financials      13.93  
Consumer Discretionary      10.57  
Industrials      9.19  
Communication Services      5.33  
Materials      4.39  
Energy      3.58  
Consumer Staples      3.52  
Sector Types Each Less Than 3%      3.55  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Meta Platforms, Inc., Class A      3.46  
NRG Energy, Inc.      2.44  
D.R. Horton, Inc.      2.35  
West Pharmaceutical Services, Inc.      2.17  
Hologic, Inc.      2.07  
Regeneron Pharmaceuticals, Inc.      1.94  
Lam Research Corp.      1.89  
Arch Capital Group Ltd.      1.88  
Alphabet, Inc., Class C      1.87  
Qorvo, Inc.      1.86  
Total      21.93  

 

*

Excluding money market fund holdings.

 

 

 

   10  

 

 

Invesco S&P 500 GARP ETF (SPGP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P 500® GARP Index     2.27 %      20.46 %      74.81 %      14.09 %      93.33 %      14.93 %      302.12 %        15.07 %      429.28 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         12.74       315.16  
Fund                    
NAV Return     1.96       20.05       73.01       13.71       90.08       14.51       287.64         14.65       406.74  
Market Price Return     1.95       20.01       72.86       13.69       89.90       14.52       287.88         14.66       407.19  

 

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® GARP Index performance is comprised of the performance of the RAFI® Fundamental Large Growth Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   11  

 

 

 

SPVM    Management’s Discussion of Fund Performance
   Invesco S&P 500 Value with Momentum ETF (SPVM)

 

As an index fund, Invesco S&P 500 Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

After ranking the constituent securities by value score, the Index Provider selects the 200 highest-ranking securities and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. After ranking the remaining constituent universe by momentum score, the 100 highest-ranking securities are included in the Index and weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (3.80)%. On a net asset value (“NAV”) basis, the Fund returned (3.87)%. During the same time period, the Index returned (3.57)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned 2.66%.

For the fiscal year ended April 30, 2023, the utilities sector contributed most significantly to the Fund’s return, followed by the energy and industrials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the materials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Marathon Petroleum Corp, an energy company (portfolio average weight of 2.23%), and Everest Re Group Ltd., a financials company (portfolio average weight of 1.44%). Positions that detracted most significantly from the Fund’s return during this period included Lincoln National Corp., a financials company (no longer held at fiscal year-end), and Mosaic Co. (The), a materials company (portfolio average weight of 1.45%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Energy      20.01  
Financials      19.65  
Utilities      16.29  
Health Care      9.74  
Consumer Staples      8.63  
Materials      6.58  
Industrials      6.38  
Consumer Discretionary      3.85  
Communication Services      3.34  
Information Technology      3.33  
Real Estate      2.21  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Marathon Petroleum Corp.      2.36  
NRG Energy, Inc.      2.28  
Phillips 66      2.15  
Ford Motor Co.      2.09  
Valero Energy Corp.      2.01  
LyondellBasell Industries N.V., Class A      1.98  
Hewlett Packard Enterprise Co.      1.76  
American International Group, Inc.      1.61  
AT&T, Inc.      1.60  
HP, Inc.      1.57  
Total      19.41  

 

*

Excluding money market fund holdings.

 

 

 

   12  

 

 

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P 500® High Momentum Value Index     (3.57 )%      17.73 %      63.17 %      7.68 %      44.78 %      9.59 %      149.94 %        10.71 %      234.83 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         12.74       315.16  
Fund                    
NAV Return     (3.87 )      17.29       61.34       7.28       42.11       9.19       140.82         10.30       220.13  
Market Price Return     (3.80 )      17.20       60.97       7.26       41.97       9.18       140.71         10.31       220.48  

 

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.48% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® High Momentum Value Index performance is comprised of the performance of the RAFI® Fundamental Large Value Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   13  

 

 

 

XMMO    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Momentum ETF (XMMO)

 

As an index fund, Invesco S&P MidCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P MidCap 400® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 80 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (7.01)%. On a net asset value (“NAV”) basis, the Fund returned (6.97)%. During the same time period, the Index returned (6.65)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned 1.33%.

For the fiscal year ended April 30, 2023, the communication services sector contributed most significantly to the Fund’s return, followed by the consumer staples and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the real estate and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Reliance Steel & Aluminum Co., a materials company (portfolio average weight 1.71%) and Builders FirstSource, Inc., an industrials company (no

longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Alcoa Corp., a materials company (no longer held at fiscal year-end), and Avis Budget Group, Inc., an industrials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      26.03  
Financials      13.64  
Health Care      12.10  
Materials      11.08  
Consumer Discretionary      8.94  
Energy      7.93  
Consumer Staples      6.26  
Information Technology      6.15  
Communication Services      4.92  
Sector Types Each Less Than 3%      2.91  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Reliance Steel & Aluminum Co.      3.90  
Unum Group      2.54  
Hubbell, Inc.      2.49  
Lincoln Electric Holdings, Inc.      2.35  
Iridium Communications, Inc.      2.35  
Axon Enterprise, Inc.      2.33  
AECOM      2.17  
Neurocrine Biosciences, Inc.      2.16  
Reinsurance Group of America, Inc.      2.04  
Deckers Outdoor Corp.      1.94  
Total      24.27  

 

*

Excluding money market fund holdings.

 

 

 

   14  

 

 

Invesco S&P MidCap Momentum ETF (XMMO) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P MidCap 400® Momentum Index     (6.65 )%      12.98 %      44.20 %      11.75 %      74.30 %      12.42 %      222.46 %        10.41 %      504.30 % 
S&P MidCap 400® Index     1.33       16.52       58.18       7.56       43.96       9.64       151.10         9.11       386.85  
Fund                    
NAV Return     (6.97 )      12.58       42.68       11.36       71.27       12.02       211.12         9.88       453.23  
Market Price Return     (7.01 )      12.50       42.38       11.31       70.88       12.03       211.31         9.87       452.44  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® Momentum Index is comprised of the performance of the Dynamic Mid Cap Growth IntellidexSM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   15  

 

 

 

XMHQ    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Quality ETF (XMHQ)

 

As an index fund, Invesco S&P MidCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) first calculates the quality score of each security in the S&P MidCap 400® Index (the “Parent Index”). Each component stock’s quality score is based on a composite of the following three fundamental measures: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on this criteria, the Index Provider selects the 80 stocks from the Parent Index with the highest quality score for inclusion in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 7.11%. On a net asset value (“NAV”) basis, the Fund returned 7.33%. During the same time period, the Index returned 7.56%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned 1.33%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the health care and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the information technology and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Axon Enterprise, Inc., an industrials company (portfolio average weight of 1.93%), and Steel Dynamics Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Cognex Corp., an information technology company (no longer held at fiscal year-end), and Antero Resources Corp., an energy company (portfolio average weight of 0.62%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      27.42  
Consumer Discretionary      19.66  
Health Care      11.56  
Information Technology      11.18  
Financials      9.83  
Materials      9.09  
Energy      8.76  
Sector Types Each Less Than 3%      2.43  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Manhattan Associates, Inc.      3.20  
Axon Enterprise, Inc.      2.96  
Hubbell, Inc.      2.72  
Williams-Sonoma, Inc.      2.65  
Graco, Inc.      2.38  
Shockwave Medical, Inc.      2.24  
Deckers Outdoor Corp.      2.13  
Lattice Semiconductor Corp.      2.08  
Toro Co. (The)      2.06  
Lincoln Electric Holdings, Inc.      1.97  
Total      24.39  

 

*

Excluding money market fund holdings.

 

 

 

   16  

 

 

Invesco S&P MidCap Quality ETF (XMHQ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P MidCap 400® Quality Index     7.56 %      18.05 %      64.52 %      11.18 %      69.90 %      11.10 %      186.52 %        8.48 %      280.52 % 
S&P MidCap 400® Index     1.33       16.52       58.18       7.56       43.96       9.64       151.10         8.74       295.79  
Fund                    
NAV Return     7.33       17.75       63.27       10.92       67.91       10.81       179.23         8.05       256.33  
Market Price Return     7.11       17.61       62.67       10.91       67.83       10.82       179.38         8.05       256.43  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.31% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® Quality Index is comprised of the performance of the Dynamic Mid Cap IntellidexSM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   17  

 

 

 

XMVM    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Value with Momentum ETF (XMVM)

 

As an index fund, Invesco S&P MidCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 80 stocks in the S&P MidCap 400® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 160 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 160 remaining securities by momentum score and selects the 80 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.97)%. On a net asset value (“NAV”) basis, the Fund returned (2.78)%. During the same time period, the Index returned (2.50)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned 1.33%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The consumer discretionary sector detracted most

significantly from the Fund’s return, followed by the financials and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Builders FirstSource, Inc., an industrials company (portfolio average weight of 1.73%), and First Solar, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Kohl’s Corp., a consumer discretionary company (no longer held at fiscal year-end), and United States Steel Corp., a materials company (portfolio average weight of 2.82%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Financials      28.58  
Materials      15.35  
Industrials      11.96  
Energy      11.71  
Consumer Discretionary      10.89  
Information Technology      9.26  
Consumer Staples      4.85  
Utilities      3.55  
Sector Types Each Less Than 3%      3.78  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
PBF Energy, Inc., Class A      3.09  
Builders FirstSource, Inc.      3.00  
Arrow Electronics, Inc.      2.84  
United States Steel Corp.      2.68  
Avnet, Inc.      2.58  
AutoNation, Inc.      2.35  
Brighthouse Financial, Inc.      2.23  
Navient Corp.      2.15  
HF Sinclair Corp.      1.90  
Unum Group      1.87  
Total      24.69  

 

*

Excluding money market fund holdings.

 

 

 

   18  

 

 

Invesco S&P MidCap Value with Momentum ETF (XMVM) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P MidCap 400® High Momentum Value Index     (2.50 )%      20.56 %      75.21 %      9.21 %      55.36 %      9.87 %      156.24 %        8.34 %      328.60 % 
S&P MidCap 400® Index     1.33       16.52       58.18       7.56       43.96       9.64       151.10         9.11       386.85  
Fund                    
NAV Return     (2.78 )      20.10       73.24       8.85       52.84       9.49       147.54         7.80       291.17  
Market Price Return     (2.97 )      19.95       72.59       8.82       52.62       9.47       147.20         7.79       290.19  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® High Momentum Value Index is comprised of the performance of the Dynamic Mid Cap Value IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Mid Value Index for the period June 15, 2011 through May 22, 2015, followed by the performance of the Russell MidCap® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   19  

 

 

 

XSMO    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap Momentum ETF (XSMO)

 

As an index fund, Invesco S&P SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P SmallCap 600® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 120 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score, subject to security and sector constraints. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (5.45)%. On a net asset value (“NAV”) basis, the Fund returned (5.38)%. During the same time period, the Index returned (5.02)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned (3.84)%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer staples and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the consumer real estate and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Comfort Systems USA, Inc., an industrials company (portfolio average weight 2.04%) and Axcelis Technologies, Inc., an information

technology company (portfolio average weight 1.36%). Positions that detracted most significantly from the Fund’s return during this period included SM Energy Co., an energy company (no longer held at fiscal year-end), and CVB Financial Corp., a financials company (portfolio average weight 1.35%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      24.64  
Information Technology      13.73  
Health Care      12.05  
Energy      11.91  
Materials      10.78  
Consumer Staples      9.91  
Consumer Discretionary      7.56  
Financials      7.40  
Sector Types Each Less Than 3%      2.02  
Money Market Funds Plus Other Assets Less Liabilities      (0.00)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
ATI, Inc.      3.63  
elf Beauty, Inc.      3.41  
Applied Industrial Technologies, Inc.      2.86  
Rambus, Inc.      2.80  
Comfort Systems USA, Inc.      2.45  
Academy Sports & Outdoors, Inc.      2.12  
Ensign Group, Inc. (The)      2.12  
Sanmina Corp.      1.95  
Axcelis Technologies, Inc.      1.91  
Merit Medical Systems, Inc.      1.88  
Total      25.13  

 

*

Excluding money market fund holdings.

 

 

 

   20  

 

 

Invesco S&P SmallCap Momentum ETF (XSMO) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P SmallCap 600® Momentum Index     (5.02 )%      12.74 %      43.29 %      7.40 %      42.92 %      9.66       151.44 %        7.17 %      251.92 % 
S&P SmallCap 600® Index     (3.84 )      15.86       55.54       5.48       30.59       9.59       149.79         8.46       336.61  
Fund                    
NAV Return     (5.38 )      12.27       41.51       7.06       40.64       9.39       145.33         6.71       225.36  
Market Price Return     (5.45 )      12.14       41.01       7.00       40.23       9.39       145.29         6.69       224.36  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.37%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P SmallCap 600® Momentum Index is comprised of the performance of the Dynamic Small Cap Growth IntellidexSM Index, the Fund’s underlying index from Fund inception through June 15, 2011, followed by the performance of the RAFI® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   21  

 

 

 

XSVM    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap Value with Momentum ETF (XSVM)

 

As an index fund, Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 120 stocks in the S&P SmallCap 600® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its issuer’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 240 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 240 securities by momentum score and selects the 120 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (10.47)%. On a net asset value (“NAV”) basis, the Fund returned (10.46)%. During the same time period, the Index returned (10.06)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Parent Index returned (3.84)%.

For the fiscal year ended April 30, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the energy sector. The financials sector detracted most significantly from the Fund’s return, followed by the materials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Atlas Air Worldwide Holdings, Inc., an industrials company (no longer held at fiscal year-end), and Cross Country Healthcare, Inc., a health care company (portfolio average weight of 1.22%). Positions that detracted most significantly from the Fund’s return during this period included Conn’s, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Rayonier Advanced Materials, Inc., a materials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      23.09  
Consumer Discretionary      18.08  
Financials      17.66  
Energy      12.34  
Materials      11.47  
Information Technology      6.95  
Consumer Staples      5.55  
Sector Types Each Less Than 3%      4.89  
Money Market Funds Plus Other Assets Less Liabilities      (0.03)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Olympic Steel, Inc.      2.64  
Genworth Financial, Inc., Class A      1.99  
Andersons, Inc. (The)      1.94  
Kelly Services, Inc., Class A      1.90  
Group 1 Automotive, Inc.      1.79  
Green Brick Partners, Inc.      1.68  
Telephone & Data Systems, Inc.      1.57  
O-I Glass, Inc.      1.50  
Par Pacific Holdings, Inc.      1.46  
Mr. Cooper Group, Inc.      1.40  
Total      17.87  

 

*

Excluding money market fund holdings.

 

 

 

   22  

 

 

Invesco S&P SmallCap Value with Momentum ETF (XSVM) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Blended—S&P SmallCap 600® High Momentum Value Index     (10.06 )%      26.54 %      102.62 %      10.07 %      61.56 %      10.78 %      178.38 %        8.33 %      327.72 % 
S&P SmallCap 600® Index     (3.84 )      15.86       55.54       5.48       30.59       9.59       149.79         8.46       336.61  
Fund                    
NAV Return     (10.46 )      26.04       100.25       9.67       58.63       10.45       170.08         7.83       292.84  
Market Price Return     (10.47 )      26.09       100.47       9.64       58.43       10.45       170.30         7.82       292.29  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.36%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P SmallCap 600® High Momentum Value Index is comprised of the performance of the Dynamic Small Cap Value IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Small Value Index for the period June 15, 2011 through May 22, 2015, followed by the performance of the Russell 2000® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2023.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

 

   23  

 

 

 

CZA    Management’s Discussion of Fund Performance
   Invesco Zacks Mid-Cap ETF (CZA)

 

As an index fund, the Invesco Zacks Mid-Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of 100 securities that the Index Provider selects from a universe of mid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider seeks to identify companies with potentially superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned (2.20)%. On a net asset value (“NAV”) basis, the Fund returned (1.93)%. During the same time period, the Index returned (1.30)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap® Index (the “Benchmark Index”) returned (1.69)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a

proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s securities selection in the financials and utilities sectors, respectively.

For the fiscal year ended April 30, 2023, the industrials sector was the primary sector that contributed to the Fund’s return, followed by consumer staples and health care sectors, respectively. The greatest detractor from the Fund’s performance was the financials sector, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included Coca-Cola Europacific Partners PLC, a consumer staples company (portfolio average weight of 1.11%), and Arch Capital Group Ltd., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included First Republic Bank, a financials company (no longer held at fiscal year-end), and Lufax Holding Ltd. Sponsored ADR, Class A, a financials company (portfolio average weight of 0.57%).

 

 

 

   24  

 

 

Invesco Zacks Mid-Cap ETF (CZA) (continued)

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Industrials      20.22  
Financials      18.00  
Utilities      13.04  
Materials      12.79  
Real Estate      12.01  
Information Technology      9.11  
Health Care      6.29  
Consumer Staples      4.72  
Consumer Discretionary      3.56  
Communication Services      0.29  
Money Market Funds Plus Other Assets Less Liabilities      (0.03)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Coca-Cola Europacific Partners PLC      2.33  
Discover Financial Services      2.18  
AvalonBay Communities, Inc.      2.13  
Equity Residential      2.02  
State Street Corp.      1.99  
Willis Towers Watson PLC      1.97  
FirstEnergy Corp.      1.93  
Church & Dwight Co., Inc.      1.92  
Ameren Corp.      1.92  
Deutsche Bank AG      1.91  
Total      20.30  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

    1 Year     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Zacks Mid-Cap Core Index     (1.30 )%      16.99 %      60.12 %      8.18 %      48.19 %      10.41 %      169.32 %        9.94 %      358.84 % 
Russell Midcap® Index     (1.69 )      13.78       47.30       7.97       46.75       9.85       155.94         8.12       251.08  
Fund                    
NAV Return     (1.93 )      16.15       56.70       7.43       43.06       9.67       151.67         9.11       306.21  
Market Price Return     (2.20 )      16.09       56.43       7.41       42.95       9.67       151.72         9.11       306.21  

 

 

   25  

 

 

Invesco Zacks Mid-Cap ETF (CZA) (continued)

 

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.74%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   26  

 

 

 

CVY    Management’s Discussion of Fund Performance
   Invesco Zacks Multi-Asset Income ETF (CVY)

 

As an index fund, the Invesco Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American Depositary Receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of securities that the Index Provider selects from a universe of domestic and international companies listed on major U.S. exchanges. The Index Provider seeks to identify companies with potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and risk adjusted return. The securities comprising the Index include stocks of large, medium and small- sized companies and may include U.S. listed common stocks paying dividends, ADRs, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), closed-end funds and traditional preferred stocks.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Underlying Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2023, on a market price basis, the Fund returned 0.56%. On a net asset value (“NAV”) basis, the Fund returned 0.28%. During the same time period, the Index returned 0.06%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund’s and Index’s removal of China Petroleum & Chemical Corporation Sponsored ADR (SNP), an energy company, which was delisted from the New York Stock Exchange on September 8, 2022. While the Index removed the security at a price of $0.00, the Fund was able to liquidate its positions at a higher value. The Fund also received income from the securities lending program in which the Fund participates. These benefits were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.66%. The Benchmark Index is an

unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the information technology sector, along with its security selection in the financials sector.

For the fiscal year ended April 30, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The financials sector detracted most significantly from the Fund’s return, followed by the materials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2023, included EQT Corp., an energy company (no longer held at fiscal year-end), and Dick’s Sporting Goods, Inc., a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Bancolombia S.A. Sponsored ADR Pfd., a financials company (no longer held at fiscal year-end), and PacWest Bancorp, a financials company (portfolio average weight of 0.55%).

 

 

 

   27  

 

 

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Energy      26.76  
Financials      26.61  
Closed-End Funds      9.97  
Real Estate      9.83  
Materials      5.96  
Consumer Staples      4.85  
Consumer Discretionary      3.42  
Health Care      3.12  
Communication Services      3.04  
Sector Types Each Less Than 3%      6.06  
Money Market Funds Plus Other Assets Less Liabilities      0.38  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2023		  
Security   
Black Stone Minerals L.P.      1.31  
Alliance Resource Partners L.P.      1.31  
Kroger Co. (The)      1.16  
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,      1.16  
Wells Fargo & Co., Series Z, Pfd., 4.75%,      1.15  
Canadian Natural Resources Ltd.      1.14  
DoubleLine Income Solutions Fund      1.14  
Bank of America Corp., Series L, Conv. Pfd., 7.25%,      1.13  
Bank of America Corp., Series QQ, Pfd., 4.25%,      1.12  
Exxon Mobil Corp.      1.12  
Total      11.74  

 

*

Excluding money market fund holdings.

 

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2023

 

   

1 Year

     3 Years
Average
Annualized		     3 Years
Cumulative		     5 Years
Average
Annualized		     5 Years
Cumulative		     10 Years
Average
Annualized		     10 Years
Cumulative		           Fund Inception  
Index         Average
Annualized		     Cumulative  
Zacks Multi-Asset Income Index     0.06 %      15.43 %      53.81 %      4.04 %      21.88 %      3.85 %      45.97 %        4.90 %      121.50 % 
S&P 500® Index     2.66       14.52       50.19       11.45       71.93       12.20       216.22         9.36       341.76  
Fund                    
NAV Return     0.28       15.09       52.43       3.59       19.31       3.31       38.53         4.18       97.26  
Market Price Return     0.56       15.08       52.40       3.61       19.43       3.32       38.62         4.18       97.39  

 

 

   28  

 

 

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

 

Guggenheim Multi-Asset Income ETF (Predecessor Fund) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.89%, including acquired fund fees and expenses of 0.16%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

 

   29  

 

 

Liquidity Risk Management Program

 

 

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

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

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

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  ●  

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

 

  30  

 

  

 

 

 

Invesco Dynamic Large Cap Growth ETF (PWB)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.02%

 

Communication Services-4.44%

     

Netflix, Inc.(b)

    24,370      $ 8,040,394  

T-Mobile US, Inc.(b)

    130,481        18,776,216  
    

 

 

  
       26,816,610  
    

 

 

  

Consumer Discretionary-11.84%

     

AutoZone, Inc.(b)

    3,196        8,511,939  

Hilton Worldwide Holdings, Inc.

     57,089        8,221,957  

Marriott International, Inc., Class A

     48,190        8,160,494  

MercadoLibre, Inc. (Brazil)(b)

    7,481        9,556,903  

NIKE,Inc.,Class B

     158,483        20,082,966  

O’Reilly Automotive, Inc.(b)

    9,561        8,770,401  

TJX Cos., Inc. (The)

     104,353        8,225,103  
    

 

 

  
       71,529,763  
    

 

 

  

Consumer Staples-6.22%

     

Costco Wholesale Corp.

     38,250        19,248,165  

Hershey Co. (The)

     34,144        9,323,361  

Monster Beverage Corp.(b)

    160,678        8,997,968  
    

 

 

  
       37,569,494  
    

 

 

  

Energy-7.27%

     

Exxon Mobil Corp.

     172,637        20,429,863  

Halliburton Co.

     225,967        7,400,419  

Occidental Petroleum Corp.(c)

    137,500        8,460,375  

Schlumberger N.V.

     154,031        7,601,430  
    

 

 

  
       43,892,087  
    

 

 

  

Financials-13.54%

     

American Express Co.

     47,412        7,649,452  

Aon PLC, Class A

     26,995        8,778,234  

Arthur J. Gallagher & Co.

     44,092        9,173,782  

Mastercard, Inc., Class A

     53,915        20,489,317  

MSCI, Inc.

     15,672        7,560,956  

Progressive Corp. (The)

     57,689        7,868,780  

Visa, Inc., Class A(c)

    86,991        20,245,415  
    

 

 

  
       81,765,936  
    

 

 

  

Health Care-11.11%

     

Agilent Technologies, Inc.

     57,349        7,766,775  

Eli Lilly and Co.

     58,601        23,197,792  

IDEXX Laboratories, Inc.(b)

    17,203        8,466,628  

Mettler-Toledo International, Inc.(b)

    5,637        8,407,586  

UnitedHealth Group, Inc.

     39,063        19,222,512  
    

 

 

  
       67,061,293  
    

 

 

  

Industrials-10.79%

     

Automatic Data Processing, Inc.

     36,609        8,053,980  

Cintas Corp.

     18,876        8,603,115  

Deere & Co.

     19,256        7,279,153  

Old Dominion Freight Line, Inc.

     24,002        7,690,001  

Otis Worldwide Corp.

     99,026        8,446,918  

Rockwell Automation, Inc.

     28,488        8,073,784  
        Shares          Value  

Industrials-(continued)

     

Trane Technologies PLC

     45,719      $ 8,495,047  

TransDigm Group, Inc.

     11,157        8,535,105  
    

 

 

  
       65,177,103  
    

 

 

  

Information Technology-33.77%

     

Accenture PLC, Class A

     71,305        19,986,078  

Adobe, Inc.(b)

    55,357        20,900,589  

Apple, Inc.

     129,257        21,932,328  

Arista Networks, Inc.(b)

    61,139        9,792,022  

Broadcom, Inc.

     33,003        20,676,380  

Cadence Design Systems, Inc.(b)

    42,693        8,942,049  

Fortinet, Inc.(b)

    137,752        8,685,264  

Microchip Technology, Inc.

     101,949        7,441,258  

Microsoft Corp.

     75,957        23,338,548  

Motorola Solutions, Inc.

     30,643        8,929,370  

Oracle Corp.

     222,645        21,088,934  

Salesforce, Inc.(b)

    118,750        23,556,437  

Synopsys, Inc.(b)

    23,342        8,667,351  
    

 

 

  
       203,936,608  
    

 

 

  

Materials-1.04%

     

Albemarle Corp.

     33,994        6,304,527  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $563,407,019)

 

      604,053,421  
    

 

 

  
Money Market Funds-0.03%     

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $158,266)

     158,266        158,266  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $563,565,285)

 

      604,211,687  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.98%     

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

    6,733,945        6,733,945  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    17,315,858        17,315,858  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $24,049,833)

 

      24,049,803  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.03%
(Cost $587,615,118)

 

      628,261,490  

OTHER ASSETS LESS LIABILITIES-(4.03)%

 

      (24,320,956 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 603,940,534  
    

 

 

  
 

 

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

 

  31  

 

  

 

 

 

Invesco Dynamic Large Cap Growth ETF (PWB)–(continued)

April 30, 2023

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 14,052      $ 7,684,606      $ (7,540,392 )      $ -      $ -      $ 158,266      $ 5,825
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

       6,011,107        191,147,785        (190,424,947 )        -        -        6,733,945        219,953 *
Invesco Private Prime Fund       14,017,490        400,149,040        (396,855,174 )        (865 )        5,367        17,315,858        597,682 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 20,042,649      $ 598,981,431      $ (598,820,513 )      $ (865 )      $ 5,367      $ 24,208,069      $ 823,460
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  32  

 

  

 

 

 

Invesco Dynamic Large Cap Value ETF (PWV)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.98%

 

Consumer Discretionary-4.64%

     

General Motors Co.

     275,011      $ 9,086,363  

Home Depot, Inc. (The)

     89,507        26,900,434  
    

 

 

  
       35,986,797  
    

 

 

  

Consumer Staples-13.10%

     

Altria Group, Inc.

     239,391        11,373,466  

Archer-Daniels-Midland Co.

     139,645        10,903,482  

General Mills, Inc.

     141,747        12,563,037  

Mondelez International, Inc., Class A

     170,626        13,090,427  

Philip Morris International, Inc.

     264,564        26,448,463  

Walmart, Inc.

     179,521        27,102,285  
    

 

 

  
       101,481,160  
    

 

 

  

Energy-7.22%

     

Devon Energy Corp.

     214,382        11,454,430  

Energy Transfer L.P.

     892,221        11,491,806  

Pioneer Natural Resources Co.

     55,173        12,002,886  

Valero Energy Corp.

     85,550        9,810,019  

Williams Cos., Inc. (The)

     368,853        11,161,492  
    

 

 

  
       55,920,633  
    

 

 

  

Financials-23.21%

     

Aflac, Inc.

     166,690        11,643,296  

American International Group, Inc.

     189,397        10,045,617  

Bank of America Corp.

     766,272        22,436,444  

Bank of New York Mellon Corp. (The)

     224,298        9,552,852  

BlackRock, Inc.

     16,302        10,941,902  

Chubb Ltd.

     54,400        10,964,864  

JPMorgan Chase & Co.

     189,442        26,188,462  

MetLife, Inc.

     159,197        9,763,552  

Morgan Stanley

     271,001        24,381,960  

Prudential Financial, Inc.

     115,302        10,031,274  

Travelers Cos., Inc. (The)

     61,305        11,104,788  

Wells Fargo & Co.

     572,073        22,739,902  
    

 

 

  
       179,794,913  
    

 

 

  

Health Care-31.94%

     

Abbott Laboratories

     255,191        28,190,950  

AbbVie, Inc.

     174,023        26,298,356  

AmerisourceBergen Corp.

     70,657        11,789,120  
        Shares          Value  

Health Care-(continued)

     

Biogen, Inc.(b)

    41,714      $ 12,690,650  

Bristol-Myers Squibb Co.

     371,391        24,797,777  

Centene Corp.(b)

    156,516        10,788,648  

Cigna Group (The)

     38,470        9,744,066  

Elevance Health, Inc.

     23,622        11,070,450  

Gilead Sciences, Inc.

     134,174        11,030,445  

Johnson & Johnson

     167,398        27,403,053  

Merck & Co., Inc.

     242,506        28,002,168  

Moderna, Inc.(b)

    70,650        9,388,679  

Pfizer, Inc.

     619,462        24,090,877  

Regeneron Pharmaceuticals, Inc.(b)

    15,193        12,181,595  
    

 

 

  
       247,466,834  
    

 

 

  

Industrials-6.34%

     

Northrop Grumman Corp.

     23,983        11,062,638  

PACCAR, Inc.

     153,147        11,438,550  

United Parcel Service, Inc., Class B

     148,182        26,644,605  
    

 

 

  
       49,145,793  
    

 

 

  

Information Technology-7.64%

     

Applied Materials, Inc.

     102,054        11,535,164  

Cisco Systems, Inc.

     532,322        25,152,215  

International Business Machines Corp.

     86,230        10,900,334  

KLA Corp

     29,980        11,588,469  
    

 

 

  
       59,176,182  
    

 

 

  

Materials-2.84%

     

Nucor Corp.

     69,160        10,248,129  

Southern Copper Corp. (Mexico)

     152,801        11,739,701  
    

 

 

  
       21,987,830  
    

 

 

  

Utilities-3.05%

     

American Electric Power Co., Inc.

     125,095        11,561,280  

Consolidated Edison, Inc.

     122,550        12,067,498  
    

 

 

  
       23,628,778  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-99.98%
(Cost $768,822,330)

 

      774,588,920  

OTHER ASSETS LESS LIABILITIES-0.02%

 

      148,740  
    

 

 

  

NET ASSETS-100.00%

 

    $ 774,737,660  
    

 

 

  
 

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.

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain
(Loss)		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class      $ 91,482      $ 27,862,583      $ (27,954,065 )     $         -      $         -      $ -      $  13,691

 

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

 

  33  

 

  

 

 

 

Invesco Dynamic Large Cap Value ETF (PWV)–(continued)

April 30, 2023

 

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

Invesco Private Government Fund

      $ 3,785,178      $ 129,391,487      $ (133,176,665 )     $ -     $ -     $ -      $ 125,963 *
Invesco Private Prime Fund        8,832,210        311,010,768        (319,840,957 )       (1,380 )       (641 )       -        349,062 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 12,708,870      $ 468,264,838      $ (480,971,687 )     $ (1,380 )     $ (641 )     $ -      $ 488,716
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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.

 

  34  

 

  

 

 

 

Invesco S&P 100 Equal Weight ETF (EQWL)

April 30, 2023

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.91%

 

Communication Services-9.55%

    

Alphabet, Inc., Class A(b)

    12,145     $ 1,303,644  

Alphabet, Inc., Class C(b)

    10,569       1,143,777  

AT&T, Inc.(c)

    111,915       1,977,538  

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

    6,281       2,315,805  

Comcast Corp., Class A

     58,421       2,416,877  

Meta Platforms, Inc., Class A(b)

    11,522       2,768,967  

Netflix, Inc.(b)

    7,072       2,333,265  

T-Mobile US, Inc.(b)

    14,844       2,136,052  

Verizon Communications, Inc.

     56,232       2,183,489  

Walt Disney Co. (The)(b)

    22,065       2,261,662  
   

 

 

  
      20,841,076  
   

 

 

  

Consumer Discretionary-9.98%

    

Amazon.com, Inc.(b)

    22,730       2,396,878  

Booking Holdings, Inc.(b)

    831       2,232,324  

Ford Motor Co.

     170,444       2,024,875  

General Motors Co.

     56,484       1,866,231  

Home Depot, Inc. (The)

     7,204       2,165,090  

Lowe’s Cos., Inc.

     10,495       2,181,176  

McDonald’s Corp.

     7,907       2,338,495  

NIKE,Inc.,ClassB

     17,633       2,234,454  

Starbucks Corp.

     20,759       2,372,546  

Tesla, Inc.(b)(c)

    11,896       1,954,632  
   

 

 

  
      21,766,701  
   

 

 

  

Consumer Staples-12.24%

    

Altria Group, Inc.

     44,265       2,103,030  

Coca-Cola Co. (The)

     34,848       2,235,499  

Colgate-Palmolive Co.

     28,903       2,306,460  

Costco Wholesale Corp.

     4,388       2,208,129  

Kraft Heinz Co. (The)

     54,351       2,134,364  

Mondelez International, Inc., Class A

     31,795       2,439,313  

PepsiCo, Inc.

     12,034       2,297,170  

Philip Morris International, Inc.

     20,987       2,098,070  

Procter & Gamble Co. (The)

     15,092       2,360,087  

Target Corp.

     13,036       2,056,429  

Walgreens Boots Alliance, Inc.

     62,021       2,186,240  

Walmart, Inc.

     15,118       2,282,365  
   

 

 

  
      26,707,156  
   

 

 

  

Energy-2.98%

    

Chevron Corp.

     12,937       2,180,919  

ConocoPhillips

     19,877       2,045,145  

Exxon Mobil Corp.

     19,133       2,264,199  
   

 

 

  
      6,490,263  
   

 

 

  

Financials-16.95%

    

American Express Co.

     12,451       2,008,844  

American International Group, Inc.

     38,802       2,058,058  

Bank of America Corp.

     68,141       1,995,169  

Bank of New York Mellon Corp. (The)

     43,577       1,855,944  

Berkshire Hathaway, Inc., Class B(b)

    6,818       2,240,054  

BlackRock, Inc.

     3,262       2,189,454  

Capital One Financial Corp.

     21,015       2,044,760  

Charles Schwab Corp. (The)

     35,146       1,836,027  

Citigroup, Inc.

     42,667       2,008,336  

Goldman Sachs Group, Inc. (The)

     6,309       2,166,763  

JPMorgan Chase & Co.

     15,448       2,135,532  
        Shares         Value  

Financials-(continued)

    

Mastercard, Inc., Class A

     5,965     $ 2,266,879  

MetLife, Inc.

     33,046       2,026,711  

Morgan Stanley

     22,921       2,062,202  

PayPal Holdings, Inc.(b)

    28,068       2,133,168  

U.S. Bancorp

     50,762       1,740,121  

Visa, Inc., Class A(c)

    9,573       2,227,924  

Wells Fargo & Co.

     49,868       1,982,253  
   

 

 

  
      36,978,199  
   

 

 

  

Health Care-14.06%

    

Abbott Laboratories

     21,283       2,351,133  

AbbVie, Inc.

     13,791       2,084,096  

Amgen, Inc.

     9,068       2,173,962  

Bristol-Myers Squibb Co.

     31,373       2,094,775  

CVS Health Corp.

     26,774       1,962,802  

Danaher Corp.

     8,600       2,037,426  

Eli Lilly and Co.

     6,566       2,599,217  

Gilead Sciences, Inc.

     25,962       2,134,336  

Johnson & Johnson

     13,599       2,226,156  

Medtronic PLC

     26,882       2,444,918  

Merck & Co., Inc.

     19,146       2,210,789  

Pfizer, Inc.

     52,362       2,036,358  

Thermo Fisher Scientific, Inc.

     3,809       2,113,614  

UnitedHealth Group, Inc.

     4,493       2,210,961  
   

 

 

  
      30,680,543  
   

 

 

  

Industrials-11.61%

    

3M Co.

     19,844       2,107,829  

Boeing Co. (The)(b)(c)

    10,174       2,103,780  

Caterpillar, Inc.

     9,096       1,990,205  

Emerson Electric Co.

     25,122       2,091,658  

FedEx Corp.

     10,251       2,334,973  

General Dynamics Corp.(c)

    9,351       2,041,697  

General Electric Co.(c)

    22,675       2,244,145  

Honeywell International, Inc.

     10,694       2,137,089  

Lockheed Martin Corp.

     4,355       2,022,680  

Raytheon Technologies Corp.

     21,508       2,148,649  

Union Pacific Corp.

     10,521       2,058,960  

United Parcel Service, Inc., Class B

     11,361       2,042,821  
   

 

 

  
      25,324,486  
   

 

 

  

Information Technology-14.51%

    

Accenture PLC, Class A

     8,188       2,295,015  

Adobe, Inc.(b)

    6,284       2,372,587  

Advanced Micro Devices, Inc.(b)

    24,946       2,229,424  

Apple, Inc.

     13,882       2,355,498  

Broadcom, Inc.

     3,367       2,109,425  

Cisco Systems, Inc.

     42,458       2,006,140  

Intel Corp.

     75,799       2,354,317  

International Business Machines Corp.

     16,513       2,087,408  

Microsoft Corp.

     8,300       2,550,258  

NVIDIA Corp.

     9,018       2,502,405  

Oracle Corp.

     24,557       2,326,039  

QUALCOMM, Inc.

     17,925       2,093,640  

Salesforce, Inc.(b)

    11,910       2,362,587  

Texas Instruments, Inc.

     12,064       2,017,101  
   

 

 

  
      31,661,844  
   

 

 

  
 

 

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

 

  35  

 

  

 

 

 

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

April 30, 2023

 

        Shares             Value      

Materials-1.98%

    

Dow, Inc.

     38,271     $ 2,081,942  

Linde PLC

     6,049       2,234,803  
   

 

 

  
      4,316,745  
   

 

 

  

Real Estate-1.97%

    

American Tower Corp.

     10,787       2,204,755  

Simon Property Group, Inc.

     18,510       2,097,553  
   

 

 

  
      4,302,308  
   

 

 

  

Utilities-4.08%

    

Duke Energy Corp.

     22,208       2,195,927  

Exelon Corp.

     51,318       2,177,936  

NextEra Energy, Inc.(c)

    28,252       2,164,951  

Southern Co. (The)

     32,235       2,370,884  
   

 

 

  
      8,909,698  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $208,321,717)

 

     217,979,019  
   

 

 

  
Money Market Funds-0.01%    

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $17,471)

     17,471       17,471  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $208,339,188)

 

     217,996,490  
   

 

 

  
        Shares             Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.79%    

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

    4,144,515     $ 4,144,515  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    10,657,324       10,657,324  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,801,839)

 

     14,801,839  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-106.71%
(Cost $223,141,027)

 

     232,798,329  

OTHER ASSETS LESS LIABILITIES-(6.71)%

 

     (14,630,121 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 218,168,208  
   

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 11,989      $ 3,941,236      $ (3,935,754)       $ -     $ -     $ 17,471      $ 2,001

Investments Purchased with Cash

Collateral from Securities on Loan:

                                

Invesco Private Government Fund

        910,271        39,212,491        (35,978,247 )       -       -       4,144,515        38,182 *
Invesco Private Prime Fund        2,122,133        74,935,124        (66,399,022 )       (146 )       (765 )       10,657,324        105,742 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 3,044,393      $ 118,088,851      $ (106,313,023 )     $ (146 )     $ (765 )     $ 14,819,310      $ 145,925
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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

 

(e) 

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

(f) 

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

 

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

 

  36  

 

  

 

 

 

Invesco S&P 500 GARP ETF (SPGP)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.97%

 

Communication Services-5.33%

 

Alphabet, Inc., Class C(b)

    495,477     $ 53,620,521  

Meta Platforms, Inc., Class A(b)

    412,945       99,238,942  
   

 

 

  
      152,859,463  
   

 

 

  

Consumer Discretionary-10.57%

 

D.R. Horton, Inc.

     612,330       67,246,081  

Garmin Ltd.

     300,109       29,461,701  

Lennar Corp., Class A

     325,430       36,711,758  

Pool Corp.(c)

    136,022       47,787,249  

PulteGroup, Inc.

     721,754       48,465,781  

Tractor Supply Co.(c)

    175,861       41,925,262  

Ulta Beauty, Inc.(b)

    57,015       31,439,782  
   

 

 

  
      303,037,614  
   

 

 

  

Consumer Staples-3.52%

 

Monster Beverage Corp.(b)

    594,408       33,286,848  

Procter & Gamble Co. (The)

     202,927       31,733,724  

Target Corp.

     226,686       35,759,717  
   

 

 

  
      100,780,289  
   

 

 

  

Energy-3.58%

 

APA Corp.

     875,009       32,244,082  

Coterra Energy, Inc.

     1,239,648       31,734,989  

Diamondback Energy, Inc.(c)

    271,628       38,625,501  
   

 

 

  
      102,604,572  
   

 

 

  

Financials-13.93%

 

American International Group, Inc.

     653,647       34,669,437  

Arch Capital Group Ltd.(b)(c)

    719,642       54,023,525  

Assurant, Inc.

     281,793       34,697,172  

Capital One Financial Corp.

     379,895       36,963,783  

Chubb Ltd.

     126,189       25,434,655  

Discover Financial Services

     393,976       40,764,697  

Loews Corp.

     515,801       29,694,663  

Moody’s Corp.

     99,232       31,071,524  

Regions Financial Corp.(c)

    1,305,283       23,834,468  

Synchrony Financial

     1,005,907       29,684,315  

T. Rowe Price Group, Inc.(c)

    262,343       29,468,989  

Willis Towers Watson PLC

     125,076       28,967,602  
   

 

 

  
      399,274,830  
   

 

 

  

Health Care-26.85%

 

Abbott Laboratories

     309,564       34,197,535  

AbbVie, Inc.

     184,974       27,953,271  

Bio-Techne Corp.

     426,403       34,061,072  

Cigna Group (The)

     136,573       34,592,575  

Edwards Lifesciences Corp.(b)

    409,312       36,011,270  

Elevance Health, Inc.

     63,375       29,700,694  

Eli Lilly and Co.

     84,682       33,522,217  

Hologic, Inc.(b)

    689,834       59,332,622  

Humana, Inc.

     61,337       32,538,665  

IDEXX Laboratories, Inc.(b)

    74,801       36,814,060  

Incyte Corp.(b)

    592,067       44,055,706  

Laboratory Corp. of America Holdings

     149,667       33,931,006  

Moderna, Inc.(b)

    355,571       47,251,830  

Molina Healthcare, Inc.(b)

    84,971       25,312,011  

Pfizer, Inc.

     958,575       37,278,982  

Quest Diagnostics, Inc.

     252,361       35,030,230  

Regeneron Pharmaceuticals, Inc.(b)

    69,547       55,762,089  
        Shares             Value      

Health Care-(continued)

 

Vertex Pharmaceuticals, Inc.(b)

     135,630     $ 46,213,210  

Waters Corp.(b)

    80,209       24,091,575  

West Pharmaceutical Services, Inc.

     172,518       62,320,402  
   

 

 

  
      769,971,022  
   

 

 

  

Industrials-9.19%

 

C.H. Robinson Worldwide, Inc.(c)

    282,106       28,456,032  

Copart, Inc.(b)(c)

    568,649       44,951,703  

Expeditors International of Washington, Inc.(c)

    460,136       52,381,882  

Generac Holdings, Inc.(b)(c)

    468,627       47,903,052  

J.B. Hunt Transport Services, Inc.(c)

    163,640       28,684,456  

Old Dominion Freight Line, Inc.

     95,548       30,612,624  

United Parcel Service, Inc., Class B

     169,780       30,528,142  
   

 

 

  
      263,517,891  
   

 

 

  

Information Technology-19.06%

 

Accenture PLC, Class A

     95,005       26,628,951  

Adobe, Inc.(b)

    122,952       46,421,757  

Apple, Inc.

     274,770       46,622,974  

Applied Materials, Inc.

     430,086       48,612,621  

Arista Networks, Inc.(b)

    231,052       37,005,288  

KLA Corp.

     133,111       51,452,726  

Lam Research Corp.

     103,442       54,211,883  

Microsoft Corp.

     142,451       43,769,494  

Qorvo, Inc.(b)

    580,312       53,435,129  

QUALCOMM, Inc.

     416,822       48,684,810  

Skyworks Solutions, Inc.

     399,421       42,298,684  

Teradyne, Inc.(c)

    518,842       47,411,782  
   

 

 

  
      546,556,099  
   

 

 

  

Materials-4.39%

 

Celanese Corp.

     289,626       30,769,866  

CF Industries Holdings, Inc.

     400,478       28,666,215  

Mosaic Co. (The)

     666,068       28,541,014  

Nucor Corp.

     256,123       37,952,306  
   

 

 

  
      125,929,401  
   

 

 

  

Real Estate-1.11%

 

Weyerhaeuser Co.

     1,058,866       31,670,682  
   

 

 

  
Utilities-2.44%    

NRG Energy, Inc.

     2,049,583       70,034,251  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $2,776,716,408)

 

     2,866,236,114  
   

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.89%

 

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

    72,100,398       72,100,398  
 

 

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

 

  37  

 

  

 

 

 

Invesco S&P 500 GARP ETF (SPGP)–(continued)

April 30, 2023

 

        Shares             Value      
Money Market Funds-(continued)

 

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    125,583,975     $ 125,583,975  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $197,690,775)

 

     197,684,373  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-106.86%
(Cost $2,974,407,183)

 

     3,063,920,487  

OTHER ASSETS LESS LIABILITIES-(6.86)%

 

     (196,715,413 ) 
 

 

 

  

NET ASSETS-100.00%

 

   $ 2,867,205,074  
   

 

 

  
 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ -      $ 30,739,374      $ (30,739,374)        $ -      $ -      $ -      $ 55,080
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

       8,620,026        474,186,794        (410,706,422 )        -        -        72,100,398        779,893 *
Invesco Private Prime Fund       20,110,514        873,985,186        (768,508,353 )        (7,144 )        3,772        125,583,975        2,136,251 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 28,730,540      $ 1,378,911,354      $ (1,209,954,149 )      $ (7,144 )      $ 3,772      $ 197,684,373      $ 2,971,224
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  38  

 

  

 

 

 

Invesco S&P 500 Value with Momentum ETF (SPVM)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      

Common Stocks & Other Equity Interests-100.01%

 

Communication Services-3.34%

    

AT&T, Inc.

     38,006     $ 671,566  

Interpublic Group of Cos., Inc. (The)

     9,772       349,154  

Omnicom Group, Inc.

     4,232       383,292  
   

 

 

  
      1,404,012  
   

 

 

  

Consumer Discretionary-3.85%

    

Advance Auto Parts, Inc.

     2,563       321,733  

Ford Motor Co.

     73,928       878,265  

LKQ Corp.

     7,242       418,081  
   

 

 

  
      1,618,079  
   

 

 

  

Consumer Staples-8.63%

    

Archer-Daniels-Midland Co.

     5,884       459,423  

Conagra Brands, Inc.

     7,762       294,645  

Dollar Tree, Inc.(b)

    1,898       291,742  

JM Smucker Co. (The)

     1,863       287,666  

Kraft Heinz Co. (The)

     11,238       441,316  

Kroger Co. (The)

     13,158       639,874  

Molson Coors Beverage Co., Class B

     10,359       616,153  

Sysco Corp.

     3,519       270,048  

Walmart, Inc.

     2,136       322,472  
   

 

 

  
      3,623,339  
   

 

 

  

Energy-20.01%

    

APA Corp.

     10,236       377,197  

Chevron Corp.

     2,420       407,963  

ConocoPhillips

     3,316       341,183  

Coterra Energy, Inc.

     23,035       589,696  

Devon Energy Corp.

     6,203       331,426  

Diamondback Energy, Inc.

     3,941       560,410  

EOG Resources, Inc.

     2,421       289,237  

EQT Corp.

     14,258       496,749  

Exxon Mobil Corp.

     4,405       521,288  

Kinder Morgan, Inc.

     22,307       382,565  

Marathon Oil Corp.

     20,282       490,013  

Marathon Petroleum Corp.

     8,125       991,250  

Occidental Petroleum Corp.

     7,911       486,764  

Phillips 66

     9,105       901,395  

Pioneer Natural Resources Co.

     1,818       395,506  

Valero Energy Corp.

     7,345       842,251  
   

 

 

  
      8,404,893  
   

 

 

  

Financials-19.65%

    

Aflac, Inc.

     6,236       435,585  

Allstate Corp. (The)

     2,455       284,191  

American International Group, Inc.

     12,766       677,109  

Arch Capital Group Ltd.(b)

    5,177       388,637  

Chubb Ltd.

     1,626       327,737  

Comerica, Inc.

     6,229       270,152  

Discover Financial Services

     4,467       462,200  

Everest Re Group Ltd.

     1,180       446,040  

Globe Life, Inc.

     2,421       262,727  

Hartford Financial Services Group, Inc. (The)

     5,854       415,575  

Huntington Bancshares, Inc.

     28,443       318,562  

Loews Corp.

     10,743       618,474  

M&T Bank Corp.

     2,754       346,453  

MetLife, Inc.

     4,926       302,112  

Principal Financial Group, Inc.

     6,700       500,423  
        Shares             Value      

Financials-(continued)

    

Prudential Financial, Inc.

     3,542     $ 308,154  

Raymond James Financial, Inc.

     2,550       230,851  

Regions Financial Corp.

     18,832       343,872  

Travelers Cos., Inc. (The)

     2,096       379,669  

W.R. Berkley Corp.

     3,764       221,775  

Wells Fargo & Co.

     11,645       462,889  

Zions Bancorporation N.A.

     8,989       250,434  
   

 

 

  
      8,253,621  
   

 

 

  

Health Care-9.74%

    

AmerisourceBergen Corp.

     2,948       491,874  

Centene Corp.(b)

    7,205       496,641  

Cigna Group (The)

     1,553       393,359  

CVS Health Corp.

     5,463       400,493  

Elevance Health, Inc.

     661       309,778  

Henry Schein, Inc.(b)

    4,608       372,373  

Humana, Inc.

     609       323,068  

McKesson Corp.

     1,175       427,982  

Molina Healthcare, Inc.(b)

    1,033       307,720  

Pfizer, Inc.

     6,923       269,235  

Quest Diagnostics, Inc.

     2,153       298,858  
   

 

 

  
      4,091,381  
   

 

 

  

Industrials-6.38%

    

C.H. Robinson Worldwide, Inc.

     5,149       519,380  

Cummins, Inc.

     1,125       264,420  

Huntington Ingalls Industries, Inc.

     1,636       329,916  

Leidos Holdings, Inc.

     2,778       259,076  

PACCAR, Inc.

     4,998       373,300  

Snap-on, Inc.

     1,202       311,811  

Textron, Inc.

     4,999       334,633  

Wabtec Corp.

     2,949       288,029  
   

 

 

  
      2,680,565  
   

 

 

  

Information Technology-3.33%

    

Hewlett Packard Enterprise Co.

     51,474       737,108  

HP, Inc.

     22,197       659,473  
   

 

 

  
      1,396,581  
   

 

 

  

Materials-6.58%

    

CF Industries Holdings, Inc.

     4,004       286,606  

LyondellBasell Industries N.V., Class A

     8,790       831,622  

Mosaic Co. (The)

     15,091       646,649  

Nucor Corp.

     4,376       648,436  

Packaging Corp. of America

     2,573       348,024  
   

 

 

  
      2,761,337  
   

 

 

  

Real Estate-2.21%

    

Host Hotels & Resorts, Inc.

     18,103       292,725  

VICI Properties, Inc.

     8,065       273,726  

Weyerhaeuser Co.

     12,023       359,608  
   

 

 

  
      926,059  
   

 

 

  

Utilities-16.29%

    

American Electric Power Co., Inc.

     3,106       287,057  

Atmos Energy Corp.

     2,531       288,888  

CenterPoint Energy, Inc.

     11,839       360,734  

CMS Energy Corp.

     5,269       328,048  

Consolidated Edison, Inc.

     3,547       349,273  

DTE Energy Co.

     3,006       337,905  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  39  

 

  

 

 

 

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

April 30, 2023

 

        Shares             Value      
Utilities-(continued)    

Duke Energy Corp.

     3,461     $ 342,224  

Edison International

     4,775       351,440  

Entergy Corp.

     2,947       317,038  

Evergy, Inc.

     6,665       413,963  

Exelon Corp.

     10,022       425,334  

FirstEnergy Corp.

     7,533       299,813  

NiSource, Inc.

     11,951       340,126  

NRG Energy, Inc.

     28,013       957,204  

PG&E Corp.(b)

    27,684       473,673  

Pinnacle West Capital Corp.

     5,253       412,150  

Sempra Energy

     1,698       264,022  

Southern Co. (The)

     3,991       293,538  
   

 

 

  
      6,842,430  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $44,811,249)

       42,002,297  
   

 

 

  
        Shares             Value      

Money Market Funds-0.05%

    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(c)(d)
(Cost $22,944)

     22,944     $ 22,944  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-100.06%
(Cost $44,834,193)

 

     42,025,241  

OTHER ASSETS LESS LIABILITIES-(0.06)%

 

     (27,042 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 41,998,199  
   

 

 

  
 

 

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 issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

    Value
April 30, 2022		   Purchases
at Cost		   Proceeds
from Sales		   Change in
Unrealized
Appreciation		   Realized
Gain
(Loss)		   Value
April 30, 2023		   Dividend
Income
Invesco Ltd.     $ 618,818     $ 32,269     $ (569,591 )     $ 197,725     $ (279,221 )     $         -     $ 6,313
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class       79,573       1,654,290       (1,710,919 )               -               -       22,944       1,881
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund               -       220,568       (220,568 )               -               -               -       185 *
Invesco Private Prime Fund               -       561,880       (561,934)                 -       54               -       500 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Total     $ 698,391     $ 2,469,007     $ (3,063,012 )     $ 197,725     $ (279,167 )     $ 22,944     $ 8,879
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(d)

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  40  

 

  

 

 

 

Invesco S&P MidCap Momentum ETF (XMMO)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.96%

 

Communication Services-4.92%

    

Iridium Communications, Inc.

     390,565     $ 24,789,160  

Nexstar Media Group, Inc., Class A(b)

    64,420       11,173,649  

World Wrestling Entertainment, Inc,
Class A(b)

    148,041       15,865,554  
   

 

 

  
      51,828,363  
   

 

 

  

Consumer Discretionary-8.94%

    

Deckers Outdoor Corp.(c)

    42,699       20,467,339  

Grand Canyon Education, Inc.(c)

    72,877       8,650,500  

H&R Block, Inc.(b)

    508,625       17,247,474  

Harley-Davidson, Inc.(b)

    225,222       8,355,736  

Murphy USA, Inc.

     47,076       12,956,727  

Service Corp. International

     257,721       18,089,437  

Visteon Corp.(b)(c)

    59,847       8,401,920  
   

 

 

  
      94,169,133  
   

 

 

  

Consumer Staples-6.26%

    

Casey’s General Stores, Inc.

     75,579       17,293,987  

Celsius Holdings, Inc.(b)(c)

    102,350       9,781,589  

Lancaster Colony Corp.(b)

    33,436       6,992,136  

Performance Food Group Co.(c)

    325,133       20,382,588  

Post Holdings, Inc.(b)(c)

    126,424       11,440,108  
   

 

 

  
      65,890,408  
   

 

 

  

Energy-7.93%

    

Antero Resources Corp.(c)

    481,012       11,058,466  

ChampionX Corp.

     395,996       10,723,572  

HF Sinclair Corp.

     349,254       15,405,594  

Matador Resources Co.

     210,883       10,339,593  

Murphy Oil Corp.

     254,146       9,329,700  

NOV, Inc.

     784,339       13,137,678  

PBF Energy, Inc., Class A

     388,605       13,546,770  
   

 

 

  
      83,541,373  
   

 

 

  

Financials-13.64%

    

American Financial Group, Inc.

     124,551       15,286,144  

Federated Hermes, Inc., Class B

     145,314       6,014,546  

FirstCash Holdings, Inc.

     71,683       7,385,500  

International Bancshares Corp.(b)

    72,020       3,073,093  

Kinsale Capital Group, Inc.(b)

    44,243       14,454,632  

Reinsurance Group of America, Inc.

     150,935       21,481,069  

RenaissanceRe Holdings Ltd. (Bermuda)

     78,391       16,886,205  

RLI Corp.

     103,711       14,421,015  

Selective Insurance Group, Inc.

     109,956       10,592,062  

United Bankshares, Inc.(b)

    219,116       7,259,313  

Unum Group

     633,664       26,740,621  
   

 

 

  
      143,594,200  
   

 

 

  

Health Care-12.10%

    

Acadia Healthcare Co., Inc.(b)(c)

    282,534       20,424,383  

Encompass Health Corp.

     196,149       12,582,958  

Haemonetics Corp.(c)

    167,164       13,993,298  

Halozyme Therapeutics, Inc.(c)

    341,782       10,981,456  

Lantheus Holdings, Inc.(c)

    220,878       18,874,025  

Neurocrine Biosciences, Inc.(c)

    224,835       22,717,328  

Option Care Health, Inc.(b)(c)

    241,263       7,756,606  

United Therapeutics Corp.(c)

    87,375       20,107,609  
   

 

 

  
      127,437,663  
   

 

 

  
        Shares             Value      

Industrials-26.03%

    

AECOM

     274,514     $ 22,798,388  

Axon Enterprise, Inc.(c)

    116,556       24,559,515  

CACI International, Inc., Class A(c)

    44,798       14,036,109  

Clean Harbors, Inc.(c)

    116,729       16,944,382  

Curtiss-Wright Corp.

     72,041       12,234,723  

EMCOR Group, Inc.

     91,868       15,709,428  

ExlService Holdings, Inc.(c)

    75,118       13,399,549  

Fluor Corp.(b)(c)

    412,314       11,981,845  

Hexcel Corp.

     170,377       12,280,774  

Hubbell, Inc.

     97,238       26,188,138  

KBR, Inc.(b)

    205,719       11,670,439  

Lincoln Electric Holdings, Inc.

     147,733       24,789,597  

nVent Electric PLC

     239,588       10,045,925  

Ryder System, Inc.

     88,444       7,001,227  

Science Applications International Corp.

     116,930       11,930,368  

Timken Co. (The)

     109,346       8,403,240  

Univar Solutions, Inc.(c)

    293,356       10,414,138  

Valmont Industries, Inc.

     67,893       19,726,990  
   

 

 

  
      274,114,775  
   

 

 

  

Information Technology-6.15%

    

Allegro MicroSystems, Inc. (Japan)(b)(c)

    111,426       3,985,708  

Aspen Technology, Inc.(b)(c)

    52,797       9,345,069  

Belden, Inc.

     101,207       7,984,220  

Jabil, Inc.

     231,034       18,055,307  

National Instruments Corp.

     245,266       14,281,839  

Super Micro Computer, Inc.(b)(c)

    105,483       11,121,073  
   

 

 

  
      64,773,216  
   

 

 

  

Materials-11.08%

    

Ashland, Inc.

     68,574       6,967,804  

Cabot Corp.

     111,378       7,992,485  

Commercial Metals Co.

     342,346       15,984,135  

Greif, Inc., Class A(b)

    42,446       2,665,184  

Olin Corp.

     196,601       10,891,695  

Reliance Steel & Aluminum Co.

     165,663       41,051,292  

Royal Gold, Inc.(b)

    112,318       14,875,396  

Silgan Holdings, Inc.

     158,710       7,818,055  

United States Steel Corp.

     370,264       8,471,640  
   

 

 

  
      116,717,686  
   

 

 

  

Real Estate-1.06%

    

Agree Realty Corp.

     163,228       11,097,872  
   

 

 

  

Utilities-1.85%

    

New Jersey Resources Corp.

     213,614       11,031,027  

Ormat Technologies, Inc.(b)

    98,500       8,452,285  
   

 

 

  
      19,483,312  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $986,830,689)

       1,052,648,001  
   

 

 

  

Money Market Funds-0.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $333,211)

     333,211       333,211  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $987,163,900)

       1,052,981,212  
   

 

 

  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  41  

 

  

 

 

 

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

April 30, 2023

 

        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-9.44%    

Invesco Private Government Fund,
4.83%(d)(e)(f)

    27,988,178     $ 27,988,178  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    71,341,758       71,341,758  
   

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $99,333,615)

 

     99,329,936  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-109.43%
(Cost $1,086,497,515)

 

     1,152,311,148  

OTHER ASSETS LESS LIABILITIES-(9.43)%

 

     (99,257,383 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 1,053,053,765  
   

 

 

  
 

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, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 531,940      $ 29,193,996      $ (29,392,725 )     $ -     $ -      $ 333,211      $ 13,597
Investments Purchased with Cash Collateral from Securities on Loan:                                 

Invesco Private Government Fund

        19,658,589        354,721,921        (346,392,332 )       -       -        27,988,178        1,027,417 *
Invesco Private Prime Fund        45,795,787        793,154,667        (767,624,299 )       (5,718 )       21,321        71,341,758        2,835,996 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total      $ 65,986,316      $ 1,177,070,584      $ (1,143,409,356 )     $ (5,718 )     $ 21,321      $ 99,663,147      $ 3,877,010
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  42  

 

  

 

 

 

Invesco S&P MidCap Quality ETF (XMHQ)

April 30, 2023

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.93%

 

Communication Services-0.72%

    

Ziff Davis, Inc.(b)(c)

    69,976     $ 5,118,045  
   

 

 

  

Consumer Discretionary-19.66%

    

AutoNation, Inc.(b)(c)

    64,536       8,499,391  

Boyd Gaming Corp.

     103,508       7,183,455  

Capri Holdings Ltd.(b)(c)

    173,707       7,208,840  

Carter’s, Inc.(c)

    48,568       3,388,589  

Choice Hotels International, Inc.(c)

    46,461       5,924,707  

Deckers Outdoor Corp.(b)

    31,819       15,252,119  

Dick’s Sporting Goods, Inc.(c)

    70,878       10,278,019  

Gentex Corp.

     285,023       7,863,785  

Grand Canyon Education, Inc.(b)

    61,752       7,329,962  

Harley-Davidson, Inc.(c)

    163,707       6,073,530  

Light & Wonder, Inc.(b)(c)

    162,440       9,793,508  

Macy’s, Inc.(c)

    386,111       6,309,054  

PVH Corp.(c)

    77,446       6,645,641  

Texas Roadhouse, Inc.(c)

    84,239       9,318,518  

Toll Brothers, Inc.

     129,349       8,266,695  

Under Armour, Inc., Class A(b)(c)

    258,365       2,291,698  

Williams-Sonoma, Inc.

     156,502       18,943,002  
   

 

 

  
      140,570,513  
   

 

 

  

Consumer Staples-0.57%

    

Coca-Cola Consolidated, Inc.

     6,951       4,097,336  
   

 

 

  

Energy-8.76%

    

Antero Resources Corp.(b)

    460,564       10,588,366  

Matador Resources Co.

     181,663       8,906,937  

Murphy Oil Corp.

     231,742       8,507,249  

PBF Energy, Inc., Class A

     252,031       8,785,801  

PDC Energy, Inc.(c)

    205,109       13,342,340  

Range Resources Corp.

     472,890       12,507,941  
   

 

 

  
      62,638,634  
   

 

 

  

Financials-9.83%

    

American Financial Group, Inc.

     93,042       11,419,045  

Essent Group Ltd.(c)

    146,355       6,215,697  

Evercore, Inc., Class A

     65,045       7,419,683  

Federated Hermes, Inc., Class B

     106,658       4,414,575  

Kinsale Capital Group, Inc.(c)

    29,972       9,792,152  

MGIC Investment Corp.

     385,692       5,735,240  

RLI Corp.

     73,848       10,268,564  

SEI Investments Co.(c)

    152,986       9,012,405  

Western Union Co. (The)

     546,208       5,970,053  
   

 

 

  
      70,247,414  
   

 

 

  

Health Care-11.56%

    

Acadia Healthcare Co., Inc.(b)

    138,085       9,982,165  

Azenta, Inc.(b)(c)

    143,957       6,260,690  

Chemed Corp.

     22,300       12,292,875  

Envista Holdings Corp.(b)(c)

    201,104       7,740,493  

Exelixis, Inc.(b)

    411,272       7,526,277  

Lantheus Holdings, Inc.(b)

    122,969       10,507,701  

Medpace Holdings, Inc.(b)(c)

    47,221       9,450,811  

Patterson Cos., Inc.

     107,271       2,908,117  

Shockwave Medical, Inc.(b)(c)

    55,136       15,998,262  
   

 

 

  
      82,667,391  
   

 

 

  

Industrials-27.42%

    

Acuity Brands, Inc.(c)

    41,758       6,571,874  
        Shares         Value  

Industrials-(continued)

    

ASGN, Inc.(b)(c)

    63,679     $ 4,558,780  

Axon Enterprise, Inc.(b)(c)

    100,324       21,139,270  

Crane NXT Co.(c)

    62,057       2,939,020  

Donaldson Co., Inc.

     175,643       11,162,113  

Genpact Ltd.

     209,875       9,349,931  

Graco, Inc.

     214,463       17,004,771  

Hubbell, Inc.

     72,361       19,488,265  

Landstar System, Inc.(c)

    55,959       9,850,463  

Lincoln Electric Holdings, Inc.(c)

    83,846       14,069,359  

MSC Industrial Direct Co., Inc., Class A(c)

    59,810       5,426,561  

Owens Corning(c)

    127,706       13,640,278  

Saia, Inc.(b)(c)

    34,000       10,124,180  

Terex Corp.

     85,221       3,800,004  

Tetra Tech, Inc.

     66,654       9,222,914  

Toro Co. (The)(c)

    141,360       14,738,194  

Trex Co., Inc.(b)(c)

    144,078       7,875,303  

Watts Water Technologies, Inc., Class A

     34,710       5,613,648  

XPO, Inc.(b)(c)

    214,486       9,475,991  
   

 

 

  
      196,050,919  
   

 

 

  

Information Technology-11.18%

    

Arrow Electronics, Inc.(b)(c)

    80,415       9,201,888  

CommVault Systems, Inc.(b)

    55,957       3,260,614  

Jabil, Inc.

     179,797       14,051,136  

Lattice Semiconductor Corp.(b)

    186,921       14,897,604  

MACOM Technology Solutions Holdings, Inc.(b)(c)

    89,919       5,245,874  

Manhattan Associates, Inc.(b)

    137,992       22,862,515  

Qualys, Inc.(b)(c)

    59,751       6,748,278  

Vishay Intertechnology, Inc.

     170,354       3,626,837  
   

 

 

  
      79,894,746  
   

 

 

  

Materials-9.09%

    

Ashland, Inc.

     67,874       6,896,677  

Chemours Co. (The)(c)

    260,184       7,563,549  

Commercial Metals Co.

     155,474       7,259,081  

Eagle Materials, Inc.(c)

    55,800       8,270,118  

Ingevity Corp.(b)

    45,784       3,284,544  

Louisiana-Pacific Corp.(c)

    155,813       9,308,269  

Olin Corp.

     220,529       12,217,307  

Royal Gold, Inc.(c)

    77,008       10,198,939  
   

 

 

  
      64,998,484  
   

 

 

  

Real Estate-1.14%

    

Apartment Income REIT Corp.

     219,485       8,116,555  
   

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $672,647,335)

 

     714,400,037  
   

 

 

  
Money Market Funds-0.08%    

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $547,107)

     547,107       547,107  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $673,194,442)

 

     714,947,144  
   

 

 

  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  43  

 

  

 

 

 

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

April 30, 2023

 

        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-14.78%    

Invesco Private Government Fund,
4.83%(d)(e)(f)

    29,590,609     $ 29,590,609  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    76,090,138       76,090,138  
   

 

 

  

Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $105,685,513)

 

     105,680,747  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-114.79%
(Cost $778,879,955)

 

     820,627,891  

OTHER ASSETS LESS LIABILITIES-(14.79)%

 

     (105,759,259 ) 
   

 

 

  

NET ASSETS-100.00%

     $ 714,868,632  
   

 

 

  
 

 

Investment Abbreviations:

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) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2023.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 250,806      $ 26,887,074      $ (26,590,773 )     $ -     $ -      $ 547,107      $ 10,262
Investments Purchased with Cash Collateral from Securities on Loan:                                 

Invesco Private Government Fund

        23,130,522        213,161,141        (206,701,054 )       -       -        29,590,609        510,945 *
Invesco Private Prime Fund        50,865,558        437,479,953        (412,249,121 )       (8,027 )       1,775        76,090,138        1,375,386 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total      $ 74,246,886      $ 677,528,168      $ (645,540,948 )     $ (8,027 )     $ 1,775      $ 106,227,854      $ 1,896,593
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  44  

 

  

 

 

 

Invesco S&P MidCap Value with Momentum ETF (XMVM)

April 30, 2023

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.93%

 

Communication Services-1.99%

 

Nexstar Media Group, Inc., Class A(b)

    9,405     $ 1,631,297  

TEGNA, Inc.

     103,155       1,763,951  
   

 

 

  
      3,395,248  
   

 

 

  

Consumer Discretionary-10.89%

 

AutoNation, Inc.(b)(c)

    30,430       4,007,631  

Dick’s Sporting Goods, Inc.(b)

    13,005       1,885,855  

Graham Holdings Co., Class B

     4,485       2,581,432  

Harley-Davidson, Inc.(b)

    34,228       1,269,859  

Macy’s, Inc.(b)

    183,491       2,998,243  

Murphy USA, Inc.(b)

    7,262       1,998,720  

Nordstrom, Inc.(b)

    171,820       2,656,337  

Victoria’s Secret & Co.(b)(c)

    36,525       1,132,640  
   

 

 

  
      18,530,717  
   

 

 

  

Consumer Staples-4.85%

 

Ingredion, Inc.

     16,555       1,757,645  

Performance Food Group Co.(c)

    43,112       2,702,692  

Post Holdings, Inc.(b)(c)

    23,794       2,153,119  

Sprouts Farmers Market, Inc.(b)(c)

    47,459       1,644,929  
   

 

 

  
      8,258,385  
   

 

 

  

Energy-11.71%

 

Antero Resources Corp.(c)

    73,395       1,687,351  

HF Sinclair Corp.(b)

    73,175       3,227,749  

Matador Resources Co.

     27,460       1,346,364  

Murphy Oil Corp.

     46,267       1,698,461  

PBF Energy, Inc., Class A

     151,060       5,265,952  

PDC Energy, Inc.(b)

    41,790       2,718,439  

Range Resources Corp.

     74,315       1,965,632  

Southwestern Energy Co.(c)

    390,014       2,024,173  
   

 

 

  
      19,934,121  
   

 

 

  

Financials-28.58%

 

Associated Banc-Corp.(b)

    92,616       1,651,343  

Bank OZK(b)

    41,492       1,482,094  

Brighthouse Financial, Inc.(c)

    86,070       3,804,294  

Cadence Bank(b)

    58,491       1,182,688  

Cathay General Bancorp

     38,754       1,235,090  

CNO Financial Group, Inc.(b)

    107,650       2,415,666  

East West Bancorp, Inc.

     22,980       1,187,836  

F.N.B. Corp.(b)

    162,994       1,871,171  

Fulton Financial Corp.(b)

    96,932       1,156,399  

Hancock Whitney Corp.(b)

    33,506       1,223,639  

Jefferies Financial Group, Inc.

     73,941       2,368,330  

Navient Corp.(b)

    221,505       3,663,693  

Old National Bancorp

     90,608       1,215,053  

Old Republic International Corp.(b)

    96,765       2,445,252  

Pinnacle Financial Partners, Inc.

     23,311       1,264,156  

Prosperity Bancshares, Inc.(b)

    26,023       1,629,560  

Reinsurance Group of America, Inc.

     11,555       1,644,508  

SLM Corp.(b)

    112,538       1,690,321  

Stifel Financial Corp.

     30,372       1,821,409  

Synovus Financial Corp.(b)

    44,390       1,367,212  

Texas Capital Bancshares, Inc.(c)

    28,798       1,447,099  

United Bankshares, Inc.(b)

    36,682       1,215,275  

Unum Group

     75,237       3,175,001  

Valley National Bancorp(b)

    170,486       1,599,159  
        Shares          Value  

Financials-(continued)

 

Voya Financial, Inc.(b)

    30,478      $ 2,330,957  

Webster Financial Corp.

     32,875        1,226,237  

Wintrust Financial Corp.

     19,594        1,339,642  
    

 

 

  
       48,653,084  
    

 

 

  

Industrials-11.96%

 

AGCO Corp.(b)

    11,796        1,461,996  

Avis Budget Group, Inc.(b)(c)

    10,806        1,909,096  

Builders FirstSource, Inc.(c)

    53,884        5,106,587  

Knight-Swift Transportation Holdings, Inc.

     37,197        2,094,935  

MDU Resources Group, Inc.(b)

    51,006        1,490,395  

Owens Corning(b)

    25,508        2,724,509  

Ryder System, Inc.(b)

    38,272        3,029,612  

Univar Solutions, Inc.(c)

    71,372        2,533,706  
    

 

 

  
       20,350,836  
    

 

 

  

Information Technology-9.26%

 

Amkor Technology, Inc.(b)

    74,595        1,668,690  

Arrow Electronics, Inc.(b)(c)

    42,206        4,829,633  

Avnet, Inc.(b)

    106,346        4,387,836  

Jabil, Inc.

     36,717        2,869,433  

Vishay Intertechnology, Inc.

     94,389        2,009,542  
    

 

 

  
       15,765,134  
    

 

 

  

Materials-15.35%

 

Ashland, Inc.

     16,498        1,676,362  

Chemours Co. (The)(b)

    74,859        2,176,151  

Commercial Metals Co.

     58,970        2,753,309  

Greif, Inc., Class A(b)

    33,618        2,110,874  

Louisiana-Pacific Corp.(b)

    38,104        2,276,333  

Olin Corp.(b)

    37,655        2,086,087  

Reliance Steel & Aluminum Co.(b)

    11,405        2,826,159  

United States Steel Corp.(b)

    199,160        4,556,781  

Westlake Corp.(b)

    26,612        3,027,914  

Worthington Industries, Inc.(b)

    44,395        2,636,619  
    

 

 

  
       26,126,589  
    

 

 

  

Real Estate-1.79%

 

PotlatchDeltic Corp.(b)

    37,644        1,740,282  

Sabra Health Care REIT, Inc.(b)

    114,206        1,301,948  
    

 

 

  
       3,042,230  
    

 

 

  

Utilities-3.55%

 

NorthWestern Corp.

     26,957        1,580,219  

OGE Energy Corp.

     42,574        1,598,228  

Southwest Gas Holdings, Inc.(b)

    24,932        1,396,192  

Spire, Inc.(b)

    21,768        1,474,347  
    

 

 

  
       6,048,986  
    

 

 

  

Total Common Stocks & Other Equity Interests

(Cost $172,525,703)

 

 

      170,105,330  
    

 

 

  
Money Market Funds-0.14%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $234,059)

     234,059        234,059  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.07%
(Cost $172,759,762)

 

      170,339,389  
    

 

 

  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  45  

 

  

 

 

 

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

April 30, 2023

 

        Shares             Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-21.07%

 

Invesco Private Government Fund, 4.83%(d)(e)(f)

    10,391,714     $ 10,391,714  

Invesco Private Prime Fund, 4.99%(d)(e)(f)

    25,480,378       25,480,378  
   

 

 

  

Total Investments Purchased with Cash Collateral from

Securities on Loan

(Cost $35,872,454)

 

 

 

     35,872,092  
   

 

 

  

TOTAL INVESTMENTS IN SECURITIES-121.14%
(Cost $208,632,216)

 

     206,211,481  

OTHER ASSETS LESS LIABILITIES-(21.14)%

 

     (35,983,038 ) 
 

 

 

  

NET ASSETS-100.00%

 

   $ 170,228,443  
   

 

 

  
 

 

Investment Abbreviations:

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, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		    Change in
Unrealized
Appreciation
(Depreciation)		    Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 17,751      $ 4,289,017      $ (4,072,709 )      $ -      $ -      $ 234,059      $ 5,551
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund       13,433,427        137,545,427        (140,587,140 )        -        -        10,391,714        285,718 *
Invesco Private Prime Fund       25,011,750        281,410,053        (280,943,779 )        (631 )        2,985        25,480,378        780,588 *
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
Total     $ 38,462,928      $ 423,244,497      $ (425,603,628 )      $ (631 )      $ 2,985      $ 36,106,151      $ 1,071,857
   

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f)

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  46  

 

  

 

 

 

Invesco S&P SmallCap Momentum ETF (XSMO)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-100.00%

 

Communication Services-0.46%

     

ATN International, Inc.(b)

    7,041      $ 254,673  

Gogo, Inc.(c)

    42,540        570,461  
    

 

 

  
       825,134  
    

 

 

  

Consumer Discretionary-7.56%

     

Academy Sports & Outdoors, Inc.(b)

    59,470        3,777,534  

Adtalem Global Education, Inc.(c)

    31,147        1,263,634  

Asbury Automotive Group, Inc.(b)(c)

    14,870        2,876,750  

Buckle, Inc. (The)(b)

    19,420        651,153  

Chuy’s Holdings, Inc.(b)(c)

    12,302        429,094  

Haverty Furniture Cos., Inc.(b)

    8,823        265,925  

Oxford Industries, Inc.

     12,375        1,276,976  

Perdoceo Education Corp.(c)

    57,117        741,379  

Strategic Education, Inc.(b)

    24,690        2,172,720  
    

 

 

  
       13,455,165  
    

 

 

  

Consumer Staples-9.91%

     

Cal-Maine Foods, Inc.

     39,426        1,872,735  

Chefs’ Warehouse, Inc. (The)(b)(c)

    20,940        696,464  

elf Beauty, Inc.(c)

    65,360        6,062,794  

Hostess Brands, Inc.(c)

    72,238        1,860,851  

Inter Parfums, Inc.

     10,980        1,666,654  

MGP Ingredients, Inc.

     10,848        1,070,481  

Seneca Foods Corp., Class A(c)

    3,803        181,023  

SpartanNash Co.(b)

    26,992        661,844  

Tootsie Roll Industries, Inc.(b)

    18,800        768,544  

TreeHouse Foods, Inc.(b)(c)

    31,906        1,698,994  

Vector Group Ltd.

     86,275        1,099,143  
    

 

 

  
       17,639,527  
    

 

 

  

Energy-11.91%

     

Archrock, Inc.

     85,109        875,772  

Civitas Resources, Inc.(b)

    32,381        2,235,908  

Comstock Resources, Inc.(b)

    95,544        1,098,756  

CONSOL Energy, Inc.

     42,156        2,501,537  

Dorian LPG Ltd.

     41,180        915,020  

Helix Energy Solutions Group, Inc.(c)

    176,927        1,282,721  

Helmerich & Payne, Inc.

     98,024        3,250,476  

Nabors Industries Ltd.(b)(c)

    6,854        683,618  

Northern Oil and Gas, Inc.

     50,664        1,680,525  

Oceaneering International, Inc.(c)

    79,796        1,414,783  

Par Pacific Holdings, Inc.(c)

    61,836        1,448,817  

Patterson-UTI Energy, Inc.

     183,403        2,052,279  

Ranger Oil Corp.

     10,727        441,952  

RPC, Inc.

     66,379        490,541  

Talos Energy, Inc.(b)(c)

    60,081        818,904  
    

 

 

  
       21,191,609  
    

 

 

  

Financials-7.40%

     

Assured Guaranty Ltd.

     34,639        1,866,003  

Avantax, Inc.(c)

    51,329        1,302,217  

BancFirst Corp.(b)

    10,043        802,335  

City Holding Co.(b)

    12,213        1,113,704  

CVB Financial Corp.(b)

    80,367        1,203,094  

Employers Holdings, Inc.

     19,276        763,137  

EZCORP, Inc., Class A(b)(c)

    49,243        423,982  

Genworth Financial, Inc., Class A(c)

    456,095        2,649,912  

Heritage Financial Corp.

     25,323        445,938  
        Shares              Value      

Financials-(continued)

 

S&T Bancorp, Inc.(b)

    30,142      $ 829,809  

StoneX Group, Inc.(b)(c)

    14,504        1,422,407  

United Fire Group, Inc.

     12,754        343,083  
    

 

 

  
       13,165,621  
    

 

 

  

Health Care-12.05%

     

Addus HomeCare Corp.(c)

    12,504        1,022,077  

Amphastar Pharmaceuticals, Inc.(b)(c)

    23,415        837,554  

Catalyst Pharmaceuticals, Inc.(c)

    123,617        1,967,983  

Collegium Pharmaceutical, Inc.(c)

    30,733        715,157  

Corcept Therapeutics, Inc.(b)(c)

    53,255        1,199,835  

Cross Country Healthcare, Inc.(b)(c)

    19,060        418,939  

Cytokinetics, Inc.(c)

    50,364        1,883,614  

Ensign Group, Inc. (The)

     38,811        3,768,160  

Harmony Biosciences Holdings, Inc.(c)

    18,732        603,920  

Merit Medical Systems, Inc.(c)

    41,192        3,348,498  

Prestige Consumer Healthcare,
Inc.(b)(c)

    30,780        1,893,893  

Select Medical Holdings Corp.(b)

    64,828        1,977,254  

Supernus Pharmaceuticals, Inc.(b)(c)

    43,082        1,588,002  

Zynex, Inc.(b)(c)

    19,079        218,264  
    

 

 

  
       21,443,150  
    

 

 

  

Industrials-24.64%

     

AAR Corp.(c)

    22,945        1,211,037  

AeroVironment, Inc.(b)(c)

    20,143        2,028,199  

Albany International Corp., Class A

     27,841        2,539,378  

Applied Industrial Technologies, Inc.

     37,548        5,093,762  

Arcosa, Inc.(b)

    33,014        2,229,766  

Comfort Systems USA, Inc.

     29,124        4,353,747  

Encore Wire Corp.(b)

    13,410        2,096,385  

Enerpac Tool Group Corp.(b)

    58,863        1,398,585  

ESCO Technologies, Inc.(b)

    17,431        1,631,019  

Federal Signal Corp.

     57,158        2,936,778  

GEO Group, Inc. (The)(b)(c)

    121,256        913,058  

Granite Construction, Inc.(b)

    26,492        1,010,140  

Griffon Corp.

     59,208        1,684,468  

Lindsay Corp.(b)

    7,432        897,340  

Marten Transport Ltd.

     43,195        872,107  

Moog, Inc., Class A(b)

    22,277        2,007,380  

Mueller Industries, Inc.(b)

    39,745        2,855,678  

NOW, Inc.(b)(c)

    103,223        1,101,389  

NV5 Global, Inc.(b)(c)

    8,510        806,152  

Powell Industries, Inc.

     6,357        254,661  

SPX Technologies, Inc.(c)

    43,569        2,774,474  

Standex International Corp.(b)

    7,321        899,092  

Titan International, Inc.(b)(c)

    41,850        408,456  

Veritiv Corp.(b)

    8,781        1,008,673  

Wabash National Corp.(b)

    31,893        818,693  
    

 

 

  
       43,830,417  
    

 

 

  

Information Technology-13.73%

     

Adeia, Inc.

     108,906        832,042  

Agilysys, Inc.(c)

    25,703        2,005,862  

Axcelis Technologies, Inc.(c)

    28,801        3,407,158  

Benchmark Electronics, Inc.

     21,925        468,099  

CTS Corp.(b)

    23,865        935,747  

Digi International, Inc.(b)(c)

    31,799        959,058  

Extreme Networks, Inc.(b)(c)

    89,667        1,594,279  

Insight Enterprises, Inc.(b)(c)

    22,043        2,666,101  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  47  

 

  

 

 

 

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

April 30, 2023

 

        Shares          Value  

Information Technology-(continued)

 

   

Plexus Corp.(c)

    18,552      $ 1,622,744  

Progress Software Corp.

     27,074        1,485,821  

Rambus, Inc.(c)

    112,510        4,988,693  

Sanmina Corp.(c)

    66,351        3,467,503  
    

 

 

  
       24,433,107  
    

 

 

  

Materials-10.78%

     

American Vanguard Corp.

     23,480        451,990  

ATI, Inc.(b)(c)

    167,044        6,451,239  

Carpenter Technology Corp.

     47,828        2,522,449  

Haynes International, Inc.

     10,365        487,258  

Innospec, Inc.(b)

    17,595        1,788,180  

Myers Industries, Inc.

     30,625        580,344  

O-I Glass, Inc.(b)(c)

    118,704        2,667,279  

Olympic Steel, Inc.

     11,983        558,048  

SunCoke Energy, Inc.

     62,924        489,549  

Sylvamo Corp.(b)

    29,332        1,343,992  

TimkenSteel Corp.(b)(c)

    24,666        412,909  

Warrior Met Coal, Inc.

     41,000        1,417,370  
    

 

 

  
       19,170,607  
    

 

 

  

Real Estate-1.56%

     

Getty Realty Corp.(b)

    39,430        1,314,202  

Global Net Lease, Inc.

     62,990        709,267  

LTC Properties, Inc.(b)

    22,592        755,703  
    

 

 

  
       2,779,172  
    

 

 

  

Total Common Stocks & Other Equity Interests

    (Cost $171,083,619)

 

 

      177,933,509  
    

 

 

  
        Shares          Value  
Money Market Funds-0.14%     

Invesco Government & Agency Portfolio, Institutional Class,
4.78%(d)(e)
(Cost $243,605)

     243,605      $ 243,605  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.14%
(Cost $171,327,224)

 

      178,177,114  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-23.23%     

Invesco Private Government Fund, 4.83%(d)(e)(f)

    9,771,272        9,771,272  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    31,554,662        31,554,662  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $41,327,721)

 

      41,325,934  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-123.37%
(Cost $212,654,945)

 

      219,503,048  

OTHER ASSETS LESS LIABILITIES-(23.37)%

 

      (41,580,993 ) 
    

 

 

  

NET ASSETS-100.00%

 

    $ 177,922,055  
    

 

 

  
 

 

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, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 181,679      $ 3,831,109      $ (3,769,183 )     $ -     $ -      $ 243,605      $ 3,575
Investments Purchased with Cash Collateral from Securities on Loan:                                 

Invesco Private Government Fund

        7,713,992        72,051,858        (69,994,578 )       -       -        9,771,272        204,798 *
Invesco Private Prime Fund        17,982,141        140,858,756        (127,286,182 )       (2,636 )       2,583        31,554,662        551,952 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total      $ 25,877,812      $ 216,741,723      $ (201,049,943 )     $ (2,636 )     $ 2,583      $ 41,569,539      $ 760,325
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e)

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  48  

 

  

 

 

 

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.03%

 

Communication Services-2.23%

     

Scholastic Corp.

     104,000      $ 4,000,880  

Telephone & Data Systems, Inc.

     963,112        9,631,120  
    

 

 

  
       13,632,000  
    

 

 

  

Consumer Discretionary-18.08%

     

Academy Sports & Outdoors, Inc.(b)

    72,508        4,605,708  

Adtalem Global Education, Inc.(b)(c)

    132,886        5,391,185  

American Axle & Manufacturing Holdings, Inc.(c)

    615,248        4,399,023  

Asbury Automotive Group, Inc.(b)(c)

    40,171        7,771,482  

Caleres, Inc.(b)

    290,845        6,631,266  

Cavco Industries, Inc.(c)

    15,374        4,615,582  

Chico’s FAS, Inc.(b)(c)

    944,521        4,760,386  

Designer Brands, Inc., Class A(b)

    522,186        4,276,703  

Ethan Allen Interiors, Inc.(b)

    170,709        4,767,902  

Genesco, Inc.(b)(c)

    157,265        5,450,805  

Green Brick Partners, Inc.(b)(c)

    275,811        10,279,476  

Group 1 Automotive, Inc.(b)

    48,770        10,947,890  

Haverty Furniture Cos., Inc.(b)

    169,469        5,107,796  

Movado Group, Inc.

     142,620        3,653,924  

ODP Corp. (The)(b)(c)

    100,343        4,335,821  

Perdoceo Education Corp.(c)

    289,033        3,751,648  

Signet Jewelers Ltd.

     67,830        4,990,932  

Sonic Automotive, Inc., Class A(b)

    177,080        7,883,602  

Winnebago Industries, Inc.(b)

    122,042        7,095,522  
    

 

 

  
       110,716,653  
    

 

 

  

Consumer Staples-5.55%

     

Andersons, Inc. (The)

     266,155        11,897,128  

Seneca Foods Corp., Class A(c)

    107,888        5,135,469  

SpartanNash Co.

     247,005        6,056,563  

United Natural Foods, Inc.(c)

    212,105        5,784,103  

Universal Corp.

     92,648        5,085,449  
    

 

 

  
       33,958,712  
    

 

 

  

Energy-12.34%

     

Callon Petroleum Co.(b)(c)

    211,744        7,017,196  

Civitas Resources, Inc.(b)

    94,280        6,510,034  

Dorian LPG Ltd.

     261,587        5,812,463  

Helix Energy Solutions Group, Inc.(c)

    669,987        4,857,406  

Oil States International, Inc.(c)

    848,430        5,972,947  

Par Pacific Holdings, Inc.(c)

    381,855        8,946,863  

Ranger Oil Corp.

     133,315        5,492,578  

REX American Resources Corp.(b)(c)

    123,288        3,487,817  

SM Energy Co.

     130,217        3,656,493  

Talos Energy, Inc.(b)(c)

    319,773        4,358,506  

US Silica Holdings, Inc.(c)

    320,796        4,186,388  

Vital Energy, Inc.(b)(c)

    151,337        7,041,711  

World Fuel Services Corp.

     348,817        8,246,034  
    

 

 

  
       75,586,436  
    

 

 

  

Financials-17.66%

     

American Equity Investment Life Holding Co.

     168,530        6,495,146  

Ameris Bancorp

     76,904        2,576,284  

Assured Guaranty Ltd.

     71,946        3,875,731  

Dime Community Bancshares, Inc.

     110,838        2,283,263  

Encore Capital Group, Inc.(b)(c)

    136,933        7,035,618  
        Shares          Value  

Financials-(continued)

     

Enova International, Inc.(c)

    127,994      $ 5,621,497  

EZCORP, Inc., Class A(b)(c)

    660,462        5,686,578  

First Commonwealth Financial Corp.

     248,196        3,097,486  

First Financial Bancorp(b)

    140,473        2,907,791  

Genworth Financial, Inc., Class A(c)

    2,093,845        12,165,239  

Hanmi Financial Corp.

     159,741        2,581,415  

Hope Bancorp, Inc.

     409,174        3,723,483  

KKR Real Estate Finance Trust, Inc.(b)

    271,546        2,916,404  

Mr. Cooper Group, Inc.(b)(c)

    184,687        8,551,008  

OFG Bancorp

     139,590        3,569,316  

ProAssurance Corp.

     213,044        3,826,270  

Provident Financial Services, Inc.(b)

    188,766        3,299,630  

Ready Capital Corp.

     432,069        4,636,100  

Renasant Corp.(b)

    94,984        2,670,950  

S&T Bancorp, Inc.

     98,238        2,704,492  

Stellar Bancorp, Inc.(b)

    115,935        2,659,549  

StoneX Group, Inc.(c)

    80,945        7,938,276  

TrustCo Bank Corp.

     97,258        2,902,179  

United Fire Group, Inc.

     164,461        4,424,001  
    

 

 

  
       108,147,706  
    

 

 

  

Health Care-1.58%

     

AdaptHealth Corp.(b)(c)

    157,997        1,877,004  

Cross Country Healthcare, Inc.(b)(c)

    149,189        3,279,174  

iTeos Therapeutics, Inc.(c)

    330,710        4,543,956  
    

 

 

  
       9,700,134  
    

 

 

  

Industrials-23.09%

     

AAR Corp.(c)

    77,208        4,075,038  

ABM Industries, Inc.

     100,734        4,289,254  

ArcBest Corp.

     74,296        7,013,542  

Boise Cascade Co.

     112,442        7,680,913  

CoreCivic, Inc.(c)

    393,540        3,459,217  

DXP Enterprises, Inc.(c)

    233,472        5,883,494  

Encore Wire Corp.(b)

    39,000        6,096,870  

GEO Group, Inc. (The)(b)(c)

    385,611        2,903,651  

GMS, Inc.(b)(c)

    109,685        6,368,311  

Granite Construction, Inc.(b)

    109,765        4,185,339  

Greenbrier Cos., Inc. (The)

     158,415        4,190,077  

Griffon Corp.

     124,083        3,530,161  

Hub Group, Inc., Class A(c)

    60,869        4,589,523  

Interface, Inc.

     435,926        3,417,660  

Kaman Corp.

     268,545        5,926,788  

KAR Auction Services, Inc.(b)(c)

    403,043        5,457,202  

Kelly Services, Inc., Class A(b)

    708,408        11,624,975  

Matson, Inc.

     125,378        8,529,465  

Mueller Industries, Inc.(b)

    61,775        4,438,534  

NOW, Inc.(c)

    325,222        3,470,119  

PGT Innovations, Inc.(b)(c)

    203,107        5,211,726  

Powell Industries, Inc.(b)

    136,320        5,460,979  

Quanex Building Products Corp.(b)

    185,298        3,539,192  

Resideo Technologies, Inc.(c)

    444,731        7,916,212  

Resources Connection, Inc.

     223,654        3,263,112  

Titan International, Inc.(b)(c)

    368,590        3,597,438  

Veritiv Corp.(b)

    45,701        5,249,674  
    

 

 

  
       141,368,466  
    

 

 

  

Information Technology-6.95%

     

Alpha & Omega Semiconductor
Ltd.(b)(c)

    212,593        5,076,721  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  49  

 

  

 

 

 

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2023

 

        Shares          Value  

Information Technology-(continued)

     

Benchmark Electronics, Inc.

     217,686      $ 4,647,596  

Ebix, Inc.(b)

    330,442        5,372,987  

Insight Enterprises, Inc.(b)(c)

    48,916        5,916,390  

PC Connection, Inc.

     82,988        3,341,927  

Photronics, Inc.(c)

    213,541        3,087,803  

Sanmina Corp.(c)

    62,736        3,278,583  

ScanSource, Inc.(c)

    299,612        8,194,388  

TTM Technologies, Inc.(c)

    307,859        3,635,815  
    

 

 

  
       42,552,210  
    

 

 

  

Materials-11.47%

     

AdvanSix, Inc.(b)

    121,723        4,586,523  

Clearwater Paper Corp.(c)

    164,726        5,946,609  

FutureFuel Corp.

     425,797        3,193,478  

Kaiser Aluminum Corp.

     45,152        2,967,389  

Mercer International, Inc. (Germany)

     583,651        5,678,924  

O-I Glass, Inc.(c)

    408,830        9,186,410  

Olympic Steel, Inc.

     347,511        16,183,587  

SunCoke Energy, Inc.

     748,710        5,824,964  

TimkenSteel Corp.(b)(c)

    324,539        5,432,783  

Tredegar Corp.(b)

    569,222        5,339,302  

Warrior Met Coal, Inc.

     171,221        5,919,110  
    

 

 

  
       70,259,079  
    

 

 

  

Real Estate-1.08%

     

Chatham Lodging Trust

     313,875        3,214,080  

Sunstone Hotel Investors, Inc.(b)

    353,163        3,365,643  
    

 

 

  
       6,579,723  
    

 

 

  

Total Common Stocks & Other Equity Interests

    (Cost $623,224,509)

 

 

      612,501,119  
    

 

 

  
        Shares          Value  
Money Market Funds-0.01%     

Invesco Government & Agency Portfolio,
Institutional Class, 4.78%(d)(e)
(Cost $29,495)

     29,495      $ 29,495  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.04%
(Cost $623,254,004)

 

      612,530,614  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-19.16%     

Invesco Private Government Fund, 4.83%(d)(e)(f)

    30,638,853        30,638,853  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    86,712,240        86,712,240  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $117,357,003)

 

      117,351,093  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-119.20%
(Cost $740,611,007)

 

      729,881,707  

OTHER ASSETS LESS LIABILITIES-(19.20)%

 

      (117,550,560 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 612,331,147  
    

 

 

  
 

 

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, 2023.

(c) 

Non-income producing security.

(d) 

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		    Value
April 30, 2023		    Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 576,198      $ 19,005,288      $ (19,551,991 )     $ -     $ -      $ 29,495      $ 11,189
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        26,860,446        231,358,166        (227,579,759 )       -       -        30,638,853        1,124,387 *
Invesco Private Prime Fund        62,747,381        511,106,620        (487,144,248 )       (10,974 )       13,461        86,712,240        3,060,995 *

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  50  

 

  

 

 

 

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2023

 

    Value
April 30, 2022		   Purchases
at Cost		   Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
April 30, 2023		   Dividend
Income
Investments in Other Affiliates:                            
Conn’s, Inc.     $ 7,151,127     $ 8,422,649     $ (9,073,637 )       $3,042,840       $(9,542,979)     $ -     $ -

Olympic Steel, Inc.**

       22,825,708       6,109,472       (14,767,630 )       2,344,971       (328,934)         16,183,587       173,203
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Total     $ 120,160,860     $ 776,002,195     $ (758,117,265 )       $5,376,837       $(9,858,452)     $ 133,564,175     $ 4,369,774
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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.

**

As of April 30, 2023, this security was not considered as an affiliate of the Fund.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  51  

 

  

 

 

 

Invesco Zacks Mid-Cap ETF (CZA)

April 30, 2023

Schedule of Investments(a)

 

        Shares              Value      
Common Stocks & Other Equity Interests-100.03%

 

Communication Services-0.29%

 

Playtika Holding Corp.(b)

    58,240      $ 582,400  
    

 

 

  

Consumer Discretionary-3.56%

 

Columbia Sportswear Co.(c)

    9,985        834,147  

Expedia Group, Inc.(b)

    25,131        2,361,308  

Garmin Ltd.

     30,999        3,043,172  

Levi Strauss & Co., Class A

     57,809        835,918  
    

 

 

  
       7,074,545  
    

 

 

  

Consumer Staples-4.72%

 

Church & Dwight Co., Inc.

     39,398        3,826,334  

Coca-Cola Europacific Partners PLC (United Kingdom)

     71,967        4,639,712  

Pilgrim’s Pride Corp.(b)

    40,392        921,342  
    

 

 

  
       9,387,388  
    

 

 

  

Financials-18.00%

 

AXIS Capital Holdings Ltd.

     13,353        754,979  

CNA Financial Corp.

     42,761        1,663,831  

Credicorp Ltd. (Peru)

     12,305        1,667,082  

Deutsche Bank AG (Germany)

     345,711        3,806,278  

Discover Financial Services

     41,879        4,333,220  

Essent Group Ltd.

     16,460        699,056  

FactSet Research Systems, Inc.

     6,312        2,598,587  

FleetCor Technologies, Inc.(b)

    11,103        2,375,154  

Hartford Financial Services Group, Inc. (The)

     50,118        3,557,877  

Lufax Holding Ltd., ADR (China)

     367,302        624,413  

SEI Investments Co.

     21,643        1,274,989  

State Street Corp.

     54,811        3,960,643  

W.R. Berkley Corp.

     42,696        2,515,648  

Waterdrop, Inc., ADR (China)(b)(c)

    698,396        2,039,316  

Willis Towers Watson PLC

     16,935        3,922,146  
    

 

 

  
       35,793,219  
    

 

 

  

Health Care-6.29%

 

Bausch + Lomb Corp.(b)

    54,028        943,329  

Baxter International, Inc.

     77,676        3,703,592  

Haemonetics Corp.(b)

    7,971        667,252  

ICON PLC(b)

    13,363        2,574,916  

Merit Medical Systems, Inc.(b)

    9,009        732,342  

Premier, Inc., Class A(c)

    19,184        639,403  

Royalty Pharma PLC, Class A

     92,609        3,255,206  
    

 

 

  
       12,516,040  
    

 

 

  

Industrials-20.22%

 

AECOM

     22,498        1,868,459  

AGCO Corp.

     11,253        1,394,697  

Booz Allen Hamilton Holding Corp.

     20,860        1,996,719  

Carlisle Cos., Inc.

     8,319        1,795,656  

Concentrix Corp.

     8,501        820,432  

Crane NXT Co.(c)

    25,779        1,220,893  

Donaldson Co., Inc.

     19,209        1,220,732  

Dover Corp.

     21,576        3,153,548  

Fortive Corp.

     55,610        3,508,435  

Genpact Ltd.

     29,079        1,295,470  

Hubbell, Inc.

     8,691        2,340,660  

IDEX Corp.

     11,929        2,461,191  

ITT, Inc.

     12,955        1,093,920  

Jacobs Solutions, Inc.

     20,471        2,363,582  
        Shares              Value      

Industrials-(continued)

 

Kirby Corp.(b)

    9,384      $ 674,147  

Leidos Holdings, Inc.

     22,206        2,070,932  

MSC Industrial Direct Co., Inc., Class A

     8,662        785,903  

Regal Rexnord Corp.

     10,768        1,401,563  

Schneider National, Inc., Class B

     29,190        763,902  

Sensata Technologies Holding PLC

     23,863        1,036,847  

TELUS International CDA, Inc. (Philippines)(b)(c)

    44,490        883,571  

TFI International, Inc. (Canada)

     14,124        1,522,567  

Timken Co. (The)

     11,115        854,188  

Valmont Industries, Inc.

     3,291        956,233  

Wabtec Corp.

     27,919        2,726,849  
    

 

 

  
       40,211,096  
    

 

 

  

Information Technology-9.11%

 

Amdocs Ltd.

     18,913        1,725,811  

Flex Ltd.(b)

    70,953        1,459,503  

GoDaddy, Inc., Class A(b)

    24,543        1,857,414  

Jabil, Inc.

     20,633        1,612,469  

Juniper Networks, Inc.

     50,258        1,515,279  

Littelfuse, Inc.

     3,947        956,121  

Skyworks Solutions, Inc.

     26,122        2,766,320  

TD SYNNEX Corp.

     15,191        1,352,607  

Teledyne Technologies, Inc.(b)

    7,301        3,025,534  

Trimble, Inc.(b)

    39,377        1,854,657  
    

 

 

  
       18,125,715  
    

 

 

  

Materials-12.79%

 

AptarGroup, Inc.

     10,278        1,218,046  

Avery Dennison Corp.

     12,769        2,227,935  

Berry Global Group, Inc.

     18,813        1,087,579  

Eastman Chemical Co.(c)

    18,791        1,583,518  

Element Solutions, Inc.(c)

    38,801        704,238  

FMC Corp.

     19,881        2,456,894  

ICL Group Ltd. (Israel)(c)

    198,641        1,227,601  

International Flavors & Fragrances, Inc.

     38,676        3,750,025  

RPM International, Inc.

     20,950        1,718,528  

Sealed Air Corp.

     23,733        1,138,947  

Silgan Holdings, Inc.

     17,370        855,646  

Sonoco Products Co.

     14,532        880,930  

Suzano S.A., ADR (Brazil)(c)

    224,076        1,785,886  

Vulcan Materials Co.

     20,797        3,641,971  

WestRock Co.

     38,676        1,157,573  
    

 

 

  
       25,435,317  
    

 

 

  

Real Estate-12.01%

 

AvalonBay Communities, Inc.

     23,445        4,228,775  

Brixmor Property Group, Inc.

     48,087        1,025,696  

Equity Residential

     63,626        4,024,344  

Essex Property Trust, Inc.

     10,895        2,393,958  

Federal Realty Investment Trust

     13,138        1,299,217  

Healthpeak Properties, Inc.

     88,644        1,947,509  

Mid-America Apartment Communities, Inc.

     19,258        2,961,880  

National Retail Properties, Inc.

     29,512        1,283,772  

Regency Centers Corp.

     27,117        1,665,797  

Terreno Realty Corp.

     13,193        812,557  

UDR, Inc.

     54,479        2,251,617  
    

 

 

  
       23,895,122  
    

 

 

  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  52  

 

  

 

 

 

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

April 30, 2023

 

        Shares              Value      

Utilities-13.04%

 

Ameren Corp.

     42,994      $ 3,825,176  

Avangrid, Inc.(c)

    64,108        2,580,988  

Clearway Energy, Inc., Class C(c)

    32,332        981,923  

CMS Energy Corp.

     48,309        3,007,718  

DTE Energy Co.

     33,821        3,801,819  

Entergy Corp.

     34,335        3,693,759  

Essential Utilities, Inc.

     43,633        1,863,129  

Evergy, Inc.

     37,866        2,351,857  

FirstEnergy Corp.

     96,203        3,828,880  
    

 

 

  
       25,935,249  
    

 

 

  

Total Common Stocks & Other Equity Interests (Cost $199,076,975)

 

      198,956,091  
    

 

 

  
Money Market Funds-0.10%

 

   

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(d)(e)
(Cost $205,195)

     205,195        205,195  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.13%
(Cost $199,282,170)

 

      199,161,286  
    

 

 

  
        Shares              Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.02%     

Invesco Private Government Fund, 4.83%(d)(e)(f)

    2,237,909      $ 2,237,909  

Invesco Private Prime Fund,
4.99%(d)(e)(f)

    5,754,623        5,754,623  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $7,992,594)

 

      7,992,532  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.15% (Cost $207,274,764)

 

      207,153,818  

OTHER ASSETS LESS LIABILITIES-(4.15)%

 

      (8,258,328 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 198,895,490  
    

 

 

  
 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Non-income producing security.

(c)

All or a portion of this security was out on loan at April 30, 2023.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

    Value
April 30, 2022		     Purchases
at Cost		     Proceeds
from Sales		     Change in
Unrealized
Appreciation
(Depreciation)		     Realized
Gain
(Loss)		     Value
April 30, 2023		     Dividend
Income		  
Invesco Ltd.   $ 1,398,167     $ 94,042       $ (1,533,359)     $ 425,499     $ (384,349 )    $ -     $ 42,315  
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class     405,744       8,808,222       (9,008,771 )      -       -       205,195       6,846  
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund     5,151,726       74,588,590       (77,502,407 )      -       -       2,237,909       114,382 * 

Invesco Private Prime Fund

     12,011,712       134,983,011       (141,240,670 )      (62 )      632       5,754,623       311,474 * 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total   $ 18,967,349     $ 218,473,865     $ (229,285,207 )    $ 425,437     $ (383,717 )    $ 8,197,727     $ 475,017  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  53  

 

  

 

 

 

Invesco Zacks Multi-Asset Income ETF (CVY)

April 30, 2023

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-79.64%

 

Communication Services-2.04%

     

KT Corp., ADR (South Korea)(b)

    68,626      $ 775,474  

Mobile TeleSystems PJSC, ADR (Russia)(c)(d)

     152,493        0  

Nexstar Media Group, Inc., Class A

     3,403        590,250  

TIM S.A., ADR (Brazil)

     42,691        594,259  
    

 

 

  
       1,959,983  
    

 

 

  

Consumer Discretionary-3.42%

     

Foot Locker, Inc.

     15,668        657,899  

La-Z-Boy, Inc.(b)

    10,151        291,638  

LCI Industries(b)

    2,931        331,086  

M.D.C. Holdings, Inc.

     9,016        369,386  

Patrick Industries, Inc.(b)

    4,607        316,178  

Steven Madden Ltd.(b)

    9,391        329,061  

Whirlpool Corp.(b)

    7,125        994,579  
    

 

 

  
       3,289,827  
    

 

 

  

Consumer Staples-4.85%

     

Ambev S.A., ADR (Brazil)

     318,942        893,038  

Bunge Ltd.

     10,216        956,217  

Coca-Cola FEMSA S.A.B. de C.V., ADR (Mexico)

     8,219        693,848  

Kroger Co. (The)

     22,903        1,113,773  

Tyson Foods, Inc., Class A

     16,126        1,007,714  
    

 

 

  
       4,664,590  
    

 

 

  

Energy-26.76%

     

Alliance Resource Partners L.P.

     60,147        1,256,471  

APA Corp.

     25,710        947,414  

Black Stone Minerals L.P.

     76,165        1,259,769  

BP PLC, ADR (United Kingdom)

     16,680        671,870  

California Resources Corp.(b)

    16,925        685,463  

Canadian Natural Resources Ltd. (Canada)(b)

    18,031        1,099,350  

Chesapeake Energy Corp.(b)

    12,425        1,027,299  

Chord Energy Corp.

     5,065        720,901  

Civitas Resources, Inc.(b)

    9,799        676,621  

Comstock Resources, Inc.(b)

    55,917        643,046  

Crescent Point Energy Corp. (Canada)

     97,070        718,318  

Delek US Holdings, Inc.(b)

    25,016        544,098  

Energy Transfer L.P.

     69,763        898,547  

Enterprise Products Partners L.P.

     27,416        721,315  

EOG Resources, Inc.

     8,491        1,014,420  

Exxon Mobil Corp.

     9,083        1,074,882  

Genesis Energy L.P.

     46,141        514,934  

Global Partners L.P.

     19,580        603,064  

Holly Energy Partners L.P.

     39,702        661,435  

Imperial Oil Ltd. (Canada)

     6,728        342,657  

Marathon Petroleum Corp.

     8,011        977,342  

MPLX L.P.

     24,493        857,010  

Murphy Oil Corp.

     17,123        628,585  

Northern Oil and Gas, Inc.

     21,084        699,356  

NuStar Energy L.P.

     60,107        966,521  

Phillips 66

     10,024        992,376  

Plains All American Pipeline L.P.

     59,882        772,478  

Shell PLC, ADR (Netherlands)(b)

    10,636        659,219  

Suncor Energy, Inc. (Canada)

     30,111        943,077  

TotalEnergies SE, ADR (France)

     9,365        598,704  
        Shares          Value  

Energy-(continued)

     

Valero Energy Corp.

     7,593      $ 870,689  

Western Midstream Partners L.P.

     25,887        685,229  
    

 

 

  
       25,732,460  
    

 

 

  

Financials-17.60%

     

Ally Financial, Inc.

     32,979        869,986  

Apollo Commercial Real Estate Finance, Inc.(b)

    20,751        210,000  

Bank of America Corp.

     29,349        859,339  

BankUnited, Inc.

     9,519        214,653  

Berkshire Hills Bancorp, Inc.(b)

    11,349        241,393  

Cathay General Bancorp

     7,618        242,786  

Citigroup, Inc.

     19,957        939,376  

Credicorp Ltd. (Peru)

     5,192        703,412  

East West Bancorp, Inc.

     8,782        453,942  

Equitable Holdings, Inc.

     21,329        554,341  

Fidelity National Financial, Inc.(b)

    16,947        601,449  

First Bancorp

     23,392        274,856  

Goldman Sachs Group, Inc. (The)

     2,768        950,642  

HSBC Holdings PLC, ADR
(United Kingdom)(b)

    15,973        575,827  

Jefferies Financial Group, Inc.

     17,680        566,290  

Lloyds Banking Group PLC, ADR (United Kingdom)

     237,628        575,060  

MetLife, Inc.

     14,247        873,768  

MGIC Investment Corp.

     48,832        726,132  

Mizuho Financial Group, Inc., ADR (Japan)(b)

    151,954        442,186  

Navient Corp.

     18,356        303,608  

PacWest Bancorp(b)

    24,276        246,401  

Popular, Inc.

     9,494        569,735  

Radian Group, Inc.(b)

    15,328        372,011  

SLM Corp.(b)

    23,178        348,134  

Stewart Information Services Corp.(b)

    7,754        322,954  

Sumitomo Mitsui Financial Group, Inc., ADR (Japan)(b)

    60,824        499,365  

Synchrony Financial

     28,001        826,310  

Synovus Financial Corp.

     16,113        496,280  

Unum Group

     15,270        644,394  

Virtus Investment Partners, Inc.

     1,585        288,803  

Washington Federal, Inc.(b)

    9,499        266,352  

Wells Fargo & Co.

     21,740        864,165  
    

 

 

  
       16,923,950  
    

 

 

  

Health Care-3.12%

     

CVS Health Corp.

     11,575        848,563  

Organon & Co.

     25,159        619,666  

Pfizer, Inc.

     23,774        924,571  

Takeda Pharmaceutical Co. Ltd., ADR (Japan)

     36,944        612,901  
    

 

 

  
       3,005,701  
    

 

 

  

Industrials-2.75%

     

Danaos Corp. (Greece)

     5,665        328,173  

Global Ship Lease, Inc., Class A (United Kingdom)

     17,274        330,624  

Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR (Mexico)

     3,010        534,486  

Ryder System, Inc.

     3,441        272,390  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  54  

 

  

 

 

 

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2023

 

        Shares          Value  

Industrials-(continued)

     

Textainer Group Holdings Ltd.
(China)(b)

    10,294      $ 361,319  

Triton International Ltd. (Bermuda)

     9,864        815,457  
    

 

 

  
       2,642,449  
    

 

 

  

Information Technology-1.36%

     

Avnet, Inc.

     7,328        302,353  

HP, Inc.

     34,031        1,011,061  
    

 

 

  
       1,313,414  
    

 

 

  

Materials-5.96%

     

Algoma Steel Group, Inc. (Canada)

     44,395        328,079  

Celanese Corp.

     8,758        930,450  

Chemours Co. (The)

     19,755        574,278  

Cia Siderurgica Nacional S.A., ADR (Brazil)

     293,192        835,597  

Gerdau S.A., ADR (Brazil)(b)

    189,913        947,666  

Nutrien Ltd. (Canada)

     12,940        898,036  

SunCoke Energy, Inc.

     36,275        282,220  

Tronox Holdings PLC, Class A

     22,068        302,111  

WestRock Co.

     21,111        631,852  
    

 

 

  
       5,730,289  
    

 

 

  

Real Estate-9.83%

     

Apple Hospitality REIT, Inc.

     31,057        462,439  

Corporate Office Properties Trust

     15,826        362,257  

Essential Properties Realty Trust, Inc.

     22,035        545,366  

Getty Realty Corp.

     7,683        256,074  

Iron Mountain, Inc.(b)

    19,053        1,052,488  

Kite Realty Group Trust(b)

    40,644        842,144  

Lamar Advertising Co., Class A

     9,606        1,015,162  

Macerich Co. (The)(b)

    36,357        363,207  

National Retail Properties, Inc.

     22,050        959,175  

Outfront Media, Inc.

     33,109        551,596  

Simon Property Group, Inc.

     8,226        932,170  

STAG Industrial, Inc.

     22,466        760,923  

Tanger Factory Outlet Centers, Inc.

     16,910        331,605  

VICI Properties, Inc.

     30,037        1,019,456  
    

 

 

  
       9,454,062  
    

 

 

  

Utilities-1.95%

     

Otter Tail Corp.(b)

    4,744        341,331  

Suburban Propane Partners L.P.

     52,184        820,332  

Vistra Corp.

     29,794        710,885  
    

 

 

  
       1,872,548  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $79,439,761)

 

      76,589,273  
    

 

 

  
Preferred Stocks-10.01%

 

Communication Services-1.00%

     

AT&T, Inc., Series C, Pfd., 4.75%

     46,110        962,777  
    

 

 

  

Financials-9.01%

     

Arch Capital Group Ltd., Series G, Pfd., 4.55%

     12,849        246,444  

Bank of America Corp., Series L, Conv. Pfd., 7.25%

     917        1,085,664  

Bank of America Corp., Series QQ, Pfd., 4.25%

     56,923        1,075,275  

Capital One Financial Corp., Series L, Pfd., 4.38%

     17,886        313,184  

First Republic Bank, Series N, Pfd., 4.50%

     22,348        39,332  
        Shares          Value  

Financials-(continued)

     

JPMorgan Chase & Co., Series EE, Pfd., 6.00%

     43,431      $ 1,110,965  

Lincoln National Corp., Series D, Pfd., 9.00%(b)

    39,746        1,048,102  

Morgan Stanley, Series P, Pfd., 6.50%

     36,669        958,528  

Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%

     920        1,074,587  

Wells Fargo & Co., Series Z, Pfd., 4.75%

     55,034        1,107,284  

Wells Fargo & Co., Series CC, Pfd., 4.38%

     33,263        607,050  
    

 

 

  
       8,666,415  
    

 

 

  

Total Preferred Stocks
(Cost $11,009,598)

        9,629,192  
    

 

 

  
Closed-End Funds-9.97%

 

Allspring Income Opportunities Fund

     39,956        254,919  

Ares Dynamic Credit Allocation Fund, Inc.

     22,521        272,279  

Blackstone Strategic Credit Fund

     37,669        404,188  

DoubleLine Income Solutions Fund(b)

    93,302        1,095,366  

DoubleLine Yield Opportunities Fund(b)

    47,304        656,107  

Eaton Vance Limited Duration Income Fund

     85,013        794,872  

First Trust High Yield Opportunities 2027 Term Fund

     30,014        423,798  

Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.

     18,719        335,444  

Flaherty & Crumrine Preferred & Income Securities Fund, Inc.

     31,038        436,394  

GAMCO Global Gold Natural Resources & Income Trust(b)

    122,914        459,698  

Highland Income Fund

     43,293        373,619  

Nuveen Preferred & Income Opportunities Fund

     63,217        405,221  

Nuveen Taxable Municipal Income Fund

     21,859        355,646  

PGIM Global High Yield Fund, Inc.

     37,152        410,901  

PGIM High Yield Bond Fund, Inc.

     28,887        359,065  

PIMCO Access Income Fund(b)

    56,068        806,258  

Western Asset Diversified Income Fund(b)

    43,666        582,504  

Western Asset Emerging Markets Debt Fund, Inc.(b)

    51,852        449,557  

Western Asset High Income Opportunity Fund, Inc.

     64,564        245,343  

Western Asset Inflation-Linked Opportunities & Income Fund

     51,181        471,889  
    

 

 

  

Total Closed-End Funds
(Cost $10,925,381)

 

      9,593,068  
    

 

 

  
Money Market Funds-0.43%

 

Invesco Government & Agency Portfolio, Institutional Class, 4.78%(e)(f)
(Cost $419,085)

     419,085        419,085  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $101,793,825)

 

      96,230,618  
    

 

 

  
 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  55  

 

  

 

 

 

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2023

 

    Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-14.85%

 

Invesco Private Government Fund, 4.83%(e)(f)(g)

    4,129,257      $ 4,129,257  

Invesco Private Prime Fund,
4.99%(e)(f)(g)

    10,150,235        10,150,235  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,280,394)

 

      14,279,492  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-114.90%
(Cost $116,074,219)

 

      110,510,110  

OTHER ASSETS LESS LIABILITIES-(14.90)%

 

      (14,334,762 ) 
    

 

 

  

NET ASSETS-100.00%

 

    $ 96,175,348  
    

 

 

  
 

 

Investment Abbreviations:

ADR   -   American Depositary Receipt
Conv   -   Convertible
Pfd.   -   Preferred
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, 2023.

(c) 

Non-income producing security.

(d) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(e) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2023.

 

    Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		    Value
April 30, 2023		    Dividend
Income
Invesco Ltd.     $ 689,140      $ 543,334      $ (1,193,537 )     $ (189,210 )     $ 150,273      $ -      $ 25,712
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class       28,298        10,547,941        (10,157,154 )       -       -        419,085        6,561
Investments Purchased with Cash Collateral from Securities on Loan:                                

Invesco Private Government Fund

       5,227,180        52,865,147        (53,963,070 )       -       -        4,129,257        116,137 *
Invesco Private Prime Fund       11,906,148        100,193,645        (101,949,878 )       (1,885 )       2,205        10,150,235        321,665 *
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

Total

     $ 17,850,766      $ 164,150,067      $ (167,263,639 )     $ (191,095 )     $ 152,478      $ 14,698,577      $ 470,075
   

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(f) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2023.

(g) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  56  

 

  

 

 

 

Statements of Assets and Liabilities

April 30, 2023

 

 

    Invesco
Dynamic Large
Cap Growth
ETF (PWB)		      Invesco
Dynamic Large
Cap Value ETF
(PWV)		      Invesco
S&P 100
Equal Weight
ETF (EQWL)		      Invesco
S&P 500
GARP
ETF (SPGP)		  

Assets:

           

Unaffiliated investments in securities, at value(a)

  $ 604,053,421      $ 774,588,920      $ 217,979,019      $ 2,866,236,114  

Affiliated investments in securities, at value

     24,208,069        -        14,819,310        197,684,373  

Cash

     -        -        15,180        -  

Receivable for:

           

Dividends

     180,206        1,198,449        300,581        2,185,780  

Securities lending

     3,260        1,911        892        15,267  

Investments sold

     -        -        -        1,699,814  

Fund shares sold

     -        -        -        51,843,542  

Foreign tax reclaims

     -        -        -        -  

Other assets

     59,099        72,406        4,362        1,010  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

     628,504,055        775,861,686        233,119,344        3,119,665,900  
 

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

           

Due to custodian

     -        243,979        -        64,749  

Payable for:

           

Investments purchased

     -        -        -        51,877,855  

Investments purchased—affiliated broker

     -        -        -        -  

Collateral upon return of securities loaned

     24,049,833        -        14,801,839        197,690,775  

Fund shares repurchased

     -        -        -        1,698,664  

Expenses recaptured

     -        -        -        -  

Accrued advisory fees

     246,258        318,735        24,319        658,032  

Accrued trustees’ and officer’s fees

     100,284        138,731        50,078        48,687  

Accrued expenses

     167,146        422,581        74,900        422,064  

Other payables

     -        -        -        -  

Total liabilities

     24,563,521        1,124,026        14,951,136        252,460,826  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net Assets

   $ 603,940,534      $ 774,737,660      $ 218,168,208      $ 2,867,205,074  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net assets consist of:

           

Shares of beneficial interest

   $ 827,440,254      $ 1,274,924,760      $ 219,498,024      $ 3,019,998,608  

Distributable earnings (loss)

     (223,499,720 )       (500,187,100 )       (1,329,816 )       (152,793,534 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net Assets

   $ 603,940,534      $ 774,737,660      $ 218,168,208      $ 2,867,205,074  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding (unlimited amount authorized, $0.01 par value)

     9,220,000        16,930,000        2,770,000        33,310,000  

Net asset value

   $ 65.50      $ 45.76      $ 78.76      $ 86.08  
 

 

 

     

 

 

     

 

 

     

 

 

  

Market price

   $ 65.48      $ 45.75      $ 78.76      $ 86.07  
 

 

 

     

 

 

     

 

 

     

 

 

  

Unaffiliated investments in securities, at cost

   $ 563,407,019      $ 768,822,330      $ 208,321,717      $ 2,776,716,408  
 

 

 

     

 

 

     

 

 

     

 

 

  

Affiliated investments in securities, at cost

   $ 24,208,099      $ -      $ 14,819,310      $ 197,690,775  
 

 

 

     

 

 

     

 

 

     

 

 

  

(a) Includes securities on loan with an aggregate value of:

   $ 23,948,002      $ -      $ 14,757,754      $ 196,573,174  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  57  

 

  

 

 

 

 

 

Invesco S&P
500 Value
with
Momentum
ETF (SPVM)

     Invesco
S&P MidCap
Momentum
ETF (XMMO)		     Invesco
S&P MidCap
Quality
ETF (XMHQ)		     Invesco
S&P MidCap
Value with Momentum
ETF (XMVM)		     Invesco
S&P  SmallCap
Momentum
ETF (XSMO)		     Invesco
S&P  SmallCap Value
with Momentum ETF
(XSVM)		      Invesco
Zacks Mid-Cap
ETF (CZA)		      Invesco
Zacks Multi-Asset
Income ETF (CVY)		  
                                               
$ 42,002,297     $ 1,052,648,001     $ 714,400,037     $ 170,105,330     $ 177,933,509     $ 612,501,119      $ 198,956,091      $ 95,811,533  
  22,944       99,663,147       106,227,854       36,106,151       41,569,539       117,380,588        8,197,727        14,698,577  
  -       -       320       -       -       -        -        -  
  61,449       319,827       180,214       44,472       89,298       229,737        42,204        173,587  
  -       10,561       6,666       4,839       3,873       12,654        15,525        13,056  
  -       -       -       -       4,014,402       -        852,260        72,428  
  -       -       -       -       -       -        -        -  
  -       -       -       -       -       -        -        5,434  
  18,438       156,357       -       -       14,006       -        12,732        14,065  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  42,105,128       1,152,797,893       820,815,091       206,260,792       223,624,627       730,124,098        208,076,539        110,788,680  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  -       -       -       175       -       -        -        36,688  
  -       -       -       -       154,382       -        -        25,272  
  -       -       -       -       26,747       -        -        -  
  -       99,333,615       105,685,513       35,872,454       41,327,721       117,357,003        7,992,594        14,280,394  
  -       -       -       -       4,021,335       -        857,336        -  
  -       -       -       -       -       832        -        -  
  1,856       251,874       80,029       37,020       36,001       149,090        73,188        26,268  
  39,189       72,993       48,629       52,518       51,087       56,345        11,007        10,235  
  65,884       85,646       132,288       70,182       85,299       229,681        246,924        234,015  
  -       -       -       -       -       -        -        460  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  106,929       99,744,128       105,946,459       36,032,349       45,702,572       117,792,951        9,181,049        14,613,332  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 41,998,199     $ 1,053,053,765     $ 714,868,632     $ 170,228,443     $ 177,922,055     $ 612,331,147      $ 198,895,490      $ 96,175,348  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 66,063,418     $ 1,302,686,139     $ 732,631,746     $ 235,406,580     $ 261,289,575     $ 825,553,650      $ 334,911,549      $ 549,245,435  
  (24,065,219 )      (249,632,374 )      (17,763,114 )      (65,178,137 )      (83,367,520 )      (213,222,503 )       (136,016,059 )       (453,070,087 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 41,998,199     $ 1,053,053,765     $ 714,868,632     $ 170,228,443     $ 177,922,055     $ 612,331,147      $ 198,895,490      $ 96,175,348  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  880,000       14,030,000       9,670,000       4,000,000       3,970,000       13,890,000        2,300,000        4,480,800  
$ 47.73     $ 75.06     $ 73.93     $ 42.56     $ 44.82     $ 44.08      $ 86.48      $ 21.46  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 47.71     $ 75.05     $ 73.92     $ 42.50     $ 44.77     $ 44.07      $ 86.48      $ 21.48  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 44,811,249     $ 986,830,689     $ 672,647,335     $ 172,525,703     $ 171,083,619     $ 623,224,509      $ 199,076,975      $ 101,374,740  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ 22,944     $ 99,666,826     $ 106,232,620     $ 36,106,513     $ 41,571,326     $ 117,386,498      $ 8,197,789      $ 14,699,479  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ -     $ 97,459,792     $ 105,029,499     $ 35,374,361     $ 40,495,564     $ 115,533,784      $ 7,830,601      $ 14,104,985  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

  58  

 

  

 

 

 

Statements of Operations

For the year ended April 30, 2023

 

 

    Invesco
Dynamic Large
Cap Growth
ETF (PWB)		      Invesco
Dynamic Large
Cap Value
ETF (PWV)		      Invesco
S&P 100
Equal Weight
ETF (EQWL)		      Invesco
S&P 500
GARP ETF
(SPGP)		  
Investment income:           

Unaffiliated dividend income

   $ 5,519,595      $ 22,715,221      $ 3,547,088      $ 27,103,816  

Affiliated dividend income

     5,825        13,691        2,001        55,080  

Non-cash dividend income

     -        -        -        -  

Securities lending income, net

     40,551        19,698        6,713        114,601  

Foreign withholding tax

     (12,065 )       -        -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total investment income

     5,553,906        22,748,610        3,555,802        27,273,497  
 

 

 

     

 

 

     

 

 

     

 

 

  
Expenses:           

Advisory fees

     2,884,660        3,959,035        361,882        4,803,470  

Sub-licensing fees

     173,076        237,538        38,273        581,636  

Accounting & administration fees

     50,867        63,523        20,249        86,858  

Professional fees

     38,024        41,799        38,189        44,596  

Printing fees

     25,875        25,149        23,810        79,886  

Custodian & transfer agent fees

     16,659        6,664        7,432        13,239  

Trustees’ and officer’s fees

     5,906        5,008        5,190        16,106  

Recapture (Note 3)

     -        -        -        -  

Other expenses

     38,701        34,179        25,891        36,246  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

     3,233,768        4,372,895        520,916        5,662,037  
 

 

 

     

 

 

     

 

 

     

 

 

  

Less: Waivers

     (169 )       (522 )       (159,108 )       (1,352 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net expenses

     3,233,599        4,372,373        361,808        5,660,685  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2,320,307        18,376,237        3,193,994        21,612,812  
 

 

 

     

 

 

     

 

 

     

 

 

  
Realized and unrealized gain (loss) from:           

Net realized gain (loss) from:

           

Unaffiliated investment securities

     (56,631,095 )       (47,004,719 )       (4,913,841 )       (199,675,495 ) 

Affiliated investment securities

     5,367        (641 )       (765 )       3,772  

Unaffiliated in-kind redemptions

     20,896,258        57,564,699        5,406,506        67,401,548  

Affiliated in-kind redemptions

     -        -        -        -  

Foreign currencies

     -        -        -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net realized gain (loss)

     (35,729,470 )       10,559,339        491,900        (132,270,175 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Change in net unrealized appreciation (depreciation) of:

           

Unaffiliated investment securities

     49,657,859        (27,734,121 )       5,541,563        132,309,974  

Affiliated investment securities

     (865 )       (1,380 )       (146 )       (7,144 ) 

Foreign currencies

     -        -        -        -  
 

 

 

     

 

 

     

 

 

     

 

 

  

Change in net unrealized appreciation (depreciation)

     49,656,994        (27,735,501 )       5,541,417        132,302,830  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net realized and unrealized gain (loss)

     13,927,524        (17,176,162 )       6,033,317        32,655  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

   $ 16,247,831      $ 1,200,075      $ 9,227,311      $ 21,645,467  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  59  

 

  

 

 

 

 

Invesco
S&P 500
Value with
Momentum
ETF (SPVM)

     Invesco
S&P MidCap
Momentum
ETF (XMMO)		     Invesco
S&P MidCap
Quality
ETF (XMHQ)		     Invesco
S&P MidCap
Value with Momentum
ETF (XMVM)		     Invesco
S&P SmallCap
Momentum
ETF (XSMO)		     Invesco
S&P SmallCap Value
with Momentum
ETF (XSVM)		      Invesco
Zacks Mid-Cap
ETF (CZA)		      Invesco
Zacks Multi-Asset
Income ETF  (CVY)		  
               
$ 1,411,842     $ 17,963,186     $ 6,008,961     $ 4,695,566     $ 2,902,026     $ 10,751,179      $ 3,819,342      $ 5,055,387  
  8,194       13,597       10,262       5,551       3,575       184,392        49,161        32,273  
  -       -       -       -       -       1,081,217        -        27,151  
  79       167,235       192,802       56,127       32,729       220,893        134,582        232,659  
  -       -       -       -       (8,725 )      (15,322 )       (39,039 )       (73,034 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  1,420,115       18,144,018       6,212,025       4,757,244       2,929,605       12,222,359        3,964,046        5,274,436  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
               
  142,364       2,853,376       906,785       606,477       475,092       1,967,482        1,033,906        517,939  
  9,818       197,628       120,610       67,805       44,108       255,181        285,174        130,384  
  15,962       82,706       40,724       27,998       22,031       73,606        26,455        21,225  
  36,106       38,058       38,804       33,673       36,798       40,557        37,512        37,410  
  18,070       87,021       44,242       32,958       54,198       80,452        15,789        14,113  
  5,910       15,913       8,810       5,097       9,172       8,999        7,202        10,232  
  5,288       11,379       7,155       5,901       5,384       9,833        9,125        8,197  
  -       -       -       26,196       343       -        52,954        -  
  22,693       51,980       27,692       29,631       35,592       29,344        16,716        13,528  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  256,211       3,338,061       1,194,822       835,736       682,718       2,465,454        1,484,833        753,028  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  (64,821 )      (459 )      (288,507 )      (20,333 )      (43,912 )      (378 )       (201 )       (1,259 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  191,390       3,337,602       906,315       815,403       638,806       2,465,076        1,484,632        751,769  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  1,228,725       14,806,416       5,305,710       3,941,841       2,290,799       9,757,283        2,479,414        4,522,667  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
               
  (5,731,070 )      (168,182,220 )      (46,766,860 )      (27,488,184 )      (33,809,002 )      (135,616,541 )       (11,013,425 )       (4,009,866 ) 
  (279,167 )      21,321       1,775       2,985       2,583       (11,162,457 )       (375,901 )       109,154  
  5,303,213       10,670,341       2,978,757       6,015,906       4,394,852       30,265,999        1,159,002        1,202,923  
  -       -       -       -       -       1,304,005        (7,816 )       43,324  
  -       -       -       -       -       -        (941 )       119  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  (707,024 )      (157,490,558 )      (43,786,328 )      (21,469,293 )      (29,411,567 )      (115,208,994 )       (10,239,081 )       (2,654,346 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
               
  (3,726,228 )      73,726,140       68,150,365       8,988,036       15,254,900       26,737,109        2,936,836        (1,476,045 ) 
  197,725       (5,718 )      (8,027 )      (631 )      (2,636 )      (4,374,059 )       425,437        (191,095 ) 
  -       -       -       -       -       -        66        -  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  (3,528,503 )      73,720,422       68,142,338       8,987,405       15,252,264       22,363,050        3,362,339        (1,667,140 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  (4,235,527 )      (83,770,136 )      24,356,010       (12,481,888 )      (14,159,303 )      (92,845,944 )       (6,876,742 )       (4,321,486 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
$ (3,006,802 )    $ (68,963,720 )    $ 29,661,720     $ (8,540,047 )    $ (11,868,504 )    $ (83,088,661 )     $ (4,397,328 )     $ 201,181  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

 

  60  

 

  

 

 

 

Statements of Changes in Net Assets

For the years ended April 30, 2023 and 2022

 

    Invesco Dynamic
Large Cap Growth ETF (PWB)		      Invesco Dynamic
Large Cap Value ETF (PWV)		  
    2023      2022      2023      2022  
Operations:           

Net investment income

   $ 2,320,307      $ 376,783      $ 18,376,237      $ 16,769,438  

Net realized gain (loss)

     (35,729,470 )       95,003,839        10,559,339        99,233,903  

Change in net unrealized appreciation (depreciation)

     49,656,994        (166,843,881 )       (27,735,501 )       (70,470,743 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     16,247,831        (71,463,259 )       1,200,075        45,532,598  
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (2,438,421 )       (365,218 )       (19,146,951 )       (15,751,004 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold.

     145,329,624        683,790,394        400,760,163        862,210,535  

Value of shares repurchased

     (168,616,074 )       (751,700,890 )       (410,158,765 )       (826,385,789 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     (23,286,450 )       (67,910,496 )       (9,398,602 )       35,824,746  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     (9,477,040 )       (139,738,973 )       (27,345,478 )       65,606,340  
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     613,417,574        753,156,547        802,083,138        736,476,798  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 603,940,534      $ 613,417,574      $ 774,737,660      $ 802,083,138  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     2,260,000        9,010,000        8,310,000        18,430,000  

Shares repurchased

     (2,670,000 )       (9,950,000 )       (8,570,000 )       (17,900,000 ) 

Shares outstanding, beginning of year

     9,630,000        10,570,000        17,190,000        16,660,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     9,220,000        9,630,000        16,930,000        17,190,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  61  

 

  

 

 

 

 

Invesco S&P
100 Equal Weight ETF (EQWL)		     Invesco S&P
500 GARP ETF (SPGP)		     Invesco S&P
500 Value with Momentum ETF (SPVM)		  
2023     2022     2023     2022     2023     2022  
                  
$ 3,193,994     $ 2,086,410     $ 21,612,812     $ 5,850,729     $ 1,228,725     $ 693,535  
  491,900       12,799,261       (132,270,175 )      59,816,066       (707,024 )      4,923,278  
  5,541,417       (16,759,791 )      132,302,830       (95,486,047 )      (3,528,503 )      (4,980,772 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  9,227,311       (1,874,120 )      21,645,467       (29,819,252 )      (3,006,802 )      636,041  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                  
  (3,066,329 )      (2,001,177 )      (20,629,556 )      (5,341,272 )      (1,302,225 )      (604,427 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                  
  113,870,616       64,567,907       2,728,334,473       1,038,392,786       32,326,264       58,806,721  
  (19,456,295 )      (32,717,663 )      (695,895,701 )      (581,218,960 )      (43,699,858 )      (36,529,195 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  94,414,321       31,850,244       2,032,438,772       457,173,826       (11,373,594 )      22,277,526  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  100,575,303       27,974,947       2,033,454,683       422,013,302       (15,682,621 )      22,309,140  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                  
  117,592,905       89,617,958       833,750,391       411,737,089       57,680,820       35,371,680  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 218,168,208     $ 117,592,905     $ 2,867,205,074     $ 833,750,391     $ 41,998,199     $ 57,680,820  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                  
  1,500,000       780,000       32,100,000       11,450,000       630,000       1,140,000  
  (260,000 )      (400,000 )      (8,540,000 )      (6,530,000 )      (880,000 )      (740,000 ) 
  1,530,000       1,150,000       9,750,000       4,830,000       1,130,000       730,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  2,770,000       1,530,000       33,310,000       9,750,000       880,000       1,130,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  62  

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

 

    Invesco S&P
MidCap Momentum ETF (XMMO)		      Invesco S&P
MidCap Quality ETF (XMHQ)		  
    2023      2022      2023      2022  
Operations:           

Net investment income

   $ 14,806,416      $ 6,330,288      $ 5,305,710      $ 3,813,837  

Net realized gain (loss)

     (157,490,558 )       119,896,964        (43,786,328 )       16,501,103  

Change in net unrealized appreciation (depreciation)

     73,720,422        (159,804,900 )       68,142,338        (58,434,417 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     (68,963,720 )       (33,577,648 )       29,661,720        (38,119,477 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (15,255,789 )       (5,860,692 )       (5,571,866 )       (3,640,191 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold

     330,942,497        823,003,559        403,872,171        284,230,745  

Value of shares repurchased

     (88,079,379 )       (833,089,042 )       (42,917,144 )       (158,514,963 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     242,863,118        (10,085,483 )       360,955,027        125,715,782  
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     158,643,609        (49,523,823 )       385,044,881        83,956,114  
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     894,410,156        943,933,979        329,823,751        245,867,637  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 1,053,053,765      $ 894,410,156      $ 714,868,632      $ 329,823,751  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     4,280,000        9,520,000        5,600,000        3,660,000  

Shares repurchased

     (1,160,000 )       (9,650,000 )       (640,000 )       (2,100,000 ) 

Shares outstanding, beginning of year

     10,910,000        11,040,000        4,710,000        3,150,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     14,030,000        10,910,000        9,670,000        4,710,000  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  63  

 

  

 

 

 

 

Invesco S&P
MidCap Value with Momentum ETF (XMVM)		     Invesco S&P
SmallCap Momentum ETF (XSMO)		     Invesco S&P
SmallCap Value with Momentum ETF (XSVM)		  
2023     2022     2023     2022     2023     2022  
         
$ 3,941,841     $ 2,925,259     $ 2,290,799     $ 835,815     $ 9,757,283     $ 6,652,864  
  (21,469,293 )      9,464,877       (29,411,567 )      10,419,114       (115,208,994 )      46,748,587  
  8,987,405       (31,025,967 )      15,252,264       (22,609,377 )      22,363,050       (83,506,267 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (8,540,047 )      (18,635,831 )      (11,868,504 )      (11,354,448 )      (83,088,661 )      (30,104,816 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (3,875,612 )      (2,951,914 )      (2,369,992 )      (643,957 )      (10,428,984 )      (7,211,062 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  33,533,313       329,697,440       82,998,607       134,709,434       229,247,727       826,529,006  
  (107,959,085 )      (183,761,913 )      (36,490,054 )      (148,607,414 )      (234,474,173 )      (337,456,810 ) 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (74,425,772 )      145,935,527       46,508,553       (13,897,980 )      (5,226,446 )      489,072,196  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  (86,841,431 )      124,347,782       32,270,057       (25,896,385 )      (98,744,091 )      451,756,318  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  257,069,874       132,722,092       145,651,998       171,548,383       711,075,238       259,318,920  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
$ 170,228,443     $ 257,069,874     $ 177,922,055     $ 145,651,998     $ 612,331,147     $ 711,075,238  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  760,000       6,950,000       1,710,000       2,490,000       4,830,000       15,650,000  
  (2,520,000 )      (4,050,000 )      (770,000 )      (2,810,000 )      (5,150,000 )      (6,710,000 ) 
  5,760,000       2,860,000       3,030,000       3,350,000       14,210,000       5,270,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  4,000,000       5,760,000       3,970,000       3,030,000       13,890,000       14,210,000  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  64  

 

  

 

 

 

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2023 and 2022

 

 

    Invesco Zacks
Mid-Cap ETF (CZA)		      Invesco Zacks Multi-Asset
Income ETF (CVY)		  
    2023      2022      2023      2022  
Operations:           

Net investment income

   $ 2,479,414      $ 2,605,072      $ 4,522,667      $ 3,567,812  

Net realized gain (loss)

     (10,239,081 )       42,731,341        (2,654,346 )       16,936,252  

Change in net unrealized appreciation (depreciation)

     3,362,339        (39,236,166 )       (1,667,140 )       (23,467,869 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

     (4,397,328 )       6,100,247        201,181        (2,963,805 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Distributions to Shareholders from:           

Distributable earnings

     (3,585,713 )       (2,026,356 )       (5,592,580 )       (3,371,434 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Shareholder Transactions:           

Proceeds from shares sold

     12,663,945        262,504,961        5,356,914        52,051,477  

Value of shares repurchased

     (17,520,576 )       (281,641,386 )       (17,939,985 )       (65,102,764 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from share transactions

     (4,856,631 )       (19,136,425 )       (12,583,071 )       (13,051,287 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets

     (12,839,672 )       (15,062,534 )       (17,974,470 )       (19,386,526 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
Net assets:           

Beginning of year

     211,735,162        226,797,696        114,149,818        133,536,344  
 

 

 

     

 

 

     

 

 

     

 

 

  

End of year

   $ 198,895,490      $ 211,735,162      $ 96,175,348      $ 114,149,818  
 

 

 

     

 

 

     

 

 

     

 

 

  
Changes in Shares Outstanding:           

Shares sold

     140,000        2,840,000        250,000        2,110,000  

Shares repurchased

     (200,000 )       (3,030,000 )       (810,000 )       (2,620,000 ) 

Shares outstanding, beginning of year

     2,360,000        2,550,000        5,040,800        5,550,800  
 

 

 

     

 

 

     

 

 

     

 

 

  

Shares outstanding, end of year

     2,300,000        2,360,000        4,480,800        5,040,800  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  65  

 

  

 

 

 

Financial Highlights

 

Invesco Dynamic Large Cap Growth ETF (PWB)

 

    Years Ended April 30,  
    2023      2022     2021      2020      2019  

Per Share Operating Performance:

             

Net asset value at beginning of year

   $ 63.70      $ 71.25     $ 48.91      $ 48.75      $ 43.32  

Net investment income(a)

    0.25        0.04       0.08        0.19        0.48  

Net realized and unrealized gain (loss) on investments

     1.81        (7.55 )      22.34        0.24        5.39  

Total from investment operations

     2.06        (7.51 )      22.42        0.43        5.87  

Distributions to shareholders from:

             

Net investment income

     (0.26 )       (0.04 )      (0.08 )       (0.27 )       (0.44 ) 

Net asset value at end of year

   $ 65.50      $ 63.70     $ 71.25      $ 48.91      $ 48.75  

Market price at end of year(b)

  $ 65.48      $ 63.74     $ 71.25      $ 48.93      $ 48.77  
Net Asset Value Total Return(c)     3.27 %       (10.55 )%      45.89 %       0.92 %       13.69 % 
Market Price Total Return(c)     3.18 %       (10.50 )%      45.83 %       0.91 %       13.57 % 
Ratios/Supplemental Data:             

Net assets at end of year (000’s omitted)

   $ 603,941      $ 613,418     $ 753,157      $ 613,853      $ 758,057  

Ratio to average net assets of:

             

Expenses

     0.56 %       0.55 %      0.56 %       0.56 %       0.55 % 

Net investment income

     0.40 %       0.05 %      0.13 %       0.38 %       1.06 % 

Portfolio turnover rate(d)

    123 %       129 %      118 %       166 %       181 % 

 

(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) 

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.

Invesco Dynamic Large Cap Value ETF (PWV)

 

    Years Ended April 30,  
    2023      2022      2021      2020     2019  

Per Share Operating Performance:

             

Net asset value at beginning of year

   $ 46.66      $ 44.21      $ 33.19      $ 36.73     $ 36.10  

Net investment income(a)

    1.07        0.99        0.91        0.91       0.84  

Net realized and unrealized gain (loss) on investments

     (0.85 )       2.40        11.05        (3.52 )      0.68  

Total from investment operations

     0.22        3.39        11.96        (2.61 )      1.52  

Distributions to shareholders from:

             

Net investment income

     (1.12 )       (0.94 )       (0.94 )       (0.93 )      (0.89 ) 

Net asset value at end of year

   $ 45.76      $ 46.66      $ 44.21      $ 33.19     $ 36.73  

Market price at end of year(b)

  $ 45.75      $ 46.66      $ 44.20      $ 33.23     $ 36.74  
Net Asset Value Total Return(c)     0.53 %       7.72 %       36.68 %       (7.12 )%      4.32 % 
Market Price Total Return(c)     0.52 %       7.75 %       36.50 %       (7.04 )%      4.26 % 
Ratios/Supplemental Data:             

Net assets at end of year (000’s omitted)

   $ 774,738      $ 802,083      $ 736,477      $ 678,709     $ 1,041,362  

Ratio to average net assets of:

             

Expenses

     0.55 %       0.55 %       0.58 %       0.56 %      0.55 % 

Net investment income

     2.32 %       2.12 %       2.47 %       2.43 %      2.33 % 

Portfolio turnover rate(d)

    104 %       113 %       149 %       142 %      189 % 

 

(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) 

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.

 

  66  

 

  

 

 

 

Financial Highlights—(continued)

 

Invesco S&P 100 Equal Weight ETF (EQWL)

 

    Years Ended April 30,  
    2023      2022      2021      2020     2019  

Per Share Operating Performance:

             

Net asset value at beginning of year

   $ 76.86      $ 77.93      $ 53.60      $ 56.90     $ 52.38  
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    1.66        1.57        1.34        1.30       1.14  

Net realized and unrealized gain (loss) on investments

     1.85        (1.14 )       24.35        (3.22 )      4.52  
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total from investment operations

     3.51        0.43        25.69        (1.92 )      5.66  
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Distributions to shareholders from:

             

Net investment income

     (1.61 )       (1.50 )       (1.36 )       (1.38 )      (1.14 ) 
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value at end of year

   $ 78.76      $ 76.86      $ 77.93      $ 53.60     $ 56.90  
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Market price at end of year(b)

  $ 78.76      $ 76.71      $ 77.98      $ 53.54     $ 56.91  
 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  
Net Asset Value Total Return(c)     4.75 %       0.46 %       48.53 %       (3.34 )%      11.04 % 
Market Price Total Return(c)     4.95 %       0.20 %       48.79 %       (3.46 )%      10.98 % 
Ratios/Supplemental Data:             

Net assets at end of year (000’s omitted)

   $ 218,168      $ 117,593      $ 89,618      $ 53,604     $ 59,749  

Ratio to average net assets of:

             

Expenses, after Waivers

     0.25 %       0.25 %       0.25 %       0.26 %(d)      0.25 % 

Expenses, prior to Waivers

     0.36 %       0.35 %       0.40 %       0.40 %(d)      0.41 % 

Net investment income

     2.21 %       1.90 %       2.08 %       2.28 %(d)      2.13 % 

Portfolio turnover rate(e)

    17 %       15 %       20 %       51 %      24 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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.

 

  67  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P 500 GARP ETF (SPGP)

 

    Years Ended April 30,  
    2023      2022      2021      2020     2019  
Per Share Operating Performance:             

Net asset value at beginning of year

   $ 85.51      $ 85.25      $ 51.39      $ 55.20     $ 47.90  

Net investment income(a)

    1.10        0.75        0.71        0.71       0.47  

Net realized and unrealized gain (loss) on investments

     0.50        0.17 (b)        33.95        (3.81 )      7.29  

Total from investment operations

     1.60        0.92        34.66        (3.10 )      7.76  

Distributions to shareholders from:

             

Net investment income

     (1.03 )       (0.66 )       (0.80 )       (0.71 )      (0.46 ) 

Net asset value at end of year

   $ 86.08      $ 85.51      $ 85.25      $ 51.39     $ 55.20  

Market price at end of year(c)

  $ 86.07      $ 85.51      $ 85.34      $ 51.43     $ 55.18  

Net Asset Value Total Return(d)

    1.96 %       1.04 %       67.94 %       (5.56 )%      16.35 % 
Market Price Total Return(d)     1.95 %       0.94 %       67.99 %       (5.45 )%      16.20 % 
Ratios/Supplemental Data:             

Net assets at end of year (000’s omitted)

   $ 2,867,205      $ 833,750      $ 411,737      $ 244,088     $ 229,088  

Ratio to average net assets of:

             

Expenses

     0.34 %       0.33 %       0.36 %       0.34 %      0.36 % 

Net investment income

     1.30 %       0.83 %       1.07 %       1.23 %      0.92 % 

Portfolio turnover rate(e)

    49 %       50 %       68 %       110 %      17 % 

 

(a) 

Based on average shares outstanding.

(b) 

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 timingof shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(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) 

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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  68  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P 500 Value with Momentum ETF (SPVM)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  
Per Share Operating Performance:            

Net asset value at beginning of year

   $ 51.04     $ 48.45      $ 31.56      $ 40.00     $ 38.01  

Net investment income(a)

    1.22       0.84        0.78        0.87       1.03  

Net realized and unrealized gain (loss) on investments

     (3.22 )      2.50 (b)        16.94        (8.26 )      2.06  

Total from investment operations

     (2.00 )      3.34        17.72        (7.39 )      3.09  

Distributions to shareholders from:

            

Net investment income

     (1.31 )      (0.75 )       (0.83 )       (1.05 )      (1.10 ) 

Net asset value at end of year

   $ 47.73     $ 51.04      $ 48.45      $ 31.56     $ 40.00  

Market price at end of year(c)

  $ 47.71     $ 50.98      $ 48.46      $ 31.62     $ 39.99  
Net Asset Value Total Return(d)     (3.87 )%      6.94 %       56.93 %       (18.74 )%      8.40 % 
Market Price Total Return(d)     (3.80 )%      6.80 %       56.68 %       (18.57 )%      8.31 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 41,998     $ 57,681      $ 35,372      $ 44,190     $ 96,009  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.39 %      0.39 %       0.39 %       0.40 %(e)      0.39 % 

Expenses, prior to Waivers

     0.52 %      0.48 %       0.57 %       0.45 %(e)      0.41 % 

Net investment income

     2.50 %      1.64 %       2.07 %       2.24 %(e)      2.70 % 

Portfolio turnover rate(f)

    77 %      71 %       83 %       127 %      32 % 

 

(a) 

Based on average shares outstanding.

(b) 

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.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  69  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P MidCap Momentum ETF (XMMO)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 81.98     $ 85.50     $ 54.07      $ 59.05     $ 45.61  

Net investment income(a)

    1.15       0.58       0.32        0.49       0.06  

Net realized and unrealized gain (loss) on investments

     (6.89 )      (3.56 )      31.45        (4.92 )      13.47  

Total from investment operations

     (5.74 )      (2.98 )      31.77        (4.43 )      13.53  

Distributions to shareholders from:

           

Net investment income

     (1.18 )      (0.54 )      (0.34 )       (0.55 )      (0.09 ) 

Net asset value at end of year.

   $ 75.06     $ 81.98     $ 85.50      $ 54.07     $ 59.05  

Market price at end of year(b)

  $ 75.05     $ 82.00     $ 85.51      $ 54.17     $ 59.07  
Net Asset Value Total Return(c)     (6.97 )%      (3.50 )%      58.94 %       (7.45 )%      29.72 % 
Market Price Total Return(c)     (7.01 )%      (3.49 )%      58.66 %       (7.32 )%      29.48 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 1,053,054     $ 894,410     $ 943,934      $ 519,048     $ 625,899  

Ratio to average net assets of:

           

Expenses

     0.34 %      0.33 %      0.33 %       0.34 %      0.39 % 

Net investment income

     1.50 %      0.67 %      0.44 %       0.84 %      0.12 % 

Portfolio turnover rate(d)

    129 %      135 %      100 %       194 %      30 % 

 

(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) 

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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

Invesco S&P MidCap Quality ETF (XMHQ)

 

    Years Ended April 30,  
    2023      2022     2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 70.03      $ 78.05     $ 47.16      $ 50.74     $ 47.29  

Net investment income(a)

    1.03        1.00       0.77        0.67       0.66  

Net realized and unrealized gain (loss) on investments

     3.98        (8.07 )      30.84        (3.49 )      3.46  

Total from investment operations.

     5.01        (7.07 )      31.61        (2.82 )      4.12  

Distributions to shareholders from:

            

Net investment income

     (1.11 )       (0.95 )      (0.72 )       (0.76 )      (0.67 ) 

Net asset value at end of year

   $ 73.93      $ 70.03     $ 78.05      $ 47.16     $ 50.74  

Market price at end of year(b)

  $ 73.92      $ 70.16     $ 78.13      $ 47.33     $ 50.72  
Net Asset Value Total Return(c)     7.33 %       (9.16 )%      67.43 %       (5.52 )%      8.85 % 
Market Price Total Return(c)     7.11 %       (9.07 )%      67.00 %       (5.15 )%      8.78 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 714,869      $ 329,824     $ 245,868      $ 23,578     $ 25,372  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.25 %       0.25 %      0.25 %       0.27 %(d)      0.25 % 

Expenses, prior to Waivers.

     0.33 %       0.31 %      0.37 %       0.56 %(d)      0.61 % 

Net investment income

     1.46 %       1.30 %      1.17 %       1.35 %(d)      1.36 % 

Portfolio turnover rate(e)

    79 %       83 %      56 %       130 %      30 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

  70  

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco S&P MidCap Value with Momentum ETF (XMVM)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  
Per Share Operating Performance:                               

Net asset value at beginning of year

   $ 44.63     $ 46.41     $ 25.75      $ 32.38     $ 30.69  

Net investment income(a)

    0.83       0.64       0.38        0.54       0.84  

Net realized and unrealized gain (loss) on investments

     (2.10 )      (1.79 )      20.73        (6.49 )      1.64  

Total from investment operations

     (1.27 )      (1.15 )      21.11        (5.95 )      2.48  

Distributions to shareholders from:

           

Net investment income

     (0.80 )      (0.63 )      (0.45 )       (0.68 )      (0.79 ) 

Net asset value at end of year

   $ 42.56     $ 44.63     $ 46.41      $ 25.75     $ 32.38  

Market price at end of year(b)

  $ 42.50     $ 44.65     $ 46.51      $ 25.81     $ 32.36  
Net Asset Value Total Return(c)     (2.78 )%      (2.51 )%      82.77 %       (18.59 )%      8.36 % 
Market Price Total Return(c)     (2.97 )%      (2.67 )%      82.75 %       (18.34 )%      8.30 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 170,228     $ 257,070     $ 132,722      $ 45,060     $ 51,809  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.39 %      0.39 %      0.39 %       0.40 %(d)      0.39 % 

Expenses, prior to Waivers

     0.40 %      0.39 %      0.46 %       0.44 %(d)      0.48 % 

Net investment income

     1.88 %      1.38 %      1.09 %       1.72 %(d)      2.73 % 

Portfolio turnover rate(e)

    76 %      76 %      78 %       128 %      49 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

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Financial Highlights–(continued)

 

Invesco S&P SmallCap Momentum ETF (XSMO)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 48.07     $ 51.21     $ 32.48      $ 37.29     $ 33.25  

Net investment income(a)

    0.66       0.26       0.24        0.34       0.13  

Net realized and unrealized gain (loss) on investments

     (3.25 )      (3.20 )      18.77        (4.71 )      4.04  

Total from investment operations

     (2.59 )      (2.94 )      19.01        (4.37 )      4.17  

Distributions to shareholders from:

           

Net investment income

     (0.66 )      (0.20 )      (0.28 )       (0.44 )      (0.13 ) 

Net asset value at end of year

   $ 44.82     $ 48.07     $ 51.21      $ 32.48     $ 37.29  

Market price at end of year(b)

  $ 44.77     $ 48.05     $ 51.16      $ 32.56     $ 37.31  
Net Asset Value Total Return(c)     (5.38 )%      (5.78 )%      58.74 %       (11.70 )%      12.55 % 
Market Price Total Return(c)     (5.45 )%      (5.72 )%      58.20 %       (11.53 )%      12.41 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 177,922     $ 145,652     $ 171,548      $ 74,694     $ 89,495  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.39 %      0.37 %      0.39 %       0.39 %      0.39 % 

Expenses, prior to Waivers

     0.42 %      0.37 %      0.40 %       0.40 %      0.44 % 

Net investment income

     1.40 %      0.48 %      0.53 %       0.92 %      0.37 % 

Portfolio turnover rate(d)

    125 %      147 %      132 %       180 %      44 % 

 

(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) 

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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

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Financial Highlights–(continued)

 

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 50.04     $ 49.21      $ 22.95      $ 30.31     $ 30.37  

Net investment income(a)

    0.68       0.74        0.38        0.51       0.58  

Net realized and unrealized gain (loss) on investments

     (5.91 )      0.84 (b)        26.23        (7.27 )      0.03  

Total from investment operations

     (5.23 )      1.58        26.61        (6.76 )      0.61  

Distributions to shareholders from:

            

Net investment income

     (0.73 )      (0.75 )       (0.35 )       (0.60 )      (0.67 ) 

Net asset value at end of year

   $ 44.08     $ 50.04      $ 49.21      $ 22.95     $ 30.31  

Market price at end of year(c)

  $ 44.07     $ 50.03      $ 49.27      $ 22.92     $ 30.30  
Net Asset Value Total Return(d)     (10.46 )%      3.18 %       116.75 %       (22.43 )%      2.13 % 
Market Price Total Return(d)     (10.47 )%      3.04 %       117.30 %       (22.51 )%      2.00 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 612,331     $ 711,075      $ 259,319      $ 52,778     $ 78,794  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.36 %      0.36 %       0.39 %       0.40 %(e)      0.39 % 

Expenses, prior to Waivers

     0.36 %      0.36 %       0.41 %       0.40 %(e)      0.44 % 

Net investment income

     1.44 %      1.41 %       1.11 %       1.73 %(e)      1.88 % 

Portfolio turnover rate(f)

    86 %      73 %       75 %       136 %      52 % 

 

(a) 

Based on average shares outstanding.

(b) 

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 timingof shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(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) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(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. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

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Financial Highlights–(continued)

 

Invesco Zacks Mid-Cap ETF (CZA)

 

    Years Ended April 30,  
    2023     2022      2021      2020     2019  

Per Share Operating Performance:

            

Net asset value at beginning of year

   $ 89.72     $ 88.94      $ 57.49      $ 70.67     $ 64.70  

Net investment income(a)

    1.06       1.06        0.83        1.03       0.90  

Net realized and unrealized gain (loss) on investments

     (2.78 )      0.57        31.70        (13.14 )      5.82  

Total from investment operations

     (1.72 )      1.63        32.53        (12.11 )      6.72  

Distributions to shareholders from:

            

Net investment income

     (1.52 )      (0.85 )       (1.08 )       (1.07 )      (0.75 ) 

Net asset value at end of year

   $ 86.48     $ 89.72      $ 88.94      $ 57.49     $ 70.67  

Market price at end of year(b)

  $ 86.48     $ 89.97      $ 88.93      $ 57.59     $ 70.75  
Net Asset Value Total Return(c)     (1.93 )%      1.82 %       56.93 %       (17.51 )%      10.68 % 
Market Price Total Return(c)     (2.20 )%      2.12 %       56.65 %       (17.46 )%      10.72 % 
Ratios/Supplemental Data:            

Net assets at end of year (000’s omitted)

   $ 198,895     $ 211,735      $ 226,798      $ 232,835     $ 265,019  

Ratio to average net assets of:

            

Expenses, after Waivers

     0.72 %      0.74 %       0.69 %       0.65 %(d)(e)      0.65 %(d)  

Expenses, prior to Waivers

     0.72 %      0.74 %       0.69 %       0.68 %(d)(e)      0.70 %(d)  

Net investment income

     1.20 %      1.16 %       1.18 %       1.46 %(e)       1.36 % 

Portfolio turnover rate(f)

    122 %      121 %       162 %       144 %      170 % 

 

(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) 

Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

(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.

 

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Financial Highlights–(continued)

 

Invesco Zacks Multi-Asset Income ETF (CVY)

 

    Years Ended April 30,  
    2023     2022     2021      2020     2019  

Per Share Operating Performance:

           

Net asset value at beginning of year

   $ 22.65     $ 24.06     $ 15.82      $ 22.25     $ 21.87  

Net investment income(a)(b)

    0.95       0.67       0.65        0.77       0.81  

Net realized and unrealized gain (loss) on investments

     (0.94 )      (1.44 )      8.20        (6.45 )      0.38  

Total from investment operations

     0.01       (0.77 )      8.85        (5.68 )      1.19  

Distributions to shareholders from:

           

Net investment income

     (1.20 )      (0.64 )      (0.61 )       (0.75 )      (0.81 ) 

Net asset value at end of year

   $ 21.46     $ 22.65     $ 24.06      $ 15.82     $ 22.25  

Market price at end of year(c)

  $ 21.48     $ 22.61     $ 24.08      $ 15.84     $ 22.27  
Net Asset Value Total Return(d)     0.28 %      (3.30 )%      57.19 %       (25.93 )%      5.67 % 
Market Price Total Return(d)     0.56 %      (3.54 )%      57.13 %       (25.91 )%      5.76 % 
Ratios/Supplemental Data:           

Net assets at end of year (000’s omitted)

   $ 96,175     $ 114,150     $ 133,536      $ 125,007     $ 229,220  

Ratio to average net assets of:

           

Expenses, after Waivers

     0.73 %(e)      0.73 %(e)       0.73 %       0.65 %(e)(f)      0.65 %(e)  

Expenses, prior to Waivers

     0.73 %(e)      0.74 %(e)       0.73 %       0.69 %(e)(f)      0.71 %(e)  

Net investment income(b)

    4.37 %      2.77 %      3.48 %       3.64 %(f)       3.71 % 

Portfolio turnover rate(g)

    142 %      161 %      176 %       203 %      196 % 

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

(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) 

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.

(f) 

Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

(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.

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2023

 

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business 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 Dynamic Large Cap Growth ETF (PWB)

    “Dynamic Large Cap Growth ETF”

Invesco Dynamic Large Cap Value ETF (PWV)

    “Dynamic Large Cap Value ETF”

Invesco S&P 100 Equal Weight ETF (EQWL)

    “S&P 100 Equal Weight ETF”

Invesco S&P 500 GARP ETF (SPGP)

    “S&P 500 GARP ETF”

Invesco S&P 500 Value with Momentum ETF (SPVM)

    “S&P 500 Value with Momentum ETF”

Invesco S&P MidCap Momentum ETF (XMMO)

    “S&P MidCap Momentum ETF”

Invesco S&P MidCap Quality ETF (XMHQ)

    “S&P MidCap Quality ETF”

Invesco S&P MidCap Value with Momentum ETF (XMVM)

    “S&P MidCap Value with Momentum ETF”

Invesco S&P SmallCap Momentum ETF (XSMO)

    “S&P SmallCap Momentum ETF”

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

    “S&P SmallCap Value with Momentum ETF”

Invesco Zacks Mid-Cap ETF (CZA)

    “Zacks Mid-Cap ETF”

Invesco Zacks Multi-Asset Income ETF (CVY)

    “Zacks Multi-Asset Income 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 NYSE Arca, Inc.

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.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“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 to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

Dynamic Large Cap Growth ETF

    Dynamic Large Cap Growth Intellidex® Index

Dynamic Large Cap Value ETF

    Dynamic Large Cap Value Intellidex® Index

S&P 100 Equal Weight ETF

    S&P 100® Equal Weight Index

S&P 500 GARP ETF

    S&P 500® GARP Index

S&P 500 Value with Momentum ETF

    S&P 500® High Momentum Value Index

S&P MidCap Momentum ETF

    S&P MidCap 400® Momentum Index

S&P MidCap Quality ETF

    S&P MidCap 400® Quality Index

S&P MidCap Value with Momentum ETF

    S&P MidCap 400® High Momentum Value Index

S&P SmallCap Momentum ETF

    S&P SmallCap 600® Momentum Index

S&P SmallCap Value with Momentum ETF

    S&P SmallCap 600® High Momentum Value Index

Zacks Mid-Cap ETF

    Zacks Mid-Cap Core Index

Zacks Multi-Asset Income ETF

    Zacks Multi-Asset Income Index

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 Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

 

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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 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. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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 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.

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.

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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked 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/asked 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

 

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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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 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 include whether each Fund’s Underlying Index has made a country determination and 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 declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to 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

 

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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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended April 30, 2023, the Funds did not enter into any closing agreements.

G.

Expenses - Each Fund is responsible for all of its 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, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members 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 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 directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific 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 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.

H.

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.

I.

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.

J.

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

 

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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 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 fiscal year ended April 30, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

   

Amount

Dynamic Large Cap Growth ETF

       $3,450  

Dynamic Large Cap Value ETF

       1,475

S&P 100 Equal Weight ETF

       639  

S&P 500 GARP ETF

       6,097

S&P 500 Value with Momentum ETF

       9  

S&P MidCap Momentum ETF

       7,675

S&P MidCap Quality ETF

       7,968  

S&P MidCap Value with Momentum ETF

       3,266

S&P SmallCap Momentum ETF

       2,002  

S&P SmallCap Value with Momentum ETF

       10,278

Zacks Mid-Cap ETF

       8,021  

Zacks Multi-Asset Income ETF

       17,900

 

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. 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.

L.

Other Risks

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

 

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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 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. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face 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 each 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.

Investment in Investment Companies Risk. Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed-end fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.

Market Risk. Securities in each Underlying Index 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 an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

 

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Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

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.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement 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 and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and 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 (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap

 

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Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2025. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2025. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year through at least August 31, 2025, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the fiscal year ended April 30, 2023 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P SmallCap Value with Momentum ETF and Zacks Mid-Cap ETF.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each 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. These waivers do not apply to a 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. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Dynamic Large Cap Growth ETF

   $ 169  

Dynamic Large Cap Value ETF

     522  

S&P 100 Equal Weight ETF

     159,108  

S&P 500 GARP ETF

     1,352  

S&P 500 Value with Momentum ETF

     64,821  

S&P MidCap Momentum ETF

     459  

S&P MidCap Quality ETF

     288,507  

S&P MidCap Value with Momentum ETF

     20,333  

S&P SmallCap Momentum ETF

     43,912  

S&P SmallCap Value with Momentum ETF

     378  

Zacks Mid-Cap ETF

     201  

Zacks Multi-Asset Income ETF

     1,259  

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser 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 Funds if it would result in the Funds 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.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2023 are as follows:

 

    Total
Potential
Recapture
Amounts		                       
                      
     Potential Recapture Amounts Expiring  
     4/30/24      4/30/25      4/30/26  

S&P 100 Equal Weight ETF

   $ 365,007      $ 102,337      $ 103,638      $ 159,032  

S&P 500 Value with Momentum ETF

     161,493        58,042        38,697        64,754  

S&P MidCap Quality ETF

     593,857        120,587        185,234        288,036  

S&P MidCap Value with Momentum ETF

     42,517        22,390        -        20,127  

S&P SmallCap Momentum ETF

     55,532        12,069        -        43,463  

Zacks Multi-Asset Income ETF

     20,266        -        9,144        11,122  

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.

 

 

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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund   Licensor

Dynamic Large Cap Growth ETF

   ICE Data Indices, LLC

Dynamic Large Cap Value ETF

   ICE Data Indices, LLC

S&P 100 Equal Weight ETF

   S&P Dow Jones Indices LLC

S&P 500 GARP ETF

   S&P Dow Jones Indices LLC

S&P 500 Value with Momentum ETF

   S&P Dow Jones Indices LLC

S&P MidCap Momentum ETF

   S&P Dow Jones Indices LLC

S&P MidCap Quality ETF

   S&P Dow Jones Indices LLC

S&P MidCap Value with Momentum ETF

   S&P Dow Jones Indices LLC

S&P SmallCap Momentum ETF

   S&P Dow Jones Indices LLC

S&P SmallCap Value with Momentum ETF

   S&P Dow Jones Indices LLC

Zacks Mid-Cap ETF

   Zacks Investment Research, Inc.

Zacks Multi-Asset Income ETF

   Zacks Investment Research, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

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 fiscal year ended April 30, 2023, 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:

 

Dynamic Large Cap Growth ETF

   $ 44,582  

Dynamic Large Cap Value ETF

     107,087  

S&P 100 Equal Weight ETF

     2,927  

S&P 500 GARP ETF

     71,698  

S&P 500 Value with Momentum ETF

     3,764  

S&P MidCap Momentum ETF

     95,288  

S&P MidCap Quality ETF

     39,619  

S&P MidCap Value with Momentum ETF

     59,681  

S&P SmallCap Momentum ETF

     58,369  

S&P SmallCap Value with Momentum ETF

     32,379  

Zacks Mid-Cap ETF

     69,869  

Zacks Multi-Asset Income ETF

     53,389  

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the fiscal year ended April 30, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

    Securities Purchases    Securities Sales    Net Realized Gains (Losses)*

S&P MidCap Momentum ETF

   $-    $125,479,160    $10,479,776

S&P MidCap Quality ETF

   -    12,949,699    3,656,469

S&P MidCap Value with Momentum ETF

   -    3,019,655    1,279,469

S&P SmallCap Momentum ETF

   -    1,178,591    (205,845)

S&P SmallCap Value with Momentum ETF

   -    4,406,716    308,272

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

 

  84  

 

  

 

 

 

 

NOTE 5–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, 2023, for each Fund (except for Dynamic Large Cap Value ETF and S&P 500 Value with Momentum ETF). As of April 30, 2023, all of the securities in Dynamic Large Cap Value ETF and S&P 500 Value with Momentum 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  

Dynamic Large Cap Growth ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 604,053,421      $ -      $         -      $ 604,053,421  

Money Market Funds

     158,266        24,049,803        -        24,208,069  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 604,211,687      $ 24,049,803      $          -      $ 628,261,490  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

S&P 100 Equal Weight ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 217,979,019      $ -        $         -      $ 217,979,019  

Money Market Funds

     17,471        14,801,839        -        14,819,310  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 217,996,490      $ 14,801,839        $         -      $ 232,798,329  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

S&P 500 GARP ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 2,866,236,114      $ -        $         -      $ 2,866,236,114  

Money Market Funds

     -        197,684,373        -        197,684,373  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 2,866,236,114      $ 197,684,373        $         -      $ 3,063,920,487  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

S&P MidCap Momentum ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,052,648,001      $ -        $         -      $ 1,052,648,001  

Money Market Funds

     333,211        99,329,936        -        99,663,147  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 1,052,981,212      $ 99,329,936        $         -      $ 1,152,311,148  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

S&P MidCap Quality ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 714,400,037      $ -        $         -      $ 714,400,037  

Money Market Funds

     547,107        105,680,747        -        106,227,854  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 714,947,144      $ 105,680,747        $         -      $ 820,627,891  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

S&P MidCap Value with Momentum ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 170,105,330      $ -        $         -      $ 170,105,330  

Money Market Funds

     234,059        35,872,092        -        36,106,151  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

Total Investments

   $ 170,339,389      $ 35,872,092        $         -      $ 206,211,481  
 

 

 

     

 

 

     

 

 

 

   

 

 

  

 

 

  85  

 

  

 

 

 

 

    Level 1      Level 2      Level 3      Total  

S&P SmallCap Momentum ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 177,933,509      $ -        $        -      $ 177,933,509  

Money Market Funds

     243,605        41,325,934                -        41,569,539  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 178,177,114      $ 41,325,934        $        -      $ 219,503,048  
 

 

 

     

 

 

     

 

 

     

 

 

  

S&P SmallCap Value with Momentum ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 612,501,119      $ -        $        -      $ 612,501,119  

Money Market Funds

     29,495        117,351,093        -        117,380,588  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 612,530,614      $ 117,351,093        $        -      $ 729,881,707  
 

 

 

     

 

 

     

 

 

     

 

 

  

Zacks Mid-Cap ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 198,956,091      $ -        $        -      $ 198,956,091  

Money Market Funds

     205,195        7,992,532        -        8,197,727  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 199,161,286      $ 7,992,532        $        -      $ 207,153,818  
 

 

 

     

 

 

     

 

 

     

 

 

  

Zacks Multi-Asset Income ETF

           

Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 76,589,273      $ -        $        0      $ 76,589,273  

Preferred Stocks

     9,629,192        -        -        9,629,192  

Closed-End Funds

     9,593,068        -        -        9,593,068  

Money Market Funds

     419,085        14,279,492        -        14,698,577  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

   $ 96,230,618      $ 14,279,492        $        0      $ 110,510,110  
 

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2023 and 2022:

 

    2023      2022  
    Ordinary
Income*		      Ordinary
Income*		  

Dynamic Large Cap Growth ETF

   $ 2,438,421      $ 365,218  

Dynamic Large Cap Value ETF

     19,146,951        15,751,004  

S&P 100 Equal Weight ETF

     3,066,329        2,001,177  

S&P 500 GARP ETF

     20,629,556        5,341,272  

S&P 500 Value with Momentum ETF

     1,302,225        604,427  

S&P MidCap Momentum ETF

     15,255,789        5,860,692  

S&P MidCap Quality ETF

     5,571,866        3,640,191  

S&P MidCap Value with Momentum ETF

     3,875,612        2,951,914  

S&P SmallCap Momentum ETF

     2,369,992        643,957  

S&P SmallCap Value with Momentum ETF

     10,428,984        7,211,062  

Zacks Mid-Cap ETF

     3,585,713        2,026,356  

Zacks Multi-Asset Income ETF

     5,592,580        3,371,434  

* Includes short-term capital gain distributions, if any.

     

 

Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income		      Temporary
Book/Tax
Differences		      Net
Unrealized
Appreciation
(Depreciation)-
Investments		      Capital Loss
Carryforwards		      Shares of
Beneficial
Interest		      Total
Net Assets		  
Dynamic Large Cap Growth ETF   $ -      $ (94,220)      $ 36,820,182      $ (260,225,682 )     $ 827,440,254      $ 603,940,534  
Dynamic Large Cap Value ETF     1,415,673        (979,867 )       (1,124,884 )       (499,498,022 )       1,274,924,760        774,737,660  
S&P 100 Equal Weight ETF     283,213        (46,792)        5,159,505        (6,725,742 )       219,498,024        218,168,208  
S&P 500 GARP ETF     1,498,688        (45,587 )       48,768,317        (203,014,952 )       3,019,998,608        2,867,205,074  
S&P 500 Value with Momentum ETF     35,538        (35,797)        (2,850,099 )       (21,214,861 )       66,063,418        41,998,199  

 

  86  

 

  

 

 

 

 

    Undistributed
Ordinary
Income		      Temporary
Book/Tax
Differences		      Net
Unrealized
Appreciation
(Depreciation)-
Investments		      Capital Loss
Carryforwards		      Shares of
Beneficial
Interest		      Total Net
Assets		  
S&P MidCap Momentum ETF   $ 25,420      $ (67,724)      $ 64,850,538      $ (314,440,608 )     $ 1,302,686,139      $ 1,053,053,765  
S&P MidCap Quality ETF     3,546        (45,844 )       39,603,800        (57,324,616 )       732,631,746        714,868,632  
S&P MidCap Value with Momentum ETF     64,440        (49,113)        (4,066,029 )       (61,127,435 )       235,406,580        170,228,443  
S&P SmallCap Momentum ETF     117,490        (47,658 )       5,808,149        (89,245,501 )       261,289,575        177,922,055  
S&P SmallCap Value with Momentum ETF     -        (53,341)        (15,842,753 )       (197,326,409 )       825,553,650        612,331,147  
Zacks Mid-Cap ETF     285,762        (7,952 )       (1,071,401 )       (135,222,468 )       334,911,549        198,895,490  
Zacks Multi-Asset Income ETF     480,079        (1,450,828)        (5,770,002 )       (446,329,336 )       549,245,435        96,175,348  

    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.

    The Funds have capital loss carryforwards as of April 30, 2023, as follows:

 

    No expiration         
    Short-Term      Long-Term      Total*  

 Dynamic Large Cap Growth ETF

   $ 260,225,682      $ -      $ 260,225,682  

 Dynamic Large Cap Value ETF

     428,723,368        70,774,654        499,498,022  

 S&P 100 Equal Weight ETF

     2,791,682        3,934,060        6,725,742  

 S&P 500 GARP ETF

     170,859,940        32,155,012        203,014,952  

 S&P 500 Value with Momentum ETF

     15,398,064        5,816,797        21,214,861  

 S&P MidCap Momentum ETF

     314,440,608        -        314,440,608  

 S&P MidCap Quality ETF

     50,951,381        6,373,235        57,324,616  

 S&P MidCap Value with Momentum ETF

     46,994,702        14,132,733        61,127,435  

 S&P SmallCap Momentum ETF

     81,868,636        7,376,865        89,245,501  

 S&P SmallCap Value with Momentum ETF

     150,033,586        47,292,823        197,326,409  

 Zacks Mid-Cap ETF

     125,030,538        10,191,930        135,222,468  

 Zacks Multi-Asset Income ETF

     368,533,316        77,796,020        446,329,336  

 

*

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 fiscal year ended April 30, 2023, 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  

 Dynamic Large Cap Growth ETF

   $ 724,139,089      $ 722,008,392  

 Dynamic Large Cap Value ETF

     837,535,584        833,599,409  

 S&P 100 Equal Weight ETF

     25,456,132        25,517,922  

 S&P 500 GARP ETF

     848,253,242        832,941,365  

 S&P 500 Value with Momentum ETF

     38,440,293        38,417,176  

 S&P MidCap Momentum ETF

     1,278,761,743        1,277,574,459  

 S&P MidCap Quality ETF

     300,298,455        300,365,354  

 S&P MidCap Value with Momentum ETF

     160,413,533        160,680,201  

 S&P SmallCap Momentum ETF

     204,727,707        204,428,961  

 S&P SmallCap Value with Momentum ETF

     589,586,829        585,406,686  

 Zacks Mid-Cap ETF

     253,223,060        253,581,324  

 Zacks Multi-Asset Income ETF

     147,119,493        148,271,563  

 

 

  87  

 

  

 

 

 

 

    For the fiscal year ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

    In-kind
Purchases		    In-kind
Sales

Dynamic Large Cap Growth ETF

     $ 145,381,612      $ 170,756,219

Dynamic Large Cap Value ETF

       400,208,277        412,496,840

S&P 100 Equal Weight ETF

       113,965,320        19,481,136

S&P 500 GARP ETF

       2,723,559,274        706,472,012

S&P 500 Value with Momentum ETF

       32,326,926        43,680,547

S&P MidCap Momentum ETF

       330,256,428        87,754,031

S&P MidCap Quality ETF

       403,651,194        42,881,215

S&P MidCap Value with Momentum ETF

       33,470,464        107,701,573

S&P SmallCap Momentum ETF

       82,882,848        36,461,026

S&P SmallCap Value with Momentum ETF

       228,992,769        235,554,622

Zacks Mid-Cap ETF

       12,660,357        17,497,571

Zacks Multi-Asset Income ETF

       4,795,106        16,224,712

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of     April 30, 2023, the aggregate cost of investments, including any derivatives, on a tax basis 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

Dynamic Large Cap Growth ETF

     $ 57,121,551      $ (20,301,369 )      $ 36,820,182      $ 591,441,308

Dynamic Large Cap Value ETF

       36,230,285        (37,355,169 )        (1,124,884 )        775,713,804

S&P 100 Equal Weight ETF

       17,179,303        (12,019,798 )        5,159,505        227,638,824

S&P 500 GARP ETF

       198,588,005        (149,819,688 )        48,768,317        3,015,152,170

S&P 500 Value with Momentum ETF

       845,845        (3,695,944 )        (2,850,099 )        44,875,340

S&P MidCap Momentum ETF

       87,656,531        (22,805,993 )        64,850,538        1,087,460,610

S&P MidCap Quality ETF

       59,066,185        (19,462,385 )        39,603,800        781,024,091

S&P MidCap Value with Momentum ETF

       10,874,516        (14,940,545 )        (4,066,029 )        210,277,510

S&P SmallCap Momentum ETF

       15,174,826        (9,366,677 )        5,808,149        213,694,899

S&P SmallCap Value with Momentum ETF

       52,158,493        (68,001,246 )        (15,842,753 )        745,724,460

Zacks Mid-Cap ETF

       10,955,387        (12,026,788 )        (1,071,401 )        208,225,219

Zacks Multi-Asset Income ETF

       5,632,608        (11,402,610 )        (5,770,002 )        116,280,112

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, PFIC reclasses and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2023, the reclassifications were as follows:

 

    Undistributed Net
Investment Income (Loss)		    Undistributed
Net Realized Gain (Loss)		    Shares of
Beneficial
Interest

Dynamic Large Cap Growth ETF

     $ 102,416      $ (19,542,525 )      $ 19,440,109

Dynamic Large Cap Value ETF

       (817,718 )        (54,113,305 )        54,931,023

S&P 100 Equal Weight ETF

       -        (5,087,448 )        5,087,448

S&P 500 GARP ETF

       -        (62,462,061 )        62,462,061

S&P 500 Value with Momentum ETF

       270        (5,224,126 )        5,223,856

S&P MidCap Momentum ETF

       -        (8,887,266 )        8,887,266

S&P MidCap Quality ETF

       122        (2,619,935 )        2,619,813

S&P MidCap Value with Momentum ETF

       -        (5,033,600 )        5,033,600

S&P SmallCap Momentum ETF

       -        (3,698,265 )        3,698,265

S&P SmallCap Value with Momentum ETF

       672,930        (27,011,376 )        26,338,446

Zacks Mid-Cap ETF

       437,650        (1,102,484 )        664,834

Zacks Multi-Asset Income ETF

       1,114,205        (1,883,539 )        769,334

 

  88  

 

  

 

 

 

 

NOTE 9–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 Interested Trustee does 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 Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    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 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.

 

  89  

 

  

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023, and each of the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 26, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

 

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Calculating your ongoing Fund expenses

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

 

    Beginning
Account Value
November 1, 2022		      Ending
Account Value
April 30, 2023		      Annualized
Expense Ratio
Based on the
Six-Month Period		      Expenses Paid
During the
Six-Month Period(1)		  

Invesco Dynamic Large Cap Growth ETF (PWB)

           

Actual

     $1,000.00        $1,067.30        0.56%        $2.87  

Hypothetical (5% return before expenses)

     1,000.00        1,022.02        0.56        2.81  

Invesco Dynamic Large Cap Value ETF (PWV)

           

Actual

     1,000.00        999.10        0.56        2.78  

Hypothetical (5% return before expenses)

     1,000.00        1,022.02        0.56        2.81  

Invesco S&P 100 Equal Weight ETF (EQWL)

           

Actual

     1,000.00        1,081.50        0.25        1.29  

Hypothetical (5% return before expenses)

     1,000.00        1,023.55        0.25        1.25  

Invesco S&P 500 GARP ETF (SPGP)

           

Actual

     1,000.00        1,057.10        0.34        1.73  

Hypothetical (5% return before expenses)

     1,000.00        1,023.11        0.34        1.71  

 

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Calculating your ongoing Fund expenses–(continued)

 

    Beginning
Account Value
November 1, 2022		    Ending
Account Value
April 30, 2023		    Annualized
Expense Ratio
Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period(1)

Invesco S&P 500 Value with Momentum ETF (SPVM)

                   

Actual

       $1,000.00        $ 969.30        0.39%        $1.90

Hypothetical (5% return before expenses)

       1,000.00        1,022.86        0.39        1.96

Invesco S&P MidCap Momentum ETF (XMMO)

                   

Actual

       1,000.00        968.60        0.34        1.66

Hypothetical (5% return before expenses)

       1,000.00        1,023.11        0.34        1.71

Invesco S&P MidCap Quality ETF (XMHQ)

                   

Actual

       1,000.00        1,069.00        0.25        1.28

Hypothetical (5% return before expenses)

       1,000.00        1,023.55        0.25        1.25

Invesco S&P MidCap Value with Momentum ETF (XMVM)

                   

Actual

       1,000.00        973.60        0.39        1.91

Hypothetical (5% return before expenses)

       1,000.00        1,022.86        0.39        1.96

Invesco S&P SmallCap Momentum ETF (XSMO)

                   

Actual

       1,000.00        912.20        0.39        1.85

Hypothetical (5% return before expenses)

       1,000.00        1,022.86        0.39        1.96

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

                   

Actual

       1,000.00        940.40        0.38        1.83

Hypothetical (5% return before expenses)

       1,000.00        1,022.91        0.38        1.91

Invesco Zacks Mid-Cap ETF (CZA)

                   

Actual

       1,000.00        1,014.80        0.70        3.50

Hypothetical (5% return before expenses)

       1,000.00        1,021.32        0.70        3.51

Invesco Zacks Multi-Asset Income ETF (CVY)

                   

Actual

       1,000.00        1,028.50        0.73        3.67

Hypothetical (5% return before expenses)

       1,000.00        1,021.17        0.73        3.66

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

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Tax Information

 

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2023:

 

    Qualified
Business
Income*		    Qualified
Dividend
Income*		    Corporate
Dividends
Received
Deduction*		    U.S.
Treasury
Obligations*		    Business
Interest
Income*

Invesco Dynamic Large Cap Growth ETF

   0%    100%    100%    0%    0%

Invesco Dynamic Large Cap Value ETF

   0%    100%    100%    0%    0%

Invesco S&P 100 Equal Weight ETF

   0%    100%    100%    0%    0%

Invesco S&P 500 GARP ETF

   0%    100%    100%    0%    0%

Invesco S&P 500 Value with Momentum ETF

   0%    100%    100%    0%    0%

Invesco S&P MidCap Momentum ETF

   0%    100%    100%    0%    0%

Invesco S&P MidCap Quality ETF

   0%    100%    100%    0%    0%

Invesco S&P MidCap Value with Momentum ETF

   0%    100%    100%    0%    0%

Invesco S&P SmallCap Momentum ETF

   0%    100%    100%    0%    0%

Invesco S&P SmallCap Value with Momentum ETF

   7%    93%    91%    0%    0%

Invesco Zacks Mid-Cap ETF

   0%    100%    100%    0%    0%

Invesco Zacks Multi-Asset Income ETF

   2%    66%    45%    0%    0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

 

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Trustees and Officers

 

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of April 30, 2023

 

Name, Address and Year of
Birth of Independent Trustees		    Position(s)
Held with
Trust		    Term of
Office
and
Length of
Time
Served*		   

Principal

Occupation(s) During

the Past 5 Years

   

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

    Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Ronn R. Bagge–1958
c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee    Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003   

Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc.

(high-speed rotating equipment service provider).

    216    Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957
c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Trustee    Since 2010   

Formerly, Assistant Professor of

Business, Trinity Christian College

(2010-2016); Vice President and

Senior Investment Strategist

(2001-2008), Director of Open Architecture and Trading (2007- 2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist

(1994-2001), BMO Financial

Group/Harris Private Bank.

    216    None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

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Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		   

Position(s)
Held

with Trust

    Term of
Office
and
Length of
Time
Served*		   

Principal

Occupation(s) During
the Past 5 Years

   

Number of
Portfolios

in Fund
Complex**
Overseen by
Independent
Trustees

    Other
Directorships
Held by
Independent
Trustees During
the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

    Trustee    Since 2019   

President, Giambastiani Group LLC (national security and energy

consulting) (2007-Present); Director,

First Eagle Alternative Credit LLC

(2020-Present); Advisory Board

Member, Massachusetts Institute of Technology Lincoln Laboratory

(federally-funded research

development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory

(2013-Present); formerly, Director,

The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development)

(2008-2020); Director, THL Credit, Inc. (alternative credit investment

manager) (2016-2020); Chair

(2015-2016), Lead Director

(2011-2015) and Director

(2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer

(1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff

(2005-2007); first NATO Supreme

Allied Commander Transformation

(2003-2005); Commander, U.S. Joint Forces Command (2002-2005).

    216    Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  95  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

  

Principal

Occupation(s) During
the Past 5 Years

  

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee   Since 2019  

Formerly, Managing Director

(1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).

   216  

Trustee Emerita

(2017-Present), Trustee (2000-2017) and Chair

(2010-2017),

Newberry Library; Trustee, Chikaming Open Lands

(2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021);

Trustee, certain funds in the Oppenheimer Funds complex

(2012-2019); Board Chair (2008-2015)

and Director

(2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment

Committee Chair (1994-1999) and Investment

Committee member (2007-2010),

Wellesley College; Trustee, BoardSource (2006-2009);

Trustee, Chicago City Day School

(1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  96  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

  

Chair of the

Audit

Committee and Trustee

   Chair of the Audit Committee since 2008; Trustee since 2006   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   216   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   216   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  97  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

  

Term of

Office

and

Length of

Time Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   216   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  98  

 

  

 

 

 

Trustees and Officers–(continued)

 

Name, Address and Year of
Birth of Independent Trustees		  

Position(s)
Held

with Trust

  

Term of

Office

and

Length of

Time Served*

  

Principal

Occupation(s) During

the Past 5 Years

  

Number of
Portfolios

in Fund

Complex**
Overseen by
Independent
Trustees

  

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   216   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).

Donald H. Wilson–1959

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700 Downers Grove, IL 60515

   Chair of the Board and Trustee   Chair since 2012; Trustee since 2006   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   216   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

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Trustees and Officers–(continued)

 

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  100  

 

  

 

 

 

Trustees and Officers–(continued)

    

 

Name, Address and Year of Birth

of Interested Trustee

  

Position(s)

Held

with Trust

  

Term of

Office

and

Length of

Time

Served*

   

Principal

Occupation(s) During

the Past 5 Years

  

Number of

Portfolios

in Fund

Complex**

Overseen by

Interested

Trustee

  

Other

Directorships

Held by

Interested

Trustee During

the Past 5 Years

Anna Paglia–1974

Invesco Capital

Management LLC

3500 Lacey Road Suite 700

Downers Grove, IL 60515

   Trustee, President and Principal Executive Officer   Trustee since 2022, President and Principal Executive Officer since 2020    President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); formerly, Vice President, Invesco Indexing LLC (2020-2022); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).   216   None

 

*

These are the dates the Interested Trustee began serving the Trust in her current positions. The Interested Trustee serves an indefinite term, until her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

  101  

 

  

 

 

 

Trustees and Officers–(continued)

    

 

Name, Address and Year of Birth

of Executive Officers

   

Position(s)

Held

with Trust

   

Length of

Time

Served*

    Principal
Occupation(s) During
the Past 5 Years

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2020    Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008- 2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President and Treasurer    Since 2018    Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Secretary    Since 2020    Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

  102  

 

  

 

 

 

Trustees and Officers–(continued)

    

 

Name, Address and Year of Birth

of Executive Officers

   

Position(s)

Held

with Trust

   

Length of

Time

Served*

    Principal
Occupation(s) During
the Past 5 Years

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2009    Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Sheri Morris–1964

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

    Vice President    Since 2012    Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

    Vice President    Since 2013    Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014- Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

  103  

 

  

 

 

 

Trustees and Officers–(continued)

    

 

Name, Address and Year of Birth

of Executive Officers

   

Position(s)

Held

with Trust

   

Length of

Time

Served*

    Principal
Occupation(s) During
the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road,

Suite 700

Downers Grove, IL 60515

    Chief Compliance Officer    Since 2017    Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

  104  

 

  

 

 

 

Approval of Investment Advisory Contracts

    

 

At a meeting held on April 18, 2023, the Board of Trustees of the Invesco 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 Aerospace & Defense ETF

Invesco BuyBack AchieversTM ETF

Invesco Dividend AchieversTM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend AchieversTM ETF

Invesco International Dividend AchieversTM ETF

Invesco MSCI Sustainable Future ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

 

 

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses 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 reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2022, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration

 

  105  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. 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 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 contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:

 

  ●  

0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF;

 

  ●  

0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

 

  ●  

0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and

 

  ●  

0.50% of the Fund’s average daily net assets for each other Fund.

The Trustees noted 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 each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2025, as set forth below:

 

  ●  

0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF;

 

  ●  

0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF;

 

  ●  

0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

 

  ●  

0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF;

 

  ●  

0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

 

  ●  

0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and

 

  ●  

0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF,

 

  106  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

  Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and 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 contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees 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*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

                  X

Invesco Buyback AchieversTM ETF

                  X

Invesco Dividend AchieversTM ETF

                  X

Invesco DWA Basic Materials Momentum ETF

        X             X

Invesco DWA Consumer Cyclicals Momentum ETF

        X             X

Invesco DWA Consumer Staples Momentum ETF

                  X

Invesco DWA Energy Momentum ETF

                  X

Invesco DWA Financial Momentum ETF

                  X

Invesco DWA Healthcare Momentum ETF

                  X

Invesco DWA Industrials Momentum ETF

                  X

Invesco DWA Momentum ETF

                  X

Invesco DWA Technology Momentum ETF

                  X

Invesco DWA Utilities Momentum ETF

                  X

Invesco Dynamic Biotechnology & Genome ETF

                  X

Invesco Dynamic Building & Construction ETF

                  X

Invesco Dynamic Energy Exploration & Production ETF

                  X

Invesco Dynamic Food & Beverage ETF

                  X

Invesco Dynamic Large Cap Growth ETF

                  X

Invesco Dynamic Large Cap Value ETF

                  X

Invesco Dynamic Leisure and Entertainment ETF

        X             X

Invesco Dynamic Market ETF

                  X

Invesco Dynamic Media ETF

        X             X

Invesco Dynamic Networking ETF

                  X

Invesco Dynamic Oil & Gas Services ETF

                  X

Invesco Dynamic Pharmaceuticals ETF

                  X

Invesco Dynamic Semiconductors ETF

                  X

Invesco Dynamic Software ETF

                  X

Invesco Financial Preferred ETF

                  X

Invesco FTSE RAFI US 1000 ETF

                  X

Invesco FTSE RAFI US 1500 Small-Mid ETF

                  X

Invesco Global Listed Private Equity ETF

             N/A        X

Invesco Golden Dragon China ETF

        X        N/A        X

Invesco High Yield Equity Dividend AchieversTM ETF

                  X

Invesco International Dividend AchieversTM ETF

        X             X

 

  107  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

Invesco Fund

    Equal
to/Lower
than ETF Peer  Median		    Equal to/Lower
than  Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco MSCI Sustainable Future ETF

                  X

Invesco S&P 100 Equal Weight ETF

             X        X

Invesco S&P 500 GARP ETF

                  X

Invesco S&P 500® Quality ETF

        X             X

Invesco S&P 500 Value with Momentum ETF

                  X

Invesco S&P MidCap Momentum ETF

                  X

Invesco S&P MidCap Quality ETF

                  X

Invesco S&P MidCap Value with Momentum ETF

             X        X

Invesco S&P SmallCap Momentum ETF

                  X

Invesco S&P SmallCap Value with Momentum ETF

             X        X

Invesco S&P Spin-Off ETF

                  X

Invesco Water Resources ETF

        X        X        X

Invesco WilderHill Clean Energy ETF

             X        X

Invesco Zacks Mid-Cap ETF

                  X

Invesco Zacks Multi-Asset Income 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 that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active Fund
Peer Median

Invesco Aerospace & Defense ETF

                  X

Invesco Buyback AchieversTM ETF

                  X

Invesco Dividend AchieversTM ETF

             X        X

Invesco DWA Basic Materials Momentum ETF

                  X

Invesco DWA Consumer Cyclicals Momentum ETF

                  X

Invesco DWA Consumer Staples Momentum ETF

                  X

Invesco DWA Energy Momentum ETF

                  X

Invesco DWA Financial Momentum ETF

                  X

Invesco DWA Healthcare Momentum ETF

                  X

Invesco DWA Industrials Momentum ETF

                  X

Invesco DWA Momentum ETF

             X        X

Invesco DWA Technology Momentum ETF

                  X

Invesco DWA Utilities Momentum ETF

                  X

Invesco Dynamic Biotechnology & Genome ETF

                  X

Invesco Dynamic Building & Construction ETF

                  X

Invesco Dynamic Energy Exploration & Production ETF

                  X

Invesco Dynamic Food & Beverage ETF

                  X

Invesco Dynamic Large Cap Growth ETF

                  X

Invesco Dynamic Large Cap Value ETF

                  X

 

  108  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

Invesco Fund

    Equal
to/Lower
than ETF
Peer
Median		    Equal
to/Lower than
Open-End
Index Fund
Peer Median*		    Lower than
Open-End
Active  Fund
Peer Median

Invesco Dynamic Leisure and Entertainment ETF

                  X

Invesco Dynamic Market ETF

                  X

Invesco Dynamic Media ETF

                  X

Invesco Dynamic Networking ETF

                  X

Invesco Dynamic Oil & Gas Services ETF

                  X

Invesco Dynamic Pharmaceuticals ETF

                  X

Invesco Dynamic Semiconductors ETF

                  X

Invesco Dynamic Software ETF

                  X

Invesco Financial Preferred ETF

                  X

Invesco FTSE RAFI US 1000 ETF

                  X

Invesco FTSE RAFI US 1500 Small-Mid ETF

                  X

Invesco Global Listed Private Equity ETF

             N/A        X

Invesco Golden Dragon China ETF

             N/A        X

Invesco High Yield Equity Dividend AchieversTM ETF

             X        X

Invesco International Dividend AchieversTM ETF

                  X

Invesco MSCI Sustainable Future ETF

                  X

Invesco S&P 100 Equal Weight ETF

             X        X

Invesco S&P 500 GARP ETF

                  X

Invesco S&P 500® Quality ETF

        X             X

Invesco S&P 500 Value with Momentum ETF

                  X

Invesco S&P MidCap Momentum ETF

                  X

Invesco S&P MidCap Quality ETF

                  X

Invesco S&P MidCap Value with Momentum ETF

             X        X

Invesco S&P SmallCap Momentum ETF

                  X

Invesco S&P SmallCap Value with Momentum ETF

             X        X

Invesco S&P Spin-Off ETF

                  X

Invesco Water Resources ETF

        X        X        X

Invesco WilderHill Clean Energy ETF

             X        X

Invesco Zacks Mid-Cap ETF

                  X

Invesco Zacks Multi-Asset Income 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.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF’s, Invesco Dynamic Oil & Gas ETF’s, Invesco S&P Spin-Off ETF’s, Invesco Global Listed Private Equity ETF’s, Invesco Zacks Mid-Cap ETF’s and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to that of Invesco FTSE RAFI US 1000 ETF. 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.

 

  109  

 

  

 

 

 

Approval of Investment Advisory Contracts–(continued)

    

 

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, 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 Funds, as well as the fees waived and expenses reimbursed by the Adviser 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, 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 each Fund, other than Invesco Dynamic Market ETF, 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 a 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 each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat 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 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.

 

  110  

 

  

 

 

 

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

©2023 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

      
Downers Grove, IL 60515    P-PS-AR-5    invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended April 30, 2023.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

     Fees Billed by PwC for Services Rendered
to the Registrant for Fiscal Year End 2023		      Fees Billed by PwC for Services Rendered
to the Registrant for Fiscal Year End 2022		  

Audit Fees

    $ 935,080      $ 915,600  

Audit-Related Fees

    $ 0      $ 0  

Tax Fees(1)

    $ 968,126      $ 995,966  

All Other Fees

    $ 0      $ 0  
  

 

 

     

 

 

  

Total Fees

    $ 1,903,206      $ 1,911,566  
  

 

 

     

 

 

  

 

(1)

Tax Fees for the fiscal years ended April 30, 2023 and 2022 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

 

     Fees Billed for Non-
Audit Services
Rendered to
Invesco and
Affiliates for Fiscal
Year End 2023 That
Were Required
to be Pre-Approved
by the Registrant’s Audit Committee		      Fees Billed for Non-
Audit Services
Rendered to
Invesco and
Affiliates for Fiscal
Year End 2022 That
Were Required
to be Pre-Approved
by the Registrant’s Audit Committee		  

Audit-Related Fees(1)

   $ 1,074,000      $ 760,000  

Tax Fees

    $ 0      $ 0  

All Other Fees

    $ 0      $ 0  
  

 

 

     

 

 

  

Total Fees

    $ 1,074,000      $ 760,000  
  

 

 

     

 

 

  

 

(1)

Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to    Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy    Approval of Audit and Non-Audit Services
Relevant Law and Other Sources    Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy    June 15, 2018
Effective Date    June 26, 2009
Amended Dates    March 12, 2015 and June 15, 2018

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

  1.

Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

 

  a.

The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

 

  b.

Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

 

  2.

Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

 

  3.

Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

 

  •  

Bookkeeping or other services related to the accounting records or financial statements of the audit client

 

  •  

Financial information systems design and implementation

 

  •  

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

 

  •  

Actuarial services

 

  •  

Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

 

  •  

Management functions

 

  •  

Human resources

 

  •  

Broker-dealer, investment adviser, or investment banking services

 

  •  

Legal services

 

  •  

Expert services unrelated to the audit

 

  •  

Any service or product provided for a contingent fee or a commission

 

  •  

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

 

  •  

Tax services for persons in financial reporting oversight roles at the Fund

 

  •  

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

 

  (f)

Not applicable.

 

  (g)

In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,738,000 for the fiscal year ended April 30, 2023 and $5,699,000 for the fiscal year ended April 30, 2022 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,780,126 for the fiscal year ended April 30, 2023 and $7,454,966 for the fiscal year ended April 30, 2022.

 

  (h)

With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $33 million and non-audit services of approximately $19 million for the fiscal year ended 2023. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PwC advised the Registrant’s Audit Committee of the following matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner held financial interests directly in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting the matter to the Audit Committee, PwC noted, among other things, that the impermissible holding was disposed of by the individual, the individual was not in the chain of command of the audit or the audit partners of the Funds, the financial interest was not material to the net worth of the individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holding until after the matter was confirmed to be an independence exception In addition, PwC considered that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violation would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

Item 5. Audit Committee of Listed Registrants.

 

  (a)

The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

 

  (b)

Not applicable.

Item 6. Schedule of Investments.

 

(a)

The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) 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 Investment Company Act of 1940) 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

 

(a)(1)

    Code of Ethics is attached as Exhibit 99.CODEETH.

(a)(2)

    Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)

    Not applicable.

(a)(4)

    Not applicable.

(b)

    Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

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 Exchange-Traded Fund Trust
By:  

/s/ Anna Paglia

Name:   Anna Paglia
Title:   President

Date: July 6, 2023

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/ Anna Paglia

Name:   Anna Paglia
Title:   President
Date: July 6, 2023
By:  

/s/ Kelli Gallegos

Name:   Kelli Gallegos
Title:   Treasurer
Date: July 6, 2023