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Invesco Annual Report to Shareholders

 

 

August 31, 2023

 

  RWL   Invesco S&P 500 Revenue ETF
  RWK   Invesco S&P MidCap 400 Revenue ETF
  RWJ   Invesco S&P SmallCap 600 Revenue ETF
  RDIV   Invesco S&P Ultra Dividend Revenue ETF


 

Table of Contents

 

The Market Environment

     3  

Management's Discussion of Fund Performance

     4  

Liquidity Risk Management Program

     13  

Schedules of Investments

  

Invesco S&P 500 Revenue ETF (RWL)

     14  

Invesco S&P MidCap 400 Revenue ETF (RWK)

     20  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

     25  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

     32  

Statements of Assets and Liabilities

     34  

Statements of Operations

     35  

Statements of Changes in Net Assets

     36  

Financial Highlights

     38  

Notes to Financial Statements

     42  

Report of Independent Registered Public Accounting  Firm

     51  

Fund Expenses

     52  

Tax Information

     53  

Trustees and Officers

     54  

Approval of Investment Advisory and Sub-Advisory Contracts

     64  

 

   2   

 

 

 

 


 

The Market Environment

 

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking 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.1 After a continued decline 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 of 2022. 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 rate by 0.75% in November and by 0.50% in December.1

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 risk of a deeper than expected recession. 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 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 only 0.25% in February of 2023 and again in March.1 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.2 The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.1 After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.2 At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.3

 

1 

Source: US Federal Reserve

2 

Source: US Bureau of Labor Statistics

3 

Source: Lipper Inc.

 

   3   

 

 

 

 


 

 

RWL    Management’s Discussion of Fund Performance
   Invesco S&P 500 Revenue ETF (RWL)

 

As an index fund, the Invesco S&P 500 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Revenue-Weighted 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 designed to measure the performance of positive revenue-producing constituent securities of the S&P 500® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 500 large-cap companies that generally represent the large-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, divided by the total revenue of all Index constituents, subject to a maximum 5% per company weighting. 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 August 31, 2023, on a market price basis, the Fund returned 10.91%. On a net asset value (“NAV”) basis, the Fund returned 10.99%. During the same time period, the Index returned 11.41%. 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.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and industrials sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the real estate sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Walmart, Inc., a consumer staples company (portfolio average weight of 3.95%) and Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return during the period included CVS Health Corp., a health care company (portfolio average weight of 1.89%) and Centene Corp., a health care company (portfolio average weight of 0.84%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Health Care      17.50  
Financials      13.25  
Consumer Staples      13.08  
Consumer Discretionary      12.03  
Energy      10.13  
Industrials      9.94  
Information Technology      9.77  
Communication Services      7.50  
Materials      3.25  
Sector Types Each Less Than 3%      3.43  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Walmart, Inc.      3.95  
Amazon.com, Inc.      3.51  
Exxon Mobil Corp.      2.44  
Apple, Inc.      2.39  
Berkshire Hathaway, Inc., Class B      2.03  
UnitedHealth Group, Inc.      1.94  
CVS Health Corp.      1.80  
McKesson Corp.      1.73  
Costco Wholesale Corp.      1.50  
Cencora, Inc.      1.46  
Total      22.75  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco S&P 500 Revenue ETF (RWL) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of August 31, 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® Revenue-Weighted Index     11.41     15.17     52.76     10.69     66.13     12.10     213.46       10.17     350.12
S&P 500® Index     15.94       10.52       35.00       11.12       69.43       12.81       233.79         10.28       357.12  
Fund                    
NAV Return     10.99       14.73       51.01       10.28       63.13       11.67       201.45         9.68       319.99  
Market Price Return     10.91       14.66       50.74       10.29       63.15       11.67       201.61         9.68       320.04  

 

Oppenheimer S&P 500 Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 19, 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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% 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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  5  

 


 

 

RWK    Management’s Discussion of Fund Performance
   Invesco S&P MidCap 400 Revenue ETF (RWK)

 

As an index fund, the Invesco S&P MidCap 400 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Revenue-Weighted 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 designed to measure the performance of positive revenue- producing constituent securities of the S&P MidCap 400® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 400 mid-capitalization companies that generally represent the mid-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, divided by the total revenue of all Index constituents, subject to a maximum 5% per company weighting. 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 August 31, 2023, on a market price basis, the Fund returned 18.46%. On a net asset value (“NAV”) basis, the Fund returned 18.51%. During the same time period, the Index returned 18.88%. 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 the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The utilities sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Jabil, Inc., an information technology company (portfolio average weight of 1.75%) and Builders FirstSource, Inc., an industrials company (portfolio average weight of 1.23%). Positions that detracted most significantly from the Fund’s return during the period included Alcoa Corp., a materials company (portfolio average weight of 0.58%) and UGI Corp., a utilities company (portfolio average weight of 0.48%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Consumer Discretionary      21.21  
Industrials      20.32  
Information Technology      12.53  
Materials      10.06  
Consumer Staples      9.32  
Financials      8.88  
Energy      8.23  
Health Care      4.23  
Sector Types Each Less Than 3%      5.15  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
TD SYNNEX Corp.      2.95  
Performance Food Group Co.      2.79  
PBF Energy, Inc., Class A      2.30  
HF Sinclair Corp.      2.00  
Jabil, Inc.      1.85  
Arrow Electronics, Inc.      1.59  
Lithia Motors, Inc., Class A      1.50  
US Foods Holding Corp.      1.47  
AutoNation, Inc.      1.28  
Avnet, Inc.      1.25  
Total      18.98  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of August 31, 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® Revenue-Weighted Index     18.88     21.96     81.39     10.53     65.00     11.32     192.11       11.02     406.85
S&P MidCap 400® Index     10.71       12.83       43.65       6.97       40.09       10.09       161.52         9.65       317.73  
Fund                    
NAV Return     18.51       21.55       79.59       10.18       62.37       10.85       180.21         10.44       367.02  
Market Price Return     18.46       21.53       79.49       10.19       62.47       10.86       180.31         10.44       367.19  

 

Oppenheimer S&P MidCap 400 ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 20, 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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% 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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  7  

 


 

 

RWJ    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600 Revenue ETF (RWJ)

 

As an index fund, the Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Revenue-Weighted 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 designed to measure the performance of positive revenue- producing constituent securities of the S&P SmallCap 600® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, divided by the total revenue of all Index constituents, subject to a maximum 5% per company weighting. 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 August 31, 2023, on a market price basis, the Fund returned 7.53%. On a net asset value (“NAV”) basis, the Fund returned 7.58%. During the same time period, the Index returned 7.89%. 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 the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and energy sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included PBF Energy, Inc., Class A, an energy company (no longer held at fiscal year-end) and Insight Enterprises, Inc., an information technology company (portfolio average weight of 1.00%). Positions that detracted most significantly from the Fund’s return during the period included United Natural Foods, Inc., a consumer staples company (portfolio average weight of 2.54%) and Bed Bath & Beyond, Inc., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Consumer Discretionary      23.00  
Industrials      18.22  
Energy      11.30  
Financials      9.26  
Consumer Staples      8.76  
Information Technology      7.44  
Health Care      6.14  
Materials      5.77  
Communication Services      5.48  
Real Estate      3.97  
Utilities      0.57  
Money Market Funds Plus Other Assets Less Liabilities      0.09  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
World Kinect Corp.      4.34  
United Natural Foods, Inc.      2.46  
Andersons, Inc. (The)      1.65  
Group 1 Automotive, Inc.      1.51  
Sonic Automotive, Inc., Class A      1.36  
Telephone & Data Systems, Inc.      1.29  
Asbury Automotive Group, Inc.      1.27  
DISH Network Corp., Class A      1.24  
Lumen Technologies, Inc.      1.21  
CVR Energy, Inc.      1.07  
Total      17.40  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of August 31, 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® Revenue-Weighted Index     7.89     24.11     91.19     9.63     58.33     11.32     192.14       11.96     477.91
S&P SmallCap 600® Index     5.53       12.61       42.79       3.82       20.62       9.48       147.34         9.51       309.86  
Fund                    
NAV Return     7.58       23.76       89.55       9.45       57.05       10.96       183.04         11.39       433.81  
Market Price Return     7.53       23.75       89.52       9.48       57.25       10.96       183.04         11.39       433.99  

 

Oppenheimer S&P SmallCap 600 Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: February 19, 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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% 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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  9  

 


 

 

RDIV    Management’s Discussion of Fund Performance
   Invesco S&P Ultra Dividend Revenue ETF (RDIV)

 

As an index fund, the Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 900® Dividend Revenue-Weighted 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 designed to measure the performance of positive revenue- producing constituent securities of the S&P 900® Index (the “Parent Index” or “Benchmark Index”). The Parent Index is comprised of common stocks of approximately 900 mid- and large-cap companies, and is created by combining the S&P 500® Index and S&P MidCap® 400 Index to form an investable benchmark for the large- and mid-cap universe of the U.S. equity market. From a universe of components of the Parent Index, the Index (1) excludes securities that do not currently pay a dividend and (2) excludes securities whose revenues over the last 12 months are unavailable or not positive. Of the remaining eligible securities, the Index excludes the top 5% of securities by the average 12-month trailing dividend yield and the top 5% of securities within each sector by the last 12-month dividend payout ratio, which is calculated as its dividend per share divided by the basic earnings per share. The top 60 remaining securities with the highest dividend yield are included in the Index. Unlike the Parent Index, which weights component securities by float-adjusted market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, divided by the total revenue of all Index constituents, subject to a maximum 5% per company weighting. 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 August 31, 2023, on a market price basis, the Fund returned (1.22)%. On a net asset value (“NAV”) basis, the Fund returned (1.17)%. During the same time period, the Index returned (0.85)%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 15.64%. 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. large- and mid-cap 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 dividend yield screen and a revenue 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 financials and utilities sectors and most underweight in the information technology and health care sectors during the fiscal year ended August 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the financials sector, as well as the Fund being overweight and security selection in the information technology sector.

For the fiscal year ended August 31, 2023, the energy sector contributed most significantly to the Fund’s return, followed by the health care and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the utilities and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Intel Corp., an information technology company (portfolio average weight of 4.33%) and Prudential Financial, Inc., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Paramount Global, Class B, a communication services company (portfolio average weight of 2.62%) and Truist Financial Corp., a financials company (portfolio average weight of 3.25%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Financials      26.35  
Materials      16.93  
Utilities      10.60  
Consumer Discretionary      10.46  
Consumer Staples      9.02  
Information Technology      7.12  
Real Estate      5.73  
Industrials      5.41  
Communication Services      4.64  
Health Care      3.51  
Energy      0.15  
Money Market Funds Plus Other Assets Less Liabilities      0.08  

 

 

  10  

 


 

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
LyondellBasell Industries N.V., Class A      5.76  
Intel Corp.      5.53  
Dow, Inc.      5.49  
3M Co.      5.41  
Philip Morris International, Inc.      5.14  
U.S. Bancorp      4.92  
Best Buy Co., Inc.      4.77  
Paramount Global, Class B      4.64  
Citigroup, Inc.      4.59  
Truist Financial Corp.      4.40  
Total      50.65  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P 900® Dividend Revenue-Weighted Index     (0.85 )%      16.96     59.98     4.83     26.59       9.62     148.54
S&P 900® Index     15.64       10.66       35.52       10.86       67.42         12.37       217.93  
Fund                
NAV Return     (1.17     16.52       58.21       4.56       24.96         9.09       136.95  
Market Price Return     (1.22     16.47       57.99       4.55       24.94         9.09       137.01  

 

 

  11  

 


Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

 

Oppenheimer S&P Ultra Dividend Revenue ETF (the “Predecessor Fund’’) Predecessor Fund Inception: September 30, 2013

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 the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% 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 May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  12  

 


 

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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.

 

   13   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)

August 31, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.88%

 

Communication Services-7.50%

 

Activision Blizzard, Inc.

     12,259      $     1,127,705  

Alphabet, Inc., Class A(b)

     141,194        19,226,387  

Alphabet, Inc., Class C(b)

     139,905        19,215,952  

AT&T, Inc.

     924,301        13,670,412  

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

     20,140        8,823,737  

Comcast Corp., Class A

     362,946        16,971,355  

Electronic Arts, Inc.

     6,969        836,141  

Fox Corp., Class A

     26,943        890,736  

Fox Corp., Class B

     28,730        876,840  

Interpublic Group of Cos., Inc. (The)

     33,251        1,084,315  

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

     25,931        2,191,947  

Match Group, Inc.(b)(c)

     9,242        433,173  

Meta Platforms, Inc., Class A(b)

     53,900        15,948,471  

Netflix, Inc.(b)

     9,227        4,001,565  

News Corp., Class A

     31,921        685,982  

News Corp., Class B

     31,538        693,836  

Omnicom Group, Inc.(c)

     18,344        1,486,047  

Paramount Global, Class B(c)

     227,680        3,435,691  

Take-Two Interactive Software, Inc.(b)

     4,846        689,101  

T-Mobile US, Inc.(b)

     73,127        9,963,554  

Verizon Communications, Inc.

     467,273        16,345,209  

Walt Disney Co. (The)(b)

     113,081        9,462,618  

Warner Bros Discovery, Inc.(b)(c)

     362,990        4,769,689  
     

 

 

 
        152,830,463  
     

 

 

 

Consumer Discretionary-12.03%

     

Amazon.com, Inc.(b)

     517,733        71,452,331  

Aptiv PLC(b)

     22,393        2,271,770  

AutoZone, Inc.(b)

     880        2,227,570  

Bath & Body Works, Inc.(c)

     21,508        793,000  

Best Buy Co., Inc.

     72,800        5,565,560  

Booking Holdings, Inc.(b)

     848        2,633,065  

BorgWarner, Inc.

     42,533        1,733,220  

Caesars Entertainment, Inc.(b)

     28,356        1,566,953  

CarMax, Inc.(b)(c)

     45,776        3,738,984  

Carnival Corp.(b)(c)

     138,540        2,191,703  

Chipotle Mexican Grill, Inc.(b)

     534        1,028,826  

D.R. Horton, Inc.

     35,845        4,266,272  

Darden Restaurants, Inc.(c)

     7,741        1,203,803  

Domino’s Pizza, Inc.

     1,859        720,177  

eBay, Inc.

     25,516        1,142,606  

Etsy, Inc.(b)(c)

     3,461        254,626  

Expedia Group, Inc.(b)

     13,237        1,434,758  

Ford Motor Co.

     1,460,264        17,713,002  

Garmin Ltd.

     5,528        586,079  

General Motors Co.

     539,307        18,072,178  

Genuine Parts Co.

     17,611        2,707,339  

Hasbro, Inc.

     11,413        821,736  

Hilton Worldwide Holdings, Inc.

     8,025        1,192,916  

Home Depot, Inc. (The)

     63,737        21,052,331  

Las Vegas Sands Corp.

     10,957        601,101  

Lennar Corp., Class A

     36,222        4,313,678  

LKQ Corp.

     28,519        1,498,103  

Lowe’s Cos., Inc.(c)

     55,706        12,839,119  

Marriott International, Inc., Class A(c)

     15,018        3,056,313  

McDonald’s Corp.

     9,899        2,783,104  

MGM Resorts International(c)

     41,446        1,822,795  
     Shares      Value  

Consumer Discretionary-(continued)

 

Mohawk Industries, Inc.(b)

     14,611      $     1,481,409  

Newell Brands, Inc.

     126,720        1,340,698  

NIKE, Inc., Class B

     58,155        5,914,945  

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

     43,336        718,078  

NVR, Inc.(b)(c)

     212        1,351,994  

O’Reilly Automotive, Inc.(b)

     1,981        1,861,546  

Pool Corp.(c)

     2,205        806,148  

PulteGroup, Inc.

     27,971        2,295,300  

Ralph Lauren Corp.(c)

     6,675        778,505  

Ross Stores, Inc.

     22,114        2,693,706  

Royal Caribbean Cruises Ltd.(b)

     14,159        1,400,891  

Starbucks Corp.

     42,221        4,114,014  

Tapestry, Inc.

     18,926        630,614  

Tesla, Inc.(b)

     42,839        11,055,889  

TJX Cos., Inc. (The)

     77,005        7,121,422  

Tractor Supply Co.(c)

     8,073        1,763,951  

Ulta Beauty, Inc.(b)

     3,002        1,245,920  

VF Corp.

     73,702        1,456,352  

Whirlpool Corp.(c)

     16,655        2,331,034  

Wynn Resorts Ltd.(c)

     5,011        508,015  

Yum! Brands, Inc.

     6,284        813,024  
     

 

 

 
        244,968,473  
     

 

 

 

Consumer Staples-13.08%

     

Altria Group, Inc.

     55,268        2,443,951  

Archer-Daniels-Midland Co.

     172,342        13,666,721  

Brown-Forman Corp., Class B

     7,807        516,277  

Bunge Ltd.

     86,577        9,897,483  

Campbell Soup Co.

     24,138        1,006,555  

Church & Dwight Co., Inc.

     7,087        685,809  

Clorox Co. (The)

     5,514        862,665  

Coca-Cola Co. (The)

     86,983        5,204,193  

Colgate-Palmolive Co.

     29,281        2,151,275  

Conagra Brands, Inc.

     43,043        1,286,125  

Constellation Brands, Inc., Class A

     4,756        1,239,223  

Costco Wholesale Corp.

     55,474        30,470,759  

Dollar General Corp.

     30,494        4,223,419  

Dollar Tree, Inc.(b)(c)

     26,507        3,243,396  

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

     10,852        1,742,072  

General Mills, Inc.

     29,358        1,986,362  

Hershey Co. (The)

     5,082        1,091,918  

Hormel Foods Corp.

     36,345        1,402,554  

JM Smucker Co. (The)

     6,746        977,833  

Kellogg Co.

     28,300        1,726,866  

Kenvue, Inc.

     39,548        911,581  

Keurig Dr Pepper, Inc.

     55,437        1,865,455  

Kimberly-Clark Corp.

     18,250        2,351,147  

Kraft Heinz Co. (The)

     88,978        2,944,282  

Kroger Co. (The)

     390,331        18,107,455  

Lamb Weston Holdings, Inc.

     5,121        498,837  

McCormick & Co., Inc.

     8,512        698,665  

Molson Coors Beverage Co., Class B

     19,765        1,254,880  

Mondelez International, Inc., Class A

     54,791        3,904,407  

Monster Beverage Corp.(b)

     13,754        789,617  

PepsiCo, Inc.

     58,677        10,439,812  

Philip Morris International, Inc.

     41,739        4,009,448  

Procter & Gamble Co. (The)

     67,096        10,355,597  

Sysco Corp.

     126,482        8,809,471  

 

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

 

   14   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2023

 

 

     Shares      Value  

Consumer Staples-(continued)

 

Target Corp.

     104,730      $    13,253,581  

Tyson Foods, Inc., Class A

     129,225        6,883,816  

Walgreens Boots Alliance, Inc.

     515,535        13,048,191  

Walmart, Inc.

     494,486        80,408,368  
     

 

 

 
        266,360,066  
     

 

 

 

Energy-10.13%

     

APA Corp.

     37,723        1,653,776  

Baker Hughes Co., Class A

     88,919        3,217,979  

Chevron Corp.

     178,109        28,693,360  

ConocoPhillips

     88,106        10,487,257  

Coterra Energy, Inc.

     44,747        1,261,418  

Devon Energy Corp.

     47,501        2,426,826  

Diamondback Energy, Inc.

     8,368        1,270,095  

EOG Resources, Inc.(c)

     29,717        3,822,201  

EQT Corp.(c)

     36,074        1,559,118  

Exxon Mobil Corp.

     446,051        49,596,411  

Halliburton Co.

     81,699        3,155,215  

Hess Corp.

     11,065        1,709,542  

Kinder Morgan, Inc.

     129,747        2,234,243  

Marathon Oil Corp.

     37,750        994,712  

Marathon Petroleum Corp.

     187,362        26,749,673  

Occidental Petroleum Corp.

     72,009        4,521,445  

ONEOK, Inc.

     44,215        2,882,818  

Phillips 66

     206,811        23,609,544  

Pioneer Natural Resources Co.

     13,548        3,223,476  

Schlumberger N.V.

     76,512        4,511,148  

Targa Resources Corp.

     34,136        2,944,230  

Valero Energy Corp.

     187,179        24,314,552  

Williams Cos., Inc. (The)

     43,418        1,499,224  
     

 

 

 
        206,338,263  
     

 

 

 

Financials-13.25%

     

Aflac, Inc.

     33,407        2,491,160  

Allstate Corp. (The)

     57,330        6,180,747  

American Express Co.

     41,940        6,626,101  

American International Group, Inc.

     109,789        6,424,852  

Ameriprise Financial, Inc.

     6,149        2,075,780  

Aon PLC, Class A

     4,894        1,631,611  

Arch Capital Group Ltd.(b)

     18,161        1,395,855  

Arthur J. Gallagher & Co.

     5,113        1,178,444  

Assurant, Inc.

     9,995        1,392,603  

Bank of America Corp.

     558,445        16,010,618  

Bank of New York Mellon Corp. (The)

     62,798        2,817,746  

Berkshire Hathaway, Inc., Class B(b)

     115,051        41,441,370  

BlackRock, Inc.

     3,074        2,153,460  

Brown & Brown, Inc.

     7,153        530,037  

Capital One Financial Corp.

     45,050        4,612,670  

Cboe Global Markets, Inc.

     3,449        516,350  

Charles Schwab Corp. (The)

     52,534        3,107,386  

Chubb Ltd.

     28,390        5,702,699  

Cincinnati Financial Corp.

     9,013        953,485  

Citigroup, Inc.

     303,344        12,525,074  

Citizens Financial Group, Inc.

     44,326        1,246,890  

CME Group, Inc., Class A

     3,332        675,330  

Comerica, Inc.

     11,882        571,643  

Discover Financial Services

     17,991        1,620,449  

Everest Group Ltd.

     4,395        1,585,189  

FactSet Research Systems, Inc.

     610        266,210  

Fidelity National Information Services, Inc.

     32,233        1,800,535  

Fifth Third Bancorp

     47,500        1,261,125  
     Shares      Value  

Financials-(continued)

 

Fiserv, Inc.(b)

     18,832      $     2,286,017  

FleetCor Technologies, Inc.(b)(c)

     1,804        490,201  

Franklin Resources, Inc.

     36,001        962,667  

Global Payments, Inc.

     11,029        1,397,264  

Globe Life, Inc.

     5,877        655,697  

Goldman Sachs Group, Inc. (The)

     28,710        9,408,554  

Hartford Financial Services Group, Inc. (The)

     39,098        2,808,018  

Huntington Bancshares, Inc.

     96,425        1,069,353  

Intercontinental Exchange, Inc.

     10,007        1,180,726  

Invesco Ltd.(d)

     43,718        695,991  

Jack Henry & Associates, Inc.

     1,581        247,869  

JPMorgan Chase & Co.

     155,225        22,714,074  

KeyCorp

     98,338        1,114,170  

Lincoln National Corp.

     90,929        2,333,238  

Loews Corp.

     29,428        1,827,185  

M&T Bank Corp.

     9,663        1,208,358  

MarketAxess Holdings, Inc.(c)

     303        73,002  

Marsh & McLennan Cos., Inc.

     14,411        2,810,001  

Mastercard, Inc., Class A

     7,509        3,098,514  

MetLife, Inc.

     156,736        9,927,658  

Moody’s Corp.

     1,959        659,791  

Morgan Stanley

     104,478        8,896,302  

MSCI, Inc.

     578        314,211  

Nasdaq, Inc.

     13,039        684,287  

Northern Trust Corp.

     14,104        1,072,891  

PayPal Holdings, Inc.(b)

     52,647        3,290,964  

PNC Financial Services Group, Inc. (The)

     24,679        2,979,496  

Principal Financial Group, Inc.

     29,183        2,267,811  

Progressive Corp. (The)(c)

     48,288        6,444,999  

Prudential Financial, Inc.

     89,469        8,470,030  

Raymond James Financial, Inc.

     15,957        1,668,943  

Regions Financial Corp.

     52,584        964,391  

S&P Global, Inc.

     3,785        1,479,405  

State Street Corp.

     23,013        1,581,914  

Synchrony Financial

     50,680        1,635,950  

T. Rowe Price Group, Inc.

     6,493        728,709  

Travelers Cos., Inc. (The)

     26,192        4,222,936  

Truist Financial Corp.

     103,908        3,174,389  

U.S. Bancorp

     115,645        4,224,512  

Visa, Inc., Class A(c)

     16,805        4,128,652  

W.R. Berkley Corp.

     23,579        1,458,597  

Wells Fargo & Co.

     314,579        12,988,967  

Willis Towers Watson PLC(c)

     4,819        996,377  

Zions Bancorporation N.A

     14,540        516,170  
     

 

 

 
        269,954,670  
     

 

 

 

Health Care-17.50%

     

Abbott Laboratories

     49,563        5,100,033  

AbbVie, Inc.

     49,887        7,331,394  

Agilent Technologies, Inc.

     7,345        889,259  

Align Technology, Inc.(b)

     1,489        551,138  

Amgen, Inc.

     14,400        3,691,296  

Baxter International, Inc.

     43,437        1,763,542  

Becton, Dickinson and Co.

     9,058        2,531,258  

Biogen, Inc.(b)

     3,751        1,002,867  

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

     916        366,583  

Bio-Techne Corp.

     1,751        137,278  

Boston Scientific Corp.(b)

     30,775        1,660,004  

Bristol-Myers Squibb Co.

     85,922        5,297,091  

 

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

 

   15   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2023

 

 

     Shares      Value  

Health Care-(continued)

 

Cardinal Health, Inc.

     278,583      $    24,328,653  

Catalent, Inc.(b)

     14,861        742,604  

Cencora, Inc.

     169,275        29,789,015  

Centene Corp.(b)

     257,644        15,883,753  

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

     2,478        512,500  

Cigna Group (The)

     83,636        23,105,281  

Cooper Cos., Inc. (The)

     1,188        439,548  

CVS Health Corp.

     562,018        36,626,713  

Danaher Corp.

     15,937        4,223,305  

DaVita, Inc.(b)

     14,470        1,482,017  

DENTSPLY SIRONA, Inc.

     12,374        458,952  

DexCom, Inc.(b)

     2,949        297,790  

Edwards Lifesciences Corp.(b)

     7,930        606,407  

Elevance Health, Inc.

     41,535        18,358,885  

Eli Lilly and Co.

     7,544        4,180,885  

GE HealthCare Technologies, Inc.

     29,293        2,063,692  

Gilead Sciences, Inc.

     41,863        3,201,682  

HCA Healthcare, Inc.

     27,203        7,543,392  

Henry Schein, Inc.(b)

     20,262        1,550,853  

Hologic, Inc.(b)

     6,302        471,011  

Humana, Inc.

     22,636        10,449,457  

IDEXX Laboratories, Inc.(b)

     926        473,566  

Illumina, Inc.(b)

     2,706        447,085  

Incyte Corp.(b)

     6,895        444,934  

Insulet Corp.(b)

     551        105,632  

Intuitive Surgical, Inc.(b)

     2,505        783,263  

IQVIA Holdings, Inc.(b)

     8,533        1,899,702  

Johnson & Johnson

     67,867        10,972,737  

Laboratory Corp. of America Holdings

     8,205        1,707,461  

McKesson Corp.

     85,567        35,280,985  

Medtronic PLC

     45,424        3,702,056  

Merck & Co., Inc.

     62,593        6,821,385  

Mettler-Toledo International, Inc.(b)

     372        451,415  

Moderna, Inc.(b)

     14,693        1,661,338  

Molina Healthcare, Inc.(b)

     13,800        4,279,656  

Organon & Co.

     37,516        823,851  

Pfizer, Inc.

     289,858        10,255,176  

Quest Diagnostics, Inc.

     8,669        1,139,974  

Regeneron Pharmaceuticals, Inc.(b)

     2,007        1,658,765  

ResMed, Inc.

     2,262        360,993  

Revvity, Inc.

     3,682        430,904  

STERIS PLC

     2,908        667,648  

Stryker Corp.

     8,172        2,317,171  

Teleflex, Inc.(c)

     1,435        305,282  

Thermo Fisher Scientific, Inc.

     10,266        5,719,189  

UnitedHealth Group, Inc.

     82,905        39,510,865  

Universal Health Services, Inc., Class B

     12,056        1,623,943  

Vertex Pharmaceuticals, Inc.(b)

     3,256        1,134,195  

Viatris, Inc.

     202,900        2,181,175  

Waters Corp.(b)

     1,416        397,613  

West Pharmaceutical Services, Inc.

     983        399,983  

Zimmer Biomet Holdings, Inc.

     6,313        752,005  

Zoetis, Inc.

     6,013        1,145,537  
     

 

 

 
        356,493,622  
     

 

 

 

Industrials-9.94%

     

3M Co.

     40,658        4,336,989  

A.O. Smith Corp.(c)

     6,616        479,660  

Alaska Air Group, Inc.(b)

     25,289        1,061,379  
     Shares    Value

Industrials-(continued)

 

Allegion PLC

       3,750      $       426,788

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

       407,601        6,003,963

AMETEK, Inc.

       5,066        808,078

Automatic Data Processing, Inc.

       9,947        2,532,606

Axon Enterprise, Inc.(b)

       821        174,799

Boeing Co. (The)(b)

       39,423        8,831,935

Broadridge Financial Solutions, Inc.

       4,711        877,235

C.H. Robinson Worldwide, Inc.

       30,351        2,744,641

Carrier Global Corp.(c)

       56,262        3,232,252

Caterpillar, Inc.

       31,957        8,984,071

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

       2,497        181,082

Cintas Corp.

       2,160        1,089,007

Copart, Inc.(b)

       10,578        474,212

CSX Corp.

       56,753        1,713,941

Cummins, Inc.

       16,194        3,725,268

Deere & Co.

       19,124        7,858,817

Delta Air Lines, Inc.

       167,160        7,167,821

Dover Corp.

       7,308        1,083,776

Eaton Corp. PLC

       13,849        3,190,394

Emerson Electric Co.

       25,171        2,473,051

Equifax, Inc.

       2,755        569,459

Expeditors International of Washington, Inc.(c)

       15,776        1,841,217

Fastenal Co.

       15,799        909,706

FedEx Corp.

       50,329        13,136,876

Fortive Corp.

       10,478        826,190

Generac Holdings, Inc.(b)(c)

       4,451        528,823

General Dynamics Corp.

       22,876        5,184,617

General Electric Co.

       84,668        9,691,099

Honeywell International, Inc.

       22,113        4,155,917

Howmet Aerospace, Inc.

       15,633        773,365

Huntington Ingalls Industries, Inc.

       6,060        1,335,139

IDEX Corp.

       1,924        435,594

Illinois Tool Works, Inc.(c)

       8,159        2,018,129

Ingersoll Rand, Inc.

       12,042        838,244

J.B. Hunt Transport Services, Inc.(c)

       10,350        1,944,558

Jacobs Solutions, Inc.

       16,206        2,184,893

Johnson Controls International PLC

       49,736        2,937,408

L3Harris Technologies, Inc.

       11,187        1,992,293

Leidos Holdings, Inc.

       21,319        2,078,816

Lockheed Martin Corp.

       17,391        7,797,255

Masco Corp.

       18,993        1,120,777

Nordson Corp.

       1,339        326,903

Norfolk Southern Corp.

       7,250        1,486,323

Northrop Grumman Corp.

       9,904        4,289,323

Old Dominion Freight Line, Inc.

       2,466        1,053,894

Otis Worldwide Corp.

       19,246        1,646,495

PACCAR, Inc.

       48,756        4,012,131

Parker-Hannifin Corp.(c)

       6,167        2,571,022

Paychex, Inc.

       5,319        650,141

Paycom Software, Inc.(c)

       592        174,545

Pentair PLC

       8,471        595,172

Quanta Services, Inc.

       11,675        2,450,232

Republic Services, Inc.

       11,945        1,721,633

Robert Half, Inc.

       11,902        880,272

Rockwell Automation, Inc.

       3,293        1,027,679

Rollins, Inc.

       8,194        324,237

RTX Corp.

       83,941        7,222,284

Snap-on, Inc.

       2,220        596,292

Southwest Airlines Co.

       98,168        3,102,109

 

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

 

   16   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2023

 

 

     Shares    Value

Industrials-(continued)

 

Stanley Black & Decker, Inc.

       23,502      $     2,218,119

Textron, Inc.

       23,930        1,859,600

Trane Technologies PLC

       11,196        2,298,091

TransDigm Group, Inc.(b)

       885        799,907

Union Pacific Corp.

       15,291        3,372,736

United Airlines Holdings, Inc.(b)

       117,596        5,857,457

United Parcel Service, Inc., Class B

       70,351        11,917,459

United Rentals, Inc.

       3,871        1,844,686

Verisk Analytics, Inc.

       1,560        377,863

W.W. Grainger, Inc.(c)

       2,706        1,932,463

Wabtec Corp.

       10,523        1,184,048

Waste Management, Inc.

       14,853        2,328,653

Xylem, Inc.

       6,297        651,991
         

 

 

 
            202,525,900
         

 

 

 

Information Technology-9.77%

         

Accenture PLC, Class A

       24,834        8,040,504

Adobe, Inc.(b)

       4,771        2,668,611

Advanced Micro Devices, Inc.(b)

       22,352        2,363,053

Akamai Technologies, Inc.(b)

       4,769        501,174

Amphenol Corp., Class A

       19,551        1,727,917

Analog Devices, Inc.

       8,515        1,547,857

ANSYS, Inc.(b)(c)

       796        253,820

Apple, Inc.

       259,213        48,698,346

Applied Materials, Inc.

       23,686        3,618,273

Arista Networks, Inc.(b)

       3,643        711,223

Autodesk, Inc.(b)

       3,025        671,368

Broadcom, Inc.

       5,278        4,871,013

Cadence Design Systems, Inc.(b)(c)

       1,949        468,618

CDW Corp.

       16,365        3,455,470

Cisco Systems, Inc.

       134,434        7,709,790

Cognizant Technology Solutions Corp., Class A

       37,857        2,710,940

Corning, Inc.

       50,412        1,654,522

DXC Technology Co.(b)

       66,884        1,387,174

Enphase Energy, Inc.(b)(c)

       1,826        231,044

EPAM Systems, Inc.(b)

       2,801        725,431

F5, Inc.(b)

       2,276        372,490

Fair Isaac Corp.(b)

       226        204,437

First Solar, Inc.(b)

       1,781        336,823

Fortinet, Inc.(b)

       8,393        505,343

Gartner, Inc.(b)(c)

       1,978        691,667

Gen Digital, Inc.

       22,656        458,784

Hewlett Packard Enterprise Co.

       225,628        3,833,420

HP, Inc.

       225,129        6,688,583

Intel Corp.

       218,596        7,681,463

International Business Machines Corp.

       54,521        8,005,318

Intuit, Inc.

       3,953        2,141,775

Juniper Networks, Inc.

       22,088        643,203

Keysight Technologies, Inc.(b)

       4,181        557,327

KLA Corp.

       2,770        1,390,180

Lam Research Corp.

       3,777        2,652,965

Microchip Technology, Inc.(c)

       12,784        1,046,243

Micron Technology, Inc.

       42,668        2,984,200

Microsoft Corp.

       77,271        25,326,343

Monolithic Power Systems, Inc.

       452        235,587

Motorola Solutions, Inc.

       4,087        1,158,951

NetApp, Inc.

       11,052        847,688

NVIDIA Corp.

       8,130        4,012,561

NXP Semiconductors N.V. (China)

       8,660        1,781,535
     Shares    Value

Information Technology-(continued)

 

ON Semiconductor Corp.(b)(c)

       11,332      $     1,115,749

Oracle Corp.

       53,020        6,383,078

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

       3,598        875,393

PTC, Inc.(b)(c)

       1,746        256,959

Qorvo, Inc.(b)(c)

       4,374        469,724

QUALCOMM, Inc.

       41,858        4,793,997

Roper Technologies, Inc.

       1,494        745,596

Salesforce, Inc.(b)

       18,206        4,031,901

Seagate Technology Holdings PLC(c)

       16,751        1,185,803

ServiceNow, Inc.(b)

       1,745        1,027,508

Skyworks Solutions, Inc.

       5,943        646,242

SolarEdge Technologies, Inc.(b)(c)

       1,432        232,800

Synopsys, Inc.(b)

       1,466        672,733

TE Connectivity Ltd.

       15,545        2,058,003

Teledyne Technologies, Inc.(b)

       1,723        720,731

Teradyne, Inc.(c)

       3,451        372,259

Texas Instruments, Inc.

       13,861        2,329,480

Trimble, Inc.(b)

       8,718        477,659

Tyler Technologies, Inc.(b)(c)

       584        232,683

VeriSign, Inc.(b)

       818        169,972

Western Digital Corp.(b)

       43,163        1,942,335

Zebra Technologies Corp., Class A(b)

       2,478        681,475
         

 

 

 
            198,995,114
         

 

 

 

Materials-3.25%

         

Air Products and Chemicals, Inc.

       5,730        1,693,158

Albemarle Corp.(c)

       4,831        959,968

Amcor PLC

       180,646        1,759,492

Avery Dennison Corp.

       6,496        1,223,717

Ball Corp.

       34,631        1,885,658

Celanese Corp.(c)

       10,671        1,348,388

CF Industries Holdings, Inc.

       18,391        1,417,394

Corteva, Inc.

       38,076        1,923,219

Dow, Inc.

       125,568        6,850,990

DuPont de Nemours, Inc.

       22,182        1,705,574

Eastman Chemical Co.

       15,383        1,307,709

Ecolab, Inc.

       9,901        1,819,903

FMC Corp.

       6,669        575,068

Freeport-McMoRan, Inc.

       70,613        2,818,165

International Flavors & Fragrances, Inc.

       18,960        1,335,732

International Paper Co.

       80,041        2,795,032

Linde PLC

       11,227        4,345,298

LyondellBasell Industries N.V., Class A

       64,828        6,403,062

Martin Marietta Materials, Inc.

       1,795        801,306

Mosaic Co. (The)

       64,905        2,521,559

Newmont Corp.

       34,020        1,341,068

Nucor Corp.

       33,159        5,706,664

Packaging Corp. of America

       7,723        1,151,499

PPG Industries, Inc.

       15,354        2,176,583

Sealed Air Corp.

       17,457        646,956

Sherwin-Williams Co. (The)

       11,403        3,098,423

Steel Dynamics, Inc.

       26,338        2,807,367

Vulcan Materials Co.

       4,332        945,459

WestRock Co.

       86,354        2,824,639
         

 

 

 
            66,189,050
         

 

 

 

Real Estate-0.90%

         

Alexandria Real Estate Equities, Inc.

       2,706        314,816

American Tower Corp.

       6,999        1,269,059

AvalonBay Communities, Inc.(c)

       1,755        322,604

Boston Properties, Inc.(c)

       7,067        471,864

 

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

 

   17   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2023

 

 

     Shares      Value  

Real Estate-(continued)

 

Camden Property Trust

     1,620      $       174,344  

CBRE Group, Inc., Class A(b)

     47,582        4,046,849  

CoStar Group, Inc.(b)(c)

     3,380        277,126  

Crown Castle, Inc.

     7,434        747,117  

Digital Realty Trust, Inc.

     5,717        753,043  

Equinix, Inc.(c)

     1,231        961,879  

Equity Residential

     5,088        329,855  

Essex Property Trust, Inc.(c)

     858        204,539  

Extra Space Storage, Inc.

     1,683        216,568  

Federal Realty Investment Trust

     1,353        132,513  

Healthpeak Properties, Inc.

     12,217        251,426  

Host Hotels & Resorts, Inc.

     35,596        562,061  

Invitation Homes, Inc.(c)

     7,970        271,697  

Iron Mountain, Inc.(c)

     11,162        709,233  

Kimco Realty Corp.

     10,913        206,692  

Mid-America Apartment Communities, Inc.(c)

     1,650        239,630  

Prologis, Inc.

     6,485        805,437  

Public Storage

     1,831        506,052  

Realty Income Corp.

     6,925        388,077  

Regency Centers Corp.(c)

     2,416        150,275  

SBA Communications Corp., Class A

     1,427        320,404  

Simon Property Group, Inc.

     5,861        665,165  

UDR, Inc.

     4,415        176,159  

Ventas, Inc.

     11,096        484,673  

VICI Properties, Inc.

     11,457        353,334  

Welltower, Inc.

     8,991        745,174  

Weyerhaeuser Co.

     36,541        1,196,718  
     

 

 

 
        18,254,383  
     

 

 

 

Utilities-2.53%

     

AES Corp. (The)(c)

     78,406        1,405,820  

Alliant Energy Corp.

     9,555        479,374  

Ameren Corp.

     11,842        938,715  

American Electric Power Co., Inc.

     28,519        2,235,890  

American Water Works Co., Inc.(c)

     3,200        443,968  

Atmos Energy Corp.

     4,730        548,444  

CenterPoint Energy, Inc.

     39,075        1,089,802  

CMS Energy Corp.

     16,983        954,275  

Consolidated Edison, Inc.

     20,663        1,838,180  

Constellation Energy Corp.

     32,668        3,402,699  

Dominion Energy, Inc.

     40,625        1,971,937  
     Shares      Value  

Utilities-(continued)

 

DTE Energy Co.

     19,842      $ 2,051,266  

Duke Energy Corp.

     38,879        3,452,455  

Edison International

     30,760        2,117,826  

Entergy Corp.

     16,531        1,574,578  

Evergy, Inc.

     12,095        664,862  

Eversource Energy

     21,677        1,383,426  

Exelon Corp.

     58,367        2,341,684  

FirstEnergy Corp.

     39,809        1,435,911  

NextEra Energy, Inc.

     39,664        2,649,555  

NiSource, Inc.

     26,549        710,451  

NRG Energy, Inc.

     110,912        4,164,746  

PG&E Corp.(b)

     158,482        2,583,257  

Pinnacle West Capital Corp.

     6,744        521,109  

PPL Corp.

     38,527        960,093  

Public Service Enterprise Group, Inc.

     21,526        1,314,808  

Sempra

     29,884        2,098,454  

Southern Co. (The)

     49,785        3,371,938  

WEC Energy Group, Inc.

     12,910        1,085,989  

Xcel Energy, Inc.

     29,773        1,700,931  
     

 

 

 
        51,492,443  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $1,751,196,099)

 

     2,034,402,447  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.96%

     

Invesco Private Government Fund,
5.30%(d)(e)(f)

     16,906,620        16,906,620  

Invesco Private Prime Fund, 5.51%(d)(e)(f)

     43,474,166        43,474,166  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $60,381,046)

 

     60,380,786  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.84%
(Cost $1,811,577,145)

 

     2,094,783,233  

OTHER ASSETS LESS LIABILITIES-(2.84)%

 

     (57,834,073
     

 

 

 

NET ASSETS-100.00%

 

   $ 2,036,949,160  
     

 

 

 

 

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 August 31, 2023.

(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

 

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

Invesco Ltd.

   $ 646,431    $ 259,825    $  (191,944)    $40,525    $(58,846)   $ 695,991    $ 30,629

 

 

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

 

   18   

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2023

 

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

Investments in Affiliated

Money Market Funds:

                           
Invesco Government & Agency Portfolio,
Institutional Class
    $         -     $ 37,013,822     $ (37,013,822 )     $      -     $        -     $          -     $ 28,627
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund       8,652,647       234,071,959       (225,817,986 )       -       -       16,906,620       608,907 *
Invesco Private Prime Fund       22,284,054       523,150,823       (501,962,403 )       (2,502 )       4,194       43,474,166       1,624,934 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Total     $ 31,583,132     $ 794,496,429     $ (764,986,155 )     $ 38,023     $ (54,652 )     $ 61,076,777     $ 2,293,097
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
*

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 August 31, 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.

 

   19   

 

 

 

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK)

August 31, 2023

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-1.04%

 

Cable One, Inc.

     578      $     376,030  

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

     78,333        1,254,895  

Iridium Communications, Inc.

     2,696        131,969  

New York Times Co. (The), Class A(c)

     14,335        634,610  

Nexstar Media Group, Inc., Class A

     7,202        1,172,486  

TEGNA, Inc.

     45,244        747,883  

TripAdvisor, Inc.(b)(c)

     22,061        333,342  

World Wrestling Entertainment, Inc., Class A

     2,879        277,967  

Ziff Davis, Inc.(b)(c)

     4,787        319,054  

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

     9,971        179,677  
     

 

 

 
        5,427,913  
     

 

 

 

Consumer Discretionary-21.21%

     

Adient PLC(b)(c)

     88,893        3,481,939  

Aramark

     99,732        3,708,036  

Autoliv, Inc. (Sweden)

     23,869        2,329,614  

AutoNation, Inc.(b)

     42,554        6,684,808  

Boyd Gaming Corp.

     12,109        809,729  

Brunswick Corp.(c)

     18,436        1,458,656  

Capri Holdings Ltd.(b)

     34,421        1,806,758  

Carter’s, Inc.

     10,548        754,920  

Choice Hotels International, Inc.(c)

     2,862        363,188  

Churchill Downs, Inc.(c)

     3,264        408,914  

Columbia Sportswear Co.(c)

     10,379        761,196  

Crocs, Inc.(b)(c)

     7,366        717,006  

Deckers Outdoor Corp.(b)

     1,681        889,400  

Dick’s Sporting Goods, Inc.(c)

     20,896        2,431,041  

Five Below, Inc.(b)(c)

     3,867        664,969  

Foot Locker, Inc.(c)

     74,650        1,464,633  

Fox Factory Holding Corp.(b)(c)

     3,942        436,813  

GameStop Corp., Class A(b)(c)

     59,207        1,098,290  

Gap, Inc. (The)(c)

     363,865        4,213,557  

Gentex Corp.

     16,412        536,016  

Goodyear Tire & Rubber Co. (The)(b)

     367,613        4,745,884  

Graham Holdings Co., Class B

     1,591        932,851  

Grand Canyon Education, Inc.(b)

     1,969        230,865  

H&R Block, Inc.

     24,931        996,741  

Harley-Davidson, Inc.

     40,617        1,370,824  

Helen of Troy Ltd.(b)(c)

     4,701        577,847  

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

     19,715        861,940  

KB Home

     32,079        1,629,613  

Kohl’s Corp.

     184,656        4,919,236  

Lear Corp.

     35,366        5,095,887  

Leggett & Platt, Inc.

     35,969        1,014,326  

Light & Wonder, Inc.(b)

     9,018        691,410  

Lithia Motors, Inc., Class A

     25,382        7,818,164  

Macy’s, Inc.

     361,236        4,417,916  

Marriott Vacations Worldwide Corp.

     8,337        906,149  

Mattel, Inc.(b)

     64,706        1,433,885  

Murphy USA, Inc.

     18,661        5,927,480  

Nordstrom, Inc.

     173,888        2,820,463  

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

     6,881        530,387  

Papa John’s International, Inc.(c)

     6,700        507,190  

Penn Entertainment, Inc.(b)(c)

     56,381        1,335,666  

Planet Fitness, Inc., Class A(b)(c)

     3,277        199,242  

Polaris, Inc.

     17,434        1,954,177  

PVH Corp.

     24,956        2,086,322  
     Shares      Value  

Consumer Discretionary-(continued)

     

RH(b)(c)

     2,892      $   1,056,129  

Service Corp. International

     14,230        898,055  

Skechers U.S.A., Inc., Class A(b)

     32,196        1,619,781  

Taylor Morrison Home Corp., Class A(b)

     39,766        1,884,908  

Tempur Sealy International, Inc.(c)

     29,387        1,372,961  

Texas Roadhouse, Inc.

     8,815        917,641  

Thor Industries, Inc.(c)

     29,635        3,106,341  

Toll Brothers, Inc.

     32,050        2,625,856  

TopBuild Corp.(b)

     5,060        1,467,805  

Topgolf Callaway Brands Corp.(b)(c)

     47,691        831,731  

Travel + Leisure Co.

     20,191        811,678  

Under Armour, Inc., Class A(b)(c)

     89,218        681,625  

Under Armour, Inc., Class C(b)(c)

     96,770        666,745  

Valvoline, Inc.

     11,985        412,763  

Visteon Corp.(b)

     5,925        825,175  

Wendy’s Co. (The)

     21,778        430,987  

Williams-Sonoma, Inc.(c)

     15,438        2,179,846  

Wingstop, Inc.

     481        77,268  

Wyndham Hotels & Resorts, Inc.

     4,548        342,874  

YETI Holdings, Inc.(b)(c)

     10,104        504,695  
     

 

 

 
        110,738,812  
     

 

 

 

Consumer Staples-9.32%

     

BellRing Brands, Inc.(b)

     9,505        394,458  

BJ’s Wholesale Club Holdings, Inc.(b)

     71,187        4,797,292  

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

     1,438        525,488  

Casey’s General Stores, Inc.

     15,691        3,835,037  

Celsius Holdings, Inc.(b)

     1,265        247,991  

Coca-Cola Consolidated, Inc.

     2,172        1,518,011  

Coty,Inc.,Class A(b)(c)

     103,108        1,191,928  

Darling Ingredients, Inc.(b)

     24,983        1,542,950  

Energizer Holdings, Inc.(c)

     20,255        695,759  

Flowers Foods, Inc.

     44,180        1,040,881  

Grocery Outlet Holding Corp.(b)(c)

     30,069        927,629  

Ingredion, Inc.

     17,041        1,753,689  

Lancaster Colony Corp.

     2,091        345,412  

Performance Food Group Co.(b)

     234,216        14,551,840  

Pilgrim’s Pride Corp.(b)

     174,542        4,391,477  

Post Holdings, Inc.(b)(c)

     16,342        1,466,041  

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

     43,419        1,771,061  

US Foods Holding Corp.(b)

     189,642        7,667,226  
     

 

 

 
        48,664,170  
     

 

 

 

Energy-8.23%

     

Antero Midstream Corp.

     21,620        262,034  

Antero Resources Corp.(b)

     87,750        2,428,042  

ChampionX Corp.(c)

     31,697        1,143,945  

Chord Energy Corp.(c)

     5,824        940,576  

CNX Resources Corp.(b)(c)

     48,685        1,088,110  

DT Midstream, Inc.

     4,299        224,795  

Equitrans Midstream Corp.

     34,369        329,942  

HF Sinclair Corp.

     189,718        10,451,565  

Matador Resources Co.

     13,800        876,300  

Murphy Oil Corp.

     24,792        1,125,557  

NOV, Inc.

     112,037        2,367,342  

Ovintiv, Inc.

     81,291        3,817,425  

PBF Energy, Inc., Class A

     255,748        11,992,024  

Range Resources Corp.(c)

     40,030        1,296,171  

 

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

 

   20   

 

 

 

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2023

 

 

     Shares      Value  

Energy-(continued)

     

Southwestern Energy Co.(b)

     611,809      $   4,148,065  

Valaris Ltd.(b)

     6,425        483,931  
     

 

 

 
        42,975,824  
     

 

 

 

Financials-8.88%

     

Affiliated Managers Group, Inc.(c)

     3,498        468,767  

American Financial Group, Inc.

     13,668        1,584,394  

Annaly Capital Management, Inc.

     55,085        1,116,573  

Associated Banc-Corp

     22,219        385,055  

Bank OZK(c)

     8,922        358,397  

Brighthouse Financial, Inc.(b)

     35,837        1,779,665  

Cadence Bank(c)

     24,410        558,501  

Cathay General Bancorp.

     6,704        238,864  

CNO Financial Group, Inc.

     35,998        842,353  

Columbia Banking System, Inc.

     10,914        223,519  

Commerce Bancshares, Inc.

     7,273        357,032  

Cullen/Frost Bankers, Inc.

     4,478        423,305  

East West Bancorp, Inc.

     12,766        706,470  

Essent Group Ltd.

     4,711        236,586  

Euronet Worldwide, Inc.(b)(c)

     6,959        607,938  

Evercore, Inc., Class A

     4,940        691,847  

F.N.B. Corp.

     34,379        399,828  

Federated Hermes, Inc., Class B

     9,006        313,049  

First American Financial Corp.

     28,304        1,745,791  

First Financial Bankshares, Inc.

     4,572        131,308  

First Horizon Corp.

     74,078        929,679  

FirstCash Holdings, Inc.

     6,633        592,460  

Glacier Bancorp, Inc.(c)

     6,518        196,909  

Hancock Whitney Corp.

     8,709        359,246  

Hanover Insurance Group, Inc. (The)

     10,941        1,167,624  

Home BancShares, Inc.

     11,659        258,597  

Interactive Brokers Group, Inc., Class A

     14,867        1,354,086  

International Bancshares Corp.

     3,811        170,657  

Janus Henderson Group PLC(c)

     16,233        445,920  

Jefferies Financial Group, Inc.

     57,227        2,042,432  

Kemper Corp.

     27,250        1,279,932  

Kinsale Capital Group, Inc.

     569        226,820  

MGIC Investment Corp.

     16,636        292,461  

New York Community Bancorp, Inc.

     104,505        1,283,321  

Old National Bancorp

     33,624        513,102  

Old Republic International Corp.

     68,491        1,873,229  

Pinnacle Financial Partners, Inc.

     7,736        514,908  

Primerica, Inc.

     3,275        658,144  

Prosperity Bancshares, Inc.

     4,891        277,858  

Reinsurance Group of America, Inc.

     26,040        3,609,665  

RenaissanceRe Holdings Ltd. (Bermuda)

     7,490        1,407,296  

RLI Corp.

     2,106        276,981  

SEI Investments Co.

     7,240        449,314  

Selective Insurance Group, Inc.

     8,446        837,928  

SLM Corp.

     34,330        488,859  

South State Corp.(c)

     6,024        435,535  

Starwood Property Trust, Inc.(c)

     20,346        415,669  

Stifel Financial Corp.

     18,222        1,184,794  

Synovus Financial Corp.

     20,473        633,844  

Texas Capital Bancshares, Inc.(b)

     6,268        391,374  

UMB Financial Corp.

     6,530        412,761  

United Bankshares, Inc.

     8,482        255,139  

Unum Group

     59,973        2,950,072  

Valley National Bancorp(c)

     69,824        640,984  

Voya Financial, Inc.

     19,710        1,373,393  
     Shares      Value  

Financials-(continued)

     

Webster Financial Corp.

     18,128      $     768,808  

Western Union Co. (The)

     83,511        1,031,361  

WEX, Inc.(b)

     3,073        602,861  

Wintrust Financial Corp.

     8,023        622,665  
     

 

 

 
        46,395,930  
     

 

 

 

Health Care-4.23%

     

Acadia Healthcare Co., Inc.(b)

     8,965        691,202  

Amedisys, Inc.(b)

     5,507        516,281  

Arrowhead Pharmaceuticals, Inc.(b)(c)

     1,721        47,568  

Azenta, Inc.(b)(c)

     3,000        169,290  

Bruker Corp.

     7,939        520,798  

Chemed Corp.

     930        475,639  

Doximity, Inc., Class A(b)(c)

     3,001        71,544  

Encompass Health Corp.

     16,955        1,204,483  

Enovis Corp.(b)

     6,326        354,509  

Envista Holdings Corp.(b)

     18,298        585,902  

Exelixis, Inc.(b)

     19,711        441,329  

Globus Medical, Inc., Class A(b)(c)

     4,365        236,147  

Haemonetics Corp.(b)

     3,006        269,728  

Halozyme Therapeutics, Inc.(b)

     4,683        199,309  

HealthEquity, Inc.(b)(c)

     3,132        211,567  

ICU Medical, Inc.(b)(c)

     2,765        401,008  

Inari Medical, Inc.(b)(c)

     1,551        103,328  

Integra LifeSciences Holdings Corp.(b)

     8,685        369,460  

Jazz Pharmaceuticals PLC(b)

     6,673        956,641  

Lantheus Holdings, Inc.(b)

     2,711        185,541  

LivaNova PLC(b)

     5,021        278,917  

Masimo Corp.(b)(c)

     3,330        380,552  

Medpace Holdings, Inc.(b)

     1,708        461,621  

Neogen Corp.(b)(c)

     8,705        201,260  

Neurocrine Biosciences, Inc.(b)

     3,889        423,473  

Omnicell, Inc.(b)

     3,954        224,824  

Option Care Health, Inc.(b)(c)

     29,904        1,041,556  

Patterson Cos., Inc.

     52,563        1,578,993  

Penumbra, Inc.(b)(c)

     620        163,990  

Perrigo Co. PLC

     30,934        1,082,690  

Progyny, Inc.(b)

     4,909        183,302  

QuidelOrtho Corp.(b)(c)

     8,327        685,812  

R1 RCM, Inc.(b)(c)

     26,583        458,291  

Repligen Corp.(b)(c)

     1,089        189,388  

Shockwave Medical, Inc.(b)

     424        93,445  

Sotera Health Co.(b)(c)

     15,345        247,668  

Syneos Health, Inc.(b)

     29,543        1,262,372  

Tenet Healthcare Corp.(b)

     60,633        4,702,696  

United Therapeutics Corp.(b)

     1,970        441,989  
     

 

 

 
        22,114,113