LOGO   Invesco Semi-Annual Report to Shareholders
  October 31, 2021
 

 

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

 

Schedules of Investments

  

Invesco Aerospace & Defense ETF (PPA)

     3  

Invesco DWA Momentum ETF (PDP)

     5  

Invesco Global Listed Private Equity ETF (PSP)

     8  

Invesco Golden Dragon China ETF (PGJ)

     11  

Invesco MSCI Sustainable Future ETF (ERTH)

     14  

Invesco Raymond James SB-1 Equity ETF (RYJ)

     18  

Invesco S&P 500 BuyWrite ETF (PBP)

     21  

Invesco S&P 500® Quality ETF (SPHQ)

     27  

Invesco S&P Spin-Off ETF (CSD)

     30  

Invesco Water Resources ETF (PHO)

     32  

Invesco WilderHill Clean Energy ETF (PBW)

     34  

Statements of Assets and Liabilities

     38  

Statements of Operations

     40  

Statements of Changes in Net Assets

     42  

Financial Highlights

     46  

Notes to Financial Statements

     57  

Fund Expenses

     73  

 

   

 

  2   

   
 


 

Invesco Aerospace & Defense ETF (PPA)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.02%

 

Aerospace & Defense-73.70%

 

AAR Corp.(b)

     81,275     $ 2,874,697  

Aerojet Rocketdyne Holdings, Inc.(c)

     176,587       7,771,594  

AeroVironment, Inc.(b)(c)

     50,591       4,508,164  

Axon Enterprise, Inc.(b)

     150,456       27,076,062  

Boeing Co. (The)(b)

     192,336       39,819,322  

BWX Technologies, Inc.

     171,641       9,738,910  

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

     695,193       21,113,011  

Curtiss-Wright Corp.

     59,947       7,654,033  

Ducommun, Inc.(b)

     25,942       1,255,333  

Elbit Systems Ltd. (Israel)(c)

     97,216       15,438,873  

General Dynamics Corp.

     170,325       34,533,394  

HEICO Corp.(c)

     107,736       15,017,321  

Hexcel Corp.(b)(c)

     163,275       9,264,224  

Howmet Aerospace, Inc.

     569,909       16,920,598  

Huntington Ingalls Industries, Inc.

     86,027       17,440,254  

Kaman Corp.

     49,745       1,780,374  

Kratos Defense & Security Solutions, Inc.(b)

     283,979       6,074,311  

L3Harris Technologies, Inc.

     147,642       34,037,387  

Lockheed Martin Corp.

     122,126       40,584,912  

Maxar Technologies, Inc.

     166,611       4,423,522  

Mercury Systems, Inc.(b)

     127,035       6,547,384  

Moog, Inc., Class A

     46,276       3,495,226  

Northrop Grumman Corp.

     119,743       42,774,594  

PAE, Inc.(b)

     194,024       1,924,718  

Parsons Corp.(b)(c)

     114,568       3,968,636  

RADA Electronic Industries Ltd. (Israel)(b)

     112,837       1,154,323  

Raytheon Technologies Corp.

     489,427       43,490,483  

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

     241,529       9,972,732  

Teledyne Technologies, Inc.(b)

     23,288       10,461,435  

Textron, Inc.

     374,842       27,682,082  

TransDigm Group, Inc.(b)

     47,482       29,620,221  

Triumph Group, Inc.(b)

     145,034       2,965,945  

Vectrus, Inc.(b)

     26,860       1,300,830  
    

 

 

 
       502,684,905  
    

 

 

 

Communications Equipment-1.10%

 

Comtech Telecommunications Corp.

     59,723       1,288,225  

ViaSat, Inc.(b)(c)

     103,782       6,194,748  
    

 

 

 
       7,482,973  
    

 

 

 

Containers & Packaging-1.56%

 

Ball Corp.

     116,083       10,619,273  
    

 

 

 

Diversified Telecommunication Services-0.38%

 

Iridium Communications, Inc.(b)

     64,235       2,604,729  
    

 

 

 

Electronic Equipment, Instruments & Components-1.61%

 

Keysight Technologies, Inc.(b)

     46,417       8,355,988  

OSI Systems, Inc.(b)

     27,911       2,598,793  
    

 

 

 
       10,954,781  
    

 

 

 

Industrial Conglomerates-5.32%

 

Honeywell International, Inc.

     165,940        36,277,803  
    

 

 

 
         Shares              Value      

Machinery-2.68%

 

Oshkosh Corp.

     74,111      $ 7,929,877  

Woodward, Inc.

     91,913        10,381,573  
     

 

 

 
        18,311,450  
     

 

 

 

Metals & Mining-0.46%

 

Allegheny Technologies, Inc.(b)(c)

     197,285        3,176,289  
     

 

 

 

Professional Services-12.00%

     

Booz Allen Hamilton Holding Corp

     229,924        19,971,199  

CACI International, Inc., Class A(b)

     37,397        10,756,873  

Jacobs Engineering Group, Inc.

     79,334        11,140,080  

KBR, Inc.(c)

     190,287        8,075,780  

Leidos Holdings, Inc.

     210,316        21,027,394  

ManTech International Corp., Class A

     61,766        5,325,465  

Science Applications International Corp.

     61,981        5,564,654  
     

 

 

 
        81,861,445  
     

 

 

 

Software-1.21%

 

Mandiant, Inc.(b)

     136,995        2,389,193  

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

     76,188        1,971,746  

Telos Corp.(b)

     149,873        3,883,209  
     

 

 

 
        8,244,148  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $599,269,076)

 

     682,217,796  
     

 

 

 

Money Market Funds-0.08%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $536,729)

     536,729        536,729  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $599,805,805)

 

     682,754,525  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-7.04%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     14,397,127        14,397,127  

Invesco Private Prime Fund,
0.11%
(d)(e)(f)

     33,579,866        33,593,298  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $47,990,425)

 

     47,990,425  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-107.14%
(Cost $647,796,230)

 

     730,744,950  

OTHER ASSETS LESS LIABILITIES-(7.14)%

 

     (48,702,113
     

 

 

 

NET ASSETS-100.00%

 

   $ 682,042,837  
     

 

 

 

 

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

   
   

 

  3   

   
 


 

Invesco Aerospace & Defense ETF (PPA)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
   

Change in

Unrealized

Appreciation

    

Realized

   Gain   

   

Value

October 31, 2021

   

Dividend

 Income 

 

Investments in Affiliated Money Market Funds:

 

    

                                                                          

Invesco Government & Agency Portfolio, Institutional Class

     $ 159,537      $ 17,112,361      $ (16,735,169      $ -           $ -         $ 536,729     $ 119  

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       7,903,102        48,268,790        (41,774,765        -             -           14,397,127       761

Invesco Private Prime Fund

       11,854,653        101,158,713        (79,420,068        -             -           33,593,298       10,840
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

       

 

 

   

 

 

 

Total

     $ 19,917,292      $ 166,539,864      $ (137,930,002      $ -           $ -         $ 48,527,154     $ 11,720  
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

       

 

 

   

 

 

 

 

*

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 October 31, 2021.

(f)

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

Portfolio Composition

Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

 

     

Aerospace & Defense

     73.70                                      

Professional Services

     12.00    

Industrial Conglomerates

     5.32    

Industry Types Each Less Than 3%

     9.00    

Money Market Funds Plus Other Assets Less Liabilities

     (0.02  

 

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

   
   

 

  4   

   
 


 

Invesco DWA Momentum ETF (PDP)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.03%

 

Communication Services-1.44%

 

Alphabet, Inc., Class A(b)

     3,536     $ 10,469,813  

Iridium Communications, Inc.(b)(c)

     212,094       8,600,412  

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

     152,502       8,018,555  
    

 

 

 
       27,088,780  
    

 

 

 

Consumer Discretionary-14.75%

 

Carvana Co.(b)(c)

     43,781       13,273,524  

Chipotle Mexican Grill, Inc.(b)

     5,696       10,133,355  

Crocs, Inc.(b)

     139,565       22,532,769  

Dick’s Sporting Goods, Inc.(c)

     78,232       9,717,197  

Domino’s Pizza, Inc.

     98,227       48,030,056  

Etsy, Inc.(b)(c)

     44,244       11,091,528  

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

     53,317       9,784,203  

Home Depot, Inc. (The)

     31,665       11,771,147  

MGM Resorts International

     224,253       10,575,771  

NIKE, Inc., Class B

     247,944       41,478,552  

Pool Corp.

     50,191       25,856,396  

RH(b)(c)

     18,407       12,141,809  

Scientific Games Corp.(b)

     400,302       32,044,175  

Tempur Sealy International, Inc.

     212,490       9,449,430  

YETI Holdings, Inc.(b)(c)

     96,569       9,495,630  
    

 

 

 
       277,375,542  
    

 

 

 

Consumer Staples-3.82%

 

Celsius Holdings, Inc.(b)(c)

     480,970       46,423,224  

Costco Wholesale Corp.

     24,995       12,286,042  

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

     40,811       13,236,232  
    

 

 

 
       71,945,498  
    

 

 

 

Energy-0.65%

    

Ovintiv, Inc.

     326,149       12,237,111  
    

 

 

 

Financials-3.49%

    

Blackstone, Inc., Class A

     74,363       10,293,327  

Moody’s Corp.

     29,904       12,085,702  

MSCI, Inc.

     49,800       33,111,024  

Upstart Holdings, Inc.(b)

     31,636       10,188,057  
    

 

 

 
       65,678,110  
    

 

 

 

Health Care-24.39%

 

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

     137,718       9,451,586  

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

     11,918       9,470,996  

Catalent, Inc.(b)

     67,481       9,302,931  

Charles River Laboratories International, Inc.(b)

     24,359       10,929,396  

Danaher Corp.

     113,477       35,378,724  

DexCom, Inc.(b)

     36,868       22,976,506  

Edwards Lifesciences Corp.(b)

     114,638       13,735,925  

Horizon Therapeutics PLC(b)

     143,750       17,237,062  

IDEXX Laboratories, Inc.(b)

     41,491       27,638,815  

Inspire Medical Systems, Inc.(b)

     65,142       17,560,980  

Intuitive Surgical, Inc.(b)

     27,969       10,100,445  

Masimo Corp.(b)(c)

     54,522       15,459,168  

Medpace Holdings, Inc.(b)

     58,347       13,218,513  

Mettler-Toledo International, Inc.(b)

     21,492       31,827,073  

Mirati Therapeutics, Inc.(b)

     286,988       54,246,472  

Natera, Inc.(b)(c)

     80,787       9,255,767  

NeoGenomics, Inc.(b)(c)

     208,463       9,589,298  

Repligen Corp.(b)

     45,830        13,313,615  
         Shares           Value      

Health Care-(continued)

 

Shockwave Medical, Inc.(b)

     56,763     $ 12,130,253  

STAAR Surgical Co.(b)(c)

     252,669       29,931,170  

Thermo Fisher Scientific, Inc.

     16,228       10,273,460  

Veeva Systems, Inc., Class A(b)

     61,873       19,614,360  

Waters Corp.(b)

     29,852       10,972,103  

West Pharmaceutical Services, Inc.

     105,291       45,262,495  
    

 

 

 
       458,877,113  
    

 

 

 

Industrials-12.53%

 

Advanced Drainage Systems, Inc.

     87,240       9,840,672  

AMERCO

     16,745       12,340,898  

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

     179,525       31,113,478  

Axon Enterprise, Inc.(b)

     72,217       12,996,171  

Chart Industries, Inc.(b)(c)

     88,317       15,678,034  

Copart, Inc.(b)

     281,948       43,783,705  

Equifax, Inc.

     38,698       10,735,986  

Generac Holdings, Inc.(b)

     46,107       22,987,106  

Old Dominion Freight Line, Inc.

     97,328       33,222,913  

SiteOne Landscape Supply, Inc.(b)

     47,980       11,273,381  

Toro Co. (The)

     94,577       9,029,266  

Trane Technologies PLC

     63,767       11,537,363  

WESCO International, Inc.(b)

     86,109       11,156,282  
    

 

 

 
       235,695,255  
    

 

 

 

Information Technology-34.07%

 

Accenture PLC, Class A

     30,070       10,788,815  

Adobe, Inc.(b)

     29,487       19,177,165  

Advanced Micro Devices, Inc.(b)

     172,051       20,685,692  

Amphenol Corp., Class A

     410,715       31,530,591  

Applied Materials, Inc.

     72,994       9,974,630  

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

     93,824       12,741,299  

Bill.com Holdings, Inc.(b)

     46,884       13,798,430  

CDW Corp.

     51,925       9,691,801  

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

     114,671       22,328,737  

Crowdstrike Holdings, Inc., Class A(b)

     38,621       10,883,398  

DocuSign, Inc.(b)

     38,321       10,664,351  

Entegris, Inc.

     198,783       27,984,671  

EPAM Systems, Inc.(b)

     39,560       26,633,374  

Fortinet, Inc.(b)

     43,351       14,580,675  

HubSpot, Inc.(b)(c)

     13,760       11,148,765  

Intuit, Inc.

     39,375       24,648,356  

Keysight Technologies, Inc.(b)

     53,691       9,665,454  

Lattice Semiconductor Corp.(b)

     311,652       21,641,115  

Marvell Technology, Inc.

     154,266       10,567,221  

Microsoft Corp.

     32,355       10,729,565  

Monolithic Power Systems, Inc.

     69,726       36,638,224  

NVIDIA Corp.

     212,845       54,418,081  

ON Semiconductor Corp.(b)

     193,128       9,283,663  

Paycom Software, Inc.(b)

     85,611       46,901,986  

Paylocity Holding Corp.(b)

     80,687       24,620,831  

ServiceNow, Inc.(b)

     38,151       26,620,242  

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

     37,568       9,561,056  

Synaptics, Inc.(b)(c)

     56,393       10,972,386  

Synopsys, Inc.(b)

     40,717       13,566,090  

Teledyne Technologies, Inc.(b)

     63,216       28,397,892  

Workiva, Inc.(b)(c)

     103,850        15,530,768  

 

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

   
   

 

  5   

   
 


 

Invesco DWA Momentum ETF (PDP)—(continued)

October 31, 2021

(Unaudited)

 

         Shares           Value      

Information Technology-(continued)

 

Zebra Technologies Corp.,
Class A
(b)

     24,955     $ 13,324,722  

Zscaler, Inc.(b)

     66,402       21,172,942  
    

 

 

 
       640,872,988  
    

 

 

 

Materials-0.58%

    

Alcoa Corp.

     237,973       10,934,859  
    

 

 

 

Real Estate-4.31%

    

American Tower Corp.

     182,466       51,449,938  

Equity LifeStyle Properties, Inc.

     145,141       12,265,866  

Extra Space Storage, Inc.

     88,120       17,392,244  
    

 

 

 
       81,108,048  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,643,983,692)

 

    1,881,813,304  
    

 

 

 

Money Market Funds-0.02%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $252,422)

     252,422        252,422  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $1,644,236,114)

 

    1,882,065,726  
    

 

 

 
         Shares              Value      

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-6.66%

 

Invesco Private Government Fund, 0.02%(d)(e)(f)

     37,588,078      $ 37,588,078  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     87,670,446        87,705,515  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $125,293,592)

 

     125,293,593  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.71%
(Cost $1,769,529,706)

 

     2,007,359,319  

OTHER ASSETS LESS LIABILITIES-(6.71)%

 

     (126,166,675
     

 

 

 

NET ASSETS-100.00%

 

   $ 1,881,192,644  
     

 

 

 

 

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 October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
   

Change in
Unrealized
Appreciation

    

Realized
Gain

   

Value
October 31, 2021

   

Dividend

 Income 

 

Investments in Affiliated Money Market Funds:

                                                                                                      

Invesco Government & Agency Portfolio, Institutional Class

 

  

  $ 701,168               $ 5,978,057      $ (6,426,803      $ -            $ -          $ 252,422          $ 93  

Investments Purchased with Cash Collateral from Securities on Loan:

                                       

Invesco Private Government Fund

      57,906,299          251,573,045        (271,891,266        -              -            37,588,078            2,877

Invesco Private Prime Fund

      86,859,449          438,959,214        (438,113,148        -              -            87,705,515            43,856
   

 

 

      

 

 

    

 

 

      

 

 

          

 

 

        

 

 

        

 

 

 

Total

    $ 145,466,916        $ 696,510,316      $ (716,431,217      $ -            $ -          $ 125,546,015          $ 46,826  
   

 

 

      

 

 

    

 

 

      

 

 

          

 

 

        

 

 

        

 

 

 

 

*

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 October 31, 2021.

(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.

   
   

 

  6   

   
 


 

Invesco DWA Momentum ETF (PDP)—(continued)

October 31, 2021

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

 

     

Information Technology

    34.07                             

Health Care

    24.39    

Consumer Discretionary

    14.75    

Industrials

    12.53    

Real Estate

    4.31    

Consumer Staples

    3.82    

Financials

    3.49    

Sector Types Each Less Than 3%

    2.67    

Money Market Funds Plus Other Assets

Less Liabilities

    (0.03  

 

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

   
   

 

  7   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-90.46%

 

Biotechnology-0.50%

 

PureTech Health PLC(b)

     283,360      $ 1,374,993  
     

 

 

 

Capital Markets-56.17%

 

3i Group PLC (United Kingdom)

     660,714        12,353,400  

Alaris Equity Partners Income (Canada)

     45,358        678,421  

Ares Capital Corp.(c)

     434,200        9,309,248  

AURELIUS Equity Opportunities SE & Co. KGaA (Germany)

     43,625        1,263,136  

Blackstone, Inc., Class A

     49,913        6,908,958  

Blue Owl Capital, Inc.(c)

     470,605        8,113,230  

Bridgepoint Group PLC (United

     

Kingdom)(b)(d)

     582,432        3,959,912  

Bure Equity AB (Sweden)

     28,566        1,324,443  

Carlyle Group, Inc. (The)

     230,793        12,959,027  

Chrysalis Investments Ltd. (Guernsey)(b)

     542,671        1,867,106  

Deutsche Beteiligungs AG (Germany)

     15,469        716,060  

Draper Esprit PLC (United Kingdom)(b)

     173,527        2,300,129  

EQT AB (Sweden)

     250,573        13,204,790  

FS KKR Capital Corp.(c)

     293,367        6,442,339  

Georgia Capital PLC (Georgia)(b)

     78,686        651,468  

Gimv N.V. (Belgium)

     20,369        1,317,677  

Goldman Sachs BDC, Inc.

     106,254        2,015,638  

Golub Capital BDC, Inc.(c)

     129,118        2,050,394  

Hamilton Lane, Inc., Class A(c)

     39,707        4,149,779  

Hercules Capital, Inc.(c)

     120,786        2,134,289  

Intermediate Capital Group PLC (United Kingdom)

     195,824        5,881,213  

IP Group PLC (United Kingdom)

     1,026,995        1,697,752  

JAFCO Group Co. Ltd. (Japan)

     32,614        2,056,520  

KKR & Co., Inc., Class A

     109,955        8,760,115  

Main Street Capital Corp.

     65,355        2,863,856  

Mutares SE & Co. KGaA (Germany)(c)

     23,519        634,165  

New Mountain Finance Corp.

     100,670        1,415,420  

Oaktree Specialty Lending Corp.

     185,040        1,363,745  

Onex Corp. (Canada)

     67,372        5,012,883  

Owl Rock Capital Corp.(c)

     368,327        5,296,542  

Partners Group Holding AG (Switzerland)

     7,659        13,390,153  

Patria Investments Ltd., Class A (Cayman Islands)

     83,954        1,440,651  

Prospect Capital Corp.(c)

     342,150        2,802,209  

Ratos AB, Class B (Sweden)

     203,166        1,168,113  

Sixth Street Specialty Lending, Inc.(c)

     59,030        1,407,275  

StepStone Group, Inc., Class A

     70,138        3,295,083  

SuRo Capital Corp.

     54,137        776,325  

Tamburi Investment Partners S.p.A. (Italy)

     121,007        1,365,346  

VNV Global AB (Sweden)(b)

     112,706        1,653,485  
     

 

 

 
        156,000,295  
     

 

 

 

Construction & Engineering-0.51%

 

Brookfield Business Partners L.P., Class U (Canada)

     29,094        1,411,571  
     

 

 

 

Diversified Consumer Services-0.95%

 

Graham Holdings Co., Class B

     4,525        2,650,971  
     

 

 

 

Diversified Financial Services-10.65%

 

Cannae Holdings, Inc.(b)

     104,619        3,567,508  

Compass Diversified Holdings

     86,543        2,583,309  

Eurazeo SE (France)

     59,483        5,579,218  
         Shares              Value      

Diversified Financial Services-(continued)

 

Kinnevik AB, Class B (Sweden)(b)

     186,127      $ 7,295,762  

Sofina S.A. (Belgium)

     15,394        6,812,348  

Wendel SE (France)

     28,149        3,749,434  
     

 

 

 
        29,587,579  
     

 

 

 

Diversified Telecommunication Services-0.22%

 

ATN International, Inc.

     14,796        603,381  
     

 

 

 

Food Products-0.44%

 

Schouw & Co. A/S (Denmark)

     12,592        1,226,223  
     

 

 

 

Industrial Conglomerates-4.95%

 

Fosun International Ltd. (China)

     3,019,746        3,551,935  

Italmobiliare S.p.A. (Italy)

     17,611        618,543  

Melrose Industries PLC (United Kingdom)

     4,421,021        9,562,869  
     

 

 

 
        13,733,347  
     

 

 

 

Interactive Media & Services-4.52%

 

IAC/InterActiveCorp.(b)(c)

     82,390        12,553,764  
     

 

 

 

Internet & Direct Marketing Retail-4.70%

 

Prosus N.V. (China)(b)

     147,974        13,050,430  
     

 

 

 

IT Services-0.50%

 

Digital Garage, Inc. (Japan)(c)

     29,903        1,389,922  
     

 

 

 

Life Sciences Tools & Services-0.45%

 

Malin Corp. PLC (Ireland)(b)

     81,766        624,517  

Medcap AB (Sweden)(b)(c)

     27,049        629,889  
     

 

 

 
        1,254,406  
     

 

 

 

Multiline Retail-4.90%

 

Wesfarmers Ltd. (Australia)

     316,185        13,596,107  
     

 

 

 

Trading Companies & Distributors-1.00%

 

Seven Group Holdings Ltd. (Australia)

     172,513        2,789,740  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $198,439,005)

 

     251,222,729  
     

 

 

 

Closed-End Funds-3.68%

 

Apax Global Alpha Ltd.(c)(d)

     466,870        1,366,320  

HBM Healthcare Investments AG,
Class A
(c)

     5,242        1,996,406  

HgCapital Trust PLC(c)

     365,831        1,935,648  

NB Private Equity Partners Ltd.

     31,026        727,245  

Oakley Capital Investments Ltd.

     139,265        735,910  

Princess Private Equity Holding Ltd.

     84,482        1,339,406  

Schroder UK Public Private(b)(c)

     1,551,308        720,869  

Syncona Ltd.(b)(c)

     513,312        1,400,210  
     

 

 

 

Total Closed-End Funds
(Cost $7,329,639)

        10,222,014  
     

 

 

 
     Shares         

Money Market Funds-5.64%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)
(Cost $15,660,084)

     15,660,084        15,660,084  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-96.10%
(Cost $214,099,089)

 

     266,882,813  
     

 

 

 

 

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

   
   

 

  8   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)—(continued)

October 31, 2021

(Unaudited)

 

     Shares      Value  

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-13.13%

 

Invesco Private Government Fund, 0.02%(e)(f)(g)

     10,946,278      $ 10,946,278  

Invesco Private Prime Fund, 0.11%(e)(f)(g)

     25,509,003        25,519,207  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $36,465,484)

        36,465,485  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.91%
(Cost $257,894,212)

 

     313,570,312  

OTHER ASSETS LESS LIABILITIES-(12.91)%

 

     (35,858,421
     

 

 

 

NET ASSETS-100.00%

 

   $ 277,711,891  
     

 

 

 

        

 

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 October 31, 2021.

(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 October 31, 2021 was $5,326,232, which represented 1.92% 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 six months ended October 31, 2021.

 

   

Value
April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
   

Change in
Unrealized
Appreciation

    

Realized
Gain

   

Value
October 31, 2021

   

Dividend
 Income 

 

Investments in Affiliated Money Market Funds:

                                                                                                         

Invesco Government & Agency Portfolio, Institutional Class

     $ 9,775,371      $ 27,057,432      $ (21,172,719      $ -            $ -          $ 15,660,084           $ 1,698  

Investments Purchased with Cash Collateral from Securities on Loan:

                                       

Invesco Private Government Fund

       1,871,653        39,273,508        (30,198,883        -              -            10,946,278             422

Invesco Private Prime Fund

       2,807,480        82,019,991        (59,308,265        1              -            25,519,207             5,835
    

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

         

 

 

 

Total

     $ 14,454,504      $ 148,350,931      $ (110,679,867      $ 1            $ -          $ 52,125,569           $ 7,955  
    

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

         

 

 

 

 

*

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 October 31, 2021.

(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.

This Fund has holdings greater than 10% of net assets in the following country:

 

United Kingdom

     14.35

 

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

   
   

 

  9   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)—(continued)

October 31, 2021

(Unaudited)

 

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     KKR & Co. LP

 

               


1-Day
EFFR plus
55 basis
points
 
 
 
 
     Monthly        October-2022        $ 5,989,419                $ -                            $ 384,181                 $ 384,181  

Citibank, N.A.

     Receive    

Brookfield Business

Partners LP

 

 

      



1-Day
CORRA
plus 55
basis
points
 
 
 
 
 
     Monthly        October-2022        CAD 4,003,734         -            20,690          20,690  
                         

 

 

        

 

 

      

 

 

 

Subtotal – Appreciation

                            -            404,871          404,871  
                         

 

 

        

 

 

      

 

 

 

Equity Risk

                     

Citibank, N.A.

     Receive    

The Blackstone

Group LP

 

 

      


1-Day
EFFR plus
55 basis
points
 
 
 
 
     Monthly        October-2022        6,281,299         -            (3,349        (3,349
                         

 

 

        

 

 

      

 

 

 

Subtotal – Depreciation

                            -            (3,349        (3,349
                         

 

 

        

 

 

      

 

 

 

Total Over-The-Counter Total Return Swap Agreements

 

             $  -          $ 401,522        $ 401,522  
                         

 

 

        

 

 

      

 

 

 

Abbreviations:

CAD      -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

EFFR    -Effective Federal Funds Rate

 

(a)

The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

(b)

Notional Value is denominated in U.S. Dollars unless otherwise noted.

 

 Portfolio Composition

 Industry Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

     

Capital Markets

    56.17                             

Diversified Financial Services

    10.65    

Industrial Conglomerates

    4.95    

Multiline Retail

    4.90    

Internet & Direct Marketing Retail

    4.70    

Interactive Media & Services

    4.52    

Closed-End Funds

    3.68    

Industry Types Each Less Than 3%

    4.57    

Money Market Funds Plus Other Assets

Less Liabilities

    5.86    

        

 

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

   
   

 

  10   

   
 


 

Invesco Golden Dragon China ETF (PGJ)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.01%(b)

 

Communication Services-23.31%

    

9F, Inc., ADR(c)

     44,389     $ 66,583  

Autohome, Inc., ADR

     48,913       1,924,727  

Baidu, Inc., ADR(c)

     129,185       20,958,974  

Bilibili, Inc., ADR(c)(d)

     126,425       9,266,952  

BlueCity Holdings Ltd., ADR(c)(d)

     20,877       57,621  

Hello Group, Inc., ADR

     117,199       1,459,128  

iQIYI, Inc., ADR(c)(d)

     262,636       2,174,626  

JOYY, Inc., ADR(d)

     41,193       2,075,715  

Lizhi, Inc., ADR(c)(d)

     19,996       61,588  

Luokung Technology Corp.(c)(d)

     273,663       336,605  

NetEase, Inc., ADR

     104,108       10,159,900  

Qutoutiao, Inc., ADR(c)(d)

     103,053       102,053  

Sohu.com Ltd., ADR(c)

     28,727       582,009  

So-Young International, Inc.,
ADR
(c)(d)

     47,105       186,065  

Tencent Music Entertainment Group, ADR(c)

     476,353       3,744,135  

Weibo Corp., ADR(c)(d)

     53,455       2,404,406  

WiMi Hologram Cloud, Inc., ADR(c)

     40,082       197,203  
    

 

 

 
       55,758,290  
    

 

 

 

Consumer Discretionary-54.22%

    

Alibaba Group Holding Ltd., ADR(c)

     121,469       20,035,097  

Baozun, Inc., ADR(c)(d)

     38,842       671,967  

China Automotive Systems, Inc.(c)

     22,144       83,483  

Dada Nexus Ltd., ADR(c)(d)

     58,236       1,182,773  

Future FinTech Group, Inc.(c)(d)

     50,287       105,100  

Huazhu Group Ltd., ADR(c)(d)

     111,888       5,187,128  

JD.com, Inc., ADR(c)

     258,200       20,211,896  

Kaixin Auto Holdings (Hong Kong)(c)

     102,980       221,407  

Kandi Technologies Group, Inc.(c)(d)

     54,488       238,657  

Li Auto, Inc., ADR(c)(d)

     295,342       9,637,009  

MINISO Group Holding Ltd., ADR(d)

     57,642       865,206  

Moxian BVI, Inc.(c)

     13,892       84,047  

New Oriental Education & Technology Group, Inc., ADR(c)

     997,456       2,044,785  

Newegg Commerce, Inc.(c)(d)

     264,207       3,117,643  

NIO, Inc., ADR(c)(d)

     516,032       20,336,821  

Niu Technologies, ADR(c)(d)

     35,449       928,055  

Pinduoduo, Inc., ADR(c)

     202,821       18,034,843  

TAL Education Group, ADR(c)

     303,315       1,240,558  

Trip.com Group Ltd., ADR(c)

     332,660       9,500,769  

Uxin Ltd., ADR(c)

     194,454       466,690  

Viomi Technology Co. Ltd., ADR(c)(d)

     27,539       121,447  

Vipshop Holdings Ltd., ADR(c)

     373,623       4,169,633  

Wunong Net Technology Co. Ltd.(c)

     17,937       60,627  

XPeng, Inc., ADR(c)

     238,616       11,126,664  
    

 

 

 
       129,672,305  
    

 

 

 

Consumer Staples-0.29%

    

111, Inc., ADR(c)(d)

     30,685       159,562  

Jowell Global Ltd.(c)

     18,253       106,963  

TDH Holdings, Inc.(c)

     46,836       80,090  

Yatsen Holding Ltd., ADR(c)

     124,803        349,448  
    

 

 

 
       696,063  
    

 

 

 

Energy-0.30%

    

China Petroleum & Chemical Corp., ADR

     8,596       418,453  
         Shares           Value      

Energy-(continued)

    

PetroChina Co. Ltd., ADR

     6,094     $ 294,097  

Sino Clean Energy, Inc., Rts., expiring 07/31/2049(c)(e)

     26,179       0  
    

 

 

 
       712,550  
    

 

 

 

Financials-3.57%

    

360 DigiTech, Inc., ADR(c)(d)

     90,667       1,850,513  

AGM Group Holdings, Inc.(c)(d)

     15,317       170,019  

Bridgetown 2 Holdings Ltd., Class A (Hong Kong)(c)(d)

     21,469       216,408  

China Life Insurance Co. Ltd., ADR

     21,263       183,287  

Fanhua, Inc., ADR(d)

     23,800       315,588  

Huize Holding Ltd., ADR(c)

     21,954       44,567  

LexinFintech Holdings Ltd., ADR(c)(d)

     100,974       539,201  

Lufax Holding Ltd., ADR(c)(d)

     472,355       2,980,560  

Noah Holdings Ltd., ADR(c)(d)

     23,228       987,422  

Poema Global Holdings Corp., Class A(c)

     24,767       245,689  

Qudian, Inc., ADR(c)

     143,723       240,017  

Silver Crest Acquisition Corp., Class A (Hong Kong)(c)

     24,767       245,936  

Up Fintech Holding Ltd., ADR(c)(d)

     78,127       505,482  
    

 

 

 
       8,524,689  
    

 

 

 

Health Care-3.38%

    

Adagene, Inc., ADR(c)(d)

     6,063       68,148  

Burning Rock Biotech Ltd., ADR(c)

     31,778       447,752  

Connect Biopharma Holdings Ltd.,
ADR
(c)(d)

     9,280       146,995  

Genetron Holdings Ltd., ADR(c)

     19,896       273,968  

Gracell Biotechnologies, Inc., ADR(c)

     9,085       97,209  

I-Mab, ADR(c)(d)

     30,096       1,859,632  

Zai Lab Ltd., ADR(c)

     49,764       5,195,362  
    

 

 

 
       8,089,066  
    

 

 

 

Industrials-3.93%

    

CBAK Energy Technology, Inc.(c)(d)

     63,473       133,928  

EHang Holdings Ltd., ADR(c)(d)

     22,195       535,565  

NiSun International Enterprise Development Group Co. Ltd.(c)(d)

     14,744       176,781  

Nuvve Holding Corp.(c)(d)

     13,377       163,066  

ReneSola Ltd., ADR(c)

     32,817       291,743  

ZTO Express Cayman, Inc., ADR(d)

     276,441       8,108,014  
    

 

 

 
       9,409,097  
    

 

 

 

Information Technology-8.45%

    

Agora, Inc., ADR(c)(d)

     46,261       1,008,490  

Aurora Mobile Ltd., ADR(c)(d)

     36,617       53,827  

Bit Digital, Inc.(c)(d)

     39,467       562,405  

BIT Mining Ltd., ADR(c)(d)

     30,205       253,420  

Canaan, Inc., ADR(c)(d)

     106,737       914,736  

Canadian Solar, Inc. (Canada)(c)(d)

     43,072       1,789,642  

Chindata Group Holdings Ltd., ADR(c)(d)

     77,230       769,211  

Daqo New Energy Corp., ADR(c)

     41,836       3,254,422  

Ebang International Holdings, Inc., A Shares(c)(d)

     99,918       216,822  

GDS Holdings Ltd., ADR(c)(d)

     78,337       4,653,218  

Hollysys Automation Technologies Ltd.

     43,967       877,142  

JinkoSolar Holding Co. Ltd., ADR(c)(d)

     28,600       1,710,852  

Kingsoft Cloud Holdings Ltd., ADR(c)(d)

     69,037        1,585,780  

 

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

   
   

 

  11   

   
 


 

Invesco Golden Dragon China ETF (PGJ)—(continued)

October 31, 2021

(Unaudited)

 

         Shares           Value      

Information Technology-(continued)

 

OneConnect Financial Technology Co. Ltd., ADR(c)(d)

     91,033     $ 288,575  

SGOCO Group Ltd.(c)(d)

     72,921       442,630  

SPI Energy Co. Ltd. (Australia)(c)(d)

     17,137       84,485  

Vnet Group, Inc., ADR(c)(d)

     91,465       1,434,171  

Xunlei Ltd., ADR(c)

     36,956       107,911  

Zepp Health Corp., ADR(c)

     25,400       208,534  
    

 

 

 
       20,216,273  
    

 

 

 

Materials-0.05%

    

CN Energy Group, Inc.(c)

     14,437       123,436  
    

 

 

 

Real Estate-2.51%

    

KE Holdings, Inc., ADR(c)(d)

     290,912       5,300,417  

Nam Tai Property, Inc.(c)(d)

     28,132       693,735  
    

 

 

 
       5,994,152  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $278,788,101)

 

    239,195,921  
    

 

 

 

Money Market Funds-0.11%

 

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)
(Cost $273,639)

     273,639        273,639  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $279,061,740)

 

    239,469,560  
    

 

 

 
         Shares              Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.05%

 

Invesco Private Government Fund,
0.02%
(f)(g)(h)

     22,278,469      $ 22,278,469  

Invesco Private Prime Fund, 0.11%(f)(g)(h)

     51,962,309        51,983,094  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $74,261,563)

 

     74,261,563  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-131.17%
(Cost $353,323,303)

 

     313,731,123  

OTHER ASSETS LESS LIABILITIES-(31.17)%

 

     (74,553,999
     

 

 

 

NET ASSETS-100.00%

      $ 239,177,124  
     

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

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)

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 October 31, 2021.

(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 six months ended October 31, 2021.

 

     Value
April 30, 2021
       Purchases  
at Cost
     Proceeds
  from Sales  
   

Change in

Unrealized

Appreciation

(Depreciation)

     Realized
Gain
     Value
October 31, 2021
   Dividend
Income
 

Investments in Affiliated Money

Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

     $ 443,239      $   1,160,880          $  (1,330,480     $  -        $-        $    273,639      $ 52  

 

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

   
   

 

  12   

   
 


 

Invesco Golden Dragon China ETF (PGJ)—(continued)

October 31, 2021

(Unaudited)

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
    Gain    
   

Value

October 31, 2021

   

Dividend

 Income 

 

Investments Purchased with Cash Collateral from Securities on Loan:

 

 

                                            

Invesco Private Government Fund

     $ 27,005,098        $ 102,815,778      $ (107,542,407               $ -                            $ -                            $ 22,278,469                         $ 1,519        

Invesco Private Prime Fund

       40,595,848          178,860,690        (167,473,443        (1          -            51,983,094            22,285  
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

        

 

 

   

Total

     $ 68,044,185        $ 282,837,348      $ (276,346,330      $ (1        $ -          $ 74,535,202          $ 23,856    
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

        

 

 

   

 

*

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 October 31, 2021.

(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.

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

 

     

Consumer Discretionary

     54.22                                      

Communication Services

     23.31    

Information Technology

     8.45    

Industrials

     3.93    

Financials

     3.57    

Health Care

     3.38    

Sector Types Each Less Than 3%

     3.15    

Money Market Funds Plus Other Assets Less Liabilities

     (0.01  

    

 

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

   
   

 

  13   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-98.89%

 

Auto Components-0.19%

     

Tianneng Power International Ltd. (China)(b)

     491,842      $ 562,084  

XL Fleet Corp.(b)(c)

     50,528        276,893  
     

 

 

 
        838,977  
     

 

 

 

Automobiles-18.54%

     

Li Auto, Inc., ADR (China)(b)(c)

     392,501        12,807,308  

NIO, Inc., ADR (China)(b)(c)

     545,836        21,511,397  

Niu Technologies, ADR (China)(b)(c)

     21,994        575,803  

Tesla, Inc.(c)

     29,413        32,766,082  

Workhorse Group, Inc.(b)(c)

     80,578        542,290  

XPeng, Inc., ADR (China)(b)(c)

     279,318        13,024,598  

Yadea Group Holdings Ltd. (China)(b)(d)

     869,853        1,498,387  
     

 

 

 
        82,725,865  
     

 

 

 

Building Products-4.51%

     

Advanced Drainage Systems, Inc.

     39,001        4,399,313  

Kingspan Group PLC (Ireland)

     112,076        12,923,311  

Rockwool International A/S, Class B (Denmark)

     6,081        2,781,140  
     

 

 

 
        20,103,764  
     

 

 

 

Chemicals-1.84%

     

Umicore S.A. (Belgium)

     143,180        8,215,166  
     

 

 

 

Commercial Services & Supplies-0.91%

 

China Everbright Environment Group Ltd. (China)

     2,678,181        1,841,905  

Covanta Holding Corp.

     86,928        1,754,207  

Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)

     294,095        150,468  

Sunny Friend Environmental Technology Co. Ltd. (Taiwan)

     45,000        322,833  
     

 

 

 
        4,069,413  
     

 

 

 

Construction & Engineering-1.29%

 

China Conch Venture Holdings Ltd. (China)(b)

     1,180,286        5,765,597  
     

 

 

 

Electrical Equipment-17.03%

 

Alfen Beheer B.V. (Netherlands)(b)(c)(d)

     15,009        1,690,021  

Blink Charging Co.(b)(c)

     27,447        872,815  

China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(c)

     297,650        231,109  

Contemporary Amperex Technology Co. Ltd., A Shares (China)

     101,500        10,138,739  

CS Wind Corp. (South Korea)

     18,379        1,091,526  

Fagerhult AB (Sweden)

     57,918        464,639  

Ming Yang Smart Energy Group Ltd., A Shares (China)

     85,100        412,115  

Nordex SE (Germany)(c)

     75,552        1,390,178  

Plug Power, Inc.(b)(c)

     371,523        14,218,185  

PNE AG (Germany)

     25,039        241,953  

Shoals Technologies Group, Inc., Class A(c)

     64,550        2,000,404  

Siemens Gamesa Renewable Energy S.A.,

     

Class R (Spain)(b)(c)

     173,164        4,695,235  

SIF Holding N.V. (Netherlands)(b)

     9,262        151,130  

Signify N.V. (Netherlands)

     93,224        4,514,926  

Sungrow Power Supply Co. Ltd., A Shares (China)

     63,500        1,628,358  

Sunrun, Inc.(c)

     125,908        7,262,373  

TPI Composites, Inc.(b)(c)

     26,666        896,778  
         Shares              Value      

Electrical Equipment-(continued)

 

Unison Co. Ltd. (South Korea)(c)

     79,580      $ 234,950  

Vestas Wind Systems A/S (Denmark)

     507,233        21,959,437  

Xinjiang Goldwind Science & Technology Co. Ltd., A Shares (China)

     150,500        435,792  

Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)(b)

     562,128        1,260,245  

Zumtobel Group AG (Austria)

     20,539        211,542  
     

 

 

 
        76,002,450  
     

 

 

 

Electronic Equipment, Instruments & Components-0.58%

 

Badger Meter, Inc.

     21,192        2,166,882  

Wuxi Lead Intelligent Equipment Co. Ltd. (China)

     34,020        431,889  
     

 

 

 
        2,598,771  
     

 

 

 

Equity REITs-14.63%

     

Brandywine Realty Trust

     124,105        1,644,391  

CapitaLand Integrated Commercial Trust (Singapore)

     3,292,810        5,249,938  

Covivio (France)

     37,784        3,270,672  

CRE Logistics REIT, Inc. (Japan)

     345        670,182  

Digital Realty Trust, Inc.

     121,598        19,189,380  

Douglas Emmett, Inc.

     127,456        4,165,262  

First Capital REIT (Canada)

     78,094        1,113,874  

Fukuoka REIT Corp. (Japan)

     462        685,150  

Inmobiliaria Colonial SOCIMI S.A. (Spain)

     202,991        1,975,605  

Keppel REIT (Singapore)

     1,333,152        1,117,139  

Klepierre S.A. (France)(c)

     149,916        3,566,963  

Lar Espana Real Estate SOCIMI S.A. (Spain)

     41,375        251,855  

Mapletree Commercial Trust (Singapore)

     1,567,617        2,534,227  

Mapletree North Asia Commercial Trust (Hong Kong)(d)

     1,627,824        1,231,280  

Mercialys S.A. (France)

     51,147        554,905  

Merlin Properties SOCIMI S.A.
(Spain)
(b)

     255,916        2,774,417  

Mori Hills REIT Investment Corp. (Japan)

     1,113        1,507,101  

Nippon Prologis REIT, Inc. (Japan)

     1,501        5,008,818  

OUE Commercial REIT (Singapore)

     1,578,599        526,785  

Paramount Group, Inc.

     127,230        1,078,910  

Piedmont Office Realty Trust, Inc., Class A

     90,089        1,599,981  

SPH REIT (Singapore)

     707,290        511,389  

Vornado Realty Trust

     118,212        5,039,378  
     

 

 

 
        65,267,602  
     

 

 

 

Food Products-2.46%

     

Darling Ingredients, Inc.(c)

     118,522        10,017,479  

Grieg Seafood ASA (Norway)(b)(c)

     37,082        411,399  

SLC Agricola S.A. (Brazil)

     69,200        534,990  
     

 

 

 
        10,963,868  
     

 

 

 

Household Durables-1.21%

     

KB Home

     60,165        2,415,625  

Meritage Homes Corp.(c)

     27,490        2,988,438  
     

 

 

 
        5,404,063  
     

 

 

 

Independent Power and Renewable Electricity Producers-7.73%

 

Albioma S.A. (France)

     18,387        723,465  

BCPG PCL, NVDR (Thailand)

     576,491        227,591  

Beijing Energy International Holding Co. Ltd. (Hong Kong)(b)(c)

     4,888,357        185,378  

Boralex, Inc., Class A (Canada)

     63,358        1,957,655  

 

 

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

   
   

 

  14   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)

 

         Shares              Value      

Independent Power and Renewable Electricity Producers-(continued)

 

Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(d)

     354,307      $ 203,592  

China Datang Corp. Renewable Power Co. Ltd., H Shares (China)(b)

     1,635,860        696,061  

China Everbright Greentech Ltd. (China)(b)(d)

     450,013        158,507  

Concord New Energy Group Ltd. (Hong Kong)

     3,942,399        415,574  

EDP Renovaveis S.A. (Spain)

     209,313        5,837,686  

Encavis AG (Germany)

     70,389        1,474,385  

Energix-Renewable Energies Ltd. (Israel)

     159,127        748,542  

Enlight Renewable Energy Ltd.
(Israel)
(c)

     666,602        1,647,052  

eRex Co. Ltd. (Japan)(b)

     19,306        440,893  

Falck Renewables S.p.A. (Italy)(b)

     84,669        853,924  

Neoen S.A. (France)(b)(c)(d)

     27,202        1,252,885  

NextEra Energy Partners L.P.(b)

     55,125        4,757,288  

Omega Geracao S.A. (Brazil)(c)

     92,800        538,823  

Ormat Technologies, Inc.(b)

     32,533        2,353,112  

RENOVA, Inc. (Japan)(c)

     25,549        1,120,325  

Scatec ASA (South Africa)(d)

     86,544        1,699,308  

Solaria Energia y Medio Ambiente S.A. (Spain)(c)

     54,455        1,088,322  

Solarpack Corp. Tecnologica S.A. (Spain)(c)

     10,870        332,723  

SPCG PCL, NVDR (Thailand)

     349,802        187,643  

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

     60,999        2,718,115  

Super Energy Corp. PCL, NVDR (Thailand)

     11,884,645        347,415  

Terna Energy S.A. (Greece)

     33,662        455,778  

TransAlta Renewables, Inc. (Canada)(b)

     77,547        1,146,110  

West Holdings Corp. (Japan)(b)

     16,693        928,162  
     

 

 

 
        34,496,314  
     

 

 

 

IT Services-0.75%

     

Chindata Group Holdings Ltd., ADR (China)(b)(c)

     63,266        630,129  

Kingsoft Cloud Holdings Ltd., ADR (China)(b)(c)

     40,554        931,526  

Switch, Inc., Class A

     71,326        1,803,121  
     

 

 

 
        3,364,776  
     

 

 

 

Machinery-2.37%

     

Alstom S.A. (France)

     229,614        8,178,891  

Energy Recovery, Inc.(c)

     27,159        551,871  

Riyue Heavy Industry Co. Ltd., A Shares (China)

     42,200        256,591  

Stadler Rail AG (Switzerland)(b)

     36,318        1,597,793  
     

 

 

 
        10,585,146  
     

 

 

 

Metals & Mining-0.53%

     

Schnitzer Steel Industries, Inc., Class A

     18,814        1,012,193  

Sims Ltd.

     124,380        1,334,998  
     

 

 

 
        2,347,191  
     

 

 

 

Oil, Gas & Consumable Fuels-0.86%

     

Renewable Energy Group, Inc.(b)(c)

     34,620        2,215,680  

REX American Resources Corp.(c)

     3,918        344,588  

VERBIO Vereinigte BioEnergie AG (Germany)

     16,017        1,271,548  
     

 

 

 
        3,831,816  
     

 

 

 

Paper & Forest Products-2.59%

     

Canfor Corp. (Canada)(c)

     45,477        940,688  

Mercer International, Inc. (Germany)

     31,156        335,550  
         Shares              Value      

Paper & Forest Products-(continued)

 

Suzano S.A. (Brazil)(c)

     543,900      $ 4,750,079  

West Fraser Timber Co. Ltd. (Canada)

     69,389        5,546,978  
     

 

 

 
        11,573,295  
     

 

 

 

Real Estate Management & Development-0.83%

 

Deutsche EuroShop AG (Germany)

     35,901        729,971  

Platzer Fastigheter Holding AB,
Class B (Sweden)

     43,553        709,952  

Swire Properties Ltd. (Hong Kong)

     849,848        2,277,827  
     

 

 

 
        3,717,750  
     

 

 

 

Road & Rail-5.53%

     

Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)

     1,783,500        1,282,031  

BTS Group Holdings PCL, NVDR (Thailand)

     5,746,807        1,653,944  

BTS Group Holdings PCL, Wts., expiring 09/05/2022 (Thailand)(c)

     314,107        13,537  

BTS Group Holdings PCL, Wts., expiring 11/07/2024 (Thailand)(c)

     628,214        20,742  

BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)(c)

     1,256,428        33,907  

Central Japan Railway Co. (Japan)

     104,826        15,536,588  

MTR Corp. Ltd. (Hong Kong)

     1,123,034        6,121,138  
     

 

 

 
        24,661,887  
     

 

 

 

Semiconductors & Semiconductor Equipment-13.78%

 

Duk San Neolux Co. Ltd. (South
Korea)
(c)

     7,849        363,383  

Enphase Energy, Inc.(c)

     93,639        21,689,601  

First Solar, Inc.(c)

     69,499        8,311,385  

GCL System Integration Technology Co. Ltd., A Shares (China)(c)

     255,200        160,714  

JA Solar Technology Co. Ltd., A Shares (China)

     69,500        991,026  

JinkoSolar Holding Co. Ltd., ADR
(China)
(b)(c)

     27,228        1,628,779  

LONGi Green Energy Technology Co. Ltd., A Shares (China)

     235,980        3,602,407  

Motech Industries, Inc. (Taiwan)

     245,000        282,809  

SMA Solar Technology AG (Germany)

     7,562        399,577  

SolarEdge Technologies, Inc.(c)

     37,754        13,390,589  

SunPower Corp.(b)(c)

     62,657        2,109,035  

TSEC Corp. (Taiwan)(c)

     276,000        330,503  

United Renewable Energy Co. Ltd. (Taiwan)(c)

     991,075        851,779  

Xinyi Solar Holdings Ltd. (China)(b)

     3,521,432        7,369,655  
     

 

 

 
        61,481,242  
     

 

 

 

Software-0.08%

 

CM.com N.V. (Netherlands)(c)(d)

     8,362        333,370  
     

 

 

 

Transportation Infrastructure-0.34%

 

Taiwan High Speed Rail Corp. (Taiwan)

     1,431,000        1,494,886  
     

 

 

 

Water Utilities-0.31%

 

Beijing Enterprises Water Group Ltd. (China)

     3,277,068        1,251,167  

China Everbright Water Ltd. (China)

     623,379        147,928  
     

 

 

 
        1,399,095  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $357,722,523)

 

     441,242,304  
     

 

 

 

 

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

   
   

 

  15   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)

 

         Shares              Value      

Exchange-Traded Funds-1.14%

 

iShares MSCI India ETF
(Cost $4,466,713)

     104,398      $ 5,098,798  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.03%
(Cost $362,189,236)

 

     446,341,102  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-20.91%

 

Invesco Private Government Fund, 0.02%(e)(f)(g)

     27,998,742        27,998,742  
         Shares              Value      

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 0.11%(e)(f)(g)

     65,304,275      $ 65,330,397  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $93,329,138)

 

     93,329,139  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-120.94%
(Cost $455,518,374)

 

     539,670,241  

OTHER ASSETS LESS LIABILITIES-(20.94)%

 

     (93,452,699
     

 

 

 

NET ASSETS-100.00%

 

   $ 446,217,542  
     

 

 

 

 

Investment Abbreviations:
ADR    -American Depositary Receipt
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)

All or a portion of this security was out on loan at October 31, 2021.

(c)

Non-income producing security.

(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 October 31, 2021 was $8,217,818, which represented 1.84% 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 six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized

Appreciation
     Realized
Gain
   

Value

October 31, 2021

   

Dividend

Income

 

Investments in Affiliated Money Market Funds:

                                     

Invesco Government & Agency Portfolio, Institutional Class

        $ -      $ 66,284,761      $ (66,284,761      $ -            $ -                       $ -                             $ 364  

Investments Purchased with Cash Collateral from Securities on Loan:

                                     

Invesco Private Government Fund

       31,055,288        136,921,039        (139,977,585        -              -            27,998,742           1,581

Invesco Private Prime Fund

       46,582,932        207,434,310        (188,686,846        1              -            65,330,397           23,457
    

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

       

 

 

 

Total

     $ 77,638,220      $ 410,640,110      $ (394,949,192                   $ 1            $ -          $ 93,329,139         $ 25,402  
    

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

       

 

 

 

 

*

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 October 31, 2021.

(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.

This Fund has holdings greater than 10% of net assets in the following country:

 

China

     20.43

 

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

   
   

 

  16   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)—(continued)

October 31, 2021

(Unaudited)

 

 Portfolio Composition

 Industry Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

 

 

 

     

Automobiles

     18.54                     

Electrical Equipment

     17.03    

Equity REITs

     14.63    

Semiconductors & Semiconductor

Equipment

     13.78    

Independent Power and Renewable

Electricity Producers

     7.73    

Road & Rail

     5.53    

Building Products

     4.51    

Industry Types Each Less Than 3%

     18.28    

Money Market Funds Plus Other Assets

Less Liabilities

     (0.03  

 

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

   
   

 

  17   

   
 


 

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-99.99%

 

Communication Services-3.85%

    

DISH Network Corp., Class A(b)

     18,488     $ 759,302  

EchoStar Corp., Class A(b)

     33,058       775,541