LOGO  

 

Invesco Semi-Annual Report to Shareholders

 

 

October 31, 2021

 

  PWC  

Invesco Dynamic Market ETF

 

  PRF  

Invesco FTSE RAFI US 1000 ETF

 

  PRFZ   Invesco FTSE RAFI US 1500 Small-Mid ETF

 

 

 

Table of Contents

 

Schedules of Investments   

Invesco Dynamic Market ETF (PWC)

    3

Invesco FTSE RAFI US 1000 ETF (PRF)

    6

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

    17
Statements of Assets and Liabilities    32
Statements of Operations    33
Statements of Changes in Net Assets    34
Financial Highlights    36
Notes to Financial Statements    39
Fund Expenses    48

 

 

    2    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-100.00%

 

Communication Services-11.04%

      

Alphabet, Inc., Class A(b)

     1,807      $      5,350,383  

Globalstar, Inc.(b)

     1,105,051        1,823,334  

Interpublic Group of Cos., Inc. (The)

      39,402        1,440,931  

Meta Platforms, Inc., Class A(b)

     13,968        4,519,626  

WideOpenWest, Inc.(b)

     69,328        1,320,698  
     

 

 

  
        14,454,972  
     

 

 

  

Consumer Discretionary-13.22%

      

Academy Sports & Outdoors, Inc.(b)

     12,806        547,841  

Burlington Stores, Inc.(b)

     8,552        2,362,832  

Choice Hotels International, Inc.

      4,306        605,510  

Crocs, Inc.(b)

     3,497        564,591  

Dick’s Sporting Goods, Inc.(c)

     4,615        573,229  

Dillard’s, Inc., Class A(c)

     2,442        564,444  

Everi Holdings, Inc.(b)

     21,978        527,472  

Golden Entertainment, Inc.(b)

     10,420        541,527  

H&R Block, Inc.

      19,923        459,624  

Home Depot, Inc. (The)

      9,107        3,385,436  

Houghton Mifflin Harcourt Co.(b)

     36,492        517,821  

O’Reilly Automotive, Inc.(b)

     4,936        3,071,771  

Target Corp.

      11,805        3,064,814  

Tempur Sealy International, Inc.

      11,570        514,518  
     

 

 

  
        17,301,430  
     

 

 

  

Consumer Staples-5.83%

      

Archer-Daniels-Midland Co.

      6,423        412,614  

Bunge Ltd.

      5,068        469,499  

Coca-Cola Consolidated, Inc.

      963        386,548  

Constellation Brands, Inc., Class A

      12,360        2,679,772  

Edgewell Personal Care Co.(c)

     8,867        310,256  

Philip Morris International, Inc.

      26,632        2,517,789  

Sanderson Farms, Inc.

      1,988        376,627  

United Natural Foods, Inc.(b)

     10,954        475,294  
     

 

 

  
        7,628,399  
     

 

 

  

Energy-2.87%

      

Cheniere Energy, Inc.(b)

     13,477        1,393,522  

Delek Logistics Partners L.P.

      6,197        311,461  

Energy Transfer L.P

             125,542        1,193,904  

Plains GP Holdings L.P., Class A

      25,150        274,135  

Sunoco L.P.

      6,822        276,223  

Targa Resources Corp.

      5,716        312,494  
     

 

 

  
        3,761,739  
     

 

 

  

Financials-11.52%

      

Ally Financial, Inc.

      33,784        1,612,848  

American Financial Group, Inc.

      2,856        388,530  

Ameris Bancorp

      7,678        402,250  

Athene Holding Ltd., Class A(b)

     5,882        511,793  

Brighthouse Financial, Inc.(b)

     7,911        397,370  

Capital One Financial Corp.

      10,363        1,565,124  

Enstar Group Ltd.(b)

     1,585        365,786  

Goldman Sachs Group, Inc. (The)

      4,313        1,782,779  

Great Western Bancorp, Inc.

      12,006        408,804  

Meta Financial Group, Inc.

      7,566        419,459  

MetLife, Inc.

      28,565        1,793,882  

Navient Corp.

      17,071        336,299  

PacWest Bancorp

      8,950        424,857  
     Shares      Value  

Financials-(continued)

      

Raymond James Financial, Inc.

      19,233      $     1,896,181  

Santander Consumer USA Holdings, Inc.

      9,070        378,219  

SLM Corp.

      20,623        378,432  

Synchrony Financial

      35,096        1,630,209  

Trustmark Corp.

      12,336        392,408  
     

 

 

  
        15,085,230  
     

 

 

  

Health Care-12.48%

      

AbCellera Biologics, Inc. (Canada)(b)(c)

     28,110        441,608  

agilon health, inc.(b)(c)

     13,501        330,775  

Alignment Healthcare, Inc.(b)(c)

     26,851        533,261  

AMN Healthcare Services, Inc.(b)

     4,478        441,979  

Charles River Laboratories International,
Inc.(b)

      7,198        3,229,599  

Doximity, Inc., Class A(b)(c)

     5,426        376,998  

Dynavax Technologies Corp.(b)(c)

     31,695        632,949  

Innovage Holding Corp.(b)

     32,271        213,634  

Laboratory Corp. of America Holdings(b)

     10,185        2,923,299  

Moderna, Inc.(b)

     7,791        2,689,531  

Organon & Co.

      14,462        531,478  

Privia Health Group, Inc.(b)

     15,900        408,630  

Signify Health, Inc., Class A(b)(c)

     18,501        297,311  

Tenet Healthcare Corp.(b)

     6,598        472,813  

Waters Corp.(b)

     7,649        2,811,390  
     

 

 

  
        16,335,255  
     

 

 

  

Industrials-9.27%

      

Beacon Roofing Supply, Inc.(b)

     8,776        463,987  

Boise Cascade Co.

      8,003        453,130  

CNH Industrial N.V. (United Kingdom)

             168,463        2,882,402  

Cornerstone Building Brands, Inc.(b)

     27,392        391,979  

Eaton Corp. PLC

      16,281        2,682,457  

Herc Holdings, Inc.

      3,542        644,786  

MYR Group, Inc.(b)

     4,380        447,417  

Pentair PLC

      5,626        416,155  

Ryder System, Inc.

      5,748        488,293  

Textron, Inc.

      37,980        2,804,823  

ZIM Integrated Shipping Services Ltd. (Israel)

      8,999        460,929  
     

 

 

  
        12,136,358  
     

 

 

  

Information Technology-28.96%

      

Applied Materials, Inc.

      39,094        5,342,195  

Arrow Electronics, Inc.(b)

     8,356        967,207  

Camtek Ltd. (Israel)(b)

     25,183        978,863  

CommVault Systems, Inc.(b)

     12,916        794,334  

Conduent, Inc.(b)

     144,864        977,832  

Dell Technologies, Inc., Class C(b)

     51,008        5,610,370  

DXC Technology Co.(b)

     27,268        888,119  

EPAM Systems, Inc.(b)

     8,114        5,462,669  

Fortinet, Inc.(b)

     17,138        5,764,195  

Gartner, Inc.(b)

     3,326        1,103,933  

Jabil, Inc.

      16,714        1,002,171  

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

     15,455        880,935  

McAfee Corp., Class A

      37,213        795,242  

Motorola Solutions, Inc.

      21,489        5,341,951  

Perficient, Inc.(b)(c)

     9,189        1,135,760  

Western Digital Corp.(b)

     16,475        861,478  
     

 

 

  
        37,907,254  
     

 

 

  

 

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

 

    3    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)–(continued)

October 31, 2021

(Unaudited)

    

 

       Shares        Value  

Materials-2.55%

      

Louisiana-Pacific Corp.

      6,004      $        353,816  

Nucor Corp.

      20,594        2,299,320  

Steel Dynamics, Inc.

      5,093        336,545  

United States Steel Corp.

      13,010        343,334  
     

 

 

  
        3,333,015  
     

 

 

  

Utilities-2.26%

      

Duke Energy Corp.

      20,653        2,106,813  

NRG Energy, Inc.

      10,588        422,355  

UGI Corp.

      10,049        436,227  
     

 

 

  
        2,965,395  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $124,996,348)

 

      130,909,047  
     

 

 

  

Money Market Funds-0.09%

      

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $116,862)

      116,862        116,862  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $125,113,210)

 

      131,025,909  
     

 

 

  
       Shares        Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.47%

      

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

     1,538,869      $ 1,538,869  

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

     4,310,193        4,311,917  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,850,786)

 

      5,850,786  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-104.56%
(Cost $130,963,996)

 

      136,876,695  

OTHER ASSETS LESS LIABILITIES-(4.56)%

 

      (5,971,000 ) 
     

 

 

  

NET ASSETS-100.00%

 

    $ 130,905,695  
     

 

 

  

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        $     106,010        $  1,243,970        $  (1,233,118 )       $-        $-        $  116,862        $     16
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund        4,477,964        16,201,917        (19,141,012 )       -        -        1,538,869        123 *
Invesco Private Prime Fund        6,716,946        36,175,831        (38,580,860 )       -        -        4,311,917        2,011 *
    

 

 

       

 

 

       

 

 

      

 

 

       

 

 

       

 

 

       

 

 

  
Total        $11,300,920        $53,621,718        $(58,954,990 )       $-        $-        $5,967,648        $2,150
    

 

 

       

 

 

       

 

 

      

 

 

       

 

 

       

 

 

       

 

 

  

 

*

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.

 

    4    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)–(continued)

October 31, 2021

(Unaudited)

    

 

 Portfolio Composition

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

 as of October 31, 2021

   

  Information Technology

      28.96                          

  Consumer Discretionary

      13.22                          

  Health Care

      12.48                          

  Financials

      11.52                          

  Communication Services

      11.04                          

  Industrials

      9.27                          

  Consumer Staples

      5.83                          

  Sector Types Each Less Than 3%

      7.68                          

  Money Market Funds Plus Other Assets Less

  Liabilities

      (0.00)                        

 

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

 

    5    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-7.95%

 

Activision Blizzard, Inc.

      43,907      $        3,433,088  

Alphabet, Inc., Class A(b)

     16,037        47,484,274  

Alphabet, Inc., Class C(b)

     15,531        46,055,783  

Altice USA, Inc., Class A(b)(c)

     76,142        1,241,115  

AMC Networks, Inc., Class A(b)(c)

     13,630        542,338  

AT&T, Inc.

      2,942,210        74,320,224  

Charter Communications, Inc., Class A(b)

     19,990        13,491,051  

Cinemark Holdings, Inc.(b)(c)

     48,096        904,205  

Comcast Corp., Class A

      843,200        43,365,776  

Discovery, Inc., Class A(b)(c)

     22,395        524,939  

Discovery, Inc., Class C(b)

     44,766        1,009,921  

DISH Network Corp., Class A(b)

     83,825        3,442,693  

EchoStar Corp., Class A(b)(c)

     27,877        653,994  

Electronic Arts, Inc.

      20,187        2,831,227  

Fox Corp., Class A

      79,158        3,145,739  

Fox Corp., Class B

      37,246        1,376,612  

Gray Television, Inc.

      32,192        754,580  

iHeartMedia, Inc., Class A(b)

     49,253        954,523  

Interpublic Group of Cos., Inc. (The)

             101,196        3,700,738  

Liberty Broadband Corp., Class A(b)

     1,470        236,332  

Liberty Broadband Corp., Class C(b)

     8,285        1,345,898  

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

     83,706        2,405,710  

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

     175,828        5,070,879  

Liberty Latin America Ltd., Class A
(Chile)(b)

     14,405        173,148  

Liberty Latin America Ltd., Class C
(Chile)(b)(c)

     48,102        578,667  

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

     3,165        165,055  

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

     25,485        1,422,063  

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

     22,168        1,103,523  

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

     47,265        2,331,110  

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

     16,503        213,714  

Lions Gate Entertainment Corp., Class B(b)

     31,906        361,176  

Live Nation Entertainment, Inc.(b)

     13,853        1,401,231  

Lumen Technologies, Inc.(c)

     762,701        9,045,634  

Match Group, Inc.(b)

     5,699        859,295  

Meredith Corp.(b)(c)

     26,085        1,519,190  

Meta Platforms, Inc., Class A(b)

     125,246        40,525,848  

Netflix, Inc.(b)

     6,903        4,765,210  

News Corp., Class A

      73,654        1,686,677  

News Corp., Class B

      22,761        513,488  

Nexstar Media Group, Inc., Class A

      7,482        1,121,776  

Omnicom Group, Inc.

      66,226        4,508,666  

Sinclair Broadcast Group, Inc., Class A

      20,239        528,845  

Spotify Technology S.A.(b)

     2,147        621,342  

Take-Two Interactive Software, Inc.(b)

     5,210        943,010  

TEGNA, Inc.

      52,351        1,029,221  

Telephone & Data Systems, Inc.

      64,951        1,217,182  

T-Mobile US, Inc.(b)

     67,524        7,767,286  
     Shares      Value  

Communication Services-(continued)

 

Twitter, Inc.(b)

     29,243      $        1,565,670  

Verizon Communications, Inc.

      1,169,570        61,975,514  

ViacomCBS, Inc., Class B

      89,812        3,252,991  

Walt Disney Co. (The)(b)

     179,142        30,287,538  

Yandex N.V., Class A (Russia)(b)

     14,104        1,168,375  

Ziff Davis, Inc.(b)

     5,943        762,309  
     

 

 

  
        441,706,393  
     

 

 

  

Consumer Discretionary-9.77%

 

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

     28,592        1,130,528  

Adient PLC(b)

     49,662        2,066,932  

Advance Auto Parts, Inc.

      11,410        2,573,183  

Amazon.com, Inc.(b)

     13,306        44,873,554  

American Axle & Manufacturing Holdings, Inc.(b)

            116,308        1,056,077  

American Eagle Outfitters, Inc.(c)

     38,720        919,213  

Aptiv PLC(b)

     23,112        3,995,834  

Aramark(c)

     68,815        2,510,371  

Asbury Automotive Group, Inc.(b)

     7,613        1,489,940  

Autoliv, Inc. (Sweden)

      21,424        2,074,914  

AutoNation, Inc.(b)

     33,757        4,088,648  

AutoZone, Inc.(b)

     2,787        4,974,349  

Bath & Body Works, Inc.

      78,887        5,450,303  

Bed Bath & Beyond, Inc.(b)(c)

     76,965        1,080,589  

Best Buy Co., Inc.

      55,412        6,773,563  

Big Lots, Inc.(c)

     15,378        680,477  

Bloomin’ Brands, Inc.(b)(c)

     27,847        602,052  

Booking Holdings, Inc.(b)

     2,656        6,429,592  

BorgWarner, Inc.

      61,040        2,751,073  

Bright Horizons Family Solutions, Inc.(b)

     3,707        615,362  

Brinker International, Inc.(b)

     10,016        420,271  

Brunswick Corp.

      11,886        1,106,468  

Burlington Stores, Inc.(b)(c)

     5,245        1,449,141  

Capri Holdings Ltd.(b)

     33,065        1,760,381  

CarMax, Inc.(b)

     32,271        4,418,545  

Carnival Corp.(b)(c)

     193,985        4,298,708  

Carter’s, Inc.(c)

     9,601        945,891  

Chipotle Mexican Grill, Inc.(b)

     799        1,421,445  

Cracker Barrel Old Country Store, Inc.(c)

     7,137        950,434  

D.R. Horton, Inc.

      47,311        4,223,453  

Dana, Inc.

      60,981        1,353,168  

Darden Restaurants, Inc.

      18,246        2,629,978  

Deckers Outdoor Corp.(b)

     1,886        745,555  

Designer Brands, Inc., Class A(b)(c)

     49,253        666,393  

Dick’s Sporting Goods, Inc.(c)

     15,172        1,884,514  

Dollar General Corp.

      27,299        6,047,275  

Dollar Tree, Inc.(b)

     46,756        5,038,427  

Domino’s Pizza, Inc.

      2,252        1,101,160  

eBay, Inc.

      50,953        3,909,114  

Expedia Group, Inc.(b)

     17,270        2,839,361  

Foot Locker, Inc.

      37,348        1,780,379  

Ford Motor Co.(b)

     2,952,370        50,426,480  

GameStop Corp., Class A(b)(c)

     24,638        4,521,319  

Gap, Inc. (The)

      80,707        1,831,242  

Garmin Ltd.(c)

     15,673        2,250,643  

General Motors Co.(b)

     605,805        32,973,966  

Gentex Corp.

      30,228        1,069,769  

Genuine Parts Co.

      37,179        4,874,539  

 

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

 

    6    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Consumer Discretionary-(continued)

 

G-III Apparel Group Ltd.(b)

     22,377      $           641,325  

Goodyear Tire & Rubber Co. (The)(b)

     137,778        2,634,315  

Graham Holdings Co., Class B

      1,157        677,828  

Group 1 Automotive, Inc.

      9,849        1,770,850  

H&R Block, Inc.

      67,283        1,552,219  

Hanesbrands, Inc.

      102,103        1,739,835  

Harley-Davidson, Inc.(c)

     60,987        2,225,416  

Hasbro, Inc.

      21,799        2,087,472  

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

     15,560        782,357  

Hilton Worldwide Holdings, Inc.(b)

     16,682        2,401,374  

Home Depot, Inc. (The)

             115,474        42,926,305  

International Game Technology PLC(b)

     49,098        1,447,900  

KB Home

      19,218        771,603  

Kohl’s Corp.(c)

     89,191        4,328,439  

Las Vegas Sands Corp.(b)

     78,051        3,029,159  

Laureate Education, Inc., Class A(b)

     45,192        782,725  

Lear Corp.

      22,779        3,914,571  

Leggett & Platt, Inc.

      34,317        1,607,751  

Lennar Corp., Class A

      47,476        4,744,277  

Lennar Corp., Class B

      2,647        217,266  

Lithia Motors, Inc., Class A

      4,168        1,330,509  

LKQ Corp.(b)

     74,365        4,096,024  

Lowe’s Cos., Inc.

      86,825        20,301,422  

lululemon athletica, inc.(b)

     3,440        1,603,074  

M.D.C. Holdings, Inc.

      11,733        574,682  

Macy’s, Inc.(c)

     412,920        10,929,992  

Marriott International, Inc., Class A(b)

     25,793        4,127,396  

Marriott Vacations Worldwide Corp.

      6,060        952,753  

Mattel, Inc.(b)(c)

     78,734        1,717,189  

McDonald’s Corp.

      83,830        20,584,457  

Meritage Homes Corp.(b)

     11,274        1,225,597  

MGM Resorts International

      104,128        4,910,676  

Mohawk Industries, Inc.(b)

     17,345        3,073,707  

Murphy USA, Inc.

      14,131        2,302,646  

Newell Brands, Inc.

      98,692        2,259,060  

NIKE, Inc., Class B

      63,448        10,614,216  

Nordstrom, Inc.(b)(c)

     69,735        2,003,487  

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

     103,293        2,656,696  

NVR, Inc.(b)

     352        1,722,970  

ODP Corp. (The)(b)

     37,173        1,609,591  

O’Reilly Automotive, Inc.(b)

     5,945        3,699,692  

Penn National Gaming, Inc.(b)(c)

     11,977        857,553  

Penske Automotive Group, Inc.

      17,787        1,886,311  

Polaris, Inc.(c)

     11,578        1,330,891  

Pool Corp.

      2,015        1,038,047  

PulteGroup, Inc.

      54,824        2,635,938  

PVH Corp.(b)

     22,479        2,457,629  

Qurate Retail, Inc., Class A

      239,289        2,498,177  

Ralph Lauren Corp.

      10,444        1,328,163  

Ross Stores, Inc.

      31,087        3,519,048  

Royal Caribbean Cruises Ltd.(b)

     49,747        4,200,139  

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

     58,812        897,471  

Scientific Games Corp.(b)

     12,708        1,017,275  

Service Corp. International

      25,885        1,772,864  

Signet Jewelers Ltd.

      25,315        2,257,592  

Six Flags Entertainment Corp.(b)

     23,172        953,064  

Skechers U.S.A., Inc., Class A(b)

     29,580        1,366,892  

Sonic Automotive, Inc., Class A(c)

     15,877        784,800  

Starbucks Corp.

      95,780        10,159,385  

Tapestry, Inc.

      63,044        2,457,455  
     Shares      Value  

Consumer Discretionary-(continued)

 

Target Corp.

      89,319      $      23,188,999  

Taylor Morrison Home Corp., Class A(b)(c)

     40,479        1,235,824  

Tempur Sealy International, Inc.

      20,652        918,394  

Tenneco, Inc., Class A(b)

     56,144        745,031  

Terminix Global Holdings, Inc.(b)

     16,620        672,778  

Tesla, Inc.(b)

     3,573        3,980,322  

Texas Roadhouse, Inc.

      6,989        620,693  

Thor Industries, Inc.(c)

     11,428        1,165,199  

TJX Cos., Inc. (The)

             138,206        9,051,111  

Toll Brothers, Inc.

      28,252        1,699,923  

Tractor Supply Co.

      10,884        2,363,678  

Travel + Leisure Co.

      17,633        958,177  

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

     52,498        1,269,927  

Tupperware Brands Corp.(b)(c)

     22,185        493,394  

Ulta Beauty, Inc.(b)

     5,308        1,949,947  

Under Armour, Inc., Class A(b)(c)

     25,582        561,781  

Under Armour, Inc., Class C(b)

     27,294        515,311  

Urban Outfitters, Inc.(b)(c)

     23,672        755,847  

Vail Resorts, Inc.

      3,650        1,258,192  

VF Corp.(c)

     43,555        3,174,288  

Victoria’s Secret & Co.(b)(c)

     26,295        1,327,109  

Visteon Corp.(b)

     11,244        1,272,596  

Whirlpool Corp.(c)

     21,868        4,610,430  

Williams-Sonoma, Inc.

      11,476        2,131,437  

Wyndham Hotels & Resorts, Inc.

      9,415        795,285  

Wynn Resorts Ltd.(b)(c)

     16,510        1,482,598  

Yum China Holdings, Inc. (China)

      31,456        1,795,508  

Yum! Brands, Inc.

      31,075        3,882,511  
     

 

 

  
        542,948,380  
     

 

 

  

Consumer Staples-7.91%

 

Altria Group, Inc.

      504,846        22,268,757  

Archer-Daniels-Midland Co.

      145,766        9,364,008  

B&G Foods, Inc.(c)

     23,766        699,671  

BJ’s Wholesale Club Holdings, Inc.(b)(c)

     44,703        2,612,443  

Brown-Forman Corp., Class B

      12,520        849,983  

Bunge Ltd.

      64,487        5,974,076  

Campbell Soup Co.

      40,437        1,615,458  

Casey’s General Stores, Inc.

      6,981        1,337,141  

Church & Dwight Co., Inc.

      22,240        1,942,886  

Clorox Co. (The)

      13,978        2,278,554  

Coca-Cola Co. (The)

      550,491        31,031,178  

Coca-Cola Europacific Partners PLC

      

(United Kingdom)

      62,835        3,308,263  

Colgate-Palmolive Co.

      101,812        7,757,056  

Conagra Brands, Inc.

      105,190        3,387,118  

Constellation Brands, Inc., Class A

      18,201        3,946,159  

Costco Wholesale Corp.

      67,137        33,000,521  

Coty, Inc., Class A(b)(c)

     88,839        753,355  

Darling Ingredients, Inc.(b)

     18,515        1,564,888  

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

      9,829        3,187,840  

Flowers Foods, Inc.

      48,473        1,199,707  

General Mills, Inc.

      139,182        8,601,448  

Herbalife Nutrition Ltd.(b)(c)

     16,825        780,680  

Hershey Co. (The)

      16,735        2,934,482  

Hormel Foods Corp.

      37,957        1,606,340  

Ingredion, Inc.

      21,456        2,043,255  

JM Smucker Co. (The)

      31,163        3,828,686  

Kellogg Co.

      60,437        3,704,788  

Keurig Dr Pepper, Inc.

      79,317        2,862,551  

 

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

 

    7    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Consumer Staples-(continued)

 

Kimberly-Clark Corp.

      59,337      $        7,683,548  

Kraft Heinz Co. (The)

      264,586        9,495,992  

Kroger Co. (The)

      503,625        20,155,072  

Lamb Weston Holdings, Inc.

      12,223        689,988  

McCormick & Co., Inc.

      23,462        1,882,356  

Molson Coors Beverage Co., Class B

      86,490        3,813,344  

Mondelez International, Inc., Class A

      236,566        14,369,019  

Monster Beverage Corp.(b)

     16,274        1,383,290  

Nomad Foods Ltd. (United Kingdom)(b)

     27,219        741,173  

Nu Skin Enterprises, Inc., Class A

      15,534        623,690  

PepsiCo, Inc.

             219,554        35,479,926  

Performance Food Group Co.(b)

     48,460        2,191,846  

Philip Morris International, Inc.

      293,669        27,763,467  

Post Holdings, Inc.(b)

     16,992        1,724,348  

Procter & Gamble Co. (The)

      331,754        47,437,504  

Rite Aid Corp.(b)(c)

     147,971        2,010,926  

Sanderson Farms, Inc.

      4,580        867,681  

Spectrum Brands Holdings, Inc.

      10,586        992,438  

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

     43,120        954,677  

Sysco Corp.

      112,191        8,627,488  

TreeHouse Foods, Inc.(b)(c)

     22,350        807,729  

Tyson Foods, Inc., Class A

      108,909        8,709,453  

United Natural Foods, Inc.(b)

     71,473        3,101,213  

US Foods Holding Corp.(b)

     113,335        3,929,324  

Walgreens Boots Alliance, Inc.

      403,558        18,975,297  

Walmart, Inc.

      340,449        50,869,890  
     

 

 

  
        439,721,971  
     

 

 

  

Energy-7.48%

 

Antero Resources Corp.(b)

     211,410        4,200,717  

APA Corp.

      110,891        2,906,453  

Baker Hughes Co., Class A

      306,134        7,677,841  

Callon Petroleum Co.(b)(c)

     28,600        1,479,478  

Cheniere Energy, Inc.(b)

     23,194        2,398,260  

Chevron Corp.

      598,465        68,518,258  

CNX Resources Corp.(b)(c)

     64,867        947,707  

ConocoPhillips

      343,740        25,605,193  

Coterra Energy, Inc.

      120,603        2,571,256  

Delek US Holdings, Inc.(b)

     46,444        903,336  

Devon Energy Corp.

      87,587        3,510,487  

Diamondback Energy, Inc.

      44,237        4,741,764  

DT Midstream, Inc.

      23,591        1,131,424  

EOG Resources, Inc.

      111,213        10,282,754  

EQT Corp.(b)

     92,136        1,834,428  

Equitrans Midstream Corp.

      129,836        1,338,609  

Exxon Mobil Corp.

      1,562,748        100,750,363  

Halliburton Co.

      255,441        6,383,470  

Helmerich & Payne, Inc.

      70,405        2,185,371  

Hess Corp.

      38,900        3,211,973  

HollyFrontier Corp.

      88,696        2,997,925  

Kinder Morgan, Inc.

      848,663        14,215,105  

Marathon Oil Corp.

      373,264        6,091,668  

Marathon Petroleum Corp.

      330,276        21,775,097  

Murphy Oil Corp.

      105,725        2,942,327  

Nabors Industries Ltd.(b)(c)

     11,343        1,162,657  

NOV, Inc.(b)

     168,959        2,368,805  

Occidental Petroleum Corp.

      468,171        15,697,774  

Oceaneering International, Inc.(b)

     60,481        822,542  

ONEOK, Inc.

      120,906        7,692,040  

Ovintiv, Inc.

      93,942        3,524,704  
     Shares      Value  

Energy-(continued)

 

Patterson-UTI Energy, Inc.

      129,923      $        1,112,141  

PBF Energy, Inc., Class A(b)(c)

     179,657        2,624,789  

PDC Energy, Inc.(c)

     26,017        1,360,949  

Peabody Energy Corp.(b)(c)

     190,139        2,260,753  

Phillips 66

      174,432        13,044,025  

Pioneer Natural Resources Co.

      22,890        4,279,972  

Schlumberger N.V.

      572,152        18,457,623  

SM Energy Co.

      60,719        2,083,876  

Southwestern Energy Co.(b)(c)

     213,861        1,043,642  

Targa Resources Corp.

      121,064        6,618,569  

Transocean Ltd.(b)(c)

     601,237        2,122,367  

Valero Energy Corp.

      230,562        17,829,359  

Williams Cos., Inc. (The)

      370,580        10,409,592  

World Fuel Services Corp.

      20,906        638,260  
     

 

 

  
        415,755,703  
     

 

 

  

Financials-20.12%

 

Affiliated Managers Group, Inc.

      8,108        1,361,171  

Aflac, Inc.

      205,732        11,041,636  

AGNC Investment Corp.

      181,524        2,889,862  

Alleghany Corp.(b)

     3,452        2,248,564  

Allstate Corp. (The)

             106,154        13,128,065  

Ally Financial, Inc.

      138,092        6,592,512  

American Equity Investment Life Holding Co.

      43,943        1,400,463  

American Express Co.

      104,387        18,140,373  

American Financial Group, Inc.

      22,193        3,019,136  

American International Group, Inc.

      293,852        17,363,715  

Ameriprise Financial, Inc.

      21,135        6,385,518  

Annaly Capital Management, Inc.(c)

     448,040        3,790,418  

Aon PLC, Class A

      16,258        5,201,259  

Apollo Commercial Real Estate Finance, Inc.

      53,987        817,363  

Apollo Global Management, Inc.(c)

     14,461        1,112,774  

Arch Capital Group Ltd.(b)

     93,854        3,924,974  

Arthur J. Gallagher & Co.

      21,574        3,617,313  

Associated Banc-Corp.

      52,913        1,178,902  

Assurant, Inc.

      17,312        2,792,599  

Assured Guaranty Ltd.

      39,317        2,185,239  

Athene Holding Ltd., Class A(b)

     53,460        4,651,555  

AXIS Capital Holdings Ltd.

      23,721        1,235,152  

Bank of America Corp.

      1,829,511        87,414,036  

Bank of Hawaii Corp.(c)

     7,148        604,006  

Bank of New York Mellon Corp. (The)

      267,191        15,817,707  

Bank OZK

      25,886        1,156,328  

BankUnited, Inc.(c)

     24,465        992,300  

Berkshire Hathaway, Inc., Class B(b)

     338,297        97,094,622  

BlackRock, Inc.

      19,048        17,971,026  

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

     39,706        1,306,327  

BOK Financial Corp.(c)

     7,531        761,911  

Brighthouse Financial, Inc.(b)

     44,212        2,220,769  

Brown & Brown, Inc.

      21,234        1,340,078  

Cadence Bank

      21,272        617,313  

Capital One Financial Corp.

      166,847        25,198,902  

Cathay General Bancorp

      17,317        730,604  

Cboe Global Markets, Inc.

      11,160        1,472,450  

Charles Schwab Corp. (The)

      86,167        7,068,279  

Chimera Investment Corp.(c)

     117,667        1,836,782  

Chubb Ltd.

      89,572        17,500,577  

 

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

 

    8    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Financials-(continued)

 

Cincinnati Financial Corp.

      33,726      $        4,095,685  

CIT Group, Inc.

      39,862        1,974,365  

Citigroup, Inc.

      892,740        61,741,898  

Citizens Financial Group, Inc.

      134,595        6,377,111  

CME Group, Inc., Class A

      41,826        9,224,724  

CNO Financial Group, Inc.

      48,963        1,181,967  

Columbia Banking System, Inc.(c)

     14,520        495,568  

Comerica, Inc.

      39,967        3,400,792  

Commerce Bancshares, Inc.

      13,168        928,476  

Credicorp Ltd. (Peru)(c)

     20,524        2,661,142  

Cullen/Frost Bankers, Inc.

      11,175        1,447,163  

Discover Financial Services

      79,540        9,013,473  

East West Bancorp, Inc.

      22,787        1,811,111  

Equitable Holdings, Inc.

             109,364        3,663,694  

Evercore, Inc., Class A

      5,649        857,744  

Everest Re Group Ltd.

      11,377        2,975,086  

F.N.B. Corp.(c)

     113,916        1,327,121  

FactSet Research Systems, Inc.

      2,160        958,802  

Federated Hermes, Inc., Class B

      27,523        916,791  

Fidelity National Financial, Inc.

      63,469        3,040,800  

Fifth Third Bancorp

      188,018        8,184,424  

First American Financial Corp.

      33,879        2,477,910  

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

     970        789,483  

First Hawaiian, Inc.(c)

     31,198        860,753  

First Horizon Corp.

      79,761        1,353,544  

First Midwest Bancorp, Inc.

      31,640        609,070  

First Republic Bank

      13,473        2,914,614  

Franklin Resources, Inc.

      114,415        3,602,928  

Fulton Financial Corp.

      48,139        775,038  

Genworth Financial, Inc., Class A(b)

     350,486        1,440,497  

Glacier Bancorp, Inc.

      13,088        723,636  

Globe Life, Inc.

      23,673        2,107,370  

Goldman Sachs Group, Inc. (The)

      76,659        31,686,998  

Hancock Whitney Corp.

      26,144        1,293,605  

Hanover Insurance Group, Inc. (The)

      11,040        1,391,040  

Hartford Financial Services Group, Inc. (The)

      129,987        9,479,952  

Home BancShares, Inc.

      28,411        675,045  

Huntington Bancshares, Inc.

      338,703        5,331,185  

Intercontinental Exchange, Inc.

      46,754        6,473,559  

Invesco Ltd.(d)

     160,235        4,071,571  

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

     228,160        716,422  

Investors Bancorp, Inc.

      63,246        967,664  

Janus Henderson Group PLC

      48,530        2,256,645  

Jefferies Financial Group, Inc.

      76,547        3,291,521  

JPMorgan Chase & Co.

      623,583        105,940,516  

Kemper Corp.

      11,045        701,137  

KeyCorp

      248,241        5,776,568  

KKR & Co., Inc., Class A

      66,718        5,315,423  

Lazard Ltd., Class A

      37,104        1,817,725  

Lincoln National Corp.

      92,661        6,685,491  

Loews Corp.

      46,794        2,623,740  

LPL Financial Holdings, Inc.

      9,392        1,540,476  

M&T Bank Corp.

      33,505        4,929,256  

Markel Corp.(b)

     2,980        3,913,127  

Marsh & McLennan Cos., Inc.

      53,350        8,898,780  

MetLife, Inc.

      295,484        18,556,395  

MFA Financial, Inc.

      239,925        1,082,062  

MGIC Investment Corp.

      100,549        1,624,872  

Moody’s Corp.

      7,321        2,958,782  
     Shares      Value  

Financials-(continued)

 

Morgan Stanley

      252,927      $      25,995,837  

MSCI, Inc.

      2,077        1,380,956  

Nasdaq, Inc.

      11,054        2,319,903  

Navient Corp.

      123,218        2,427,395  

New Residential Investment Corp.

      241,804        2,746,893  

New York Community Bancorp, Inc.

      182,982        2,274,466  

New York Mortgage Trust, Inc.

      157,411        691,034  

Northern Trust Corp.

      41,105        5,057,559  

Old National Bancorp

      39,322        671,620  

Old Republic International Corp.

      116,800        3,016,944  

OneMain Holdings, Inc.

      21,358        1,127,916  

PacWest Bancorp

      47,766        2,267,452  

PennyMac Mortgage Investment Trust

      40,742        820,951  

People’s United Financial, Inc.

             118,355        2,028,605  

Pinnacle Financial Partners, Inc.

      11,025        1,064,684  

PNC Financial Services Group, Inc. (The)

      96,064        20,272,386  

Popular, Inc.

      25,449        2,072,567  

Primerica, Inc.

      5,893        991,438  

Principal Financial Group, Inc.

      74,067        4,969,155  

PROG Holdings, Inc.

      13,343        539,724  

Progressive Corp. (The)

      96,421        9,148,425  

Prosperity Bancshares, Inc.

      17,442        1,313,557  

Prudential Financial, Inc.

      118,849        13,079,332  

Radian Group, Inc.

      49,469        1,180,825  

Raymond James Financial, Inc.

      28,845        2,843,829  

Redwood Trust, Inc.

      65,883        893,373  

Regions Financial Corp.

      247,057        5,850,310  

Reinsurance Group of America, Inc.

      23,192        2,738,511  

RenaissanceRe Holdings Ltd. (Bermuda)(c)

     8,048        1,141,206  

S&P Global, Inc.(c)

     10,937        5,185,888  

Santander Consumer USA Holdings, Inc.

      34,895        1,455,122  

SEI Investments Co.

      12,315        776,338  

Selective Insurance Group, Inc.

      11,831        927,195  

Signature Bank

      6,080        1,810,746  

Simmons First National Corp., Class A(c)

     23,941        715,597  

SLM Corp.

      65,485        1,201,650  

Starwood Property Trust, Inc.

      91,202        2,322,915  

State Street Corp.

      100,179        9,872,640  

Sterling Bancorp

      45,099        1,147,770  

Stifel Financial Corp.

      15,812        1,152,220  

SVB Financial Group(b)

     4,277        3,068,320  

Synchrony Financial

      234,963        10,914,031  

Synovus Financial Corp.

      30,841        1,436,882  

T. Rowe Price Group, Inc.(c)

     29,169        6,326,173  

Texas Capital Bancshares, Inc.(b)

     11,458        694,355  

Travelers Cos., Inc. (The)

      78,821        12,680,723  

Truist Financial Corp.

      248,115        15,747,859  

Two Harbors Investment Corp.(c)

     172,972        1,110,480  

U.S. Bancorp

      354,773        21,417,646  

UMB Financial Corp.

      8,261        816,352  

Umpqua Holdings Corp.

      77,742        1,589,824  

United Bankshares, Inc.

      26,058        963,885  

Unum Group

      133,573        3,402,104  

Valley National Bancorp

      94,333        1,250,856  

Voya Financial, Inc.

      44,618        3,112,998  

W.R. Berkley Corp.

      30,759        2,448,416  

Washington Federal, Inc.

      20,931        740,120  

Webster Financial Corp.

      19,480        1,090,101  

Wells Fargo & Co.

      1,846,678        94,476,047  

 

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

 

    9    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Financials-(continued)

 

Western Alliance Bancorporation

      7,940      $           921,755  

Willis Towers Watson PLC

      16,110        3,903,131  

Wintrust Financial Corp.

      13,224        1,170,324  

Zions Bancorporation N.A

      38,077        2,398,470  
     

 

 

  
        1,118,290,703  
     

 

 

  

Health Care-11.74%

 

Abbott Laboratories

      123,432        15,909,150  

AbbVie, Inc.

             217,894        24,985,905  

Acadia Healthcare Co., Inc.(b)

     20,076        1,244,712  

Agilent Technologies, Inc.

      16,985        2,674,968  

Align Technology, Inc.(b)

     1,381        862,255  

AmerisourceBergen Corp.

      68,612        8,372,036  

Amgen, Inc.

      84,387        17,465,577  

Anthem, Inc.

      63,512        27,635,976  

Avantor, Inc.(b)

     30,998        1,251,699  

Baxter International, Inc.

      55,455        4,378,727  

Becton, Dickinson and Co.

      27,993        6,706,843  

Biogen, Inc.(b)

     30,215        8,057,736  

BioMarin Pharmaceutical, Inc.(b)

     8,447        669,256  

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

     1,605        1,275,461  

Boston Scientific Corp.(b)

     122,682        5,291,275  

Bristol-Myers Squibb Co.

      316,927        18,508,537  

Cardinal Health, Inc.

      124,291        5,942,353  

Catalent, Inc.(b)

     7,799        1,075,170  

Centene Corp.(b)

     168,089        11,974,660  

Cerner Corp.

      27,053        2,009,767  

Change Healthcare, Inc.(b)

     33,962        731,202  

Charles River Laboratories International, Inc.(b)

     3,057        1,371,615  

Cigna Corp.

      72,076        15,396,154  

Community Health Systems, Inc.(b)

     133,656        1,750,894  

Cooper Cos., Inc. (The)

      2,329        971,007  

Covetrus, Inc.(b)

     17,645        356,252  

CVS Health Corp.

      457,318        40,829,351  

Danaher Corp.

      33,131        10,329,252  

DaVita, Inc.(b)

     24,081        2,486,122  

DENTSPLY SIRONA, Inc.

      22,570        1,291,230  

Edwards Lifesciences Corp.(b)

     22,166        2,655,930  

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

     46,883        1,541,513  

Eli Lilly and Co.

      52,993        13,500,497  

Encompass Health Corp.

      16,037        1,019,312  

Envista Holdings Corp.(b)(c)

     34,039        1,330,925  

Gilead Sciences, Inc.

      330,640        21,451,923  

HCA Healthcare, Inc.

      45,461        11,386,162  

Henry Schein, Inc.(b)

     31,957        2,439,917  

Hill-Rom Holdings, Inc.

      7,714        1,194,899  

Hologic, Inc.(b)

     18,988        1,392,010  

Humana, Inc.

      25,849        11,972,223  

ICON PLC (Ireland)(b)

     5,771        1,654,950  

IDEXX Laboratories, Inc.(b)

     1,198        798,036  

Illumina, Inc.(b)

     3,894        1,616,244  

Incyte Corp.(b)

     7,661        513,134  

Intuitive Surgical, Inc.(b)

     10,821        3,907,788  

IQVIA Holdings, Inc.(b)

     16,827        4,398,914  

Jazz Pharmaceuticals PLC(b)

     7,863        1,046,093  

Johnson & Johnson

      348,306        56,732,081  

Laboratory Corp. of America Holdings(b)

     16,162        4,638,817  

Magellan Health, Inc.(b)

     11,608        1,100,787  

McKesson Corp.

      61,657        12,817,257  
     Shares      Value  

Health Care-(continued)

 

MEDNAX, Inc.(b)

     33,206      $           904,199  

Medtronic PLC

      187,572        22,482,380  

Merck & Co., Inc.

      406,073        35,754,728  

Mettler-Toledo International, Inc.(b)

     710        1,051,425  

Molina Healthcare, Inc.(b)

     13,679        4,045,154  

Organon & Co.

      40,531        1,489,514  

Owens & Minor, Inc.(c)

     45,887        1,646,426  

Patterson Cos., Inc.

      27,593        862,557  

PerkinElmer, Inc.

      7,423        1,313,054  

Perrigo Co. PLC

      38,134        1,721,750  

Pfizer, Inc.

      1,321,540        57,804,160  

Premier, Inc., Class A

      22,501        876,414  

Quest Diagnostics, Inc.

      26,178        3,842,407  

Regeneron Pharmaceuticals, Inc.(b)

     8,241        5,273,745  

ResMed, Inc.

      6,641        1,745,985  

Select Medical Holdings Corp.

      24,878        826,447  

STERIS PLC

      7,215        1,686,434  

Stryker Corp.

      24,142        6,423,462  

Syneos Health, Inc.(b)

     10,794        1,007,512  

Teleflex, Inc.

      2,634        940,180  

Tenet Healthcare Corp.(b)

     64,641        4,632,174  

Thermo Fisher Scientific, Inc.

      21,022        13,308,397  

United Therapeutics Corp.(b)

     6,667        1,271,797  

UnitedHealth Group, Inc.

             138,083        63,583,079  

Universal Health Services, Inc., Class B

      18,097        2,245,838  

Vertex Pharmaceuticals, Inc.(b)

     7,477        1,382,722  

Viatris, Inc.

      354,148        4,727,876  

Waters Corp.(b)

     3,346        1,229,822  

West Pharmaceutical Services, Inc.

      2,295        986,575  

Zimmer Biomet Holdings, Inc.

      23,388        3,347,291  

Zoetis, Inc.

      16,203        3,503,089  
     

 

 

  
        652,831,147  
     

 

 

  

Industrials-10.02%

 

3M Co.

      99,822        17,836,195  

A.O. Smith Corp.

      14,859        1,085,747  

ABM Industries, Inc.

      18,240        802,742  

Acuity Brands, Inc.(c)

     7,518        1,544,423  

AECOM(b)

     57,294        3,917,191  

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

     78,841        4,654,773  

AGCO Corp.

      10,851        1,326,101  

Air Lease Corp.

      27,679        1,108,544  

Alaska Air Group, Inc.(b)

     9,922        523,882  

Allegion PLC

      7,640        980,212  

Allison Transmission Holdings, Inc.

      28,140        938,750  

AMERCO

      1,600        1,179,184  

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

     92,621        1,778,323  

AMETEK, Inc.

      16,848        2,230,675  

Applied Industrial Technologies, Inc.

      7,621        742,895  

ASGN, Inc.(b)

     8,429        1,008,614  

Atlas Air Worldwide Holdings, Inc.(b)(c)

     12,522        1,015,785  

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

     52,486        9,096,349  

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

     19,827        1,048,253  

Boeing Co. (The)(b)

     110,018        22,777,027  

Boise Cascade Co.

      13,091        741,212  

Booz Allen Hamilton Holding Corp.

      17,488        1,519,008  

Brink’s Co. (The)

      8,074        556,137  

Builders FirstSource, Inc.(b)

     29,827        1,738,019  

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

     31,838        3,087,968  

CACI International, Inc., Class A(b)

     5,174        1,488,249  

 

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

 

    10    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Industrials-(continued)

 

Carlisle Cos., Inc.

      9,071      $        2,022,107  

Carrier Global Corp.

      194,319        10,149,281  

Caterpillar, Inc.

      77,820        15,876,058  

Cintas Corp.

      5,600        2,425,360  

Clean Harbors, Inc.(b)

     10,353        1,165,127  

Colfax Corp.(b)

     23,272        1,201,301  

Copart, Inc.(b)

     7,145        1,109,547  

CoreCivic, Inc.(b)

            158,533        1,364,969  

CoStar Group, Inc.(b)

     10,034        863,426  

Covanta Holding Corp.

      48,500        978,730  

Crane Co.

      9,276        958,025  

CSX Corp.

      252,874        9,146,453  

Cummins, Inc.

      26,994        6,474,241  

Curtiss-Wright Corp.

      6,507        830,814  

Deere & Co.

      30,886        10,572,587  

Delta Air Lines, Inc.(b)

     68,636        2,685,727  

Deluxe Corp.

      15,078        537,832  

Donaldson Co., Inc.

      14,341        860,603  

Dover Corp.

      18,632        3,150,299  

Dycom Industries, Inc.(b)(c)

     9,713        771,406  

Eaton Corp. PLC

      69,817        11,503,049  

EMCOR Group, Inc.

      13,873        1,685,431  

Emerson Electric Co.

      98,640        9,569,066  

EnerSys(c)

     7,541        603,582  

Equifax, Inc.

      9,298        2,579,544  

Expeditors International of Washington, Inc.

      19,885        2,451,025  

Fastenal Co.

      54,469        3,109,090  

FedEx Corp.

      51,343        12,092,817  

Flowserve Corp.

      29,664        997,304  

Fluor Corp.(b)(c)

     106,595        2,072,207  

Fortive Corp.

      27,469        2,079,678  

Fortune Brands Home & Security, Inc.(c)

     17,887        1,813,742  

FTI Consulting, Inc.(b)(c)

     6,097        877,480  

GATX Corp.(c)

     9,389        890,547  

Generac Holdings, Inc.(b)

     1,799        896,909  

General Dynamics Corp.

      56,410        11,437,127  

General Electric Co.

      317,751        33,322,547  

Graco, Inc.

      10,547        792,923  

Greenbrier Cos., Inc. (The)(c)

     14,191        582,115  

GXO Logistics, Inc.(b)

     26,551        2,357,729  

Hexcel Corp.(b)(c)

     14,651        831,298  

Honeywell International, Inc.

      80,717        17,646,351  

Howmet Aerospace, Inc.

      79,365        2,356,347  

Hub Group, Inc., Class A(b)

     11,124        874,013  

Hubbell, Inc.

      8,172        1,629,252  

Huntington Ingalls Industries, Inc.

      9,636        1,953,506  

IDEX Corp.

      6,001        1,335,643  

IHS Markit Ltd.

      25,955        3,392,838  

Illinois Tool Works, Inc.

      33,698        7,678,763  

Ingersoll Rand, Inc.(b)

     16,170        869,299  

ITT, Inc.(c)

     11,270        1,060,169  

J.B. Hunt Transport Services, Inc.

      10,718        2,113,482  

Jacobs Engineering Group, Inc.

      18,665        2,620,939  

JetBlue Airways Corp.(b)

     37,183        521,677  

Johnson Controls International PLC

      153,075        11,231,113  

Kansas City Southern

      9,020        2,798,455  

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

     53,266        781,412  

KBR, Inc.(c)

     31,878        1,352,902  

Kennametal, Inc.

      17,802        707,629  
     Shares      Value  

Industrials-(continued)

 

Kirby Corp.(b)

     18,499      $           969,533  

Knight-Swift Transportation Holdings, Inc.(c)

     25,342        1,436,638  

L3Harris Technologies, Inc.

      27,379        6,311,955  

Landstar System, Inc.

      4,841        851,096  

Leidos Holdings, Inc.

      27,362        2,735,653  

Lennox International, Inc.

      2,794        836,188  

Lincoln Electric Holdings, Inc.

      7,370        1,049,488  

Lockheed Martin Corp.

      42,739        14,203,024  

ManpowerGroup, Inc.

      24,634        2,380,876  

Masco Corp.

      31,537        2,067,250  

MasTec, Inc.(b)(c)

     13,080        1,165,820  

Meritor, Inc.(b)

     23,103        562,327  

Middleby Corp. (The)(b)

     7,330        1,337,285  

MSC Industrial Direct Co., Inc., Class A

      11,131        935,783  

Nielsen Holdings PLC

             122,292        2,476,413  

Nordson Corp.

      4,695        1,193,516  

Norfolk Southern Corp.

      30,173        8,842,198  

Northrop Grumman Corp.

      25,929        9,262,357  

nVent Electric PLC

      35,448        1,256,632  

Old Dominion Freight Line, Inc.

      5,100        1,740,885  

Oshkosh Corp.

      15,223        1,628,861  

Otis Worldwide Corp.

      55,298        4,440,982  

Owens Corning

      25,443        2,376,631  

PACCAR, Inc.

      79,991        7,168,793  

Parker-Hannifin Corp.

      14,842        4,401,989  

Pentair PLC

      22,320        1,651,010  

Pitney Bowes, Inc.(c)

     122,412        849,539  

Quanta Services, Inc.

      23,057        2,796,353  

Raytheon Technologies Corp.

      185,801        16,510,277  

Regal Rexnord Corp.

      11,168        1,701,221  

Republic Services, Inc.

      36,009        4,846,811  

Resideo Technologies, Inc.(b)

     38,874        958,633  

Robert Half International, Inc.

      16,781        1,897,428  

Rockwell Automation, Inc.

      10,848        3,464,851  

Roper Technologies, Inc.

      7,632        3,723,424  

Ryder System, Inc.

      24,503        2,081,530  

Science Applications International Corp.

      10,821        971,509  

Sensata Technologies Holding PLC(b)

     24,515        1,350,776  

Snap-on, Inc.

      9,495        1,929,669  

Southwest Airlines Co.(b)

     30,938        1,462,749  

Spirit AeroSystems Holdings, Inc., Class A.

      35,966        1,485,036  

Stanley Black & Decker, Inc.

      24,005        4,314,419  

Stericycle, Inc.(b)

     15,921        1,065,433  

Terex Corp.

      19,207        860,474  

Textron, Inc.

      58,739        4,337,875  

Timken Co. (The)

      11,352        805,424  

Toro Co. (The)

      8,078        771,207  

Trane Technologies PLC

      24,201        4,378,687  

TransDigm Group, Inc.(b)

     6,217        3,878,289  

TransUnion

      10,826        1,248,130  

Trinity Industries, Inc.(c)

     26,355        739,258  

Triton International Ltd. (Bermuda)

      15,790        981,980  

Uber Technologies, Inc.(b)

     45,102        1,976,370  

UFP Industries, Inc.

      11,384        931,553  

Union Pacific Corp.

      80,847        19,516,466  

United Airlines Holdings, Inc.(b)(c)

     54,962        2,535,947  

United Parcel Service, Inc., Class B

      108,755        23,215,930  

United Rentals, Inc.(b)

     13,588        5,151,347  

Univar Solutions, Inc.(b)

     71,141        1,819,787  

 

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

 

    11    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Industrials-(continued)

      

Valmont Industries, Inc.

      2,827      $           675,540  

Verisk Analytics, Inc.

      6,301        1,324,911  

W.W. Grainger, Inc.

      6,673        3,090,333  

Wabtec Corp.

      28,062        2,546,065  

Waste Management, Inc.

      62,739        10,052,670  

Watsco, Inc.

      4,309        1,247,800  

Werner Enterprises, Inc.

      16,258        736,813  

WESCO International, Inc.(b)

     20,666        2,677,487  

Woodward, Inc.

      5,561        628,115  

XPO Logistics, Inc.(b)

     26,887        2,306,905  

Xylem, Inc.

      16,074        2,099,104  

Zurn Water Solutions Corp.

      15,926        577,795  
     

 

 

  
        557,144,254  
     

 

 

  

Information Technology-13.17%

      

Accenture PLC, Class A

      52,904        18,981,426  

Adobe, Inc.(b)

     10,010        6,510,104  

Advanced Micro Devices, Inc.(b)

     15,613        1,877,151  

Akamai Technologies, Inc.(b)

     15,586        1,643,700  

Alliance Data Systems Corp.

      24,207        2,063,647  

Amdocs Ltd.

      20,176        1,570,500  

Amphenol Corp., Class A

      42,717        3,279,384  

Analog Devices, Inc.

      43,615        7,566,766  

ANSYS, Inc.(b)

     2,774        1,052,955  

Apple, Inc.

             875,452        131,142,710  

Applied Materials, Inc.

      52,200        7,133,130  

Arista Networks, Inc.(b)

     2,579        1,056,590  

Arrow Electronics, Inc.(b)

     26,762        3,097,701  

Automatic Data Processing, Inc.

      38,658        8,678,334  

Avaya Holdings Corp.(b)(c)

     23,655        440,456  

Avnet, Inc.

      57,792        2,202,453  

Black Knight, Inc.(b)

     10,118        709,373  

Broadcom, Inc.

      28,266        15,028,184  

Broadridge Financial Solutions, Inc.

      9,428        1,682,049  

Cadence Design Systems, Inc.(b)

     7,355        1,273,224  

CDK Global, Inc.

      13,616        592,568  

CDW Corp.

      16,161        3,016,451  

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

     9,786        1,170,406  

Ciena Corp.(b)

     18,009        977,709  

Cisco Systems, Inc.

      729,579        40,834,537  

Citrix Systems, Inc.

      6,803        644,448  

Cognizant Technology Solutions Corp., Class A

      70,003        5,466,534  

Coherent, Inc.(b)

     2,336        594,278  

CommScope Holding Co., Inc.(b)

     94,768        1,014,965  

Concentrix Corp.

      6,640        1,179,795  

Consensus Cloud Solutions, Inc.(b)

     1,966        124,507  

Corning, Inc.

      142,500        5,068,725  

Dell Technologies, Inc., Class C(b)

     58,304        6,412,857  

DXC Technology Co.(b)

     134,951        4,395,354  

EPAM Systems, Inc.(b)

     1,598        1,075,838  

Euronet Worldwide, Inc.(b)

     5,477        614,465  

F5 Networks, Inc.(b)

     5,387        1,137,465  

Fidelity National Information Services, Inc.

      74,096        8,205,391  

First Solar, Inc.(b)(c)

     14,077        1,683,468  

Fiserv, Inc.(b)

     60,597        5,968,199  

FleetCor Technologies, Inc.(b)

     6,016        1,488,419  

Flex Ltd.(b)

     242,869        4,104,486  
     Shares      Value  

Information Technology-(continued)

      

Gartner, Inc.(b)

     4,589      $        1,523,135  

Genpact Ltd.

      20,887        1,030,773  

Global Payments, Inc.

      22,517        3,219,706  

GoDaddy, Inc., Class A(b)

     7,689        531,848  

Hewlett Packard Enterprise Co.

      543,388        7,960,634  

HP, Inc.

      355,453        10,780,889  

Insight Enterprises, Inc.(b)(c)

     9,886        936,204  

Intel Corp.

      769,046        37,683,254  

International Business Machines Corp.

             298,789        37,378,504  

Intuit, Inc.

      7,205        4,510,258  

IPG Photonics Corp.(b)

     2,588        411,518  

Jabil, Inc.

      54,939        3,294,142  

Jack Henry & Associates, Inc.

      5,732        954,263  

Juniper Networks, Inc.(c)

     90,831        2,681,331  

Keysight Technologies, Inc.(b)

     9,609        1,729,812  

KLA Corp.

      13,037        4,859,672  

Lam Research Corp.

      6,416        3,615,865  

Marvell Technology, Inc.

      36,180        2,478,330  

Mastercard, Inc., Class A

      22,479        7,542,154  

Maximus, Inc.

      7,883        666,665  

Microchip Technology, Inc.

      34,462        2,553,290  

Micron Technology, Inc.

      194,170        13,417,147  

Microsoft Corp.

      343,537        113,923,740  

MKS Instruments, Inc.

      4,441        666,372  

Motorola Solutions, Inc.

      13,667        3,397,480  

National Instruments Corp.

      15,919        676,080  

NCR Corp.(b)

     45,114        1,783,808  

NetApp, Inc.

      29,409        2,626,224  

NortonLifeLock, Inc.

      150,486        3,829,869  

Nuance Communications, Inc.(b)

     14,830        816,391  

NVIDIA Corp.

      32,958        8,426,372  

NXP Semiconductors N.V. (China)

      22,558        4,531,000  

ON Semiconductor Corp.(b)

     46,737        2,246,648  

Oracle Corp.

      224,892        21,576,138  

Paychex, Inc.

      36,674        4,521,171  

PayPal Holdings, Inc.(b)

     24,450        5,686,825  

Plexus Corp.(b)

     7,447        650,272  

Qorvo, Inc.(b)

     10,029        1,687,179  

QUALCOMM, Inc.

      114,448        15,226,162  

Sabre Corp.(b)(c)

     92,902        964,323  

salesforce.com, inc.(b)

     32,280        9,673,993  

Sanmina Corp.(b)

     19,158        723,214  

Seagate Technology Holdings PLC

      55,498        4,943,207  

ServiceNow, Inc.(b)

     1,084        756,372  

Skyworks Solutions, Inc.

      12,558        2,098,819  

SS&C Technologies Holdings, Inc.

      20,081        1,595,837  

SYNNEX Corp.

      12,419        1,303,995  

Synopsys, Inc.(b)

     6,036        2,011,074  

TE Connectivity Ltd.

      43,442        6,342,532  

Teledyne Technologies, Inc.(b)

     4,267        1,916,822  

Teradyne, Inc.

      6,198        856,812  

Texas Instruments, Inc.

      74,162        13,903,892  

Trimble, Inc.(b)

     16,827        1,470,175  

TTM Technologies, Inc.(b)(c)

     51,778        685,541  

Twilio, Inc., Class A(b)

     1,699        495,021  

ViaSat, Inc.(b)(c)

     12,190        727,621  

Visa, Inc., Class A(c)

     55,701        11,795,801  

Vishay Intertechnology, Inc.

      30,646        589,016  

VMware, Inc., Class A(b)(c)

     5,162        783,075  

Western Digital Corp.(b)

     92,081        4,814,915  

 

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

 

    12    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Information Technology-(continued)

 

Western Union Co. (The)

      88,299      $        1,608,808  

WEX, Inc.(b)

     3,631        543,561  

Wolfspeed, Inc.(b)(c)

     5,230        628,175  

Xerox Holdings Corp.

      99,981        1,779,662  

Xilinx, Inc.

      15,759        2,836,620  

Zebra Technologies Corp., Class A(b)

     2,591        1,383,464  
     

 

 

  
        732,024,174  
     

 

 

  

Materials-3.52%

 

Air Products and Chemicals, Inc.

      22,601        6,776,006  

Albemarle Corp.

      10,767        2,696,811  

Alcoa Corp.

      99,666        4,579,653  

Allegheny Technologies, Inc.(b)(c)

     36,522        588,004  

AptarGroup, Inc.

      7,380        891,356  

Arconic Corp.(b)(c)

     52,636        1,548,551  

Ashland Global Holdings, Inc.(c)

     11,196        1,074,928  

Avery Dennison Corp.

      10,060        2,190,263  

Avient Corp.

      16,802        905,292  

Axalta Coating Systems Ltd.(b)

     42,470        1,324,639  

Ball Corp.

      27,320        2,499,234  

Berry Global Group, Inc.(b)

     36,779        2,410,496  

Cabot Corp.

      15,376        820,310  

Carpenter Technology Corp.(c)

     15,196        469,252  

Celanese Corp.

      16,790        2,711,753  

CF Industries Holdings, Inc.

      51,572        2,929,290  

Chemours Co. (The)

      52,823        1,480,100  

Commercial Metals Co.

      41,643        1,340,072  

Compass Minerals International, Inc.(c)

     9,587        628,907  

Constellium SE(b)

     44,594        820,976  

Corteva, Inc.

             100,021        4,315,906  

Crown Holdings, Inc.

      24,820        2,581,032  

Domtar Corp.(b)

     34,265        1,870,526  

Dow, Inc.

      147,525        8,256,974  

DuPont de Nemours, Inc.

      207,415        14,436,084  

Eastman Chemical Co.

      32,530        3,384,096  

Ecolab, Inc.

      22,797        5,065,949  

Element Solutions, Inc.

      43,843        995,675  

FMC Corp.

      11,156        1,015,308  

Freeport-McMoRan, Inc.

      101,312        3,821,489  

Graphic Packaging Holding Co.

      84,038        1,674,877  

H.B. Fuller Co.(c)

     11,319        798,103  

Huntsman Corp.(c)

     65,290        2,127,148  

International Flavors & Fragrances, Inc.

      15,956        2,352,712  

International Paper Co.

      144,522        7,178,408  

Linde PLC (United Kingdom)

      65,137        20,791,730  

Louisiana-Pacific Corp.

      15,937        939,167  

LyondellBasell Industries N.V., Class A

      91,251        8,469,918  

Martin Marietta Materials, Inc.(c)

     6,024        2,366,468  

Mosaic Co. (The)

      100,064        4,159,661  

Newmont Corp.

      101,056        5,457,024  

Nucor Corp.

      97,960        10,937,234  

O-I Glass, Inc.(b)

     62,819        819,788  

Olin Corp.

      47,094        2,683,416  

Packaging Corp. of America

      18,141        2,492,029  

PPG Industries, Inc.

      35,406        5,685,141  

Reliance Steel & Aluminum Co.

      17,720        2,589,955  

RPM International, Inc.(c)

     17,854        1,556,869  

Scotts Miracle-Gro Co. (The)

      3,032        450,131  

Sealed Air Corp.

      29,582        1,754,804  

Sherwin-Williams Co. (The)

      16,149        5,112,935  
     Shares      Value  

Materials-(continued)

 

Silgan Holdings, Inc.

      17,577      $           706,595  

Sonoco Products Co.

      25,121        1,455,762  

Steel Dynamics, Inc.

      58,168        3,843,741  

Summit Materials, Inc., Class A(b)(c)

     29,830        1,063,440  

Sylvamo Corp.(b)

     13,132        369,797  

Trinseo PLC

      12,805        717,848  

United States Steel Corp.(c)

            110,252        2,909,550  

Vulcan Materials Co.

      12,508        2,378,021  

Warrior Met Coal, Inc.

      36,695        879,579  

Westlake Chemical Corp.

      7,776        756,916  

WestRock Co.

      116,918        5,623,756  
     

 

 

  
        195,531,455  
     

 

 

  

Real Estate-3.83%

 

Alexandria Real Estate Equities, Inc.

      13,761        2,809,171  

American Campus Communities, Inc.

      31,320        1,682,510  

American Homes 4 Rent, Class A

      29,527        1,198,796  

American Tower Corp.

      29,099        8,205,045  

Apartment Income REIT Corp.

      18,246        978,168  

Apple Hospitality REIT, Inc.

      93,346        1,466,466  

AvalonBay Communities, Inc.

      22,817        5,400,328  

Boston Properties, Inc.

      33,580        3,816,031  

Brandywine Realty Trust

      62,496        828,072  

Brixmor Property Group, Inc.

      86,311        2,023,130  

Camden Property Trust

      14,932        2,435,409  

CBRE Group, Inc., Class A(b)

     57,616        5,996,673  

Columbia Property Trust, Inc.

      45,098        864,529  

Corporate Office Properties Trust

      27,854        755,400  

Cousins Properties, Inc.

      28,580        1,132,054  

Crown Castle International Corp.

      40,531        7,307,739  

CubeSmart

      25,281        1,390,708  

CyrusOne, Inc.

      14,740        1,208,975  

DiamondRock Hospitality Co.(b)

     79,205        716,013  

Digital Realty Trust, Inc.

      28,255        4,458,922  

DigitalBridge Group, Inc.(b)(c)

     236,100        1,581,870  

Douglas Emmett, Inc.

      34,736        1,135,172  

Duke Realty Corp.

      42,604        2,396,049  

EPR Properties

      23,017        1,155,684  

Equinix, Inc.

      7,045        5,897,158  

Equity Commonwealth(b)(c)

     22,301        578,265  

Equity LifeStyle Properties, Inc.

      15,640        1,321,736  

Equity Residential

      67,154        5,802,106  

Essex Property Trust, Inc.

      9,349        3,178,006  

Extra Space Storage, Inc.

      13,576        2,679,495  

Federal Realty Investment Trust

      13,560        1,631,946  

First Industrial Realty Trust, Inc.

      14,910        868,209  

Gaming and Leisure Properties, Inc.

      31,000        1,503,190  

GEO Group, Inc. (The)(c)

     154,044        1,260,080  

Healthcare Realty Trust, Inc.

      26,202        866,238  

Healthcare Trust of America, Inc., Class A(c)

     40,951        1,367,354  

Healthpeak Properties, Inc.

      105,711        3,753,798  

Highwoods Properties, Inc.

      26,366        1,182,251  

Host Hotels & Resorts, Inc.(b)

     242,393        4,079,474  

Howard Hughes Corp. (The)(b)

     6,097        531,232  

Hudson Pacific Properties, Inc.

      40,297        1,037,648  

Invitation Homes, Inc.

      70,189        2,895,296  

Iron Mountain, Inc.(c)

     91,333        4,168,438  

JBG SMITH Properties

      24,815        716,161  

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

     14,057        3,629,939  

 

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

 

    13    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares      Value  

Real Estate-(continued)

 

Kilroy Realty Corp.

      22,946      $        1,546,101  

Kimco Realty Corp.

             151,176        3,416,578  

Lamar Advertising Co., Class A

      16,000        1,811,200  

Lexington Realty Trust(c)

     62,495        910,552  

Life Storage, Inc.

      10,560        1,413,034  

Macerich Co. (The)(c)

     122,834        2,222,067  

Medical Properties Trust, Inc.(c)

     77,021        1,642,858  

Mid-America Apartment Communities, Inc.

      16,622        3,394,379  

National Retail Properties, Inc.

      27,061        1,227,487  

Omega Healthcare Investors, Inc.

      42,235        1,240,020  

Outfront Media, Inc.

      49,551        1,233,324  

Paramount Group, Inc.

      87,796        744,510  

Park Hotels & Resorts, Inc.(b)(c)

     106,845        1,979,838  

Pebblebrook Hotel Trust(c)

     43,415        975,101  

Physicians Realty Trust

      39,095        743,196  

Piedmont Office Realty Trust, Inc., Class A

      44,077        782,807  

Prologis, Inc.

      59,234        8,586,561  

Public Storage

      14,367        4,772,430  

Rayonier, Inc.

      21,972        820,215  

Realogy Holdings Corp.(b)

     69,110        1,196,985  

Realty Income Corp.

      89,079        6,362,913  

Regency Centers Corp.

      34,829        2,452,310  

RLJ Lodging Trust

      56,021        807,823  

Ryman Hospitality Properties, Inc.(b)

     10,226        874,732  

Sabra Health Care REIT, Inc.

      53,160        752,214  

SBA Communications Corp., Class A

      2,708        935,154  

Service Properties Trust

      58,096        625,694  

Simon Property Group, Inc.

      66,346        9,724,997  

SITE Centers Corp.

      62,935        1,000,037  

SL Green Realty Corp.

      30,643        2,147,155  

Spirit Realty Capital, Inc.

      23,080        1,129,304  

STAG Industrial, Inc.

      19,176        834,731  

STORE Capital Corp.

      31,581        1,084,176  

Sun Communities, Inc.

      9,381        1,838,488  

Sunstone Hotel Investors, Inc.(b)

     89,351        1,102,591  

UDR, Inc.

      39,559        2,196,711  

Uniti Group, Inc.(c)

     78,327        1,120,859  

Ventas, Inc.

      107,735        5,749,817  

VICI Properties, Inc.(c)

     64,214        1,884,681  

Vornado Realty Trust(c)

     67,200        2,864,736  

Welltower, Inc.

      106,605        8,571,042  

Weyerhaeuser Co.

      143,931        5,141,215  

WP Carey, Inc.(c)

     30,091        2,320,317  

Xenia Hotels & Resorts, Inc.(b)

     32,847        584,677  

Zillow Group, Inc., Class A(b)(c)

     1,110        117,349  

Zillow Group, Inc., Class C(b)(c)

     2,645        274,101  
     

 

 

  
        213,048,001  
     

 

 

  

Utilities-4.42%

 

AES Corp. (The)

      157,191        3,950,210  

ALLETE, Inc.

      15,152        932,454  

Alliant Energy Corp.

      52,603        2,975,752  

Ameren Corp.

      58,894        4,964,175  

American Electric Power Co., Inc.

      137,797        11,672,784  

American Water Works Co., Inc.

      19,107        3,328,057  

Atmos Energy Corp.

      24,115        2,221,474  

Avangrid, Inc.(c)

     19,354        1,019,956  

Avista Corp.

      23,473        934,460  
     Shares      Value  

Utilities-(continued)

 

Black Hills Corp.

      17,150      $        1,138,417  

CenterPoint Energy, Inc.

      192,479        5,012,153  

CMS Energy Corp.

      65,246        3,937,596  

Consolidated Edison, Inc.

      124,966        9,422,436  

Dominion Energy, Inc.

      204,257        15,509,234  

DTE Energy Co.

      48,136        5,456,216  

Duke Energy Corp.

      201,501        20,555,117  

Edison International

             114,294        7,192,521  

Entergy Corp.

      63,568        6,548,775  

Essential Utilities, Inc.

      27,665        1,302,192  

Evergy, Inc.

      72,512        4,622,640  

Eversource Energy

      72,022        6,114,668  

Exelon Corp.

      335,216        17,830,139  

FirstEnergy Corp.

      185,836        7,160,261  

Hawaiian Electric Industries, Inc.

      28,155        1,141,967  

IDACORP, Inc.

      11,823        1,233,375  

MDU Resources Group, Inc.

      55,888        1,717,438  

National Fuel Gas Co.

      22,305        1,280,976  

New Jersey Resources Corp.(c)

     21,519        813,633  

NextEra Energy, Inc.

      224,593        19,164,521  

NiSource, Inc.

      116,537        2,874,968  

NorthWestern Corp.(c)

     16,105        915,730  

NRG Energy, Inc.

      46,996        1,874,670  

OGE Energy Corp.

      62,769        2,138,540  

ONE Gas, Inc.

      12,911        868,910  

PG&E Corp.(b)(c)

     232,379        2,695,596  

Pinnacle West Capital Corp.

      36,556        2,357,496  

PNM Resources, Inc.

      16,225        807,194  

Portland General Electric Co.

      30,058        1,482,160  

PPL Corp.

      263,857        7,599,082  

Public Service Enterprise Group, Inc.

      130,662        8,336,236  

Sempra Energy

      62,125        7,929,014  

South Jersey Industries, Inc.(c)

     28,739        654,100  

Southern Co. (The)

      245,167        15,278,807  

Southwest Gas Holdings, Inc.

      18,831        1,304,047  

Spire, Inc.

      14,732        924,580  

UGI Corp.

      57,381        2,490,909  

Vistra Corp.

      157,937        3,093,986  

WEC Energy Group, Inc.

      63,011        5,674,771  

Xcel Energy, Inc.

      116,691        7,537,072  
     

 

 

  
        245,991,465  
     

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $4,039,971,899)

 

      5,554,993,646  
     

 

 

  

Money Market Funds-0.04%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $2,467,647)

      2,467,647        2,467,647  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $4,042,439,546)

         5,557,461,293  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.06%

 

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

     50,626,862        50,626,862  

 

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

 

    14    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

     Shares    Value  

Money Market Funds-(continued)

      

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

   119,552,991    $   119,600,814  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $170,227,675)

      170,227,676  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES-103.03%
(Cost $4,212,667,221)

      5,727,688,969  

OTHER ASSETS LESS LIABILITIES-(3.03)%

      (168,593,400 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 5,559,095,569  
     

 

 

  

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at 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
(Depreciation)		   Realized
Gain
(Loss)		   Value
October 31, 2021		    Dividend
Income
Invesco Ltd.        $    4,203,225        $       140,512        $         (23,975 )       $(253,169 )       $4,978       $    4,071,571        $  53,419
Invesco Mortgage Capital, Inc.        864,622        25,978        (4,338 )       (169,695 )       (145 )       716,422        40,453
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class        2,630,153        70,441,958        (70,604,464 )       -       -       2,467,647        652
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        51,675,128        186,243,091        (187,291,357 )       -       -       50,626,862        3,172 *

Invesco Private Prime Fund

        77,512,693        362,183,748        (320,095,627 )       -       -       119,600,814        46,218 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total

        $136,885,821        $619,035,287        $(578,019,761 )       $(422,864 )       $4,833       $177,483,316        $143,914
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

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.

 

    15    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

    

 

 Portfolio Composition

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

 as of October 31, 2021

   

  Financials

      20.12                          

  Information Technology

      13.17                          

  Health Care

      11.74                          

  Industrials

      10.02                          

  Consumer Discretionary

      9.77                          

  Communication Services

      7.95                          

  Consumer Staples

      7.91                          

  Energy

      7.48                          

  Utilities

      4.42                          

  Real Estate

      3.83                          

  Materials

      3.52                          

  Money Market Funds Plus Other Assets Less

  Liabilities

      0.07                          

 

 

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

 

    16    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

Schedule of Investments(a)

 

     Shares    Value  

Common Stocks & Other Equity Interests-99.96%

 

Communication Services-3.63%

      

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

            219,761      $        7,772,947  

ATN International, Inc.

      16,290        664,306  

Bandwidth, Inc., Class A(b)(c)

     1,974        168,343  

Cable One, Inc.

      1,414        2,419,651  

Cardlytics, Inc.(b)(c)

     1,569        123,417  

Cargurus, Inc.(b)

     15,611        523,593  

Cars.com, Inc.(b)

     156,090        2,032,292  

Clear Channel Outdoor Holdings, Inc.(b)

     829,734        2,406,229  

Cogent Communications Holdings, Inc.

      35,093        2,687,773  

comScore, Inc.(b)

     112,854        441,259  

Consolidated Communications Holdings, Inc.(b)

     161,961        1,198,511  

Cumulus Media, Inc., Class A(b)

     24,138        299,794  

E.W. Scripps Co. (The), Class A

      58,424        1,086,686  

Emerald Holding, Inc.(b)

     45,917        185,964  

Entercom Communications Corp.(b)(c)

     213,544        689,747  

Entravision Communications Corp., Class A

      76,704        611,331  

Eros STX Global Corp. (United Arab Emirates)(b)

     91,153        74,518  

Eventbrite, Inc., Class A(b)(c)

     19,544        395,571  

Fluent, Inc.(b)

     23,207        55,233  

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

     538,507        3,123,341  

Globalstar, Inc.(b)

     102,491        169,110  

Gogo, Inc.(b)(c)

     50,525        821,536  

IAC/InterActiveCorp.(b)

     8,521        1,298,345  

IDT Corp., Class B(b)

     44,167        2,136,358  

IMAX Corp.(b)

     53,878        1,015,600  

Iridium Communications, Inc.(b)

     55,878        2,265,853  

John Wiley & Sons, Inc., Class A(c)

     58,760        3,183,029  

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

     4,651        142,181  

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

     16,921        502,892  

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

     201,853        623,726  

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

     37,999        2,677,789  

Madison Square Garden Sports Corp., Class A(b)

     10,933        2,071,913  

Magnite, Inc.(b)(c)

     4,049        109,444  

Marcus Corp. (The)(b)(c)

     61,560        1,143,169  

National CineMedia, Inc.

      224,664        714,431  

New York Times Co. (The), Class A

      57,180        3,121,456  

Pinterest, Inc., Class A(b)

     19,566        873,426  

QuinStreet, Inc.(b)

     19,138        267,932  

Reading International, Inc., Class A(b)

     31,609        151,407  

Roku, Inc.(b)

     2,244        684,196  

Scholastic Corp.

      57,242        2,071,588  

Shenandoah Telecommunications Co.

      34,465        952,613  

Sirius XM Holdings, Inc.(c)

     521,428        3,175,496  

Spok Holdings, Inc.

      29,646        305,057  

TechTarget, Inc.(b)(c)

     3,086        291,041  

TripAdvisor, Inc.(b)

     59,332        1,956,176  

TrueCar, Inc.(b)

     103,609        434,122  

United States Cellular Corp.(b)(c)

     53,203        1,626,416  
     Shares    Value  

Communication Services-(continued)

 

   

Vimeo, Inc.(b)

     13,219      $ 445,877  

WideOpenWest, Inc.(b)

     98,320        1,872,996  

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

     20,526        1,253,933  

Yelp, Inc.(b)

     43,912        1,696,321  

Zynga, Inc., Class A(b)

            182,076        1,343,721  
     

 

 

  
             68,359,656  
     

 

 

  

Consumer Discretionary-13.36%

      

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

     19,749        634,338  

2U, Inc.(b)(c)

     18,302        540,641  

Acushnet Holdings Corp.(c)

     28,216        1,437,323  

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

     64,637        2,387,044  

Afya Ltd., Class A (Brazil)(b)

     11,221        195,806  

American Outdoor Brands, Inc.(b)

     14,890        339,194  

American Public Education, Inc.(b)

     24,312        607,557  

America’s Car-Mart, Inc.(b)

     4,810        574,747  

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

     7,932        135,241  

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

     311,952        1,488,011  

Bally’s Corp.(b)

     11,368        520,768  

Barnes & Noble Education, Inc.(b)

     155,684        1,616,000  

Bassett Furniture Industries, Inc.

      24,706        417,284  

Beazer Homes USA, Inc.(b)

     108,649        1,967,633  

Big 5 Sporting Goods Corp.(c)

     60,401        1,460,496  

Biglari Holdings, Inc., Class A(b)

     154        126,126  

Biglari Holdings, Inc., Class B(b)

     1,747        290,404  

BJ’s Restaurants, Inc.(b)(c)

     23,161        771,725  

Boot Barn Holdings, Inc.(b)

     18,151        1,896,598  

Boyd Gaming Corp.(b)

     57,982        3,698,092  

Buckle, Inc. (The)

      47,962        1,996,178  

Build-A-Bear Workshop, Inc.(b)(c)

     33,789        529,812  

Caesars Entertainment, Inc.(b)

     37,311        4,084,062  

Caleres, Inc.

      157,221        3,625,516  

Callaway Golf Co.(b)(c)

     57,717        1,561,245  

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

     31,665        1,179,521  

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

     9,571        145,766  

Carriage Services, Inc.

      15,551        800,099  

Carrols Restaurant Group, Inc.(c)

     122,151        448,294  

Carvana Co.(b)

     1,486        450,525  

Cato Corp. (The), Class A

      70,217        1,237,926  

Cavco Industries, Inc.(b)

     7,354        1,767,755  

Century Casinos, Inc.(b)

     42,531        629,459  

Century Communities, Inc.

      40,841        2,738,797  

Cheesecake Factory, Inc. (The)(b)(c)

     57,260        2,327,046  

Chegg, Inc.(b)

     6,778        402,884  

Chico’s FAS, Inc.(b)

     745,716        4,071,609  

Children’s Place, Inc. (The)(b)(c)

     32,067        2,658,034  

Choice Hotels International, Inc.

      13,446        1,890,777  

Churchill Downs, Inc.

      9,777        2,248,710  

Chuy’s Holdings, Inc.(b)(c)

     14,215        414,509  

Citi Trends, Inc.(b)(c)

     9,041        699,412  

Clarus Corp.

      13,590        374,812  

Columbia Sportswear Co.

      20,879        2,168,075  

Conn’s, Inc.(b)

     102,111        2,274,012  

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

     30,706        339,608  

Cooper-Standard Holdings, Inc.(b)

     48,272        1,252,176  

Crocs, Inc.(b)

     14,216        2,295,173  

 

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

 

    17    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Consumer Discretionary-(continued)

 

Culp, Inc.

      10,314      $ 136,454  

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

     38,914               1,444,877  

Del Taco Restaurants, Inc.

      62,172        518,514  

Denny’s Corp.(b)

     48,876        777,128  

Despegar.com Corp. (Argentina)(b)

     43,042        478,627  

Dillard’s, Inc., Class A(c)

     27,681        6,398,186  

Dine Brands Global, Inc.(b)

     21,714        1,835,050  

Dorman Products, Inc.(b)

     17,530        1,829,781  

Drive Shack, Inc.(b)

     99,471        258,625  

Duluth Holdings, Inc., Class B(b)

     16,272        233,178  

El Pollo Loco Holdings, Inc.(b)(c)

     19,085        280,550  

Escalade, Inc.

      12,704        237,692  

Ethan Allen Interiors, Inc.

      53,179        1,234,285  

Etsy, Inc.(b)

     4,641        1,163,452  

Everi Holdings, Inc.(b)

     82,650        1,983,600  

Express, Inc.(b)(c)

         1,008,737        3,873,550  

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

      14,418        565,330  

Fiesta Restaurant Group, Inc.(b)

     34,238        360,869  

Five Below, Inc.(b)

     13,139        2,592,325  

Flexsteel Industries, Inc.

      13,654        382,312  

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

     22,871        3,108,626  

Fossil Group, Inc.(b)(c)

     164,254        1,941,482  

Fox Factory Holding Corp.(b)

     8,402        1,352,302  

Franchise Group, Inc.(c)

     5,504        202,547  

frontdoor, inc.(b)

     33,935        1,265,097  

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

     26,289        261,576  

Funko, Inc., Class A(b)(c)

     35,730        585,615  

Genesco, Inc.(b)

     65,957        3,996,335  

Gentherm, Inc.(b)

     23,990        1,766,384  

Golden Entertainment, Inc.(b)

     28,970        1,505,571  

GoPro, Inc., Class A(b)(c)

     118,389        1,019,329  

Grand Canyon Education, Inc.(b)

     30,892        2,462,092  

Green Brick Partners, Inc.(b)

     26,488        690,012  

Groupon, Inc.(b)(c)

     57,902        1,228,680  

Guess?, Inc.

      81,254        1,682,770  

Hamilton Beach Brands Holding Co., Class A

      15,238        228,570  

Haverty Furniture Cos., Inc., (Acquired 05/02/2018 - 09/17/2021; Cost $518,500)(d)

     34,125        979,388  

Helen of Troy Ltd.(b)(c)

     13,626        3,065,169  

Hibbett, Inc.(c)

     22,266        1,724,279  

Hooker Furnishings Corp.

      15,147        381,856  

Horizon Global Corp.(b)

     22,955        170,326  

Houghton Mifflin Harcourt Co.(b)(c)

     271,804        3,856,899  

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

     29,412        2,478,255  

Hyatt Hotels Corp., Class A(b)(c)

     33,784        2,878,397  

Installed Building Products, Inc.

      10,086        1,281,426  

iRobot Corp.(b)(c)

     14,184        1,183,229  

Jack in the Box, Inc.

      23,233        2,298,905  

Johnson Outdoors, Inc., Class A

      3,402        361,224  

Kirkland’s, Inc.(b)(c)

     20,797        467,517  

Kontoor Brands, Inc.

      62,258        3,299,674  

Lakeland Industries, Inc.(b)(c)

     5,478        114,545  

Lands’ End, Inc.(b)(c)

     16,588        435,933  

La-Z-Boy, Inc.

      56,110        1,865,096  

Lazydays Holdings, Inc.(b)

     14,951        315,317  

LCI Industries

      22,177        3,096,796  

LGI Homes, Inc.(b)

     18,973        2,832,669  

Lifetime Brands, Inc.

      18,978        321,867  
     Shares    Value  

Consumer Discretionary-(continued)

 

Lindblad Expeditions Holdings, Inc.(b)(c)

     13,268      $ 198,357  

Liquidity Services, Inc.(b)

     14,802        326,828  

Lumber Liquidators Holdings, Inc.(b)(c)

     34,725        627,828  

M/I Homes, Inc.(b)

     58,911               3,373,244  

MakeMyTrip Ltd. (India)(b)

     16,697        528,794  

Malibu Boats, Inc., Class A(b)

     9,725        686,682  

MarineMax, Inc.(b)

     27,215        1,409,465  

MasterCraft Boat Holdings, Inc.(b)

     21,996        589,053  

MercadoLibre, Inc. (Argentina)(b)

     1,427        2,113,416  

Modine Manufacturing Co.(b)

           119,875        1,318,625  

Monarch Casino & Resort, Inc.(b)

     8,405        607,009  

Monro, Inc.

      32,006        1,976,691  

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

     23,676        447,950  

Movado Group, Inc.

      37,267        1,240,991  

Nathan’s Famous, Inc.

      3,460        216,250  

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

     45,982        2,834,330  

Nautilus, Inc.(b)(c)

     16,354        167,301  

Noodles & Co.(b)(c)

     28,761        349,446  

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

     22,260        1,506,112  

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

     32,139        347,101  

OneWater Marine, Inc., Class A

      14,030        622,090  

Overstock.com, Inc.(b)

     14,332        1,364,836  

Oxford Industries, Inc.

      23,001        2,132,653  

Papa John’s International, Inc.

      18,250        2,264,460  

Party City Holdco, Inc.(b)(c)

     332,788        2,419,369  

Patrick Industries, Inc.

      28,465        2,217,708  

Peloton Interactive, Inc., Class A(b)

     2,661        243,322  

Perdoceo Education Corp.(b)

     77,905        827,351  

PetMed Express, Inc.(c)

     19,825        563,625  

Planet Fitness, Inc., Class A(b)

     13,820        1,099,381  

Playa Hotels & Resorts N.V.(b)

     84,240        716,882  

PlayAGS, Inc.(b)

     60,595        534,448  

Potbelly Corp.(b)

     39,934        240,403  

Quotient Technology, Inc.(b)

     37,788        243,355  

RCI Hospitality Holdings, Inc.

      4,897        332,017  

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

     12,259        159,735  

Red Robin Gourmet Burgers, Inc.(b)

     59,491        1,182,086  

Red Rock Resorts, Inc., Class A(b)

     62,105        3,379,133  

Regis Corp.(b)(c)

     98,304        265,421  

Rent-A-Center, Inc.

      37,555        2,000,179  

RH(b)(c)

     4,869        3,211,738  

Rocky Brands, Inc.

      9,990        544,955  

Ruth’s Hospitality Group, Inc.(b)(c)

     30,173        583,546  

SeaWorld Entertainment, Inc.(b)

     36,564        2,321,814  

Shake Shack, Inc., Class A(b)

     5,434        375,870  

Shoe Carnival, Inc.

      29,067        984,499  

Shutterstock, Inc.

      6,615        801,407  

Skyline Champion Corp.(b)

     21,683        1,372,968  

Sleep Number Corp.(b)(c)

     13,349        1,179,251  

Smith & Wesson Brands, Inc.

      60,481        1,300,342  

Sonos, Inc.(b)

     20,770        677,517  

Sportsman’s Warehouse Holdings, Inc.(b)

     56,069        967,751  

Standard Motor Products, Inc.

      36,102        1,729,286  

Steven Madden Ltd.

      64,839        2,924,239  

Stitch Fix, Inc., Class A(b)

     10,058        348,007  

StoneMor, Inc.(b)

     89,390        231,520  

Stoneridge, Inc.(b)

     37,570        713,079  

Strategic Education, Inc.

      21,074        1,437,458  

Strattec Security Corp.(b)

     8,394        291,020  

 

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

 

    18    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Consumer Discretionary-(continued)

 

Stride, Inc.(b)(c)

     67,080      $ 2,381,340  

Sturm Ruger & Co., Inc.

      17,090        1,348,059  

Superior Group of Cos., Inc.

      13,371        347,512  

Superior Industries International, Inc.(b)

     97,783        570,075  

Tilly’s, Inc., Class A

      59,312        823,251  

TopBuild Corp.(b)

     17,423        4,477,188  

TravelCenters of America, Inc.(b)

     45,733        2,465,466  

Unifi, Inc.(b)

     33,439        803,205  

Universal Electronics, Inc.(b)

     15,750        648,585  

Universal Technical Institute, Inc.(b)

     38,397        270,315  

Veoneer, Inc. (Sweden)(b)(c)

            102,365        3,603,248  

Vera Bradley, Inc.(b)

     57,246        561,583  

Vista Outdoor, Inc.(b)

     60,472        2,530,148  

VOXX International Corp.(b)(c)

     25,229        285,340  

Wayfair, Inc., Class A(b)(c)

     10,690        2,662,879  

Wendy’s Co. (The)

      155,836        3,475,143  

Wingstop, Inc.(c)

     6,567        1,132,610  

Winnebago Industries, Inc.(c)

     26,428        1,788,911  

Wolverine World Wide, Inc.

      84,822        2,813,546  

WW International, Inc.(b)(c)

     60,126        1,043,787  

YETI Holdings, Inc.(b)(c)

     14,847        1,459,906  

Zovio, Inc.(b)

     72,310        124,373  

Zumiez, Inc.(b)(c)

     25,809        1,050,426  
     

 

 

  
           251,344,050  
     

 

 

  

Consumer Staples-3.43%

      

Adecoagro S.A. (Brazil)(b)

     97,174        851,244  

Alico, Inc.

      8,255        293,878  

Andersons, Inc. (The)

      57,600        1,961,856  

BellRing Brands, Inc., Class A(b)

     18,914        507,273  

Beyond Meat, Inc.(b)(c)

     2,620        259,328  

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

     45,489        416,224  

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

     1,710        842,141  

Calavo Growers, Inc.

      15,865        637,773  

Cal-Maine Foods, Inc.(c)

     47,948        1,729,005  

Central Garden & Pet Co.(b)(c)

     13,619        702,468  

Central Garden & Pet Co., Class A(b)

     58,417        2,698,865  

Chefs’ Warehouse, Inc. (The)(b)(c)

     40,440        1,410,143  

Coca-Cola Consolidated, Inc.

      6,692        2,686,169  

Edgewell Personal Care Co.(c)

     86,409        3,023,451  

elf Beauty, Inc.(b)

     22,035        711,951  

Energizer Holdings, Inc.

      66,466        2,424,015  

Farmer Brothers Co.(b)

     50,851        383,925  

Fresh Del Monte Produce, Inc.

      62,771        2,102,201  

Freshpet, Inc.(b)

     1,864        290,616  

Grocery Outlet Holding Corp.(b)(c)

     53,803        1,193,888  

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

     78,185        3,508,161  

HF Foods Group, Inc.(b)(c)

     40,035        282,647  

Hostess Brands, Inc.(b)(c)

     166,593        3,150,274  

Ingles Markets, Inc., Class A

      31,863        2,204,601  

Inter Parfums, Inc.

      11,044        1,020,245  

J&J Snack Foods Corp.

      11,371        1,677,791  

John B. Sanfilippo & Son, Inc.

      11,823        999,043  

Lancaster Colony Corp.

      13,046        2,217,820  

Landec Corp.(b)

     48,768        474,025  

Lifevantage Corp.(b)

     24,231        165,982  

Limoneira Co.

      17,905        288,808  

Medifast, Inc.

      2,841        557,603  

MGP Ingredients, Inc.(c)

     7,251        465,587  

National Beverage Corp.(c)

     14,629        825,076  
     Shares    Value  

Consumer Staples-(continued)

      

Natural Grocers by Vitamin Cottage, Inc.

      24,620      $ 299,872  

Nature’s Sunshine Products, Inc.

      10,919        172,411  

Oil-Dri Corp.of America

      4,906        170,827  

Pilgrim’s Pride Corp.(b)

     128,755        3,625,741  

PriceSmart, Inc.

      23,776        1,710,683  

Revlon, Inc., Class A(b)

     28,715        297,487  

Reynolds Consumer Products, Inc.(c)

     36,814        993,242  

Seneca Foods Corp., Class A(b)

     6,413        331,103  

Simply Good Foods Co. (The)(b)

     33,092        1,312,098  

SpartanNash Co.

      163,465        3,782,580  

Tootsie Roll Industries, Inc.

      10,740        339,921  

Turning Point Brands, Inc.(c)

     6,321        241,273  

Universal Corp.

      43,459        2,042,573  

USANA Health Sciences, Inc.(b)

     11,069        1,074,357  

Vector Group Ltd.

             193,275        2,562,826  

Village Super Market, Inc., Class A

      14,339        319,329  

WD-40 Co.(c)

     3,385        768,395  

Weis Markets, Inc.(c)

     23,613        1,329,648  

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

     18,828        228,384  
     

 

 

  
             64,566,827  
     

 

 

  

Energy-6.06%

      

Alto Ingredients, Inc.(b)(c)

     182,289        969,777  

Amplify Energy Corp.(b)(c)

     113,845        388,211  

Antero Midstream Corp.

      241,667        2,571,337  

Arch Resources, Inc.(b)(c)

     40,209        3,662,236  

Archrock, Inc.

      245,761        2,012,783  

Ardmore Shipping Corp. (Ireland)(b)(c)

     81,587        323,900  

Berry Corp.

      85,861        825,124  

Bonanza Creek Energy, Inc.(c)

     36,549        2,051,861  

BP Prudhoe Bay Royalty Trust

      105,865        462,630  

Brigham Minerals, Inc., Class A

      35,503        822,959  

Cactus, Inc., Class A

      19,336        841,116  

Centennial Resource Development, Inc., Class A(b)(c)

     934,699        6,729,833  

ChampionX Corp.(b)

     131,325        3,444,655  

Clean Energy Fuels Corp.(b)(c)

     38,406        354,103  

CONSOL Energy, Inc.(b)

     132,282        3,639,078  

Continental Resources, Inc.(c)

     148,433        7,245,015  

Core Laboratories N.V

      73,722        1,917,509  

CVR Energy, Inc.(c)

     117,663        2,255,600  

Denbury, Inc.(b)

     48,970        4,145,800  

DHT Holdings, Inc.(c)

     235,961        1,536,106  

DMC Global, Inc.(b)(c)

     5,343        223,231  

Dorian LPG Ltd.

      88,655        1,074,499  

Dril-Quip, Inc.(b)

     48,930        1,152,791  

Expro Group Holdings N.V.(b)

     36,673        628,942  

Exterran Corp.(b)

     65,730        281,324  

Falcon Minerals Corp.

      47,907        281,693  

Forum Energy Technologies, Inc.(b)(c)

     17,403        391,741  

FTS International, Inc., Tranche 1, Wts., expiring 11/19/2023(c)(e)

     6,471        8,089  

FTS International, Inc., Tranche 2, Wts., expiring 11/19/2023(c)(e)

     2,588        4,529  

Geopark Ltd. (Colombia)

      37,756        566,718  

Golar LNG Ltd. (Cameroon)(b)

     167,715        2,185,326  

Green Plains, Inc.(b)(c)

     107,765        4,089,682  

Helix Energy Solutions Group, Inc.(b)

     425,364        1,607,876  

International Seaways, Inc.(c)

     95,840        1,681,992  

KLX Energy Services Holdings, Inc.(b)(c)

     25,293        110,783  

 

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

 

    19    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Energy-(continued)

      

Kosmos Energy Ltd. (Ghana)(b)

            758,329      $        2,729,984  

Laredo Petroleum, Inc.(b)(c)

     30,713        2,315,760  

Liberty Oilfield Services, Inc.,
Class A(b)(c) .

      68,743        888,160  

Magnolia Oil & Gas Corp., Class A(c)

     188,850        3,943,188  

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

     35,863        123,010  

Matador Resources Co.

      143,096        5,988,568  

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

     30,137        352,603  

Navigator Holdings Ltd.(b)

     50,798        421,623  

Newpark Resources, Inc.(b)

     253,515        861,951  

NexTier Oilfield Solutions, Inc.(b)

     439,064        1,958,225  

Nine Energy Service, Inc.(b)(c)

     62,237        115,761  

Nordic American Tankers Ltd.(c)

     569,476        1,338,269  

Northern Oil and Gas, Inc.(c)

     34,356        795,685  

Oil States International, Inc.(b)(c)

     287,496        1,742,226  

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

     122,836        244,444  

Par Pacific Holdings, Inc.(b)

     81,547        1,260,717  

ProPetro Holding Corp.(b)

     189,290        1,815,291  

Range Resources Corp.(b)(c)

     284,790        6,641,303  

Ranger Oil Corp.(b)

     42,473        1,403,308  

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

     33,135        2,120,640  

REX American Resources Corp.(b)

     6,451        567,365  

Ring Energy, Inc.(b)(c)

     319,450        1,201,132  

RPC, Inc.(b)(c)

     128,498        692,604  

SandRidge Energy, Inc.(b)(c)

     110,071        1,408,909  

Scorpio Tankers, Inc. (Monaco)(c)

     180,106        2,885,298  

Select Energy Services, Inc., Class A(b)

     112,668        677,135  

SFL Corp. Ltd. (Norway)

      349,958        2,768,168  

Solaris Oilfield Infrastructure, Inc., Class A

      25,611        194,387  

Talos Energy, Inc.(b)

     23,240        301,423  

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

     223,744        792,054  

Teekay Tankers Ltd., Class A
(Bermuda)(b)(c)

     104,692        1,453,125  

TETRA Technologies, Inc.(b)

     319,094        1,030,674  

Tidewater, Inc.(b)

     47,369        574,586  

Tsakos Energy Navigation Ltd. (Greece)

      32,712        302,586  

US Silica Holdings, Inc.(b)

     140,999        1,364,870  

W&T Offshore, Inc.(b)

     82,575        339,383  
     

 

 

  
        114,103,264  
     

 

 

  

Financials-19.55%

      

1st Source Corp.

      19,147        924,417  

ACRES Commercial Realty Corp.(b)

     59,993        941,890  

AG Mortgage Investment Trust, Inc.

      85,553        989,848  

Alerus Financial Corp.

      8,091        254,057  

Allegiance Bancshares, Inc.

      24,857        973,649  

Amalgamated Financial Corp.

      15,821        290,474  

A-Mark Precious Metals, Inc.

      23,053        1,728,744  

Ambac Financial Group, Inc.(b)

     106,776        1,805,582  

Amerant Bancorp, Inc.(b)

     12,764        338,884  

American National Bankshares, Inc.

      6,689        248,162  

American National Group, Inc.

      10,893        2,066,511  

Ameris Bancorp

      56,309        2,950,029  

AMERISAFE, Inc.

      29,914        1,773,601  

Ames National Corp.

      8,054        199,095  

Arbor Realty Trust, Inc.(c)

     114,630        2,305,209  

Ares Commercial Real Estate Corp.

      68,727        1,073,516  

Ares Management Corp., Class A

      27,977        2,370,771  
     Shares    Value  

Financials-(continued)

      

Argo Group International Holdings Ltd.

      41,761      $        2,301,031  

Arlington Asset Investment Corp., Class A(b)

     65,840        252,826  

ARMOUR Residential REIT, Inc.

             125,573        1,321,028  

Arrow Financial Corp.

      8,878        318,276  

Artisan Partners Asset Management, Inc., Class A

      57,873        2,867,028  

AssetMark Financial Holdings, Inc.(b)

     11,891        304,885  

Atlantic Capital Bancshares, Inc.(b)

     24,987        687,392  

Atlantic Union Bankshares Corp.

      76,940        2,759,838  

Atlanticus Holdings Corp.(b)(c)

     6,582        510,039  

Axos Financial, Inc.(b)

     51,299        2,718,847  

B. Riley Financial, Inc.

      12,582        901,626  

Banc of California, Inc.

      65,465        1,330,903  

BancFirst Corp.

      16,932        1,100,749  

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

      38,662        701,329  

Bancorp, Inc. (The)(b)

     35,950        1,098,272  

Bank First Corp.(c)

     4,602        326,696  

Bank of Marin Bancorp

      12,577        479,309  

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

      53,450        1,918,855  

Banner Corp.

      52,853        3,052,789  

Bar Harbor Bankshares

      7,784        231,185  

Berkshire Hills Bancorp, Inc.(c)

     103,932        2,821,754  

BGC Partners, Inc., Class A

      588,068        3,157,925  

Blucora, Inc.(b)

     77,619        1,282,266  

Bridgewater Bancshares, Inc.(b)

     17,589        318,185  

Brightsphere Investment Group, Inc.

      68,912        2,065,982  

BrightSpire Capital, Inc.

      152,395        1,494,995  

Broadmark Realty Capital, Inc.

      128,381        1,324,892  

Brookline Bancorp, Inc.

      115,445        1,852,892  

Bryn Mawr Bank Corp.

      22,904        1,061,371  

Business First Bancshares, Inc.

      12,311        328,457  

Byline Bancorp, Inc.

      20,443        526,612  

Cambridge Bancorp

      4,611        423,336  

Camden National Corp.

      13,125        624,750  

Cannae Holdings, Inc.(b)

     57,648        1,965,797  

Capital City Bank Group, Inc.

      7,040        189,165  

Capitol Federal Financial, Inc.

      235,600        2,857,828  

Capstar Financial Holdings, Inc.

      14,347        315,204  

Carlyle Group, Inc. (The)

      68,649        3,854,641  

CBTX, Inc.

      14,766        401,635  

Central Pacific Financial Corp.

      51,172        1,406,718  

Century Bancorp, Inc., Class A

      2,818        324,493  

Cherry Hill Mortgage Investment Corp.

      50,253        458,307  

Citizens & Northern Corp.

      9,287        236,911  

City Holding Co.

      18,244        1,451,858  

Civista Bancshares, Inc.

      10,311        248,083  

CNA Financial Corp.

      69,318        3,109,605  

CNB Financial Corp.

      12,675        325,367  

Cohen & Steers, Inc.

      21,920        2,079,989  

Columbia Financial, Inc.(b)(c)

     35,327        657,789  

Community Bank System, Inc.

      47,825        3,427,618  

Community Trust Bancorp, Inc.

      21,170        924,706  

Compass Diversified Holdings

      71,200        2,125,320  

ConnectOne Bancorp, Inc.

      37,025        1,248,853  

Cowen, Inc., Class A(c)

     38,310        1,445,436  

Credit Acceptance Corp.(b)(c)

     8,788        5,257,069  

CrossFirst Bankshares, Inc.(b)

     40,429        575,305  

 

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

 

    20    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Financials-(continued)

      

Curo Group Holdings Corp.

      37,612      $ 646,174  

Customers Bancorp, Inc.(b)

     44,396               2,365,863  

CVB Financial Corp.

             141,535        2,833,531  

Diamond Hill Investment Group, Inc.

      5,142        1,115,094  

Dime Community Bancshares, Inc.

      26,980        962,646  

Donegal Group, Inc., Class A

      15,737        224,252  

Donnelley Financial Solutions, Inc.(b)

     61,545        2,358,404  

Dynex Capital, Inc.(c)

     57,486        1,006,005  

Eagle Bancorp, Inc.

      41,910        2,371,687  

eHealth, Inc.(b)(c)

     13,123        582,005  

Elevate Credit, Inc.(b)

     113,366        388,845  

Ellington Financial, Inc.

      60,821        1,105,726  

Ellington Residential Mortgage REIT

      18,829        228,584  

Employers Holdings, Inc.

      47,995        1,852,607  

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

     78,922        4,263,366  

Enova International, Inc.(b)

     59,449        1,928,526  

Enstar Group Ltd.(b)

     11,708        2,701,972  

Enterprise Financial Services Corp.

      29,739        1,398,328  

Equity Bancshares, Inc., Class A

      12,249        409,852  

Essent Group Ltd.

      81,792        3,926,016  

Farmers National Banc Corp.

      18,578        331,060  

FB Financial Corp.

      23,157        1,049,707  

Federal Agricultural Mortgage Corp., Class C

      14,043        1,770,682  

Financial Institutions, Inc.

      19,428        620,142  

First Bancorp

      280,944        3,834,886  

First Bancorp/Southern Pines NC

      29,212        1,414,445  

First Bancshares, Inc. (The)

      16,967        682,922  

First Busey Corp.

      53,587        1,365,933  

First Commonwealth Financial Corp.

      141,360        2,162,808  

First Community Bankshares, Inc.

      10,093        327,215  

First Financial Bancorp

      121,281        2,884,062  

First Financial Bankshares, Inc.

      52,484        2,661,988  

First Financial Corp.

      15,479        663,275  

First Foundation, Inc.

      29,723        790,929  

First Internet Bancorp

      10,597        360,722  

First Interstate BancSystem, Inc., Class A

      46,837        1,947,014  

First Merchants Corp.

      59,475        2,472,970  

First Mid Bancshares, Inc.

      11,235        484,004  

First of Long Island Corp. (The)

      18,799        378,424  

FirstCash, Inc.

      46,722        4,133,495  

Flagstar Bancorp, Inc.

      59,050        2,786,569  

Flushing Financial Corp.

      53,613        1,287,784  

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

      12,909        811,460  

FS Bancorp, Inc.

      7,262        250,249  

German American Bancorp, Inc.

      15,416        607,699  

Granite Point Mortgage Trust, Inc.

      155,831        2,088,135  

Great Ajax Corp.

      28,956        410,017  

Great Southern Bancorp, Inc.

      11,130        628,066  

Great Western Bancorp, Inc.

      117,735        4,008,877  

Green Dot Corp., Class A(b)

     41,611        1,762,642  

Greenhill & Co., Inc.

      23,248        365,459  

Greenlight Capital Re Ltd., Class A(b)

     68,074        505,790  

Guaranty Bancshares, Inc.

      6,578        246,938  

Hallmark Financial Services, Inc.(b)

     61,814        205,841  

Hamilton Lane, Inc., Class A(c)

     4,657        486,703  

Hanmi Financial Corp.

      53,958        1,197,328  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

      22,844        1,379,778  

HarborOne Bancorp, Inc.

      63,615        914,148  
     Shares    Value  

Financials-(continued)

      

HBT Financial, Inc.

      18,212      $ 328,362  

HCI Group, Inc.(c)

     8,662               1,160,795  

Heartland Financial USA, Inc.

      40,168        2,013,220  

Heritage Commerce Corp.

      66,519        797,563  

Heritage Financial Corp.

      49,246        1,223,271  

Heritage Insurance Holdings, Inc.

      47,461        310,395  

Hilltop Holdings, Inc.(c)

     85,802        3,040,823  

Hingham Institution for Savings (The)

      1,182        426,986  

HomeStreet, Inc.

      30,643        1,445,124  

HomeTrust Bancshares, Inc.

      18,122        550,909  

Hope Bancorp, Inc.

             250,341        3,652,475  

Horace Mann Educators Corp.

      79,029        3,096,356  

Horizon Bancorp, Inc.

      37,884        722,448  

Houlihan Lokey, Inc.

      31,709        3,553,945  

Independent Bank Corp.(c)

     31,040        2,622,880  

Independent Bank Corporation

      27,049        609,414  

Independent Bank Group, Inc.

      33,295        2,406,896  

Interactive Brokers Group, Inc., Class A

      13,408        949,957  

International Bancshares Corp.

      56,565        2,398,356  

Investors Title Co.

      1,758        340,700  

James River Group Holdings Ltd.

      51,098        1,632,581  

Kearny Financial Corp.

      100,675        1,351,058  

Kinsale Capital Group, Inc.

      3,343        625,642  

KKR Real Estate Finance Trust, Inc.

      49,007        1,063,942  

Ladder Capital Corp.

      324,261        3,891,132  

Lakeland Bancorp, Inc.

      41,097        738,924  

Lakeland Financial Corp.(c)

     17,806        1,279,717  

LendingClub Corp.(b)

     108,653        4,993,692  

LendingTree, Inc.(b)(c)

     2,942        474,809  

Live Oak Bancshares, Inc.(c)

     10,872        969,565  

Macatawa Bank Corp.

      27,413        230,269  

Maiden Holdings Ltd.(b)

     82,450        268,787  

MarketAxess Holdings, Inc.

      4,204        1,718,049  

Marlin Business Services Corp.

      17,404        398,900  

MBIA, Inc.(b)(c)

     144,299        2,242,406  

Mercantile Bank Corp.

      15,803        543,149  

Merchants Bancorp

      6,678        296,704  

Mercury General Corp.

      51,919        2,829,066  

Meridian Bancorp, Inc.

      41,491        962,591  

Meta Financial Group, Inc.

      27,056        1,499,985  

Metropolitan Bank Holding Corp.(b)

     8,075        733,694  

Midland States Bancorp, Inc.

      21,645        555,411  

MidWestOne Financial Group, Inc.

      13,538        424,416  

Moelis & Co., Class A

      42,931        3,122,801  

Morningstar, Inc.

      6,400        2,027,200  

Mr. Cooper Group, Inc.(b)

     83,499        3,660,596  

MVB Financial Corp.

      7,876        336,226  

National Bank Holdings Corp., Class A

      29,201        1,266,447  

National Western Life Group, Inc., Class A .

      2,830        608,478  

NBT Bancorp, Inc.

      54,123        1,985,773  

Nelnet, Inc., Class A

      18,684        1,543,859  

Nicolet Bankshares, Inc.(b)

     9,255        665,342  

NMI Holdings, Inc., Class A(b)

     61,492        1,493,026  

Northeast Bank

      7,551        249,938  

Northfield Bancorp, Inc.

      49,151        862,600  

Northrim BanCorp, Inc.

      8,582        381,212  

Northwest Bancshares, Inc.

      185,992        2,566,690  

OceanFirst Financial Corp.

      66,749        1,479,825  

Ocwen Financial Corp.(b)

     17,020        534,598  

OFG Bancorp

      67,143        1,739,004  

 

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

 

    21    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Financials-(continued)

      

Old Second Bancorp, Inc.

      20,928      $ 283,365  

Oportun Financial Corp.(b)

     23,325        541,840  

Orchid Island Capital, Inc.

      81,175        402,628  

Origin Bancorp, Inc.

      16,792        748,923  

Pacific Premier Bancorp, Inc.

      48,247               2,025,892  

Palomar Holdings, Inc.(b)

     3,037        277,734  

Park National Corp.(c)

     15,849        2,038,023  

Parke Bancorp, Inc.

      10,390        230,346  

PCSB Financial Corp.

      12,909        246,691  

Peapack-Gladstone Financial Corp.

      19,774        663,418  

PennyMac Financial Services, Inc.

      36,781        2,282,629  

Peoples Bancorp, Inc.

      26,216        837,863  

Piper Sandler Cos

      13,751        2,264,652  

PJT Partners, Inc., Class A

      4,300        351,697  

PRA Group, Inc.(b)

     70,594        3,027,071  

Preferred Bank

      15,328        1,051,041  

Premier Financial Corp.

      24,955        795,565  

Primis Financial Corp.

      21,302        322,725  

ProAssurance Corp.

      77,646        1,778,870  

Provident Bancorp, Inc.

      15,754        283,887  

Provident Financial Services, Inc.

      112,067        2,774,779  

QCR Holdings, Inc.

      15,975        880,861  

RBB Bancorp

      10,871        279,059  

Ready Capital Corp.

             157,384        2,434,730  

Regional Management Corp.

      12,469        636,917  

Reliant Bancorp, Inc.

      8,179        277,105  

Renasant Corp.(c)

     73,399        2,745,857  

Republic Bancorp, Inc., Class A

      6,797        367,174  

Republic First Bancorp, Inc.(b)

     56,965        176,592  

RLI Corp.

      29,463        3,191,138  

Rocket Cos., Inc., Class A(c)

     30,134        496,608  

S&T Bancorp, Inc.

      45,119        1,378,837  

Safety Insurance Group, Inc.

      22,246        1,744,309  

Sandy Spring Bancorp, Inc.

      48,945        2,322,930  

Sculptor Capital Management, Inc.

      17,903        474,429  

Seacoast Banking Corp. of Florida

      39,286        1,431,189  

ServisFirst Bancshares, Inc.

      29,021        2,330,677  

Sierra Bancorp

      10,102        252,146  

Silvergate Capital Corp., Class A(b)

     1,483        232,267  

SiriusPoint Ltd. (Bermuda)(b)

     94,804        891,158  

SmartFinancial, Inc.

      13,023        338,468  

South State Corp.

      41,568        3,246,045  

Southern First Bancshares, Inc.(b)

     6,939        373,804  

Southside Bancshares, Inc.

      35,374        1,461,654  

Spirit of Texas Bancshares, Inc.

      8,561        208,289  

State Auto Financial Corp.

      24,244        1,243,960  

Stewart Information Services Corp.

      44,889        3,194,750  

Stock Yards Bancorp, Inc.

      17,172        1,051,785  

StoneX Group, Inc.(b)

     22,251        1,537,767  

TFS Financial Corp.

      36,069        701,903  

Timberland Bancorp, Inc.

      7,426        206,072  

Tompkins Financial Corp.

      13,204        1,084,180  

Towne Bank

      51,862        1,634,690  

TPG RE Finance Trust, Inc.

      119,744        1,565,054  

Tradeweb Markets, Inc., Class A

      22,254        1,982,831  

TriCo Bancshares

      25,524        1,118,717  

TriState Capital Holdings, Inc.(b)

     27,192        817,120  

Triumph Bancorp, Inc.(b)

     13,346        1,565,486  

Trupanion, Inc.(b)(c)

     2,515        257,536  

TrustCo Bank Corp.

      27,723        930,384  
     Shares    Value  

Financials-(continued)

      

Trustmark Corp.(c)

     69,211      $ 2,201,602  

United Community Banks, Inc.

      74,732        2,603,663  

United Fire Group, Inc.

      32,008        653,923  

United Insurance Holdings Corp.

      43,026        164,359  

Universal Insurance Holdings, Inc.

      76,656        1,132,209  

Univest Financial Corp.

      29,014        832,702  

Veritex Holdings, Inc.

      40,054        1,640,211  

Virtu Financial, Inc., Class A

      41,186        1,024,708  

Virtus Investment Partners, Inc.

      5,145        1,646,400  

Walker & Dunlop, Inc.

      21,271        2,766,719  

Washington Trust Bancorp, Inc.

      20,697        1,131,298  

Waterstone Financial, Inc.

      22,829        471,875  

WesBanco, Inc.

      69,912        2,430,840  

West Bancorporation, Inc.

      12,751        404,207  

Westamerica Bancorporation

      26,030        1,451,433  

Western Asset Mortgage Capital Corp.

      323,469        815,142  

White Mountains Insurance Group Ltd.

      2,459        2,594,220  

WisdomTree Investments, Inc.(c)

            215,106        1,374,527  

World Acceptance Corp.(b)(c)

     9,661        1,791,053  

WSFS Financial Corp.

      49,236        2,550,917  

XP, Inc., Class A (Brazil)(b)

     13,681        448,874  
     

 

 

  
           367,862,083  
     

 

 

  

Health Care-8.78%

      

10X Genomics, Inc., Class A(b)(c)

     1,853        298,833  

ABIOMED, Inc.(b)

     6,952        2,308,342  

Acadia Pharmaceuticals, Inc.(b)(c)

     10,851        194,775  

Acceleron Pharma, Inc.(b)

     2,733        476,034  

Accuray, Inc.(b)(c)

     67,603        337,339  

Acorda Therapeutics, Inc.(b)(c)

     76,058        309,556  

Adaptive Biotechnologies Corp.(b)

     5,859        195,749  

Addus HomeCare Corp.(b)

     7,559        706,767  

Agios Pharmaceuticals, Inc.(b)(c)

     11,152        524,144  

Akebia Therapeutics, Inc.(b)(c)

     117,667        337,704  

Alkermes PLC(b)

     88,154        2,670,185  

Allakos, Inc.(b)(c)

     1,887        189,794  

Allogene Therapeutics, Inc.(b)(c)

     6,768        116,680  

Allscripts Healthcare Solutions, Inc.(b)

     197,301        2,718,808  

Alnylam Pharmaceuticals, Inc.(b)(c)

     9,749        1,555,550  

Amedisys, Inc.(b)

     7,796        1,320,175  

Amicus Therapeutics, Inc.(b)

     41,744        438,312  

AMN Healthcare Services, Inc.(b)

     42,331        4,178,070  

Amneal Pharmaceuticals, Inc.(b)

     142,628        783,028  

Amphastar Pharmaceuticals, Inc.(b)

     26,890        502,305  

AnaptysBio, Inc.(b)

     11,358        373,678  

AngioDynamics, Inc.(b)

     31,305        895,323  

ANI Pharmaceuticals, Inc.(b)(c)

     14,152        529,002  

Anika Therapeutics, Inc.(b)

     14,841        618,128  

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

     9,253        635,033  

Arena Pharmaceuticals, Inc.(b)

     16,839        966,390  

Arrowhead Pharmaceuticals, Inc.(b)

     3,091        197,268  

Assembly Biosciences, Inc.(b)

     43,652        137,504  

Assertio Holdings, Inc.(b)

     108,551        111,808  

Atara Biotherapeutics, Inc.(b)(c)

     14,816        229,352  

AtriCure, Inc.(b)

     5,451        409,152  

Atrion Corp.(c)

     758        551,824  

Avanos Medical, Inc.(b)

     39,972        1,260,717  

Bio-Techne Corp.

      7,029        3,680,736  

Bluebird Bio, Inc.(b)(c)

     48,103        1,126,091  

Blueprint Medicines Corp.(b)

     4,775        537,140  

 

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

 

    22    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Health Care-(continued)

      

Bridgebio Pharma, Inc.(b)(c)

     4,050      $ 199,989  

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

     602,376        3,915,444  

Bruker Corp.

      32,350        2,597,705  

Cardiovascular Systems, Inc.(b)

     6,905        242,227  

Castlight Health, Inc., Class B(b)

     100,744        181,339  

Chemed Corp.

      5,258        2,535,670  

Collegium Pharmaceutical, Inc.(b)(c)

     7,021        137,822  

Computer Programs & Systems,
Inc.(b)

     18,297        660,522  

CONMED Corp.

      13,341        1,951,521  

Corcept Therapeutics, Inc.(b)

     22,351        402,318  

CorVel Corp.(b)

     4,451        815,512  

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

     5,436        496,470  

Cross Country Healthcare, Inc.(b)

     77,936        1,615,613  

CryoLife, Inc.(b)(c)

     15,650        323,016  

Cymabay Therapeutics, Inc.(b)

     35,050        136,695  

Deciphera Pharmaceuticals, Inc.(b)(c)

     8,092        270,192  

Denali Therapeutics, Inc.(b)(c)

     3,211        155,252  

DexCom, Inc.(b)

     3,464        2,158,799  

Eagle Pharmaceuticals, Inc.(b)

     8,405        440,170  

Editas Medicine, Inc.(b)(c)

     4,713        173,061  

Emergent BioSolutions, Inc.(b)

     20,090        957,690  

Enanta Pharmaceuticals, Inc.(b)

     15,580        1,337,543  

Endo International PLC(b)

     229,425        975,056  

Ensign Group, Inc. (The)

      21,799        1,700,540  

Enzo Biochem, Inc.(b)(c)

     57,866        199,059  

Epizyme, Inc.(b)(c)

     26,915        113,043  

Evolent Health, Inc., Class A(b)(c)

     54,886        1,606,513  

Exact Sciences Corp.(b)(c)

     15,229        1,450,105  

Exelixis, Inc.(b)

            125,878               2,707,636  

Fate Therapeutics, Inc.(b)(c)

     1,873        100,767  

FibroGen, Inc.(b)(c)

     11,422        127,013  

Five Star Senior Living, Inc.(b)

     56,191        230,945  

Fluidigm Corp.(b)(c)

     41,421        213,318  

FONAR Corp.(b)

     11,204        179,264  

G1 Therapeutics, Inc.(b)(c)

     8,512        123,339  

Glaukos Corp.(b)

     7,581        346,528  

Global Blood Therapeutics, Inc.(b)(c)

     11,028        402,743  

Globus Medical, Inc., Class A(b)

     32,986        2,545,530  

Gossamer Bio., Inc.(b)(c)

     23,008        285,759  

Guardant Health, Inc.(b)(c)

     4,356        508,737  

Haemonetics Corp.(b)

     14,072        966,887  

Halozyme Therapeutics, Inc.(b)

     4,564        173,751  

Hanger, Inc.(b)

     35,722        667,287  

Harvard Bioscience, Inc.(b)

     38,788        292,074  

Health Catalyst, Inc.(b)(c)

     4,456        234,564  

HealthEquity, Inc.(b)

     19,020        1,258,744  

HealthStream, Inc.(b)

     22,305        593,536  

Heron Therapeutics, Inc.(b)(c)

     22,242        244,884  

Heska Corp.(b)(c)

     1,455        325,236  

Homology Medicines, Inc.(b)(c)

     15,525        88,958  

Horizon Therapeutics PLC(b)

     39,000        4,676,490  

ICU Medical, Inc.(b)

     11,005        2,576,601  

Innoviva, Inc.(b)(c)

     50,364        878,852  

Inogen, Inc.(b)

     11,138        441,622  

Inovalon Holdings, Inc., Class A(b)(c)

     30,058        1,226,066  

Insmed, Inc.(b)(c)

     6,688        201,643  

Insulet Corp.(b)

     2,016        625,000  

Integer Holdings Corp.(b)

     33,393        3,006,038  

Integra LifeSciences Holdings
Corp.(b)(c)

     38,207        2,539,237  
     Shares    Value  

Health Care-(continued)

      

Intellia Therapeutics, Inc.(b)

     3,271      $ 434,978  

Intersect ENT, Inc.(b)

     7,425        200,252  

Invacare Corp.(b)

     72,073        356,041  

Invitae Corp.(b)(c)

     6,317        167,401  

Ionis Pharmaceuticals, Inc.(b)(c)

     34,870               1,111,307  

Iovance Biotherapeutics, Inc.(b)(c)

     5,917        143,842  

iRhythm Technologies, Inc.(b)

     1,365        95,741  

Ironwood Pharmaceuticals, Inc.(b)(c)

     20,922        267,174  

Karuna Therapeutics, Inc.(b)(c)

     1,689        237,102  

Kodiak Sciences, Inc.(b)

     1,724        201,863  

Kura Oncology, Inc.(b)

     6,003        98,569  

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

            127,192        347,234  

Lantheus Holdings, Inc.(b)

     34,137        798,464  

LeMaitre Vascular, Inc.(c)

     5,444        283,142  

LHC Group, Inc.(b)

     13,348        1,796,507  

Ligand Pharmaceuticals, Inc.(b)(c)

     7,385        1,077,767  

LivaNova PLC(b)

     30,029        2,303,825  

MacroGenics, Inc.(b)

     14,758        288,224  

Madrigal Pharmaceuticals, Inc.(b)

     1,878        146,015  

Masimo Corp.(b)

     10,152        2,878,498  

Medpace Holdings, Inc.(b)

     8,055        1,824,860  

Meridian Bioscience, Inc.(b)(c)

     35,761        672,664  

Merit Medical Systems, Inc.(b)

     32,116        2,160,122  

Mesa Laboratories, Inc.

      1,087        332,296  

Mirati Therapeutics, Inc.(b)

     1,524        288,066  

Moderna, Inc.(b)

     5,726        1,976,672  

ModivCare, Inc.(b)

     9,041        1,471,604  

Myriad Genetics, Inc.(b)

     70,898        2,181,531  

NanoString Technologies, Inc.(b)(c)

     2,261        109,206  

Natera, Inc.(b)(c)

     3,473        397,902  

National HealthCare Corp.

      11,296        790,042  

National Research Corp.

      8,705        376,927  

Natus Medical, Inc.(b)

     35,402        886,820  

Nektar Therapeutics(b)(c)

     81,058        1,228,839  

Neogen Corp.(b)

     31,956        1,352,058  

NeoGenomics, Inc.(b)(c)

     12,023        553,058  

Neurocrine Biosciences, Inc.(b)

     7,398        779,823  

Nevro Corp.(b)

     2,468        280,710  

NextCure, Inc.(b)

     14,950        122,889  

NextGen Healthcare, Inc.(b)

     43,106        709,525  

Novocure Ltd.(b)(c)

     1,859        190,678  

NuVasive, Inc.(b)(c)

     46,758        2,495,007  

Omnicell, Inc.(b)

     13,354        2,379,015  

OPKO Health, Inc.(b)(c)

     276,383        1,047,492  

OraSure Technologies, Inc.(b)(c)

     49,075        523,630  

Orthofix Medical, Inc.(b)

     17,293        622,202  

Pacira BioSciences, Inc.(b)

     7,988        417,613  

PDL BioPharma, Inc.(b)(e)

     527,611        1,547,219  

Pennant Group, Inc. (The)(b)

     5,801        148,332  

Penumbra, Inc.(b)(c)

     2,561        708,245  

PetIQ, Inc.(b)(c)

     13,297        333,090  

Phibro Animal Health Corp., Class A

      27,607        605,698  

PPD, Inc.(b)

     68,303        3,221,853  

Prestige Consumer Healthcare, Inc.(b)

     70,142        4,207,819  

Prothena Corp. PLC (Ireland)(b)

     9,349        517,467  

PTC Therapeutics, Inc.(b)(c)

     11,120        421,782  

Quidel Corp.(b)(c)

     6,111        811,357  

R1 RCM, Inc.(b)

     11,032        239,394  

RadNet, Inc.(b)

     62,516        1,943,622  

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

     1,565        150,256  

 

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

 

    23    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Health Care-(continued)

      

REGENXBIO, Inc.(b)(c)

     9,341      $ 331,045  

Repligen Corp.(b)

     6,083        1,767,112  

Revance Therapeutics, Inc.(b)

     7,622        104,803  

Rhythm Pharmaceuticals, Inc.(b)(c)

     7,690        88,512  

Royalty Pharma PLC, Class A(c)

     19,217        759,648  

Sage Therapeutics, Inc.(b)

     9,983        402,914  

Sangamo Therapeutics, Inc.(b)(c)

     29,394        238,679  

Sarepta Therapeutics, Inc.(b)

     10,424        824,851  

Seagen, Inc.(b)

     9,903        1,746,196  

SeaSpine Holdings Corp.(b)

     10,560        157,978  

SIGA Technologies, Inc.(b)

     43,209        311,537  

Spectrum Pharmaceuticals, Inc.(b)

     60,160        110,093  

STAAR Surgical Co.(b)

     2,090        247,581  

Supernus Pharmaceuticals, Inc.(b)(c)

     38,877        1,160,478  

Surgery Partners, Inc.(b)

     23,250        956,505  

SurModics, Inc.(b)(c)

     4,440        247,130  

Tabula Rasa HealthCare, Inc.(b)(c)

     5,530        150,140  

Tactile Systems Technology, Inc.(b)

     3,589        123,785  

Tandem Diabetes Care, Inc.(b)

     3,246        442,527  

Taro Pharmaceutical Industries Ltd.(b)

     10,335        574,316  

Teladoc Health, Inc.(b)(c)

     3,294        492,749  

Tilray, Inc., Class 2 (Canada)(b)(c)

     9,903        102,001  

Tivity Health, Inc.(b)(c)

     36,280        907,726  

Travere Therapeutics, Inc.(b)(c)

     10,379        299,019  

Triple-S Management Corp., Class B(b)

     29,495        1,040,879  

Turning Point Therapeutics, Inc.(b)

     2,526        105,031  

Ultragenyx Pharmaceutical, Inc.(b)(c)

     4,272        358,506  

uniQure N.V. (Netherlands)(b)

     8,404        256,070  

US Physical Therapy, Inc.

      5,703        615,126  

Utah Medical Products, Inc.

      2,541        246,045  

Vanda Pharmaceuticals, Inc.(b)

     27,267        466,811  

Varex Imaging Corp.(b)

     58,886        1,581,089  

Veeva Systems, Inc., Class A(b)

     9,215        2,921,247  

Veracyte, Inc.(b)(c)

     4,516        216,226  

Viking Therapeutics, Inc.(b)(c)

     33,236        193,434  

Vir Biotechnology, Inc.(b)

     2,484        93,721  

Vocera Communications, Inc.(b)(c)

     5,986        338,688  

XBiotech, Inc.(c)

     18,351        269,026  

Xencor, Inc.(b)

     12,259        484,966  

Zogenix, Inc.(b)(c)

     10,432        159,923  

Zymeworks, Inc. (Canada)(b)

     6,153        136,904  
     

 

 

  
           165,251,579  
     

 

 

  

Industrials-18.17%

      

AAON, Inc.

      10,034        718,936  

AAR Corp.(b)

     51,892        1,835,420  

Acacia Research Corp.(b)

     28,302        162,170  

ACCO Brands Corp.

      173,526        1,435,060  

ADT, Inc.(c)

     309,931        2,587,924  

Advanced Drainage Systems, Inc.

      13,563        1,529,906  

Aerojet Rocketdyne Holdings, Inc.(c)

     55,383        2,437,406  

AeroVironment, Inc.(b)

     6,164        549,274  

Air Transport Services Group, Inc.(b)

     82,151        2,044,738  

Alamo Group, Inc.

      7,209        1,090,001  

Albany International Corp., Class A

      22,867        1,844,224  

Allegiant Travel Co.(b)

     3,757        658,489  

Allied Motion Technologies, Inc.

      8,633        303,450  

Altra Industrial Motion Corp.

      50,273        2,621,737  

Ameresco, Inc., Class A(b)

     10,290        845,118  

American Woodmark Corp.(b)

     24,595        1,690,660  
     Shares    Value  

Industrials-(continued)

      

API Group Corp.(b)

         134,473      $     2,928,822  

Apogee Enterprises, Inc.

      46,681        1,957,334  

ARC Document Solutions, Inc.

      71,692        217,227  

ArcBest Corp.

      48,445        4,352,783  

Arcosa, Inc.

      48,702        2,519,354  

Argan, Inc.

      18,806        775,936  

Armstrong Flooring, Inc.(b)

     78,659        223,392  

Armstrong World Industries, Inc.

      26,234        2,771,622  

Astec Industries, Inc.

      20,853        1,113,133  

Astronics Corp.(b)

     54,867        707,784  

Atkore, Inc.(b)

     36,064        3,409,130  

Atlas Corp. (Canada)(c)

     143,321        2,006,494  

Axon Enterprise, Inc.(b)

     5,295        952,888  

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

     18,714        686,617  

AZZ, Inc.

      33,082        1,757,647  

Babcock & Wilcox Enterprises, Inc.(b)

     64,988        443,868  

Barnes Group, Inc.

      56,295        2,361,012  

Barrett Business Services, Inc.

      11,735        962,270  

BGSF, Inc.

      24,531        295,108  

Bloom Energy Corp., Class A(b)(c)

     6,000        187,560  

Blue Bird Corp.(b)

     24,929        488,858  

BlueLinx Holdings, Inc.(b)

     34,366        1,636,853  

Brady Corp., Class A

      45,467        2,368,376  

BrightView Holdings, Inc.(b)

     80,230        1,272,448  

BWX Technologies, Inc.

      55,881        3,170,688  

Caesarstone Ltd.

      49,028        611,869  

CAI International, Inc.(c)

     31,616        1,768,283  

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

     17,426        1,511,183  

CBIZ, Inc.(b)

     52,280        1,919,199  

CECO Environmental Corp.(b)

     24,123        165,966  

Chart Industries, Inc.(b)(c)

     16,299        2,893,398  

China Yuchai International Ltd. (China)

      13,156        173,396  

Cimpress PLC (Ireland)(b)(c)

     19,965        1,783,274  

CIRCOR International, Inc.(b)

     27,212        776,630  

Clarivate PLC(b)(c)

     28,176        660,727  

Columbus McKinnon Corp.

      22,259        1,052,183  

Comfort Systems USA, Inc.

      36,000        3,292,920  

Commercial Vehicle Group, Inc.(b)

     87,033        873,811  

Concrete Pumping Holdings, Inc.(b)

     32,865        282,639  

Construction Partners, Inc.(b)(c)

     19,981        711,523  

Copa Holdings S.A., Class A (Panama)(c)

     13,660        1,010,294  

Cornerstone Building Brands, Inc.(b)

     108,301        1,549,787  

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

     83,339        470,032  

Costamare, Inc. (Monaco)

      109,758        1,471,855  

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

      29,115        826,866  

CRA International, Inc.

      8,046        883,612  

CSW Industrials, Inc.

      4,306        596,898  

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

     22,249        201,353  

Danaos Corp. (Greece)

      30,026        2,239,940  

Daseke, Inc.(b)

     130,455        1,232,800  

Diana Shipping, Inc. (Greece)(b)

     142,239        712,617  

Douglas Dynamics, Inc.

      23,301        985,632  

Ducommun, Inc.(b)

     14,831        717,672  

Dun & Bradstreet Holdings, Inc.(b)(c)

     11,481        216,302  

DXP Enterprises, Inc.(b)

     22,763        750,268  

Eagle Bulk Shipping, Inc.(b)(c)

     10,626        457,449  

Echo Global Logistics, Inc.(b)

     51,804        2,498,507  

Encore Wire Corp.

      22,207        2,977,070  

Enerpac Tool Group Corp.

      33,212        693,799  

 

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

 

    24    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Industrials-(continued)

      

Eneti, Inc.

      26,018      $ 368,675  

Ennis, Inc.

      50,574        957,872  

EnPro Industries, Inc.

      25,227               2,261,853  

ESCO Technologies, Inc.

      13,778        1,165,068  

Evoqua Water Technologies Corp.(b)

     57,831        2,419,071  

Exponent, Inc.

      11,566        1,327,777  

Federal Signal Corp.

      45,123        1,931,716  

Forrester Research, Inc.(b)

     8,190        436,118  

Forward Air Corp.

      20,917        2,103,414  

Franklin Covey Co.(b)

     9,886        417,684  

Franklin Electric Co., Inc.

      27,099        2,340,812  

FreightCar America, Inc.(b)(c)

     83,274        348,918  

Genco Shipping & Trading Ltd.

      35,938        617,055  

Gibraltar Industries, Inc.(b)

     19,377        1,262,605  

Global Industrial Co.

      17,120        694,730  

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

     13,863        322,731  

GMS, Inc.(b)

     93,830        4,647,400  

Golden Ocean Group Ltd. (Norway)(c)

            197,300        1,795,430  

Gorman-Rupp Co. (The)

      15,591        662,929  

GrafTech International Ltd.

      49,811        532,978  

Graham Corp.

      11,588        147,283  

Granite Construction, Inc.(c)

     100,041        3,713,522  

Great Lakes Dredge & Dock Corp.(b)

     75,902        1,155,228  

Griffon Corp.

      69,976        1,853,664  

H&E Equipment Services, Inc.

      77,646        3,500,282  

Harsco Corp.(b)

     103,256        1,765,678  

Hawaiian Holdings, Inc.(b)(c)

     39,526        764,828  

Healthcare Services Group, Inc.

      89,221        1,712,151  

Heartland Express, Inc.

      51,885        847,282  

HEICO Corp.(c)

     9,884        1,377,731  

HEICO Corp., Class A

      16,776        2,108,408  

Heidrick & Struggles International, Inc.

      25,335        1,187,705  

Helios Technologies, Inc.

      16,416        1,494,677  

Herc Holdings, Inc.

      40,622        7,394,829  

Heritage-Crystal Clean, Inc.(b)

     16,930        586,963  

Hill International, Inc.(b)

     114,064        232,691  

Hillenbrand, Inc.

      70,239        3,193,065  

HNI Corp.

      62,006        2,319,024  

Huron Consulting Group, Inc.(b)

     24,499        1,228,870  

Hyster-Yale Materials Handling, Inc.

      16,316        783,821  

IAA, Inc.(b)

     42,341        2,525,641  

ICF International, Inc.

      19,164        1,925,790  

IES Holdings, Inc.(b)

     8,416        419,538  

Infrastructure and Energy Alternatives, Inc.(b)(c)

     18,305        202,636  

INNOVATE Corp.(b)(c)

     209,338        826,885  

Insperity, Inc.

      35,376        4,422,000  

Insteel Industries, Inc.

      23,659        962,212  

Interface, Inc.

      128,295        1,842,316  

JELD-WEN Holding, Inc.(b)

     121,597        3,332,974  

John Bean Technologies Corp.

      15,784        2,332,086  

Kadant, Inc.

      6,377        1,416,459  

Kaman Corp.

      37,065        1,326,556  

Kelly Services, Inc., Class A

      46,491        838,233  

Kforce, Inc.

      24,684        1,598,536  

Kimball International, Inc., Class B

      69,066        750,747  

Korn Ferry

      46,400        3,582,544  

Kornit Digital Ltd. (Israel)(b)

     3,461        578,956  
     Shares    Value  

Industrials-(continued)

      

Kratos Defense & Security Solutions,
Inc.(b)

            37,623      $ 804,756  

Lawson Products, Inc.(b)

     3,844        194,891  

LB Foster Co., Class A(b)

     14,520        231,304  

Limbach Holdings, Inc.(b)

     20,272        142,512  

Lindsay Corp.

      5,288        770,303  

LSI Industries, Inc.

      36,902        274,551  

Luxfer Holdings PLC (United Kingdom)

      26,557        534,061  

Lyft, Inc., Class A(b)

     58,125               2,666,194  

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

     83,454        1,788,419  

ManTech International Corp., Class A

      27,191        2,344,408  

Marten Transport Ltd.

      66,402        1,104,265  

Masonite International Corp.(b)

     28,196        3,383,802  

Matrix Service Co.(b)

     85,490        874,563  

Matson, Inc.

      9,336        777,502  

Matthews International Corp., Class A

      44,304        1,522,728  

Maxar Technologies, Inc.

      62,413        1,657,065  

McGrath RentCorp

      22,635        1,632,889  

Mercury Systems, Inc.(b)

     25,794        1,329,423  

Mesa Air Group, Inc.(b)

     99,202        747,983  

Miller Industries, Inc.

      17,168        620,452  

MillerKnoll, Inc.(c)

     110,579        4,303,735  

Mistras Group, Inc.(b)

     51,132        502,116  

Moog, Inc., Class A

      36,784        2,778,296  

MRC Global, Inc.(b)

     140,219        1,163,818  

MSA Safety, Inc.

      14,948        2,287,492  

Mueller Industries, Inc.

      74,714        3,932,945  

Mueller Water Products, Inc., Class A

      142,253        2,334,372  

MYR Group, Inc.(b)

     29,370        3,000,145  

National Presto Industries, Inc.

      5,736        476,948  

NN, Inc.(b)

     43,569        217,409  

Northwest Pipe Co.(b)

     11,367        270,080  

NOW, Inc.(b)

     303,508        2,191,328  

NV5 Global, Inc.(b)

     5,910        615,408  

Orion Group Holdings, Inc.(b)

     94,113        418,803  

PAE, Inc.(b)

     31,834        315,793  

PAM Transportation Services, Inc.(b)

     5,975        369,375  

Park Aerospace Corp.

      32,575        426,407  

Park-Ohio Holdings Corp.

      10,009        233,410  

Parsons Corp.(b)(c)

     25,227        873,863  

PGT Innovations, Inc.(b)

     50,988        1,088,594  

Powell Industries, Inc.

      19,691        509,209  

Preformed Line Products Co.

      3,162        219,443  

Primoris Services Corp.

      77,149        2,079,166  

Proto Labs, Inc.(b)

     7,588        453,838  

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

     80,600        317,564  

Quanex Building Products Corp.

      42,460        879,771  

Radiant Logistics, Inc.(b)

     67,565        454,712  

Raven Industries, Inc.(b)

     21,543        1,245,616  

RBC Bearings, Inc.(b)

     11,371        2,660,018  

Resources Connection, Inc.

      74,503        1,297,097  

REV Group, Inc.

      66,974        1,011,977  

Rollins, Inc.

      63,069        2,221,921  

RR Donnelley & Sons Co.(b)

     246,959        1,580,538  

Rush Enterprises, Inc., Class A

      67,152        3,497,276  

Rush Enterprises, Inc., Class B

      10,832        560,123  

Safe Bulkers, Inc. (Greece)(b)

     83,905        374,216  

Saia, Inc.(b)

     13,346        4,172,493  

Schneider National, Inc., Class B

      90,725        2,262,682  

Shyft Group, Inc. (The)(c)

     18,589        766,053  

 

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

 

    25    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Industrials-(continued)

      

Simpson Manufacturing Co., Inc.

      25,125      $ 2,665,511  

SiteOne Landscape Supply, Inc.(b)

     15,329        3,601,702  

SkyWest, Inc.(b)

     24,983        1,075,018  

SP Plus Corp.(b)

     47,334        1,526,522  

Spirit Airlines, Inc.(b)(c)

     47,128        1,029,747  

SPX Corp.(b)

     26,230        1,523,701  

SPX FLOW, Inc.

      43,720        3,266,321  

Standex International Corp.

      12,333        1,372,293  

Star Bulk Carriers Corp. (Greece)

      51,358        1,062,597  

Steelcase, Inc., Class A

             235,950        2,807,805  

Sterling Construction Co., Inc.(b)

     46,567        1,119,471  

Sunrun, Inc.(b)(c)

     16,305        940,472  

Team, Inc.(b)

     58,321        141,137  

Tennant Co.

      17,553        1,394,761  

Tetra Tech, Inc.

      20,875        3,666,902  

Textainer Group Holdings Ltd.
(China)(b)

     69,920        2,747,157  

Thermon Group Holdings, Inc.(b)

     38,843        671,207  

Titan International, Inc.(b)

     114,124        823,975  

Titan Machinery, Inc.(b)

     45,984        1,306,865  

TPI Composites, Inc.(b)(c)

     15,808        531,623  

Transcat, Inc.(b)

     5,105        382,262  

Trex Co., Inc.(b)

     15,441        1,642,922  

TriNet Group, Inc.(b)

     29,408        2,977,560  

Triumph Group, Inc.(b)

     138,450        2,831,302  

TrueBlue, Inc.(b)

     57,990        1,615,022  

Tutor Perini Corp.(b)

     98,589        1,342,782  

UniFirst Corp.

      10,290        2,037,008  

Universal Logistics Holdings, Inc.

      16,269        342,951  

Upwork, Inc.(b)(c)

     6,293        296,526  

US Ecology, Inc.(b)(c)

     42,909        1,381,241  

US Xpress Enterprises, Inc.,
Class A(b)(c)

     73,351        555,267  

USA Truck, Inc.(b)

     12,345        237,888  

Vectrus, Inc.(b)

     23,240        1,125,513  

Veritiv Corp.(b)

     26,509        2,843,620  

Vertiv Holdings Co.

      53,484        1,373,469  

Viad Corp.(b)

     36,158        1,604,330  

Vicor Corp.(b)

     2,118        321,068  

VSE Corp.

      8,127        451,455  

Wabash National Corp.

      132,958        2,064,838  

Watts Water Technologies, Inc., Class A

      17,831        3,388,247  

Welbilt, Inc.(b)

     149,828        3,544,930  

Willdan Group, Inc.(b)(c)

     8,203        274,226  

WillScot Mobile Mini Holdings Corp.(b)

     45,769        1,590,473  

Yellow Corp.(b)(c)

     320,330        2,802,887  
     

 

 

  
           341,826,813  
     

 

 

  

Information Technology-13.09%

      

3D Systems Corp.(b)(c)

     23,658        666,209  

8x8, Inc.(b)

     12,354        279,942  

A10 Networks, Inc.(b)

     22,247        415,796  

ACI Worldwide, Inc.(b)

     68,797        2,110,692  

ADTRAN, Inc.

      57,575        1,063,986  

Advanced Energy Industries, Inc.

      16,620        1,526,048  

Alarm.com Holdings, Inc.(b)

     6,353        535,304  

Alpha & Omega Semiconductor Ltd.(b)

     15,143        524,705  

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

     6,641        516,603  

Alteryx, Inc., Class A(b)(c)

     4,403        322,256  

Ambarella, Inc.(b)

     5,742        1,067,036  

American Software, Inc., Class A

      19,654        568,590  

Amkor Technology, Inc.

      148,361        3,252,073  
     Shares    Value  

Information Technology-(continued)

      

Anaplan, Inc.(b)

     5,008      $ 326,572  

Applied Optoelectronics, Inc.(b)(c)

     48,220        368,883  

Arlo Technologies, Inc.(b)

     63,793        440,172  

Aspen Technology, Inc.(b)

     11,370               1,781,565  

Atlassian Corp. PLC, Class A(b)

     2,463        1,128,374  

Autodesk, Inc.(b)

     6,249        1,984,745  

Avalara, Inc.(b)

     3,736        671,135  

Aviat Networks, Inc.(b)

     6,437        184,098  

Avid Technology, Inc.(b)

     17,825        510,508  

Axcelis Technologies, Inc.(b)

     21,288        1,169,350  

AXT, Inc.(b)

     18,790        153,514  

Badger Meter, Inc.

      9,127        933,236  

Bel Fuse, Inc., Class B

      14,761        205,473  

Belden, Inc.

      75,963        4,573,732  

Benchmark Electronics, Inc.

      55,025        1,282,633  

Blackbaud, Inc.(b)

     21,206        1,505,838  

Blackline, Inc.(b)(c)

     3,672        465,867  

Bottomline Technologies (DE), Inc.(b)

     16,629        769,923  

Box, Inc., Class A(b)

     20,181        521,275  

Brightcove, Inc.(b)

     8,224        81,582  

Brooks Automation, Inc.

      22,102        2,573,778  

CalAmp Corp.(b)

     42,075        404,762  

Calix, Inc.(b)

     11,321        708,581  

Casa Systems, Inc.(b)

     26,547        168,043  

Cass Information Systems, Inc.

      13,754        563,776  

Ceragon Networks Ltd. (Israel)(b)

     77,138        270,754  

Cerence, Inc.(b)(c)

     12,765        1,341,984  

Ceridian HCM Holding, Inc.(b)

     23,278        2,915,569  

CEVA, Inc.(b)

     5,035        229,646  

ChannelAdvisor Corp.(b)

     7,246        184,845  

Cirrus Logic, Inc.(b)

     40,239        3,251,714  

Cloudflare, Inc., Class A(b)(c)

     3,725        725,332  

CMC Materials, Inc.

      11,561        1,484,086  

Cognex Corp.

      29,102        2,549,044  

Cohu, Inc.(b)

     16,316        522,765  

CommVault Systems, Inc.(b)

     12,432        764,568  

Comtech Telecommunications Corp.

      36,937        796,731  

Conduent, Inc.(b)

            546,643        3,689,840  

Coupa Software, Inc.(b)(c)

     1,659        377,754  

Crowdstrike Holdings, Inc., Class A(b)

     2,648        746,206  

CSG Systems International, Inc.

      36,981        1,850,899  

CTS Corp.

      26,340        938,231  

CyberArk Software Ltd.(b)

     6,417        1,155,766  

Daktronics, Inc.(b)

     66,761        370,524  

Datadog, Inc., Class A(b)

     4,565        762,583  

Diebold Nixdorf, Inc.(b)

     186,454        1,678,086  

Digi International, Inc.(b)

     23,905        515,153  

Diodes, Inc.(b)

     27,874        2,678,413  

DocuSign, Inc.(b)

     3,755        1,044,979  

Dolby Laboratories, Inc., Class A

      29,006        2,562,680  

Dropbox, Inc., Class A(b)

     42,454        1,294,422  

DSP Group, Inc.(b)

     14,166        311,227  

Dynatrace, Inc.(b)

     17,068        1,280,100  

Eastman Kodak Co.(b)(c)

     30,213        205,146  

Ebix, Inc.(c)

     34,883        1,144,511  

Elastic N.V.(b)

     2,791        484,266  

EMCORE Corp.(b)

     33,280        248,934  

Enphase Energy, Inc.(b)

     2,900        671,727  

Entegris, Inc.

      28,957        4,076,566  

Envestnet, Inc.(b)

     20,497        1,711,500  

 

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

 

    26    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Information Technology-(continued)

      

ePlus, Inc.(b)

               21,232      $        2,347,622  

Everbridge, Inc.(b)

      1,856        295,679  

EVERTEC, Inc.

      31,163        1,408,879  

Evo Payments, Inc., Class A(b)

      14,934        323,769  

ExlService Holdings, Inc.(b)

      21,217        2,601,841  

Extreme Networks, Inc.(b)

      73,067        718,249  

Fabrinet (Thailand)(b)

      25,068        2,406,528  

Fair Isaac Corp.(b)

      3,147        1,253,135  

FARO Technologies, Inc.(b)

      6,754        496,892  

Fastly, Inc., Class A(b)(c)

      3,290        166,507  

Five9, Inc.(b)

      2,143        338,615  

FormFactor, Inc.(b)

      25,748        1,024,255  

Fortinet, Inc.(b)

      16,212        5,452,744  

Globant S.A.(b)

      4,893        1,561,797  

GreenSky, Inc., Class A(b)

      51,917        635,464  

GTY Technology Holdings, Inc.(b)

      42,539        323,296  

Guidewire Software, Inc.(b)(c)

      16,732        2,103,714  

Hackett Group, Inc. (The)

      31,425        664,325  

Harmonic, Inc.(b)

      65,236        591,691  

HubSpot, Inc.(b)

      1,648        1,335,259  

I3 Verticals, Inc., Class A(b)

      6,409        143,498  

Ichor Holdings Ltd.(b)

      15,148        662,271  

II-VI Incorporated(b)(c)

      29,964        1,813,122  

Infinera Corp.(b)(c)

      89,197        677,005  

Information Services Group, Inc.

      68,837        561,022  

InterDigital, Inc.

      34,549        2,313,056  

International Money Express, Inc.(b)

      12,440        208,246  

Itron, Inc.(b)

      30,717        2,388,861  

Ituran Location and Control Ltd. (Israel)

      14,399        374,518  

Kimball Electronics, Inc.(b)

      24,181        695,204  

Knowles Corp.(b)

      110,276        2,298,152  

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

      30,077        1,714,389  

KVH Industries, Inc.(b)

      18,083        185,532  

Lattice Semiconductor Corp.(b)

      15,515        1,077,362  

Limelight Networks, Inc.(b)

      78,381        233,575  

Littelfuse, Inc.

      10,859        3,198,518  

LivePerson, Inc.(b)(c)

      4,530        233,340  

LiveRamp Holdings, Inc.(b)

      20,495        1,096,687  

Lumentum Holdings, Inc.(b)

      31,178        2,574,679  

MACOM Technology Solutions Holdings, Inc.(b)

      7,589        529,864  

MagnaChip Semiconductor Corp. (South Korea)(b)

      37,214        705,577  

Mandiant, Inc.(b)

      59,654        1,040,366  

Manhattan Associates, Inc.(b)

      10,369        1,882,388  

Maxeon Solar Technologies Ltd.(b)

      8,851        199,413  

MaxLinear, Inc.(b)

      19,714        1,241,982  

Methode Electronics, Inc.

      45,348        1,907,790  

MicroStrategy, Inc., Class A(b)(c)

      1,063        760,109  

Mimecast Ltd.(b)

      10,107        762,472  

Momentive Global, Inc.(b)

      19,657        450,538  

MoneyGram International, Inc.(b)

      164,149        979,970  

MongoDB, Inc.(b)(c)

      548        285,667  

Monolithic Power Systems, Inc.

      5,041        2,648,844  

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

      19,984        265,787  

NeoPhotonics Corp.(b)

      35,752        361,810  

Net 1 UEPS Technologies, Inc. (South Africa)(b)

      132,785        742,268  

NETGEAR, Inc.(b)(c)

      33,031        952,284  
     Shares    Value  

Information Technology-(continued)

      

NetScout Systems, Inc.(b)

             105,871      $        2,864,869  

New Relic, Inc.(b)

      9,036        733,362  

nLight, Inc.(b)

      7,472        210,113  

Novanta, Inc.(b)

      7,866        1,357,357  

Nutanix, Inc., Class A(b)

      23,119        793,213  

NVE Corp.

      3,606        245,100  

Okta, Inc.(b)

      1,976        488,428  

OneSpan, Inc.(b)

      17,404        355,390  

Onto Innovation, Inc.(b)

      23,758        1,881,871  

OSI Systems, Inc.(b)

      18,444        1,717,321  

PagerDuty, Inc.(b)(c)

      6,950        290,163  

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

      33,189        1,201,442  

Palo Alto Networks, Inc.(b)

      7,463        3,799,339  

PAR Technology Corp.(b)(c)

      2,392        150,265  

Paycom Software, Inc.(b)

      3,456        1,893,370  

Paylocity Holding Corp.(b)

      2,470        753,696  

PC Connection, Inc.

      19,896        916,211  

PDF Solutions, Inc.(b)

      13,064        307,396  

Pegasystems, Inc.

      3,788        449,711  

Perficient, Inc.(b)(c)

      16,778        2,073,761  

PFSweb, Inc.(b)

      32,139        417,807  

Photronics, Inc.(b)

      128,285        1,666,422  

Ping Identity Holding Corp.(b)(c)

      14,186        401,889  

Plantronics, Inc.(b)(c)

      21,459        574,243  

Power Integrations, Inc.

      14,795        1,526,992  

Progress Software Corp.

      22,749        1,169,526  

PROS Holdings, Inc.(b)

      5,464        163,920  

PTC, Inc.(b)

      16,872        2,148,649  

Pure Storage, Inc., Class A(b)

      53,980        1,449,903  

Q2 Holdings, Inc.(b)

      3,492        273,982  

QAD, Inc., Class A

      3,368        295,172  

Qualys, Inc.(b)(c)

      7,367        917,044  

Quantum Corp.(b)

      31,344        178,974  

Radware Ltd. (Israel)(b)

      20,013        709,061  

Rambus, Inc.(b)

      61,293        1,426,288  

Rapid7, Inc.(b)(c)

      2,945        379,169  

Repay Holdings Corp.(b)(c)

      10,152        213,294  

Ribbon Communications, Inc.(b)

      40,469        221,365  

RingCentral, Inc., Class A(b)

      2,475        603,356  

Rogers Corp.(b)

      11,029        2,218,152  

SailPoint Technologies Holding, Inc.(b)(c)

      10,255        492,035  

ScanSource, Inc.(b)

      26,696        955,183  

Semtech Corp.(b)

      20,274        1,723,898  

Shift4 Payments, Inc., Class A(b)(c)

      2,444        154,290  

Silicom Ltd. (Israel)(b)

      5,333        223,986  

Silicon Laboratories, Inc.(b)

      13,076        2,468,226  

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

      16,315        872,200  

Smartsheet, Inc., Class A(b)

      5,687        392,460  

SolarEdge Technologies, Inc.(b)

      6,153        2,182,346  

SolarWinds Corp.(c)

      19,984        321,742  

Splunk, Inc.(b)

      18,648        3,073,563  

SPS Commerce, Inc.(b)

      5,862        895,303  

Square, Inc., Class A(b)

      11,284        2,871,778  

StarTek, Inc.(b)

      24,388        134,134  

StoneCo Ltd., Class A (Brazil)(b)

      18,739        634,503  

Stratasys Ltd.(b)

      38,084        1,201,169  

SunPower Corp.(b)(c)

      12,418        417,990  

Super Micro Computer, Inc.(b)

      94,394        3,340,604  

Switch, Inc., Class A(c)

      15,951        403,241  

 

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

 

    27    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Information Technology-(continued)

      

Synaptics, Inc.(b)

     19,333      $        3,761,622  

Synchronoss Technologies, Inc.(b)(c)

     61,398        162,091  

Tenable Holdings, Inc.(b)

     4,321        230,093  

Teradata Corp.(b)(c)

     59,774        3,380,817  

Trade Desk, Inc. (The), Class A(b)

     12,881        964,916  

TTEC Holdings, Inc.

      8,180        772,110  

Tucows, Inc., Class A(b)(c)

     4,793        394,464  

Turtle Beach Corp.(b)(c)

     5,793        166,607  

Tyler Technologies, Inc.(b)

     6,606        3,588,511  

Ubiquiti, Inc.

      785        239,841  

Ultra Clean Holdings, Inc.(b)

     26,613        1,319,206  

Unisys Corp.(b)

            123,531        3,158,688  

Universal Display Corp.

      5,448        998,074  

Upland Software, Inc.(b)

     5,856        195,415  

Varonis Systems, Inc.(b)(c)

     3,578        231,640  

Veeco Instruments, Inc.(b)(c)

     30,987        752,674  

Verint Systems, Inc.(b)(c)

     57,328        2,671,485  

VeriSign, Inc.(b)

     16,132        3,592,112  

Verra Mobility Corp.(b)(c)

     64,150        954,552  

Viavi Solutions, Inc.(b)

     98,561        1,517,839  

Vishay Precision Group, Inc.(b)

     15,522        529,145  

Vonage Holdings Corp.(b)

     130,721        2,107,223  

Wix.com Ltd. (Israel)(b)

     1,436        267,039  

Workday, Inc., Class A(b)

     11,188        3,244,296  

Workiva, Inc.(b)(c)

     1,676        250,646  

Xperi Holding Corp.

      74,009        1,326,241  

Yext, Inc.(b)(c)

     14,387        181,132  

Zendesk, Inc.(b)

     5,152        524,474  

Zix Corp.(b)

     25,018        211,902  

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

     1,547        424,884  

Zscaler, Inc.(b)

     1,044        332,890  

Zuora, Inc., Class A(b)(c)

     14,721        321,801  
     

 

 

  
        246,350,300  
     

 

 

  

Materials-5.41%

      

Advanced Emissions Solutions, Inc.(b)

     28,194        191,437  

AdvanSix, Inc.(b)

     37,096        1,802,866  

Alpha Metallurgical Resources, Inc.(b)

     34,316        2,120,386  

American Vanguard Corp.

      31,772        495,008  

Balchem Corp.

      12,868        1,969,962  

Caledonia Mining Corp. PLC (South Africa)(c)

     14,096        174,649  

Century Aluminum Co.(b)(c)

     80,533        1,063,841  

Chase Corp.

      4,833        463,968  

Clearwater Paper Corp.(b)

     43,818        1,832,907  

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

     184,397        4,445,812  

Coeur Mining, Inc.(b)(c)

     118,627        750,909  

Eagle Materials, Inc.

      21,431        3,179,503  

Ecovyst, Inc.

      66,550        777,304  

Ferro Corp.(b)

     92,472        1,943,761  

Ferroglobe PLC(b)

     172,231        1,141,892  

Flotek Industries, Inc.(b)

     98,682        115,458  

Forterra, Inc.(b)

     31,543        751,354  

FutureFuel Corp.

      44,004        310,668  

GCP Applied Technologies, Inc.(b)

     53,693        1,213,999  

Glatfelter Corp.

      57,555        945,629  

Gold Resource Corp.

      91,816        168,941  

Greif, Inc., Class A

      64,784        4,190,229  

Hawkins, Inc.

      21,980        806,007  
     Shares    Value  

Materials-(continued)

      

Haynes International, Inc.

      24,607      $ 987,479  

Hecla Mining Co.(c)

            301,744               1,744,080  

Ingevity Corp.(b)

     34,485        2,686,726  

Innospec, Inc.

      22,690        2,055,941  

Intrepid Potash, Inc.(b)

     12,157        592,167  

Kaiser Aluminum Corp.

      18,499        1,796,993  

Koppers Holdings, Inc.(b)

     50,992        1,789,309  

Kraton Corp.(b)(c)

     73,728        3,365,683  

Kronos Worldwide, Inc.

      45,706        595,549  

Livent Corp.(b)(c)

     63,036        1,778,876  

LSB Industries, Inc.(b)

     83,677        747,236  

Materion Corp.

      21,935        1,583,268  

McEwen Mining, Inc. (Canada)(b)

     341,749        375,924  

Mercer International, Inc. (Germany)

      74,021        797,206  

Mesabi Trust

      7,310        161,039  

Minerals Technologies, Inc.

      43,380        3,077,377  

Myers Industries, Inc.

      41,039        844,583  

Neenah, Inc.

      29,029        1,467,126  

NewMarket Corp.

      7,102        2,414,751  

Olympic Steel, Inc.

      11,375        306,784  

Orion Engineered Carbons S.A. (Germany)(b)

     115,365        2,168,862  

Quaker Houghton

      5,042        1,239,525  

Ranpak Holdings Corp.(b)

     13,108        451,702  

Rayonier Advanced Materials, Inc.(b)

     163,970        1,177,305  

Resolute Forest Products, Inc.

      100,998        1,187,736  

Royal Gold, Inc.

      31,824        3,151,212  

Ryerson Holding Corp.

      52,666        1,388,276  

Schnitzer Steel Industries, Inc., Class A

      55,957        3,010,487  

Schweitzer-Mauduit International, Inc., Class A

      50,987        1,776,387  

Sensient Technologies Corp.

      39,059        3,734,040  

Southern Copper Corp. (Peru)

      38,086        2,284,779  

Stepan Co.

      22,196        2,663,964  

SunCoke Energy, Inc.

      226,784        1,637,380  

TimkenSteel Corp.(b)(c)

     94,628        1,320,061  

Tredegar Corp.

      64,787        781,331  

TriMas Corp.(b)

     44,328        1,478,339  

Tronox Holdings PLC, Class A

      99,212        2,313,624  

UFP Technologies, Inc.(b)

     7,031        435,149  

United States Lime & Minerals, Inc.

      1,344        165,957  

Universal Stainless & Alloy Products, Inc.(b)

     17,072        161,843  

Valvoline, Inc.

      133,465        4,532,471  

Venator Materials PLC(b)

     142,101        427,724  

Verso Corp., Class A

      96,436        2,129,307  

Worthington Industries, Inc.

      40,168        2,181,926  
     

 

 

  
        101,823,974  
     

 

 

  

Real Estate-6.99%

      

Acadia Realty Trust

      152,643        3,263,507  

Agree Realty Corp.

      28,636        2,034,874  

Alexander & Baldwin, Inc.

      106,433        2,610,801  

Alexander’s, Inc.

      2,867        799,262  

Altisource Portfolio Solutions S.A.(b)(c)

     17,474        227,162  

American Assets Trust, Inc.

      69,912        2,644,771  

American Finance Trust, Inc.

      172,206        1,425,866  

Americold Realty Trust

      84,371        2,486,413  

Apartment Investment & Management

      

Co., Class A

      198,785        1,506,790  

 

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

 

    28    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Real Estate-(continued)

      

Armada Hoffler Properties, Inc,

      75,651      $        1,037,175  

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

     17,514        247,473  

Bluerock Residential Growth REIT, Inc,

      57,259        774,714  

Braemar Hotels & Resorts, Inc.(b)(c)

     93,845        476,733  

Broadstone Net Lease, Inc.(c)

     28,691        762,894  

BRT Apartments Corp,

      11,104        220,970  

CareTrust REIT, Inc.

      70,910        1,471,382  

CatchMark Timber Trust, Inc., Class A

      60,442        517,383  

Cedar Realty Trust, Inc.

      30,289        674,536  

Centerspace

      18,756        1,898,857  

Chatham Lodging Trust(b)

     94,179        1,195,131  

City Office REIT, Inc.

      90,196        1,711,018  

Community Healthcare Trust, Inc.

      10,646        509,305  

CorEnergy Infrastructure Trust, Inc.

      112,113        531,416  

CorePoint Lodging, Inc.(b)

     37,220        641,673  

CoreSite Realty Corp.

      21,483        3,060,468  

CTO Realty Growth, Inc.(c)

     7,078        379,452  

Cushman & Wakefield PLC(b)

            199,561        3,669,927  

Diversified Healthcare Trust

      416,681        1,516,719  

Easterly Government Properties, Inc.(c)

     81,455        1,712,999  

EastGroup Properties, Inc.

      20,739        4,101,759  

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

     268,394        2,598,054  

Essential Properties Realty Trust, Inc.

      65,949        1,964,621  

Farmland Partners, Inc.

      32,188        361,793  

Forestar Group, Inc.(b)

     20,772        406,508  

Four Corners Property Trust, Inc.

      49,950        1,448,550  

Franklin Street Properties Corp.

      130,512        587,304  

FRP Holdings, Inc.(b)

     6,200        354,640  

Getty Realty Corp.

      38,551        1,238,258  

Gladstone Commercial Corp.

      39,400        861,284  

Gladstone Land Corp.

      14,220        314,831  

Global Medical REIT, Inc.

      33,200        550,456  

Global Net Lease, Inc.

      150,031        2,403,497  

Hersha Hospitality Trust(b)

     106,039        946,928  

Independence Realty Trust, Inc.

      117,475        2,775,934  

Industrial Logistics Properties Trust

      93,530        2,627,258  

Innovative Industrial Properties, Inc.(c)

     2,100        552,489  

iStar, Inc.(c)

     77,071        1,945,272  

Kennedy-Wilson Holdings, Inc.(c)

     155,774        3,484,664  

Kite Realty Group Trust

      133,767        2,715,470  

LTC Properties, Inc.

      41,971        1,337,196  

Mack-Cali Realty Corp.(b)(c)

     196,644        3,576,954  

Marcus & Millichap, Inc.(b)

     22,848        1,076,141  

Monmouth Real Estate Investment Corp.

      71,752        1,352,525  

National Health Investors, Inc.

      43,650        2,347,497  

National Storage Affiliates Trust

      29,949        1,870,615  

Newmark Group, Inc., Class A

      136,034        2,024,186  

NexPoint Residential Trust, Inc.

      20,015        1,417,462  

Office Properties Income Trust

      69,148        1,771,572  

One Liberty Properties, Inc.

      23,129        723,013  

Pennsylvania REIT(b)(c)

     727,911        1,237,449  

Plymouth Industrial REIT, Inc.

      13,678        349,610  

PotlatchDeltic Corp.

      57,136        2,986,499  

Preferred Apartment Communities, Inc., Class A

      145,714        1,837,454  

PS Business Parks, Inc.

      15,605        2,773,008  

RE/MAX Holdings, Inc., Class A

      15,264        485,548  

Redfin Corp.(b)(c)

     6,425        329,859  

Retail Opportunity Investments Corp.

      168,357        2,991,704  

Retail Value, Inc.

      37,097        232,227  
     Shares    Value  

Real Estate-(continued)

      

Rexford Industrial Realty, Inc.

      56,495      $ 3,796,464  

RMR Group, Inc. (The), Class A

      14,887        517,919  

RPT Realty

      154,775        2,056,960  

Safehold, Inc.

      4,441        331,743  

Saul Centers, Inc.

      18,626        864,246  

Seritage Growth Properties, Class A, (Acquired 03/17/2017 - 09/03/2021;
Cost $2,041,690)(b)(c)(d)

     74,198        1,142,649  

St. Joe Co. (The)

      6,974        327,917  

Summit Hotel Properties, Inc.(b)(c)

     254,913        2,549,130  

Tanger Factory Outlet Centers, Inc.(c)

     220,306        3,701,141  

Tejon Ranch Co.(b)

     21,327        388,365  

Terreno Realty Corp.

      35,492        2,595,530  

UMH Properties, Inc.

      37,754        903,831  

Universal Health Realty Income Trust

      9,566        544,975  

Urban Edge Properties

      184,235        3,229,640  

Urstadt Biddle Properties, Inc.

      4,463        78,593  

Urstadt Biddle Properties, Inc., Class A

      55,087        1,081,909  

Washington REIT

      139,308        3,531,458  

Whitestone REIT

      88,041        808,216  
     

 

 

  
        131,420,446  
     

 

 

  

Utilities-1.49%

      

American States Water Co.

      23,830        2,164,717  

Artesian Resources Corp., Class A

      8,155        327,994  

Atlantica Sustainable Infrastructure PLC (Spain)(c)

     83,031        3,267,270  

California Water Service Group

      37,923        2,308,752  

Chesapeake Utilities Corp.

      14,464        1,895,796  

Clearway Energy, Inc., Class A

      32,928        1,086,295  

Clearway Energy, Inc., Class C(c)

     80,902        2,870,403  

Consolidated Water Co. Ltd. (Cayman Islands)

      20,171        224,100  

MGE Energy, Inc.

      32,232        2,446,086  

Middlesex Water Co.

      9,561        1,052,857  

Northwest Natural Holding Co.

      54,585        2,461,238  

Ormat Technologies, Inc.(c)

     18,979        1,372,751  

Otter Tail Corp.

      46,358        2,874,660  

SJW Group

      23,239        1,531,915  

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

     10,391        463,023  

Unitil Corp.

      25,214        1,052,685  

Via Renewables, Inc.(c)

     28,080        313,092  

York Water Co. (The)

      8,025        384,558  
     

 

 

  
        28,098,192  
     

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $1,505,523,360)

 

      1,881,007,184  
     

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-15.11%

 

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

       85,135,312        85,135,312  

 

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

 

    29    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

     Shares    Value  

Money Market Funds-(continued)

 

   

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

     199,177,524      $ 199,257,197  
     

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $284,392,507)

 

      284,392,509  
  

 

 

  

TOTAL INVESTMENTS IN SECURITIES-115.07%
(Cost $1,789,915,867)

 

      2,165,399,693  

OTHER ASSETS LESS LIABILITIES-(15.07)%

 

      (283,579,391 ) 
     

 

 

  

NET ASSETS-100.00%

       $ 1,881,820,302  
     

 

 

  

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Wts. -Warrants

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Restricted security. The aggregate value of these securities at October 31, 2021 was $2,122,037, which represented less than 1% of the Fund’s Net Assets.

(e) 

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

(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		   Realized
Gain		   Value
October 31,  2021		   Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class     $ -     $ 24,211,996     $ (24,211,996 )     $ -     $ -     $ -     $ 130
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund       89,270,144       150,137,339       (154,272,171 )       -       -       85,135,312       6,756 *
Invesco Private Prime Fund       141,140,047       336,469,214       (278,352,064 )       -       -       199,257,197       97,998 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
Total     $ 230,410,191     $ 510,818,549     $ (456,836,231 )     $ -     $ -     $ 284,392,509     $ 104,884
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

*

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.

 

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

 

    30    

 

  

 

 

 

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

October 31, 2021

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)
 as of October 31, 2021

  
     

  Financials

      19.55                                           

  Industrials

      18.17     

  Consumer Discretionary

      13.36     

  Information Technology

      13.09     

  Health Care

      8.78     

  Real Estate

      6.99     

  Energy

      6.06     

  Materials

      5.41     

  Communication Services

      3.63     

  Consumer Staples

      3.43     

  Utilities

      1.49     

  Money Market Funds Plus Other Assets

  Less Liabilities

      0.04     

 

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

 

    31    

 

  

 

 

 

Statements of Assets and Liabilities

October 31, 2021

(Unaudited)

 

     Invesco Dynamic
Market  ETF (PWC)		      Invesco FTSE RAFI
US 1000 ETF (PRF)		      Invesco FTSE RAFI
US 1500 Small-Mid
ETF (PRFZ)		  

Assets:

                          

Unaffiliated investments in securities, at value(a)

      $ 130,909,047           $ 5,550,205,653            $ 1,881,007,184     

Affiliated investments in securities, at value

         5,967,648             177,483,316              284,392,509     

Cash

         -             320,648              -     

Receivable for:

                          

Dividends

         36,676             6,451,068              617,659     

Securities lending

         783             16,749              40,650     

Investments sold

         -             1              67,589     

Investments sold - affiliated broker

         -             3,300,896              6,517,636     

Foreign tax reclaims

         -             -              347,262     

Other assets

         28,284             1,412              -     
     

 

 

          

 

 

           

 

 

     

Total assets

         136,942,438             5,737,779,743              2,172,990,489     
     

 

 

          

 

 

           

 

 

     

Liabilities:

                          

Due to custodian

         -             -              1,381,904     

Payable for:

                          

Investments purchased

         -             -              888,221     

Investments purchased - affiliated broker

         -             3,358,587              2,584,605     

Collateral upon return of securities loaned

         5,850,786             170,227,675              284,392,507     

Fund shares repurchased

         -             -              18,373     

Accrued advisory fees

         54,364             1,337,100              482,949     

Accrued trustees’ and officer’s fees

         88,282             413,550              159,098     

Accrued expenses

         43,311             3,347,262              1,262,530     
     

 

 

          

 

 

           

 

 

     

Total liabilities

         6,036,743             178,684,174              291,170,187     
     

 

 

          

 

 

           

 

 

     

Net Assets

       $ 130,905,695           $ 5,559,095,569            $ 1,881,820,302     
     

 

 

          

 

 

           

 

 

     

Net assets consist of:

                          

Shares of beneficial interest

       $ 262,675,545           $ 4,356,422,032            $ 1,767,679,587     

Distributable earnings (loss)

         (131,769,850 )            1,202,673,537              114,140,715     
     

 

 

          

 

 

           

 

 

     

Net Assets

       $ 130,905,695           $ 5,559,095,569            $ 1,881,820,302     
     

 

 

          

 

 

           

 

 

     

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

         1,060,000             33,360,000              9,890,000     

Net asset value

       $ 123.50           $ 166.64            $ 190.28     
     

 

 

          

 

 

           

 

 

     

Market price

       $ 123.43           $ 166.64            $ 190.12     
     

 

 

          

 

 

           

 

 

     

Unaffiliated investments in securities, at cost

       $ 124,996,348           $ 4,034,296,828            $ 1,505,523,360     
     

 

 

          

 

 

           

 

 

     

Affiliated investments in securities, at cost

       $ 5,967,648           $ 178,370,393            $ 284,392,507     
     

 

 

          

 

 

           

 

 

     

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

       $ 5,693,026           $ 164,630,291            $ 277,060,180     
     

 

 

          

 

 

           

 

 

     

 

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

 

    32    

 

  

 

 

 

Statements of Operations

For the six months ended October 31, 2021

(Unaudited)

 

    

Invesco Dynamic
Market ETF (PWC)

   

Invesco FTSE RAFI
US 1000 ETF (PRF)

   

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

Investment income:

                                          

Unaffiliated dividend income

                $ 759,804                         $ 57,364,509                         $ 15,512,243         

Affiliated dividend income

             16                 94,524                 130    

Securities lending income

             5,157                 81,373                 381,604    

Foreign withholding tax

             (2,605 )                 (6,738 )                 (16,131 )    
         

 

 

                

 

 

                

 

 

      

Total investment income

             762,372                 57,533,668                 15,877,846    
         

 

 

                

 

 

                

 

 

      

Expenses:

                                          

Advisory fees

             331,798                 7,762,352                 2,895,147    

Sub-licensing fees

             19,908                 2,409,053                 898,512    

Accounting & administration fees

             10,452                 142,908                 61,838    

Custodian & transfer agent fees

             2,345                 17,096                 5,918    

Trustees’ and officer’s fees

             7,700                 42,705                 18,889    

Tax expenses

             -                 -                 1,793    

Other expenses

             24,243                 112,024                 66,480    
         

 

 

                

 

 

                

 

 

      

Total expenses

             396,446                 10,486,138                 3,948,577    
         

 

 

                

 

 

                

 

 

      

Less: Waivers

             (1 )                 (47,135 )                 (56,654 )    
         

 

 

                

 

 

                

 

 

      

Net expenses

             396,445                 10,439,003                 3,891,923    
         

 

 

                

 

 

                

 

 

      

Net investment income

             365,927                 47,094,665                 11,985,923    
         

 

 

                

 

 

                

 

 

      

Realized and unrealized gain (loss) from:

                                          

Net realized gain (loss) from:

                                          

Unaffiliated investment securities

             (4,784,660 )                 1,965,383                 8,539,107    

Unaffiliated in-kind redemptions

             12,517,322                 14,494,447                 84,194,084    

Affiliated in-kind redemptions

             -                 4,833                 -    
         

 

 

                

 

 

                

 

 

      

Net realized gain

             7,732,662                 16,464,663                 92,733,191    
         

 

 

                

 

 

                

 

 

      

Change in net unrealized appreciation (depreciation) of:

                                          

Unaffiliated investment securities

             (6,765,767 )                 273,363,117                 8,984,376    

Affiliated investment securities

             -                 (422,864 )                 -    
         

 

 

                

 

 

                

 

 

      

Change in net unrealized appreciation (depreciation)

             (6,765,767 )                 272,940,253                 8,984,376    
         

 

 

                

 

 

                

 

 

      

Net realized and unrealized gain

             966,895                 289,404,916                 101,717,567    
         

 

 

                

 

 

                

 

 

      

Net increase in net assets resulting from operations

           $ 1,332,822               $ 336,499,581               $ 113,703,490    
         

 

 

                

 

 

                

 

 

      

 

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

 

    33    

 

  

 

 

 

Statements of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

 

    

Invesco Dynamic

                     Market ETF (PWC)                      

   

Invesco FTSE RAFI US

                         1000 ETF (PRF)                          

    

Six Months Ended
October 31,

             2021            

   

Year Ended

April 30,

             2021            

   

Six Months Ended
October 31,

             2021            

   

Year Ended

April 30,

             2021            

Operations:

                                                        

Net investment income

                $ 365,927                         $ 938,359                         $ 47,094,665                         $ 82,251,303    

Net realized gain

             7,732,662                 22,875,867                 16,464,663                 532,374,793    

Change in net unrealized appreciation (depreciation)

             (6,765,767 )                 27,105,440                 272,940,253                 1,250,816,001    
         

 

 

                

 

 

                

 

 

                

 

 

      

Net increase in net assets resulting from operations

             1,332,822                 50,919,666                 336,499,581                 1,865,442,097    
         

 

 

                

 

 

                

 

 

                

 

 

      

Distributions to Shareholders from:

                                                        

Distributable earnings

             (431,407 )                 (1,144,504 )                 (40,355,266 )                 (86,948,468 )    
         

 

 

                

 

 

                

 

 

                

 

 

      

Shareholder Transactions:

                                                        

Proceeds from shares sold

             92,303,823                 160,695,694                 184,810,723                 780,945,257    

Value of shares repurchased

             (98,109,424 )                 (190,492,143 )                 (32,528,389 )                 (1,459,349,596 )    
         

 

 

                

 

 

                

 

 

                

 

 

      

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

             (5,805,601 )                 (29,796,449 )                 152,282,334                 (678,404,339 )    
         

 

 

                

 

 

                

 

 

                

 

 

      

Net increase (decrease) in net assets

             (4,904,186 )                 19,978,713                 448,426,649                 1,100,089,290    
         

 

 

                

 

 

                

 

 

                

 

 

      

Net assets:

                                                        

Beginning of period

             135,809,881                 115,831,168                 5,110,668,920                 4,010,579,630    
         

 

 

                

 

 

                

 

 

                

 

 

      

End of period

           $ 130,905,695               $ 135,809,881               $ 5,559,095,569               $ 5,110,668,920    
         

 

 

                

 

 

                

 

 

                

 

 

      

Changes in Shares Outstanding:

                                                        

Shares sold

             740,000                 1,580,000                 1,150,000                 5,350,000    

Shares repurchased

             (790,000 )                 (1,870,000 )                 (200,000 )                 (11,440,000 )    

Shares outstanding, beginning of period

             1,110,000                 1,400,000                 32,410,000                 38,500,000    
         

 

 

                

 

 

                

 

 

                

 

 

      

Shares outstanding, end of period

             1,060,000                 1,110,000                 33,360,000                 32,410,000    
         

 

 

                

 

 

                

 

 

                

 

 

      

 

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

 

    34    

 

  

 

 

 

 

    

    

    

 

Invesco FTSE RAFI US

         1500 Small-Mid ETF (PRFZ)        

  
Six Months Ended
October 31,
2021		          Year Ended
April 30,
2021		  
               
  $  11,985,923                   $ 14,258,326  
  92,733,191            324,181,078  
 

     

8,984,376

  

 

          599,967,079  

 

 

         

 

 

  
 

     

113,703,490

  

 

          938,406,483  

 

 

         

 

 

  
               
  (9,030,534)            (16,420,545 ) 

 

 

         

 

 

  
               
  37,070,857            494,184,246  
  (209,492,244)            (904,575,578 ) 

 

 

         

 

 

  
 

     

(172,421,387)

  

 

          (410,391,332 ) 

 

 

         

 

 

  
  (67,748,431)            511,594,606  

 

 

         

 

 

  
               
  1,949,568,733            1,437,974,127  

 

 

         

 

 

  
  $1,881,820,302          $ 1,949,568,733  

 

 

         

 

 

  
               
  210,000            3,040,000  
  (1,110,000)            (6,200,000 ) 
  10,790,000            13,950,000  

 

 

         

 

 

  
  9,890,000            10,790,000  

 

 

         

 

 

  

 

    35    

 

  

 

 

 

Financial Highlights

Invesco Dynamic Market ETF (PWC)

 

     Six Months Ended                    
     October 31,                    
     2021   Years Ended April 30,
    

     (Unaudited)     

  2021   2020   2019   2018   2017

Per Share Operating Performance:

                         

Net asset value at beginning of period

        $    122.35       $    82.74       $    98.73       $    96.96       $    84.15       $    71.56
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       0.34       0.75       1.15       0.90       2.11 (b)         0.43

Net realized and unrealized gain (loss) on investments

        1.21       39.76       (15.99 )       1.99       12.64       12.98
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        1.55       40.51       (14.84 )       2.89       14.75       13.41
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

        (0.40 )       (0.90 )       (1.15 )       (1.12 )       (1.94 )       (0.82 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

        $    123.50       $  122.35       $    82.74       $    98.73       $    96.96       $    84.15
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(c)

       $    123.43       $  122.40       $    81.40       $    98.63       $    96.98       $    84.16
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

       1.22 %       49.27 %       (15.04 )%       3.00 %       17.67 %       18.88 %

Market Price Total Return(d)

       1.11 %       51.78 %       (16.32 )%       2.89 %       17.68 %       18.91 %

Ratios/Supplemental Data:

                         

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

        $130,906       $135,810       $115,831       $157,975       $155,134       $143,052

Ratio to average net assets of:

                         

Expenses, after Waivers

        0.60 %(e)       0.60 %       0.58 %       0.59 %       0.60 %       0.60 %

Expenses, prior to Waivers

        0.60 %(e)       0.62 %       0.58 %       0.59 %       0.61 %       0.61 %

Net investment income

        0.55 %(e)       0.75 %       1.22 %       0.91 %       2.30 %(b)       0.56 %

Portfolio turnover rate(f)

       115 %       321 %       313 %       240 %       215 %       231 %

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.10 and 1.19%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    36    

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco FTSE RAFI US 1000 ETF (PRF)

 

     Six Months Ended                    
     October 31,                    
     2021   Years Ended April 30,
    

      (Unaudited)       

   2021   2020   2019   2018   2017

Per Share Operating Performance:

                         

Net asset value at beginning of period

        $     157.69       $     104.17       $     117.81       $     111.04       $       102.66       $       90.15
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

       1.43       2.43       2.60       2.40       2.18       1.86

Net realized and unrealized gain (loss) on investments

        8.75       53.64       (13.40 )       6.72       8.29       12.56
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        10.18       56.07       (10.80 )       9.12       10.47       14.42
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

        (1.23 )       (2.55 )       (2.84 )       (2.35 )       (2.09 )       (1.91 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

        $166.64       $     157.69       $     104.17       $     117.81       $     111.04       $     102.66
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(b)

       $     166.64       $     157.68       $     104.31       $     117.82       $     111.12       $     102.67
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

       6.50 %       54.54 %       (9.18 )%       8.40 %       10.26 %       16.16 %

Market Price Total Return(c)

       6.50 %       54.32 %       (9.06 )%       8.32 %       10.33 %       16.19 %

Ratios/Supplemental Data:

                         

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

        $5,559,096       $5,110,669       $4,010,580       $5,590,025       $5,124,420       $4,897,087

Ratio to average net assets of:

                         

Expenses, after Waivers

        0.39 %(d)       0.39 %       0.39 %       0.39 %       0.39 %       0.39 %

Expenses, prior to Waivers

        0.39 %(d)       0.40 %       0.39 %       0.40 %       0.41 %       0.41 %

Net investment income

        1.76 %(d)       1.94 %       2.24 %       2.13 %       2.00 %       1.93 %

Portfolio turnover rate(e)

       1 %       11 %       8 %       10 %       9 %       11 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    37    

 

  

 

 

 

Financial Highlights–(continued)

 

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

 

     Six Months Ended
October 31,
2021		      Years Ended April 30,  
     (Unaudited)      2021     2020     2019     2018     2017  

Per Share Operating Performance:

                   

Net asset value at beginning of period

              $ 180.68        $ 103.08     $ 132.17     $ 130.30     $ 117.87     $ 97.56  
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

        1.12          1.18       1.48       1.76       1.44       1.30  

Net realized and unrealized gain (loss) on investments

         9.32          77.79       (28.58 )      1.75       12.31       20.46  
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

         10.44          78.97       (27.10 )      3.51       13.75       21.76  
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to shareholders from:

                   

Net investment income

         (0.84 )         (1.37 )      (1.99 )      (1.64 )      (1.32 )      (1.45 ) 
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value at end of period

       $ 190.28        $ 180.68     $ 103.08     $ 132.17     $ 130.30     $ 117.87  
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price at end of period(b)

      $ 190.12        $ 180.64     $ 103.16     $ 132.22     $ 130.51     $ 117.82  
     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value Total Return(c)

        5.80 %         77.05 %      (20.65 )%      2.75 %      11.73 %      22.44 % 

Market Price Total Return(c)

        5.73 %         76.88 %      (20.62 )%      2.60 %      11.96 %      22.40 % 

Ratios/Supplemental Data:

                   

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

       $ 1,881,820        $ 1,949,569     $ 1,437,974     $ 2,094,831     $ 1,889,333     $ 1,632,527  

Ratio to average net assets of:

                   

Expenses, after Waivers

         0.39 %(d)          0.39 %      0.39 %      0.39 %      0.39 %      0.39 % 

Expenses, prior to Waivers

         0.40 %(d)          0.40 %      0.40 %      0.40 %      0.41 %      0.41 % 

Net investment income

         1.20 %(d)          0.87 %      1.20 %      1.33 %      1.15 %      1.20 % 

Portfolio turnover rate(e)

        4 %         25 %      21 %      24 %      26 %      29 % 

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

    38    

 

  

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2021

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

   

Short Name

Invesco Dynamic Market ETF (PWC)    “Dynamic Market ETF”
Invesco FTSE RAFI US 1000 ETF (PRF)    “FTSE RAFI US 1000 ETF”
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)    “FTSE RAFI US 1500 Small-Mid ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

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

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value

 

    39    

 

  

 

 

 

 

debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per

 

    40    

 

  

 

 

 

 

share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

 

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I.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, FTSE RAFI US 1000 ETF had affiliated securities lending transactions with Invesco and the fees paid to Invesco by the Fund were less than $100.

J.

Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund

 

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rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and as a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

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

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory

 

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Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Dynamic Market ETF    $ 1  
FTSE RAFI US 1000 ETF      47,135  
FTSE RAFI US 1500 Small-Mid ETF      56,654  

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2021 are as follows:

 

     Total
Potential
Recapture		      Potential Recapture Amounts Expiring  
     Amounts      4/30/22      4/30/23      4/30/24      4/30/25  

FTSE RAFI US 1000 ETF

    $ 690,543      $ 87,359      $ 166,754      $ 389,323      $ 47,107  

FTSE RAFI US 1500 Small-Mid ETF

      438,646        62,979        137,289        181,732        56,646  

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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

 

Fund

   

Licensor

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

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

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

 

Dynamic Market ETF    $ 30,805  
FTSE RAFI US 1000 ETF      4,013  
FTSE RAFI US 1500 Small-Mid ETF      17,995  

 

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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1      Level 2      Level 3      Total  

Dynamic Market ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 130,909,047      $ -      $ -      $ 130,909,047  

Money Market Funds

      116,862        5,850,786        -        5,967,648  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 131,025,909      $ 5,850,786      $ -      $ 136,876,695  
  

 

 

     

 

 

     

 

 

     

 

 

  

FTSE RAFI US 1000 ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 5,554,993,646      $ -      $ -      $ 5,554,993,646  

Money Market Funds

      2,467,647        170,227,676        -        172,695,323  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 5,557,461,293      $ 170,227,676      $ -      $ 5,727,688,969  
  

 

 

     

 

 

     

 

 

     

 

 

  

FTSE RAFI US 1500 Small-Mid ETF

            

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 1,879,447,347      $ -      $ 1,559,837      $ 1,881,007,184  

Money Market Funds

      -        284,392,509        -        284,392,509  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 1,879,447,347      $ 284,392,509      $ 1,559,837      $ 2,165,399,693  
  

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

 

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The Funds had capital loss carryforwards as of April 30, 2021, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

Dynamic Market ETF

    $ 142,946,681      $ 2,442,435      $ 145,389,116  

FTSE RAFI US 1000 ETF

      17,038,038        221,369,470        238,407,508  

FTSE RAFI US 1500 Small-Mid ETF

      55,872,632        245,928,944        301,801,576  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the six months ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

     Purchases      Sales  

Dynamic Market ETF

    $ 158,156,496      $ 159,381,847  

FTSE RAFI US 1000 ETF

      42,172,597        34,774,407  

FTSE RAFI US 1500 Small-Mid ETF

      78,841,438        74,828,555  

For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind
Sales		  

Dynamic Market ETF

    $ 92,284,722      $ 96,720,340  

FTSE RAFI US 1000 ETF

      182,928,647        32,186,846  

FTSE RAFI US 1500 Small-Mid ETF

      36,668,575        207,953,518  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

     Gross
Unrealized
Appreciation		      Gross
Unrealized
(Depreciation)		     Net
Unrealized
Appreciation 		     Cost  

Dynamic Market ETF

    $ 11,145,809      $ (5,249,214 )    $ 5,896,595      $ 130,980,100  

FTSE RAFI US 1000 ETF

      1,692,776,625        (276,565,240 )      1,416,211,385        4,311,477,584  

FTSE RAFI US 1500 Small-Mid ETF

      498,758,710        (178,371,252 )      320,387,458        1,845,012,235  

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

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

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have

 

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not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

 

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Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 

     Beginning
Account Value
May 1, 2021		    Ending
Account Value
October 31, 2021		    Annualized
Expense Ratio
Based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period(1)

Invesco Dynamic Market ETF (PWC)

                                                                                                   

Actual

             $1,000.00                  $1,012.20                  0.60 %                 $3.04     

Hypothetical (5% return before expenses)

             1,000.00                  1,022.18                  0.60                 3.06     

Invesco FTSE RAFI US 1000 ETF (PRF)

                                                           

Actual

             1,000.00                  1,065.00                  0.39                 2.03     

Hypothetical (5% return before expenses)

             1,000.00                  1,023.24                  0.39                 1.99     

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

                                                           

Actual

             1,000.00                  1,058.00                  0.39                 2.02     

Hypothetical (5% return before expenses)

             1,000.00                  1,023.24                  0.39                 1.99     

 

(1)

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365.

 

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

 

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Downers Grove, IL 60515   P-PS-SAR-2                            invesco.com/ETFs