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Invesco Annual Report to Shareholders

 

 

August 31, 2022

 

  IMFL   Invesco International Developed Dynamic Multifactor ETF
  OMFL   Invesco Russell 1000® Dynamic Multifactor ETF
  OMFS   Invesco Russell 2000® Dynamic Multifactor ETF


 

Table of Contents

 

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

Invesco International Developed Dynamic Multifactor ETF (IMFL)

     11  

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

     17  

Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)

     21  
Statements of Assets and Liabilities      29  
Statements of Operations      30  
Statements of Changes in Net Assets      31  
Financial Highlights      32  
Notes to Financial Statements      35  
Report of Independent Registered Public Accounting Firm      45  
Fund Expenses      47  
Tax Information      48  
Trustees and Officers      49  
Approval of Investment Advisory Contracts      59  

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,1 the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,2 causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.1 To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.2 The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.1 To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.3 US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole,

Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,1 down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Labor Statistics

2 

Source: Bloomberg LP

3 

Source: US Federal Reserve

4 

Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended August 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first quarter 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued their decline as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, reduction of gas supplies from Russia due to the war in Ukraine drove prices higher and led to mounting fears of gas shortages and rationing. Emerging market equities also declined, but China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns.

After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control. At the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

 

 

  3  

 


 

 

IMFL    Management’s Discussion of Fund Performance
   Invesco International Developed Dynamic Multifactor ETF (IMFL)

 

As an index fund, the Invesco International Developed Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks are taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large- capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States.

The Index emphasizes investments that exhibit the following factors: low volatility, momentum, quality, size and value. At any given time, depending on the current stage of the economic cycle of the overall market, the Index will target different subsets (that is, two or three) of those five factors (referred to as “factor configurations”). The Index is designed to utilize factor configurations that, in the view of the Index Provider, have historically outperformed other factors in certain stages of the economic cycle. The specific factor configurations used by the Index will change depending on which of the following four stages of the economic cycle currently is prevalent: recovery, expansion, slowdown and contraction. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (23.63)%. On a net asset value (“NAV”) basis, the Fund returned (22.54)%. During the same time period, the Index returned (22.13)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (19.40)%. The Benchmark Index is an unmanaged index weighted by market capitalization. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas

the Benchmark Index selects and weights stocks based on market capitalization.

For the fiscal period ended August 31, 2022, no sector contributed significantly to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included BHP Group Ltd., a materials company (portfolio average weight of 1.12%) and AstraZeneca PLC, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.97%) and Segro PLC, a real estate company (portfolio average weight of 0.55%).

 

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

as of August 31, 2022

 
Health Care      17.31  
Consumer Staples      15.95  
Industrials      11.26  
Financials      9.36  
Information Technology      8.79  
Materials      8.52  
Consumer Discretionary      7.92  
Communication Services      6.47  
Utilities      5.51  
Real Estate      4.87  
Energy      3.47  
Money Market Funds Plus Other Assets Less Liabilities      0.57  

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2022

 
Security   
Novo Nordisk A/S, Class B      5.95  
Nestle S.A.      4.93  
Roche Holding AG      4.49  
Samsung Electronics Co. Ltd.      2.90  
BHP Group Ltd.      2.36  
L’Oreal S.A.      2.00  
Diageo PLC      1.91  
KDDI Corp.      1.81  
Investor AB, Class B      1.72  
ASML Holding N.V.      1.67  
Total      29.74  

 

*

Excluding money market fund holdings

 

 

  4  

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year           Fund Inception  
Index         Average
Annualized
    Cumulative  
FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)     (22.13 )%        (9.89 )%      (14.57 )% 
FTSE Developed ex US Index (Net)     (19.40       (8.90     (13.14
Fund        
NAV Return     (22.54       (10.37     (15.25
Market Price Return     (23.63       (12.01     (17.59

 

Fund Inception: February 24, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.34% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  5  

 


 

 

OMFL    Management’s Discussion of Fund Performance
   Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

 

As an index fund, the Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.37)%. On a net asset value (“NAV”) basis, the Fund returned (11.48)%. During the same time period, the Index returned (11.27)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. large-cap stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials and materials sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during

the period can be attributed to the Fund’s security selection in the information technology and financials sectors.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The communication services sector detracted most significantly from the Fund’s return, followed by the materials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Berkshire Hathaway, Inc., Class B, a financials company (portfolio average weight of 2.07%) and Apple, Inc., an information technology company (portfolio average weight of 2.98%). Positions that detracted most significantly from the Fund’s return during the period included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.09%) and Pfizer, Inc., a health care company (portfolio average weight of 1.05%).

 

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

as of August 31, 2022

 
Health Care      24.06  
Information Technology      20.74  
Consumer Staples      12.96  
Energy      9.89  
Financials      8.38  
Industrials      5.91  
Consumer Discretionary      5.40  
Communication Services      5.30  
Sector Types Each Less Than 3%      7.06  
Money Market Funds Plus Other Assets Less Liabilities      0.30  

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2022

 
Security   
Apple, Inc.      5.52  
Microsoft Corp.      5.02  
Exxon Mobil Corp.      4.74  
Berkshire Hathaway, Inc., Class B      4.72  
Pfizer, Inc.      4.39  
Johnson & Johnson      3.96  
Chevron Corp.      3.66  
UnitedHealth Group, Inc.      3.13  
Costco Wholesale Corp.      3.01  
Procter & Gamble Co. (The)      2.68  
Total      40.83  

 

*

Excluding money market fund holdings    

 

 

  6  

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Russell 1000® Invesco Dynamic Multifactor Index     (11.27 )%      14.35     49.51       13.41     83.23
Russell 1000® Index     (12.96     12.14       41.01         10.91       64.58  
Fund            
NAV Return     (11.48     14.07       48.42         13.10       80.81  
Market Price Return     (11.37     14.09       48.49         13.13       81.03  

 

Oppenheimer Russell 1000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  7  

 


 

 

OMFS    Management’s Discussion of Fund Performance
   Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)

 

As an index fund, the Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000 Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.41)%. On a net asset value (“NAV”) basis, the Fund returned (13.48)%. During the same time period, the Index returned (13.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (17.88)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials and industrials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period

can be attributed to the Fund’s underweight allocation to and security selection in the health care sector along with its security selection in the information technology sector.

For the fiscal year ended August 31, 2022, the utilities sector was the only sector to contribute significantly to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included RR Donnelley & Sons Co., an industrials company (no longer held at fiscal year-end) and LHC Group, Inc., a health care company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return during the period included Community Health Systems, Inc., a health care company (no longer held at fiscal year-end) and Neogen Corp., a health care company (portfolio average weight of 0.29%).

 

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

as of August 31, 2022

 
Financials      26.31  
Industrials      18.76  
Information Technology      12.40  
Real Estate      9.49  
Health Care      7.58  
Utilities      6.54  
Consumer Discretionary      5.75  
Materials      4.60  
Consumer Staples      3.87  
Energy      3.22  
Communication Services      1.30  
Money Market Funds Plus Other Assets Less Liabilities      0.18  

Top Ten Fund Holdings* (% of the Fund’s Net Assets)

as of August 31, 2022

 
Security   
Murphy USA, Inc.      1.73  
Kinsale Capital Group, Inc.      1.17  
ExlService Holdings, Inc.      1.00  
Mueller Industries, Inc.      0.95  
Halozyme Therapeutics, Inc.      0.94  
Houlihan Lokey, Inc.      0.94  
UFP Industries, Inc.      0.93  
RLI Corp.      0.89  
Encore Wire Corp.      0.84  
Qualys, Inc.      0.80  
Total      10.19  

 

*

Excluding money market fund holdings

 

 

  8  

 


 

Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Russell 2000® Invesco Dynamic Multifactor Index     (13.11 )%      12.45     42.21       8.86     50.45
Russell 2000® Index     (17.88     8.59       28.05         6.01       32.41  
Fund            
NAV Return     (13.48     11.97       40.40         8.38       47.29  
Market Price Return     (13.41     11.94       40.27         8.40       47.38  

 

Oppenheimer Russell 2000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  9  

 


 

Liquidity Risk Management Program

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

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

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

    10    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)

August 31, 2022

Schedule of Investments

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.43%

 

Australia-12.21%

     

Alumina Ltd.

     49,906      $ 51,833  

Ampol Ltd.

     5,763        136,620  

Aristocrat Leisure Ltd.

     5,074        124,182  

ASX Ltd.

     3,495        187,966  

Australia & New Zealand Banking Group Ltd.

     3,909        61,180  

BHP Group Ltd.

     88,072        2,451,338  

Brambles Ltd.

     11,907        101,056  

carsales.com Ltd.(a)

     2,016        31,235  

Charter Hall Group

     8,240        76,317  

Cochlear Ltd.

     182        26,738  

Coles Group Ltd.

     7,945        95,644  

Commonwealth Bank of Australia

     9,882        660,321  

Computershare Ltd.

     21,857        370,106  

CSL Ltd.

     3,968        798,506  

Dexus

     32,971        197,327  

EBOS Group Ltd.

     3,495        82,797  

Fortescue Metals Group Ltd.

     1,914        24,170  

Glencore PLC(b)

     80,990        446,038  

Goodman Group

     125,280        1,689,372  

GPT Group (The)

     48,596        140,256  

Iluka Resources Ltd.

     7,751        56,006  

Lottery Corp. Ltd. (The)(b)

     9,427        28,565  

Macquarie Group Ltd.

     3,478        422,649  

Medibank Pvt. Ltd.

     135,398        344,370  

Mirvac Group

     42,047        60,533  

National Australia Bank Ltd.

     14,830        311,000  

Newcrest Mining Ltd.

     3,739        45,447  

Orora Ltd.

     27,331        62,206  

QBE Insurance Group Ltd.

     7,455        61,687  

Rio Tinto Ltd.

     8,773        568,354  

Rio Tinto PLC

     19,448        1,079,663  

Shopping Centres Australasia Property Group

     52,079        97,469  

Sierra Rutile Holdings Ltd.(b)

     7,751        1,594  

Sonic Healthcare Ltd.

     9,491        221,223  

South32 Ltd.

     90,511        257,507  

Suncorp Group Ltd.

     7,472        55,834  

Tabcorp Holdings Ltd.

     9,427        6,204  

Telstra Corp. Ltd.

     62,783        170,872  

Transurban Group

     4,494        43,009  

Wesfarmers Ltd.

     9,052        291,725  

Westpac Banking Corp.

     3,081        45,644  

Woodside Energy Group Ltd.

     24,079        565,377  

Woolworths Group Ltd.

     4,721        116,805  
     

 

 

 
        12,666,745  
     

 

 

 

Austria-0.20%

     

Mondi PLC

     4,366        74,477  

Verbund AG

     1,425        136,628  
     

 

 

 
        211,105  
     

 

 

 

Belgium-0.34%

     

Elia Group S.A./N.V.

     606        88,297  

Sofina S.A.(a)

     661        133,067  

UCB S.A.

     338        23,825  

Warehouses De Pauw C.V.A.

     3,421        104,507  
     

 

 

 
        349,696  
     

 

 

 
         Shares          Value  

Brazil-0.04%

     

Yara International ASA

     848      $ 36,008  
     

 

 

 

Canada-2.33%

     

Alimentation Couche-Tard, Inc.

     979        42,192  

Bank of Montreal

     423        39,164  

Bank of Nova Scotia (The)

     652        36,155  

BCE, Inc.

     2,324        112,473  

Canadian Imperial Bank of Commerce

     870        41,261  

Canadian National Railway Co.

     2,418        288,384  

Constellation Software, Inc.

     69        104,165  

Enbridge, Inc.

     3,756        155,334  

Fortis, Inc.(a)

     960        42,473  

Franco-Nevada Corp.

     765        92,237  

George Weston Ltd.

     725        83,124  

Intact Financial Corp.

     1,074        156,023  

Loblaw Cos. Ltd.

     2,877        254,989  

Metro, Inc.

     1,614        85,137  

Nutrien Ltd.

     390        35,906  

Royal Bank of Canada

     1,526        142,311  

TC Energy Corp.

     1,780        86,023  

TELUS Corp.

     2,161        48,810  

Thomson Reuters Corp.

     3,934        434,434  

Toronto-Dominion Bank (The)

     2,121        136,838  
     

 

 

 
        2,417,433  
     

 

 

 

China-0.38%

     

BOC Hong Kong Holdings Ltd.

     29,500        101,855  

Chow Tai Fook Jewellery Group Ltd.

     29,800        60,216  

SITC International Holdings Co. Ltd.

     12,000        30,578  

Tingyi Cayman Islands Holding Corp.

     26,000        46,244  

Want Want China Holdings Ltd.

     187,000        131,991  

Wharf Holdings Ltd. (The)(a)

     7,000        26,399  
     

 

 

 
        397,283  
     

 

 

 

Denmark-6.81%

     

AP Moller - Maersk A/S, Class A

     80        187,770  

AP Moller - Maersk A/S, Class B

     76        182,440  

Carlsberg A/S, Class B

     947        123,658  

Coloplast A/S, Class B(a)

     1,401        160,665  

DSV A/S

     220        32,615  

Genmab A/S(b)

     102        36,407  

Novo Nordisk A/S, Class B

     57,556        6,167,020  

Novozymes A/S, Class B

     1,201        69,108  

Royal Unibrew A/S

     656        49,367  

Tryg A/S

     2,290        51,907  
     

 

 

 
        7,060,957  
     

 

 

 

Finland-0.55%

     

Elisa OYJ

     1,320        70,694  

Kesko OYJ, Class B

     2,222        46,876  

Kojamo OYJ(a)

     9,866        165,776  

Orion OYJ, Class B

     1,220        55,413  

Sampo OYJ, Class A

     4,399        199,496  

UPM-Kymmene OYJ

     1,009        34,385  
     

 

 

 
        572,640  
     

 

 

 

France-8.91%

     

Air Liquide S.A.

     2,708        340,923  

Arkema S.A.

     339        28,764  

Capgemini SE

     411        71,498  

 

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

 

    11    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2022

 

         Shares          Value  

France-(continued)

     

Carrefour S.A.

     4,038      $ 67,565  

Cie de Saint-Gobain

     2,698        109,468  

Cie Generale des Etablissements Michelin S.C.A.

     2,253        55,063  

Danone S.A.

     763        40,287  

Dassault Systemes SE

     4,338        168,267  

ENGIE S.A.

     6,121        73,047  

EssilorLuxottica S.A.

     2,587        388,253  

Euroapi S.A.(b)

     284        4,442  

Hermes International

     1,324        1,707,454  

Kering S.A.

     314        158,819  

Legrand S.A.

     1,841        133,806  

L’Oreal S.A.

     6,001        2,071,276  

LVMH Moet Hennessy Louis Vuitton SE

     2,637        1,716,934  

Orange S.A.

     14,096        143,131  

Pernod Ricard S.A.

     2,039        376,336  

Publicis Groupe S.A.(b)

     920        45,099  

Sanofi

     6,528        539,449  

Schneider Electric SE

     2,298        274,471  

Teleperformance

     194        55,460  

TotalEnergies SE(a)

     7,544        384,528  

Veolia Environnement S.A.

     5,776        129,404  

Vinci S.A.

     1,663        154,263  
     

 

 

 
        9,238,007  
     

 

 

 

Germany-4.70%

     

BASF SE

     4,519        191,169  

Bayer AG

     1,139        60,244  

Bayerische Motoren Werke AG

     1,313        97,002  

Bayerische Motoren Werke AG, Preference Shares

     360        25,068  

Beiersdorf AG

     2,030        205,351  

Brenntag SE

     2,247        147,815  

Carl Zeiss Meditec AG, BR

     233        29,099  

Covestro AG(c)

     644        19,505  

Deutsche Post AG

     14,510        531,022  

Deutsche Telekom AG

     18,342        346,522  

E.ON SE

     128,955        1,103,498  

Fresenius Medical Care AG & Co. KGaA

     756        25,991  

GEA Group AG

     2,723        94,985  

LEG Immobilien SE

     1,414        107,094  

Mercedes-Benz Group AG

     1,359        76,690  

Merck KGaA

     2,649        456,559  

RWE AG

     20,342        778,923  

SAP SE

     2,291        195,678  

Siemens AG

     1,027        104,385  

Siemens Healthineers AG(c)

     3,311        162,241  

Telefonica Deutschland Holding AG

     14,121        36,705  

Uniper SE(a)

     2,690        14,566  

Vonovia SE

     2,294        62,282  
     

 

 

 
        4,872,394  
     

 

 

 

Hong Kong-2.82%

     

AIA Group Ltd.

     56,000        541,888  

CK Asset Holdings Ltd.

     24,013        162,456  

CK Hutchison Holdings Ltd.

     19,500        126,085  

CK Infrastructure Holdings Ltd.

     12,696        77,319  

CLP Holdings Ltd.

     31,189        269,020  

Hang Seng Bank Ltd.

     6,500        101,862  

Henderson Land Development Co. Ltd.

     12,064        40,424  

Hong Kong & China Gas Co. Ltd. (The)(a)

     172,181        170,013  
         Shares          Value  

Hong Kong-(continued)

     

Hong Kong Exchanges & Clearing Ltd.

     12,466      $ 504,748  

Jardine Matheson Holdings Ltd.

     1,379        73,225  

Link REIT

     4,300        33,337  

MTR Corp. Ltd.

     5,500        28,205  

Power Assets Holdings Ltd.

     86,683        519,070  

Sino Land Co. Ltd.

     68,000        99,632  

Sun Hung Kai Properties Ltd.

     6,975        82,024  

Techtronic Industries Co. Ltd.

     8,000        94,995  
     

 

 

 
        2,924,303  
     

 

 

 

Ireland-0.18%

     

CRH PLC

     1,740        64,293  

Kerry Group PLC, Class A

     326        33,715  

Kingspan Group PLC

     447        25,459  

Smurfit Kappa Group PLC

     1,927        64,891  
     

 

 

 
        188,358  
     

 

 

 

Israel-0.44%

     

Bank Leumi Le-Israel BM

     13,672        145,333  

Gav-Yam Lands Corp. Ltd.

     3,041        31,146  

ICL Group Ltd.

     17,573        169,050  

Israel Discount Bank Ltd., Class A

     4,799        29,503  

Mivne Real Estate KD Ltd.

     13,303        49,110  

Mizrahi Tefahot Bank Ltd.

     748        30,581  
     

 

 

 
        454,723  
     

 

 

 

Italy-0.75%

     

Davide Campari-Milano N.V.

     2,797        27,585  

Eni S.p.A.

     26,180        310,849  

Ferrari N.V.

     1,394        270,816  

Moncler S.p.A.

     711        31,915  

Snam S.p.A.

     5,208        24,802  

Terna Rete Elettrica Nazionale S.p.A.(a)

     15,149        108,155  
     

 

 

 
        774,122  
     

 

 

 

Japan-16.46%

     

AGC, Inc.

     3,000        102,795  

Ajinomoto Co., Inc.

     2,600        72,416  

Astellas Pharma, Inc.

     28,092        402,154  

Azbil Corp.

     750        21,587  

Bandai Namco Holdings, Inc.

     1,298        98,175  

Bridgestone Corp.

     5,986        231,149  

Canon, Inc.

     20,300        488,372  

Chugai Pharmaceutical Co. Ltd.

     4,175        108,693  

Dai Nippon Printing Co. Ltd.

     1,900        40,255  

Daikin Industries Ltd.

     1,300        229,616  

Daito Trust Construction Co. Ltd.

     1,556        154,225  

Daiwa House Industry Co. Ltd.

     2,200        49,769  

Daiwa House REIT Investment Corp.(b)

     14        32,519  

Denso Corp.

     1,300        71,750  

Dentsu Group, Inc.

     700        22,799  

Disco Corp.

     100        24,671  

Ebara Corp.

     500        19,188  

FANUC Corp.

     300        48,768  

FUJIFILM Holdings Corp.

     2,700        138,501  

Fujitsu Ltd.

     800        95,596  

Hamamatsu Photonics K.K.

     1,275        54,725  

Hirose Electric Co. Ltd.

     300        42,958  

Hitachi Ltd.

     5,000        252,335  

Hitachi Transport System Ltd.

     700        44,335  

Honda Motor Co. Ltd.

     2,700        72,532  

 

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

 

    12    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2022

 

         Shares          Value  

Japan-(continued)

     

Hoya Corp.

     7,422      $ 762,947  

Inpex Corp.

     3,700        42,812  

ITOCHU Corp.

     13,300        368,706  

Japan Real Estate Investment Corp.

     6        27,917  

Japan Tobacco, Inc.

     27,536        468,782  

JSR Corp.

     1,500        33,868  

Kajima Corp.

     3,400        36,030  

Kamigumi Co. Ltd.

     2,758        54,255  

Kansai Electric Power Co., Inc. (The)

     4,100        39,810  

KDDI Corp.

     60,974        1,881,232  

Kewpie Corp.

     1,400        23,137  

Keyence Corp.

     2,350        895,755  

Kikkoman Corp.

     700        43,225  

Kobayashi Pharmaceutical Co. Ltd.

     300        17,161  

Kurita Water Industries Ltd.

     1,092        43,010  

Kyocera Corp.

     1,100        61,719  

Kyowa Kirin Co. Ltd.

     1,239        28,020  

Lintec Corp.

     1,632        27,407  

Marubeni Corp.

     4,800        50,277  

Maruichi Steel Tube Ltd.

     1,799        38,660  

MEIJI Holdings Co. Ltd.

     1,248        59,688  

MISUMI Group, Inc.

     2,700        67,196  

Mitsubishi Chemical Group Corp.

     4,800        25,381  

Mitsubishi Corp.

     7,700        253,510  

Mitsubishi Electric Corp.

     8,022        82,086  

Mitsubishi UFJ Financial Group, Inc.

     12,300        63,982  

Mitsui & Co. Ltd.

     23,500        553,659  

MS&AD Insurance Group Holdings, Inc.

     1,200        36,019  

Murata Manufacturing Co. Ltd.

     900        49,043  

Nintendo Co. Ltd.

     1,200        493,331  

Nippon Building Fund, Inc.

     10        50,063  

Nippon Kayaku Co. Ltd.

     2,895        25,374  

Nippon Prologis REIT, Inc.(b)

     14        35,398  

Nippon Telegraph & Telephone Corp.

     52,441        1,425,790  

Nissan Chemical Corp.

     1,300        66,301  

Nissin Foods Holdings Co. Ltd.

     1,505        108,132  

Nitto Denko Corp.

     689        42,843  

Obic Co. Ltd.

     385        57,684  

Ono Pharmaceutical Co. Ltd.

     2,100        50,415  

ORIX Corp.

     4,500        74,532  

Osaka Gas Co. Ltd.

     6,035        102,045  

Otsuka Holdings Co. Ltd.

     900        29,612  

Recruit Holdings Co. Ltd.

     2,200        71,146  

Rohto Pharmaceutical Co. Ltd.

     1,000        30,334  

Sankyo Co. Ltd.

     1,100        32,454  

Secom Co. Ltd.

     3,692        237,620  

Sekisui House Ltd.

     8,010        137,174  

Seven & i Holdings Co. Ltd.

     9,000        359,221  

SG Holdings Co. Ltd.

     3,400        56,877  

Shimadzu Corp.

     3,568        105,270  

Shimano, Inc.

     1,357        242,963  

Shin-Etsu Chemical Co. Ltd.

     3,869        455,349  

Shionogi & Co. Ltd.

     4,013        196,966  

Shiseido Co. Ltd.

     500        19,098  

SHO-BOND Holdings Co. Ltd.

     1,251        54,417  

SMC Corp.

     500        240,216  

SoftBank Corp.

     22,300        246,044  

Sompo Holdings, Inc.

     700        30,161  

Sony Group Corp.

     12,344        991,527  

Sumitomo Corp.

     5,400        76,545  
         Shares          Value  

Japan-(continued)

     

Sumitomo Metal Mining Co. Ltd.

     500      $ 15,888  

Sumitomo Mitsui Financial Group, Inc.

     1,100        33,280  

Suntory Beverage & Food Ltd.

     3,134        115,300  

Toho Co. Ltd.

     3,123        119,626  

Tokio Marine Holdings, Inc.

     1,500        84,314  

Tokyo Electron Ltd.

     600        191,134  

Tokyo Gas Co. Ltd.

     3,239        61,030  

Toppan, Inc.

     3,000        47,416  

Toyo Suisan Kaisha Ltd.

     1,769        72,866  

Toyota Motor Corp.

     50,700        768,592  

Trend Micro, Inc.

     1,600        99,491  

Unicharm Corp.

     3,250        113,729  

USS Co. Ltd.

     3,581        63,651  

Yakult Honsha Co. Ltd.

     800        47,495  

Yamato Kogyo Co. Ltd.

     1,000        35,636  
     

 

 

 
        17,069,527  
     

 

 

 

Netherlands-3.13%

     

ASML Holding N.V.(a)

     3,562        1,735,905  

Heineken N.V.

     397        35,825  

IMCD N.V.(a)

     179        24,803  

Koninklijke Ahold Delhaize N.V.

     2,789        76,843  

Koninklijke DSM N.V.

     1,330        170,316  

Koninklijke KPN N.V.

     19,436        61,954  

Randstad N.V.(a)

     976        45,626  

Shell PLC

     22,748        606,153  

Universal Music Group N.V.

     2,077        41,365  

Wolters Kluwer N.V.

     4,617        452,377  
     

 

 

 
        3,251,167  
     

 

 

 

New Zealand-0.35%

     

Contact Energy Ltd.

     17,888        86,421  

Fisher & Paykel Healthcare Corp. Ltd.

     3,914        47,178  

Mainfreight Ltd.

     2,354        107,521  

Spark New Zealand Ltd.

     38,100        126,606  
     

 

 

 
        367,726  
     

 

 

 

Norway-1.34%

     

Equinor ASA

     31,410        1,211,248  

Gjensidige Forsikring ASA

     2,350        47,833  

Mowi ASA

     2,768        56,982  

Norsk Hydro ASA

     5,320        36,721  

TOMRA Systems ASA

     1,421        32,553  
     

 

 

 
        1,385,337  
     

 

 

 

Poland-0.03%

     

Polski Koncern Naftowy ORLEN S.A.

     2,323        30,188  
     

 

 

 

Portugal-0.18%

     

Jeronimo Martins SGPS S.A.

     8,488        188,626  
     

 

 

 

Singapore-0.64%

     

Ascendas REIT

     21,479        43,417  

CapitaLand Integrated Commercial Trust

     22,700        33,681  

DBS Group Holdings Ltd.

     6,300        147,215  

Oversea-Chinese Banking Corp. Ltd.

     12,800        110,925  

Singapore Exchange Ltd.

     14,170        96,390  

Singapore Technologies Engineering Ltd.

     11,452        30,619  

Singapore Telecommunications Ltd.

     43,000        80,754  

United Overseas Bank Ltd.

     6,100        119,499  
     

 

 

 
        662,500  
     

 

 

 

 

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

 

    13    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2022

 

         Shares                Value        

South Africa-0.25%

     

Anglo American PLC

     7,952      $ 257,510  
     

 

 

 

South Korea-5.13%

     

Cheil Worldwide, Inc.

     1,877        30,732  

Coway Co. Ltd.

     1,097        52,244  

Hana Financial Group, Inc.

     1,969        57,780  

Kakao Corp.

     800        43,901  

KB Financial Group, Inc.

     3,221        119,082  

KEPCO Plant Service & Engineering Co. Ltd.

     1,165        36,016  

Kia Corp.

     1,335        80,646  

Korea Electric Power Corp.(b)

     1,687        26,423  

Korea Zinc Co. Ltd.

     561        281,853  

Krafton, Inc.(b)

     179        32,988  

KT&G Corp.

     4,431        275,623  

LG Corp.

     902        55,298  

LG Uplus Corp.

     3,708        31,881  

NongShim Co. Ltd.

     181        40,597  

POSCO Holdings, Inc.

     208        39,654  

Samsung Electronics Co. Ltd.

     67,341        3,005,688  

Samsung Electronics Co. Ltd., Preference Shares

     13,477        549,136  

Samsung Fire & Marine Insurance Co. Ltd.

     366        53,359  

Shinhan Financial Group Co. Ltd.

     4,134        113,120  

SK Hynix, Inc.

     4,064        289,255  

SK Telecom Co. Ltd.

     1,630        63,491  

Woori Financial Group, Inc.

     5,098        46,500  
     

 

 

 
        5,325,267  
     

 

 

 

Spain-0.48%

     

Ferrovial S.A.

     2,233        56,090  

Iberdrola S.A.

     3,977        41,530  

Naturgy Energy Group S.A.

     2,975        82,207  

Red Electrica Corp. S.A

     9,901        181,547  

Repsol S.A.(b)

     1,960        25,592  

Telefonica S.A.

     27,968        115,755  
     

 

 

 
        502,721  
     

 

 

 

Sweden-3.69%

     

Alfa Laval AB

     997        26,769  

Assa Abloy AB, Class B

     8,803        179,400  

Atlas Copco AB, Class A

     14,985        153,243  

Atlas Copco AB, Class B

     11,604        106,423  

Boliden AB(b)

     2,793        90,239  

Castellum AB(a)

     1,433        20,235  

Epiroc AB, Class A

     4,518        69,534  

Epiroc AB, Class B

     1,835        25,109  

Fastighets AB Balder, Class B(a)(b)

     4,186        23,282  

Getinge AB, Class B

     1,155        21,523  

Holmen AB, Class B

     1,029        44,380  

Industrivarden AB, Class A

     1,634        36,450  

Industrivarden AB, Class C

     1,540        34,006  

Investment AB Latour, Class B(a)

     5,231        103,801  

Investor AB, Class A

     44,761        748,455  

Investor AB, Class B

     112,300        1,781,676  

L E Lundbergforetagen AB, Class B

     563        23,403  

Sagax AB, Class B(a)

     1,372        29,702  

Swedish Match AB

     16,264        163,814  

Tele2 AB, Class B

     7,285        77,829  

Telia Co. AB

     11,548        40,813  

Volvo AB, Class B

     1,509        24,023  
     

 

 

 
        3,824,109  
     

 

 

 
         Shares                Value        

Switzerland-3.79%

     

ABB Ltd.

     16,809      $ 464,510  

Alcon, Inc.

     655        43,329  

Belimo Holding AG

     151        57,556  

Chocoladefabriken Lindt & Spruengli AG, PC

     36        381,413  

Cie Financiere Richemont S.A.

     1,563        175,927  

Emmi AG

     31        27,381  

EMS-Chemie Holding AG

     164        115,697  

Geberit AG

     575        266,835  

Givaudan S.A.

     29        92,977  

Kuehne + Nagel International AG, Class R

     247        57,198  

Lonza Group AG

     138        74,009  

Novartis AG

     12,345        1,000,932  

Partners Group Holding AG(a)

     490        475,164  

PSP Swiss Property AG

     227        25,771  

SGS S.A.

     25        55,228  

Sika AG

     634        143,177  

Sonova Holding AG, Class A

     309        81,908  

Straumann Holding AG

     734        81,000  

Swisscom AG

     533        276,453  

Zurich Insurance Group AG

     82        36,473  
     

 

 

 
        3,932,938  
     

 

 

 

United Kingdom-11.21%

     

3i Group PLC

     33,655        476,002  

Admiral Group PLC

     9,189        226,891  

Ashtead Group PLC

     722        35,705  

Auto Trader Group PLC(c)

     6,383        48,411  

B&M European Value Retail S.A.

     17,870        76,915  

BAE Systems PLC

     53,016        478,833  

BP PLC

     9,345        48,008  

British American Tobacco PLC

     22,378        898,738  

BT Group PLC

     69,116        121,198  

Bunzl PLC

     2,865        95,378  

Compass Group PLC

     2,627        56,826  

Croda International PLC

     2,219        173,667  

Diageo PLC

     45,152        1,977,564  

Direct Line Insurance Group PLC

     7,541        18,067  

Experian PLC

     10,155        309,943  

Haleon PLC(b)

     89,105        268,382  

Halma PLC

     4,392        106,044  

Howden Joinery Group PLC

     4,024        26,745  

HSBC Holdings PLC

     11,479        70,632  

IMI PLC

     1,721        23,009  

Imperial Brands PLC

     16,725        369,082  

Intertek Group PLC

     367        16,907  

J Sainsbury PLC

     18,090        42,815  

National Grid PLC

     72,012        903,291  

Pennon Group PLC

     2,296        24,953  

Reckitt Benckiser Group PLC

     2,757        213,271  

RELX PLC

     36,873        970,521  

Rentokil Initial PLC(a)

     3,915        23,734  

Rightmove PLC

     20,235        143,062  

Sage Group PLC (The)

     23,215        193,197  

Segro PLC

     118,716        1,302,641  

Severn Trent PLC

     4,134        134,064  

Spirax-Sarco Engineering PLC

     892        109,346  

SSE PLC

     20,099        386,474  

Tate & Lyle PLC

     3,350        29,789  

Tesco PLC

     181,371        524,865  

Unilever PLC

     8,889        406,024  

 

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

 

    14    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2022

 

         Shares          Value  

United Kingdom-(continued)

     

United Utilities Group PLC

     9,414      $ 115,730  

Vodafone Group PLC

     135,209        181,998  
  

 

 

 
        11,628,722  
  

 

 

 

United States-12.09%

     

Amcor PLC, CDI(a)

     18,007        219,983  

Ferguson PLC

     5,719        664,532  

GSK PLC

     71,284        1,144,158  

James Hardie Industries PLC, CDI

     5,978        137,331  

Nestle S.A.

     43,544        5,112,220  

QIAGEN N.V.(b)

     1,322        60,153  

Roche Holding AG

     14,424        4,661,437  

Roche Holding AG, BR

     801        307,120  

Stellantis N.V.

     1,911        25,661  

Waste Connections, Inc.

     1,495        208,748  
  

 

 

 
        12,541,343  
  

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $107,032,340)

 

     103,131,455  
  

 

 

 

Money Market Funds-0.14%

     

Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e)
(Cost $144,588)

     144,588        144,588  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.57% (Cost $107,176,928)

        103,276,043  
  

 

 

 
         Shares          Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.10%

 

Invesco Private Government Fund,
2.29%(d)(e)(f)

     900,342      $ 900,342  

Invesco Private Prime Fund, 2.37%(d)(e)(f)

     2,314,933        2,315,165  
  

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,215,343)

        3,215,507  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.67% (Cost $110,392,271)

        106,491,550  

OTHER ASSETS LESS LIABILITIES-(2.67)%

        (2,774,312
  

 

 

 

NET ASSETS-100.00%

      $ 103,717,238  
     

 

 

 

 

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at August 31, 2022.

(b)

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2022 was $230,157, which represented less than 1% of the Fund’s Net Assets.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
  from  Sales  
   Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
August 31, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                   
Invesco Government & Agency Portfolio, Institutional Class      $   171,506      $   8,038,652      $   (8,065,570)        $       -      $       -      $   144,588      $     930

 

 

 

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

 

    15    

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2022

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
  from  Sales  
  Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
  Value
August 31, 2022
   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      $ 917,731      $ 12,724,917      $ (12,742,306 )     $ -      $ -     $ 900,342      $ 5,312 *
Invesco Private Prime Fund        2,139,126        25,113,395        (24,936,994 )       164        (526 )       2,315,165        15,149 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 3,228,363      $ 45,876,964      $ (45,744,870 )     $ 164      $ (526 )     $ 3,360,095      $ 21,391
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

(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.

 

    16    

 

 

 

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

August 31, 2022

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.70%

 

Communication Services-5.30%

     

Activision Blizzard, Inc.

     20,147      $ 1,581,338  

Alphabet, Inc., Class A(b)

     471,109        50,983,416  

Alphabet, Inc., Class C(b)

     345,186        37,677,052  

AT&T, Inc.(c)

     239,905        4,207,934  

Comcast Corp., Class A(c)

     39,683        1,436,128  

Electronic Arts, Inc.

     16,062        2,037,786  

Interpublic Group of Cos., Inc. (The)

     20,584        568,942  

Meta Platforms, Inc., Class A(b)

     5,327        867,928  

T-Mobile US, Inc.(b)

     6,539        941,354  

Verizon Communications, Inc.

     82,330        3,442,217  
     

 

 

 
        103,744,095  
     

 

 

 

Consumer Discretionary-5.40%

     

Advance Auto Parts, Inc.

     3,940        664,442  

Amazon.com, Inc.(b)

     13,941        1,767,301  

AutoZone, Inc.(b)

     4,787        10,144,658  

Booking Holdings, Inc.(b)

     857        1,607,569  

Chipotle Mexican Grill, Inc.(b)

     742        1,184,826  

Dollar General Corp.

     12,234        2,904,596  

Dollar Tree, Inc.(b)

     10,483        1,422,333  

Gentex Corp.

     25,108        685,197  

Genuine Parts Co.

     13,095        2,042,951  

Home Depot, Inc. (The)

     107,949        31,134,651  

Lowe’s Cos., Inc.

     51,515        10,001,122  

McDonald’s Corp.

     58,120        14,662,514  

NIKE, Inc., Class B

     44,357        4,721,803  

O’Reilly Automotive, Inc.(b)

     11,039        7,695,508  

Service Corp. International

     11,835        730,338  

Starbucks Corp.

     10,501        882,819  

Target Corp.

     4,315        691,867  

TJX Cos., Inc. (The)

     96,060        5,989,341  

Tractor Supply Co.

     16,890        3,127,183  

Yum! Brands, Inc.

     31,702        3,526,530  
     

 

 

 
        105,587,549  
     

 

 

 

Consumer Staples-12.96%

     

Altria Group, Inc.

     237,802        10,729,626  

Archer-Daniels-Midland Co.

     172,551        15,165,507  

Bunge Ltd.

     6,423        636,969  

Church & Dwight Co., Inc.

     19,756        1,653,775  

Coca-Cola Co. (The)

     434,400        26,806,824  

Colgate-Palmolive Co.

     80,851        6,323,357  

Constellation Brands, Inc., Class A

     6,097        1,500,167  

Costco Wholesale Corp.

     113,020        59,007,742  

Darling Ingredients, Inc.(b)

     8,389        638,067  

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

     3,528        897,453  

General Mills, Inc.

     29,305        2,250,624  

Hershey Co. (The)

     15,256        3,427,566  

JM Smucker Co. (The)(c)

     4,671        653,893  

Kellogg Co.

     12,806        931,508  

Keurig Dr Pepper, Inc.

     22,947        874,740  

Kimberly-Clark Corp.

     22,514        2,870,985  

Kroger Co. (The)

     70,887        3,398,323  

McCormick & Co., Inc.(c)

     8,157        685,759  

Mondelez International, Inc., Class A

     57,916        3,582,684  

Monster Beverage Corp.(b)

     34,339        3,050,333  

PepsiCo, Inc.

     144,907        24,963,129  

Philip Morris International, Inc.

     188,784        18,026,984  
         Shares          Value  

Consumer Staples-(continued)

     

Procter & Gamble Co. (The)

     379,947      $ 52,409,889  

Tyson Foods, Inc., Class A

     17,629        1,328,874  

Walgreens Boots Alliance, Inc.

     12,593        441,511  

Walmart, Inc.

     85,940        11,391,347  
     

 

 

 
        253,647,636  
     

 

 

 

Energy-9.89%

     

Baker Hughes Co., Class A

     15,674        395,925  

Cheniere Energy, Inc.

     7,492        1,200,068  

Chesapeake Energy Corp.(c)

     7,137        717,197  

Chevron Corp.

     453,278        71,645,121  

ConocoPhillips

     89,534        9,799,496  

EOG Resources, Inc.

     32,062        3,889,121  

Exxon Mobil Corp.

     971,572        92,872,567  

Hess Corp.(c)

     4,720        570,082  

Kinder Morgan, Inc.

     46,010        842,903  

Marathon Petroleum Corp.

     23,687        2,386,465  

Phillips 66

     33,554        3,001,741  

Pioneer Natural Resources Co.

     7,510        1,901,682  

Valero Energy Corp.

     25,872        3,030,129  

Williams Cos., Inc. (The)

     35,995        1,224,910  
     

 

 

 
        193,477,407  
     

 

 

 

Financials-8.38%

     

Allstate Corp. (The)

     10,475        1,262,238  

American Express Co.

     9,626        1,463,152  

Aon PLC, Class A

     8,149        2,275,690  

Apollo Global Management, Inc.(c)

     12,626        701,753  

Arch Capital Group Ltd.(b)

     20,195        923,315  

Arthur J. Gallagher & Co.

     6,657        1,208,711  

Berkshire Hathaway, Inc., Class B(b)

     329,155        92,426,724  

Blackstone, Inc., Class A(c)

     101,159        9,502,876  

Brown & Brown, Inc.

     17,913        1,129,236  

Cboe Global Markets, Inc.

     6,275        740,262  

Chubb Ltd.

     25,446        4,810,566  

Cincinnati Financial Corp.

     20,144        1,953,162  

FactSet Research Systems, Inc.

     9,754        4,226,798  

JPMorgan Chase & Co.

     4,642        527,935  

Markel Corp.(b)

     871        1,040,070  

Marsh & McLennan Cos., Inc.

     98,841        15,949,972  

Moody’s Corp.

     9,452        2,689,283  

MSCI, Inc.

     4,228        1,899,387  

Progressive Corp. (The)

     44,332        5,437,320  

S&P Global, Inc.

     26,967        9,497,238  

SEI Investments Co.

     9,919        542,569  

Travelers Cos., Inc. (The)

     6,228        1,006,694  

W.R. Berkley Corp.

     9,026        584,885  

Wells Fargo & Co.

     12,554        548,735  

Willis Towers Watson PLC

     8,426        1,742,749  
     

 

 

 
        164,091,320  
     

 

 

 

Health Care-24.06%

     

Abbott Laboratories

     231,738        23,787,906  

AbbVie, Inc.

     182,449        24,532,093  

Agilent Technologies, Inc.

     10,338        1,325,848  

Amgen, Inc.

     45,016        10,817,345  

Becton, Dickinson and Co.

     15,024        3,792,358  

Boston Scientific Corp.(b)

     18,317        738,358  

Bristol-Myers Squibb Co.

     229,949        15,500,862  

 

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

 

    17    

 

 

 

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2022

 

         Shares          Value  

Health Care-(continued)

     

Chemed Corp.

     2,669      $ 1,270,951  

Cigna Corp.

     8,706        2,467,716  

CVS Health Corp.

     104,084        10,215,845  

Danaher Corp.

     24,518        6,617,653  

Edwards Lifesciences Corp.(b)

     38,061        3,429,296  

Elevance Health, Inc.

     14,309        6,941,439  

Eli Lilly and Co.

     123,841        37,304,624  

Gilead Sciences, Inc.

     69,158        4,389,458  

HCA Healthcare, Inc.

     3,994        790,293  

Henry Schein, Inc.(b)

     21,280        1,562,165  

Hologic, Inc.(b)

     42,961        2,902,445  

Incyte Corp.(b)(c)

     6,863        483,361  

Intuitive Surgical, Inc.(b)

     4,258        876,041  

Johnson & Johnson

     480,347        77,499,185  

Laboratory Corp. of America Holdings

     5,075        1,143,245  

McKesson Corp.

     47,099        17,285,333  

Medtronic PLC

     21,834        1,919,645  

Merck & Co., Inc.

     209,110        17,849,630  

Mettler-Toledo International, Inc.(b)

     1,748        2,119,380  

Molina Healthcare, Inc.(b)

     6,074        2,049,185  

Pfizer, Inc.

     1,900,572        85,962,872  

Premier, Inc., Class A

     15,179        534,908  

Quest Diagnostics, Inc.(c)

     19,413        2,432,643  

Regeneron Pharmaceuticals, Inc.(b)

     19,406        11,276,050  

ResMed, Inc.

     6,244        1,373,180  

Stryker Corp.

     7,264        1,490,573  

Thermo Fisher Scientific, Inc.

     9,210        5,022,397  

United Therapeutics Corp.(b)

     2,658        602,356  

UnitedHealth Group, Inc.

     117,911        61,234,720  

Vertex Pharmaceuticals, Inc.(b)

     59,221        16,686,109  

Waters Corp.(b)

     3,956        1,181,262  

West Pharmaceutical Services, Inc.

     4,052        1,202,188  

Zoetis, Inc.

     15,109        2,365,012  
     

 

 

 
        470,975,930  
     

 

 

 

Industrials-5.91%

     

3M Co.(c)

     10,751        1,336,887  

AMETEK, Inc.

     5,159        619,905  

C.H. Robinson Worldwide, Inc.

     9,978        1,138,989  

Caterpillar, Inc.

     12,376        2,285,971  

Cintas Corp.

     5,196        2,113,941  

Copart, Inc.(b)

     11,071        1,324,645  

CSX Corp.

     83,190        2,632,964  

Cummins, Inc.

     5,826        1,254,746  

Deere & Co.

     3,820        1,395,255  

Eaton Corp. PLC

     9,636        1,316,663  

Emerson Electric Co.

     17,165        1,403,067  

Expeditors International of Washington, Inc.

     14,017        1,442,209  

Fastenal Co.

     78,916        3,971,842  

FTI Consulting, Inc.(b)(c)

     6,815        1,094,489  

General Dynamics Corp.

     17,861        4,088,919  

Graco, Inc.

     10,516        671,341  

Honeywell International, Inc.

     14,699        2,783,256  

Hubbell, Inc.

     2,537        523,383  

Illinois Tool Works, Inc.

     17,763        3,460,765  

J.B. Hunt Transport Services, Inc.

     13,221        2,300,718  

L3Harris Technologies, Inc.

     12,485        2,848,952  

Landstar System, Inc.(c)

     4,767        698,985  

Lincoln Electric Holdings, Inc.(c)

     5,185        708,738  
         Shares          Value  

Industrials-(continued)

     

Lockheed Martin Corp.

     42,207      $ 17,731,583  

Masco Corp.

     14,245        724,643  

Nordson Corp.

     3,335        757,612  

Norfolk Southern Corp.

     5,942        1,444,679  

Northrop Grumman Corp.

     12,909        6,170,373  

Old Dominion Freight Line, Inc.

     9,768        2,651,133  

Otis Worldwide Corp.

     16,836        1,215,896  

PACCAR, Inc.

     11,396        997,264  

Raytheon Technologies Corp.

     35,494        3,185,587  

Republic Services, Inc.

     28,860        4,118,899  

Robert Half International, Inc.

     13,957        1,074,270  

Rollins, Inc.

     43,512        1,468,965  

Snap-on, Inc.

     5,434        1,183,851  

Tetra Tech, Inc.(c)

     5,911        802,773  

Union Pacific Corp.

     34,193        7,676,670  

United Parcel Service, Inc., Class B

     36,093        7,020,449  

Verisk Analytics, Inc.

     8,134        1,522,359  

W.W. Grainger, Inc.

     3,820        2,119,871  

Waste Management, Inc.

     68,616        11,598,163  

Watsco, Inc.(c)

     2,656        722,512  
     

 

 

 
        115,604,182  
     

 

 

 

Information Technology-20.74%

     

Accenture PLC, Class A

     82,705        23,857,084  

Adobe, Inc.(b)

     6,859        2,561,425  

Advanced Micro Devices, Inc.(b)

     20,967        1,779,469  

Amdocs Ltd.

     22,681        1,938,545  

Amphenol Corp., Class A

     20,679        1,520,527  

Apple, Inc.

     686,813        107,980,740  

Applied Materials, Inc.

     14,566        1,370,224  

Arista Networks, Inc.(b)

     13,671        1,638,880  

Aspen Technology, Inc.(b)(c)

     3,147        662,758  

Automatic Data Processing, Inc.

     82,640        20,198,042  

Broadcom, Inc.

     21,200        10,581,132  

Broadridge Financial Solutions, Inc.

     6,102        1,044,479  

Cadence Design Systems, Inc.(b)

     40,994        7,123,527  

Cisco Systems, Inc.

     236,112        10,558,929  

Cognizant Technology Solutions Corp., Class A

     62,129        3,924,689  

Corning, Inc.

     15,473        531,033  

Fiserv, Inc.(b)

     6,553        663,098  

Fortinet, Inc.(b)

     50,475        2,457,628  

Gartner, Inc.(b)

     6,426        1,833,466  

HP, Inc.

     134,680        3,866,663  

Intel Corp.

     41,781        1,333,650  

International Business Machines Corp.

     10,394        1,335,109  

Intuit, Inc.

     1,709        737,912  

Jack Henry & Associates, Inc.

     16,537        3,178,411  

Juniper Networks, Inc.

     22,871        649,994  

Keysight Technologies, Inc.(b)

     12,724        2,085,336  

KLA Corp.

     10,365        3,566,908  

Lam Research Corp.

     1,192        521,989  

Mastercard, Inc., Class A

     53,529        17,363,202  

Micron Technology, Inc.

     9,448        534,096  

Microsoft Corp.

     375,805        98,261,733  

Monolithic Power Systems, Inc.

     2,972        1,346,851  

Motorola Solutions, Inc.

     11,216        2,730,087  

NVIDIA Corp.

     22,016        3,323,095  

Oracle Corp.

     25,079        1,859,608  

Palo Alto Networks, Inc.(b)

     1,276        710,490  

 

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

 

    18    

 

 

 

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2022

 

         Shares          Value  

Information Technology-(continued)

     

Paychex, Inc.

     80,283      $ 9,902,105  

QUALCOMM, Inc.

     50,108        6,627,785  

Roper Technologies, Inc.

     1,422        572,469  

ServiceNow, Inc.(b)

     1,999        868,805  

Synopsys, Inc.(b)

     24,094        8,337,006  

Texas Instruments, Inc.

     102,278        16,897,348  

Visa, Inc., Class A(c)

     86,130        17,114,892  
     

 

 

 
        405,951,219  
     

 

 

 

Materials-2.44%

     

Air Products and Chemicals, Inc.

     2,651        669,245  

Amcor PLC

     53,662        644,481  

Ardagh Group S.A.(d)

     16,236        344,690  

Celanese Corp.

     5,724        634,563  

CF Industries Holdings, Inc.

     15,991        1,654,429  

Corteva, Inc.

     102,016        6,266,843  

Dow, Inc.

     20,168        1,028,568  

DuPont de Nemours, Inc.

     10,891        605,975  

Huntsman Corp.

     17,774        498,027  

Linde PLC (United Kingdom)

     67,092        18,977,643  

LyondellBasell Industries N.V., Class A

     15,140        1,256,620  

Newmont Corp.

     57,315        2,370,548  

Nucor Corp.(c)

     38,532        5,122,444  

Packaging Corp. of America

     9,299        1,273,219  

Reliance Steel & Aluminum Co.

     10,101        1,898,786  

Royal Gold, Inc.(c)

     4,783        439,558  

Sherwin-Williams Co. (The)

     12,111        2,810,963  

Steel Dynamics, Inc.(c)

     16,558        1,336,562  
     

 

 

 
        47,833,164  
     

 

 

 

Real Estate-1.71%

     

American Tower Corp.

     8,712        2,213,283  

AvalonBay Communities, Inc.

     5,321        1,069,042  

CBRE Group, Inc., Class A(b)

     11,206        884,826  

Crown Castle, Inc.

     5,251        897,028  

Digital Realty Trust, Inc.

     4,144        512,323  

Duke Realty Corp.

     56,026        3,297,130  

Equity Residential

     19,383        1,418,448  

Extra Space Storage, Inc.

     18,007        3,578,531  

Mid-America Apartment Communities, Inc.

     5,061        838,456  

Prologis, Inc.

     26,552        3,305,989  

Public Storage

     33,766        11,170,806  

Weyerhaeuser Co.

     124,229        4,243,663  
     

 

 

 
        33,429,525  
     

 

 

 

Utilities-2.91%

     

Alliant Energy Corp.

     10,934        667,411  

Ameren Corp.

     15,018        1,390,967  

American Electric Power Co., Inc.

     36,603        3,667,621  

American Water Works Co., Inc.

     4,289        636,702  

CMS Energy Corp.

     27,410        1,851,271  

Consolidated Edison, Inc.

     27,779        2,715,120  
         Shares          Value  

Utilities-(continued)

     

Dominion Energy, Inc.

     43,909      $ 3,591,756  

DTE Energy Co.

     24,240        3,159,442  

Duke Energy Corp.

     46,894        5,013,438  

Edison International

     13,134        890,091  

Entergy Corp.

     10,891        1,255,732  

Evergy, Inc.

     11,525        789,808  

Eversource Energy

     19,668        1,764,023  

Exelon Corp.

     78,407        3,442,851  

FirstEnergy Corp.

     23,806        941,527  

National Fuel Gas Co.

     15,343        1,093,496  

NextEra Energy, Inc.

     61,714        5,249,393  

NiSource, Inc.

     24,491        722,729  

NRG Energy, Inc.

     17,407        718,561  

OGE Energy Corp.

     13,698        555,317  

PPL Corp.

     47,209        1,372,838  

Public Service Enterprise Group, Inc.

     25,831        1,662,483  

Sempra Energy

     15,025        2,478,674  

Southern Co. (The)

     84,731        6,530,218  

WEC Energy Group, Inc.

     23,296        2,402,750  

Xcel Energy, Inc.

     32,090        2,382,683  
     

 

 

 
        56,946,902  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,968,702,560)

 

     1,951,288,929  
     

 

 

 

Money Market Funds-0.09%

 

Invesco Government & Agency Portfolio, Institutional Class, 2.22%(e)(f)
(Cost $1,813,704)

     1,813,704        1,813,704  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.79%
(Cost $1,970,516,264)

 

     1,953,102,633  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.38%

 

Invesco Private Government Fund,
2.29%(e)(f)(g)

     7,510,706        7,510,706  

Invesco Private Prime Fund, 2.37%(e)(f)(g)

     19,560,142        19,562,098  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $27,072,804)

 

     27,072,804  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.17%
(Cost $1,997,589,068)

 

     1,980,175,437  

OTHER ASSETS LESS  LIABILITIES-(1.17)%

 

     (22,896,395
     

 

 

 

NET ASSETS-100.00%

      $ 1,957,279,042  
     

 

 

 

 

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

 

    19&n