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Invesco Annual Report to Shareholders

 

April 30, 2022

 

  

RPG

 

  

Invesco S&P 500® Pure Growth ETF

 

  

RPV

 

  

Invesco S&P 500® Pure Value ETF

 

  

XLG

 

  

Invesco S&P 500® Top 50 ETF

 

  

RFG

 

  

Invesco S&P MidCap 400® Pure Growth ETF

 

  

RFV

 

  

Invesco S&P MidCap 400® Pure Value ETF

 

  

RZG

 

  

Invesco S&P SmallCap 600® Pure Growth ETF

 

   RZV    Invesco S&P SmallCap 600® Pure Value ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      18  
Schedules of Investments   

Invesco S&P 500® Pure Growth ETF (RPG)

     19  

Invesco S&P 500® Pure Value ETF (RPV)

     21  

Invesco S&P 500® Top 50 ETF (XLG)

     24  

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

     26  

Invesco S&P MidCap 400® Pure Value ETF (RFV)

     28  

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

     30  

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

     33  
Statements of Assets and Liabilities      36  
Statements of Operations      38  
Statements of Changes in Net Assets      40  
Financial Highlights      44  
Notes to Financial Statements      48  
Report of Independent Registered Public Accounting Firm      58  
Fund Expenses      60  
Tax Information      62  
Trustees and Officers      63  
Approval of Investment Advisory Contracts      73  

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,3 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 last 12 months, the highest since 1982.2 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 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 2008.3 The CPI rose by 7.9% for the 12 months ended February 28, 2022 the largest 12-month increase since 1982.2 To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.4

1 

Source: US Bureau of Economic Analysis

2 

Source: US Bureau of Labor Statistics

3 

Source: Bloomberg L.P.

4 

Source: Lipper Inc.

 

 

  3  

 


 

 

RPG    Management’s Discussion of Fund Performance
   Invesco S&P 500® Pure Growth ETF (RPG)

 

As an index fund, the Invesco S&P 500® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”— one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style- attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (8.10)%. On a net asset value (“NAV”) basis, the Fund returned (8.08)%. During the same time period, the Index returned (7.76)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During this same time period, the S&P 500® Growth Index returned (3.23)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The financials sector detracted most significantly from the Fund’s return during this period, followed by the communication services and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Devon Energy Corp., an energy company (portfolio average weight of 0.79%) and NVIDIA Corp., an information technology company (portfolio average weight of 2.56%). Positions that detracted most

significantly from the Fund’s return during this period included Moderna, Inc., a health care company (portfolio average weight of 0.76%) and EPAM Systems, Inc., an information technology company (portfolio average weight of 0.64%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      35.08  
Health Care      17.10  
Consumer Discretionary      14.15  
Financials      12.16  
Industrials      6.28  
Energy      5.64  
Communication Services      4.04  
Utilities      3.36  
Real Estate      2.19  
Money Market Funds Plus Other Assets Less Liabilities      0.00  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
NRG Energy, Inc.      3.36  
Fortinet, Inc.      3.22  
Diamondback Energy, Inc.      2.97  
Tesla, Inc.      2.91  
Devon Energy Corp.      2.67  
Goldman Sachs Group, Inc. (The)      2.64  
SVB Financial Group      2.54  
Discover Financial Services      2.48  
Enphase Energy, Inc.      2.46  
Eli Lilly and Co.      2.46  
Total      27.71  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco S&P 500® Pure Growth ETF (RPG) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

  1 Year           Average
Annualized
    Cumulative  
S&P 500® Pure Growth Index     (7.76 )%      10.90     36.40     12.60     81.03     13.51     255.06       10.93     434.41
S&P 500® Growth Index     (3.23     15.64       54.64       16.31       112.87       15.26       313.83         11.31       465.35  
Fund                    
NAV Return     (8.08     10.51       34.97       12.20       77.80       13.10       242.56         10.53       404.52  
Market Price Return     (8.10     10.51       34.97       12.21       77.86       13.09       242.24         10.53       404.57  

 

Guggenheim S&P 500® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  5  

 


 

 

RPV    Management’s Discussion of Fund Performance
   Invesco S&P 500® Pure Value ETF (RPV)

 

As an index fund, the Invesco S&P 500® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12- month percentage change in price). The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 8.06%. On a net asset value (“NAV”) basis, the Fund returned 8.13%. During the same time period, the Index returned 8.52%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Value Index returned 3.25%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return followed by the financials and materials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.73%) and Mosaic Co., a materials company (portfolio average weight of 1.08%). Positions that detracted most significantly from the Fund’s return during this period included Invesco Ltd., a financials company (portfolio average weight of 1.37%) and

General Motors Co., a consumer discretionary company (portfolio average weight of 1.16%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      29.94  
Health Care      11.58  
Consumer Staples      10.64  
Energy      9.33  
Materials      8.21  
Communication Services      7.08  
Consumer Discretionary      6.67  
Utilities      6.22  
Industrials      5.39  
Information Technology      4.40  
Real Estate      0.47  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Berkshire Hathaway, Inc., Class B      2.31  
Archer-Daniels-Midland Co.      2.00  
Cigna Corp.      1.98  
Prudential Financial, Inc.      1.97  
Marathon Petroleum Corp.      1.91  
Valero Energy Corp.      1.89  
WestRock Co.      1.87  
Mosaic Co. (The)      1.83  
MetLife, Inc.      1.78  
Allstate Corp. (The)      1.74  
Total      19.28  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco S&P 500® Pure Value ETF (RPV) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
S&P 500® Pure Value Index     8.52     9.99     33.07     9.50     57.46     12.77     232.50       9.11     309.07
S&P 500® Value Index     3.25       10.74       35.80       10.05       61.42       11.49       196.66         7.61       227.11  
Fund                    
NAV Return     8.13       9.73       32.12       9.19       55.21       12.40       221.80         8.69       284.34  
Market Price Return     8.06       9.71       32.06       9.19       55.24       12.42       222.56         8.69       284.39  

 

Guggenheim S&P 500® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  7  

 


 

 

XLG    Management’s Discussion of Fund Performance
   Invesco S&P 500® Top 50 ETF (XLG)

 

As an index fund, the Invesco S&P 500® Top 50 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of the 50 largest companies in the S&P 500® Index based on float-adjusted market capitalization. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 1.12%. On a net asset value (“NAV”) basis, the Fund returned 1.21%. During the same time period, the Index returned 1.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 100® Index (the “Benchmark Index”) returned 0.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue-chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the industrials sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to, and security selection within, the industrials sector.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Apple, Inc., an information technology company, (portfolio average weight of

11.82%) and Microsoft Corp., an information technology company (portfolio average weight of 10.92%). Positions that detracted most significantly from the Fund’s return during this period included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 7.06%) and Meta Platforms Inc., Class A, a communication services company (portfolio average weight of 3.63%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      38.50  
Health Care      14.28  
Communication Services      13.83  
Consumer Discretionary      13.25  
Consumer Staples      7.92  
Financials      7.83  
Energy      3.55  
Industrials      0.80  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Apple, Inc.      13.08  
Microsoft Corp.      11.13  
Amazon.com, Inc.      5.82  
Tesla, Inc.      3.90  
Alphabet, Inc., Class A      3.67  
Alphabet, Inc., Class C      3.42  
Berkshire Hathaway, Inc., Class B      3.16  
UnitedHealth Group, Inc.      2.56  
Johnson & Johnson      2.54  
NVIDIA Corp.      2.48  
Total      51.76  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco S&P 500® Top 50 ETF (XLG) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

    3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P 500® Top 50 Index     1.40     15.76     55.11     15.27     103.51     14.23     278.28       9.87     394.97
S&P 100® Index     0.26       14.87       51.58       14.37       95.68       13.81       264.65         9.76       386.77  
Fund                    
NAV Return     1.21       15.54       54.23       15.05       101.56       13.99       270.46         9.66       378.89  
Market Price Return     1.12       15.51       54.13       15.03       101.42       13.99       270.33         9.65       378.61  

 

Guggenheim S&P 500® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

 

Notes

Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® Top 50 Index performance is comprised of the performance of the Russell Top 50® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

 

-

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

 

-

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

 

 

  9  

 


 

 

RFG    Management’s Discussion of Fund Performance
  

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

 

As an index fund, the Invesco S&P MidCap 400® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value- to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (18.21)%. On a net asset value (“NAV”) basis, the Fund returned (18.15)%. During the same time period, the Index returned (17.87)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Growth Index returned (11.65)%.

For the fiscal year ended April 30, 2022, the energy sector was the only sector to contribute to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s performance during this period, followed by the health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Steel Dynamics, Inc., a materials company (portfolio average weight of 0.78%) and Cleveland-Cliffs, Inc., a materials company (portfolio average weight of 1.78%). Positions that detracted most significantly from the Fund’s return during the period included Boston Beer Co., Inc.,

Class A, a consumer staples company (no longer held at fiscal year-end) and STAAR Surgical Co., a health care company (portfolio average weight of 0.64%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Consumer Discretionary      18.48  
Financials      17.56  
Materials      14.00  
Information Technology      12.61  
Industrials      12.51  
Health Care      11.85  
Energy      9.47  
Sector Types Each Less Than 3%      3.49  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Cleveland-Cliffs, Inc.      3.49  
Louisiana-Pacific Corp.      2.92  
Steel Dynamics, Inc.      2.80  
Navient Corp.      2.76  
SLM Corp.      2.65  
Concentrix Corp.      2.46  
Dick’s Sporting Goods, Inc.      2.36  
Jefferies Financial Group, Inc.      2.25  
Matador Resources Co.      2.10  
Mimecast Ltd.      2.09  
Total      25.88  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

    3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P MidCap 400® Pure Growth Index     (17.87 )%      7.70     24.92     6.97     40.09     8.47     125.45       8.93     298.66
S&P MidCap 400® Growth Index     (11.65     9.26       30.42       9.29       55.93       11.10       186.53         9.34       323.47  
Fund                    
NAV Return     (18.15     7.48       24.15       6.70       38.28       8.16       119.14         8.60       279.59  
Market Price Return     (18.21     7.42       23.94       6.68       38.19       8.15       118.96         8.60       279.30  

 

Guggenheim S&P MidCap 400® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  11  

 


 

 

RFV   

Management’s Discussion of Fund Performance

  

Invesco S&P MidCap 400® Pure Value ETF (RFV)

 

As an index fund, the Invesco S&P MidCap 400® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.56)%. On a net asset value (“NAV”) basis, the Fund returned (2.28)%. During the same time period, the Index returned (1.93)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Value Index returned (2.30)%.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the financials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s performance during this period, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included United States Steel Corp., a materials company (portfolio average weight of 1.38%) and Commercial Metals Co., a materials company (portfolio average weight of 1.99%). Positions that detracted

most significantly from the Fund’s return during this period included Foot Locker, Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Dana, Inc., a consumer discretionary company (portfolio average weight of 1.36%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      27.86  
Consumer Discretionary      21.44  
Industrials      12.87  
Materials      10.95  
Information Technology      9.82  
Consumer Staples      5.17  
Utilities      4.53  
Energy      4.17  
Sector Types Each Less Than 3%      3.09  
Money Market Funds Plus Other Assets Less Liabilities      0.10  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
United States Steel Corp.      3.02  
Unum Group      2.96  
HF Sinclair Corp.      2.59  
Avnet, Inc.      2.52  
Reinsurance Group of America, Inc.      2.33  
Kohl’s Corp.      1.98  
Commercial Metals Co.      1.93  
Alleghany Corp.      1.91  
CNO Financial Group, Inc.      1.90  
Xerox Holdings Corp.      1.82  
Total      22.96  

 

*

Excluding money market fund holdings.

 

 

  12  

 


 

Invesco S&P MidCap 400® Pure Value ETF (RFV) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

    3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P MidCap 400® Pure Value Index     (1.93 )%      11.39     38.21     9.85     59.95     11.77     204.23       8.92     297.76
S&P MidCap 400® Value Index     (2.30     9.91       32.76       8.87       52.96       11.39       194.14         8.56       276.94  

Fund

                   
NAV Return     (2.28     11.09       37.11       9.54       57.73       11.41       194.52         8.53       275.25  
Market Price Return     (2.56     10.97       36.65       9.51       57.49       11.38       193.91         8.51       274.43  

 

Guggenheim S&P MidCap 400® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  13  

 


 

 

RZG    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

 

As an index fund, the Invesco S&P SmallCap 600® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: three-year sales per share growth rate, three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book- value- to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both growth and value characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (21.68)%. On a net asset value (“NAV”) basis, the Fund returned (21.63)%. During the same time period, the Index returned (21.44)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the S&P SmallCap 600® Growth Index returned (12.36)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate sector. The health care sector detracted most significantly from the Fund’s return during this period, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Civitas Resources, Inc., an energy company (portfolio average weight of 1.55%) and Stamps.com, Inc., an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly

from the Fund’s return during this period included OptimizeRx Corp., a health care company (portfolio average weight of 0.65%) and B. Riley Financial, Inc., a financials company (portfolio average weight of 0.64%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      22.30  
Health Care      19.76  
Information Technology      14.38  
Consumer Discretionary      14.36  
Industrials      11.29  
Consumer Staples      7.43  
Energy      4.72  
Real Estate      3.59  
Sector Types Each Less Than 3%      2.13  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Vir Biotechnology, Inc.      1.92  
Encore Wire Corp.      1.68  
Dorian LPG Ltd.      1.62  
Fulgent Genetics, Inc.      1.48  
Customers Bancorp, Inc.      1.47  
First Bancorp      1.45  
Innoviva, Inc.      1.41  
B. Riley Financial, Inc.      1.40  
Kulicke & Soffa Industries, Inc.      1.32  
United Natural Foods, Inc.      1.31  
Total      15.06  

 

*

Excluding money market fund holdings.

 

 

  14  

 


 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  
S&P SmallCap 600® Pure Growth Index     (21.44 )%      3.32     10.28     4.83     26.60     9.48     147.31       8.14     254.48
S&P SmallCap 600® Growth Index     (12.36     8.26       26.88       9.10       54.56       11.96       209.41         9.34       323.19  
Fund                    
NAV Return     (21.63     2.96       9.15       4.49       24.56       9.15       140.06         7.85       239.09  
Market Price Return     (21.68     2.92       9.03       4.50       24.64       9.14       139.86         7.84       238.65  

 

Guggenheim S&P SmallCap 600® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  15  

 


 

 

RZV    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600® Pure Value ETF (RZV)

 

As an index fund, the Invesco S&P SmallCap 600® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores.

Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating both value and growth characteristics. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 4.08%. On a net asset value (“NAV”) basis, the Fund returned 4.11%. During the same time period, the Index returned 4.50%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600® Value Index returned (4.69)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the industrials and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the real estate and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 2.41%) and CONSOL Energy, Inc., an energy company (portfolio average weight of 1.87%). Positions that detracted most significantly from

the Fund’s return during this period included Loyalty Ventures, Inc., a communication services company (portfolio average weight of 0.24%) and Aaron’s Co., Inc. (The), a consumer discretionary company (portfolio average weight of 1.31%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Consumer Discretionary      20.04  
Financials      18.41  
Industrials      16.51  
Materials      13.47  
Consumer Staples      9.08  
Energy      8.73  
Information Technology      7.46  
Sector Types Each Less Than 3%      6.24  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Olympic Steel, Inc.      1.89  
PBF Energy, Inc., Class A      1.55  
Andersons, Inc. (The)      1.51  
Mercer International, Inc.      1.49  
TimkenSteel Corp.      1.48  
Seneca Foods Corp., Class A      1.46  
SpartanNash Co.      1.44  
Kelly Services, Inc., Class A      1.38  
United Fire Group, Inc.      1.35  
SunCoke Energy, Inc.      1.32  
Total      14.87  

 

*

Excluding money market fund holdings.

 

 

  16  

 


 

Invesco S&P SmallCap 600® Pure Value ETF (RZV) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P SmallCap 600® Pure Value Index     4.50     12.15     41.04     7.61     44.32     10.19     163.90       6.96     196.52
S&P SmallCap 600® Value Index     (4.69     9.54       31.42       8.44       49.95       11.45       195.63         8.18       256.41  
Fund                    
NAV Return     4.11       11.83       39.84       7.32       42.38       9.88       156.45         6.70       185.26  
Market Price Return     4.08       11.80       39.76       7.38       42.77       9.85       155.86         6.70       185.42  

 

Guggenheim S&P SmallCap 600® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  17  

 


 

Liquidity Risk Management Program

 

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

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

At a meeting held on March 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.

 

 

 

  18  

 


 

Invesco S&P 500® Pure Growth ETF (RPG)

April 30, 2022

 

 

Schedule of Investments(a)

 

    Shares      Value  
Common Stocks & Other Equity Interests-100.00%

 

Communication Services-4.04%     

Alphabet, Inc., Class A(b)

    11,995      $ 27,374,869  

Alphabet, Inc., Class C(b)

    11,142        25,619,135  

Meta Platforms, Inc., Class A(b)

    123,154        24,688,683  

Netflix, Inc.(b)

    75,901        14,448,514  
    

 

 

 
       92,131,201  
    

 

 

 
Consumer Discretionary-14.15%     

Amazon.com, Inc.(b)

    9,888        24,577,909  

AutoZone, Inc.(b)

    23,449        45,853,816  

Etsy, Inc.(b)(c)

    292,392        27,248,011  

Lowe’s Cos., Inc.

    176,111        34,822,428  

O’Reilly Automotive, Inc.(b)

    59,927        36,348,722  

Pool Corp.

    100,193        40,600,207  

Tesla, Inc.(b)

    76,307        66,445,083  

Tractor Supply Co.

    233,695        47,077,858  
    

 

 

 
       322,974,034  
    

 

 

 
Energy-5.64%     

Devon Energy Corp.

    1,045,356        60,808,359  

Diamondback Energy, Inc.

    537,367        67,831,836  
    

 

 

 
       128,640,195  
    

 

 

 
Financials-12.16%     

Discover Financial Services

    502,986        56,565,805  

First Republic Bank

    205,717        30,697,091  

Goldman Sachs Group, Inc. (The)

    197,224        60,249,960  

MSCI, Inc.

    57,591        24,260,209  

Signature Bank

    197,160        47,762,010  

SVB Financial Group(b)

    118,942        58,000,877  
    

 

 

 
       277,535,952  
    

 

 

 
Health Care-17.10%     

Align Technology, Inc.(b)

    66,293        19,219,004  

Bio-Techne Corp.

    71,901        27,300,091  

Charles River Laboratories International, Inc.(b)

    114,416        27,632,608  

DexCom, Inc.(b)

    132,249        54,034,296  

Eli Lilly and Co.

    191,899        56,059,455  

Moderna, Inc.(b)

    317,080        42,618,723  

PerkinElmer, Inc.

    289,381        42,426,148  

Regeneron Pharmaceuticals, Inc.(b)

    80,060        52,768,346  

Thermo Fisher Scientific, Inc.

    61,828        34,185,938  

West Pharmaceutical Services, Inc.

    108,363        34,140,847  
    

 

 

 
       390,385,456  
    

 

 

 
Industrials-6.28%     

Equifax, Inc.(c)

    132,403        26,946,659  

Expeditors International of Washington, Inc.

    411,782        40,795,243  

Generac Holdings, Inc.(b)(c)

    198,719        43,594,974  

Old Dominion Freight Line, Inc.

    114,685        32,125,562  
    

 

 

 
       143,462,438  
    

 

 

 

 

 

 

 

 

 

    Shares      Value  
Information Technology-35.08%

 

Adobe, Inc.(b)

    65,456      $ 25,917,303  

Advanced Micro Devices, Inc.(b)

    494,004        42,247,222  

Apple, Inc.

    217,179        34,238,269  

Applied Materials, Inc.

    365,649        40,349,367  

Arista Networks, Inc.(b)

    373,021        43,110,037  

Cadence Design Systems, Inc.(b)

    182,850        27,582,923  

Enphase Energy, Inc.(b)

    348,266        56,210,132  

EPAM Systems, Inc.(b)

    112,479        29,805,810  

Fortinet, Inc.(b)

    254,357        73,511,717  

Gartner, Inc.(b)

    138,636        40,280,690  

Intuit, Inc.

    91,867        38,469,306  

KLA Corp

    155,108        49,519,780  

Lam Research Corp.

    62,708        29,206,878  

Microsoft Corp.

    131,369        36,457,525  

Monolithic Power Systems, Inc.

    127,010        49,818,402  

NVIDIA Corp.

    255,935        47,468,265  

Oracle Corp.

    453,548        33,290,423  

QUALCOMM, Inc.

    272,869        38,117,071  

ServiceNow, Inc.(b)

    60,356        28,856,204  

Teradyne, Inc.(c)

    343,494        36,224,877  
    

 

 

 
       800,682,201  
    

 

 

 
Real Estate-2.19%     

Camden Property Trust

    107,662        16,891,091  

Extra Space Storage, Inc.

    173,877        33,036,630  
    

 

 

 
       49,927,721  
    

 

 

 
Utilities-3.36%     

NRG Energy, Inc.

    2,134,044        76,612,179  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $2,445,343,868)

       2,282,351,377  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.25%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    22,260,207        22,260,207  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    51,899,910        51,899,910  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $74,152,585)

       74,160,117  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.25%
(Cost $2,519,496,453)

       2,356,511,494  

OTHER ASSETS LESS LIABILITIES-(3.25)%

       (74,175,162
    

 

 

 

NET ASSETS-100.00%

     $ 2,282,336,332  
    

 

 

 

 

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

 

 

 

 

19

 

 


 

Invesco S&P 500® Pure Growth ETF (RPG)–(continued)

April 30, 2022

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain

(Loss)
   Value
April 30, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                 
Invesco Government & Agency Portfolio, Institutional Class     $ 837,629      $ 20,350,506      $ (21,188,135 )      $ -      $ -      $ -      $ 201

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

      4,879,734        587,933,609        (570,553,136 )        -        -        22,260,207        16,793 *

Invesco Private Prime Fund

      7,319,602        1,154,657,978        (1,110,056,997 )        7,531        (28,204 )        51,899,910        65,775 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

    $ 13,036,965      $ 1,762,942,093      $ (1,701,798,268 )      $ 7,531      $ (28,204 )      $ 74,160,117      $ 82,769
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

(e) 

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

 

 

  20  

 


 

 

 

Invesco S&P 500® Pure Value ETF (RPV)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.93%

 

Communication Services-7.08%     

AT&T, Inc.

    1,852,341      $ 34,935,151  

DISH Network Corp., Class A(b)(c)

    1,552,057        44,249,145  

Fox Corp., Class A

    400,400        14,350,336  

Fox Corp., Class B

    185,375        6,161,865  

Lumen Technologies, Inc.(c)

    3,428,752        34,493,245  

News Corp., Class A

    796,196        15,812,453  

News Corp., Class B

    243,718        4,852,426  

Omnicom Group, Inc.

    225,979        17,203,781  

Paramount Global, Class B(c)

    1,973,569        57,470,329  

T-Mobile US, Inc.(b)

    100,923        12,427,658  

Verizon Communications, Inc.

    299,253        13,855,414  

Warner Bros Discovery, Inc.(b)

    619,111        11,236,859  
    

 

 

 
       267,048,662  
    

 

 

 
Consumer Discretionary-6.67%     

Best Buy Co., Inc.

    333,620        30,002,447  

BorgWarner, Inc.

    939,495        34,601,601  

Ford Motor Co.

    1,983,365        28,084,448  

General Motors Co.(b)

    803,839        30,473,536  

Lennar Corp., Class A

    269,228        20,593,250  

Mohawk Industries, Inc.(b)

    214,349        30,236,070  

PulteGroup, Inc.

    578,200        24,145,632  

PVH Corp.

    311,476        22,669,223  

Whirlpool Corp.(c)

    170,492        30,947,708  
    

 

 

 
       251,753,915  
    

 

 

 
Consumer Staples-10.64%     

Archer-Daniels-Midland Co.

    842,897        75,489,855  

Conagra Brands, Inc.

    778,740        27,201,388  

JM Smucker Co. (The)

    143,767        19,686,015  

Kraft Heinz Co. (The)

    1,209,503        51,561,113  

Kroger Co. (The)

    833,559        44,978,844  

Molson Coors Beverage Co., Class B(c)

    851,106        46,078,879  

Sysco Corp.

    194,595        16,633,981  

Tyson Foods, Inc., Class A

    591,502        55,104,326  

Walgreens Boots Alliance, Inc.

    1,042,050        44,182,920  

Walmart, Inc.

    135,003        20,654,109  
    

 

 

 
       401,571,430  
    

 

 

 
Energy-9.33%     

Baker Hughes Co., Class A

    1,264,277        39,217,873  

Chevron Corp.

    167,289        26,209,168  

Exxon Mobil Corp.

    336,860        28,717,315  

Kinder Morgan, Inc.

    1,644,509        29,847,838  

Marathon Oil Corp.

    1,279,310        31,880,405  

Marathon Petroleum Corp

    826,307        72,103,549  

Phillips 66

    605,911        52,568,838  

Valero Energy Corp.

    641,062        71,465,592  
 

 

 

    

 

 

 
       352,010,578  
    

 

 

 
Financials-29.94%     

Aflac, Inc.

    704,960        40,380,109  

Allstate Corp. (The)

    518,650        65,629,971  

American International Group, Inc.(c)

    1,009,838        59,085,621  

Assurant, Inc.

    224,789        40,884,623  

Bank of New York Mellon Corp. (The)

    463,628        19,500,194  

Berkshire Hathaway, Inc., Class B(b)

    270,193        87,226,406  

Chubb Ltd.

    157,119        32,437,218  
        Shares          Value  
Financials-(continued)     

Citigroup, Inc.

    712,283      $ 34,339,163  

Citizens Financial Group, Inc.

    799,867        31,514,760  

Everest Re Group Ltd.

    194,450        53,417,360  

Fifth Third Bancorp

    435,155        16,331,367  

Globe Life, Inc.

    415,935        40,794,905  

Hartford Financial Services Group,
Inc. (The)

    560,614        39,203,737  

Huntington Bancshares, Inc.

    1,421,195        18,688,714  

Invesco Ltd.(d)

    1,959,554        36,016,603  

KeyCorp.

    1,109,630        21,426,955  

Lincoln National Corp.

    955,854        57,494,618  

Loews Corp.

    974,352        61,228,280  

M&T Bank Corp.

    176,898        29,478,283  

MetLife, Inc.

    1,021,437        67,087,982  

PNC Financial Services Group,
Inc. (The)

    59,943        9,956,532  

Principal Financial Group, Inc.(c)

    539,209        36,741,701  

Progressive Corp. (The)

    161,154        17,301,493  

Prudential Financial, Inc.

    684,702        74,297,014  

State Street Corp.

    259,634        17,387,689  

Travelers Cos., Inc. (The)

    256,075        43,804,190  

Truist Financial Corp.

    362,237        17,514,159  

U.S. Bancorp

    251,425        12,209,198  

W.R. Berkley Corp.

    323,849        21,532,720  

Wells Fargo & Co.

    615,143        26,838,689  
    

 

 

 
       1,129,750,254  
    

 

 

 
Health Care-11.58%     

AmerisourceBergen Corp.

    229,599        34,736,033  

Anthem, Inc.

    63,106        31,674,795  

Cardinal Health, Inc.

    661,207        38,383,066  

Centene Corp.(b)

    657,228        52,939,715  

Cigna Corp.

    302,935        74,758,299  

CVS Health Corp.

    569,984        54,792,562  

DaVita, Inc.(b)

    139,483        15,115,773  

Henry Schein, Inc.(b)

    312,701        25,360,051  

Humana, Inc.

    61,054        27,142,166  

Organon & Co.(c)

    411,756        13,312,072  

Universal Health Services, Inc., Class B(c)

    323,936        39,691,878  

Viatris, Inc.

    2,815,579        29,084,931  
    

 

 

 
       436,991,341  
    

 

 

 
Industrials-5.39%     

Alaska Air Group, Inc.(b)

    362,565        19,719,910  

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

    252,237        26,774,958  

FedEx Corp.

    132,066        26,246,797  

Huntington Ingalls Industries, Inc.

    147,806        31,444,248  

Leidos Holdings, Inc.

    217,095        22,471,504  

Nielsen Holdings PLC

    804,193        21,560,414  

PACCAR, Inc.

    163,264        13,559,075  

Raytheon Technologies Corp.

    162,954        15,465,964  

Textron, Inc.

    181,227        12,549,970  

Wabtec Corp.

    150,097        13,495,221  
    

 

 

 
       203,288,061  
    

 

 

 
Information Technology-4.40%     

DXC Technology Co.(b)

    1,651,548        47,399,428  

Fidelity National Information Services, Inc.

    101,250        10,038,938  

Global Payments, Inc.

    112,375        15,393,127  

Hewlett Packard Enterprise Co.

    3,421,386        52,723,558  

 

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

 

 

  21  

 


 

Invesco S&P 500® Pure Value ETF (RPV)–(continued)

April 30, 2022

 

        Shares          Value  
Information Technology-(continued)     
Intel Corp.     244,409      $ 10,653,788  
Western Digital Corp.(b)     563,153        29,886,530  
    

 

 

 
       166,095,369  
    

 

 

 
Materials-8.21%     
Corteva, Inc.     464,911        26,820,716  
Dow, Inc.     581,235        38,652,128  
DuPont de Nemours, Inc.     241,085        15,894,734  
Eastman Chemical Co.     106,816        10,966,799  
International Paper Co.     778,961        36,050,315  
LyondellBasell Industries N.V., Class A     395,974        41,985,123  
Mosaic Co. (The)     1,104,915        68,968,794  
WestRock Co.     1,422,178        70,440,476  
    

 

 

 
       309,779,085  
    

 

 

 
Real Estate-0.47%     
Kimco Realty Corp.     695,166        17,608,555  
    

 

 

 
Utilities-6.22%     
American Electric Power Co., Inc.     149,003        14,767,687  
Atmos Energy Corp.(c)     155,664        17,652,298  
Consolidated Edison, Inc.     259,749        24,089,122  
Constellation Energy Corp.     131,916        7,810,746  
DTE Energy Co.     102,800        13,470,912  
Duke Energy Corp.     126,534        13,938,986  
Edison International     213,997        14,720,854  
Entergy Corp.     162,588        19,323,584  
Evergy, Inc.     245,826        16,679,294  
Exelon Corp.     395,662        18,509,068  
NiSource, Inc.     431,553        12,566,823  
Pinnacle West Capital Corp.     438,727        31,237,362  
PPL Corp.     550,857        15,594,762  
Sempra Energy     88,152       
14,224,207
 
    

 

 

 
       234,585,705  
    

 

 

 

Total Common Stocks & Other Equity Interests

(Cost $3,737,505,695)

 

 

     3,770,482,955  
    

 

 

 
        Shares          Value  
Money Market Funds-0.00%     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $228,618)

    228,618      $ 228,618  
    

 

 

 
TOTAL INVESTMENTS IN SECURITIES     

(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $3,737,734,313)

       3,770,711,573  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.20%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    36,255,009        36,255,009  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    84,530,808        84,530,808  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $120,783,108)

       120,785,817  
    

 

 

 
TOTAL INVESTMENTS IN SECURITIES-103.13%

 

  

(Cost $3,858,517,421)

       3,891,497,390  
OTHER ASSETS LESS LIABILITIES-(3.13)%        (118,256,392
    

 

 

 
NET ASSETS-100.00%      $ 3,773,240,998  
    

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
(Depreciation)
     Realized
Gain
(Loss)
     Value
April 30, 2022
     Dividend
Income
 

Invesco Ltd.

  $ 35,552,358      $  50,577,989      $ (32,903,569      $(18,730,551)      $ 1,520,376      $ 36,016,603      $ 1,117,707  

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

    -        76,991,445        (76,762,827      -        -        228,618        1,296  

 

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

 

 

  22  

 


 

Invesco S&P 500® Pure Value ETF (RPV)–(continued)

April 30, 2022

 

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Value
April 30, 2022
     Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                

Invesco Private Government Fund

  $ 11,852,653      $ 513,397,893      $ (488,995,537 )     $ -     $ -     $ 36,255,009      $ 32,918

Invesco Private Prime Fund

    17,778,980        1,004,659,686        (937,879,642     2,709       (30,925     84,530,808        110,674
 

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total

  $ 65,183,991      $ 1,645,627,013      $ (1,536,541,575   $ (18,727,842   $ 1,489,451     $ 157,031,038      $ 1,262,595  
 

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

*

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

 

(e) 

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

 

 

  23  

 


 

Invesco S&P 500® Top 50 ETF (XLG)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.96%

 

Communication Services-13.83%     

Alphabet, Inc., Class A(b)

    34,435      $ 78,587,213  

Alphabet, Inc., Class C(b)

    31,798        73,114,095  

AT&T, Inc.

    817,534        15,418,691  

Comcast Corp., Class A

    517,905        20,591,903  

Meta Platforms, Inc., Class A(b)

    264,354        52,995,046  

Netflix, Inc.(b)

    50,830        9,675,999  

Verizon Communications, Inc.

    480,606        22,252,058  

Walt Disney Co. (The)(b)

    208,436        23,267,711  
    

 

 

 
       295,902,716  
    

 

 

 
Consumer Discretionary-13.25%     

Amazon.com, Inc.(b)

    50,102        124,535,034  

Home Depot, Inc. (The)

    119,551        35,913,121  

McDonald’s Corp.

    85,551        21,315,887  

NIKE, Inc., Class B

    146,117        18,220,790  

Tesla, Inc.(b)

    95,842        83,455,380  
    

 

 

 
       283,440,212  
    

 

 

 
Consumer Staples-7.92%     

Coca-Cola Co. (The)

    445,054        28,754,939  

Costco Wholesale Corp.

    50,769        26,994,893  

PepsiCo, Inc.

    158,385        27,196,288  

Philip Morris International, Inc.

    177,432        17,743,200  

Procter & Gamble Co. (The)

    274,427        44,059,255  

Walmart, Inc.

    161,960        24,778,260  
    

 

 

 
       169,526,835  
    

 

 

 
Energy-3.55%     

Chevron Corp.

    220,691        34,575,659  

Exxon Mobil Corp.

    484,678        41,318,799  
    

 

 

 
       75,894,458  
    

 

 

 
Financials-7.83%     

Bank of America Corp.

    813,809        29,036,705  

Berkshire Hathaway, Inc., Class B(b)

    209,665        67,686,152  

Citigroup, Inc.

    227,183        10,952,492  

JPMorgan Chase & Co.

    338,335        40,383,666  

Wells Fargo & Co.

    444,866        19,409,504  
    

 

 

 
       167,468,519  
    

 

 

 
Health Care-14.28%     

Abbott Laboratories

    202,443        22,977,280  

AbbVie, Inc.

    202,397        29,728,071  

Bristol-Myers Squibb Co.

    249,545        18,783,252  

Eli Lilly and Co.

    90,897        26,553,741  

Johnson & Johnson

    301,395        54,389,742  

Medtronic PLC

    153,933        16,064,448  
        Shares          Value  
Health Care-(continued)     
Merck & Co., Inc.     289,185      $ 25,647,818  
Pfizer, Inc.     642,585        31,531,646  

Thermo Fisher Scientific, Inc.

    45,112        24,943,327  

UnitedHealth Group, Inc.

    107,826        54,834,912  
    

 

 

 
           305,454,237  
    

 

 

 
Industrials-0.80%     

Union Pacific Corp.

    72,914        17,083,021  
    

 

 

 
Information Technology-38.50%     

Accenture PLC, Class A

    72,353        21,731,947  

Adobe, Inc.(b)

    54,002        21,382,092  

Apple, Inc.

    1,774,909        279,814,404  

Broadcom, Inc.

    47,268        26,204,906  

Cisco Systems, Inc.

    482,852        23,650,091  

Intel Corp.

    466,178        20,320,699  

Mastercard, Inc., Class A

    99,337        36,097,079  

Microsoft Corp.

    858,275        238,188,478  

NVIDIA Corp.

    286,211        53,083,554  

Oracle Corp.

    180,379        13,239,819  

PayPal Holdings, Inc.(b)

    133,377        11,727,840  

salesforce.com, inc.(b)

    112,769        19,840,578  

Texas Instruments, Inc.

    105,730        18,000,532  

Visa, Inc., Class A(c)

    189,865        40,465,927  
    

 

 

 
           823,747,946  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $1,718,451,000)

 

     2,138,517,944  
    

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.77%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    12,114,562        12,114,562  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    25,624,591        25,624,591  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $37,734,810)

 

     37,739,153  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.73%
(Cost $1,756,185,810)

 

     2,176,257,097  

OTHER ASSETS LESS LIABILITIES-(1.73)%

 

     (36,915,211
    

 

 

 

NET ASSETS-100.00%

     $ 2,139,341,886  
    

 

 

 

 

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

 

 

  24  

 


 

Invesco S&P 500® Top 50 ETF (XLG)–(continued)

April 30, 2022

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c)

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain

(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  

Invesco Government & Agency

                                 
Portfolio, Institutional Class       $-      $ 27,874,379      $ (27,874,379 )      $ -      $ -      $ -      $ 603
Investments Purchased with Cash Collateral from Securities on Loan:                                  
Invesco Private Government Fund       -        94,320,116        (82,205,554 )        -        -        12,114,562        7,210 *
Invesco Private Prime Fund       -        213,505,677        (187,874,391 )        4,343        (11,038 )        25,624,591        23,338 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
Total       $-      $ 335,700,172      $ (297,954,324 )      $ 4,343      $ (11,038 )      $ 37,739,153      $ 31,151
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

(e) 

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

 

 

  25  

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.97%

 

Communication Services-0.67%     
Ziff Davis, Inc.(b)(c)     21,448      $ 1,895,145  
    

 

 

 
Consumer Discretionary-18.48%     

Boyd Gaming Corp.

    41,709        2,526,731  

Brunswick Corp.(c)

    24,573        1,857,965  

Churchill Downs, Inc.

    12,258        2,487,639  

Crocs, Inc.(b)

    49,994        3,321,101  

Deckers Outdoor Corp.(b)

    11,455        3,044,166  

Dick’s Sporting Goods, Inc.(c)

    69,575        6,708,422  

Five Below, Inc.(b)(c)

    17,558        2,758,362  

Fox Factory Holding Corp.(b)

    41,288        3,380,662  

GameStop Corp., Class A(b)(c)

    17,693        2,212,864  

Light & Wonder, Inc.(b)(c)

    37,453        2,099,615  

Mattel, Inc.(b)(c)

    152,888        3,716,707  

RH(b)

    3,977        1,336,749  

Service Corp. International

    31,569        2,071,242  

Tempur Sealy International, Inc.

    154,758        4,195,489  

TopBuild Corp.(b)

    12,923        2,340,872  

Williams-Sonoma, Inc.(c)

    32,724        4,269,828  

Wingstop, Inc.(c)

    20,478        1,879,061  

YETI Holdings, Inc.(b)(c)

    45,689        2,232,821  
    

 

 

 
       52,440,296  
    

 

 

 
Consumer Staples-0.73%     

Darling Ingredients, Inc.(b)

    28,305        2,077,304  
    

 

 

 
Energy-9.47%     

Antero Midstream Corp.(c)

    556,642        5,716,713  

Matador Resources Co.(c)

    121,795        5,946,032  

Murphy Oil Corp.(c)

    146,368        5,573,693  

PDC Energy, Inc.

    55,648        3,880,892  

Targa Resources Corp.

    78,328        5,750,059  
    

 

 

 
       26,867,389  
    

 

 

 
Financials-17.56%     

Affiliated Managers Group, Inc.

    20,785        2,609,972  

East West Bancorp, Inc.

    45,979        3,278,303  

Evercore, Inc., Class A

    42,656        4,510,872  

First Financial Bankshares, Inc.(c)

    49,968        1,997,721  

Jefferies Financial Group, Inc.

    207,972        6,397,219  

Kinsale Capital Group, Inc.

    9,320        2,066,151  

Navient Corp.

    492,949        7,832,959  

PacWest Bancorp

    102,502        3,371,291  

Pinnacle Financial Partners, Inc.

    52,040        4,035,702  

SLM Corp.

    449,536        7,520,737  

Stifel Financial Corp.

    55,953        3,460,693  

UMB Financial Corp.

    30,359        2,737,774  
    

 

 

 
       49,819,394  
    

 

 

 
Health Care-11.85%     

Arrowhead Pharmaceuticals, Inc.(b)(c)

    40,717        1,673,876  

Azenta, Inc.(c)

    42,035        3,150,944  

Bruker Corp.(c)

    34,151        1,963,341  

Medpace Holdings, Inc.(b)

    26,318        3,515,295  

Neurocrine Biosciences, Inc.(b)

    29,719        2,675,602  

Option Care Health, Inc.(b)

    145,325        4,342,311  

Quidel Corp.(b)(c)

    20,279        2,040,473  

Repligen Corp.(b)

    20,344        3,198,890  

STAAR Surgical Co.(b)(c)

    31,787        1,814,720  
        Shares          Value  
Health Care-(continued)     
Syneos Health, Inc.(b)     19,608      $ 1,433,149  

Tandem Diabetes Care, Inc.(b)

    35,438        3,419,058  

Tenet Healthcare Corp.(b)

    60,748        4,404,837  
    

 

 

 
       33,632,496  
    

 

 

 
Industrials-12.51%     

ASGN, Inc.(b)

    21,498        2,438,948  

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

    12,866        3,443,842  

Axon Enterprise, Inc.(b)

    27,347        3,068,333  

Builders FirstSource, Inc.(b)

    79,925        4,920,982  

Carlisle Cos., Inc.(c)

    8,412        2,181,736  

Chart Industries, Inc.(b)(c)

    9,211        1,555,001  

FTI Consulting, Inc.(b)(c)

    18,929        2,985,293  

GXO Logistics, Inc.(b)(c)

    34,887        2,064,962  

Saia, Inc.(b)

    13,284        2,735,973  

Simpson Manufacturing Co., Inc.

    14,079        1,459,570  

Tetra Tech, Inc.

    10,054        1,400,321  

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

    42,390        2,466,674  

Valmont Industries, Inc.

    8,025        1,996,700  

Vicor Corp.(b)

    22,338        1,351,896  

Watts Water Technologies, Inc., Class A

    11,060        1,409,708  
    

 

 

 
       35,479,939  
    

 

 

 
Information Technology-12.61%     

Calix, Inc.(b)(c)

    64,815        2,586,767  

Concentrix Corp.

    44,377        6,988,490  

Digital Turbine, Inc.(b)(c)

    63,247        2,001,767  

Lattice Semiconductor Corp.(b)

    36,752        1,765,566  

Maximus, Inc.

    37,001        2,696,633  

Mimecast Ltd.(b)

    74,379        5,926,519  

Paylocity Holding Corp.(b)

    11,412        2,164,058  

Power Integrations, Inc.

    33,882        2,710,560  

Qualys, Inc.(b)(c)

    17,626        2,402,071  

Silicon Laboratories, Inc.(b)(c)

    11,635        1,569,678  

SiTime Corp.(b)(c)

    7,626        1,285,515  

Synaptics, Inc.(b)

    6,541        970,946  

Teradata Corp.(b)(c)

    65,587        2,712,022  
    

 

 

 
       35,780,592  
    

 

 

 
Materials-14.00%     

Avient Corp.(c)

    48,437        2,385,038  

Cleveland-Cliffs, Inc.(b)

    387,999        9,890,094  

Eagle Materials, Inc.

    23,971        2,956,104  

Louisiana-Pacific Corp.(c)

    128,196        8,271,206  

Olin Corp.

    72,223        4,145,600  

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

    13,213        1,373,227  

Steel Dynamics, Inc.(c)

    92,741        7,952,541  

Valvoline, Inc.

    90,981        2,750,356  
    

 

 

 
       39,724,166  
    

 

 

 
Real Estate-2.09%     

Life Storage, Inc.

    24,805        3,286,414  

National Storage Affiliates Trust

    46,903        2,654,710  
    

 

 

 
       5,941,124  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $303,477,174)

 

     283,657,845  
    

 

 

 

 

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

 

 

  26  

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)–(continued)

April 30, 2022

 

 

    Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.19%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    20,042,244      $ 20,042,244  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    48,584,214        48,584,214  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $68,625,145)

 

     68,626,458  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-124.16% (Cost $372,102,319)

 

     352,284,303  

OTHER ASSETS LESS LIABILITIES-(24.16)%

 

     (68,550,316
    

 

 

 

NET ASSETS-100.00%

 

   $ 283,733,987  
    

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  

Invesco Government & Agency

Portfolio, Institutional Class

    $ 41,757      $ 27,031,297      $ (27,073,054 )      $ -      $ -      $ -      $ 164
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

      21,986,402        219,131,837        (221,075,995 )        -        -        20,042,244        12,477 *

Invesco Private Prime Fund

      32,979,603        412,482,928        (396,868,071 )        1,313        (11,559 )        48,584,214        57,514 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

    $ 55,007,762      $ 658,646,062      $ (645,017,120 )      $ 1,313      $ (11,559 )      $ 68,626,458      $ 70,155
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

(e) 

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

 

 

  27  

 


 

Invesco S&P MidCap 400® Pure Value ETF (RFV)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.90%

 

Consumer Discretionary-21.44%

 

  

Adient PLC(b)(c)

    49,221      $ 1,680,405  

Callaway Golf Co.(b)(c)

    36,708        805,374  

Dana, Inc.

    89,878        1,331,093  

Foot Locker, Inc.

    54,823        1,606,862  

Gap, Inc. (The)(c)

    124,740        1,549,271  

Goodyear Tire & Rubber Co. (The)(b)(c)

    106,677        1,420,938  

Graham Holdings Co., Class B

    3,913        2,317,944  

Harley-Davidson, Inc.(c)

    15,118        551,051  

KB Home

    49,584        1,608,009  

Kohl’s Corp.

    47,961        2,775,983  

Lear Corp.

    9,265        1,185,364  

Lithia Motors, Inc., Class A

    7,404        2,096,294  

Macy’s, Inc.(c)

    62,380        1,507,725  

Murphy USA, Inc.

    6,714        1,568,390  

Nordstrom, Inc.(c)

    34,953        898,292  

Taylor Morrison Home Corp., Class A(b)

    80,239        2,101,459  

Thor Industries, Inc.(c)

    20,074        1,536,665  

Toll Brothers, Inc.

    17,374        805,632  

Tri Pointe Homes, Inc.(b)

    76,740        1,586,216  

Urban Outfitters, Inc.(b)(c)

    47,195        1,123,241  
    

 

 

 
       30,056,208  
    

 

 

 

Consumer Staples-5.17%

 

  

BJ’s Wholesale Club Holdings, Inc.(b)

    10,840        697,554  

Ingredion, Inc.

    7,276        619,260  

Nu Skin Enterprises, Inc., Class A

    24,287        1,035,598  

Performance Food Group Co.(b)

    34,945        1,721,041  

Pilgrim’s Pride Corp.(b)

    46,627        1,321,876  

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

    62,040        1,848,792  
    

 

 

 
       7,244,121  
    

 

 

 

Energy-4.17%

 

  

Equitrans Midstream Corp.

    61,813        485,850  

HF Sinclair Corp.(b)

    95,703        3,638,628  

NOV, Inc.(c)

    95,261        1,727,082  
    

 

 

 
       5,851,560  
    

 

 

 

Financials-27.86%

 

  

Alleghany Corp.(b)

    3,207        2,682,655  

Associated Banc-Corp.

    61,707        1,231,055  

Cadence Bank(c)

    36,964        925,579  

CNO Financial Group, Inc.

    110,354        2,663,946  

Essent Group Ltd.

    23,047        934,095  

F.N.B. Corp.

    114,132        1,314,801  

First Horizon Corp.

    68,891        1,541,781  

Fulton Financial Corp.

    78,606        1,192,453  

Hanover Insurance Group, Inc. (The)

    12,184        1,788,855  

International Bancshares Corp.

    18,986        755,453  

Kemper Corp.

    44,886        2,071,938  

Mercury General Corp.

    39,612        1,997,633  

MGIC Investment Corp.

    94,142        1,229,494  

New York Community Bancorp, Inc.(c)

    107,239        990,888  

Old National Bancorp

    50,854        770,947  

Old Republic International Corp.

    86,508        1,904,041  

Prosperity Bancshares, Inc.(c)

    12,654        827,318  

Reinsurance Group of America, Inc.

    30,497        3,272,938  

RenaissanceRe Holdings Ltd. (Bermuda)

    4,939        708,845  

Selective Insurance Group, Inc.

    10,525        866,839  
        Shares          Value  

Financials-(continued)

    

Texas Capital Bancshares, Inc.(b)

    20,188      $ 1,036,856  

United Bankshares, Inc.(c)

    27,671        920,337  

Unum Group

    136,158        4,155,542  

Valley National Bancorp

    53,560        641,649  

Voya Financial, Inc.(c)

    30,418        1,920,592  

Washington Federal, Inc.

    22,902        696,908  
    

 

 

 
       39,043,438  
    

 

 

 

Health Care-1.91%

 

  

Patterson Cos., Inc.

    48,724        1,499,237  

Perrigo Co. PLC

    34,456        1,181,841  
    

 

 

 
       2,681,078  
    

 

 

 

Industrials-12.87%

 

  

AGCO Corp.

    8,525        1,086,085  

CACI International, Inc., Class A(b)

    2,602        690,311  

EMCOR Group, Inc.

    7,355        783,160  

EnerSys

    9,103        595,882  

Fluor Corp.(b)(c)

    42,906        1,061,923  

JetBlue Airways Corp.(b)(c)

    76,000        836,760  

Kirby Corp.(b)

    11,414        744,193  

Knight-Swift Transportation Holdings, Inc.

    11,255        539,002  

ManpowerGroup, Inc.

    20,186        1,820,777  

MDU Resources Group, Inc.

    38,131        982,255  

MillerKnoll, Inc.(c)

    18,923        600,427  

Oshkosh Corp.

    6,578        608,070  

Owens Corning

    9,732        884,931  

Ryder System, Inc.(c)

    25,518        1,783,708  

Science Applications International Corp.

    11,486        955,980  

Terex Corp.

    16,498        560,932  

Timken Co. (The)

    7,700        443,828  

Univar Solutions, Inc.(b)

    65,205        1,898,770  

Werner Enterprises, Inc.

    12,283        486,775  

XPO Logistics, Inc.(b)

    12,470        670,761  
    

 

 

 
       18,034,530  
    

 

 

 

Information Technology-9.82%

 

  

Arrow Electronics, Inc.(b)

    18,271        2,153,420  

Avnet, Inc.

    80,790        3,527,291  

Bread Financial Holdings, Inc.

    22,999        1,260,345  

Kyndryl Holdings, Inc.(b)

    55,214        656,494  

TD SYNNEX Corp.

    17,878        1,789,409  

ViaSat, Inc.(b)(c)

    20,895        769,145  

Vishay Intertechnology, Inc.

    56,469        1,052,018  

Xerox Holdings Corp.

    147,044        2,558,566  
    

 

 

 
       13,766,688  
    

 

 

 

Materials-10.95%

 

  

Cabot Corp.(c)

    12,022        791,649  

Chemours Co. (The)(c)

    16,645        550,450  

Commercial Metals Co.(c)

    66,109        2,710,469  

Greif, Inc., Class A

    29,474        1,788,482  

Minerals Technologies, Inc.

    14,677        933,604  

Reliance Steel & Aluminum Co.

    10,524        2,086,383  

Silgan Holdings, Inc.

    16,358        725,805  

United States Steel Corp.

    138,667        4,227,957  

Worthington Industries, Inc.(c)

    32,083        1,526,188  
    

 

 

 
       15,340,987  
    

 

 

 

 

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

 

 

  28  

 


 

Invesco S&P MidCap 400® Pure Value ETF (RFV)–(continued)

April 30, 2022

 

        Shares          Value  
Real Estate-1.18%     

Sabra Health Care REIT, Inc.

    45,224      $ 528,216  

SL Green Realty Corp.(c)

    16,338        1,130,917  
    

 

 

 
       1,659,133  
    

 

 

 
Utilities-4.53%     

ALLETE, Inc.

    10,365        615,059  

Hawaiian Electric Industries, Inc

    13,568        557,781  

NorthWestern Corp.(c)

    14,111        799,953  

ONE Gas, Inc

    7,895        666,101  

Southwest Gas Holdings, Inc.(c)

    16,921        1,490,909  

Spire, Inc.(c)

    18,499        1,345,802  

UGI Corp.

    25,312        868,202  
    

 

 

 
       6,343,807  
    

 

 

 

Total Common Stocks & Other Equity Interests (Cost $150,252,894)

 

     140,021,550  
    

 

 

 
Money Market Funds-0.06%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $89,315)

    89,315        89,315  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $150,342,209)

 

     140,110,865  
    

 

 

 
    Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-17.87%     

Invesco Private Government Fund,
0.40%(d)(e)(f)

    7,518,534      $ 7,518,534  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    17,532,140        17,532,140  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $25,049,022)

 

     25,050,674  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-117.83%
(Cost $175,391,231)

 

     165,161,539  

OTHER ASSETS LESS LIABILITIES-(17.83)%

 

     (24,993,579
    

 

 

 

NET ASSETS-100.00%

 

   $ 140,167,960  
    

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c)

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  

Invesco Government & Agency

Portfolio, Institutional Class

    $ 4,848      $ 4,240,551      $ (4,156,084 )      $ -      $ -      $ 89,315      $ 64
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

      4,367,082        64,552,861        (61,401,409 )        -        -        7,518,534        5,207 *
Invesco Private Prime Fund       6,550,623        128,563,287        (117,577,053 )        1,652        (6,369 )        17,532,140        17,640 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

    $ 10,922,553      $ 197,356,699      $ (183,134,546 )      $ 1,652      $ (6,369 )      $ 25,139,989      $ 22,911
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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

 

(e) 

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

 

 

  29  

 


 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  

Common Stocks & Other Equity Interests-99.96%

 

Communication Services-1.83%

 

  

TechTarget, Inc.(b)(c)

    18,724      $ 1,260,312  

Thryv Holdings, Inc.(b)(c)

    28,619        739,229  
    

 

 

 
       1,999,541  
    

 

 

 

Consumer Discretionary-14.36%

    

Boot Barn Holdings, Inc.(b)

    11,243        1,012,545  

Buckle, Inc. (The)(c)

    23,123        718,200  

Cavco Industries, Inc.(b)

    2,628        620,865  

Century Communities, Inc.(c)

    20,440        1,077,597  

Children’s Place, Inc. (The)(b)(c)

    11,015        510,325  

Gentherm, Inc.(b)(c)

    5,050        340,471  

Hibbett, Inc.(c)

    30,046        1,297,386  

Installed Building Products, Inc.(c)

    5,118        411,845  

LGI Homes, Inc.(b)(c)

    8,659        811,435  

Liquidity Services, Inc.(b)

    40,048        577,492  

MarineMax, Inc.(b)(c)