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Invesco Semi-Annual Report to Shareholders

 

 

February 28, 2022

 

 

DWAS

 

 

Invesco DWA SmallCap Momentum ETF

  PSCD   Invesco S&P SmallCap Consumer Discretionary ETF
  PSCC   Invesco S&P SmallCap Consumer Staples ETF
  PSCE   Invesco S&P SmallCap Energy ETF
  PSCF   Invesco S&P SmallCap Financials ETF
  PSCH   Invesco S&P SmallCap Health Care ETF
  PSCI   Invesco S&P SmallCap Industrials ETF
  PSCT   Invesco S&P SmallCap Information Technology ETF
  PSCM   Invesco S&P SmallCap Materials ETF
  PSCU   Invesco S&P SmallCap Utilities & Communication Services ETF


 

Table of Contents

 

Schedules of Investments

  

Invesco DWA SmallCap Momentum ETF (DWAS)

     3  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

     7  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

     10  

Invesco S&P SmallCap Energy ETF (PSCE)

     12  

Invesco S&P SmallCap Financials ETF (PSCF)

     14  

Invesco S&P SmallCap Health Care ETF (PSCH)

     17  

Invesco S&P SmallCap Industrials ETF (PSCI)

     19  

Invesco S&P SmallCap Information Technology ETF (PSCT)

     22  

Invesco S&P SmallCap Materials ETF (PSCM)

     24  

Invesco S&P SmallCap Utilities  & Communication Services ETF (PSCU)

     26  

Statements of Assets and Liabilities

     28  

Statements of Operations

     30  

Statements of Changes in Net Assets

     32  

Financial Highlights

     36  

Notes to Financial Statements

     46  

Fund Expenses

     56  

 

      2      
 


 

Invesco DWA SmallCap Momentum ETF (DWAS)

February 28, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      
Common Stocks & Other Equity Interests-100.03%

 

Communication Services-1.32%

    

Cars.com, Inc.(b)

     96,183      $ 1,556,241  

TechTarget, Inc.(b)(c)

     28,041       2,197,853  

Thryv Holdings, Inc.(b)(c)

     44,334       1,347,754  
    

 

 

 
       5,101,848  
    

 

 

 

Consumer Discretionary-17.78%

    

Academy Sports & Outdoors, Inc.(b)(c)

     37,727       1,221,223  

Adient PLC(b)

     35,222       1,576,185  

Beazer Homes USA, Inc.(b)

     71,778       1,175,006  

Bluegreen Vacations Holding Corp.(b)

     48,085       1,362,729  

Boot Barn Holdings, Inc.(b)

     26,372       2,294,891  

Carriage Services, Inc.

     24,568       1,208,991  

Century Casinos, Inc.(b)(c)

     123,087       1,513,970  

Century Communities, Inc.

     22,010       1,402,477  

Clarus Corp.(c)

     68,629       1,562,682  

Designer Brands, Inc., Class A(b)(c)

     109,923       1,434,495  

Full House Resorts, Inc.(b)

     495,720       4,362,336  

Genesco, Inc.(b)

     25,374       1,627,742  

Golden Entertainment, Inc.(b)

     75,322       4,288,082  

Green Brick Partners, Inc.(b)

     52,823       1,224,965  

Group 1 Automotive, Inc.

     7,723       1,405,045  

Guess?, Inc.(c)

     69,111       1,513,531  

Hilton Grand Vacations, Inc.(b)

     31,643       1,641,006  

Houghton Mifflin Harcourt Co.(b)(c)

     255,471       5,352,118  

Hovnanian Enterprises, Inc., Class A(b)

     45,792       4,401,527  

Installed Building Products, Inc.

     11,972       1,157,692  

LGI Homes, Inc.(b)(c)

     9,909       1,249,822  

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

     90,633       1,606,923  

M/I Homes, Inc.(b)

     26,059       1,284,448  

Monarch Casino & Resort, Inc.(b)

     21,822       1,699,934  

Movado Group, Inc.

     38,988       1,536,907  

RCI Hospitality Holdings, Inc.

     34,048       2,210,396  

Red Rock Resorts, Inc., Class A

     77,938       3,918,723  

SeaWorld Entertainment, Inc.(b)

     30,028       2,083,643  

Shoe Carnival, Inc.(c)

     37,767       1,101,286  

Shutterstock, Inc.

     13,792       1,248,590  

Skyline Champion Corp.(b)

     22,292       1,498,914  

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

     46,182       1,362,369  

Tilly’s, Inc., Class A

     100,921       1,281,697  

TravelCenters of America, Inc.(b)

     42,322       1,787,258  

Vista Outdoor, Inc.(b)

     44,333       1,615,938  

Zumiez, Inc.(b)(c)

     34,063       1,515,463  
    

 

 

 
         68,729,004  
    

 

 

 

Consumer Staples-1.80%

    

Andersons, Inc. (The)

     38,763       1,767,593  

Coca-Cola Consolidated, Inc.

     2,483       1,233,877  

Ingles Markets, Inc., Class A

     16,193       1,331,388  

MGP Ingredients, Inc.(c)

     17,398       1,385,055  

United Natural Foods, Inc.(b)

     31,048       1,249,061  
    

 

 

 
       6,966,974  
    

 

 

 

Energy-14.39%

    

Antero Midstream Corp.(c)

     156,036       1,566,601  

Antero Resources Corp.(b)(c)

     143,073       3,280,664  

Arch Resources, Inc.(c)

     16,827       2,008,639  

California Resources Corp

     37,785       1,557,876  

Civitas Resources, Inc.(c)

     30,442       1,536,408  
         Shares           Value      

Energy-(continued)

    

Denbury, Inc.(b)

     22,529      $ 1,636,957  

Earthstone Energy, Inc., Class A(b)(c)

     158,168       2,056,184  

Green Plains, Inc.(b)(c)

     68,254       2,234,636  

HighPeak Energy, Inc.(c)

     99,350       2,100,259  

Laredo Petroleum, Inc.(b)(c)

     50,500       3,866,280  

Magnolia Oil & Gas Corp., Class A(c)

     94,896       2,120,926  

Matador Resources Co.

     56,405       2,797,688  

Murphy Oil Corp.(c)

     60,422       2,094,831  

Oasis Petroleum, Inc.

     14,365       1,903,506  

Patterson-UTI Energy, Inc.

     187,378       2,703,864  

PDC Energy, Inc.

     49,421       3,188,643  

Ranger Oil Corp.(b)(c)

     58,835       1,986,270  

SM Energy Co.

     229,540       8,150,965  

Weatherford International PLC(b)

     245,092       6,960,613  

Whiting Petroleum Corp.

     25,447       1,879,261  
    

 

 

 
         55,631,071  
    

 

 

 

Financials-16.04%

    

A-Mark Precious Metals, Inc.(c)

     56,102       4,022,513  

Amerant Bancorp, Inc.

     41,772       1,355,501  

Arbor Realty Trust, Inc.

     86,779       1,562,022  

B. Riley Financial, Inc.(c)

     23,671       1,409,608  

Brightsphere Investment Group, Inc.

     61,526       1,468,626  

BRP Group, Inc., Class A(b)

     44,607       1,238,736  

Coastal Financial Corp.(b)

     30,741       1,463,272  

Cowen, Inc., Class A

     43,121       1,278,538  

Customers Bancorp, Inc.(b)

     31,437       1,934,947  

Donnelley Financial Solutions, Inc.(b)

     69,287       2,224,113  

Ellington Financial, Inc.

     91,206       1,611,610  

Enova International, Inc.(b)

     38,236       1,558,882  

First Internet Bancorp

     33,629       1,643,785  

Hamilton Lane, Inc., Class A

     19,113       1,492,725  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)

     28,387       1,343,840  

Hingham Institution for Savings (The)

     7,028       2,528,955  

Houlihan Lokey, Inc.

     14,760       1,518,214  

Independent Bank Corporation

     162,530       3,868,214  

Kinsale Capital Group, Inc.

     20,356       4,269,874  

Live Oak Bancshares, Inc.

     30,107       1,925,343  

Meta Financial Group, Inc.

     26,485       1,467,004  

Metropolitan Bank Holding Corp.(b)(c)

     15,863       1,621,992  

Mr. Cooper Group, Inc.(b)

     49,294       2,505,614  

MVB Financial Corp.

     35,009       1,348,547  

Northeast Bank

     41,493       1,511,175  

OFG Bancorp

     59,393       1,673,695  

PennyMac Financial Services, Inc.

     23,587       1,362,149  

Piper Sandler Cos.

     8,582       1,270,222  

Redwood Trust, Inc.

     118,548       1,231,714  

TPG RE Finance Trust, Inc.

     122,975       1,456,024  

Triumph Bancorp, Inc.(b)

     15,015       1,506,305  

Victory Capital Holdings, Inc., Class A(c)

     44,943       1,490,759  

Virtus Investment Partners, Inc.

     5,214       1,254,593  

Walker & Dunlop, Inc.

     10,565       1,461,668  

World Acceptance Corp.(b)(c)

     5,883       1,155,833  
    

 

 

 
       62,036,612  
    

 

 

 

Health Care-9.41%

    

Allscripts Healthcare Solutions, Inc.(b)

     78,064       1,519,125  

Avid Bioservices, Inc.(b)(c)

     181,254       3,712,082  

 

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

 

      3      
 


 

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)

 

         Shares           Value      

Health Care-(continued)

    

BioCryst Pharmaceuticals, Inc.(b)(c)

     113,227      $ 1,880,700  

Chimerix, Inc.(b)(c)

     272,337       1,535,981  

CONMED Corp.(c)

     10,922       1,596,360  

CorVel Corp.(b)

     7,346       1,168,455  

Cross Country Healthcare, Inc.(b)

     59,963       1,338,974  

Cytokinetics, Inc.(b)(c)

     36,724       1,297,092  

EyePoint Pharmaceuticals, Inc.(b)

     111,536       1,109,783  

Fulcrum Therapeutics, Inc.(b)(c)

     82,756       910,316  

Gritstone bio, Inc.(b)

     106,083       541,023  

Inhibrx, Inc.(b)(c)

     35,034       753,231  

iRadimed Corp.

     32,561       1,618,282  

iTeos Therapeutics, Inc.(b)

     33,649       1,215,738  

Kezar Life Sciences, Inc.(b)

     106,448       1,580,753  

Owens & Minor, Inc.

     98,804       4,362,197  

Prometheus Biosciences, Inc.(b)(c)

     43,883       1,910,666  

Surgery Partners, Inc.(b)(c)

     73,235       3,827,993  

Tivity Health, Inc.(b)(c)

     83,998       2,291,465  

Tricida, Inc.(b)(c)

     164,515       1,309,539  

Zentalis Pharmaceuticals, Inc.(b)(c)

     18,266       911,291  
    

 

 

 
         36,391,046  
    

 

 

 

Industrials-16.52%

    

AAON, Inc.

     26,893       1,574,854  

Ameresco, Inc., Class A(b)(c)

     73,938       4,750,516  

API Group Corp.(b)

     62,650       1,351,360  

ArcBest Corp.

     17,132       1,587,794  

Atkore, Inc.(b)

     18,800       1,912,148  

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

     17,434       1,366,128  

Beacon Roofing Supply, Inc.(b)

     28,119       1,678,423  

Boise Cascade Co.

     22,707       1,815,198  

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

     73,385       5,533,229  

CBIZ, Inc.(b)

     39,210       1,525,661  

Cornerstone Building Brands, Inc.(b)

     97,902       2,161,676  

Encore Wire Corp.

     11,034       1,284,578  

GMS, Inc.(b)

     27,460       1,489,705  

H&E Equipment Services, Inc.

     34,167       1,426,814  

Herc Holdings, Inc.

     22,291       3,546,944  

Huttig Building Products, Inc.(b)

     504,917       4,690,679  

ICF International, Inc.

     14,809       1,312,374  

Kadant, Inc.

     13,746       2,712,773  

Montrose Environmental Group, Inc.(b)

     21,787       961,025  

MYR Group, Inc.(b)

     14,407       1,293,028  

NV5 Global, Inc.(b)

     11,444       1,227,369  

PAM Transportation Services, Inc.(b)

     24,086       1,625,082  

Red Violet, Inc.(b)(c)

     40,015       1,057,997  

Rush Enterprises, Inc., Class A

     28,152       1,462,215  

Shyft Group, Inc. (The)

     52,681       2,128,839  

Titan International, Inc.(b)

     275,178       3,081,994  

Titan Machinery, Inc.(b)

     46,483       1,316,863  

Transcat, Inc.(b)(c)

     46,209       3,625,558  

Triton International Ltd. (Bermuda)

     25,817       1,695,661  

UFP Industries, Inc.

     17,552       1,505,084  

VSE Corp.

     25,006       1,191,536  
    

 

 

 
       63,893,105  
    

 

 

 

Information Technology-10.67%

    

ADTRAN, Inc.

     68,695       1,414,430  

Alpha & Omega Semiconductor Ltd.(b)

     29,062       1,562,664  

Ambarella, Inc.(b)

     8,193       1,144,644  

Avid Technology, Inc.(b)

     56,752       1,785,418  

Axcelis Technologies, Inc.(b)

     25,106       1,737,837  
         Shares           Value      

Information Technology-(continued)

    

Badger Meter, Inc.

     14,291      $ 1,420,668  

Calix, Inc.(b)

     81,853       4,447,892  

Clearfield, Inc.(b)(c)

     42,339       2,714,353  

Diodes, Inc.(b)

     15,324       1,372,877  

Extreme Networks, Inc.(b)

     120,245       1,381,615  

Grid Dynamics Holdings, Inc.(b)

     52,083       632,808  

Identiv, Inc.(b)(c)

     118,352       2,480,658  

Impinj, Inc.(b)(c)

     19,598       1,347,363  

Information Services Group, Inc.

     206,151       1,467,795  

Insight Enterprises, Inc.(b)(c)

     14,760       1,535,040  

MACOM Technology Solutions Holdings, Inc.(b)

     29,179       1,753,658  

MaxLinear, Inc.(b)

     28,394       1,741,972  

Onto Innovation, Inc.(b)

     20,538       1,770,581  

PDF Solutions, Inc.(b)

     50,855       1,391,393  

Perficient, Inc.(b)

     21,155       2,155,695  

PFSweb, Inc.(b)

     114,078       1,291,363  

Rambus, Inc.(b)(c)

     53,213       1,436,751  

SiTime Corp.(b)(c)

     6,292       1,271,865  

Ultra Clean Holdings, Inc.(b)

     43,294       1,983,298  
    

 

 

 
       41,242,638  
    

 

 

 

Materials-5.84%

    

AdvanSix, Inc.

     34,458       1,380,387  

Aspen Aerogels, Inc.(b)

     66,060       1,955,376  

Avient Corp.

     28,148       1,474,674  

LSB Industries, Inc.(b)

     524,137       9,067,570  

Ranpak Holdings Corp.(b)(c)

     78,114       1,890,359  

Ryerson Holding Corp.

     73,881       1,929,772  

Schnitzer Steel Industries, Inc., Class A

     30,400       1,478,960  

Summit Materials, Inc., Class A(b)

     38,811       1,211,679  

TimkenSteel Corp.(b)(c)

     121,199       2,185,218  
    

 

 

 
       22,573,995  
    

 

 

 

Real Estate-5.58%

    

Cedar Realty Trust, Inc.

     72,414       1,738,660  

DigitalBridge Group, Inc.(b)

     192,569       1,396,125  

Gladstone Land Corp.

     47,284       1,413,319  

Independence Realty Trust, Inc.

     60,722       1,534,445  

iStar, Inc.

     61,825       1,553,044  

National Storage Affiliates Trust

     23,735       1,383,039  

Newmark Group, Inc., Class A

     95,546       1,689,253  

NexPoint Residential Trust, Inc.

     18,538       1,575,174  

Plymouth Industrial REIT, Inc.

     48,349       1,260,942  

Preferred Apartment Communities, Inc., Class A

     87,666       2,214,443  

Ryman Hospitality Properties, Inc.(b)

     18,121       1,596,641  

St. Joe Co. (The)

     30,706       1,659,045  

Tanger Factory Outlet Centers, Inc.(c)

     79,276       1,322,324  

Terreno Realty Corp.

     18,172       1,250,052  
    

 

 

 
       21,586,506  
    

 

 

 

Utilities-0.68%

    

Middlesex Water Co.

     13,769       1,376,762  

Pure Cycle Corp.(b)

     105,361       1,248,528  
    

 

 

 
       2,625,290  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.03%
(Cost $382,051,464)

 

    386,778,089  
    

 

 

 

 

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

 

      4      
 


 

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)

 

         Shares            Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-18.52%

 

Invesco Private Government Fund, 0.12%(d)(e)(f)

     21,483,363      $ 21,483,363  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     50,122,836        50,127,849  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $71,616,298)

 

     71,611,212  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-118.55%
(Cost $453,667,762)

 

     458,389,301  

OTHER ASSETS LESS LIABILITIES-(18.55)%

 

     (71,711,794
     

 

 

 

NET ASSETS-100.00%

 

   $ 386,677,507  
     

 

 

 

 

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 February 28, 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 six months ended February 28, 2022.

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                          

Invesco Government & Agency Portfolio, Institutional Class

         $ -          $ 4,875,501      $ (4,875,501 )               $ -          $ -          $ -          $ 13

Investments Purchased with Cash Collateral from Securities on Loan:

                                                               

Invesco Private Government Fund

           27,265,424            85,374,217        (91,156,277 )            -            -            21,483,363            3,410 *

Invesco Private Prime Fund

           64,045,154            164,340,895        (178,236,639 )            (5,086 )            (16,475 )            50,127,849            32,496 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 91,310,578          $ 254,590,613      $ (274,268,417 )          $ (5,086 )          $ (16,475 )          $ 71,611,212          $ 35,919
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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 February 28, 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.

 

      5      
 


 

Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)

February 28, 2022

(Unaudited)

 

Portfolio Composition

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

as of February 28, 2022

 

     

Consumer Discretionary

     17.78                                              

Industrials

     16.52    

Financials

     16.04    

Energy

     14.39    

Information Technology

     10.67    

Health Care

     9.41    

Materials

     5.84    

Real Estate

     5.58    

Sector Types Each Less Than 3%

     3.80    

Money Market Funds Plus Other Assets Less Liabilities

     (0.03  

 

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

 

      6      
 


 

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

February 28, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      
Common Stocks & Other Equity Interests-99.97%

 

Auto Components-11.64%

    

American Axle & Manufacturing Holdings, Inc.(b)

     38,087      $ 352,686  

Cooper-Standard Holdings, Inc.(b)

     5,673       72,161  

Dorman Products, Inc.(b)

     9,503       887,770  

Gentherm, Inc.(b)

     11,097       941,469  

LCI Industries

     8,439       1,050,824  

Motorcar Parts of America, Inc.(b)

     6,414       103,586  

Patrick Industries, Inc.

     7,502       535,193  

Standard Motor Products, Inc.

     6,390       279,307  

XPEL, Inc.(b)(c)(d)

     5,533       401,696  
    

 

 

 
         4,624,692  
    

 

 

 

Automobiles-1.80%

    

Winnebago Industries, Inc.(d)

     11,174       715,918  
    

 

 

 

Diversified Consumer Services-3.38%

 

Adtalem Global Education, Inc.(b)

     16,618       345,322  

American Public Education, Inc.(b)

     6,248       124,710  

Perdoceo Education Corp.(b)

     23,410       245,103  

Strategic Education, Inc.

     7,556       445,955  

WW International, Inc.(b)

     17,770       181,076  
    

 

 

 
       1,342,166  
    

 

 

 

Hotels, Restaurants & Leisure-14.98%

 

BJ’s Restaurants, Inc.(b)

     7,780       249,504  

Bloomin’ Brands, Inc.(b)

     27,120       667,423  

Brinker International, Inc.(b)

     15,166       645,162  

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

     16,201       693,241  

Chuy’s Holdings, Inc.(b)

     6,613       215,584  

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

     12,892       558,739  

Dine Brands Global, Inc.

     5,748       481,912  

El Pollo Loco Holdings, Inc.(b)

     6,470       85,857  

Fiesta Restaurant Group, Inc.(b)

     5,721       57,610  

Jack in the Box, Inc.(d)

     7,237       624,336  

Monarch Casino & Resort, Inc.(b)

     4,381       341,280  

Red Robin Gourmet Burgers, Inc.(b)

     5,249       92,120  

Ruth’s Hospitality Group, Inc.(d)

     10,596       262,887  

Shake Shack, Inc., Class A(b)(d)

     13,069       976,516  
    

 

 

 
       5,952,171  
    

 

 

 

Household Durables-18.21%

    

Cavco Industries, Inc.(b)

     2,851       777,268  

Century Communities, Inc.

     9,921       632,166  

Ethan Allen Interiors, Inc.(d)

     7,340       191,280  

Installed Building Products, Inc.

     7,836       757,741  

iRobot Corp.(b)(d)

     9,002       559,564  

La-Z-Boy, Inc.

     14,800       431,864  

LGI Homes, Inc.(b)(d)

     7,134       899,812  

M.D.C. Holdings, Inc.

     18,881       837,184  

M/I Homes, Inc.(b)

     9,717       478,951  

Meritage Homes Corp.(b)

     12,460       1,228,307  

Tupperware Brands Corp.(b)(d)

     16,321       297,532  

Universal Electronics, Inc.(b)

     4,377       145,448  
    

 

 

 
       7,237,117  
    

 

 

 

Internet & Direct Marketing Retail-2.64%

 

Liquidity Services, Inc.(b)

     8,875       152,916  
         Shares           Value      

Internet & Direct Marketing Retail-(continued)

 

PetMed Express, Inc.(d)

     6,993      $ 188,462  

Shutterstock, Inc.

     7,811       707,130  
    

 

 

 
         1,048,508  
    

 

 

 

Leisure Products-2.82%

    

Sturm Ruger & Co., Inc.

     5,876       425,481  

Vista Outdoor, Inc.(b)

     19,133       697,398  
    

 

 

 
       1,122,879  
    

 

 

 

Multiline Retail-0.95%

    

Big Lots, Inc.(d)

     10,870       377,841  
    

 

 

 

Specialty Retail-33.57%

    

Aaron’s Co., Inc. (The)

     10,512       220,647  

Abercrombie & Fitch Co., Class A(b)

     19,729       751,280  

America’s Car-Mart, Inc.(b)(d)

     2,029       195,149  

Asbury Automotive Group, Inc.(b)

     7,725       1,499,500  

Barnes & Noble Education, Inc.(b)

     12,059       66,083  

Bed Bath & Beyond, Inc.(b)(d)

     33,745       569,953  

Boot Barn Holdings, Inc.(b)

     9,888       860,454  

Buckle, Inc. (The)(d)

     9,809       353,124  

Caleres, Inc.

     12,780       265,313  

Cato Corp. (The), Class A

     6,522       114,787  

Chico’s FAS, Inc.(b)(d)

     40,894       192,202  

Children’s Place, Inc. (The)(b)(d)

     4,669       293,960  

Conn’s, Inc.(b)(d)

     6,399       117,358  

Designer Brands, Inc., Class A(b)(d)

     20,486       267,342  

Genesco, Inc.(b)

     4,741       304,135  

Group 1 Automotive, Inc.

     6,045       1,099,767  

Guess?, Inc.(d)

     13,016       285,050  

Haverty Furniture Cos., Inc., (Acquired 06/25/2020 - 12/15/2021;
Cost $122,027)(d)(e)

     4,969       141,169  

Hibbett, Inc.(d)

     5,024       226,482  

LL Flooring Holdings, Inc.(b)

     9,713       155,991  

MarineMax, Inc.(b)

     7,260       332,218  

Monro, Inc.

     11,200       522,816  

ODP Corp. (The)(b)

     15,327       674,388  

Rent-A-Center, Inc.(d)

     20,195       573,740  

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

     37,742       652,182  

Shoe Carnival, Inc.(d)

     5,846       170,469  

Signet Jewelers Ltd.

     17,716       1,248,978  

Sleep Number Corp.(b)(d)

     7,562       496,824  

Sonic Automotive, Inc., Class A

     6,930       372,210  

Zumiez, Inc.(b)(d)

     7,141       317,703  
    

 

 

 
       13,341,274  
    

 

 

 

Textiles, Apparel & Luxury Goods-9.98%

 

Fossil Group, Inc.(b)

     15,846       214,238  

G-III Apparel Group Ltd.(b)

     14,595       404,865  

Kontoor Brands, Inc.

     15,886       786,992  

Movado Group, Inc.

     5,511       217,244  

Oxford Industries, Inc.

     5,302       468,644  

Steven Madden Ltd.

     25,546       1,089,792  

Unifi, Inc.(b)

     4,641       87,112  

 

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

 

      7      
 


 

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2022

(Unaudited)

 

        Shares           Value      

Textiles, Apparel & Luxury Goods-(continued)

 

Vera Bradley, Inc.(b)

    8,520      $ 64,411  

Wolverine World Wide, Inc.

    27,503       633,394  
   

 

 

 
      3,966,692  
   

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $51,058,488)

 

    39,729,258  
   

 

 

 
Money Market Funds-0.04%    

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)
(Cost $17,011)

    17,011       17,011  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $51,075,499)

 

    39,746,269  
   

 

 

 
        Shares            Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-26.04%

 

Invesco Private Government Fund, 0.12%(f)(g)(h)

    2,932,603      $ 2,932,603  

Invesco Private Prime Fund,
0.08%(f)(g)(h)

    7,413,648        7,414,389  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,347,341)

 

     10,346,992  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-126.05%
(Cost $61,422,840)

 

     50,093,261  

OTHER ASSETS LESS LIABILITIES-(26.05)%

 

     (10,351,943
    

 

 

 

NET ASSETS-100.00%

     $ 39,741,318  
    

 

 

 

 

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) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $401,696, which represented 1.01% of the Fund’s Net Assets.

(d)

All or a portion of this security was out on loan at February 28, 2022.

(e) 

Restricted security. The value of this security at February 28, 2022 represented less than 1% of the Fund’s Net Assets.

(f)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                              

Invesco Government & Agency Portfolio, Institutional Class

         $ 41,673              $ 349,728      $ (374,390 )          $ -          $ -              $ 17,011          $ 3

Investments Purchased with Cash Collateral from Securities on Loan:

                                                               

Invesco Private Government Fund

           1,430,460            17,286,477        (15,784,334 )            -                 -            2,932,603                394 *

Invesco Private Prime Fund

           3,337,740            30,888,331        (26,809,649 )            (349 )            (1,684 )            7,414,389            3,492 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 4,809,873          $ 48,524,536      $ (42,968,373 )          $ (349 )          $ (1,684 )          $ 10,364,003          $ 3,889
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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

 

(g) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(h)

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

 

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

 

      8      
 


 

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)

February 28, 2022

(Unaudited)

 

Portfolio Composition

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

as of February 28, 2022

 

     

Specialty Retail

     33.57     

Household Durables

     18.21     

Hotels, Restaurants & Leisure

     14.98     

Auto Components

     11.64     

Textiles, Apparel & Luxury Goods

     9.98     

Diversified Consumer Services

     3.38     

Industry Types Each Less Than 3%

     8.21     

Money Market Funds Plus Other Assets Less Liabilities

     0.03     

 

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

 

      9      
 


 

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares           Value      
Common Stocks & Other Equity Interests-100.00%

 

Beverages-14.15%

    

Celsius Holdings, Inc.(b)(c)

     37,467      $ 2,393,766  

Coca-Cola Consolidated, Inc.

     4,558       2,265,007  

MGP Ingredients, Inc.(c)

     12,487       994,090  

National Beverage Corp.(c)

     23,265       1,023,893  
    

 

 

 
          6,676,756  
    

 

 

 

Food & Staples Retailing-15.80%

    

Andersons, Inc. (The)

     30,872       1,407,763  

Chefs’ Warehouse, Inc. (The)(b)

     32,493       1,067,395  

PriceSmart, Inc.

     23,990       1,744,553  

SpartanNash Co.

     35,847       1,008,735  

United Natural Foods, Inc.(b)

     55,328       2,225,845  
    

 

 

 
       7,454,291  
    

 

 

 

Food Products-36.91%

    

B&G Foods, Inc.(c)

     64,719       1,915,682  

Calavo Growers, Inc.

     17,636       752,881  

Cal-Maine Foods, Inc.(c)

     37,345       1,653,263  

Fresh Del Monte Produce, Inc.

     33,188       858,905  

Hostess Brands, Inc.(b)

     137,998       2,972,477  

J&J Snack Foods Corp.

     14,237       2,330,882  

John B. Sanfilippo & Son, Inc.

     8,849       703,673  

Seneca Foods Corp., Class A(b)

     6,256       311,236  

Simply Good Foods Co. (The)(b)

     82,808       3,281,681  

Tootsie Roll Industries, Inc.(c)

     17,260       582,525  

TreeHouse Foods, Inc.(b)

     52,218       2,049,557  
    

 

 

 
       17,412,762  
    

 

 

 

Household Products-10.69%

    

Central Garden & Pet Co.(b)(c)

     9,573       453,186  

Central Garden & Pet Co., Class A(b)

     39,436       1,736,761  

WD-40 Co.(c)

     13,459       2,851,828  
    

 

 

 
       5,041,775  
    

 

 

 

Personal Products-16.53%

    

Edgewell Personal Care Co.

     53,380       1,904,598  

elf Beauty, Inc.(b)

     47,742       1,261,821  

Inter Parfums, Inc.

     17,724       1,646,205  
         Shares            Value      

Personal Products-(continued)

     

Medifast, Inc.

     10,537      $ 1,959,882  

USANA Health Sciences, Inc.(b)

     11,646        1,024,965  
     

 

 

 
        7,797,471  
     

 

 

 

Tobacco-5.92%

     

Universal Corp.

     24,542        1,327,967  

Vector Group Ltd.

     130,508        1,462,995  
     

 

 

 
        2,790,962  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $45,544,647)

 

     47,174,017  
     

 

 

 
Money Market Funds-0.02%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $11,294)

     11,294        11,294  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $45,555,941)

        47,185,311  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-23.82%

 

Invesco Private Government Fund, 0.12%(d)(e)(f)

     3,371,160        3,371,160  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     7,865,254        7,866,041  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $11,238,181)

 

     11,237,201  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-123.84%
(Cost $56,794,122)

 

     58,422,512  

OTHER ASSETS LESS LIABILITIES-(23.84)%

 

     (11,247,281
     

 

 

 

NET ASSETS-100.00%

      $ 47,175,231  
     

 

 

 

 

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 February 28, 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 six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
   Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

     $     6,948      $     577,693      $     (573,347 )       $    -      $     -      $     11,294      $     2

 

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

 

      10      
 


 

Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)

February 28, 2022

(Unaudited)

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                                                          

Invesco Private Government Fund

             $ 601,416              $ 17,249,036      $ (14,479,292 )          $ -          $ -          $ 3,371,160              $ 399 *

Invesco Private Prime Fund

           1,403,304            36,258,088        (29,792,732 )                 (980 )                 (1,639 )                7,866,041            3,199 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 2,011,668          $ 54,084,817      $ (44,845,371 )          $ (980 )          $ (1,639 )          $ 11,248,495          $ 3,600
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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 February 28, 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.

Portfolio Composition

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

as of February 28, 2022

 

     

Food Products

     36.91     

Personal Products

     16.53     

Food & Staples Retailing

     15.80     

Beverages

     14.15     

Household Products

     10.69     

Tobacco

     5.92     

Money Market Funds Plus Other Assets Less Liabilities

     0.00     

 

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

 

      11      
 


 

Invesco S&P SmallCap Energy ETF (PSCE)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-99.07%

 

Energy Equipment & Services-31.15%

    

Archrock, Inc.

     338,955      $     2,830,274  

Bristow Group, Inc.(b)

     58,541       1,940,049  

Core Laboratories N.V.(c)

     117,021       3,225,099  

DMC Global, Inc.(b)(c)

     47,362       1,392,443  

Dril-Quip, Inc.(b)

     89,505       2,581,324  

Helix Energy Solutions Group, Inc.(b)

     357,536       1,448,021  

Helmerich & Payne, Inc.

     236,473       8,567,417  

Nabors Industries Ltd.(b)(c)

     19,562       2,455,813  

Oceaneering International, Inc.(b)

     252,310       3,693,818  

Oil States International, Inc.(b)

     154,722       809,196  

Patterson-UTI Energy, Inc.

     457,122       6,596,270  

ProPetro Holding Corp.(b)

     214,370       2,737,505  

RPC, Inc.(b)(c)

     179,450       1,573,777  

US Silica Holdings, Inc.(b)

     188,582       2,726,896  
    

 

 

 
       42,577,902  
    

 

 

 

Oil, Gas & Consumable Fuels-67.92%

    

Callon Petroleum Co.(b)(c)

     112,855       6,360,508  

Civitas Resources, Inc.(c)

     169,748       8,567,182  

CONSOL Energy, Inc.(b)

     80,225       2,466,116  

Dorian LPG Ltd.(c)

     69,796       961,789  

Green Plains, Inc.(b)(c)

     135,484       4,435,746  

Laredo Petroleum, Inc.(b)(c)

     36,280       2,777,597  

Matador Resources Co.

     259,841       12,888,114  

Par Pacific Holdings, Inc.(b)

     115,634       1,572,622  

PBF Energy, Inc., Class A(b)

     240,160       3,991,459  

Range Resources Corp.(b)

     588,412       13,504,055  

Ranger Oil Corp.(b)

     53,151       1,794,378  

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

     127,151       7,819,786  

REX American Resources Corp.(b)

     13,300       1,256,318  

SM Energy Co.

     179,510       6,374,400  

Southwestern Energy Co.(b)(c)

     2,390,805       11,930,117  
         Shares            Value      

Oil, Gas & Consumable Fuels-(continued)

 

  

Talos Energy, Inc.(b)(c)

     103,218      $ 1,621,555  

World Fuel Services Corp.

     159,768        4,527,825  
     

 

 

 
        92,849,567  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $126,275,118)

 

     135,427,469  
     

 

 

 

Money Market Funds-0.03%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $43,301)

     43,301        43,301  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.10%
(Cost $126,318,419)

        135,470,770  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-29.10%

 

Invesco Private Government Fund,
0.12%(d)(e)(f)

     11,932,341        11,932,341  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     27,839,346        27,842,130  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $39,776,337)

 

     39,774,471  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-128.20%
(Cost $166,094,756)

 

     175,245,241  

OTHER ASSETS LESS LIABILITIES-(28.20)%

 

     (38,552,938
     

 

 

 

NET ASSETS-100.00%

      $ 136,692,303  
     

 

 

 

 

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 February 28, 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 six months ended February 28, 2022.

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                                  

Invesco Government & Agency Portfolio, Institutional Class

         $      59,795          $   1,356,982      $     (1,373,476 )            $        -          $         -          $      43,301          $        6

 

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

 

      12      
 


 

Invesco S&P SmallCap Energy ETF (PSCE)–(continued)

February 28, 2022

(Unaudited)

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                  

Invesco Private Government Fund

         $ 2,682,300          $ 44,805,988      $ (35,555,947 )              $ -              $ -              $ 11,932,341              $ 1,081 *

Invesco Private Prime Fund

           6,258,699            93,280,136        (71,690,895 )            (1,866 )            (3,944 )            27,842,130            8,614 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 9,000,794          $ 139,443,106      $ (108,620,318 )          $ (1,866 )          $ (3,944 )          $ 39,817,772          $ 9,701
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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 February 28, 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.

Portfolio Composition

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

as of February 28, 2022

     

Oil, Gas & Consumable Fuels

     67.92     

Energy Equipment & Services

     31.15     

Money Market Funds Plus Other Assets Less Liabilities

     0.93     

 

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

 

      13      
 


 

Invesco S&P SmallCap Financials ETF (PSCF)

February 28, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      
Common Stocks & Other Equity Interests-99.92%

 

Banks-40.05%

    

Allegiance Bancshares, Inc.

     3,367      $      144,276  

Ameris Bancorp

     11,954       591,723  

Banc of California, Inc.

     9,787       192,314  

BancFirst Corp.(b)

     3,416       266,892  

Bancorp, Inc. (The)(c)

     10,302       301,849  

BankUnited, Inc.

     16,099       711,576  

Banner Corp.

     6,194       381,612  

Berkshire Hills Bancorp, Inc.

     8,797       273,587  

Brookline Bancorp, Inc.

     14,041       240,663  

Central Pacific Financial Corp.

     5,060       147,701  

City Holding Co.

     2,734       217,818  

Columbia Banking System, Inc.(b)

     14,053       514,761  

Community Bank System, Inc.

     9,750       711,165  

Customers Bancorp, Inc.(c)

     5,393       331,939  

CVB Financial Corp.

     23,034       543,142  

Dime Community Bancshares, Inc.(b)

     5,999       203,906  

Eagle Bancorp, Inc.

     5,778       346,218  

FB Financial Corp.

     6,465       287,305  

First Bancorp (Puerto Rico)

     37,170       524,840  

First Bancorp/Southern Pines NC(b)

     6,240       280,051  

First Commonwealth Financial Corp.

     17,172       277,328  

First Financial Bancorp

     16,942       416,434  

First Hawaiian, Inc.

     23,285       676,895  

Hanmi Financial Corp.

     5,501       143,686  

Heritage Financial Corp.

     6,354       166,602  

Hilltop Holdings, Inc.

     10,993       339,904  

HomeStreet, Inc.

     3,696       190,196  

Hope Bancorp, Inc.

     21,721       368,388  

Independent Bank Corp.

     8,588       738,654  

Independent Bank Group, Inc.(b)

     6,672       514,745  

Investors Bancorp, Inc.

     40,758       682,289  

Lakeland Financial Corp.(b)

     4,575       366,961  

Meta Financial Group, Inc.

     5,725       317,108  

National Bank Holdings Corp., Class A

     5,480       243,202  

NBT Bancorp, Inc.

     7,841       300,859  

Northwest Bancshares, Inc.

     22,887       322,249  

OFG Bancorp (Puerto Rico)

     9,016       254,071  

Pacific Premier Bancorp, Inc.

     17,059       660,354  

Park National Corp.(b)

     2,611       350,031  

Preferred Bank

     2,481       194,709  

Renasant Corp.

     10,079       367,984  

S&T Bancorp, Inc.

     7,115       221,205  

Seacoast Banking Corp. of Florida

     10,548       386,584  

ServisFirst Bancshares, Inc.

     8,816       770,342  

Simmons First National Corp., Class A(b)

     20,760       592,075  

Southside Bancshares, Inc.

     5,839       243,428  

Tompkins Financial Corp.

     2,147       169,828  

Triumph Bancorp, Inc.(c)

     4,269       428,266  

Trustmark Corp.

     11,291       355,554  

United Community Banks, Inc.

     18,920       731,447  

Veritex Holdings, Inc.

     8,913       362,135  

Westamerica Bancorporation

     4,859       288,236  
    

 

 

 
       19,655,087  
    

 

 

 

Capital Markets-3.55%

    

B. Riley Financial, Inc.(b)

     2,890       172,099  

Blucora, Inc.(c)

     8,810       175,319  
         Shares           Value      

Capital Markets-(continued)

    

Brightsphere Investment Group, Inc.

     6,481      $ 154,701  

Donnelley Financial Solutions, Inc.(c)

     5,276       169,360  

Greenhill & Co., Inc.

     2,457       43,440  

Piper Sandler Cos

     2,551       377,573  

StoneX Group, Inc.(c)

     3,046       229,821  

Virtus Investment Partners, Inc.

     1,290       310,400  

WisdomTree Investments, Inc.(b)

     19,479       109,667  
    

 

 

 
         1,742,380  
    

 

 

 

Consumer Finance-3.37%

    

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

     4,484       295,899  

Enova International, Inc.(c)

     6,583       268,389  

EZCORP, Inc., Class A(b)(c)

     9,401       56,312  

Green Dot Corp., Class A(c)

     9,885       283,205  

LendingTree, Inc.(c)

     2,074       250,975  

PRA Group, Inc.(b)(c)

     7,883       351,818  

World Acceptance Corp.(b)(c)

     763       149,907  
    

 

 

 
       1,656,505  
    

 

 

 

Equity REITs-27.64%

    

Acadia Realty Trust

     15,988       342,783  

Agree Realty Corp.

     12,614       809,188  

Alexander & Baldwin, Inc.

     13,120       294,282  

American Assets Trust, Inc.

     9,510       347,686  

Armada Hoffler Properties, Inc.

     11,114       163,154  

Brandywine Realty Trust

     30,928       412,270  

CareTrust REIT, Inc.

     17,541       306,967  

Centerspace

     2,582       242,682  

Chatham Lodging Trust(c)

     8,722       119,927  

Community Healthcare Trust, Inc.

     4,243       176,933  

DiamondRock Hospitality Co.(c)

     38,084       363,702  

Diversified Healthcare Trust

     42,735       123,077  

Easterly Government Properties, Inc.(b)

     15,574       324,251  

Essential Properties Realty Trust, Inc.

     21,967       555,326  

Four Corners Property Trust, Inc.

     13,989       369,030  

Franklin Street Properties Corp.

     17,020       98,376  

Getty Realty Corp.

     7,131       196,459  

Global Net Lease, Inc.

     18,730       266,153  

Hersha Hospitality Trust(c)

     5,848       53,977  

Independence Realty Trust, Inc.

     18,901       477,628  

Industrial Logistics Properties Trust

     11,829       264,615  

Innovative Industrial Properties, Inc.

     4,324       814,901  

iStar, Inc.

     12,557       315,432  

LTC Properties, Inc.

     7,121       240,903  

LXP Industrial Trust(b)

     51,131       790,485  

NexPoint Residential Trust, Inc.

     4,109       349,142  

Office Properties Income Trust

     8,760       219,438  

Orion Office REIT, Inc.(b)(c)

     9,796       166,826  

Retail Opportunity Investments Corp.

     21,957       398,739  

RPT Realty

     15,249       197,475  

Safehold, Inc.(b)

     2,559       157,020  

Saul Centers, Inc.

     2,331       107,296  

Service Properties Trust

     29,839       257,511  

SITE Centers Corp.

     32,440       504,442  

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

     19,259       190,471  

Tanger Factory Outlet Centers, Inc.(b)

     18,802       313,617  

Uniti Group, Inc.

     42,678       553,534  

Universal Health Realty Income Trust

     2,290       130,782  

Urban Edge Properties

     19,888       362,359  

 

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

 

      14      
 


 

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2022

(Unaudited)

 

         Shares            Value      

Equity REITs-(continued)

     

Urstadt Biddle Properties, Inc., Class A

     5,382      $ 101,343  

Veris Residential, Inc.(c)

     14,476        244,644  

Washington REIT

     15,296        357,315  

Whitestone REIT

     8,357        98,445  

Xenia Hotels & Resorts, Inc.(c)

     20,647        382,795  
     

 

 

 
        13,563,381  
     

 

 

 

Insurance-9.77%

     

Ambac Financial Group, Inc.(c)

     8,279        106,220  

American Equity Investment Life Holding Co.

     14,887        561,091  

AMERISAFE, Inc.

     3,500        164,850  

Assured Guaranty Ltd.

     12,619        782,000  

eHealth, Inc.(b)(c)

     4,206        65,361  

Employers Holdings, Inc.

     5,056        196,476  

Genworth Financial, Inc., Class A(c)

     91,720        372,383  

HCI Group, Inc.

     1,430        89,032  

Horace Mann Educators Corp.

     7,499        311,883  

James River Group Holdings Ltd.(b)

     6,739        179,257  

Palomar Holdings, Inc.(c)

     4,367        281,366  

ProAssurance Corp.

     9,764        235,312  

Safety Insurance Group, Inc.

     2,574        214,775  

Selectquote, Inc.(b)(c)

     22,254        69,210  

SiriusPoint Ltd. (Bermuda)(c)

     15,633        115,528  

Stewart Information Services Corp.

     4,862        330,033  

Trupanion, Inc.(b)(c)

     6,200        555,706  

United Fire Group, Inc.

     3,858        106,519  

Universal Insurance Holdings, Inc.

     4,968        57,430  
     

 

 

 
        4,794,432  
     

 

 

 

Mortgage REITs-4.74%

     

Apollo Commercial Real Estate Finance, Inc.

     23,779        310,316  

ARMOUR Residential REIT, Inc.

     16,236        131,999  

Ellington Financial, Inc.

     9,878        174,544  

Franklin BSP Realty Trust, Inc.

     7,862        103,778  

Granite Point Mortgage Trust, Inc.

     9,625        107,993  

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

     55,716        121,461  

KKR Real Estate Finance Trust,
Inc.(b)

     8,024        172,275  

New York Mortgage Trust, Inc.

     68,618        240,849  

PennyMac Mortgage Investment Trust

     17,538        273,593  

Ready Capital Corp.(b)

     10,646        158,093  

Redwood Trust, Inc.

     20,747        215,561  

Two Harbors Investment Corp.

     62,144        314,449  
     

 

 

 
        2,324,911  
     

 

 

 

Real Estate Management & Development-2.28%

 

Douglas Elliman, Inc.(c)

     11,615        87,577  

Marcus & Millichap, Inc.(c)

     4,520        224,780  
         Shares           Value      

Real Estate Management & Development-(continued)

 

 

RE/MAX Holdings, Inc., Class A

     3,380      $ 100,183  

Realogy Holdings Corp.(c)

     21,062       382,907  

St. Joe Co. (The)

     5,957       321,857  
    

 

 

 
         1,117,304  
    

 

 

 

Thrifts & Mortgage Finance-8.52%

    

Axos Financial, Inc.(b)(c)

     9,681       529,938  

Capitol Federal Financial, Inc.

     23,354       255,026  

Flagstar Bancorp, Inc.

     9,558       435,654  

Mr. Cooper Group, Inc.(c)

     13,576       690,068  

NMI Holdings, Inc., Class A(c)

     15,503       358,739  

Northfield Bancorp, Inc.

     7,803       122,507  

Provident Financial Services, Inc.

     13,957       331,200  

TrustCo Bank Corp.

     3,437       117,442  

Walker & Dunlop, Inc.

     5,328       737,129  

WSFS Financial Corp.(b)

     11,832       601,420  
    

 

 

 
       4,179,123  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $46,477,310)

 

    49,033,123  
    

 

 

 
Money Market Funds-0.02%     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $11,200)

     11,200       11,200  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $46,488,510)

 

    49,044,323  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.81%

 

 

Invesco Private Government Fund,
0.12%(d)(e)(f) .

     2,033,909       2,033,909  

Invesco Private Prime Fund, 0.08%(d)(e)(f)

     4,745,313       4,745,788  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $6,780,003)

 

    6,779,697  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-113.75%
(Cost $53,268,513)

 

    55,824,020  

OTHER ASSETS LESS LIABILITIES-(13.75)%

 

    (6,749,521
    

 

 

 

NET ASSETS-100.00%

     $ 49,074,499  
    

 

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

 

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

 

      15      
 


 

Invesco S&P SmallCap Financials ETF (PSCF)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b) 

All or a portion of this security was out on loan at February 28, 2022.

(c)

Non-income producing security.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

    Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
   Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Invesco Mortgage Capital, Inc.

         $ 161,607          $ 27,694      $ (17,388 )          $ (49,558 )          $ (894 )          $ 121,461          $ 9,243

Investments in Affiliated Money Market Funds:

                                                              

Invesco Government & Agency Portfolio, Institutional Class

               -                460,652        (449,452 )                -                -            11,200            3

Investments Purchased with Cash Collateral from Securities on Loan:

                                                          

Invesco Private Government Fund

           1,555,298            9,331,601        (8,852,990 )            -            -                2,033,909            257 *

Invesco Private Prime Fund

           3,629,029            19,796,987        (18,678,519 )            (306 )            (1,403 )            4,745,788            2,281 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 5,345,934          $ 29,616,934      $ (27,998,349 )          $ (49,864 )          $ (2,297 )          $ 6,912,358          $ 11,784
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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 February 28, 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.

Portfolio Composition

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

as of February 28, 2022

 

     

Banks

     40.05     

Equity REITs

     27.64     

Insurance

     9.77     

Thrifts & Mortgage Finance

     8.52     

Mortgage REITs

     4.74     

Capital Markets

     3.55     

Consumer Finance

     3.37     

Real Estate Management & Development

     2.28     

Money Market Funds Plus Other Assets Less Liabilities

     0.08     

 

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

 

      16      
 


 

Invesco S&P SmallCap Health Care ETF (PSCH)

February 28, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      
Common Stocks & Other Equity Interests-100.04%

 

Biotechnology-17.29%

    

Anika Therapeutics, Inc.(b)

     50,624      $ 1,645,280  

Avid Bioservices, Inc.(b)(c)

     215,086       4,404,961  

Coherus Biosciences, Inc.(b)(c)

     223,468       2,634,688  

Cytokinetics, Inc.(b)(c)

     294,128       10,388,601  

Eagle Pharmaceuticals, Inc.(b)(c)

     39,847       1,888,349  

Emergent BioSolutions, Inc.(b)(c)

     167,891       6,947,330  

Enanta Pharmaceuticals, Inc.(b)

     63,072       4,441,530  

iTeos Therapeutics, Inc.(b)

     70,373       2,542,577  

Ligand Pharmaceuticals, Inc.(b)(c)

     58,597       5,931,188  

Myriad Genetics, Inc.(b)

     280,007       6,826,571  

Organogenesis Holdings, Inc.(b)(c)

     221,026       1,644,434  

REGENXBIO, Inc.(b)(c)

     131,967       3,458,855  

uniQure N.V. (Netherlands)(b)

     126,365       2,146,941  

Vanda Pharmaceuticals, Inc.(b)

     195,350       2,219,176  

Vericel Corp.(b)(c)

     164,154       6,764,786  

Xencor, Inc.(b)(c)

     205,064       6,420,554  
    

 

 

 
          70,305,821  
    

 

 

 

Health Care Equipment & Supplies-27.24%

 

AngioDynamics, Inc.(b)

     135,520       3,188,786  

Artivion, Inc.(b)(c)

     137,907       2,696,082  

Avanos Medical, Inc.(b)

     168,965       5,979,671  

BioLife Solutions, Inc.(b)(c)

     102,749       2,414,602  

Cardiovascular Systems, Inc.(b)

     142,187       2,994,458  

CONMED Corp.(c)

     102,550       14,988,708  

Cutera, Inc.(b)(c)

     57,295       2,197,836  

Glaukos Corp.(b)

     164,417       9,093,904  

Heska Corp.(b)(c)

     37,515       5,327,130  

Inogen, Inc.(b)

     71,714       2,502,102  

Integer Holdings Corp.(b)

     115,777       9,710,217  

Lantheus Holdings, Inc.(b)

     237,355       11,350,316  

LeMaitre Vascular, Inc.(c)

     67,386       3,198,814  

Meridian Bioscience, Inc.(b)(c)

     152,018       3,846,056  

Merit Medical Systems, Inc.(b)

     178,171       11,586,460  

Mesa Laboratories, Inc.

     18,322       4,678,156  

Natus Medical, Inc.(b)

     119,754       3,331,556  

OraSure Technologies, Inc.(b)(c)

     252,598       1,970,264  

Orthofix Medical, Inc.(b)

     69,232       2,352,503  

SurModics, Inc.(b)(c)

     48,640       2,182,963  

Tactile Systems Technology, Inc.(b)

     69,505       1,415,122  

Varex Imaging Corp.(b)(c)

     138,152       3,265,913  

Zynex, Inc.(c)

     76,465       480,965  
    

 

 

 
       110,752,584  
    

 

 

 

Health Care Providers & Services-29.04%

 

Addus HomeCare Corp.(b)(c)

     55,797       4,744,977  

AMN Healthcare Services, Inc.(b)

     165,763       17,594,085  

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

     132,451       6,373,542  

Community Health Systems, Inc.(b)

     435,433       4,576,401  

CorVel Corp.(b)

     32,929       5,237,687  

Covetrus, Inc.(b)

     362,340       6,420,665  

Cross Country Healthcare, Inc.(b)

     123,929       2,767,335  

Ensign Group, Inc. (The)

     184,057       15,468,150  

Fulgent Genetics, Inc.(b)(c)

     67,965       4,234,219  

Hanger, Inc.(b)

     128,941       2,336,411  

Joint Corp. (The)(b)(c)

     50,538       2,072,058  

MEDNAX, Inc.(b)

     303,139       7,114,672  

ModivCare, Inc.(b)

     43,199       5,097,482  
         Shares           Value      

Health Care Providers & Services-(continued)

 

 

Owens & Minor, Inc.

     264,578      $ 11,681,119  

Pennant Group, Inc. (The)(b)

     94,862       1,541,507  

RadNet, Inc.(b)

     155,484       3,835,790  

Select Medical Holdings Corp.

     371,590       8,602,308  

Tivity Health, Inc.(b)(c)

     155,260       4,235,493  

US Physical Therapy, Inc.(c)

     45,276       4,164,034  
    

 

 

 
       118,097,935  
    

 

 

 

Health Care Technology-10.10%

    

Allscripts Healthcare Solutions, Inc.(b)

     429,788       8,363,674  

Computer Programs & Systems, Inc.(b)

     51,363       1,580,953  

HealthStream, Inc.(b)

     88,533       1,814,041  

NextGen Healthcare, Inc.(b)

     201,426       3,933,850  

Omnicell, Inc.(b)(c)

     154,080       19,919,462  

OptimizeRx Corp.(b)(c)

     62,311       2,822,065  

Simulations Plus, Inc.

     55,104       2,170,547  

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

     82,965       472,901  
    

 

 

 
       41,077,493  
    

 

 

 

Life Sciences Tools & Services-2.27%

    

NeoGenomics, Inc.(b)(c)

     431,714       9,242,997  
    

 

 

 

Pharmaceuticals-14.10%

    

Amphastar Pharmaceuticals, Inc.(b)

     129,187       3,579,772  

ANI Pharmaceuticals, Inc.(b)

     37,953       1,421,340  

Cara Therapeutics, Inc.(b)

     148,085       1,535,641  

Collegium Pharmaceutical, Inc.(b)

     121,214       2,360,036  

Corcept Therapeutics, Inc.(b)

     332,783       7,417,733  

Endo International PLC(b)

     819,345       2,548,163  

Harmony Biosciences Holdings, Inc.(b)(c)

     79,959       3,195,162  

Innoviva, Inc.(b)(c)

     219,303       4,212,811  

Nektar Therapeutics(b)(c)

     266,139       2,725,263  

Pacira BioSciences, Inc.(b)(c)

     156,189       10,416,244  

Phibro Animal Health Corp., Class A

     71,312       1,518,946  

Prestige Consumer Healthcare, Inc.(b)

     175,683       10,458,409  

Supernus Pharmaceuticals, Inc.(b)

     186,475       5,957,876  
    

 

 

 
       57,347,396  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.04%
(Cost $404,271,706)

 

    406,824,226  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-26.94%

 

Invesco Private Government Fund,
0.12%(d)(e)(f)

     32,868,536       32,868,536  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     76,685,583       76,693,253  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $109,568,740)

 

    109,561,789  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-126.98%
(Cost $513,840,446)

 

    516,386,015  

OTHER ASSETS LESS LIABILITIES-(26.98)%

 

    (109,728,111
 

 

 

 

NET ASSETS-100.00%

 

  $ 406,657,904  
    

 

 

 

 

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

 

      17      
 


 

Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at February 28, 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 six months ended February 28, 2022.

 

    Value
August 31, 2021
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
     Realized
Gain
(Loss)
    Value
February 28, 2022
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 155,654              $ 9,098,727      $ (9,254,381      $ -        $ -        $ -              $ 29  

Investments Purchased with Cash Collateral from Securities on Loan:

                                                        

Invesco Private Government Fund

       25,999,273          101,351,320        (94,482,057