LOGO  

 

Invesco Annual Report to Shareholders

 

 

August 31, 2022

 

 

RWL

 

 

Invesco S&P 500 Revenue ETF

 

 

RWK

 

 

Invesco S&P MidCap 400 Revenue ETF

 

 

RWJ

 

 

Invesco S&P SmallCap 600 Revenue ETF

 

  RDIV   Invesco S&P Ultra Dividend Revenue ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      13  
Schedules of Investments   

Invesco S&P 500 Revenue ETF (RWL)

     14  

Invesco S&P MidCap 400 Revenue ETF (RWK)

     20  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

     25  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

     32  
Statements of Assets and Liabilities      34  
Statements of Operations      35  
Statements of Changes in Net Assets      37  
Financial Highlights      39  
Notes to Financial Statements      43  
Report of Independent Registered Public Accounting Firm      52  
Fund Expenses      53  
Tax Information      54  
Trustees and Officers      55  
Approval of Investment Advisory and Sub-Advisory Contracts      65  

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

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

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

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

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

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

 

1 

Source: US Bureau of Labor Statistics

 

2 

Source: Bloomberg LP

 

3 

Source: US Federal Reserve

 

4 

Source: Lipper Inc.

 

 

  3  

 


 

 

RWL    Management’s Discussion of Fund Performance
   Invesco S&P 500 Revenue ETF (RWL)

 

As an index fund, the Invesco S&P 500 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Revenue-Weighted 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 designed to measure the performance of positive revenue-producing constituent securities of the S&P 500® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 500 large-cap companies that generally represent the large-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (0.89)%. On a net asset value (“NAV”) basis, the Fund returned (0.97)%. During the same time period, the Index returned (0.61)%. 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.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and utilities 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 August 31, 2022, included McKesson Corp., a health care company (portfolio average weight of 1.98%) and Exxon Mobil Corp., an energy company (portfolio average weight of 1.94%). Positions that detracted most significantly from the Fund’s return during the period included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 3.21%) and Meta Platforms, Inc. Class A, a communication services company (portfolio average weight of 0.75%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Health Care      19.85  
Consumer Discretionary      13.71  
Consumer Staples      12.34  
Financials      11.79  
Information Technology      11.36  
Industrials      9.62  
Communication Services      7.62  
Energy      7.10  
Sector Types Each Less Than 3%      6.44  
Money Market Funds Plus Other Assets Less Liabilities      0.17  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
Walmart, Inc.      4.21  
Amazon.com, Inc.      3.70  
Apple, Inc.      2.97  
UnitedHealth Group, Inc.      2.14  
CVS Health Corp.      2.12  
McKesson Corp.      2.07  
Exxon Mobil Corp.      2.00  
Berkshire Hathaway, Inc., Class B      1.82  
Costco Wholesale Corp.      1.64  
Cardinal Health, Inc.      1.57  
Total      24.24  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco S&P 500 Revenue ETF (RWL) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of August 31, 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® Revenue-Weighted Index     (0.61 )%      14.48     50.02     12.11     77.07     13.50     254.83       10.09     304.01
S&P 500® Index     (11.23     12.39       41.98       11.82       74.86       13.08       241.73         9.90       294.25  
Fund                    
NAV Return     (0.97     14.07       48.41       11.70       73.86       13.04       240.52         9.59       278.36  
Market Price Return     (0.89     14.10       48.53       11.71       73.93       13.05       241.11         9.60       278.74  

 

Oppenheimer S&P 500 Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 19, 2008

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  5  

 


* Excluding money market fund holdings.

 

 

 

RWK    Management’s Discussion of Fund Performance
   Invesco S&P MidCap 400 Revenue ETF (RWK)

 

As an index fund, the Invesco S&P MidCap 400 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Revenue-Weighted 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 designed to measure the performance of positive revenue-producing constituent securities of the S&P MidCap 400® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 400 mid-capitalization companies that generally represent the mid-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (6.66)%. On a net asset value (“NAV”) basis, the Fund returned (6.75)%. During the same time period, the Index returned (6.46)%. 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.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Murphy USA, Inc., a consumer discretionary company (portfolio average weight of 1.10%) and Fluor Corp., an industrials company (portfolio average weight of 0.81%). Positions that detracted most significantly from the Fund’s return during the period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 1.08%) and Kyndryl Holdings, Inc., an information technology company (portfolio average weight of 0.75%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Consumer Discretionary      23.64  
Industrials      19.96  
Information Technology      13.35  
Financials      10.75  
Materials      9.94  
Consumer Staples      8.56  
Health Care      4.78  
Energy      3.72  
Sector Types Each Less Than 3%      5.24  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
Performance Food Group Co.      3.07  
TD SYNNEX Corp.      2.23  
Jabil, Inc.      1.72  
Arrow Electronics, Inc.      1.70  
AutoNation, Inc.      1.53  
Murphy USA, Inc.      1.27  
Lithia Motors, Inc., Class A      1.25  
United States Steel Corp.      1.25  
Steel Dynamics, Inc.      1.23  
Avnet, Inc.      1.21  
Total      16.46  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of August 31, 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 MidCap 400® Revenue-Weighted Index     (6.46 )%      15.95     55.89     10.21     62.60     12.70     230.48       10.50     326.37
S&P MidCap 400® Index     (10.37     10.58       35.22       8.71       51.83       11.32       192.22         9.57       277.31  
Fund                    
NAV Return     (6.75     15.58       54.41       9.86       60.02       12.19       215.85         9.90       294.10  
Market Price Return     (6.66     15.63       54.59       9.88       60.15       12.20       216.20         9.91       294.41  

 

Oppenheimer S&P MidCap 400 ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 20, 2008

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  7  

 


 

 

RWJ    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap 600 Revenue ETF (RWJ)

 

As an index fund, the Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Revenue-Weighted 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 designed to measure the performance of positive revenue-producing constituent securities of the S&P SmallCap 600® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (6.46)%. On a net asset value (“NAV”) basis, the Fund returned (6.63)%. During the same time period, the Index returned (6.33)%. 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.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included PBF Energy, Inc., Class A, an energy company (portfolio average weight of 2.93%) and United Natural Foods, Inc., a consumer staples company (portfolio average weight of 3.08%). Positions that detracted most significantly from the Fund’s return during the period included Community Health Systems, Inc., a health care company (portfolio average weight of 1.14%) and Bed Bath & Beyond, Inc., a consumer discretionary company (portfolio average weight of 0.80%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Consumer Discretionary      23.92  
Industrials      18.48  
Energy      9.75  
Consumer Staples      9.55  
Information Technology      9.11  
Financials      8.92  
Health Care      8.08  
Materials      6.43  
Sector Types Each Less Than 3%      5.72  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
World Fuel Services Corp.      3.75  
United Natural Foods, Inc.      2.96  
PBF Energy, Inc., Class A      2.70  
Sonic Automotive, Inc., Class A      1.67  
Group 1 Automotive, Inc.      1.46  
Andersons, Inc. (The)      1.41  
Asbury Automotive Group, Inc.      1.12  
Bed Bath & Beyond, Inc.      1.07  
UFP Industries, Inc.      1.00  
Insight Enterprises, Inc.      0.95  
Total      18.09  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of August 31, 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® Revenue-Weighted Index     (6.33 )%      24.70     93.89     13.20     85.90     13.61     258.18       12.24     435.62
S&P SmallCap 600® Index     (12.12     10.40       34.56       8.65       51.40       11.50       196.93         9.79       288.37  
Fund                    
NAV Return     (6.63     24.53       93.12       13.04       84.57       13.21       245.67         11.65       396.14  
Market Price Return     (6.46     24.57       93.31       13.06       84.75       13.22       246.18         11.66       396.53  

 

Oppenheimer S&P SmallCap 600 Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: February 19, 2008

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  9  

 


 

 

RDIV    Management’s Discussion of Fund Performance
   Invesco S&P Ultra Dividend Revenue ETF (RDIV)

 

As an index fund, the Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 900® Dividend Revenue-Weighted 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 designed to measure the performance of positive revenue-producing constituent securities of the S&P 900® Index (the “Parent Index” or “Benchmark Index”). The Parent Index is comprised of common stocks of approximately 900 mid- and large-cap companies, and is created by combining the S&P 500® Index and S&P MidCap® 400 Index to form an investable benchmark for the large- and mid-cap universe of the U.S. equity market. From a universe of components of the Parent Index, the Index (1) excludes securities that do not currently pay a dividend and (2) excludes securities whose revenues over the last 12 months are unavailable, zero or not positive. Of the remaining eligible securities, the Index excludes the top 5% of securities by the average 12-month trailing dividend yield and the top 5% of securities within each sector by the last 12-month dividend payout ratio, which is calculated as its dividend per share divided by the basic earnings per share. The top 60 remaining securities with the highest dividend yield are included in the Index. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. Any excess weight is proportionally redistributed to all uncapped constituents. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 5.18%. On a net asset value (“NAV”) basis, the Fund returned 5.06%. During the same time period, the Index returned 5.40%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (11.18)%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large- and mid-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a dividend yield screen and a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities and financials sectors and most underweight in the information technology and consumer discretionary sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the utilities sector, as well as stock selection in the health care sector.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Cardinal Health, Inc., a health care company (portfolio average weight of 3.05%) and Marathon Petroleum Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Walgreens Boots Alliance, Inc., a consumer staples company (portfolio average weight of 4.77%) and International Paper Co., a materials company (portfolio average weight of 2.10%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Financials      22.22  
Utilities      17.48  
Health Care      15.36  
Energy      10.87  
Consumer Staples      9.37  
Consumer Discretionary      7.77  
Materials      5.81  
Industrials      5.14  
Sector Types Each Less Than 3%      5.35  
Money Market Funds Plus Other Assets Less Liabilities      0.63  

 

 

  10  

 


 

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

 

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
Cardinal Health, Inc.      6.07  
Valero Energy Corp.      5.51  
Chevron Corp.      5.36  
Prudential Financial, Inc.      4.90  
Gilead Sciences, Inc.      4.86  
Citigroup, Inc.      4.60  
3M Co.      4.54  
Duke Energy Corp.      4.50  
Walgreens Boots Alliance, Inc.      4.44  
AbbVie, Inc.      4.43  
Total      49.21  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2022

 

          3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  
S&P 900® Dividend Revenue-Weighted Index     5.40     10.51     34.95     9.56     57.89       10.86     150.67
S&P 900® Index     (11.18     12.28       41.56       11.62       73.28         12.01       174.93  
Fund                
NAV Return     5.06       10.26       34.05       9.24       55.60         10.30       139.75  
Market Price Return     5.18       10.27       34.08       9.28       55.82         10.31       139.93  

 

 

  11  

 


 

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

 

Oppenheimer S&P Ultra Dividend Revenue ETF (the “Predecessor Fund’’) Predecessor Fund Inception: September 30, 2013

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

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

 

 

  12  

 


 

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.

 

    13    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)

August 31, 2022

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.83%

 

Communication Services-7.62%

     

Activision Blizzard, Inc.

     10,552      $ 828,227  

Alphabet, Inc., Class A(b)

     118,387        12,811,841  

Alphabet, Inc., Class C(b)

     118,083        12,888,760  

AT&T, Inc.

     770,534        13,515,166  

Charter Communications, Inc., Class A(b)

     10,758        4,439,074  

Comcast Corp., Class A

     281,617        10,191,719  

DISH Network Corp., Class A(b)(c)

     85,860        1,489,671  

Electronic Arts, Inc.

     5,140        652,112  

Fox Corp., Class A

     20,769        709,884  

Fox Corp., Class B

     22,400        708,288  

Interpublic Group of Cos., Inc. (The)

     35,474        980,501  

Live Nation Entertainment, Inc.(b)(c)

     8,190        740,048  

Lumen Technologies, Inc.(c)

     166,969        1,663,011  

Match Group, Inc.(b)

     3,952        223,407  

Meta Platforms, Inc., Class A(b)

     66,469        10,829,794  

Netflix, Inc.(b)

     16,190        3,619,436  

News Corp., Class A

     29,963        506,974  

News Corp., Class B

     29,522        508,959  

Omnicom Group, Inc.

     20,433        1,366,968  

Paramount Global, Class B(c)

     98,743        2,309,599  

Take-Two Interactive Software, Inc.(b)

     2,653        325,152  

T-Mobile US, Inc.(b)

     60,182        8,663,801  

Twitter, Inc.(b)(c)

     13,102        507,703  

Verizon Communications, Inc.

     257,737        10,775,984  

Walt Disney Co. (The)(b)

     76,188        8,539,151  

Warner Bros Discovery, Inc.(b)

     82,218        1,088,566  
     

 

 

 
        110,883,796  
     

 

 

 

Consumer Discretionary-13.71%

 

Advance Auto Parts, Inc.

     6,002        1,012,177  

Amazon.com, Inc.(b)

     424,996        53,876,743  

Aptiv PLC(b)

     15,143        1,414,810  

AutoZone, Inc.(b)

     735        1,557,619  

Bath & Body Works, Inc.

     27,237        1,016,757  

Best Buy Co., Inc.

     68,051        4,810,525  

Booking Holdings, Inc.(b)

     568        1,065,460  

BorgWarner, Inc.

     38,144        1,438,029  

Caesars Entertainment, Inc.(b)(c)

     21,529        928,330  

CarMax, Inc.(b)(c)

     32,329        2,859,177  

Carnival Corp.(b)(c)

     30,873        292,059  

Chipotle Mexican Grill, Inc.(b)

     574        916,563  

D.R. Horton, Inc.

     42,084        2,994,277  

Darden Restaurants, Inc.(c)

     7,565        935,866  

Dollar General Corp.

     14,408        3,420,747  

Dollar Tree, Inc.(b)(c)

     16,679        2,263,007  

Domino’s Pizza, Inc.

     1,108        412,021  

eBay, Inc.

     22,639        999,059  

Etsy, Inc.(b)(c)

     3,031        320,104  

Expedia Group, Inc.(b)

     8,104        831,876  

Ford Motor Co.

     1,032,126        15,729,600  

Garmin Ltd.

     4,941        437,229  

General Motors Co.

     363,570        13,892,010  

Genuine Parts Co.

     14,109        2,201,145  

Hasbro, Inc.

     7,399        583,189  

Hilton Worldwide Holdings, Inc.

     5,069        645,588  

Home Depot, Inc. (The)

     51,552        14,868,628  

Las Vegas Sands Corp.(b)(c)

     11,576        435,605  
     Shares      Value  

Consumer Discretionary-(continued)

 

Lennar Corp., Class A

     37,151      $ 2,877,345  

LKQ Corp.

     26,054        1,386,594  

Lowe’s Cos., Inc.

     49,982        9,703,505  

Marriott International, Inc., Class A

     9,577        1,472,368  

McDonald’s Corp.

     9,731        2,454,937  

MGM Resorts International

     33,332        1,087,956  

Mohawk Industries, Inc.(b)

     8,526        940,929  

Newell Brands, Inc.

     54,353        970,201  

NIKE, Inc., Class B

     39,766        4,233,091  

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

     8,631        112,893  

NVR, Inc.(b)

     210        869,413  

O’Reilly Automotive, Inc.(b)

     2,170        1,512,750  

PENN Entertainment, Inc.(b)(c)

     18,741        585,281  

Pool Corp.(c)

     1,434        486,398  

PulteGroup, Inc.

     33,325        1,354,995  

PVH Corp.

     13,632        766,800  

Ralph Lauren Corp.(c)

     6,075        554,830  

Ross Stores, Inc.

     23,618        2,037,525  

Royal Caribbean Cruises Ltd.(b)(c)

     5,427        221,693  

Starbucks Corp.

     40,283        3,386,592  

Tapestry, Inc.

     19,860        689,738  

Target Corp.

     69,721        11,179,065  

Tesla, Inc.(b)

     26,142        7,204,997  

TJX Cos., Inc. (The)

     82,293        5,130,969  

Tractor Supply Co.

     6,453        1,194,773  

Ulta Beauty, Inc.(b)

     2,171        911,538  

VF Corp.

     24,422        1,012,292  

Whirlpool Corp.

     12,748        1,996,337  

Wynn Resorts Ltd.(b)(c)

     6,239        378,021  

Yum! Brands, Inc.

     5,647        628,172  
     

 

 

 
        199,500,198  
     

 

 

 

Consumer Staples-12.34%

 

Altria Group, Inc.

     41,857        1,888,588  

Archer-Daniels-Midland Co.

     103,808        9,123,685  

Brown-Forman Corp., Class B

     5,329        387,418  

Campbell Soup Co.(c)

     17,222        867,644  

Church & Dwight Co., Inc.

     5,961        498,995  

Clorox Co. (The)(c)

     5,287        763,126  

Coca-Cola Co. (The)

     63,685        3,930,001  

Colgate-Palmolive Co.

     22,190        1,735,480  

Conagra Brands, Inc.

     33,958        1,167,476  

Constellation Brands, Inc., Class A

     3,606        887,256  

Costco Wholesale Corp.

     45,849        23,937,763  

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

     7,074        1,799,484  

General Mills, Inc.

     26,521        2,036,813  

Hershey Co. (The)

     4,248        954,398  

Hormel Foods Corp.(c)

     26,467        1,330,761  

JM Smucker Co. (The)

     5,990        838,540  

Kellogg Co.

     19,949        1,451,090  

Keurig Dr Pepper, Inc.

     35,272        1,344,569  

Kimberly-Clark Corp.

     15,073        1,922,109  

Kraft Heinz Co. (The)

     66,779        2,497,535  

Kroger Co. (The)

     263,284        12,621,835  

Lamb Weston Holdings, Inc.

     5,768        458,729  

McCormick & Co., Inc.(c)

     7,041        591,937  

Molson Coors Beverage Co., Class B

     19,703        1,018,054  

Mondelez International, Inc., Class A

     46,803        2,895,234  

 

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

 

    14    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

 

 

         Shares          Value  

Consumer Staples-(continued)

 

Monster Beverage Corp.(b)

     6,502      $ 577,573  

PepsiCo, Inc.

     48,552        8,364,053  

Philip Morris International, Inc.

     29,949        2,859,830  

Procter & Gamble Co. (The)

     54,747        7,551,801  

Sysco Corp.

     78,436        6,449,008  

Tyson Foods, Inc., Class A

     59,374        4,475,612  

Walgreens Boots Alliance, Inc.

     319,241        11,192,589  

Walmart, Inc.

     461,644        61,190,912  
     

 

 

 
        179,609,898  
     

 

 

 

Energy-7.10%

 

APA Corp.

     17,507        684,699  

Baker Hughes Co., Class A

     56,874        1,436,637  

Chevron Corp.

     99,255        15,688,245  

ConocoPhillips

     45,090        4,935,101  

Coterra Energy, Inc.(c)

     14,072        434,966  

Devon Energy Corp.

     21,058        1,487,116  

Diamondback Energy, Inc.

     5,012        667,999  

EOG Resources, Inc.

     15,189        1,842,426  

Exxon Mobil Corp.

     303,843        29,044,352  

Halliburton Co.

     38,760        1,167,839  

Hess Corp.

     6,236        753,184  

Kinder Morgan, Inc.

     84,930        1,555,918  

Marathon Oil Corp.

     19,869        508,448  

Marathon Petroleum Corp.

     121,725        12,263,794  

Occidental Petroleum Corp.

     44,174        3,136,354  

ONEOK, Inc.

     29,457        1,803,652  

Phillips 66

     116,355        10,409,118  

Pioneer Natural Resources Co.

     7,543        1,910,038  

Schlumberger N.V.

     48,824        1,862,636  

Valero Energy Corp.

     91,550        10,722,336  

Williams Cos., Inc. (The)

     29,246        995,241  
     

 

 

 
        103,310,099  
     

 

 

 

Financials-11.79%

 

Aflac, Inc.

     37,638        2,236,450  

Allstate Corp. (The)

     39,427        4,750,954  

American Express Co.

     29,176        4,434,752  

American International Group, Inc.

     97,276        5,034,033  

Ameriprise Financial, Inc.

     6,068        1,626,285  

Aon PLC, Class A

     4,734        1,322,017  

Arthur J. Gallagher & Co.

     5,308        963,774  

Assurant, Inc.

     5,721        906,721  

Bank of America Corp.

     284,791        9,571,826  

Bank of New York Mellon Corp. (The)

     36,527        1,516,966  

Berkshire Hathaway, Inc., Class B(b)

     94,475        26,528,580  

BlackRock, Inc.

     3,190        2,125,784  

Brown & Brown, Inc.

     5,484        345,711  

Capital One Financial Corp.

     28,615        3,028,039  

Cboe Global Markets, Inc.

     3,071        362,286  

Charles Schwab Corp. (The)

     29,707        2,107,712  

Chubb Ltd.

     19,607        3,706,703  

Cincinnati Financial Corp.

     6,999        678,623  

Citigroup, Inc.

     163,386        7,974,871  

Citizens Financial Group, Inc.

     18,244        669,190  

CME Group, Inc., Class A

     2,330        455,771  

Comerica, Inc.

     4,057        325,777  

Discover Financial Services

     12,912        1,297,527  

Everest Re Group Ltd.

     4,195        1,128,665  

FactSet Research Systems, Inc.

     430        186,336  

Fifth Third Bancorp

     22,871        781,045  
         Shares          Value  

Financials-(continued)

 

First Republic Bank

     3,809      $ 578,320  

Franklin Resources, Inc.

     34,260        893,158  

Globe Life, Inc.

     5,467        531,338  

Goldman Sachs Group, Inc. (The)

     20,906        6,954,799  

Hartford Financial Services Group, Inc. (The)

     32,059        2,061,714  

Huntington Bancshares, Inc.

     50,611        678,187  

Intercontinental Exchange, Inc.

     10,205        1,029,174  

Invesco Ltd.(d)

     39,249        646,431  

JPMorgan Chase & Co.

     102,401        11,646,066  

KeyCorp

     40,653        719,152  

Lincoln National Corp.

     36,804        1,695,192  

Loews Corp.

     23,324        1,290,050  

M&T Bank Corp.

     3,722        676,585  

MarketAxess Holdings, Inc.

     235        58,419  

Marsh & McLennan Cos., Inc.

     13,193        2,128,954  

MetLife, Inc.

     109,596        7,050,311  

Moody’s Corp.

     2,194        624,237  

Morgan Stanley

     75,932        6,470,925  

MSCI, Inc.

     485        217,881  

Nasdaq, Inc.

     11,242        669,236  

Northern Trust Corp.

     6,417        610,193  

PNC Financial Services Group, Inc. (The)

     12,060        1,905,480  

Principal Financial Group, Inc.

     20,772        1,552,915  

Progressive Corp. (The)

     41,200        5,053,180  

Prudential Financial, Inc.

     66,658        6,382,504  

Raymond James Financial, Inc.

     11,684        1,219,459  

Regions Financial Corp.

     31,838        689,929  

S&P Global, Inc.

     2,529        890,663  

Signature Bank

     1,208        210,627  

State Street Corp.

     16,849        1,151,629  

SVB Financial Group(b)

     1,347        547,582  

Synchrony Financial

     35,121        1,150,213  

T. Rowe Price Group, Inc.(c)

     6,522        782,640  

Travelers Cos., Inc. (The)

     20,307        3,282,424  

Truist Financial Corp.

     48,353        2,264,855  

U.S. Bancorp

     46,384        2,115,574  

W.R. Berkley Corp.

     14,553        943,034  

Wells Fargo & Co.

     201,452        8,805,467  

Willis Towers Watson PLC

     4,476        925,771  

Zions Bancorporation N.A.

     5,412        297,822  
     

 

 

 
        171,468,488  
     

 

 

 

Health Care-19.85%

 

Abbott Laboratories

     39,513        4,056,010  

AbbVie, Inc.

     38,555        5,184,105  

ABIOMED, Inc.(b)

     386        100,082  

Agilent Technologies, Inc.

     5,279        677,032  

Align Technology, Inc.(b)

     1,528        372,374  

AmerisourceBergen Corp.(c)

     155,312        22,762,527  

Amgen, Inc.

     10,679        2,566,164  

Baxter International, Inc.

     18,033        1,036,176  

Becton, Dickinson and Co.

     7,822        1,974,429  

Biogen, Inc.(b)

     5,028        982,371  

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

     535        259,496  

Bio-Techne Corp.

     300        99,543  

Boston Scientific Corp.(b)

     31,784        1,281,213  

Bristol-Myers Squibb Co.

     60,859        4,102,505  

Cardinal Health, Inc.

     323,375        22,869,080  

Catalent, Inc.(b)

     4,276        376,288  

 

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

 

    15    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

 

 

         Shares          Value  

Health Care-(continued)

 

Centene Corp.(b)

     163,767      $ 14,696,451  

Charles River Laboratories International,
Inc.(b)(c)

     1,608        330,042  

Cigna Corp.

     68,318        19,364,737  

Cooper Cos., Inc. (The)

     914        262,720  

CVS Health Corp

     313,948        30,813,996  

Danaher Corp.

     11,724        3,164,425  

DaVita, Inc.(b)

     12,122        1,033,885  

DENTSPLY SIRONA, Inc.

     10,682        350,049  

DexCom, Inc.(b)

     3,397        279,267  

Edwards Lifesciences Corp.(b)

     5,602        504,740  

Elevance Health, Inc.

     29,238        14,183,646  

Eli Lilly and Co.

     9,603        2,892,712  

Gilead Sciences, Inc.

     44,054        2,796,107  

HCA Healthcare, Inc.

     29,633        5,863,482  

Henry Schein, Inc.(b)

     15,119        1,109,886  

Hologic, Inc.(b)

     7,306        493,593  

Humana, Inc.

     19,189        9,244,876  

IDEXX Laboratories, Inc.(b)

     916        318,420  

Illumina, Inc.(b)

     2,225        448,649  

Incyte Corp.(b)

     4,255        299,680  

Intuitive Surgical, Inc.(b)

     2,815        579,158  

IQVIA Holdings, Inc.(b)(c)

     6,573        1,397,814  

Johnson & Johnson

     53,676        8,660,086  

Laboratory Corp. of America Holdings

     6,882        1,550,308  

McKesson Corp.

     82,229        30,178,043  

Medtronic PLC

     33,246        2,922,988  

Merck & Co., Inc.

     60,691        5,180,584  

Mettler-Toledo International, Inc.(b)

     311        377,075  

Moderna, Inc.(b)

     17,243        2,280,732  

Molina Healthcare, Inc.(b)

     10,219        3,447,584  

Organon & Co.

     17,855        509,403  

PerkinElmer, Inc.(c)

     3,430        463,256  

Pfizer, Inc.

     180,801        8,177,629  

Quest Diagnostics, Inc.

     7,917        992,079  

Regeneron Pharmaceuticals, Inc.(b)

     2,824        1,640,913  

ResMed, Inc.

     1,649        362,648  

STERIS PLC

     2,035        409,808  

Stryker Corp.

     7,841        1,608,973  

Teleflex, Inc.

     1,014        229,428  

Thermo Fisher Scientific, Inc.

     7,608        4,148,795  

UnitedHealth Group, Inc.

     59,912        31,114,099  

Universal Health Services, Inc., Class B

     10,963        1,072,620  

Vertex Pharmaceuticals, Inc.(b)

     3,048        858,805  

Viatris, Inc.

     153,010        1,461,246  

Waters Corp.(b)

     864        257,990  

West Pharmaceutical Services, Inc.

     948        281,262  

Zimmer Biomet Holdings, Inc.

     6,557        697,140  

Zoetis, Inc.

     4,754        744,144  
     

 

 

 
        288,755,368  
     

 

 

 

Industrials-9.62%

 

3M Co.(c)

     24,992        3,107,755  

A.O. Smith Corp.

     6,283        354,675  

Alaska Air Group, Inc.(b)

     15,622        680,494  

Allegion PLC.

     2,621        249,257  

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

     230,069        2,988,596  

AMETEK, Inc.

     4,874        585,660  

Boeing Co. (The)(b)

     46,934        7,521,173  

C.H. Robinson Worldwide, Inc.

     24,012        2,740,970  
         Shares          Value  

Industrials-(continued)

 

Carrier Global Corp.

     53,608      $ 2,097,145  

Caterpillar, Inc.

     23,816        4,399,053  

Cintas Corp.

     1,994        811,239  

Copart, Inc.(b)

     3,030        362,540  

CSX Corp.

     42,134        1,333,541  

Cummins, Inc.

     11,528        2,482,785  

Deere & Co.

     13,284        4,851,981  

Delta Air Lines, Inc.(b)

     97,251        3,021,589  

Dover Corp.

     6,140        767,254  

Eaton Corp. PLC

     14,054        1,920,339  

Emerson Electric Co.

     21,141        1,728,065  

Equifax, Inc.

     2,680        505,850  

Expeditors International of Washington, Inc.

     17,796        1,831,030  

Fastenal Co.

     11,793        593,542  

FedEx Corp.

     43,205        9,108,046  

Fortive Corp.

     8,828        559,077  

Fortune Brands Home & Security, Inc.

     11,656        716,028  

Generac Holdings, Inc.(b)(c)

     1,516        334,142  

General Dynamics Corp.

     16,664        3,814,890  

General Electric Co.

     101,745        7,472,153  

Honeywell International, Inc.

     17,933        3,395,614  

Howmet Aerospace, Inc.

     14,559        515,825  

Huntington Ingalls Industries, Inc.

     4,518        1,040,315  

IDEX Corp.

     1,507        303,223  

Illinois Tool Works, Inc.

     7,334        1,428,883  

Ingersoll Rand, Inc.(c)

     11,224        531,681  

J.B. Hunt Transport Services, Inc.

     7,756        1,349,699  

Jacobs Solutions, Inc.

     10,835        1,349,824  

Johnson Controls International PLC

     46,296        2,506,465  

L3Harris Technologies, Inc.

     7,026        1,603,263  

Leidos Holdings, Inc.

     13,445        1,277,947  

Lockheed Martin Corp.

     14,879        6,250,817  

Masco Corp.

     15,295        778,057  

Nielsen Holdings PLC

     14,023        390,400  

Nordson Corp.

     1,152        261,700  

Norfolk Southern Corp.

     4,840        1,176,749  

Northrop Grumman Corp.

     7,399        3,536,648  

Old Dominion Freight Line, Inc.

     2,222        603,073  

Otis Worldwide Corp.

     18,991        1,371,530  

PACCAR, Inc.

     27,633        2,418,164  

Parker-Hannifin Corp.

     5,761        1,526,665  

Pentair PLC

     7,924        352,618  

Quanta Services, Inc.

     10,952        1,547,518  

Raytheon Technologies Corp.

     66,089        5,931,488  

Republic Services, Inc.

     8,964        1,279,342  

Robert Half International, Inc.

     7,911        608,910  

Rockwell Automation, Inc.

     3,402        806,070  

Rollins, Inc.

     7,229        244,051  

Snap-on, Inc.

     2,192        477,549  

Southwest Airlines Co.(b)

     44,700        1,640,490  

Stanley Black & Decker, Inc.

     15,112        1,331,367  

Textron, Inc.

     19,257        1,201,252  

Trane Technologies PLC

     10,828        1,668,270  

TransDigm Group, Inc.

     840        504,328  

Union Pacific Corp.

     10,439        2,343,660  

United Airlines Holdings, Inc.(b)

     68,523        2,398,990  

United Parcel Service, Inc., Class B

     55,623        10,819,230  

United Rentals, Inc.(b)

     3,523        1,028,857  

Verisk Analytics, Inc.(c)

     1,798        336,514  

 

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

 

    16    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

 

         Shares          Value  

Industrials-(continued)

 

W.W. Grainger, Inc.

     2,691      $ 1,493,344  

Wabtec Corp.

     8,545        748,969  

Waste Management, Inc.

     11,876        2,007,400  

Xylem, Inc.

     6,337        577,301  
     

 

 

 
        139,902,929  
     

 

 

 

Information Technology-11.36%

 

Accenture PLC, Class A

     19,348        5,581,124  

Adobe, Inc.(b)

     3,985        1,488,158  

Advanced Micro Devices, Inc.(b)

     19,388        1,645,460  

Akamai Technologies, Inc.(b)(c)

     3,503        316,251  

Amphenol Corp., Class A

     16,501        1,213,319  

Analog Devices, Inc.

     6,061        918,423  

ANSYS, Inc.(b)

     792        196,654  

Apple, Inc.

     274,528        43,161,292  

Applied Materials, Inc.

     23,688        2,228,330  

Arista Networks, Inc.(b)

     3,233        387,572  

Autodesk, Inc.(b)

     2,376        479,334  

Automatic Data Processing, Inc.

     7,395        1,807,412  

Broadcom, Inc.

     5,398        2,694,196  

Broadridge Financial Solutions, Inc.

     3,852        659,347  

Cadence Design Systems, Inc.(b)

     2,071        359,878  

CDW Corp.

     12,750        2,176,425  

Ceridian HCM Holding, Inc.(b)

     2,028        120,950  

Cisco Systems, Inc.

     115,417        5,161,448  

Citrix Systems, Inc.

     3,242        333,180  

Cognizant Technology Solutions Corp., Class A

     26,343        1,664,087  

Corning, Inc.

     42,270        1,450,706  

DXC Technology Co.(b)

     48,340        1,197,865  

Enphase Energy, Inc.(b)

     748        214,257  

EPAM Systems, Inc.(b)

     1,341        571,937  

F5, Inc.(b)(c)

     1,646        258,521  

Fidelity National Information Services, Inc.

     14,082        1,286,672  

Fiserv, Inc.(b)

     17,143        1,734,700  

FleetCor Technologies, Inc.(b)

     1,251        265,875  

Fortinet, Inc.(b)

     6,072        295,646  

Gartner, Inc.(b)

     1,908        544,391  

Global Payments, Inc.

     7,183        892,344  

Hewlett Packard Enterprise Co.

     190,029        2,584,394  

HP, Inc.

     180,175        5,172,824  

Intel Corp.

     193,579        6,179,042  

International Business Machines Corp.

     48,061        6,173,436  

Intuit, Inc.

     3,281        1,416,670  

Jack Henry & Associates, Inc.

     1,020        196,044  

Juniper Networks, Inc.

     16,324        463,928  

Keysight Technologies, Inc.(b)

     3,576        586,071  

KLA Corp.

     2,515        865,487  

Lam Research Corp.

     3,416        1,495,901  

Mastercard, Inc., Class A

     5,771        1,871,939  

Microchip Technology, Inc.

     10,344        674,946  

Micron Technology, Inc.

     48,429        2,737,691  

Microsoft Corp.

     74,370        19,445,524  

Monolithic Power Systems, Inc.

     293        132,782  

Motorola Solutions, Inc.

     3,859        939,319  

NetApp, Inc.

     9,010        649,891  

NortonLifeLock, Inc.

     11,855        267,804  

NVIDIA Corp.

     16,924        2,554,509  

NXP Semiconductors N.V. (China)

     6,338        1,043,108  

ON Semiconductor Corp.(b)(c)

     11,664        802,133  
         Shares          Value  

Information Technology-(continued)

 

Oracle Corp.

     60,635      $ 4,496,085  

Paychex, Inc.

     3,641        449,081  

Paycom Software, Inc.(b)

     351        123,271  

PayPal Holdings, Inc.(b)

     31,784        2,969,897  

PTC, Inc.(b)

     1,672        192,096  

Qorvo, Inc.(b)

     4,477        401,945  

QUALCOMM, Inc.

     28,678        3,793,239  

Roper Technologies, Inc.

     1,526        614,337  

salesforce.com, inc.(b)

     15,227        2,377,239  

Seagate Technology Holdings PLC(c)

     14,531        972,996  

ServiceNow, Inc.(b)

     1,306        567,614  

Skyworks Solutions, Inc.

     5,105        503,098  

SolarEdge Technologies, Inc.(b)

     728        200,906  

Synopsys, Inc.(b)

     1,523        526,989  

TE Connectivity Ltd. (Switzerland)

     12,234        1,544,053  

Teledyne Technologies, Inc.(b)

     1,322        486,972  

Teradyne, Inc.

     3,701        313,253  

Texas Instruments, Inc.

     11,682        1,929,983  

Trimble, Inc.(b)

     5,848        369,886  

Tyler Technologies, Inc.(b)(c)

     486        180,554  

VeriSign, Inc.(b)

     747        136,118  

Visa, Inc., Class A(c)

     13,151        2,613,235  

Western Digital Corp.(b)

     34,563        1,460,632  

Zebra Technologies Corp., Class A(b)

     1,817        548,080  
     

 

 

 
        165,330,756  
     

 

 

 

Materials-2.94%

 

Air Products and Chemicals, Inc.

     4,475        1,129,714  

Albemarle Corp.(c)

     1,494        400,332  

Amcor PLC

     107,451        1,290,487  

Avery Dennison Corp.

     5,005        919,018  

Ball Corp.

     20,654        1,152,700  

Celanese Corp.

     6,201        687,443  

CF Industries Holdings, Inc.

     9,281        960,212  

Corteva, Inc.

     26,980        1,657,381  

Dow, Inc.

     91,773        4,680,423  

DuPont de Nemours, Inc.

     24,436        1,359,619  

Eastman Chemical Co.

     10,264        934,024  

Ecolab, Inc.

     8,034        1,316,210  

FMC Corp.

     4,501        486,468  

Freeport-McMoRan, Inc.

     58,278        1,725,029  

International Flavors & Fragrances, Inc.

     9,666        1,067,900  

International Paper Co.

     46,818        1,948,565  

Linde PLC (United Kingdom)

     9,955        2,815,871  

LyondellBasell Industries N.V., Class A

     47,615        3,952,045  

Martin Marietta Materials, Inc.

     1,707        593,541  

Mosaic Co. (The)

     25,493        1,373,308  

Newmont Corp.

     17,842        737,945  

Nucor Corp.

     32,361        4,302,071  

Packaging Corp. of America

     5,192        710,889  

PPG Industries, Inc.

     14,456        1,835,623  

Sealed Air Corp.

     9,203        495,213  

Sherwin-Williams Co. (The)

     7,976        1,851,230  

Vulcan Materials Co.

     3,758        625,669  

WestRock Co.

     43,649        1,771,713  
     

 

 

 
        42,780,643  
     

 

 

 

Real Estate-0.89%

 

Alexandria Real Estate Equities, Inc.(c)

     1,500        230,100  

American Tower Corp.

     3,827        972,249  

AvalonBay Communities, Inc.

     1,214        243,905  

 

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

 

    17    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

 

 

         Shares          Value  

Real Estate-(continued)

     

Boston Properties, Inc.

     2,951      $ 234,398  

Camden Property Trust

     873        112,189  

CBRE Group, Inc., Class A(b)

     38,662        3,052,752  

Crown Castle, Inc.

     3,728        636,854  

Digital Realty Trust, Inc.

     3,578        442,348  

Duke Realty Corp.

     2,150        126,528  

Equinix, Inc.

     1,007        661,972  

Equity Residential

     3,348        245,007  

Essex Property Trust, Inc.

     507        134,385  

Extra Space Storage, Inc.

     970        192,768  

Federal Realty Investment Trust

     938        94,991  

Healthpeak Properties, Inc.

     7,353        193,016  

Host Hotels & Resorts, Inc.

     18,626        330,984  

Iron Mountain, Inc.(c)

     8,872        466,756  

Kimco Realty Corp.

     7,114        149,963  

Mid-America Apartment Communities, Inc.

     1,047        173,456  

Prologis, Inc.

     4,007        498,912  

Public Storage

     1,132        374,500  

Realty Income Corp.

     3,615        246,832  

Regency Centers Corp.

     1,785        108,599  

SBA Communications Corp., Class A

     684        222,471  

Simon Property Group, Inc.

     4,962        506,025  

UDR, Inc.

     2,937        131,783  

Ventas, Inc.

     7,269        347,894  

VICI Properties, Inc.(c)

     5,031        165,973  

Vornado Realty Trust(c)

     5,154        135,138  

Welltower, Inc.

     6,034        462,506  

Weyerhaeuser Co.

     29,347        1,002,494  
     

 

 

 
        12,897,748  
     

 

 

 

 

Utilities-2.61%

     

AES Corp. (The)

     53,443        1,360,124  

Alliant Energy Corp.

     6,294        384,186  

Ameren Corp.

     7,305        676,589  

American Electric Power Co., Inc.

     16,620        1,665,324  

American Water Works Co., Inc.

     2,542        377,360  

Atmos Energy Corp.

     3,287        372,680  

CenterPoint Energy, Inc.

     27,681        872,782  

CMS Energy Corp.

     11,052        746,452  

Consolidated Edison, Inc.

     14,388        1,406,283  

Constellation Energy Corp.

     32,050        2,614,960  

Dominion Energy, Inc.

     17,625        1,441,725  
         Shares          Value  

Utilities-(continued)

     

DTE Energy Co.

     12,562      $ 1,637,331  

Duke Energy Corp.

     23,555        2,518,265  

Edison International

     23,111        1,566,232  

Entergy Corp.

     9,901        1,141,585  

Evergy, Inc.

     7,592        520,280  

Eversource Energy

     11,627        1,042,826  

Exelon Corp.

     67,224        2,951,806  

FirstEnergy Corp.

     27,327        1,080,783  

NextEra Energy, Inc.

     30,446        2,589,737  

NiSource, Inc.

     16,916        499,191  

NRG Energy, Inc.

     59,140        2,441,299  

Pinnacle West Capital Corp.(c)

     5,152        388,203  

PPL Corp.

     20,830        605,736  

Public Service Enterprise Group, Inc.

     13,595        874,974  

Sempra Energy

     8,589        1,416,927  

Southern Co. (The)

     32,310        2,490,132  

WEC Energy Group, Inc.

     8,375        863,798  

Xcel Energy, Inc.

     18,692        1,387,881  
     

 

 

 
        37,935,451  
     

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.83%
(Cost $1,320,010,500)

     1,452,375,374  
  

 

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

 

Money Market Funds-2.13%

     

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

     8,652,647        8,652,647  

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

     22,281,825        22,284,054  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $30,934,459)

 

     30,936,701  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.96%
(Cost $1,350,944,959)

 

     1,483,312,075  

OTHER ASSETS LESS LIABILITIES-(1.96)%

 

     (28,459,449
     

 

 

 

NET ASSETS-100.00%

      $ 1,454,852,626  
     

 

 

 

 

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 August 31, 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 August 31, 2022.

 

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

Invesco Ltd.

   $  449,253    $    480,685    $        (24,226)    $(270,389)   $11,108    $    646,431    $  21,720

 

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

 

    18    

 

 

 

 


 

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

 

    Value
August 31, 2021
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
August 31, 2022
  Dividend
Income
Investments in Affiliated Money Market Funds:                            
Invesco Government & Agency Portfolio, Institutional Class       $               -         $23,562,682         $(23,562,682)         $              -         $          -         $                 -         $    2,640  
Investments Purchased with Cash Collateral from Securities on Loan:                            
Invesco Private Government Fund       1,278,231         158,578,725         (151,204,309)       -         -         8,652,647         73,651
Invesco Private Prime Fund       2,982,538         356,456,335         (337,156,727)         2,242         (334)         22,284,054         206,387
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Total       $4,710,022         $539,078,427         $(511,947,944)         $(268,147)         $10,774         $31,583,132         $304,398  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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

 

(e) 

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

(f)

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

 

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

 

    19    

 

 

 

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK)

August 31, 2022

Schedule of Investments(a)

 

         Shares          Value  

 

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-0.72%

     

Cable One, Inc.(b)

     263      $ 298,505  

Iridium Communications, Inc.(b)(c)

     3,455        153,368  

John Wiley & Sons, Inc., Class A(b)

     8,021        369,207  

New York Times Co. (The), Class A(b)

     12,986        395,943  

TEGNA, Inc.

     27,146        580,924  

TripAdvisor, Inc.(b)(c)

     9,274        220,721  

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

     3,725        253,337  

Ziff Davis, Inc.(b)(c)

     4,350        336,168  
          2,608,173  

 

Consumer Discretionary-23.64%

     

Adient PLC(b)(c)

     75,096        2,493,187  

American Eagle Outfitters, Inc.(b)

     83,693        942,383  

AutoNation, Inc.(c)

     44,164        5,502,834  

Boyd Gaming Corp.

     12,417        675,857  

Brunswick Corp.

     17,772        1,327,746  

Callaway Golf Co.(b)(c)

     32,024        708,691  

Capri Holdings Ltd.(c)

     23,259        1,097,360  

Carter’s, Inc.

     9,538        704,381  

Choice Hotels International, Inc.

     1,903        218,293  

Churchill Downs, Inc.

     1,693        333,673  

Columbia Sportswear Co.(b)

     8,656        616,653  

Cracker Barrel Old Country Store, Inc.(b)

     6,704        723,630  

Crocs, Inc.(c)

     9,299        685,336  

Dana, Inc.(b)

     110,649        1,711,740  

Deckers Outdoor Corp.(b)(c)

     2,321        746,364  

Dick’s Sporting Goods, Inc.

     30,958        3,293,002  

Five Below, Inc.(b)(c)

     4,460        570,345  

Foot Locker, Inc.(b)

     59,888        2,206,274  

Fox Factory Holding Corp.(c)

     3,310        308,525  

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

     37,627        1,077,637  

Gap, Inc. (The)(b)

     338,871        3,097,281  

Gentex Corp.

     11,519        314,354  

Goodyear Tire & Rubber Co. (The)(c)

     306,940        4,306,368  

Graham Holdings Co., Class B

     1,158        654,768  

Grand Canyon Education, Inc.(b)(c)

     2,010        163,574  

H&R Block, Inc.

     24,596        1,106,820  

Hanesbrands, Inc.

     125,666        1,094,551  

Harley-Davidson, Inc.(b)

     32,962        1,271,344  

Helen of Troy Ltd.(b)(c)

     2,642        326,630  

KB Home(b)

     38,075        1,090,849  

Kohl’s Corp.

     83,692        2,378,527  

Lear Corp.

     28,421        3,940,287  

Leggett & Platt, Inc.(b)

     27,925        1,067,294  

Light & Wonder, Inc.(c)

     10,247        504,460  

Lithia Motors, Inc., Class A(b)

     17,034        4,521,505  

Macy’s, Inc.

     223,972        3,879,195  

Marriott Vacations Worldwide Corp.(b)

     6,045        860,929  

Mattel, Inc.(c)

     47,600        1,052,912  

Murphy USA, Inc.

     15,817        4,589,619  

Nordstrom, Inc.(b)

     113,964        1,949,924  

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

     6,498        359,404  

Papa John’s International, Inc.

     5,012        405,120  

Polaris, Inc.

     16,281        1,844,149  

RH(b)(c)

     2,755        705,032  

Service Corp. International

     12,065        744,531  
         Shares          Value  

 

Consumer Discretionary-(continued)

     

Skechers U.S.A., Inc., Class A(c)

     33,630      $ 1,271,214  

Taylor Morrison Home Corp., Class A(c)

     58,659        1,472,928  

Tempur Sealy International, Inc.(b)

     45,989        1,150,185  

Texas Roadhouse, Inc.

     9,329        828,042  

Thor Industries, Inc.(b)

     41,128        3,331,779  

Toll Brothers, Inc.

     39,305        1,721,166  

TopBuild Corp.(c)

     4,074        748,638  

Travel + Leisure Co.

     14,137        599,409  

Under Armour, Inc., Class A(b)(c)

     56,740        477,751  

Under Armour, Inc., Class C(c)

     61,465        466,519  

Victoria’s Secret & Co.(b)(c)

     37,518        1,254,602  

Visteon Corp.(c)

     5,313        636,657  

Wendy’s Co. (The)

     21,060        403,931  

Williams-Sonoma, Inc.(b)

     13,741        2,043,974  

Wingstop, Inc.(b)

     732        83,346  

Wyndham Hotels & Resorts, Inc.

     4,396        287,235  

YETI Holdings, Inc.(b)(c)

     6,493        239,527  
          85,190,241  

 

Consumer Staples-8.56%

     

BellRing Brands, Inc.(c)

     10,118        239,695  

BJ’s Wholesale Club Holdings, Inc.(c)

     56,010        4,172,185  

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

     1,230        414,608  

Casey’s General Stores, Inc.

     11,726        2,506,667  

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

     146,310        1,098,788  

Darling Ingredients, Inc.(b)(c)

     13,201        1,004,068  

Energizer Holdings, Inc.

     20,581        578,326  

Flowers Foods, Inc.

     35,329        964,482  

Grocery Outlet Holding Corp.(b)(c)

     16,229        651,107  

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

     15,188        307,709  

Ingredion, Inc.

     15,853        1,380,321  

Lancaster Colony Corp.

     2,652        446,995  

Nu Skin Enterprises, Inc., Class A

     11,581        474,126  

Performance Food Group Co.(c)

     221,514        11,071,270  

Pilgrim’s Pride Corp.(c)

     103,022        2,933,036  

Post Holdings, Inc.(c)

     13,464        1,195,065  

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

     48,789        1,410,002  
        30,848,450  

 

Energy-3.72%

     

Antero Midstream Corp.(b)

     17,639        177,625  

ChampionX Corp.(b)

     26,687        582,043  

CNX Resources Corp.(b)(c)

     21,477        379,499  

DT Midstream, Inc.

     3,012        166,292  

EQT Corp.

     33,996        1,625,009  

Equitrans Midstream Corp.

     32,131        297,854  

HF Sinclair Corp.

     64,871        3,414,161  

Matador Resources Co.

     6,683        398,307  

Murphy Oil Corp.

     13,858        540,046  

NOV, Inc.

     57,909        1,023,252  

PDC Energy, Inc.

     7,031        477,475  

Range Resources Corp.(c)

     23,146        760,578  

Targa Resources Corp.

     51,988        3,547,141  
        13,389,282  

Financials-10.75%

     

Affiliated Managers Group, Inc.(b)

     3,885        494,794  

Alleghany Corp.(c)

     2,879        2,421,757  

American Financial Group, Inc.

     9,167        1,170,443  

 

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

 

    20    

 

 

 

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

 

         Shares          Value  

Financials-(continued)

     

Associated Banc-Corp.

     11,587      $ 232,203  

Bank of Hawaii Corp.

     1,784        139,188  

Bank OZK(b)

     6,232        252,583  

Bread Financial Holdings, Inc.

     17,098        657,076  

Brighthouse Financial, Inc.(c)

     40,411        1,921,543  

Cadence Bank(b)

     11,403        290,548  

Cathay General Bancorp.

     3,689        154,717  

CNO Financial Group, Inc.

     41,476        763,573  

Commerce Bancshares, Inc.

     4,295        295,367  

Cullen/Frost Bankers, Inc.

     2,381        309,435  

East West Bancorp, Inc.

     5,694        410,936  

Essent Group Ltd.

     5,049        201,910  

Evercore, Inc., Class A

     6,760        633,344  

F.N.B. Corp.

     23,574        281,002  

Federated Hermes, Inc., Class B

     7,959        271,084  

First American Financial Corp.

     33,011        1,766,088  

First Financial Bankshares, Inc.(b)

     2,668        113,417  

First Horizon Corp.

     28,205        637,997  

FirstCash Holdings, Inc.(b)

     5,448        424,726  

Fulton Financial Corp.

     12,818        208,036  

Glacier Bancorp, Inc.(b)

     3,573        181,080  

Hancock Whitney Corp.

     5,776        278,576  

Hanover Insurance Group, Inc. (The)

     7,407        958,392  

Home BancShares, Inc.

     6,848        161,133  

Interactive Brokers Group, Inc., Class A

     9,530        586,953  

International Bancshares Corp.

     3,186        132,952  

Janus Henderson Group PLC(b)

     21,342        499,403  

Jefferies Financial Group, Inc.

     60,131        1,929,604  

Kemper Corp.(b)

     23,591        1,085,186  

Kinsale Capital Group, Inc.

     605        153,416  

Mercury General Corp.(b)

     16,025        511,197  

MGIC Investment Corp.

     18,192        259,964  

Navient Corp.

     47,598        732,533  

New York Community Bancorp, Inc.(b)

     37,710        369,181  

Old National Bancorp

     12,305        205,370  

Old Republic International Corp.

     80,806        1,764,803  

PacWest Bancorp

     9,377        246,896  

Pinnacle Financial Partners, Inc.

     3,530        284,906  

Primerica, Inc.

     4,723        598,640  

Prosperity Bancshares, Inc.

     3,365        238,511  

Reinsurance Group of America, Inc.

     26,973        3,381,335  

RenaissanceRe Holdings Ltd. (Bermuda)

     6,888        931,671  

RLI Corp.

     2,020        221,715  

SEI Investments Co.

     7,391        404,288  

Selective Insurance Group, Inc.

     8,997        714,542  

SLM Corp.

     21,699        331,561  

Stifel Financial Corp.

     15,746        933,895  

Synovus Financial Corp.

     11,089        445,334  

Texas Capital Bancshares, Inc.(c)

     3,800        224,314  

UMB Financial Corp.

     3,141        281,025  

Umpqua Holdings Corp.

     15,528        275,467  

United Bankshares, Inc.(b)

     5,323        197,483  

Unum Group

     67,416        2,551,696  

Valley National Bancorp

     27,122        315,158  

Voya Financial, Inc.(b)

     24,468        1,505,516  

Washington Federal, Inc.

     4,190        134,122  

Webster Financial Corp.

     6,239        293,545  

Wintrust Financial Corp.

     4,608        388,639  
        38,761,769  
         Shares          Value  

Health Care-4.78%

     

Acadia Healthcare Co., Inc.(c)

     6,937      $ 568,348  

Amedisys, Inc.(b)(c)

     3,713        439,805  

Arrowhead Pharmaceuticals, Inc.(c)

     1,699        67,467  

Azenta, Inc.

     2,007        105,789  

Bruker Corp.

     7,889        441,784  

Chemed Corp.

     922        439,047  

Encompass Health Corp.(b)

     17,958        872,220  

Enovis Corp.(b)(c)

     12,632        639,811  

Envista Holdings Corp.(b)(c)

     13,113        486,361  

Exelixis, Inc.(c)

     16,654        295,442  

Globus Medical, Inc., Class A(b)(c)

     3,208        189,882  

Haemonetics Corp.(b)(c)

     3,028        227,191  

Halozyme Therapeutics, Inc.(c)

     2,129        86,714  

HealthEquity, Inc.(b)(c)

     2,317        153,107  

ICU Medical, Inc.(b)(c)

     1,786        283,974  

Inari Medical, Inc.(b)(c)

     941        65,258  

Integra LifeSciences Holdings Corp.(c)

     5,220        249,046  

Jazz Pharmaceuticals PLC(c)

     4,452        691,039  

LHC Group, Inc.(c)

     2,730        440,813  

LivaNova PLC(b)(c)

     3,050        171,562  

Masimo Corp.(c)

     1,793        263,374  

Medpace Holdings, Inc.(b)(c)

     1,739        256,694  

Neogen Corp.(b)(c)

     4,219        88,177  

Neurocrine Biosciences, Inc.(c)

     2,522        263,877  

NuVasive, Inc.(c)

     4,336        184,323  

Option Care Health, Inc.(c)

     26,099        808,025  

Patterson Cos., Inc.

     42,813        1,194,055  

Penumbra, Inc.(c)

     1,176        193,064  

Perrigo Co. PLC

     21,597        808,160  

Progyny, Inc.(b)(c)

     3,827        153,884  

QuidelOrtho Corp.(b)(c)

     4,779        378,784  

R1 RCM, Inc.(b)(c)

     14,563        318,202  

Repligen Corp.(b)(c)

     981        215,202  

Shockwave Medical, Inc.(c)

     315        93,511  

Sotera Health Co.(b)(c)

     8,398        142,010  

STAAR Surgical Co.(b)(c)

     721        68,199  

Syneos Health, Inc.(c)

     15,615        938,618  

Tandem Diabetes Care, Inc.(b)(c)

     2,458        112,429  

Tenet Healthcare Corp.(c)

     61,246        3,460,399  

United Therapeutics Corp.(c)

     1,595        361,459  
        17,217,106  

 

Industrials-19.96%

     

Acuity Brands, Inc.(b)

     4,285        702,440  

AECOM

     38,919        2,846,925  

AGCO Corp.

     19,278        2,095,711  

ASGN, Inc.(c)

     9,322        901,437  

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

     12,261        2,052,246  

Axon Enterprise, Inc.(c)

     1,916        223,559  

Brink’s Co. (The)

     14,531        803,274  

Builders FirstSource, Inc.(c)

     70,653        4,140,972  

CACI International, Inc., Class A(c)

     4,440        1,247,063  

Carlisle Cos., Inc.

     4,158        1,229,354  

Chart Industries, Inc.(b)(c)

     1,541        298,738  

Clean Harbors, Inc.(c)

     9,105        1,069,109  

Crane Holdings Co.

     6,892        650,329  

Curtiss-Wright Corp.

     3,547        522,083  

Donaldson Co., Inc.

     12,584        646,188  

Dycom Industries, Inc.(b)(c)

     6,923        776,207  

EMCOR Group, Inc.

     19,344        2,300,388  

 

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

 

    21    

 

 

 

 


 

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

 

         Shares          Value  

Industrials-(continued)

     

EnerSys(b)

     10,150      $ 633,056  

Esab Corp.(b)

     10,256        421,419  

Flowserve Corp.(b)

     22,663        690,542  

Fluor Corp.(b)(c)

     89,737        2,372,646  

FTI Consulting, Inc.(c)

     3,402        546,361  

GATX Corp.(b)

     2,512        242,684  

Graco, Inc.

     6,677        426,260  

GXO Logistics, Inc.(c)

     32,095        1,424,376  

Hexcel Corp.(b)

     5,070        297,457  

Hubbell, Inc.

     4,732        976,212  

IAA, Inc.(c)

     10,463     <