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.

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.

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.

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.

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.

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.

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.

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

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.

		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

		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