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Invesco Annual Report to Shareholders

 

August 31, 2023

QQMG Invesco ESG NASDAQ 100 ETF

 

QQJG  Invesco ESG NASDAQ Next Gen 100 ETF

 

QQQM Invesco NASDAQ 100 ETF

 

QQQS Invesco NASDAQ Future Gen 200 ETF

 

QQQJ  Invesco NASDAQ Next Gen 100 ETF


 

Table of Contents

 

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

Invesco ESG NASDAQ 100 ETF (QQMG)

     19  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

     21  

Invesco NASDAQ 100 ETF (QQQM)

     23  

Invesco NASDAQ Future Gen 200 ETF (QQQS)

     26  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

     29  
Statements of Assets and Liabilities      32  
Statements of Operations      33  
Statements of Changes in Net Assets      35  
Financial Highlights      37  
Notes to Financial Statements      42  
Report of Independent Registered Public Accounting Firm      52  
Fund Expenses      53  
Tax Information      55  
Trustees and Officers      56  
Approval of Investment Advisory Contracts      66  

 

   2   

 

 

 

 


 

The Market Environment

 

 

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.1 After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.1

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.1 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.2 The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.1 After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.2 At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.3

 

1 

Source: US Federal Reserve

2 

Source: US Bureau of Labor Statistics

3 

Source: Lipper Inc.

 

   3   

 

 

 

 


 

 

QQMG    Management’s Discussion of Fund Performance
   Invesco ESG NASDAQ 100 ETF (QQMG)

 

As an index fund, the Invesco ESG NASDAQ 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Nasdaq-100® ESG 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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of companies included in the Nasdaq-100® Index (the “Parent Index”) that also meet the Index Provider’s environmental, social and governance (“ESG”) criteria. The Parent Index includes securities of 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market LLC based on market capitalization. Security types generally eligible for inclusion in the Parent Index are common stocks and tracking stocks of companies located in the United States, as well as American Depositary Receipts (“ADRs”) that represent securities of non-U.S. issuers. The Parent Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Parent Index. Companies that are included in the Parent Index are evaluated for inclusion in the Index on the basis of the Index Provider’s ESG criteria, which considers a company’s (i) business activities, (ii) business controversy levels and ESG risk ratings, and (iii) adherence to the principles of the United Nations Global Compact.

The Index employs negative screens to exclude securities of companies with business activities that do not meet the eligibility criteria for the Index. Such screens rely on information from Sustainalytics, a globally-recognized independent provider of ESG research, ratings, and data. Companies’ business activities are distinguished between categories with absolute prohibitions (which do not allow any involvement by a company in a certain business activity) and categories that permit a de minimis amount of a certain business activity (generally, permitting a company to derive less than 5% of its revenues from, or to own less than 10% of another company that engages in, such activity). The Index Provider also utilizes information from Sustainalytics to determine issuers’ business controversy levels and ESG Risk Rating Score. The ESG Risk Rating Score is designed to measure the magnitude of a company’s unmanaged ESG risk. Companies are assigned risk scores ranging from 0 (indicating that ESG risks have been fully managed) to 100 (indicating the highest level of unmanaged ESG risk), and the Index Provider excludes companies with an ESG risk rating of 40 or higher from the Index. Sustainalytics also monitors companies for controversies pertaining to ESG and assesses incidents in terms of their level of impact on the environment and society and the related risk to the company itself. Such events are scored on a scale from 1 (low impact) to 5 (severe impact), depending on the reputational risk to the company and potential

impact on stakeholders. The Index Provider excludes companies with a controversy rating higher than 4 from the Index. Additionally, eligible issuers must be deemed compliant with the principles of the UN Global Compact, which is an arrangement by which companies voluntarily and publicly commit to a set of principles drawn from key UN Conventions and Declarations. The Index is calculated under a “modified ESG Risk Rating Score-adjusted market capitalization-weighted” methodology, where constituents’ weightings are calculated and adjusted based on a formula that considers such constituents’ ESG Risk Rating Score and market capitalization. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 30.78%. On a net asset value (“NAV”) basis, the Fund returned 30.88%. During the same time period, the Index returned 31.07%. 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 Nasdaq Composite® Total Return Index (the “Benchmark Index”) returned 19.85%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be attributed to the Fund’s overweight allocation to and security selection within the information technology sector.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return during the period, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included NVIDIA Corp., an information technology company (portfolio average weight of 6.43%) and Microsoft Corp., an information technology company (portfolio average weight of 13.31%). Positions that detracted most significantly from the Fund’s return during the period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 2.46%) and PayPal Holdings, Inc., a financials company (portfolio average weight of 0.95%).

 

 

  4  

 


 

Invesco ESG NASDAQ 100 ETF (QQMG) (continued)

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Information Technology      58.96  
Communication Services      12.72  
Consumer Discretionary      11.21  
Health Care      6.16  
Consumer Staples      5.78  
Industrials      3.96  
Sector Types Each Less Than 3%      1.16  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Apple, Inc.      11.71  
Microsoft Corp.      11.03  
NVIDIA Corp.      9.94  
Amazon.com, Inc.      3.28  
Alphabet, Inc., Class C      3.06  
Alphabet, Inc., Class A      3.04  
Tesla, Inc.      2.98  
Broadcom, Inc.      2.86  
Adobe, Inc.      2.79  
Cisco Systems, Inc.      2.61  
Total      53.3  

 

*

Excluding money market fund holdings.

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

                Fund Inception  
Index   1 Year     Average
Annualized
    Cumulative  
Nasdaq-100® ESG Index     31.07       2.25     4.20
Nasdaq Composite® Total Return Index     19.85         (3.54     (6.43
Fund        
NAV Return     30.88         2.08       3.88  
Market Price Return     30.78         1.99       3.71  

 

 

 

  5  

 


 

Invesco ESG NASDAQ 100 ETF (QQMG) (continued)

 

Fund Inception: October 27, 2021

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, 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 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  6  

 


 

 

QQJG    Management’s Discussion of Fund Performance
   Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

 

As an index fund, the Invesco ESG NASDAQ Next Gen 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Nasdaq Next Generation 100 ESG 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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of companies included in the Nasdaq Next Generation 100 Index® (the “Parent Index”) that also meet the Index Provider’s environmental, social and governance (“ESG”) criteria. The Parent Index is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the Nasdaq-100 Index® (the “Nasdaq-100”) based on market capitalization. To be eligible for inclusion in the Parent Index, a security must meet the existing eligibility criteria of the Nasdaq-100, an index that measures the performance of 100 of the largest domestic and international nonfinancial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting the Nasdaq-100 eligibility criteria are ranked by market capitalization, with the largest 100 securities not currently in the Nasdaq-100 selected for inclusion in the Parent Index. Security types generally eligible for inclusion in the Parent Index are common stocks and tracking stocks of companies located in the United States, as well as American Depositary Receipts (“ADRs”) that represent securities of non-U.S. issuers. The Parent Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Parent Index. Companies that are included in the Parent Index are evaluated for inclusion in the Index on the basis of the Index Provider’s ESG criteria, which considers a company’s (i) business activities, business controversy levels and ESG risk ratings, and (iii) adherence to the principles of the United Nations Global Compact.

The Index employs negative screens to exclude securities of companies with business activities that do not meet the eligibility criteria for the Index. Such screens rely on information from Sustainalytics, a globally-recognized independent provider of ESG research, ratings, and data. Companies’ business activities are distinguished between categories with absolute prohibitions (which do not allow any involvement by a company in a certain business activity) and categories that permit a de minimis amount of a certain business activity (generally, permitting a company to derive less than 5% of its revenues from, or to own less than 10% of another company that engages in, such activity). The Index Provider also utilizes information from Sustainalytics to determine issuers’ business controversy levels and ESG Risk Rating Score. The ESG Risk Rating Score is designed to measure the magnitude of a company’s unmanaged ESG risk. Companies are assigned risk scores ranging from 0 (indicating that ESG risks have been fully

managed) to 100 (indicating the highest level of unmanaged ESG risk), and the Index Provider excludes companies with an ESG risk rating of 40 or higher from the Index. Sustainalytics also monitors companies for controversies pertaining to ESG and assesses incidents in terms of their level of impact on the environment and society and the related risk to the company itself. Such events are scored on a scale from 1 (low impact) to 5 (severe impact), depending on the reputational risk to the company and potential impact on stakeholders. The Index Provider excludes companies with a controversy rating higher than 4 from the Index. Additionally, eligible issuers must be deemed compliant with the principles of the UN Global Compact, which is an arrangement by which companies voluntarily and publicly commit to a set of principles drawn from key UN Conventions and Declarations. The Index is calculated under a “modified ESG Risk Rating Score-adjusted market capitalization-weighted” methodology, where constituents’ weightings are calculated and adjusted based on a formula that considers such constituents’ ESG Risk Rating Score and market capitalization. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 7.10%. On a net asset value (“NAV”) basis, the Fund returned 7.16%. During the same time period, the Index returned 7.35%. 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 Nasdaq Composite® Total Return Index (the “Benchmark Index”) returned 19.85%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Benchmark Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the information technology and communication services sectors, respectively.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and consumer discretionary sectors, respectively. The communication services sector detracted most significantly from the Fund’s return during the period, followed by the financials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Coca-Cola Europacific Partners PLC, a consumer staples company (portfolio

 

 

  7  

 


 

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG) (continued)

 

average weight of 2.86%) and CDW Corp., an information technology company (portfolio average weight of 3.26%). Positions that detracted most significantly from the Fund’s return during the period included ZoomInfo Technologies, Inc., Class A, a communication services company (portfolio average weight of 0.85%) and Paramount Global, Class B, a communication services company (portfolio average weight of 1.22%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Information Technology      41.25  
Health Care      19.16  
Consumer Discretionary      12.01  
Industrials      11.93  
Communication Services      10.85  
Consumer Staples      3.06  
Sector Types Each Less Than 3%      1.64  
Money Market Funds Plus Other Assets Less Liabilities      0.10  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
CDW Corp.      3.50  
Coca-Cola Europacific Partners PLC      3.06  
ICON PLC      2.52  
Take-Two Interactive Software, Inc.      2.49  
Tractor Supply Co.      2.30  
MongoDB, Inc.      2.02  
Ulta Beauty, Inc.      2.02  
J.B. Hunt Transport Services, Inc.      1.98  
Monolithic Power Systems, Inc.      1.90  
Expeditors International of Washington, Inc.      1.74  
Total      23.53  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

                Fund Inception  
Index   1 Year     Average
Annualized
    Cumulative  
Nasdaq Next Generation 100 ESG Index®     7.35       (9.78 )%      (17.29 )% 
Nasdaq Composite® Total Return Index     19.85         (3.54     (6.43
Fund        
NAV Return     7.16         (9.96     (17.59
Market Price Return     7.10         (9.98     (17.62

 

Fund Inception: October 27, 2021

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, 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 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  9  

 


 

 

QQQM    Management’s Discussion of Fund Performance
   Invesco NASDAQ 100 ETF (QQQM)

 

As an index fund, the Invesco NASDAQ 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ-100 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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which includes securities of 100 of the largest domestic and international nonfinancial companies listed on The Nasdaq Stock Market LLC based on market capitalization. Security types generally eligible for inclusion in the Index are common stocks and tracking stocks, as well as American Depositary Receipts (“ADRs”) that represent securities of non-U.S. issuers. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Index.

The Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. The Index weights its component securities using a “modified market capitalization- weighted” methodology, which is a hybrid between equal weighting and conventional capitalization weighting. Under this methodology, no component security may exceed 24% of the weight of the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 27.11%. On a net asset value (“NAV”) basis, the Fund returned 27.26%. During the same time period, the Index returned 27.44%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Nasdaq Composite® Total Return Index returned 19.85% and the Russell 3000® Index returned 14.76% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 3,400 securities and 3,000 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Nasdaq Composite® Total Return Index, the majority of the Fund’s outperformance during the period can be attributed to the Fund’s overweight allocation to and security selection within the information technology sector as well as to the Fund’s underweight allocation to and security selection within the health care sector.

Relative to the Russell 3000® Index, the majority of the Fund’s outperformance during the period can be attributed to the Fund’s overweight allocation to and security selection within the information technology sector.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return during the period, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included NVIDIA Corp., an information technology company (portfolio average weight of 4.41%) and Microsoft Corp., an information technology company (portfolio average weight of 11.54%). Positions that detracted most significantly from the Fund’s return during the period included Tesla, Inc., a consumer discretionary company (portfolio average weight of 3.63%) and PayPal Holdings, Inc., a financials company (portfolio average weight of 0.72%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Information Technology      49.35  
Communication Services      15.71  
Consumer Discretionary      14.05  
Health Care      6.97  
Consumer Staples      6.42  
Industrials      4.82  
Sector Types Each Less Than 3%      2.56  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Apple, Inc.      11.30  
Microsoft Corp.      9.32  
Amazon.com, Inc.      5.42  
NVIDIA Corp.      4.66  
Meta Platforms, Inc., Class A      3.51  
Broadcom, Inc.      3.16  
Tesla, Inc.      3.13  
Alphabet, Inc., Class A      3.09  
Alphabet, Inc., Class C      3.09  
Adobe, Inc.      2.10  
Total      48.78  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

Invesco NASDAQ 100 ETF (QQQM) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

                Fund Inception  
Index   1 Year     Average
Annualized
    Cumulative  
Nasdaq-100® Index     27.44       9.91     31.29
Nasdaq Composite® Total Return Index     19.85         6.83       20.98  
Russell 3000® Index     14.76         9.76       30.79  
Fund        
NAV Return     27.26         9.76       30.77  
Market Price Return     27.11         9.72       30.64  

 

Fund Inception: October 13, 2020

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 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  11  

 


 

 

QQQS    Management’s Discussion of Fund Performance
   Invesco NASDAQ Future Gen 200 ETF (QQQS)

 

As an index fund, the Invesco NASDAQ Future Gen 200 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ Innovators Completion Cap IndexTM (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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of securities of approximately 200 Nasdaq-listed, non-financial companies outside of the Nasdaq-100 Index® and Nasdaq Next Generation 100 Index® that have the most valuable portfolios of patents relative to their total market values, as estimated by a third-party data provider.

Securities are selected for inclusion in the Index based on the estimated value of their issuers’ patent portfolios, as determined by IPR Strategies, an independent data provider. IPR Strategies seeks to determine the potential value of an issuer by quantifying such issuer’s intangible assets, such as its intellectual property and research and development activities, as represented by patents held by such issuer. To value a company’s patent portfolio, IPR Strategies utilizes a proprietary valuation model that takes into account patent data collected from multiple sources, including patent offices and corporate filings, as well as a variety of other economic data, including actual values from previously traded patents. The model then determines a “patent value estimate,” which represents the estimated dollar value of the portfolio of patents held by an issuer.

To be eligible for inclusion in the Index, a security must be a member of the Nasdaq Composite (a broad-based, capitalization-weighted index of all stocks listed on the Nasdaq Stock Market LLC) and must, among other criteria at the time of screening, have (i) traded for at least three calendar months, (ii) a minimum full market capitalization of $100 million, and (iii) a minimum average daily trading volume of $1 million. The Index excludes securities of issuers included in the Nasdaq-100 Index® (an index that measures the performance of 100 of the largest Nasdaq-listed non-financial companies by market capitalization) and the Nasdaq Next Generation 100 Index® (an index that measures the performance of the 100 largest Nasdaq-listed companies outside of the Nasdaq-100 Index® based on market capitalization). Securities eligible for inclusion in the Index may be of any capitalization (subject to the minimum $100 million threshold noted above), including small- and mid-cap companies. The Index may include companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark.

All eligible issuers are ranked by the ratio of the company’s patent value estimate (as determined by IPR Strategies) to its market capitalization, and the securities of the 200 issuers with the largest ratios (i.e., those with larger patent portfolio values relative

to their market capitalization) are included in the Index. The Index is an equally weighted index. “Equal weighting” means that the Index assigns each component security the same weight.

Security types generally eligible for inclusion in the Index include common stocks and American Depositary Receipts (“ADRs”) that represent securities of non-U.S. issuers. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal period from the Fund’s inception (October 13, 2022, the first day of trading on the exchange) through August 31, 2023, on a market price basis, the Fund returned 4.01%. On a net asset value (“NAV”) basis, the Fund returned 4.09%. During the same time period, the Index returned 4.10%. During the fiscal period, 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 operating expenses that the Fund incurred during the period, which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Nasdaq Composite® Total Return Index returned 32.87% and the Russell 2000® Index returned 11.44% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 3,400 securities and 2,000 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Nasdaq Composite® Total Return Index, the majority of the Fund’s underperformance during the period can be attributed to the overweight allocation to and security selection within the health care sector and to security selection within the information technology sector.

Relative to the Russell 2000® Index, the majority of the Fund’s underperformance during the period can be attributed to the overweight allocation to and security selection within the health care sector.

For the fiscal period ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and energy sectors, respectively. The materials sector detracted most significantly from the Fund’s return during the period, followed by the consumer discretionary and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2023, included ImmunoGen, Inc., a health care company (portfolio average

 

 

  12  

 


 

Invesco NASDAQ Future Gen 200 ETF (QQQS) (continued)

 

weight of 0.73%) and Madrigal Pharmaceuticals, Inc., a health care company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return during the period included Amyris, Inc., a materials company (no longer held at fiscal period-end) and NGM Biopharmaceuticals, Inc., a health care company (portfolio average weight of 0.37%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Health Care      53.44  
Information Technology      28.81  
Consumer Discretionary      8.35  
Industrials      5.12  
Sector Types Each Less Than 3%      4.23  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
SurModics, Inc.      1.07  
Aehr Test Systems      0.83  
Interface, Inc.      0.80  
Twist Bioscience Corp.      0.78  
Heron Therapeutics, Inc.      0.77  
Sleep Number Corp.      0.75  
MillerKnoll, Inc.      0.75  
Corcept Therapeutics, Inc.      0.75  
Roku, Inc., Class A      0.74  
Quanterix Corp.      0.72  
Total      7.96  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

    Fund Inception  
Index   Cumulative  
Nasdaq Innovators Completion Cap Index     4.10
Nasdaq Composite® Total Return Index     32.87  
Russell 2000® Index     11.44  
Fund  
NAV Return     4.09  
Market Price Return     4.01  

 

 

  13  

 


 

Invesco NASDAQ Future Gen 200 ETF (QQQS) (continued)

 

Fund Inception: October 13, 2022

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 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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:

 

-

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

 

 

  14  

 


 

 

QQQJ    Management’s Discussion of Fund Performance
   Invesco NASDAQ Next Gen 100 ETF (QQQJ)

 

As an index fund, the Invesco NASDAQ Next Gen 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ Next Generation 100 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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the NASDAQ-100 Index® (the “NASDAQ-100”) based on market capitalization.

To be eligible for inclusion in the Index, a security must meet the existing eligibility criteria of the NASDAQ-100, an index that measures the performance of 100 of the largest domestic and international nonfinancial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting the NASDAQ-100 eligibility criteria are ranked by market capitalization, with approximately the largest 100 securities not currently in the NASDAQ-100 selected for inclusion in the Index.

Security types generally eligible for inclusion in the Index are common stocks and tracking stocks, as well as American Depositary Receipts (“ADRs”) that represent securities of non-U.S. issuers. The Index may include companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. The Index may include Nasdaq-listed securities of both U.S. and foreign companies, including foreign companies located in emerging market countries. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Index.

The Index weights its component securities using a “modified market capitalization-weighted” methodology, which is a hybrid between equal weighting and conventional capitalization weighting. Under this methodology, no issuer may exceed 4% of the weight of the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2023, on a market price basis, the Fund returned 6.57%. On a net asset value (“NAV”) basis, the Fund returned 6.70%. During the same time period, the Index returned 6.83%. 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 Nasdaq Composite® Total Return Index returned 19.85% and the Russell 3000® Index returned 14.76% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged

indices weighted by market capitalization and based on the average performance of approximately 3,400 securities and 3,000 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Nasdaq Composite® Total Return Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the information technology and communication services sectors, respectively.

Relative to the Russell 3000® Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the information technology and communication services sectors, respectively.

For the fiscal year ended August 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the industrials and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return during the period, followed by the financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Horizon Therapeutics PLC, a health care company (portfolio average weight of 1.68%) and ON Semiconductor Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included ZoomInfo Technologies, Inc., Class A, a communication services company (portfolio average weight of 0.89%) and SolarEdge Technologies, Inc., an information technology company (portfolio average weight of 1.17%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Information Technology      33.73  
Health Care      24.02  
Industrials      13.13  
Consumer Discretionary      10.64  
Communication Services      10.14  
Sector Types Each Less Than 3%      8.25  
Money Market Funds Plus Other Assets Less Liabilities      0.09  

 

 

  15  

 


 

Invesco NASDAQ Next Gen 100 ETF (QQQJ) (continued)

 

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Coca-Cola Europacific Partners PLC      2.16  
CDW Corp.      2.09  
MongoDB, Inc.      1.98  
Horizon Therapeutics PLC      1.90  
Monolithic Power Systems, Inc.      1.82  
Alnylam Pharmaceuticals, Inc.      1.81  
Take-Two Interactive Software, Inc.      1.77  
Tractor Supply Co.      1.76  
VeriSign, Inc.      1.59  
ICON PLC      1.57  
Total      18.45  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2023

 

                Fund Inception  
Index   1 Year     Average
Annualized
    Cumulative  
Nasdaq Next Generation 100 Index®     6.83       0.17     0.50
Nasdaq Composite® Total Return Index     19.85         6.83       20.98  
Russell 3000® Index     14.76         9.76       30.79  
Fund        
NAV Return     6.70         0.03       0.09  
Market Price Return     6.57         (0.07     (0.21

 

 

 

  16  

 


 

Invesco NASDAQ Next Gen 100 ETF (QQQJ) (continued)

 

Fund Inception: October 13, 2020

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 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  17  

 


 

 

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 24, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

 

   18   

 

 

 

 


 

Invesco ESG NASDAQ 100 ETF (QQMG)

August 31, 2023

Schedule of Investments(a)

 

        Shares    Value  

Common Stocks & Other Equity Interests-99.95%

 

Communication Services-12.72%

 

Alphabet, Inc., Class A(b)

     4,044      $ 550,671  

Alphabet, Inc., Class C(b)

     4,028       553,246  

Charter Communications, Inc., Class A(b)

     174       76,233  

Comcast Corp., Class A.

     5,158       241,188  

Electronic Arts, Inc.

     585       70,188  

Meta Platforms, Inc., Class A(b)

     893       264,230  

Netflix, Inc.(b)(c)

     768       333,066  

Sirius XM Holdings, Inc.(c)

     6,735       29,634  

T-Mobile US, Inc.(b)

     1,350       183,938  
    

 

 

 
        2,302,394  
    

 

 

 

Consumer Discretionary-11.21%

 

Airbnb, Inc., Class A(b)

     514       67,617  

Amazon.com, Inc.(b)

     4,296       592,891  

Booking Holdings, Inc.(b)

     49       152,146  

eBay, Inc.

     871       39,003  

JD.com, Inc., ADR (China)

     480       15,941  

Lucid Group, Inc.(b)(c)

     2,535       15,920  

lululemon athletica, inc.(b)

     206       78,540  

Marriott International, Inc., Class A

     414       84,253  

MercadoLibre, Inc. (Brazil)(b)

     62       85,086  

O’Reilly Automotive, Inc.(b)(c)

     125       117,462  

PDD Holdings, Inc., ADR (China)(b)

     478       47,308  

Ross Stores, Inc.

     543       66,143  

Starbucks Corp.

     1,305       127,159  

Tesla, Inc.(b)(c)

     2,087       538,613  
    

 

 

 
        2,028,082  
    

 

 

 

Consumer Staples-5.78%

    

Costco Wholesale Corp.

     534       293,316  

Dollar Tree, Inc.(b)(c)

     401       49,066  

Keurig Dr Pepper, Inc.

     1,717       57,777  

Kraft Heinz Co. (The)

     523       17,306  

Mondelez International, Inc., Class A

     1,798       128,125  

Monster Beverage Corp.(b)

     817       46,904  

PepsiCo, Inc.

     2,337       415,799  

Walgreens Boots Alliance, Inc.(c)

     1,493       37,788  
    

 

 

 
        1,046,081  
    

 

 

 

Financials-0.66%

 

PayPal Holdings, Inc.(b)

     1,913       119,582  
    

 

 

 

Health Care-6.16%

 

Align Technology, Inc.(b)(c)

     118       43,677  

Amgen, Inc.

     709       181,745  

AstraZeneca PLC, ADR (United Kingdom)

     755       51,204  

Biogen, Inc.(b)

     190       50,798  

DexCom, Inc.(b)

     460       46,451  

Gilead Sciences, Inc.

     1,571       120,150  

IDEXX Laboratories, Inc.(b)

     130       66,483  

Illumina, Inc.(b)

     334       55,183  

Intuitive Surgical, Inc.(b)

     487       152,275  

Moderna, Inc.(b)(c)

     471       53,256  

Regeneron Pharmaceuticals, Inc.(b)

     172       142,156  

Seagen, Inc.(b)

     181       37,299  

Vertex Pharmaceuticals, Inc.(b)

     325       113,211  
    

 

 

 
       1,113,888  
    

 

 

 
        Shares      Value  

Industrials-3.96%

    

Automatic Data Processing, Inc.

     795      $ 202,415  

Cintas Corp.

     164       82,684  

Copart, Inc.(b)

     1,554       69,666  

CSX Corp.

     2,744       82,869  

Fastenal Co.

     576       33,166  

Old Dominion Freight Line, Inc.

     188       80,346  

PACCAR, Inc.

     465       38,265  

Paychex, Inc.

     614       75,049  

Verisk Analytics, Inc.

     219       53,046  
    

 

 

 
       717,506  
    

 

 

 

Information Technology-58.96%

    

Adobe, Inc.(b)

     903       505,084  

Advanced Micro Devices, Inc.(b)

     2,291       242,205  

ANSYS, Inc.(b)

     170       54,208  

Apple, Inc.(c)

     11,283       2,119,737  

Applied Materials, Inc.

     1,679       256,484  

ASML Holding N.V., New York Shares (Netherlands)

     197       130,124  

Atlassian Corp., Class A(b)

     219       44,689  

Autodesk, Inc.(b)

     375       83,228  

Broadcom, Inc.

     561       517,741  

Cadence Design Systems, Inc.(b)

     559       134,406  

Cisco Systems, Inc.

     8,247       472,965  

Cognizant Technology Solutions Corp., Class A

     962       68,889  

Crowdstrike Holdings, Inc., Class A(b)

     269       43,855  

Datadog, Inc., Class A(b)

     397       38,303  

Enphase Energy, Inc.(b)

     182       23,029  

Fortinet, Inc.(b)

     1,221       73,516  

GLOBALFOUNDRIES, Inc.(b)(c)

     971       53,648  

Intel Corp.

     6,464       227,145  

Intuit, Inc.

     485       262,778  

KLA Corp.

     229       114,928  

Lam Research Corp.

     263       184,731  

Marvell Technology, Inc.

     1,434       83,531  

Microchip Technology, Inc.

     324       26,516  

Micron Technology, Inc.

     1,726       120,716  

Microsoft Corp.

     6,090       1,996,058  

NVIDIA Corp.

     3,645       1,798,990  

NXP Semiconductors N.V. (China)

     361       74,265  

ON Semiconductor Corp.(b)

     548       53,956  

Palo Alto Networks, Inc.(b)

     586       142,574  

QUALCOMM, Inc.

     2,032       232,725  

Synopsys, Inc.(b)

     296       135,831  

Texas Instruments, Inc.

     1,255       210,915  

Workday, Inc., Class A(b)

     347       84,842  

Zoom Video Communications, Inc., Class A(b)

     378       26,849  

Zscaler, Inc.(b)(c)

     199       31,054  
    

 

 

 
       10,670,515  
    

 

 

 

Real Estate-0.24%

    

CoStar Group, Inc.(b)

     537       44,029  
    

 

 

 

Utilities-0.26%

    

Exelon Corp.

     1,192       47,823  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $17,260,518)

 

    18,089,900  
    

 

 

 

 

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

 

   19   

 

 

 

 


 

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

August 31, 2023

 

        Shares    Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-18.02%

 

Invesco Private Government Fund,
5.30%(d)(e)(f)

     857,889      $ 857,889  

Invesco Private Prime Fund, 5.51%(d)(e)(f)

     2,404,298       2,404,298  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,262,197)

 

    3,262,187  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-117.97%
(Cost $20,522,715)

 

    21,352,087  

OTHER ASSETS LESS LIABILITIES-(17.97)%

       (3,253,157
    

 

 

 

NET ASSETS-100.00%

     $ 18,098,930  
    

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

 

     Value
August 31,  2022
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
August 31, 2023
   Dividend
Income
Investments in Affiliated Money Market Funds:                                

Invesco Government & Agency Portfolio,

Institutional Class

     $ -      $ 147,362      $ (147,362 )     $ -     $ -     $ -      $ 263

Investments Purchased with Cash Collateral

from Securities on Loan:

                               
Invesco Private Government Fund        20,569        3,008,807        (2,171,487 )       -       -       857,889        4,432 *
Invesco Private Prime Fund        52,891        6,776,748        (4,425,306 )       (10 )       (25 )       2,404,298        11,634 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 73,460      $ 9,932,917      $ (6,744,155 )     $ (10 )     $ (25 )     $ 3,262,187      $ 16,329
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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, 2023.

(f) 

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

 

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

 

   20   

 

 

 

 


 

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

August 31, 2023

Schedule of Investments(a)

 

        Shares    Value  

Common Stocks & Other Equity Interests-99.90%

 

Communication Services-10.85%

 

 

Fox Corp., Class A

     873      $ 28,861  

Fox Corp., Class B

     765       23,348  

Liberty Broadband Corp., Class A(b)

     38       3,558  

Liberty Broadband Corp., Class C(b)

     269       25,168  

Liberty Global PLC, Class A
(United Kingdom)(b)

     330       6,085  

Liberty Global PLC, Class C
(United Kingdom)(b)(c)

     517       10,257  

Liberty Media Corp.-Liberty Formula One(b)

     518       35,633  

Liberty Media Corp.-Liberty Live, Series C(b)

     21       707  

Match Group, Inc.(b)

     699          32,762  

News Corp., Class A

     1,298       27,894  

News Corp., Class B

     656       14,432  

Paramount Global, Class B(c)

     1,809       27,298  

Take-Two Interactive Software, Inc.(b)

     524       74,513  

ZoomInfo Technologies, Inc., Class A(b)

     825       14,867  
    

 

 

 
       325,383  
    

 

 

 

Consumer Discretionary-12.01%

    

Etsy, Inc.(b)

     271       19,938  

Expedia Group, Inc.(b)

     211       22,870  

Five Below, Inc.(b)(c)

     143       24,590  

Hasbro, Inc.

     546       39,312  

LKQ Corp.

     927       48,695  

Pool Corp.(c)

     127       46,431  

Tractor Supply Co.

     315       68,828  

Trip.com Group Ltd., ADR (China)(b)

     734       28,854  

Ulta Beauty, Inc.(b)

     146       60,594  
    

 

 

 
       360,112  
    

 

 

 

Consumer Staples-3.06%

    

Coca-Cola Europacific Partners PLC (United Kingdom)

     1,433       91,869  
    

 

 

 

Financials-1.13%

 

 

Jack Henry & Associates, Inc.

     215       33,708  
    

 

 

 

Health Care-19.16%

 

 

Acadia Healthcare Co., Inc.(b)

     126       9,715  

Alnylam Pharmaceuticals, Inc.(b)(c)

     155       30,662  

Argenx SE, ADR (Netherlands)(b)

     27       13,567  

BeiGene Ltd., ADR (China)(b)(c)

     64       13,283  

BioMarin Pharmaceutical, Inc.(b)

     321       29,333  

BioNTech SE, ADR (Germany)(b)

     178       21,526  

Bio-Techne Corp.

     412       32,301  

Bruker Corp.

     339       22,238  

Henry Schein, Inc.(b)

     420       32,147  

Hologic, Inc.(b)

     442       33,035  

Horizon Therapeutics PLC(b)

     131       14,769  

ICON PLC(b)(c)

     291       75,642  

Incyte Corp.(b)

     435       28,071  

Insulet Corp.(b)

     126       24,155  

Jazz Pharmaceuticals PLC(b)

     105       15,053  

Karuna Therapeutics, Inc.(b)

     30       5,633  

Neurocrine Biosciences, Inc.(b)(c)

     177       19,273  

Novocure Ltd.(b)(c)

     125       2,757  

R1 RCM, Inc.(b)(c)

     806       13,895  

Repligen Corp.(b)(c)

     160       27,826  

Royalty Pharma PLC, Class A

     580       17,296  

Sanofi, ADR

     663       35,258  

Sarepta Therapeutics, Inc.(b)

     81       9,802  
        Shares    Value  

Health Care-(continued)

    

Shockwave Medical, Inc.(b)

     45     $ 9,918  

United Therapeutics Corp.(b)

     99       22,212  

Viatris, Inc.

     1,404       15,093  
    

 

 

 
       574,460  
    

 

 

 

Industrials-11.93%

    

American Airlines Group, Inc.(b)

     1,067       15,717  

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

     93       19,845  

C.H. Robinson Worldwide, Inc.

     287        25,953  

Expeditors International of Washington, Inc.(c)

     446       52,053  

Grab Holdings Ltd., Class A (Singapore)(b)

     7,456       28,109  

J.B. Hunt Transport Services, Inc.(c)

     316       59,370  

Lincoln Electric Holdings, Inc.

     125       24,057  

Middleby Corp. (The)(b)(c)

     62       9,027  

Nordson Corp.

     99       24,170  

Paylocity Holding Corp.(b)

     124       24,862  

SS&C Technologies Holdings, Inc.

     534       30,662  

Tetra Tech, Inc.

     138       21,714  

United Airlines Holdings, Inc.(b)

     444       22,116  
    

 

 

 
       357,655  
    

 

 

 

Information Technology-41.25%

    

Akamai Technologies, Inc.(b)

     426       44,768  

Amdocs Ltd.

     394       35,145  

Bentley Systems, Inc., Class B

     802       40,028  

CDW Corp.

     497       104,941  

Check Point Software Technologies Ltd.
(Israel)(b)

     244       32,840  

Cognex Corp.(c)

     567       26,694  

DocuSign, Inc.(b)

     516       25,955  

Entegris, Inc.

     356       36,052  

F5, Inc.(b)

     151       24,713  

First Solar, Inc.(b)

     274       51,819  

Flex Ltd.(b)

     1,791       49,414  

Gen Digital, Inc.

     1,770       35,842  

Logitech International S.A., Class R (Switzerland)(c)

     515       35,442  

Manhattan Associates, Inc.(b)

     166       33,635  

MongoDB, Inc.(b)

     159       60,627  

Monolithic Power Systems, Inc.

     109       56,812  

NetApp, Inc.

     631       48,398  

Okta, Inc.(b)(c)

     414       34,573  

Open Text Corp. (Canada)

     726       29,229  

PTC, Inc.(b)

     299       44,004  

Qorvo, Inc.(b)

     135       14,498  

Seagate Technology Holdings PLC(c)

     663       46,934  

Skyworks Solutions, Inc.

     230       25,010  

SolarEdge Technologies, Inc.(b)

     109       17,720  

Splunk, Inc.(b)

     359       43,532  

Teradyne, Inc.(c)

     448       48,326  

Trimble, Inc.(b)

     815       44,654  

VeriSign, Inc.(b)

     231       47,999  

Western Digital Corp.(b)

     1,095       49,275  

Zebra Technologies Corp., Class A(b)

     174       47,852  
    

 

 

 
       1,236,731  
    

 

 

 

Materials-0.51%

    

Steel Dynamics, Inc.

     142       15,136  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $3,193,145)

 

    2,995,054  
    

 

 

 

 

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

 

   21   

 

 

 

 


 

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

August 31, 2023

 

       Shares    Value  

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(d)(e)
(Cost $305)

    305      $ 305  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $3,193,450)

      2,995,359  
   

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-19.07%

 

Invesco Private Government Fund,
5.30%(d)(e)(f)

    160,121       160,121  
        Shares    Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund, 5.51%(d)(e)(f)

     411,740      $ 411,740  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $571,872)

 

    571,861  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-118.98%
(Cost $3,765,322)

 

    3,567,220  

OTHER ASSETS LESS LIABILITIES-(18.98)%

 

    (569,170
    

 

 

 

NET ASSETS-100.00%

 

  $ 2,998,050  
    

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

 

    

Value

August 31, 2022

  

Purchases

at Cost

  

Proceeds

from Sales

 

Change in

Unrealized

Appreciation

(Depreciation)

 

Realized

Gain

(Loss)

 

Value

August 31, 2023

   Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 279      $ 26,968      $ (26,942 )     $ -     $ -     $ 305      $ 52
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        38,307        2,221,333        (2,099,519 )       -       -       160,121        5,303 *
Invesco Private Prime Fund        98,504        4,446,477        (4,133,155 )       (14 )       (72 )       411,740        14,080 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 137,090      $ 6,694,778      $ (6,259,616 )     $ (14 )     $ (72 )     $ 572,166      $ 19,435
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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, 2023.

(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.

 

   22   

 

 

 

 


 

Invesco NASDAQ 100 ETF (QQQM)

August 31, 2023

Schedule of Investments(a)

 

         Shares    Value  

Common Stocks & Other Equity Interests-99.88%

 

Communication Services-15.71%

    

Alphabet, Inc., Class A(b)

     3,290,646      $ 448,087,266  

Alphabet, Inc., Class C(b)

     3,253,532       446,872,620  

Charter Communications, Inc.,
Class A(b)(c)

     178,823       78,345,933  

Comcast Corp., Class A

     4,940,820       231,032,743  

Electronic Arts, Inc.

     324,001       38,873,640  

Meta Platforms, Inc., Class A(b)(c)

     1,717,450       508,176,280  

Netflix, Inc.(b)(c)

     528,135       229,041,587  

Sirius XM Holdings, Inc.(c)

     4,595,186       20,218,818  

T-Mobile US, Inc.(b)(c)

     1,425,338       194,202,302  

Trade Desk, Inc. (The), Class A(b)(c)

     528,451       42,291,934  

Warner Bros Discovery, Inc.(b)

     2,893,904       38,025,899  
    

 

 

 
       2,275,169,022  
    

 

 

 

Consumer Discretionary-14.05%

    

Airbnb, Inc., Class A(b)

     489,984       64,457,395  

Amazon.com, Inc.(b)

     5,683,147       784,331,117  

Booking Holdings, Inc.(b)

     43,937       136,425,703  

eBay, Inc.

     635,167       28,442,778  

JD.com, Inc., ADR (China)

     539,334       17,911,282  

Lucid Group, Inc.(b)(c)

     2,699,670       16,953,928  

lululemon athletica, inc.(b)

     145,257       55,380,684  

Marriott International, Inc., Class A

     362,043       73,679,371  

MercadoLibre, Inc. (Brazil)(b)

     59,553       81,728,155  

O’Reilly Automotive, Inc.(b)

     72,370       68,006,089  

PDD Holdings, Inc., ADR (China)(b)(c)

     725,371       71,789,968  

Ross Stores, Inc.

     406,404       49,504,071  

Starbucks Corp.

     1,361,756       132,689,505  

Tesla, Inc.(b)(c)

     1,755,487       453,056,085  
    

 

 

 
       2,034,356,131  
    

 

 

 

Consumer Staples-6.42%

    

Costco Wholesale Corp.

     526,908       289,420,026  

Dollar Tree, Inc.(b)(c)

     261,771       32,030,300  

Keurig Dr Pepper, Inc.(c)

     1,667,530       56,112,384  

Kraft Heinz Co. (The)

     1,457,733       48,236,385  

Mondelez International, Inc., Class A

     1,617,806       115,284,856  

Monster Beverage Corp.(b)

     1,243,293       71,377,451  

PepsiCo, Inc.

     1,636,618       291,187,075  

Walgreens Boots Alliance, Inc.(c)

     1,024,901       25,940,244  
    

 

 

 
       929,588,721  
    

 

 

 

Energy-0.53%

    

Baker Hughes Co., Class A

     1,202,554       43,520,429  

Diamondback Energy, Inc.

     215,099       32,647,726  
    

 

 

 
       76,168,155  
    

 

 

 

Financials-0.57%

    

PayPal Holdings, Inc.(b)

     1,325,304       82,844,753  
    

 

 

 

Health Care-6.97%

 

 

Align Technology, Inc.(b)(c)

     90,947       33,663,123  

Amgen, Inc.

     634,691       162,696,691  

AstraZeneca PLC, ADR (United Kingdom)

     703,028       47,679,359  

Biogen, Inc.(b)

     171,837       45,942,340  

DexCom, Inc.(b)

     460,393       46,490,485  

GE HealthCare Technologies, Inc.(c)

     540,111       38,050,820  

Gilead Sciences, Inc.

     1,481,704       113,320,722  
         Shares    Value  

Health Care-(continued)

    

IDEXX Laboratories, Inc.(b)

     98,692      $ 50,472,076  

Illumina, Inc.(b)

     187,770       31,023,359  

Intuitive Surgical, Inc.(b)

     416,304       130,169,935  

Moderna, Inc.(b)(c)

     452,920       51,211,664  

Regeneron Pharmaceuticals, Inc.(b)

     128,217       105,970,068  

Seagen, Inc.(b)

     222,754       45,902,917  

Vertex Pharmaceuticals, Inc.(b)

     305,978       106,584,377  
    

 

 

 
       1,009,177,936  
    

 

 

 

Industrials-4.82%

    

Automatic Data Processing, Inc.

     490,814       124,966,153  

Cintas Corp.

     120,817       60,912,307  

Copart, Inc.(b)

     1,134,344       50,852,642  

CSX Corp.

     2,415,008       72,933,242  

Fastenal Co.

     678,375       39,060,832  

Honeywell International, Inc.

     790,776       148,618,441  

Old Dominion Freight Line, Inc.

     130,258       55,668,361  

PACCAR, Inc.

     620,846       51,089,417  

Paychex, Inc.

     428,251       52,345,120  

Verisk Analytics, Inc.

     171,894       41,636,165  
    

 

 

 
       698,082,680  
    

 

 

 

Information Technology-49.35%

    

Adobe, Inc.(b)(c)

     544,796       304,726,195  

Advanced Micro Devices, Inc.(b)

     1,912,874       202,229,039  

Analog Devices, Inc.

     595,643       108,275,984  

ANSYS, Inc.(b)

     102,933       32,822,246  

Apple, Inc.

     8,712,018       1,636,726,822  

Applied Materials, Inc.

     997,509       152,379,475  

ASML Holding N.V., New York Shares (Netherlands)

     104,215       68,837,134  

Atlassian Corp., Class A(b)(c)

     180,339       36,799,976  

Autodesk, Inc.(b)

     254,322       56,444,225  

Broadcom, Inc.

     495,223       457,036,354  

Cadence Design Systems, Inc.(b)

     323,969       77,895,106  

Cisco Systems, Inc.

     4,840,817       277,620,855  

Cognizant Technology Solutions Corp., Class A

     602,890       43,172,953  

Crowdstrike Holdings, Inc., Class A(b)(c)

     266,326       43,419,128  

Datadog, Inc., Class A(b)(c)

     351,983       33,959,320  

Enphase Energy, Inc.(b)(c)

     162,707       20,587,317  

Fortinet, Inc.(b)

     932,698       56,157,747  

GLOBALFOUNDRIES, Inc.(b)(c)

     650,706       35,951,506  

Intel Corp.(c)

     4,954,733       174,109,318  

Intuit, Inc.

     332,743       180,283,485  

KLA Corp.

     162,887       81,748,099  

Lam Research Corp.

     159,553       112,070,027  

Marvell Technology, Inc.

     1,021,659       59,511,637  

Microchip Technology, Inc.

     647,956       53,028,719  

Micron Technology, Inc.

     1,300,118       90,930,253  

Microsoft Corp.

     4,118,464       1,349,867,761  

NVIDIA Corp.

     1,368,147       675,248,952  

NXP Semiconductors N.V. (China)

     308,519       63,468,529  

ON Semiconductor Corp.(b)

     513,001       50,510,078  

Palo Alto Networks, Inc.(b)

     363,321       88,395,999  

QUALCOMM, Inc.

     1,323,297       151,557,205  

Synopsys, Inc.(b)

     180,660       82,903,067  

Texas Instruments, Inc.

     1,078,249       181,210,527  

Workday, Inc., Class A(b)

     244,646       59,815,947  

 

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

 

   23   

 

 

 

 


 

Invesco NASDAQ 100 ETF (QQQM)–(continued)

August 31, 2023

 

         Shares    Value  

Information Technology-(continued)

 

Zoom Video Communications, Inc., Class A(b)

     298,014      $ 21,167,934  

Zscaler, Inc.(b)(c)

     172,495       26,917,845  
    

 

 

 
       7,147,786,764  
    

 

 

 

Real Estate-0.27%

 

CoStar Group, Inc.(b)

     485,278       39,787,943  
    

 

 

 

Utilities-1.19%

 

American Electric Power Co., Inc.

     611,593       47,948,891  

Constellation Energy Corp.

     385,284       40,131,182  

Exelon Corp.

     1,181,477       47,400,857  

Xcel Energy, Inc.

     653,723       37,347,195  
    

 

 

 
       172,828,125  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $13,022,251,549)

 

    14,465,790,230  
    

 

 

 

Money Market Funds-0.04%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.25%(d)(e)
(Cost $5,153,075)

     5,153,075       5,153,075  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $13,027,404,624)

 

    14,470,943,305  
    

 

 

 
         Shares    Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.39%

 

Invesco Private Government Fund,
5.30%(d)(e)(f)

     91,268,225      $ 91,268,225  

Invesco Private Prime Fund,
5.51%(d)(e)(f)

     254,782,461       254,782,461  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $346,050,686)

 

    346,050,686  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.31%
(Cost $13,373,455,310)

 

    14,816,993,991  

OTHER ASSETS LESS LIABILITIES-(2.31)%

 

    (334,085,693
    

 

 

 

NET ASSETS-100.00%.

 

  $ 14,482,908,298  
    

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.

 

       

Value

August 31, 2022

      Purchases
at Cost
 

Proceeds

from Sales

 

Change in

Unrealized

Appreciation

(Depreciation)

  Realized
Gain
(Loss)
 

Value

August 31, 2023

  Dividend
Income
Investments in Affiliated Money Market Funds:                                                    
Invesco Government & Agency Portfolio, Institutional Class           $  3,899,314           $  79,596,782     $    (78,343,021)           $  -           $  -         $  5,153,075         $  69,499

 

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

 

   24   

 

 

 

 


 

Invesco NASDAQ 100 ETF (QQQM)–(continued)

August 31, 2023

 

       

Value

August 31, 2022

      Purchases
at Cost
 

Proceeds

from Sales

 

Change in

Unrealized

Appreciation

(Depreciation)

  Realized
Gain
(Loss)
 

Value

August 31, 2023

  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                                    
Invesco Private Government Fund         $ 20,827,857         $ 1,150,567,191     $ (1,080,126,823 )           $ -         $ -         $ 91,268,225         $ 2,274,625 *
Invesco Private Prime Fund           53,557,349           2,376,018,179       (2,174,764,476 )           (3,138 )           (25,453 )           254,782,461           6,182,471 *
       

 

 

         

 

 

     

 

 

         

 

 

         

 

 

         

 

 

         

 

 

 
Total         $ 78,284,520         $ 3,606,182,152     $ (3,333,234,320 )         $ (3,138 )         $ (25,453 )         $ 351,203,761         $ 8,526,595
       

 

 

         

 

 

     

 

 

         

 

 

         

 

 

         

 

 

         

 

 

 

 

*

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

 

(e) 

The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

(f) 

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

 

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

 

   25   

 

 

 

 


 

Invesco NASDAQ Future Gen 200 ETF (QQQS)

August 31, 2023

Schedule of Investments(a)

 

         Shares    Value  

Common Stocks & Other Equity Interests-99.95%

 

Communication Services-2.47%

 

Bandwidth, Inc., Class A(b)

     2,949      $    42,377  

DISH Network Corp., Class A(b)(c)

     5,391       32,346  

EchoStar Corp., Class A(b)

     2,224       38,653  

Roku, Inc., Class A(b)(c)

     602       48,883  
    

 

 

 
       162,259  
    

 

 

 

Consumer Discretionary-8.35%

 

BRP, Inc.

     491       37,473  

Fossil Group, Inc.(b)

     17,285       36,644  

Garrett Motion, Inc. (Switzerland)(b)

     4,185       32,476  

Gentex Corp.(c)

     1,320       43,111  

Gentherm, Inc.(b)(c)

     630       37,932  

Goodyear Tire & Rubber Co. (The)(b)

     2,524       32,585  

GoPro, Inc., Class A(b)

     8,252       29,996  

Helen of Troy Ltd.(b)(c)

     365       44,866  

Newell Brands, Inc.

     4,226       44,711  

Purple Innovation, Inc.

     10,018       21,739  

Qurate Retail, Inc., Class A(b)

     42,283       32,769  

Sleep Number Corp.(b)(c)

     1,933       49,446  

Sonos, Inc.(b)(c)

     2,384       32,852  

Universal Electronics, Inc.(b)

     4,349       38,706  

Workhorse Group, Inc.(b)(c)

     41,721       32,885  
    

 

 

 
       548,191  
    

 

 

 

Energy-0.54%

 

Gevo, Inc.(b)(c)

     26,868       35,197  
    

 

 

 

Health Care-53.44%

 

Accuray, Inc.(b)(c)

     9,393       26,770  

Aclaris Therapeutics, Inc.(b)

     4,201       31,423  

Adaptimmune Therapeutics PLC, ADR(b)

     33,978       26,510  

Adaptive Biotechnologies Corp.(b)(c)

     5,041       34,128  

Agenus, Inc.(b)

     22,218       30,661  

Agios Pharmaceuticals, Inc.(b)(c)

     1,371       37,607  

Akebia Therapeutics, Inc.(b)

     33,325       46,322  

Alector, Inc.(b)

     4,657       25,381  

Alkermes PLC(b)

     1,215       35,466  

Alphatec Holdings, Inc.(b)(c)

     2,315       37,850  

Altimmune, Inc.(b)(c)

     8,578       21,702  

Amarin Corp. PLC, ADR (Ireland)(b)(c)

     29,623       31,104  

Amicus Therapeutics, Inc.(b)

     3,078       39,460  

AnaptysBio, Inc.(b)(c)

     1,816       35,739  

AngioDynamics, Inc.(b)

     3,708       29,775  

Anika Therapeutics, Inc.(b)

     1,279       22,830  

Apyx Medical Corp.(b)(c)

     5,475       25,513  

Arbutus Biopharma Corp.(b)

     13,920       28,258  

Ardelyx, Inc.(b)

     10,377       44,206  

Arrowhead Pharmaceuticals, Inc.(b)

     1,021       28,220  

AtriCure, Inc.(b)

     771       34,811  

Autolus Therapeutics PLC, ADR
(United Kingdom)(b)

     11,145       35,775  

Avadel Pharmaceuticals PLC, ADR(b)(c)

     2,505       33,843  

Axogen, Inc.(b)

     4,077       25,522  

Azenta, Inc.(b)(c)

     812       45,821  

Bicycle Therapeutics PLC, ADR
(United Kingdom)(b)

     1,446       31,436  

BioCryst Pharmaceuticals, Inc.(b)(c)

     4,192       29,805  

Bionano Genomics, Inc.(b)(c)

     5,009       19,335  
         Shares    Value  

Health Care-(continued)

 

Bluebird Bio, Inc.(b)(c)

     10,346      $    39,004  

Cara Therapeutics, Inc.(b)

     10,899       28,010  

Cerus Corp.(b)

     16,393       30,983  

Chimerix, Inc.(b)(c)

     25,116       28,632  

Cidara Therapeutics, Inc.(b)

     26,058       20,432  

Codexis, Inc.(b)

     15,867       27,609  

Coherus Biosciences, Inc.(b)(c)

     8,474       45,166  

Corcept Therapeutics, Inc.(b)

     1,495       48,931  

CorMedix, Inc.(b)

     7,205       29,324  

Corvus Pharmaceuticals, Inc.(b)

     11,401       24,170  

CytomX Therapeutics, Inc.(b)

     20,269       30,403  

DENTSPLY SIRONA, Inc.

     972       36,051  

Eagle Pharmaceuticals, Inc.(b)(c)

     1,671       28,323  

Editas Medicine, Inc.(b)(c)

     3,775       33,635  

Enanta Pharmaceuticals, Inc.(b)

     1,476       21,919  

Esperion Therapeutics, Inc.(b)(c)

     25,833       41,333  

Eyenovia, Inc.(b)

     12,203       23,064  

Fate Therapeutics, Inc.(b)(c)

     6,861       17,221  

FibroGen, Inc.(b)(c)

     2,008       1,928  

G1 Therapeutics, Inc.(b)(c)

     13,646       22,789  

Galera Therapeutics, Inc.(b)(c)

     11,291       2,371  

Geron Corp.(b)

     10,599       25,756  

Gritstone bio, Inc.(b)

     18,173       33,075  

Heron Therapeutics, Inc.(b)(c)

     30,790       50,496  

ICU Medical, Inc.(b)(c)

     200       29,006  

IGM Biosciences, Inc.(b)(c)

     2,876       20,563  

I-Mab, ADR (China)(b)(c)

     11,180       21,242  

ImmunoGen, Inc.(b)

     2,570       40,709  

InflaRx N.V. (Germany)(b)

     8,272       32,674  

Innoviva, Inc.(b)(c)

     2,570       32,767  

Inovio Pharmaceuticals, Inc.(b)

     57,899       26,049  

Integra LifeSciences Holdings Corp.(b)

     915       38,924  

Intercept Pharmaceuticals, Inc.(b)(c)

     3,290       35,631  

Ionis Pharmaceuticals, Inc.(b)(c)

     848       34,149  

Ironwood Pharmaceuticals, Inc.(b)

     3,184       28,019  

KalVista Pharmaceuticals, Inc.(b)(c)

     3,557       38,593  

Karyopharm Therapeutics, Inc.(b)(c)

     15,334       19,628  

Kodiak Sciences, Inc.(b)

     5,904       12,989  

Lexicon Pharmaceuticals, Inc.(b)(c)

     10,502       18,063  

Ligand Pharmaceuticals, Inc.(b)

     501       32,951  

LivaNova PLC(b)(c)

     793       44,051  

MacroGenics, Inc.(b)(c)

     7,509       34,992  

MannKind Corp.(b)(c)

     7,470       34,437  

Merit Medical Systems, Inc.(b)

     421       27,483  

Mersana Therapeutics, Inc.(b)

     4,608       5,115  

Merus N.V. (Netherlands)(b)

     1,616       36,150  

MiMedx Group, Inc.(b)

     5,917       43,904  

NanoString Technologies, Inc.(b)(c)

     5,883       15,060  

Nektar Therapeutics(b)

     59,746       35,549  

NGM Biopharmaceuticals, Inc.(b)(c)

     11,440       21,622  

Ocugen, Inc.(b)

     76,301       32,893  

Omeros Corp.(b)(c)

     5,593       19,352  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)

     83       0  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)

     83       0  

Omnicell, Inc.(b)

     473       26,895  

OPKO Health, Inc.(b)

     25,225       46,162  

 

 

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

 

   26   

 

 

 

 


 

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

August 31, 2023

 

         Shares    Value  

Health Care-(continued)

 

Oramed Pharmaceuticals, Inc. (Israel)(b)(c)

     8,580      $ 28,142  

OraSure Technologies, Inc.(b)

     6,892       44,522  

Orthofix Medical, Inc.(b)(c)

     1,854       39,231  

Pacific Biosciences of California, Inc.(b)

     2,800       31,584  

PDS Biotechnology Corp.(b)(c)

     3,619       21,244  

Phibro Animal Health Corp., Class A

     2,605       36,340  

ProQR Therapeutics N.V. (Netherlands)(b)

     19,919       31,671  

PTC Therapeutics, Inc.(b)

     826       32,627  

Quanterix Corp.(b)

     1,769       47,409  

Rigel Pharmaceuticals, Inc.(b)

     24,755       28,221  

Sangamo Therapeutics, Inc.(b)

     30,946       29,996  

Scilex Holding Co., Class C (Singapore)(b)

     2,541       7,292  

Selecta Biosciences, Inc.(b)(c)

     29,372       36,128  

Seres Therapeutics, Inc.(b)

     7,002       24,157  

SI-BONE, Inc.(b)(c)

     1,377       31,506  

SIGA Technologies, Inc.(c)

     6,178       28,357  

Supernus Pharmaceuticals, Inc.(b)

     1,046       33,305  

SurModics, Inc.(b)

     1,909       70,289  

Sutro Biopharma, Inc.(b)

     7,720       36,670  

Tactile Systems Technology, Inc.(b)

     1,650       31,267  

Theravance Biopharma, Inc.(b)(c)

     3,100       29,512  

Twist Bioscience Corp.(b)(c)

     2,316       50,929  

uniQure N.V. (Netherlands)(b)

     1,797       15,652  

Vanda Pharmaceuticals, Inc.(b)

     5,825       30,232  

Varex Imaging Corp.(b)(c)

     1,573       30,941  

Vaxart, Inc.(b)

     28,408       23,368  

Veradigm, Inc.(b)(c)

     2,943       39,377  

Verastem, Inc.(b)

     2,831       27,631  

Voyager Therapeutics, Inc.(b)

     3,044       30,501  

WaVe Life Sciences Ltd.(b)

     8,752       38,071  

X4 Pharmaceuticals, Inc.(b)

     17,077       21,859  

Xencor, Inc.(b)(c)

     1,278       28,090  
    

 

 

 
       3,507,641  
    

 

 

 

Industrials-5.12%

 

AeroVironment, Inc.(b)

     372       36,095  

Astronics Corp.(b)

     2,207       38,689  

Ballard Power Systems, Inc. (Canada)(b)(c)

     8,293       34,831  

Interface, Inc.

     5,060       52,270  

LSI Industries, Inc.

     2,979       46,919  

Matthews International Corp., Class A(c)

     900       37,962  

MillerKnoll, Inc.

     2,587       49,412  

SunPower Corp.(b)(c)

     3,270       23,413  

TPI Composites, Inc.(b)

     3,251       16,417  
    

 

 

 
       336,008  
    

 

 

 

Information Technology-28.81%

 

8x8, Inc.(b)(c)

     8,495       27,609  

Aehr Test Systems(b)(c)

     1,063       54,224  

Alpha & Omega Semiconductor Ltd.(b)

     1,269       40,037  

Amkor Technology, Inc.

     1,399       39,116  

Atomera, Inc.(b)

     3,775       24,009  

Aviat Networks, Inc.(b)

     1,131       39,856  

Axcelis Technologies, Inc.(b)

     224       43,042  

Bel Fuse, Inc., Class B

     706       36,924  

Cirrus Logic, Inc.(b)(c)

     447       36,672  

CommScope Holding Co., Inc.(b)

     8,433       28,166  

CommVault Systems, Inc.(b)

     498       34,018  

Comtech Telecommunications Corp.

     3,020       30,351  

Daktronics, Inc.(b)(c)

     5,584       46,682  

Digimarc Corp.(b)(c)

     1,124       36,800  
         Shares     Value  

Information Technology-(continued)

 

Dropbox, Inc., Class A(b)(c)

     1,525       $ 42,380  

Extreme Networks, Inc.(b)

     1,703        46,747  

FARO Technologies, Inc.(b)

     2,297        36,430  

GSI Technology, Inc.(b)

     6,047        18,806  

Himax Technologies, Inc., ADR (Taiwan)(c)

     5,036        30,770  

Hollysys Automation Technologies Ltd. (China)(b)

     2,199        41,429  

Immersion Corp.(c)

     4,896        34,370  

Infinera Corp.(b)(c)

     7,073        33,102  

InterDigital, Inc.(c)

     423        36,678  

IPG Photonics Corp.(b)(c)

     318        34,458  

Itron, Inc.(b)(c)

     517        35,368  

Kimball Electronics, Inc.(b)

     1,398        42,206  

Kulicke & Soffa Industries, Inc. (Singapore)(c)

     655        33,883  

Littelfuse, Inc.

     137        36,590  

LivePerson, Inc.(b)

     9,535        40,047  

Lumentum Holdings, Inc.(b)(c)

     655        35,455  

Luna Innovations, Inc.(b)(c)

     3,758        25,893  

MaxLinear, Inc.(b)

     1,202        28,247  

MicroVision, Inc.(b)(c)

     7,395        18,635  

Mitek Systems, Inc.(b)(c)

     3,326        37,151  

MKS Instruments, Inc.

     359        35,983  

NETGEAR, Inc.(b)

     2,471        32,568  

nLight, Inc.(b)

     2,399        27,373  

Nova Ltd. (Israel)(b)

     325        41,905  

OSI Systems, Inc.(b)

     296        40,360  

Power Integrations, Inc.

     401        33,692  

Rambus, Inc.(b)

     544        30,720  

Ribbon Communications, Inc.(b)(c)

     12,468        36,905  

Semtech Corp.(b)(c)

     1,595        41,709  

Silicon Laboratories, Inc.(b)

     247        33,310  

Soundhound AI, Inc., Class A(b)(c)

     11,503        28,988  

Stratasys Ltd.(b)

     2,409        35,412  

Synaptics, Inc.(b)

     407        35,629  

Turtle Beach Corp.(b)

     3,046        33,110  

Universal Display Corp.(c)

     239        38,852  

Veeco Instruments, Inc.(b)

     1,420        41,450  

Verint Systems, Inc.(b)(c)

     967        31,321  

Viasat, Inc.(b)(c)

     777        21,554  

Viavi Solutions, Inc.(b)

     3,523        36,815  

Vuzix Corp.(b)

     6,904        27,616  
     

 

 

 
        1,891,423  
     

 

 

 

Materials-1.22%

 

Haynes International, Inc.

     807        39,390  

Innospec, Inc.(c)

     379        40,712  
     

 

 

 
        80,102  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $7,229,525)

 

     6,560,821  
     

 

 

 

Money Market Funds-0.02%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 5.25%(e)(f)
(Cost $1,428)

     1,428        1,428  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $7,230,953)

 

 

     6,562,249  
     

 

 

 

 

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

 

   27   

 

 

 

 


 

Invesco NASDAQ Future Gen 200 ETF (QQQS)–(continued)

August 31, 2023

 

         Shares     Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-34.06%

 

  

Invesco Private Government Fund,
5.30%(e)(f)(g)

     626,570      $ 626,570  

Invesco Private Prime Fund,
5.51%(e)(f)(g)

     1,609,220        1,609,220  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,235,791)

 

     2,235,790  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-134.03%
(Cost $9,466,744)

 

     8,798,039  

OTHER ASSETS LESS LIABILITIES-(34.03)%

 

     (2,233,993
     

 

 

 

NET ASSETS-100.00%

 

   $ 6,564,046  
     

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

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, 2023.

(d) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(e) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2023.

 

    Value
August 31, 2022
    Purchases
at Cost
    Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Value
August 31, 2023
    Dividend
Income
 
Investments in Affiliated Money Market Funds:                              
Invesco Government & Agency Portfolio, Institutional Class              $-                $ 117,792       $ (116,364              $-                      $-                   $1,428             $ 107  
Investments Purchased with Cash Collateral from Securities on Loan:                              
Invesco Private Government Fund       -         2,822,395       (2,195,825       -           -           626,570         9,377
Invesco Private Prime Fund       -         4,903,038       (3,293,808       (1