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Invesco Semi-Annual Report to Shareholders

February 28, 2022

 

RSPE    Invesco ESG S&P 500 Equal Weight ETF
USEQ    Invesco Russell 1000 Enhanced Equal Weight ETF
EQAL    Invesco Russell 1000 Equal Weight ETF
USLB    Invesco Russell 1000 Low Beta Equal Weight ETF
SPVU    Invesco S&P 500 Enhanced Value ETF
XRLV    Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
SPHB    Invesco S&P 500® High Beta ETF
SPHD    Invesco S&P 500® High Dividend Low Volatility ETF
SPLV    Invesco S&P 500® Low Volatility ETF
SPMV    Invesco S&P 500 Minimum Variance ETF
SPMO    Invesco S&P 500 Momentum ETF
QVML    Invesco S&P 500 QVM Multi-factor ETF
QVMM    Invesco S&P MidCap 400 QVM Multi-factor ETF
XMLV    Invesco S&P MidCap Low Volatility ETF
QVMS    Invesco S&P SmallCap 600 QVM Multi-factor ETF
XSHD    Invesco S&P SmallCap High Dividend Low Volatility ETF
XSLV    Invesco S&P SmallCap Low Volatility ETF
XSHQ    Invesco S&P SmallCap Quality ETF


 

Table of Contents

    

 

Schedules of Investments

  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

     3  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

     6  

Invesco Russell 1000 Equal Weight ETF (EQAL)

     14  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

     25  

Invesco S&P 500 Enhanced Value ETF (SPVU)

     31  

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

     34  

Invesco S&P 500® High Beta ETF (SPHB)

     37  

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

     40  

Invesco S&P 500® Low Volatility ETF (SPLV)

     42  

Invesco S&P 500 Minimum Variance ETF (SPMV)

     45  

Invesco S&P 500 Momentum ETF (SPMO)

     48  

Invesco S&P 500 QVM Multi-factor ETF (QVML)

     51  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

     57  

Invesco S&P MidCap Low Volatility ETF (XMLV)

     62  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

     65  

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

     71  

Invesco S&P SmallCap Low Volatility ETF (XSLV)

     73  

Invesco S&P SmallCap Quality ETF (XSHQ)

     76  

Statements of Assets and Liabilities

     80  

Statements of Operations

     84  

Statements of Changes in Net Assets

     88  

Financial Highlights

     94  

Notes to Financial Statements

     112  

Fund Expenses

     125  

Approval of Investment Advisory Contracts

     128  

    

 

      

2

 

 

 

 

      


 

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares         Value      

Common Stocks & Other Equity Interests-99.86%

 

Communication Services-5.31%

    

Activision Blizzard, Inc.

     457      $ 37,246  

Alphabet, Inc., Class A(b)

     5       13,506  

Alphabet, Inc., Class C(b)

     4       10,791  

AT&T, Inc.

     1,168       27,670  

Comcast Corp., Class A

     553       25,858  

Electronic Arts, Inc.

     214       27,839  

Interpublic Group of Cos., Inc. (The)

     747       27,490  

Take-Two Interactive Software, Inc.(b)

     159       25,758  

Verizon Communications, Inc.

     536       28,767  

Walt Disney Co. (The)(b)

     177       26,277  
    

 

 

 
       251,202  
    

 

 

 

Consumer Discretionary-11.80%

    

Aptiv PLC(b)

     159       20,581  

Best Buy Co., Inc.

     253       24,450  

Booking Holdings, Inc.(b)

     12       26,067  

Dollar Tree, Inc.(b)

     195       27,706  

eBay, Inc.

     403       22,000  

Etsy, Inc.(b)

     110       17,038  

General Motors Co.(b)

     445       20,790  

Hasbro, Inc.

     268       26,009  

Hilton Worldwide Holdings, Inc.(b)

     188       27,986  

Home Depot, Inc. (The)

     66       20,845  

Lowe’s Cos., Inc.

     105       23,211  

Marriott International, Inc., Class A(b)

     172       29,264  

McDonald’s Corp.

     104       25,456  

Newell Brands, Inc.

     1,185       28,144  

NIKE, Inc., Class B

     159       21,711  

PVH Corp.

     259       25,354  

Royal Caribbean Cruises Ltd.(b)(c)

     359       28,979  

Starbucks Corp.

     233       21,387  

Tapestry, Inc.

     622       25,440  

Target Corp.

     113       22,574  

TJX Cos., Inc. (The)

     364       24,060  

Whirlpool Corp.

     119       23,951  

Yum! Brands, Inc.

     206       25,251  
    

 

 

 
       558,254  
    

 

 

 

Consumer Staples-7.23%

    

Campbell Soup Co.

     647       29,095  

Colgate-Palmolive Co.

     348       26,779  

General Mills, Inc.

     422       28,455  

Hershey Co. (The)

     148       29,934  

Kellogg Co.

     437       27,942  

Kraft Heinz Co. (The)

     817       32,043  

Kroger Co. (The)

     632       29,578  

McCormick & Co., Inc.

     305       29,027  

Mondelez International, Inc., Class A

     445       29,139  

PepsiCo, Inc.

     163       26,690  

Procter & Gamble Co. (The)

     178       27,748  

Walgreens Boots Alliance, Inc.

     558       25,718  
    

 

 

 
       342,148  
    

 

 

 

Financials-14.72%

    

Aflac, Inc.

     477       29,140  

Allstate Corp. (The)

     248       30,345  

American Express Co.

     160       31,126  

Bank of America Corp.

     613       27,095  
       Shares         Value      

Financials-(continued)

    

Bank of New York Mellon Corp. (The)

     481      $ 25,565  

Capital One Financial Corp.

     182       27,895  

Chubb Ltd.

     143       29,121  

Citigroup, Inc.

     433       25,647  

Comerica, Inc.

     320       30,557  

Fifth Third BanCorp

     616       29,469  

Hartford Financial Services Group, Inc. (The)

     395       27,445  

Invesco Ltd.(d)

     1,147       24,362  

JPMorgan Chase & Co.

     168       23,822  

KeyCorp.

     1,172       29,382  

Lincoln National Corp.

     399       26,901  

MetLife, Inc.

     447       30,195  

Moody’s Corp.

     68       21,898  

Morgan Stanley

     267       24,228  

Nasdaq, Inc.

     131       22,421  

Northern Trust Corp.

     227       25,855  

Principal Financial Group, Inc.

     378       26,702  

Regions Financial Corp.

     1,196       28,931  

S&P Global, Inc.

     115       43,166  

State Street Corp.

     291       24,831  

Travelers Cos., Inc. (The)

     176       30,242  
    

 

 

 
       696,341  
    

 

 

 

Health Care-13.67%

    

Abbott Laboratories

     205       24,727  

AbbVie, Inc.

     222       32,805  

Agilent Technologies, Inc.

     173       22,552  

Amgen, Inc.(c)

     127       28,763  

Anthem, Inc.

     65       29,370  

Baxter International, Inc.

     336       28,550  

Becton, Dickinson and Co.

     110       29,841  

Biogen, Inc.(b)

     115       24,266  

Boston Scientific Corp.(b)

     650       28,710  

Cardinal Health, Inc.

     561       30,300  

Cigna Corp.

     130       30,911  

CVS Health Corp.

     291       30,162  

DaVita, Inc.(b)

     258       29,095  

Edwards Lifesciences Corp.(b)

     227       25,508  

Gilead Sciences, Inc.

     388       23,435  

Hologic, Inc.(b)

     356       25,336  

Humana, Inc.

     62       26,928  

Illumina, Inc.(b)

     72       23,515  

Medtronic PLC

     241       25,303  

Merck & Co., Inc.

     370       28,335  

Quest Diagnostics, Inc.

     169       22,185  

Regeneron Pharmaceuticals, Inc.(b)

     41       25,353  

Thermo Fisher Scientific, Inc.

     42       22,848  

UnitedHealth Group, Inc.

     58       27,600  
    

 

 

 
       646,398  
    

 

 

 

Industrials-14.96%

    

Alaska Air Group, Inc.(b)

     526       29,530  

Caterpillar, Inc.

     133       24,948  

CSX Corp.

     733       24,856  

Cummins, Inc.

     123       25,107  

Deere & Co.

     75       27,001  

Delta Air Lines, Inc.(b)

     696       27,784  

Dover Corp.

     158       24,784  

Emerson Electric Co.

     293       27,226  

 

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

 

      

3

 

 

 

 

      


 

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2022

(Unaudited)

 

       Shares         Value      

Industrials-(continued)

    

Fortive Corp.

     358      $ 23,181  

General Electric Co.

     275       26,265  

Illinois Tool Works, Inc.

     113       24,446  

Ingersoll Rand, Inc.

     450       22,734  

Johnson Controls International PLC

     340       22,087  

Nielsen Holdings PLC

     1,307       22,768  

Norfolk Southern Corp.

     94       24,113  

Pentair PLC

     362       20,963  

Republic Services, Inc.

     200       24,056  

Rockwell Automation, Inc.

     78       20,793  

Roper Technologies, Inc.

     57       25,549  

Snap-on, Inc.

     126       26,483  

Stanley Black & Decker, Inc.

     141       22,941  

Trane Technologies PLC

     134       20,627  

Union Pacific Corp.

     109       26,809  

United Parcel Service, Inc., Class B

     132       27,775  

United Rentals, Inc.(b)

     76       24,443  

Verisk Analytics, Inc.

     118       20,926  

W.W. Grainger, Inc.

     54       25,761  

Waste Management, Inc.

     166       23,970  

Xylem, Inc.

     218       19,391  
    

 

 

 
       707,317  
    

 

 

 

Information Technology-15.52%

    

Accenture PLC, Class A

     72       22,753  

Adobe, Inc.(b)

     41       19,175  

Advanced Micro Devices, Inc.(b)

     186       22,941  

Akamai Technologies, Inc.(b)

     242       26,199  

ANSYS, Inc.(b)

     67       21,721  

Applied Materials, Inc.

     172       23,082  

Autodesk, Inc.(b)

     98       21,582  

Automatic Data Processing, Inc.

     116       23,715  

Cisco Systems, Inc.

     475       26,491  

DXC Technology Co.(b)

     865       29,436  

Hewlett Packard Enterprise Co.

     1,738       27,669  

HP, Inc.

     738       25,358  

Intel Corp.

     523       24,947  

Intuit, Inc.

     40       18,975  

Juniper Networks, Inc.

     835       28,215  

Keysight Technologies, Inc.(b)

     134       21,087  

Lam Research Corp.

     38       21,331  

Mastercard, Inc., Class A

     79       28,505  

Micron Technology, Inc.

     315       27,991  

Microsoft Corp.

     81       24,202  

Motorola Solutions, Inc.

     107       23,586  

NortonLifeLock, Inc.

     1,109       32,139  

NVIDIA Corp.

     85       20,727  

Oracle Corp.

     304       23,095  

QUALCOMM, Inc.

     148       25,454  

salesforce.com, inc.(b)

     102       21,474  

Seagate Technology Holdings PLC

     256       26,409  

TE Connectivity Ltd. (Switzerland)

     170       24,213  

Texas Instruments, Inc.

     138       23,459  

Visa, Inc., Class A

     130       28,096  
    

 

 

 
       734,027  
    

 

 

 

Materials-6.48%

    

Air Products and Chemicals, Inc.

     92       21,740  

Albemarle Corp.

     102       19,981  

CF Industries Holdings, Inc.

     450       36,536  

Dow, Inc.

     493       29,067  
       Shares         Value      

Materials-(continued)

    

Ecolab, Inc.

     117      $ 20,622  

Freeport-McMoRan, Inc.

     699       32,818  

Linde PLC (United Kingdom)

     81       23,752  

LyondellBasell Industries N.V., Class A

     299       29,072  

Mosaic Co. (The)

     752       39,427  

Newmont Corp.

     480       31,776  

PPG Industries, Inc.

     164       21,886  
    

 

 

 
       306,677  
    

 

 

 

Real Estate-6.74%

    

AvalonBay Communities, Inc.

     110       26,245  

Boston Properties, Inc.

     231       28,254  

CBRE Group, Inc., Class A(b)

     263       25,471  

Healthpeak Properties, Inc.

     784       24,351  

Host Hotels & Resorts, Inc.(b)

     1,600       29,232  

Iron Mountain, Inc.

     565       27,787  

Kimco Realty Corp.

     1,145       26,942  

Prologis, Inc.

     170       24,794  

Simon Property Group, Inc.

     172       23,660  

Ventas, Inc.

     536       28,944  

Welltower, Inc.

     316       26,320  

Weyerhaeuser Co.

     686       26,672  
    

 

 

 
       318,672  
    

 

 

 

Utilities-3.43%

    

American Water Works Co., Inc.

     153       23,117  

Consolidated Edison, Inc.

     332       28,476  

Edison International

     405       25,685  

Eversource Energy

     310       25,358  

FirstEnergy Corp.

     687       28,751  

Sempra Energy

     215       31,007  
    

 

 

 
       162,394  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $4,994,006)

 

    4,723,430  
    

 

 

 

Money Market Funds-0.01%

    

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $531)

     531       531  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $4,994,537)

 

    4,723,961  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.25%

    

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

     17,784       17,784  

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

     41,493       41,497  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $59,281)

 

    59,281  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.12%
(Cost $5,053,818)

 

    4,783,242  

OTHER ASSETS LESS LIABILITIES-(1.12)%

       (53,210
    

 

 

 

NET ASSETS-100.00%

     $ 4,730,032  
    

 

 

 

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

 

      

4

 

 

 

 

      


 

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Invesco Ltd.

     $ -      $ 29,344      $ -     $ (4,982 )     $ -      $ 24,362      $ 195
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class        -        23,295        (22,764 )       -       -        531        -
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        -        44,572        (26,788 )       -       -        17,784        1 *
Invesco Private Prime Fund        -        99,735        (58,238 )       -       -        41,497        2 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

Total

     $ -      $ 196,946      $ (107,790 )     $ (4,982 )     $ -      $ 84,174      $ 198
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f)

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

 

 Portfolio Composition          

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

  as of February 28, 2022

                     

Information Technology

       15.52     

Industrials

       14.96     

Financials

       14.72                                                 

Health Care

       13.67     

Consumer Discretionary

       11.80     

Consumer Staples

       7.23     

Real Estate

       6.74     

Materials

       6.48     

Communication Services

       5.31     

Utilities

       3.43     

Money Market Funds Plus Other Assets Less Liabilities

       0.14     

 

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

 

      

5

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

 

       Shares         Value      

Common Stocks & Other Equity Interests-99.84%

 

Communication Services-3.40%

    

Alphabet, Inc., Class A(b)

     1      $ 2,701  

Alphabet, Inc., Class C(b)

     1       2,698  

AT&T, Inc.

     243       5,757  

Cable One, Inc.

     3       4,299  

Charter Communications, Inc.,
Class A(b)

     8       4,814  

Comcast Corp., Class A

     109       5,097  

Discovery, Inc., Class A(b)

     84       2,356  

Discovery, Inc., Class C(b)

     161       4,503  

DISH Network Corp., Class A(b)

     176       5,625  

Electronic Arts, Inc.

     45       5,854  

Fox Corp., Class A

     108       4,518  

Fox Corp., Class B

     51       1,951  

IAC/InterActiveCorp.(b)

     43       4,935  

Interpublic Group of Cos., Inc. (The)

     163       5,998  

Meta Platforms, Inc., Class A(b)

     17       3,588  

New York Times Co. (The), Class A

     117       5,147  

News Corp., Class A

     195       4,352  

News Corp., Class B

     60       1,346  

Nexstar Media Group, Inc., Class A

     37       6,847  

Omnicom Group, Inc.

     81       6,795  

Paramount Global, Class A

     168       5,720  

Paramount Global, Class B

     181       5,540  

Sirius XM Holdings, Inc.(c)

     895       5,513  

T-Mobile US, Inc.(b)

     51       6,284  

Verizon Communications, Inc.

     108       5,796  

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

     113       6,696  
    

 

 

 
           124,730  
    

 

 

 

Consumer Discretionary-11.23%

    

Advance Auto Parts, Inc.

     25       5,112  

Amazon.com, Inc.(b)

     1       3,071  

Aptiv PLC(b)

     34       4,401  

AutoNation, Inc.(b)

     44       5,045  

AutoZone, Inc.(b)

     3       5,590  

Bath & Body Works, Inc.

     77       4,109  

Best Buy Co., Inc.

     53       5,122  

BorgWarner, Inc.

     125       5,126  

Boyd Gaming Corp.(b)

     95       6,739  

Brunswick Corp.

     59       5,636  

Burlington Stores, Inc.(b)

     19       4,292  

Capri Holdings Ltd.(b)

     91       6,164  

CarMax, Inc.(b)

     39       4,264  

Carter’s, Inc.

     55       5,317  

Chipotle Mexican Grill, Inc.(b)

     3       4,570  

Choice Hotels International, Inc.

     39       5,630  

Columbia Sportswear Co.

     56       5,192  

D.R. Horton, Inc.

     56       4,782  

Darden Restaurants, Inc.

     40       5,809  

Deckers Outdoor Corp.(b)

     14       4,041  

Dick’s Sporting Goods, Inc.(c)

     47       4,935  

Dollar General Corp.

     24       4,760  

Dollar Tree, Inc.(b)

     41       5,825  

Domino’s Pizza, Inc.

     11       4,754  

eBay, Inc.

     80       4,367  

Etsy, Inc.(b)

     21       3,253  

Five Below, Inc.(b)

     28       4,581  

Floor & Decor Holdings, Inc., Class A(b)

     43       4,112  

 

 

       Shares            Value      

Consumer Discretionary-(continued)

     

Foot Locker, Inc.

     121      $ 3,826  

Ford Motor Co.

     275        4,829  

Gap, Inc. (The)(c)

     337        4,903  

Garmin Ltd.

     41        4,528  

General Motors Co.(b)

     93        4,345  

Gentex Corp.

     159        4,813  

Genuine Parts Co.

     43        5,253  

Harley-Davidson, Inc.

     147        6,071  

Hasbro, Inc.(c)

     56        5,435  

Home Depot, Inc. (The)

     14        4,422  

Kohl’s Corp.

     111        6,174  

Lear Corp.

     32        5,035  

Leggett & Platt, Inc.(c)

     133        4,932  

Lennar Corp., Class A

     48        4,314  

Lennar Corp., Class B

     2        151  

Lithia Motors, Inc., Class A

     19        6,476  

LKQ Corp.

     96        4,507  

Lowe’s Cos., Inc.

     23        5,084  

Mattel, Inc.(b)

     252        6,295  

McDonald’s Corp.

     23        5,630  

Mohawk Industries, Inc.(b)

     33        4,646  

Newell Brands, Inc.

     257        6,104  

NIKE, Inc., Class B

     33        4,506  

NVR, Inc.(b)

     1        4,958  

O’Reilly Automotive, Inc.(b)

     8        5,194  

Penske Automotive Group, Inc.

     55        5,406  

Polaris, Inc.

     49        5,954  

Pool Corp.

     10        4,586  

PulteGroup, Inc.

     108        5,363  

PVH Corp.

     52        5,090  

Qurate Retail, Inc., Class A

     708        3,901  

Ralph Lauren Corp.(c)

     47        6,206  

RH(b)(c)

     10        4,019  

Ross Stores, Inc.

     52        4,752  

Service Corp. International

     83        5,051  

Skechers U.S.A., Inc., Class A(b)

     121        5,564  

Starbucks Corp.

     49        4,498  

Tapestry, Inc.

     139        5,685  

Target Corp.

     23        4,595  

Tempur Sealy International, Inc.

     124        4,093  

Thor Industries, Inc.(c)

     52        4,706  

TJX Cos., Inc. (The)

     79        5,222  

Toll Brothers, Inc.

     85        4,612  

TopBuild Corp.(b)

     21        4,508  

Tractor Supply Co.

     24        4,891  

Travel + Leisure Co.

     115        6,446  

Ulta Beauty, Inc.(b)

     15        5,617  

Vail Resorts, Inc.

     17        4,429  

VF Corp.

     76        4,410  

Wayfair, Inc., Class A(b)(c)

     23        3,240  

Wendy’s Co. (The)

     264        6,003  

Whirlpool Corp.

     25        5,032  

Williams-Sonoma, Inc.(c)

     29        4,201  

YETI Holdings, Inc.(b)(c)

     64        3,940  

Yum China Holdings, Inc. (China)

     108        5,618  

Yum! Brands, Inc.

     44        5,394  
     

 

 

 
            412,062  
     

 

 

 

 

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

 

      

6

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Consumer Staples-6.79%

     

Albertsons Cos., Inc., Class A

     157      $ 4,577  

Altria Group, Inc.

     125        6,411  

Archer-Daniels-Midland Co.

     87        6,825  

Brown-Forman Corp., Class A

     16        977  

Brown-Forman Corp., Class B

     63        4,109  

Bunge Ltd.

     64        6,691  

Campbell Soup Co.

     135        6,071  

Casey’s General Stores, Inc.

     28        5,266  

Church & Dwight Co., Inc.

     60        5,871  

Clorox Co. (The)

     33        4,811  

Coca-Cola Co. (The)

     103        6,411  

Colgate-Palmolive Co.

     72        5,540  

Conagra Brands, Inc.

     177        6,190  

Constellation Brands, Inc., Class A

     24        5,175  

Costco Wholesale Corp.

     11        5,712  

Darling Ingredients, Inc.(b)

     83        6,016  

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

     17        5,038  

Flowers Foods, Inc.

     209        5,729  

General Mills, Inc.

     88        5,934  

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

     140        5,090  

Hershey Co. (The)

     31        6,270  

Hormel Foods Corp.

     128        6,098  

Ingredion, Inc.

     59        5,236  

JM Smucker Co. (The)

     43        5,794  

Kellogg Co.

     88        5,627  

Keurig Dr Pepper, Inc.

     160        6,187  

Kimberly-Clark Corp.

     41        5,336  

Kraft Heinz Co. (The)

     164        6,432  

Kroger Co. (The)

     136        6,365  

McCormick & Co., Inc.

     63        5,996  

Mondelez International, Inc., Class A

     92        6,024  

Monster Beverage Corp.(b)

     67        5,655  

PepsiCo, Inc.

     35        5,731  

Philip Morris International, Inc.

     63        6,367  

Post Holdings, Inc.(b)

     57        5,993  

Procter & Gamble Co. (The)

     37        5,768  

Reynolds Consumer Products, Inc.

     184        5,478  

Seaboard Corp.

     1        3,859  

Spectrum Brands Holdings, Inc.

     55        5,103  

Sysco Corp.

     79        6,881  

Tyson Foods, Inc., Class A

     69        6,393  

US Foods Holding Corp.(b)

     179        6,997  

Walgreens Boots Alliance, Inc.

     125        5,761  

Walmart, Inc.

     40        5,406  
     

 

 

 
            249,201  
     

 

 

 

Energy-2.50%

     

Antero Midstream Corp.(c)

     565        5,673  

Chevron Corp.

     48        6,912  

ConocoPhillips

     79        7,494  

Continental Resources, Inc.

     127        7,040  

Coterra Energy, Inc.

     272        6,346  

EOG Resources, Inc.

     65        7,470  

HollyFrontier Corp.

     167        5,085  

Kinder Morgan, Inc.

     352        6,125  

Marathon Petroleum Corp.

     88        6,852  

ONEOK, Inc.

     92        6,007  

Pioneer Natural Resources Co.

     31        7,427  

Targa Resources Corp.

     105        6,864  
       Shares            Value      

Energy-(continued)

     

Texas Pacific Land Corp.

     5      $ 5,944  

Williams Cos., Inc. (The)

     203        6,350  
     

 

 

 
            91,589  
     

 

 

 

Financials-17.30%

     

Affiliated Managers Group, Inc.

     32        4,428  

Aflac, Inc.

     100        6,109  

AGNC Investment Corp.

     356        4,596  

Alleghany Corp.(b)

     8        5,295  

Ally Financial, Inc.

     120        5,988  

American Express Co.

     36        7,003  

American Financial Group, Inc.

     41        5,551  

Ameriprise Financial, Inc.

     19        5,696  

Aon PLC, Class A

     19        5,551  

Arch Capital Group Ltd.(b)

     132        6,219  

Arthur J. Gallagher & Co.

     33        5,220  

Assurant, Inc.

     36        6,110  

Assured Guaranty Ltd.

     112        6,941  

Bank of America Corp.

     123        5,437  

Bank of Hawaii Corp.

     68        5,860  

Bank of New York Mellon Corp. (The)

     100        5,315  

Bank OZK

     121        5,689  

Berkshire Hathaway, Inc., Class B(b)

     20        6,429  

BlackRock, Inc.

     6        4,463  

Blackstone, Inc., Class A

     40        5,099  

BOK Financial Corp.(c)

     53        5,443  

Brown & Brown, Inc.

     84        5,679  

Capital One Financial Corp.

     40        6,131  

Cboe Global Markets, Inc.

     43        5,043  

Charles Schwab Corp. (The)

     71        5,997  

Chubb Ltd.

     31        6,313  

Cincinnati Financial Corp.

     48        5,894  

Citigroup, Inc.

     87        5,153  

Citizens Financial Group, Inc.

     116        6,081  

CME Group, Inc., Class A

     25        5,913  

CNA Financial Corp.

     129        5,895  

Comerica, Inc.

     67        6,398  

Commerce Bancshares, Inc.

     83        5,958  

Credit Acceptance Corp.(b)(c)

     9        4,951  

Cullen/Frost Bankers, Inc.

     44        6,192  

Discover Financial Services

     51        6,295  

East West Bancorp, Inc.

     72        6,304  

Evercore, Inc., Class A

     40        5,080  

Everest Re Group Ltd.

     21        6,263  

F.N.B. Corp.

     467        6,272  

FactSet Research Systems, Inc.

     12        4,873  

Fidelity National Financial, Inc.

     109        5,193  

Fifth Third Bancorp

     129        6,171  

First American Financial Corp.

     73        4,894  

First Citizens BancShares, Inc., Class A

     7        5,519  

First Hawaiian, Inc.

     209        6,076  

First Horizon Corp.

     341        8,007  

First Republic Bank

     26        4,505  

Franklin Resources, Inc.

     169        5,024  

Goldman Sachs Group, Inc. (The)

     15        5,119  

Hartford Financial Services Group, Inc. (The)

     83        5,767  

Huntington Bancshares, Inc.

     367        5,696  

Interactive Brokers Group, Inc., Class A

     72        4,765  

Intercontinental Exchange, Inc.

     43        5,509  

Invesco Ltd.(d)

     245        5,204  

 

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

 

      

7

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Financials-(continued)

     

Janus Henderson Group PLC

     132      $ 4,431  

Jefferies Financial Group, Inc.

     144        5,118  

KeyCorp.

     244        6,117  

Lazard Ltd., Class A

     127        4,392  

Lincoln National Corp.

     85        5,731  

Loews Corp.

     101        6,195  

LPL Financial Holdings, Inc.

     35        6,333  

M&T Bank Corp.

     38        6,925  

Markel Corp.(b)

     5        6,215  

Marsh & McLennan Cos., Inc.

     33        5,129  

MetLife, Inc.

     95        6,417  

MGIC Investment Corp.

     385        5,844  

Moody’s Corp.

     15        4,830  

Morgan Stanley

     57        5,172  

Morningstar, Inc.

     18        5,052  

Nasdaq, Inc.

     28        4,792  

New Residential Investment Corp.

     512        5,315  

New York Community Bancorp, Inc.

     457        5,274  

Northern Trust Corp.

     48        5,467  

Old Republic International Corp.

     228        6,008  

OneMain Holdings, Inc.

     108        5,506  

People’s United Financial, Inc.

     324        6,830  

Pinnacle Financial Partners, Inc.

     57        5,762  

PNC Financial Services Group, Inc. (The)

     28        5,579  

Popular, Inc.

     71        6,521  

Primerica, Inc.

     39        5,066  

Principal Financial Group, Inc.

     80        5,651  

Prosperity Bancshares, Inc.

     76        5,659  

Prudential Financial, Inc.

     54        6,030  

Raymond James Financial, Inc.

     57        6,250  

Regions Financial Corp.

     243        5,878  

S&P Global, Inc.(c)

     24        9,093  

SEI Investments Co.

     92        5,389  

Signature Bank

     18        6,208  

SLM Corp.

     300        5,910  

Starwood Property Trust, Inc.

     217        5,173  

State Street Corp.

     61        5,205  

Stifel Financial Corp.

     77        5,659  

SVB Financial Group(b)

     8        4,848  

Synchrony Financial

     123        5,262  

Synovus Financial Corp.

     121        6,371  

T. Rowe Price Group, Inc.

     28        4,048  

TFS Financial Corp.

     300        5,151  

Travelers Cos., Inc. (The)

     37        6,358  

Truist Financial Corp.

     92        5,724  

U.S. Bancorp

     99        5,597  

Unum Group

     240        6,701  

Virtu Financial, Inc., Class A

     195        6,841  

Voya Financial, Inc.

     87        5,859  

W.R. Berkley Corp.

     72        6,502  

Webster Financial Corp.

     207        12,463  

Wells Fargo & Co.

     115        6,138  

Western Alliance Bancorporation

     52        4,874  

Willis Towers Watson PLC

     24        5,335  

Zions Bancorporation N.A.

     87        6,167  
     

 

 

 
            634,941  
     

 

 

 

Health Care-10.10%

     

Abbott Laboratories

     43        5,187  

AbbVie, Inc.

     47        6,945  
       Shares            Value      

Health Care-(continued)

     

ABIOMED, Inc.(b)

     18      $ 5,593  

Agilent Technologies, Inc.

     37        4,823  

Align Technology, Inc.(b)

     9        4,603  

AmerisourceBergen Corp.

     48        6,841  

Amgen, Inc.(c)

     27        6,115  

Anthem, Inc.

     13        5,874  

Avantor, Inc.(b)

     143        4,961  

Baxter International, Inc.

     72        6,118  

Becton, Dickinson and Co.

     23        6,239  

Biogen, Inc.(b)

     24        5,064  

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

     7        4,382  

Boston Scientific Corp.(b)

     141        6,228  

Bruker Corp.

     67        4,715  

Cardinal Health, Inc.

     117        6,319  

Catalent, Inc.(b)

     43        4,388  

Centene Corp.(b)

     77        6,362  

Cerner Corp.

     77        7,180  

Charles River Laboratories International, Inc.(b)

     15        4,367  

Chemed Corp.

     12        5,739  

Cigna Corp.

     28        6,658  

Cooper Cos., Inc. (The)

     15        6,135  

CVS Health Corp.

     61        6,323  

Danaher Corp.

     17        4,665  

DaVita, Inc.(b)

     57        6,428  

DENTSPLY SIRONA, Inc.

     112        6,064  

Edwards Lifesciences Corp.(b)

     51        5,731  

Eli Lilly and Co.

     22        5,499  

Envista Holdings Corp.(b)

     141        6,768  

Exelixis, Inc.(b)

     328        6,734  

Gilead Sciences, Inc.

     79        4,772  

Globus Medical, Inc., Class A(b)

     85        5,977  

HCA Healthcare, Inc.

     24        6,007  

Henry Schein, Inc.(b)

     77        6,651  

Hologic, Inc.(b)

     75        5,338  

Horizon Therapeutics PLC(b)

     51        4,650  

Humana, Inc.

     13        5,646  

ICU Medical, Inc.(b)

     24        5,682  

Illumina, Inc.(b)

     15        4,899  

Integra LifeSciences Holdings Corp.(b)

     87        5,834  

IQVIA Holdings, Inc.(b)

     21        4,833  

Johnson & Johnson

     35        5,760  

Laboratory Corp. of America Holdings(b)

     19        5,154  

Masimo Corp.(b)

     20        3,149  

Medtronic PLC

     52        5,459  

Merck & Co., Inc.

     73        5,590  

Mettler-Toledo International, Inc.(b)

     4        5,635  

Molina Healthcare, Inc.(b)

     19        5,831  

PerkinElmer, Inc.

     29        5,209  

Pfizer, Inc.

     99        4,647  

Premier, Inc., Class A

     145        5,211  

QIAGEN N.V.(b)

     99        4,919  

Quest Diagnostics, Inc.

     36        4,726  

Regeneron Pharmaceuticals, Inc.(b)

     8        4,947  

ResMed, Inc.

     21        5,182  

Royalty Pharma PLC, Class A(c)

     139        5,457  

STERIS PLC

     25        6,000  

Stryker Corp.

     23        6,057  

Syneos Health, Inc.(b)

     56        4,435  

Thermo Fisher Scientific, Inc.

     9        4,896  

United Therapeutics Corp.(b)

     29        4,820  

 

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

 

      

8

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Health Care-(continued)

     

UnitedHealth Group, Inc.

     12      $ 5,710  

Universal Health Services, Inc., Class B

     47        6,765  

Waters Corp.(b)

     17        5,384  

Zimmer Biomet Holdings, Inc.

     45        5,724  

Zoetis, Inc.

     25        4,841  
     

 

 

 
            370,845  
     

 

 

 

Industrials-16.69%

     

3M Co.

     32        4,757  

A.O. Smith Corp.

     68        4,663  

Acuity Brands, Inc.

     28        5,106  

Advanced Drainage Systems, Inc.

     44        5,136  

AECOM

     80        5,813  

AGCO Corp.

     49        5,888  

Air Lease Corp.

     136        5,679  

Allegion PLC

     44        5,039  

AMERCO

     8        4,621  

AMETEK, Inc.

     40        5,192  

Armstrong World Industries, Inc.

     51        4,508  

AZEK Co., Inc. (The)(b)

     140        4,129  

Booz Allen Hamilton Holding Corp.

     64        5,164  

Builders FirstSource, Inc.(b)

     77        5,730  

C.H. Robinson Worldwide, Inc.

     57        5,511  

CACI International, Inc., Class A(b)

     21        5,876  

Carlisle Cos., Inc.

     24        5,698  

Carrier Global Corp.

     100        4,488  

Caterpillar, Inc.

     28        5,252  

Cintas Corp.

     13        4,879  

Clean Harbors, Inc.(b)

     55        5,249  

Colfax Corp.(b)

     120        4,825  

Copart, Inc.(b)

     39        4,792  

Crane Co.

     57        5,762  

CSX Corp.

     156        5,290  

Cummins, Inc.

     26        5,307  

Curtiss-Wright Corp.

     44        6,491  

Deere & Co.

     16        5,760  

Donaldson Co., Inc.

     97        5,264  

Dover Corp.

     33        5,176  

Eaton Corp. PLC

     33        5,092  

Emerson Electric Co.

     63        5,854  

Equifax, Inc.

     20        4,367  

Expeditors International of Washington, Inc.

     44        4,548  

Fastenal Co.

     92        4,734  

Fortive Corp.

     73        4,727  

Fortune Brands Home & Security, Inc.

     55        4,780  

FTI Consulting, Inc.(b)(c)

     39        5,694  

Gates Industrial Corp. PLC(b)(c)

     337        5,338  

Generac Holdings, Inc.(b)

     14        4,417  

General Dynamics Corp.

     29        6,799  

Graco, Inc.

     75        5,407  

HEICO Corp.(c)

     16        2,360  

HEICO Corp., Class A

     28        3,442  

Honeywell International, Inc.

     27        5,123  

Howmet Aerospace, Inc.

     196        7,040  

Hubbell, Inc.

     28        4,991  

Huntington Ingalls Industries, Inc.

     31        6,336  

IDEX Corp.

     24        4,606  

Illinois Tool Works, Inc.

     24        5,192  

Ingersoll Rand, Inc.

     95        4,799  

ITT, Inc.

     57        5,009  
       Shares            Value      

Industrials-(continued)

     

J.B. Hunt Transport Services, Inc.

     29      $ 5,885  

Jacobs Engineering Group, Inc.

     39        4,797  

Johnson Controls International PLC

     72        4,677  

Knight-Swift Transportation Holdings, Inc.

     97        5,285  

L3Harris Technologies, Inc.

     27        6,812  

Landstar System, Inc.

     32        4,941  

Leidos Holdings, Inc.

     61        6,212  

Lennox International, Inc.

     18        4,805  

Lincoln Electric Holdings, Inc.

     41        5,226  

Lockheed Martin Corp.

     16        6,941  

ManpowerGroup, Inc.

     61        6,483  

Masco Corp.

     83        4,651  

MasTec, Inc.(b)

     60        4,726  

MDU Resources Group, Inc.

     196        5,247  

Middleby Corp. (The)(b)

     32        5,684  

MSA Safety, Inc.

     39        5,425  

MSC Industrial Direct Co., Inc., Class A

     69        5,346  

Nielsen Holdings PLC

     281        4,895  

Nordson Corp.

     22        4,983  

Norfolk Southern Corp.

     20        5,130  

Northrop Grumman Corp.

     16        7,074  

nVent Electric PLC

     153        5,191  

Old Dominion Freight Line, Inc.

     16        5,024  

Oshkosh Corp.

     52        5,774  

Otis Worldwide Corp.

     68        5,326  

Owens Corning

     63        5,871  

PACCAR, Inc.

     65        5,968  

Parker-Hannifin Corp.

     19        5,631  

Pentair PLC

     75        4,343  

Quanta Services, Inc.

     49        5,338  

Raytheon Technologies Corp.

     68        6,984  

Regal Rexnord Corp.

     35        5,612  

Republic Services, Inc.

     41        4,931  

Robert Half International, Inc.

     51        6,135  

Rockwell Automation, Inc.

     16        4,265  

Rollins, Inc.

     168        5,482  

Roper Technologies, Inc.

     12        5,379  

Ryder System, Inc.

     68        5,361  

Schneider National, Inc., Class B

     224        5,851  

Science Applications International Corp.

     65        5,700  

Sensata Technologies Holding PLC(b)

     97        5,617  

SiteOne Landscape Supply, Inc.(b)

     23        3,966  

Snap-on, Inc.

     27        5,675  

Stanley Black & Decker, Inc.

     32        5,206  

Textron, Inc.

     77        5,631  

Timken Co. (The)

     83        5,441  

Toro Co. (The)

     55        5,160  

Trane Technologies PLC

     29        4,464  

TransDigm Group, Inc.(b)

     10        6,666  

TransUnion

     49        4,447  

Union Pacific Corp.

     23        5,657  

United Parcel Service, Inc., Class B

     28        5,892  

United Rentals, Inc.(b)

     16        5,146  

Univar Solutions, Inc.(b)

     208        6,388  

Valmont Industries, Inc.

     23        4,978  

Verisk Analytics, Inc.

     25        4,434  

Vertiv Holdings Co.

     217        2,825  

W.W. Grainger, Inc.

     12        5,725  

Wabtec Corp.

     63        5,848  

Waste Management, Inc.

     35        5,054  

 

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

 

      

9

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Industrials-(continued)

     

Watsco, Inc.

     19      $ 5,188  

Woodward, Inc.(c)

     53        6,605  

XPO Logistics, Inc.(b)

     76        5,524  

Xylem, Inc.

     45        4,003  
     

 

 

 
            612,631  
     

 

 

 

Information Technology-12.22%

     

Accenture PLC, Class A

     15        4,740  

Adobe, Inc.(b)

     8        3,741  

Akamai Technologies, Inc.(b)

     49        5,305  

Allegro MicroSystems, Inc. (Japan)(b)

     171        4,903  

Alliance Data Systems Corıp.

     81        5,463  

Amdocs Ltd.

     79        6,217  

Amphenol Corp., Class A

     68        5,169  

Analog Devices, Inc.

     31        4,969  

ANSYS, Inc.(b)

     15        4,863  

Apple, Inc.

     33        5,449  

Applied Materials, Inc.

     36        4,831  

Arista Networks, Inc.(b)

     45        5,523  

Arrow Electronics, Inc.(b)

     45        5,485  

Aspen Technology, Inc.(b)

     37        5,639  

Autodesk, Inc.(b)

     22        4,845  

Automatic Data Processing, Inc.

     24        4,907  

Avnet, Inc.

     149        6,268  

Azenta, Inc.

     48        4,201  

Bentley Systems, Inc., Class B

     115        4,415  

Broadcom, Inc.

     10        5,874  

Broadridge Financial Solutions, Inc.

     32        4,679  

Cadence Design Systems, Inc.(b)

     31        4,694  

CDW Corp.

     29        5,001  

Ciena Corp.(b)

     89        6,089  

Cirrus Logic, Inc.(b)

     67        5,820  

Cisco Systems, Inc.

     100        5,577  

Cognex Corp.

     72        4,864  

Cognizant Technology Solutions Corp., Class A

     71        6,115  

Concentrix Corp.(c)

     33        6,596  

Corning, Inc.

     147        5,939  

Dell Technologies, Inc., Class C(b)

     97        4,943  

Dolby Laboratories, Inc., Class A

     65        4,882  

DXC Technology Co.(b)

     181        6,159  

Entegris, Inc.

     37        4,828  

EPAM Systems, Inc.(b)

     9        1,870  

F5, Inc.(b)

     24        4,820  

Fortinet, Inc.(b)

     18        6,201  

Gartner, Inc.(b)

     18        5,048  

Genpact Ltd.

     112        4,686  

Hewlett Packard Enterprise Co.

     379        6,034  

HP, Inc.

     148        5,085  

Intel Corp.

     111        5,295  

International Business Machines Corp.

     47        5,758  

Intuit, Inc.

     8        3,795  

Jabil, Inc.

     95        5,492  

Juniper Networks, Inc.

     175        5,913  

Keysight Technologies, Inc.(b)

     28        4,406  

KLA Corp.

     13        4,531  

Lam Research Corp.

     8        4,491  

Littelfuse, Inc.

     18        4,648  

Lumentum Holdings, Inc.(b)(c)

     63        6,228  

Mastercard, Inc., Class A

     18        6,495  

McAfee Corp., Class A

     211        5,484  
       Shares            Value      

Information Technology-(continued)

     

Microchip Technology, Inc.

     64      $ 4,501  

Micron Technology, Inc.

     64        5,687  

Microsoft Corp.

     16        4,781  

MKS Instruments, Inc.

     35        5,271  

Motorola Solutions, Inc.

     23        5,070  

National Instruments Corp.

     131        5,260  

NetApp, Inc.

     60        4,703  

NortonLifeLock, Inc.

     225        6,521  

NXP Semiconductors N.V. (China)

     24        4,563  

ON Semiconductor Corp.(b)

     87        5,447  

Oracle Corp.

     60        4,558  

Paychex, Inc.

     47        5,596  

PTC, Inc.(b)

     49        5,453  

Qorvo, Inc.(b)

     37        5,061  

QUALCOMM, Inc.

     31        5,332  

salesforce.com, inc.(b)

     21        4,421  

Skyworks Solutions, Inc.

     36        4,974  

SolarWinds Corp.

     388        5,257  

SS&C Technologies Holdings, Inc.

     73        5,473  

Switch, Inc., Class A

     208        5,412  

Synopsys, Inc.(b)

     16        4,998  

TD SYNNEX Corp.

     52        5,295  

Teledyne Technologies, Inc.(b)

     13        5,582  

Teradata Corp.(b)

     127        6,349  

Teradyne, Inc.

     36        4,245  

Texas Instruments, Inc.

     28        4,760  

Trimble, Inc.(b)

     64        4,464  

Ubiquiti, Inc.

     19        4,824  

VeriSign, Inc.(b)

     23        4,916  

ViaSat, Inc.(b)(c)

     123        5,614  

VMware, Inc., Class A

     48        5,631  

Vontier Corp.

     177        4,301  

Western Digital Corp.(b)

     93        4,737  

Zebra Technologies Corp., Class A(b)

     10        4,133  
     

 

 

 
            448,463  
     

 

 

 

Materials-7.65%

     

Air Products and Chemicals, Inc.

     19        4,490  

Albemarle Corp.

     21        4,114  

Alcoa Corp.

     125        9,418  

Amcor PLC

     477        5,548  

AptarGroup, Inc.

     47        5,728  

Ashland Global Holdings, Inc.

     55        5,075  

Avery Dennison Corp.

     27        4,757  

Axalta Coating Systems Ltd.(b)

     179        4,840  

Ball Corp.

     60        5,384  

Berry Global Group, Inc.(b)

     79        4,791  

Celanese Corp.

     37        5,153  

CF Industries Holdings, Inc.

     95        7,713  

Chemours Co. (The)

     181        4,996  

Cleveland-Cliffs, Inc.(b)(c)

     273        6,104  

Corteva, Inc.

     123        6,400  

Crown Holdings, Inc.

     52        6,379  

Dow, Inc.

     103        6,073  

DuPont de Nemours, Inc.

     73        5,648  

Eagle Materials, Inc.

     36        4,926  

Eastman Chemical Co.

     53        6,279  

Ecolab, Inc.

     24        4,230  

Element Solutions, Inc.

     240        5,899  

Freeport-McMoRan, Inc.

     151        7,090  

 

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

 

      

10

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Materials-(continued)

     

Graphic Packaging Holding Co.

     279      $ 5,742  

Huntsman Corp.

     173        6,996  

International Flavors & Fragrances, Inc.

     39        5,187  

International Paper Co.

     119        5,180  

Louisiana-Pacific Corp.

     81        5,828  

LyondellBasell Industries N.V., Class A

     64        6,223  

Martin Marietta Materials, Inc.

     13        4,932  

Mosaic Co. (The)

     160        8,389  

Newmont Corp.

     100        6,620  

Nucor Corp.

     52        6,844  

Packaging Corp. of America

     42        6,182  

PPG Industries, Inc.

     36        4,804  

Reliance Steel & Aluminum Co.

     36        6,871  

Royal Gold, Inc.

     56        6,791  

RPM International, Inc.

     60        5,074  

Sealed Air Corp.

     88        5,907  

Sherwin-Williams Co. (The)

     16        4,210  

Silgan Holdings, Inc.

     131        5,486  

Southern Copper Corp. (Peru)

     93        6,453  

Steel Dynamics, Inc.

     93        6,564  

United States Steel Corp.

     241        6,558  

Valvoline, Inc.

     159        5,141  

Vulcan Materials Co.

     29        5,262  

Westlake Corp.

     61        6,729  

WestRock Co.

     124        5,614  
     

 

 

 
            280,622  
     

 

 

 

Real Estate-7.40%

     

Alexandria Real Estate Equities, Inc.

     28        5,303  

American Campus Communities, Inc.

     107        5,758  

American Homes 4 Rent, Class A

     136        5,169  

American Tower Corp.

     21        4,764  

AvalonBay Communities, Inc.

     24        5,726  

Boston Properties, Inc.

     52        6,360  

Brixmor Property Group, Inc.

     241        6,054  

Camden Property Trust

     33        5,449  

CBRE Group, Inc., Class A(b)

     57        5,520  

Cousins Properties, Inc.(c)

     144        5,563  

Crown Castle International Corp.

     31        5,164  

CubeSmart

     101        4,869  

CyrusOne, Inc.

     61        5,511  

Digital Realty Trust, Inc.

     33        4,452  

Douglas Emmett, Inc.

     169        5,357  

Duke Realty Corp.

     92        4,876  

Equity LifeStyle Properties, Inc.

     67        5,000  

Equity Residential

     65        5,545  

Essex Property Trust, Inc.

     17        5,392  

Extra Space Storage, Inc.

     27        5,080  

Federal Realty Investment Trust

     45        5,291  

First Industrial Realty Trust, Inc.

     88        5,067  

Gaming and Leisure Properties, Inc.

     120        5,449  

Healthcare Trust of America, Inc., Class A

     163        4,791  

Healthpeak Properties, Inc.

     165        5,125  

Highwoods Properties, Inc.

     128        5,581  

Invitation Homes, Inc.

     137        5,179  

Iron Mountain, Inc.

     121        5,951  

Jones Lang LaSalle, Inc.(b)

     24        5,909  

Kilroy Realty Corp.

     85        6,088  

Kimco Realty Corp.

     244        5,741  

Lamar Advertising Co., Class A

     51        5,562  
       Shares            Value      

Real Estate-(continued)

     

Life Storage, Inc.

     41      $ 5,190  

Mid-America Apartment Communities, Inc.

     27        5,525  

National Retail Properties, Inc.

     125        5,326  

Prologis, Inc.

     36        5,251  

Public Storage

     17        6,035  

Rayonier, Inc.

     145        5,757  

Realty Income Corp.

     83        5,485  

Regency Centers Corp.

     79        5,205  

SBA Communications Corp., Class A

     16        4,854  

Simon Property Group, Inc.

     37        5,090  

SL Green Realty Corp.

     80        6,362  

Spirit Realty Capital, Inc.

     125        5,796  

Sun Communities, Inc.(c)

     29        5,249  

UDR, Inc.

     99        5,432  

VICI Properties, Inc.

     201        5,620  

W.P. Carey, Inc.

     72        5,573  

Welltower, Inc.

     68        5,664  

Weyerhaeuser Co.

     143        5,560  
     

 

 

 
        271,620  
     

 

 

 

Utilities-4.56%

     

AES Corp. (The)

     228        4,840  

Alliant Energy Corp.

     97        5,665  

Ameren Corp.

     65        5,587  

American Electric Power Co., Inc.

     68        6,164  

American Water Works Co., Inc.

     32        4,835  

Avangrid, Inc.

     108        4,846  

CenterPoint Energy, Inc.

     209        5,716  

CMS Energy Corp.

     91        5,825  

Consolidated Edison, Inc.

     69        5,918  

Constellation Energy Corp.

     34        1,563  

Dominion Energy, Inc.

     76        6,044  

DTE Energy Co.

     49        5,958  

Duke Energy Corp.

     56        5,623  

Edison International

     83        5,264  

Entergy Corp.

     53        5,576  

Essential Utilities, Inc.

     113        5,323  

Evergy, Inc.

     85        5,305  

Eversource Energy

     65        5,317  

Exelon Corp.

     103        4,384  

FirstEnergy Corp.

     143        5,985  

Hawaiian Electric Industries, Inc.

     139        5,696  

IDACORP, Inc.

     52        5,405  

National Fuel Gas Co.

     93        5,788  

NextEra Energy, Inc.

     61        4,774  

NiSource, Inc.

     223        6,451  

NRG Energy, Inc.

     153        5,790  

OGE Energy Corp.

     156        5,858  

Southern Co. (The)

     88        5,700  

UGI Corp.

     131        5,036  

WEC Energy Group, Inc.

     61        5,544  

Xcel Energy, Inc.

     84        5,656  
     

 

 

 
        167,436  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $3,296,653)

 

     3,664,140  
     

 

 

 

 

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

 

      

11

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Money Market Funds-0.04%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $1,289)

     1,289      $ 1,289  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $3,297,942)

        3,665,429  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.63%

     

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

     40,001        40,001  
       Shares            Value      

Money Market Funds-(continued)

     

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

     93,325      $ 93,335  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $133,340)

 

     133,336  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.51%
(Cost $3,431,282)

        3,798,765  

OTHER ASSETS LESS LIABILITIES-(3.51)%

        (128,878
     

 

 

 

NET ASSETS-100.00%

      $ 3,669,887  
     

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Invesco Ltd.

     $ 3,874      $ 2,058      $ -     $ (728 )     $ -     $ 5,204      $ 68

Investments in Affiliated Money

Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       -        53,159        (51,870 )       -       -       1,289        -

Investments Purchased with Cash

Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       8,951        146,167        (115,117 )       -       -       40,001        4 *

Invesco Private Prime Fund

       19,979        284,408        (211,035 )       (4 )       (13 )       93,335        25 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 32,804      $ 485,792      $ (378,022 )     $ (732 )     $ (13 )     $ 139,829      $ 97
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

12

 

 

 

 

      


 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of February 28, 2022

   

Financials

       17.30     

Industrials

       16.69                                                 

Information Technology

       12.22     

Consumer Discretionary

       11.23     

Health Care

       10.10     

Materials

       7.65     

Real Estate

       7.40     

Consumer Staples

       6.79     

Utilities

       4.56     

Communication Services

       3.40     

Energy

       2.50     

Money Market Funds Plus Other Assets Less Liabilities

       0.16     

 

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

 

      

13

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares            Value      

Common Stocks & Other Equity Interests-99.84%

 

Communication Services-6.50%

     

Activision Blizzard, Inc.

     6,381      $ 520,052  

Alphabet, Inc., Class A(b)

     137        370,056  

Altice USA, Inc., Class A(b)

     210,579        2,434,293  

AT&T, Inc.

     137,890        3,266,614  

Cable One, Inc.

     1,843        2,640,743  

Charter Communications, Inc., Class A(b)

     5,145        3,096,158  

Comcast Corp., Class A

     66,168        3,094,016  

Discovery, Inc., Class A(b)

     15,980        448,239  

DISH Network Corp., Class A(b)

     97,814        3,126,136  

Electronic Arts, Inc.

     3,014        392,091  

Fox Corp., Class A

     10,308        431,184  

IAC/InterActiveCorp.(b)

     3,125        358,625  

Interpublic Group of Cos., Inc. (The)

     10,325        379,960  

Liberty Broadband Corp., Class C(b)

     21,035        3,085,835  

Liberty Media Corp.-Liberty Formula One, Class C(b)(c)

     6,260        380,170  

Liberty Media Corp.-Liberty SiriusXM, Class C(b)

     7,825        393,754  

Live Nation Entertainment, Inc.(b)

     3,400        410,788  

Loyalty Ventures, Inc.(b)

     11,404        273,696  

Lumen Technologies, Inc.(c)

     262,141        2,715,781  

Madison Square Garden Sports Corp., Class A(b)

     2,207        381,811  

Match Group, Inc.(b)

     3,098        345,396  

Meta Platforms, Inc., Class A(b)

     1,242        262,099  

Netflix, Inc.(b)

     614        242,235  

New York Times Co. (The), Class A

     8,264        363,533  

News Corp., Class A

     17,307        386,292  

Nexstar Media Group, Inc., Class A

     2,446        452,632  

Omnicom Group, Inc.

     5,398        452,838  

Paramount Global, Class B

     12,123        371,085  

Pinterest, Inc., Class A(b)

     10,579        282,988  

Playtika Holding Corp.(b)(c)

     20,425        420,755  

Roku, Inc., Class A(b)

     13,378        1,866,632  

Sirius XM Holdings, Inc.(c)

     61,158        376,733  

Skillz, Inc., (Acquired 06/25/2021 -02/23/2022; Cost $651,994)(b)(c)(d)

     44,873        139,555  

Spotify Technology S.A.(b)

     1,612        251,778  

Take-Two Interactive Software,
Inc.(b)

     2,267        367,254  

T-Mobile US, Inc.(b)

     27,596        3,400,103  

TripAdvisor, Inc.(b)(c)

     14,084        358,297  

Twitter, Inc.(b)(c)

     8,823        313,658  

Verizon Communications, Inc.

     62,718        3,366,075  

Vimeo, Inc.(b)(c)

     22,046        286,378  

Walt Disney Co. (The)(b)

     2,454        364,321  

World Wrestling Entertainment, Inc.,

     

Class A(c)

     7,735        458,376  

Zynga, Inc., Class A(b)

     59,336        538,771  
     

 

 

 
            43,867,786  
     

 

 

 

Consumer Discretionary-6.36%

     

Advance Auto Parts, Inc.

     1,611        329,417  

Amazon.com, Inc.(b)

     107        328,625  

Aptiv PLC(b)(c)

     2,253        291,628  

Aramark

     10,446        386,084  

AutoNation, Inc.(b)

     3,135        359,459  

AutoZone, Inc.(b)

     189        352,181  

 

       Shares            Value      

Consumer Discretionary-(continued)

     

Bath & Body Works, Inc.

     5,000      $ 266,850  

Best Buy Co., Inc.

     3,597        347,614  

Booking Holdings, Inc.(b)

     164        356,249  

BorgWarner, Inc.

     8,145        334,026  

Boyd Gaming Corp.

     5,956        422,519  

Bright Horizons Family Solutions, Inc.(b)

     3,050        398,452  

Brunswick Corp.

     3,591        343,012  

Burlington Stores, Inc.(b)

     1,303        294,335  

Caesars Entertainment, Inc.(b)

     4,135        348,126  

Capri Holdings Ltd.(b)

     5,712        386,931  

CarMax, Inc.(b)

     2,558        279,666  

Carnival Corp.(b)(c)

     19,634        399,159  

Carter’s, Inc.

     3,530        341,280  

Carvana Co.(b)(c)

     1,397        210,207  

Chegg, Inc.(b)(c)

     13,450        420,582  

Chipotle Mexican Grill, Inc.(b)

     216        329,044  

Choice Hotels International, Inc.

     2,583        372,856  

Churchill Downs, Inc.

     1,632        393,100  

Columbia Sportswear Co.

     3,713        344,269  

D.R. Horton, Inc.

     3,522        300,779  

Darden Restaurants, Inc.

     2,518        365,664  

Deckers Outdoor Corp.(b)

     955        275,651  

Dick’s Sporting Goods, Inc.(c)

     3,336        350,280  

Dollar General Corp.

     1,691        335,393  

Dollar Tree, Inc.(b)

     2,729        387,736  

Domino’s Pizza, Inc.

     709        306,437  

DoorDash, Inc., Class A(b)

     2,484        260,696  

DraftKings, Inc., Class A(b)(c)

     11,938        282,692  

eBay, Inc.

     5,633        307,505  

Etsy, Inc.(b)

     1,605        248,598  

Expedia Group, Inc.(b)

     2,222        435,756  

Five Below, Inc.(b)

     1,885        308,405  

Floor & Decor Holdings, Inc., Class A(b)

     2,964        283,418  

Foot Locker, Inc.(c)

     8,413        266,019  

Ford Motor Co.

     19,192        337,012  

frontdoor, inc.(b)

     10,908        327,785  

GameStop Corp., Class A(b)(c)

     2,410        297,249  

Gap, Inc. (The)(c)

     21,920        318,936  

Garmin Ltd.

     2,778        306,802  

General Motors Co.(b)

     6,302        294,429  

Gentex Corp.

     10,713        324,283  

Genuine Parts Co.

     2,802        342,292  

Grand Canyon Education, Inc.(b)

     4,981        432,500  

H&R Block, Inc.

     15,960        395,968  

Hanesbrands, Inc.(c)

     21,613        333,921  

Harley-Davidson, Inc.

     10,177        420,310  

Hasbro, Inc.(c)

     3,736        362,579  

Hayward Holdings, Inc.(b)(c)

     13,865        248,045  

Hilton Worldwide Holdings, Inc.(b)

     2,607        388,078  

Home Depot, Inc. (The)

     932        294,354  

Hyatt Hotels Corp., Class A

     4,385        425,827  

Kohl’s Corp.(c)

     7,432        413,368  

Las Vegas Sands Corp.(b)

     9,891        423,928  

Lear Corp.

     2,043        321,446  

Leggett & Platt, Inc.(c)

     8,917        330,642  

Lennar Corp., Class A

     3,245        291,661  

Leslie’s, Inc.(b)(c)

     17,788        379,062  

Lithia Motors, Inc., Class A

     1,325        451,586  

 

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

 

      

14

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Consumer Discretionary-(continued)

     

LKQ Corp.

     6,580      $ 308,931  

Lowe’s Cos., Inc.

     1,466        324,074  

lululemon athletica, inc.(b)

     906        289,866  

Marriott International, Inc., Class A(b)

     2,397        407,826  

Marriott Vacations Worldwide Corp.

     2,338        375,646  

Mattel, Inc.(b)

     17,593        439,473  

McDonald’s Corp.

     1,431        350,266  

MGM Resorts International

     8,926        395,333  

Mister Car Wash, Inc.(b)

     20,657        330,925  

Mohawk Industries, Inc.(b)

     1,930        271,705  

Newell Brands, Inc.

     16,486        391,543  

NIKE, Inc., Class B

     2,236        305,326  

Nordstrom, Inc.(b)(c)

     17,899        371,225  

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

     17,593        342,888  

NVR, Inc.(b)

     71        352,049  

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

     7,554        326,182  

O’Reilly Automotive, Inc.(b)

     568        368,768  

Peloton Interactive, Inc., Class A(b)(c)

     9,220        267,933  

Penn National Gaming, Inc.(b)

     7,381        379,014  

Penske Automotive Group, Inc.

     3,643        358,070  

Petco Health & Wellness Co., Inc.(b)(c)

     18,442        323,104  

Planet Fitness, Inc., Class A(b)

     4,288        362,893  

Polaris, Inc.

     3,486        423,584  

Pool Corp.

     692        317,337  

PulteGroup, Inc.

     6,777        336,546  

PVH Corp.

     3,657        357,984  

QuantumScape Corp.(b)(c)

     15,433        249,089  

Qurate Retail, Inc., Class A

     46,234        254,749  

Ralph Lauren Corp.(c)

     3,060        404,042  

RH(b)(c)

     617        247,954  

Rivian Automotive, Inc., Class A(b)(c)

     3,249        219,502  

Ross Stores, Inc.

     3,341        305,334  

Royal Caribbean Cruises Ltd.(b)(c)

     5,039        406,748  

Service Corp. International

     5,604        341,003  

Six Flags Entertainment Corp.(b)

     9,688        422,978  

Skechers U.S.A., Inc., Class A(b)

     8,246        379,151  

Starbucks Corp.

     3,250        298,318  

Tapestry, Inc.

     8,675        354,808  

Target Corp.

     1,584        316,436  

Tempur Sealy International, Inc.

     8,384        276,756  

Terminix Global Holdings, Inc.(b)

     10,009        425,983  

Tesla, Inc.(b)

     388        337,727  

Thor Industries, Inc.(c)

     3,669        332,045  

TJX Cos., Inc. (The)

     5,085        336,119  

Toll Brothers, Inc.

     5,186        281,392  

TopBuild Corp.(b)

     1,261        270,711  

Tractor Supply Co.

     1,635        333,197  

Travel + Leisure Co.

     7,205        403,840  

Ulta Beauty, Inc.(b)

     933        349,409  

Under Armour, Inc., Class A(b)(c)

     15,719        281,213  

Vail Resorts, Inc.

     1,118        291,295  

VF Corp.

     4,935        286,329  

Victoria’s Secret & Co.(b)(c)

     7,176        384,849  

Vroom, Inc.(b)(c)

     33,534        203,887  

Wayfair, Inc., Class A(b)(c)

     1,715        241,592  

Wendy’s Co. (The)

     16,929        384,965  

Whirlpool Corp.

     1,663        334,712  

Williams-Sonoma, Inc.(c)

     2,079        301,164  

Wyndham Hotels & Resorts, Inc.

     4,617        398,955  

Wynn Resorts Ltd.(b)

     4,302        372,209  
       Shares            Value      

Consumer Discretionary-(continued)

     

YETI Holdings, Inc.(b)(c)

     4,143      $ 255,043  

Yum China Holdings, Inc. (China)

     7,310        380,266  

Yum! Brands, Inc.

     2,833        347,269  
     

 

 

 
            42,902,293  
     

 

 

 

Consumer Staples-9.00%

     

Albertsons Cos., Inc., Class A

     38,909        1,134,197  

Altria Group, Inc.

     26,618        1,365,237  

Archer-Daniels-Midland Co.

     18,756        1,471,408  

Beyond Meat, Inc.(b)(c)

     16,934        792,173  

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

     2,338        896,529  

Brown-Forman Corp., Class B

     16,818        1,097,038  

Bunge Ltd.

     13,885        1,451,677  

Campbell Soup Co.

     28,144        1,265,636  

Casey’s General Stores, Inc.

     6,527        1,227,598  

Church & Dwight Co., Inc.

     12,428        1,216,080  

Clorox Co. (The)

     7,113        1,037,004  

Coca-Cola Co. (The)

     21,637        1,346,687  

Colgate-Palmolive Co.

     15,215        1,170,794  

Conagra Brands, Inc.

     37,246        1,302,493  

Constellation Brands, Inc., Class A

     5,079        1,095,134  

Costco Wholesale Corp.

     716        371,783  

Coty, Inc., Class A(b)

     37,080        340,024  

Darling Ingredients, Inc.(b)

     18,192        1,318,556  

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

     1,058        313,517  

Flowers Foods, Inc.

     46,119        1,264,122  

Freshpet, Inc.(b)(c)

     11,430        1,088,479  

General Mills, Inc.

     18,557        1,251,299  

Grocery Outlet Holding Corp.(b)(c)

     43,182        1,200,891  

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

     30,463        1,107,635  

Herbalife Nutrition Ltd.(b)(c)

     31,791        1,131,124  

Hershey Co. (The)

     6,471        1,308,824  

Hormel Foods Corp.

     26,495        1,262,222  

Ingredion, Inc.(c)

     12,322        1,093,454  

JM Smucker Co. (The)

     9,090        1,224,878  

Kellogg Co.

     19,138        1,223,684  

Keurig Dr Pepper, Inc.

     34,316        1,327,000  

Kimberly-Clark Corp.

     8,758        1,139,854  

Kraft Heinz Co. (The)

     35,465        1,390,937  

Kroger Co. (The)

     27,173        1,271,696  

Lamb Weston Holdings, Inc.

     20,933        1,390,579  

McCormick & Co., Inc.

     13,377        1,273,089  

Molson Coors Beverage Co., Class B

     26,045        1,359,028  

Mondelez International, Inc., Class A

     19,459        1,274,175  

Monster Beverage Corp.(b)

     13,439        1,134,252  

Olaplex Holdings, Inc.(b)(c)

     44,085        739,746  

PepsiCo, Inc.

     7,139        1,168,940  

Philip Morris International, Inc.

     13,262        1,340,390  

Pilgrim’s Pride Corp.(b)

     42,151        993,921  

Post Holdings, Inc.(b)(c)

     11,792        1,239,811  

Procter & Gamble Co. (The)

     7,743        1,207,056  

Reynolds Consumer Products, Inc.(c)

     40,225        1,197,498  

Seaboard Corp.

     300        1,157,844  

Spectrum Brands Holdings, Inc.

     12,133        1,125,700  

Sysco Corp.

     16,072        1,399,871  

Tyson Foods, Inc., Class A

     14,178        1,313,733  

US Foods Holding Corp.(b)

     36,015        1,407,826  

Walgreens Boots Alliance, Inc.

     24,140        1,112,613  

Walmart, Inc.

     2,725        368,311  
     

 

 

 
        60,704,047  
     

 

 

 

 

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

 

      

15

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Energy-9.52%

     

Antero Midstream Corp.(c)

     175,661      $ 1,763,636  

APA Corp.

     65,325        2,327,530  

Baker Hughes Co., Class A

     68,371        2,008,740  

Cheniere Energy, Inc.

     16,645        2,212,120  

Chevron Corp.

     14,393        2,072,592  

ConocoPhillips

     23,437        2,223,234  

Continental Resources, Inc.(c)

     37,143        2,058,836  

Coterra Energy, Inc.

     81,669        1,905,338  

Devon Energy Corp.

     40,179        2,392,659  

Diamondback Energy, Inc.

     15,415        2,128,812  

DT Midstream, Inc.

     36,221        1,923,335  

EOG Resources, Inc.

     19,571        2,249,099  

EQT Corp.

     82,106        1,899,933  

Exxon Mobil Corp.

     27,156        2,129,574  

Halliburton Co.

     72,391        2,427,270  

Hess Corp.

     21,592        2,182,088  

HollyFrontier Corp.

     52,286        1,592,109  

Kinder Morgan, Inc.

     106,207        1,848,002  

Marathon Oil Corp.

     106,012        2,391,631  

Marathon Petroleum Corp.

     26,848        2,090,654  

New Fortress Energy, Inc.(c)

     67,692        1,867,622  

NOV, Inc.

     125,772        2,156,990  

Occidental Petroleum Corp.

     56,232        2,459,025  

ONEOK, Inc.

     27,546        1,798,754  

Phillips 66

     23,516        1,980,988  

Pioneer Natural Resources Co.

     9,292        2,226,363  

Schlumberger N.V

     55,536        2,179,233  

Targa Resources Corp.

     32,584        2,130,016  

Texas Pacific Land Corp.

     1,339        1,591,709  

Valero Energy Corp.

     24,181        2,019,355  

Williams Cos., Inc. (The)

     63,881        1,998,198  
     

 

 

 
            64,235,445  
     

 

 

 

Financials-9.32%

     

Affiliated Managers Group, Inc.

     2,636        364,717  

Aflac, Inc.

     7,724        471,859  

AGNC Investment Corp.

     27,957        360,925  

Alleghany Corp.(b)

     657        434,881  

Allstate Corp. (The)

     4,116        503,634  

Ally Financial, Inc.

     9,156        456,884  

American Express Co.

     2,063        401,336  

American Financial Group, Inc.

     3,227        436,904  

American International Group, Inc.

     8,069        494,146  

Ameriprise Financial, Inc.

     1,484        444,888  

Annaly Capital Management, Inc.(c)

     52,307        364,057  

Aon PLC, Class A

     1,492        435,873  

Apollo Global Management, Inc.(c)

     12,588        821,493  

Arch Capital Group Ltd.(b)

     10,192        480,145  

Ares Management Corp., Class A

     5,539        449,158  

Arthur J. Gallagher & Co.

     2,636        416,989  

Assurant, Inc.

     2,848        483,334  

Assured Guaranty Ltd.

     9,124        565,414  

AXIS Capital Holdings Ltd.

     8,454        461,757  

Bank of America Corp.

     9,963        440,365  

Bank of Hawaii Corp.

     5,382        463,821  

Bank of New York Mellon Corp. (The)

     7,763        412,603  

Bank OZK

     9,677        455,013  

Berkshire Hathaway, Inc., Class B(b)

     1,561        501,783  

BlackRock, Inc.

     476        354,092  

Blackstone, Inc., Class A

     3,312        422,181  
       Shares            Value      

Financials-(continued)

     

BOK Financial Corp.(c)

     4,202      $ 431,545  

Brighthouse Financial, Inc.(b)

     8,628        450,899  

Brown & Brown, Inc.

     6,607        446,699  

Capital One Financial Corp.

     2,323        356,046  

Carlyle Group, Inc. (The)

     8,218        385,178  

Cboe Global Markets, Inc.

     3,436        403,008  

Charles Schwab Corp. (The)

     5,488        463,516  

Chubb Ltd.

     2,331        474,685  

Cincinnati Financial Corp.

     3,840        471,514  

Citigroup, Inc.

     7,131        422,369  

Citizens Financial Group, Inc.

     9,357        490,494  

CME Group, Inc., Class A

     1,940        458,868  

CNA Financial Corp.

     10,051        459,331  

Comerica, Inc.

     5,279        504,092  

Commerce Bancshares, Inc.

     6,509        467,216  

Credit Acceptance Corp.(b)(c)

     676        371,881  

Cullen/Frost Bankers, Inc.

     3,470        488,333  

Discover Financial Services

     3,835        473,392  

East West Bancorp, Inc.

     5,640        493,838  

Equitable Holdings, Inc.

     13,623        444,927  

Erie Indemnity Co., Class A(c)

     2,336        409,034  

Evercore, Inc., Class A

     3,251        412,910  

Everest Re Group Ltd.

     1,637        488,186  

F.N.B. Corp.

     36,774        493,875  

FactSet Research Systems, Inc.

     980        397,968  

Fidelity National Financial, Inc.

     8,789        418,708  

Fifth Third Bancorp

     10,128        484,524  

First American Financial Corp.

     5,851        392,251  

First Citizens BancShares, Inc., Class A

     536        422,609  

First Hawaiian, Inc.

     16,281        473,289  

First Horizon Corp.

     27,032        634,711  

First Republic Bank

     2,110        365,579  

Franklin Resources, Inc.

     13,319        395,974  

Globe Life, Inc.

     4,826        487,233  

GoHealth, Inc., Class A(b)(c)

     115,882        258,417  

Goldman Sachs Group, Inc. (The)

     1,097        374,395  

Hanover Insurance Group, Inc. (The)

     3,400        474,334  

Hartford Financial Services Group, Inc. (The) .

     6,495        451,273  

Huntington Bancshares, Inc.

     28,715        445,657  

Interactive Brokers Group, Inc., Class A

     5,803        384,043  

Intercontinental Exchange, Inc.

     3,284        420,746  

Invesco Ltd.(e)

     19,091        405,493  

Janus Henderson Group PLC

     10,678        358,460  

Jefferies Financial Group, Inc.

     11,556        410,700  

JPMorgan Chase & Co.

     2,765        392,077  

Kemper Corp.

     8,285        442,750  

KeyCorp

     19,271        483,124  

KKR & Co., Inc., Class A

     5,834        350,740  

Lazard Ltd., Class A

     10,092        348,981  

Lemonade, Inc.(b)(c)

     9,495        241,648  

Lincoln National Corp.

     6,495        437,893  

Loews Corp.

     7,822        479,801  

LPL Financial Holdings, Inc.

     2,750        497,612  

M&T Bank Corp.

     2,912        530,654  

Markel Corp.(b)

     356        442,476  

MarketAxess Holdings, Inc.

     1,167        445,129  

Marsh & McLennan Cos., Inc.

     2,587        402,046  

Mercury General Corp.

     8,453        464,915  

MetLife, Inc.

     7,266        490,818  

MGIC Investment Corp.

     30,554        463,810  

 

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

 

      

16

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Financials-(continued)

     

Moody’s Corp.

     1,124      $ 361,962  

Morgan Stanley

     4,396        398,893  

Morningstar, Inc.

     1,390        390,104  

MSCI, Inc.

     712        357,203  

Nasdaq, Inc.

     2,167        370,882  

New Residential Investment Corp.

     39,352        408,474  

New York Community Bancorp, Inc.

     36,165        417,344  

Northern Trust Corp.

     3,719        423,594  

Old Republic International Corp.

     18,163        478,595  

OneMain Holdings, Inc.

     8,755        446,330  

PacWest Bancorp

     9,824        485,502  

People’s United Financial, Inc.

     25,026        527,548  

Pinnacle Financial Partners, Inc.

     4,594        464,362  

PNC Financial Services Group, Inc. (The)

     2,210        440,343  

Popular, Inc.

     5,608        515,095  

Primerica, Inc.

     2,951        383,305  

Principal Financial Group, Inc.

     6,182        436,696  

Progressive Corp. (The)

     4,654        492,998  

Prosperity Bancshares, Inc.

     6,062        451,377  

Prudential Financial, Inc.

     4,160        464,506  

Raymond James Financial, Inc.

     4,528        496,495  

Regions Financial Corp.

     19,848        480,123  

Reinsurance Group of America, Inc.

     4,266        472,929  

RenaissanceRe Holdings Ltd. (Bermuda)

     2,644        398,662  

Rocket Cos., Inc., Class A(c)

     27,069        349,461  

S&P Global, Inc.(c)

     1,697        637,599  

SEI Investments Co.

     7,268        425,759  

Signature Bank

     1,400        482,846  

SLM Corp.

     23,576        464,447  

Starwood Property Trust, Inc.

     17,860        425,782  

State Street Corp.

     4,716        402,416  

Stifel Financial Corp.

     6,275        461,213  

SVB Financial Group(b)

     632        382,992  

Synchrony Financial

     7,232        309,385  

Synovus Financial Corp.

     9,447        497,385  

T. Rowe Price Group, Inc.

     2,217        320,490  

TFS Financial Corp.

     24,547        421,472  

Tradeweb Markets, Inc., Class A

     4,681        395,451  

Travelers Cos., Inc. (The)

     2,888        496,245  

Truist Financial Corp.

     7,418        461,548  

U.S. Bancorp

     7,745        437,902  

Umpqua Holdings Corp.

     22,688        484,389  

Unum Group

     18,358        512,555  

Upstart Holdings, Inc.(b)(c)

     2,457        388,181  

UWM Holdings Corp.(c)

     64,174        278,515  

Virtu Financial, Inc., Class A

     16,159        566,858  

Voya Financial, Inc.

     7,008        471,989  

W.R. Berkley Corp.

     5,544        500,623  

Webster Financial Corp.

     16,383        986,420  

Wells Fargo & Co.

     8,909        475,473  

Western Alliance Bancorporation

     4,120        386,209  

White Mountains Insurance Group Ltd.

     441        463,138  

Willis Towers Watson PLC

     1,903        423,037  

Wintrust Financial Corp.

     4,998        496,601  

Zions Bancorporation N.A

     7,034        498,640  
     

 

 

 
            62,899,269  
     

 

 

 

Health Care-9.43%

     

10X Genomics, Inc., Class A(b)(c)

     3,836        312,519  

Abbott Laboratories

     4,159        501,659  
       Shares            Value      

Health Care-(continued)

     

AbbVie, Inc.

     4,441      $ 656,247  

ABIOMED, Inc.(b)

     1,766        548,767  

Acadia Healthcare Co., Inc.(b)

     9,469        536,987  

Adaptive Biotechnologies Corp.(b)(c)

     20,059        289,451  

Agilent Technologies, Inc.

     3,565        464,733  

agilon health, inc.(b)(c)

     24,046        486,210  

Align Technology, Inc.(b)

     816        417,351  

Alnylam Pharmaceuticals, Inc.(b)

     3,193        504,015  

Amedisys, Inc.(b)

     3,513        562,923  

AmerisourceBergen Corp.

     9,752        1,389,953  

Amgen, Inc.(c)

     2,590        586,583  

Anthem, Inc.

     1,327        599,605  

Avantor, Inc.(b)

     13,884        481,636  

Baxter International, Inc.

     6,838        581,025  

Becton, Dickinson and Co.

     2,254        611,465  

Biogen, Inc.(b)

     2,375        501,149  

BioMarin Pharmaceutical, Inc.(b)

     6,438        502,937  

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

     730        456,951  

Bio-Techne Corp.

     1,174        492,387  

Boston Scientific Corp.(b)

     13,348        589,581  

Bristol-Myers Squibb Co.

     9,578        657,721  

Bruker Corp.

     6,840        481,331  

Cardinal Health, Inc.

     11,368        613,986  

Catalent, Inc.(b)

     4,449        453,976  

Centene Corp.(b)

     7,354        607,587  

Cerner Corp.

     7,332        683,709  

Certara, Inc.(b)(c)

     19,753        500,541  

Change Healthcare, Inc.(b)

     19,902        426,301  

Charles River Laboratories International, Inc.(b)

     1,550        451,298  

Chemed Corp.

     1,104        528,032  

Cigna Corp.

     2,606        619,655  

Cooper Cos., Inc. (The)

     1,347        550,950  

CureVac N.V. (Germany)(b)(c)

     13,914        234,033  

CVS Health Corp.

     12,195        1,264,012  

Danaher Corp.

     1,730        474,729  

DaVita, Inc.(b)

     5,247        591,704  

Definitive Healthcare Corp.(b)

     17,233        398,427  

DENTSPLY SIRONA, Inc.

     10,384        562,190  

DexCom, Inc.(b)

     989        409,357  

Edwards Lifesciences Corp.(b)

     4,590        515,778  

Elanco Animal Health, Inc.(b)

     19,341        549,478  

Eli Lilly and Co.

     2,274        568,386  

Encompass Health Corp.

     8,917        588,700  

Envista Holdings Corp.(b)(c)

     13,422        644,256  

Exact Sciences Corp.(b)(c)

     6,795        530,418  

Exelixis, Inc.(b)

     33,262        682,869  

Figs, Inc., Class A(b)(c)

     12,025        197,571  

Gilead Sciences, Inc.

     7,839        473,476  

Globus Medical, Inc., Class A(b)

     8,110        570,295  

Guardant Health, Inc.(b)(c)

     5,857        388,143  

HCA Healthcare, Inc.

     2,284        571,708  

Henry Schein, Inc.(b)

     7,273        628,242  

Hologic, Inc.(b)

     7,328        521,534  

Horizon Therapeutics PLC(b)

     5,497        501,161  

Humana, Inc.

     1,220        529,870  

ICU Medical, Inc.(b)

     2,449        579,752  

IDEXX Laboratories, Inc.(b)

     911        484,971  

Illumina, Inc.(b)

     1,481        483,695  

Incyte Corp.(b)

     8,292        566,344  

 

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

 

      

17

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Health Care-(continued)

     

Insulet Corp.(b)

     2,049      $ 542,350  

Integra LifeSciences Holdings Corp.(b)(c)

     8,443        566,188  

Intuitive Surgical, Inc.(b)

     1,624        471,496  

Ionis Pharmaceuticals, Inc.(b)(c)

     18,197        607,416  

Iovance Biotherapeutics, Inc.(b)(c)

     29,541        462,907  

IQVIA Holdings, Inc.(b)

     2,045        470,595  

Jazz Pharmaceuticals PLC(b)

     4,474        614,817  

Johnson & Johnson

     3,331        548,183  

Laboratory Corp. of America Holdings(b)

     1,953        529,771  

Maravai LifeSciences Holdings, Inc.,
Class A(b)(c)

     12,926        505,019  

Masimo Corp.(b)

     1,989        313,168  

McKesson Corp.

     5,149        1,415,769  

Medtronic PLC

     4,884        512,771  

Merck & Co., Inc.

     7,566        579,404  

Mettler-Toledo International, Inc.(b)

     217        305,697  

Mirati Therapeutics, Inc.(b)(c)

     4,057        358,192  

Moderna, Inc.(b)

     2,022        310,579  

Molina Healthcare, Inc.(b)

     1,875        575,381  

Natera, Inc.(b)

     6,026        396,209  

Nektar Therapeutics(b)(c)

     36,504        373,801  

Neurocrine Biosciences, Inc.(b)

     6,750        606,622  

Novavax, Inc.(b)(c)

     3,099        258,364  

Novocure Ltd.(b)(c)

     6,283        514,326  

Oak Street Health, Inc.(b)(c)

     17,463        305,777  

Organon & Co.

     19,221        717,520  

Penumbra, Inc.(b)(c)

     2,209        489,824  

PerkinElmer, Inc.

     2,941        528,233  

Perrigo Co. PLC

     15,036        534,079  

Pfizer, Inc.

     10,583        496,766  

Premier, Inc., Class A

     14,482        520,483  

QIAGEN N.V.(b)

     10,171        505,397  

Quest Diagnostics, Inc.

     3,501        459,576  

Quidel Corp.(b)(c)

     3,976        420,621  

Regeneron Pharmaceuticals, Inc.(b)

     825        510,147  

Repligen Corp.(b)

     2,191        430,970  

ResMed, Inc.

     2,080        513,240  

Royalty Pharma PLC, Class A(c)

     14,437        566,797  

Sage Therapeutics, Inc.(b)

     14,260        518,636  

Sarepta Therapeutics, Inc.(b)(c)

     6,460        494,901  

Seagen, Inc.(b)

     3,799        489,577  

Signify Health, Inc., Class A(b)(c)

     39,056        548,737  

Sotera Health Co.(b)

     24,961        545,897  

STERIS PLC

     2,372        569,280  

Stryker Corp.

     2,123        559,092  

Syneos Health, Inc.(b)

     5,459        432,353  

Tandem Diabetes Care, Inc.(b)

     4,112        463,135  

Teladoc Health, Inc.(b)(c)

     5,814        441,341  

Teleflex, Inc.

     1,721        578,789  

Thermo Fisher Scientific, Inc.

     877        477,088  

Ultragenyx Pharmaceutical, Inc.(b)(c)

     7,034        473,529  

United Therapeutics Corp.(b)

     2,947        489,791  

UnitedHealth Group, Inc.

     1,165        554,388  

Universal Health Services, Inc., Class B

     4,267        614,149  

Veeva Systems, Inc., Class A(b)

     2,058        471,385  

Vertex Pharmaceuticals, Inc.(b)

     2,641        607,483  

Viatris, Inc.

     43,261        476,304  

Waters Corp.(b)

     1,011        320,214  

West Pharmaceutical Services, Inc.

     1,283        496,624  
       Shares            Value      

Health Care-(continued)

     

Zimmer Biomet Holdings, Inc.

     4,391      $ 558,491  

Zoetis, Inc.

     2,398        464,373  
     

 

 

 
            63,644,332  
     

 

 

 

Industrials-9.47%

     

3M Co.

     1,966        292,246  

A.O. Smith Corp.

     4,188        287,213  

Acuity Brands, Inc.

     1,740        317,324  

ADT, Inc.(c)

     40,564        296,523  

Advanced Drainage Systems, Inc.

     2,562        299,037  

AECOM

     4,746        344,844  

AGCO Corp.

     2,895        347,863  

Air Lease Corp.

     7,784        325,060  

Alaska Air Group, Inc.(b)

     7,324        411,169  

Allegion PLC

     2,642        302,562  

Allison Transmission Holdings, Inc.

     10,003        399,520  

AMERCO

     526        303,823  

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

     20,772        358,317  

AMETEK, Inc.

     2,454        318,505  

Armstrong World Industries, Inc.

     3,046        269,266  

Axon Enterprise, Inc.(b)

     2,374        332,953  

AZEK Co., Inc. (The)(b)

     8,336        245,829  

Boeing Co. (The)(b)

     1,677        344,355  

Booz Allen Hamilton Holding Corp.

     4,147        334,621  

Builders FirstSource, Inc.(b)

     4,451        331,243  

BWX Technologies, Inc.

     7,232        386,333  

C.H. Robinson Worldwide, Inc.

     3,445        333,063  

CACI International, Inc., Class A(b)

     1,536        429,757  

Carlisle Cos., Inc.

     1,451        344,467  

Carrier Global Corp.

     6,183        277,493  

Caterpillar, Inc.

     1,699        318,698  

ChargePoint Holdings, Inc.(b)(c)

     82,184        1,193,312  

Cintas Corp.

     771        289,372  

Clarivate PLC(b)(c)

     16,760        251,065  

Clean Harbors, Inc.(b)

     14,630        1,396,141  

Colfax Corp.(b)

     7,564        304,148  

Copa Holdings S.A., Class A (Panama)(c)

     4,938        418,940  

Copart, Inc.(b)

     2,530        310,886  

Core & Main, Inc., Class A(b)

     12,542        281,944  

CoStar Group, Inc.(b)

     11,389        694,843  

Crane Co.

     3,371        340,741  

CSX Corp.

     9,481        321,501  

Cummins, Inc.

     1,582        322,918  

Curtiss-Wright Corp.

     2,605        384,290  

Deere & Co.

     962        346,339  

Delta Air Lines, Inc.(b)

     9,782        390,497  

Donaldson Co., Inc.

     5,907        320,573  

Dover Corp.

     2,020        316,857  

Driven Brands Holdings, Inc.(b)(c)

     11,552        339,282  

Dun & Bradstreet Holdings, Inc.(b)(c)

     22,051        409,267  

Eaton Corp. PLC

     2,056        317,220  

Emerson Electric Co.

     3,776        350,866  

Equifax, Inc.

     1,187        259,170  

Expeditors International of Washington, Inc.

     2,706        279,692  

Fastenal Co.

     27,071        1,393,074  

FedEx Corp.

     1,413        314,068  

Flowserve Corp.

     11,135        338,170  

Fluence Energy, Inc.(b)(c)

     54,296        734,625  

Fortive Corp.

     4,613        298,692  

Fortune Brands Home & Security, Inc.

     3,265        283,728  

 

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

 

      

18

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Industrials-(continued)

     

FTI Consulting, Inc.(b)(c)

     2,379      $ 347,334  

Gates Industrial Corp. PLC(b)

     21,490        340,402  

Generac Holdings, Inc.(b)

     965        304,429  

General Dynamics Corp.

     1,723        403,957  

General Electric Co.

     3,542        338,296  

Graco, Inc.

     4,390        316,475  

GXO Logistics, Inc.(b)

     3,695        310,121  

HEICO Corp.(c)

     2,403        354,467  

Hexcel Corp.

     32,621        1,888,756  

Honeywell International, Inc.

     1,684        319,539  

Howmet Aerospace, Inc.

     11,269        404,782  

Hubbell, Inc.

     1,671        297,856  

Huntington Ingalls Industries, Inc.

     1,862        380,593  

IAA, Inc.(b)

     7,463        274,191  

IDEX Corp.

     1,472        282,477  

Illinois Tool Works, Inc.

     1,434        310,232  

Ingersoll Rand, Inc.

     5,785        292,258  

ITT, Inc.

     3,413        299,900  

J.B. Hunt Transport Services, Inc.

     1,750        355,127  

Jacobs Engineering Group, Inc.

     2,436        299,628  

JetBlue Airways Corp.(b)

     26,130        399,005  

Johnson Controls International PLC

     4,382        284,655  

Kirby Corp.(b)

     5,992        390,379  

Knight-Swift Transportation Holdings, Inc.

     5,779        314,840  

L3Harris Technologies, Inc.

     1,609        405,967  

Landstar System, Inc.

     1,966        303,570  

Legalzoom.com, Inc.(b)(c)

     21,157        330,261  

Leidos Holdings, Inc.

     4,646        473,149  

Lennox International, Inc.

     1,059        282,679  

Lincoln Electric Holdings, Inc.

     2,546        324,513  

Lockheed Martin Corp.

     1,012        439,006  

Lyft, Inc., Class A(b)

     9,239        359,767  

ManpowerGroup, Inc.

     3,709        394,193  

Masco Corp.

     5,071        284,179  

MasTec, Inc.(b)(c)

     3,712        292,357  

MDU Resources Group, Inc.

     12,097        323,837  

Mercury Systems, Inc.(b)(c)

     7,437        447,856  

Middleby Corp. (The)(b)

     1,856        329,663  

MSA Safety, Inc.

     2,333        324,520  

MSC Industrial Direct Co., Inc., Class A

     4,192        324,796  

Nielsen Holdings PLC

     18,074        314,849  

Nordson Corp.

     1,299        294,211  

Norfolk Southern Corp.

     1,212        310,902  

Northrop Grumman Corp.

     946        418,264  

nVent Electric PLC

     9,242        313,581  

Old Dominion Freight Line, Inc.

     999        313,716  

Oshkosh Corp.(c)

     3,094        343,558  

Otis Worldwide Corp.

     4,022        315,043  

Owens Corning

     3,712        345,921  

PACCAR, Inc.

     3,914        359,344  

Parker-Hannifin Corp.

     1,090        323,065  

Pentair PLC

     4,721        273,393  

Plug Power, Inc.(b)(c)

     49,398        1,249,275  

Quanta Services, Inc.

     3,047        331,940  

Raytheon Technologies Corp.

     4,024        413,265  

Regal Rexnord Corp.(c)

     2,128        341,225  

Republic Services, Inc.

     10,877        1,308,286  

Robert Half International, Inc.

     3,214        386,612  

Rockwell Automation, Inc.

     1,003        267,380  

Rollins, Inc.

     11,637        379,715  
       Shares            Value      

Industrials-(continued)

     

Roper Technologies, Inc.

     874      $ 391,744  

Ryder System, Inc.(c)

     4,265        336,253  

Schneider National, Inc., Class B

     13,577        354,631  

Science Applications International Corp.

     4,932        432,487  

Sensata Technologies Holding PLC(b)

     5,859        339,295  

Shoals Technologies Group, Inc.,
Class A(b)(c)

     62,703        991,334  

SiteOne Landscape Supply, Inc.(b)

     1,591        274,336  

Snap-on, Inc.

     1,625        341,542  

Southwest Airlines Co.(b)

     8,635        378,213  

Spirit AeroSystems Holdings, Inc., Class A

     8,402        420,100  

Stanley Black & Decker, Inc.

     1,804        293,511  

Stericycle, Inc.(b)

     24,938        1,455,382  

Sunrun, Inc.(b)(c)

     34,672        945,852  

Textron, Inc.

     4,653        340,274  

Timken Co. (The)

     24,759        1,623,200  

Toro Co. (The)

     3,441        322,800  

Trane Technologies PLC

     1,719        264,606  

TransDigm Group, Inc.(b)

     566        377,290  

TransUnion

     2,989        271,282  

Trex Co., Inc.(b)

     2,536        232,906  

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

     9,821        171,082  

Uber Technologies, Inc.(b)

     10,038        361,669  

Union Pacific Corp.

     1,408        346,298  

United Airlines Holdings, Inc.(b)(c)

     8,476        376,334  

United Parcel Service, Inc., Class B

     1,685        354,558  

United Rentals, Inc.(b)

     976        313,901  

Univar Solutions, Inc.(b)

     60,842        1,868,458  

Valmont Industries, Inc.

     1,367        295,887  

Verisk Analytics, Inc.

     1,548        274,522  

Vertiv Holdings Co.

     15,764        205,247  

Virgin Galactic Holdings, Inc.(b)(c)

     22,148        214,393  

W.W. Grainger, Inc.

     688        328,217  

Wabtec Corp.

     3,779        350,767  

Waste Management, Inc.

     8,988        1,297,867  

Watsco, Inc.

     1,120        305,827  

Woodward, Inc.(c)

     3,219        401,184  

XPO Logistics, Inc.(b)

     4,363        317,103  

Xylem, Inc.

     2,817        250,572  
     

 

 

 
            63,928,786  
     

 

 

 

Information Technology-13.27%

     

Accenture PLC, Class A

     941        297,375  

Adobe, Inc.(b)

     649        303,524  

Advanced Micro Devices, Inc.(b)

     6,158        759,528  

Akamai Technologies, Inc.(b)

     3,673        397,639  

Allegro MicroSystems, Inc. (Japan)(b)(c)

     12,118        347,423  

Alliance Data Systems Corp.

     4,719        318,297  

Alteryx, Inc., Class A(b)(c)

     6,253        389,562  

Amdocs Ltd.

     5,750        452,525  

Amphenol Corp., Class A

     4,945        375,869  

Analog Devices, Inc.

     2,234        358,088  

Anaplan, Inc.(b)

     8,872        420,267  

ANSYS, Inc.(b)

     1,046        339,103  

Apple, Inc.

     2,351        388,197  

Applied Materials, Inc.

     2,686        360,461  

Arista Networks, Inc.(b)

     24,452        3,000,994  

Arrow Electronics, Inc.(b)

     3,264        397,816  

Aspen Technology, Inc.(b)

     2,801        426,900  

Atlassian Corp. PLC, Class A(b)

     1,097        335,375  

Autodesk, Inc.(b)

     1,536        338,273  

 

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

 

      

19

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Information Technology-(continued)

     

Automatic Data Processing, Inc.

     1,488      $ 304,207  

Avalara, Inc.(b)

     2,738        284,506  

Avnet, Inc.

     10,591        445,563  

Azenta, Inc.

     3,925        343,516  

Bentley Systems, Inc., Class B

     8,600        330,154  

Bill.com Holdings, Inc.(b)(c)

     1,358        323,041  

Black Knight, Inc.(b)

     5,578        313,428  

Block, Inc., Class A(b)

     1,854        236,385  

Broadcom, Inc.

     703        412,970  

Broadridge Financial Solutions, Inc.

     2,523        368,888  

C3.ai, Inc., Class A(b)(c)

     12,766        286,214  

Cadence Design Systems, Inc.(b)

     2,284        345,866  

CDK Global, Inc.

     10,276        465,914  

CDW Corp.

     2,117        365,098  

Ceridian HCM Holding, Inc.(b)

     3,939        287,193  

Ciena Corp.(b)

     43,734        2,992,280  

Cirrus Logic, Inc.(b)

     4,630        402,208  

Cisco Systems, Inc.

     54,924        3,063,111  

Citrix Systems, Inc.

     5,028        515,370  

Cloudflare, Inc., Class A(b)

     2,733        318,176  

Cognex Corp.

     4,576        309,155  

Cognizant Technology Solutions Corp., Class A

     5,067        436,421  

Coherent, Inc.(b)

     1,305        344,938  

CommScope Holding Co., Inc.(b)

     280,373        2,674,758  

Concentrix Corp.(c)

     2,372        474,139  

Corning, Inc.

     10,948        442,299  

Coupa Software, Inc.(b)(c)

     2,516        304,461  

Crowdstrike Holdings, Inc., Class A(b)

     2,039        398,033  

Datadog, Inc., Class A(b)

     2,353        379,092  

Datto Holding Corp.(b)(c)

     16,818        394,550  

Dell Technologies, Inc., Class C(b)

     7,134        363,549  

DocuSign, Inc.(b)

     2,748        325,446  

Dolby Laboratories, Inc., Class A

     4,628        347,563  

DoubleVerify Holdings, Inc.(b)(c)

     13,012        359,782  

Dropbox, Inc., Class A(b)

     17,082        387,591  

Duck Creek Technologies, Inc.(b)(c)

     14,513        340,765  

DXC Technology Co.(b)

     13,425        456,853  

Dynatrace, Inc.(b)

     6,544        290,684  

Elastic N.V.(b)

     3,354        290,624  

Enphase Energy, Inc.(b)

     7,858        1,309,929  

Entegris, Inc.

     2,798        365,083  

EPAM Systems, Inc.(b)

     580        120,495  

Euronet Worldwide, Inc.(b)

     2,933        376,099  

Everbridge, Inc.(b)

     3,553        140,415  

F5, Inc.(b)

     1,820        365,547  

Fair Isaac Corp.(b)

     850        400,512  

Fastly, Inc., Class A(b)(c)

     9,970        185,442  

Fidelity National Information Services, Inc.

     3,305        314,735  

First Solar, Inc.(b)

     17,592        1,324,502  

Fiserv, Inc.(b)

     3,350        327,195  

Five9, Inc.(b)

     3,033        333,630  

FleetCor Technologies, Inc.(b)

     1,565        366,523  

Fortinet, Inc.(b)

     1,297        446,842  

Gartner, Inc.(b)

     1,320        370,154  

Genpact Ltd.

     6,854        286,771  

Global Payments, Inc.

     2,734        364,661  

GLOBALFOUNDRIES, Inc.(b)(c)

     6,436        391,180  

Globant S.A.(b)

     1,482        406,068  

GoDaddy, Inc., Class A(b)

     5,802        483,945  
       Shares            Value      

Information Technology-(continued)

     

Guidewire Software, Inc.(b)(c)

     3,609      $ 318,133  

Hewlett Packard Enterprise Co.

     26,741        425,717  

HP, Inc.

     11,349        389,952  

HubSpot, Inc.(b)

     549        288,225  

Informatica, Inc., Class A(b)(c)

     11,713        236,134  

Intel Corp.

     8,150        388,755  

International Business Machines Corp.

     3,332        408,203  

Intuit, Inc.

     621        294,584  

IPG Photonics Corp.(b)

     2,402        313,101  

Jabil, Inc.

     6,661        385,072  

Jack Henry & Associates, Inc.

     2,216        391,789  

Jamf Holding Corp.(b)(c)

     12,678        433,714  

Juniper Networks, Inc.

     96,080        3,246,543  

Keysight Technologies, Inc.(b)

     1,728        271,935  

KLA Corp.

     1,010        351,985  

Kyndryl Holdings, Inc.(b)(c)

     22,520        357,167  

Lam Research Corp.

     580        325,583  

Littelfuse, Inc.

     1,153        297,716  

Lumentum Holdings, Inc.(b)(c)

     32,612        3,224,022  

Mandiant, Inc.(b)

     24,798        491,000  

Manhattan Associates, Inc.(b)

     2,738        366,016  

Marvell Technology, Inc.

     4,570        312,268  

Mastercard, Inc., Class A

     1,009        364,067  

McAfee Corp., Class A

     16,010        416,100  

Microchip Technology, Inc.

     4,748        333,927  

Micron Technology, Inc.

     4,841        430,171  

Microsoft Corp.

     1,230        367,512  

MKS Instruments, Inc.

     2,155        324,543  

MongoDB, Inc.(b)

     798        304,828  

Monolithic Power Systems, Inc.

     794        364,208  

Motorola Solutions, Inc.

     12,203        2,689,907  

N-able, Inc.(b)(c)

     33,488        387,456  

National Instruments Corp.

     9,563        383,954  

nCino, Inc.(b)(c)

     7,387        339,285  

NCR Corp.(b)(c)

     10,216        413,952  

NetApp, Inc.

     4,607        361,097  

New Relic, Inc.(b)

     4,031        267,013  

NortonLifeLock, Inc.

     17,208        498,688  

Nuance Communications, Inc.(b)

     7,495        416,122  

Nutanix, Inc., Class A(b)

     12,347        329,665  

NVIDIA Corp.

     1,357        330,904  

NXP Semiconductors N.V. (China)

     1,820        346,018  

Okta, Inc.(b)

     1,796        328,381  

ON Semiconductor Corp.(b)

     6,488        406,214  

Oracle Corp.

     4,635        352,121  

Palantir Technologies, Inc., Class A(b)(c)

     21,336        252,832  

Palo Alto Networks, Inc.(b)

     776        461,138  

Paychex, Inc.

     2,835        337,535  

Paycom Software, Inc.(b)

     970        329,034  

Paycor HCM, Inc.(b)(c)

     13,431        377,008  

Paylocity Holding Corp.(b)

     1,440        305,914  

PayPal Holdings, Inc.(b)

     1,806        202,146  

Paysafe Ltd.(b)(c)

     85,948        274,174  

Pegasystems, Inc.

     3,627        315,984  

Procore Technologies, Inc.(b)(c)

     4,992        325,428  

PTC, Inc.(b)

     3,431        381,802  

Pure Storage, Inc., Class A(b)(c)

     12,631        327,648  

Qorvo, Inc.(b)

     2,565        350,841  

QUALCOMM, Inc.

     2,253        387,493  

RingCentral, Inc., Class A(b)

     2,204        288,371  

 

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

 

      

20

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Information Technology-(continued)

     

Sabre Corp.(b)(c)

     42,522      $ 464,765  

salesforce.com, inc.(b)

     1,555        327,374  

ServiceNow, Inc.(b)

     639        370,569  

Shift4 Payments, Inc., Class A(b)(c)

     6,181        325,430  

Skyworks Solutions, Inc.

     2,551        352,472  

Smartsheet, Inc., Class A(b)(c)

     5,680        302,006  

Snowflake, Inc., Class A(b)

     1,135        301,524  

SolarWinds Corp.

     28,835        390,714  

Splunk, Inc.(b)

     3,634        429,175  

SS&C Technologies Holdings, Inc.

     5,284        396,141  

StoneCo Ltd., Class A (Brazil)(b)(c)

     19,716        221,608  

Switch, Inc., Class A

     15,634        406,797  

Synopsys, Inc.(b)

     1,157        361,435  

TD SYNNEX Corp.

     3,821        389,092  

Teledyne Technologies, Inc.(b)

     803        344,792  

Teradata Corp.(b)(c)

     9,596        479,704  

Teradyne, Inc.

     2,629        310,012  

Texas Instruments, Inc.

     2,124        361,059  

Thoughtworks Holding, Inc.(b)(c)

     14,590        333,527  

Trade Desk, Inc. (The), Class A(b)

     3,991        340,512  

Trimble, Inc.(b)

     3,989        278,233  

Twilio, Inc., Class A(b)

     1,532        267,794  

Tyler Technologies, Inc.(b)

     798        341,751  

Ubiquiti, Inc.

     11,031        2,800,661  

Unity Software, Inc.(b)(c)

     2,928        311,686  

Universal Display Corp.(c)

     2,606        403,695  

VeriSign, Inc.(b)

     1,711        365,675  

ViaSat, Inc.(b)(c)

     67,424        3,077,231  

Visa, Inc., Class A(c)

     1,642        354,869  

VMware, Inc., Class A

     3,645        427,631  

Vontier Corp.

     11,093        269,560  

Western Digital Corp.(b)

     7,173        365,393  

Western Union Co. (The)(c)

     19,211        349,256  

WEX, Inc.(b)

     2,619        441,328  

Wix.com Ltd. (Israel)(b)

     2,688        246,167  

Wolfspeed, Inc.(b)(c)

     3,491        358,596  

Workday, Inc., Class A(b)

     1,467        336,016  

Xerox Holdings Corp.

     19,530        384,936  

Zebra Technologies Corp., Class A(b)

     574        237,257  

Zendesk, Inc.(b)(c)

     4,062        473,914  

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

     2,181        289,201  

Zscaler, Inc.(b)

     1,353        323,570  
     

 

 

 
            89,515,958  
     

 

 

 

Materials-10.14%

     

Air Products and Chemicals, Inc.

     5,803        1,371,249  

Albemarle Corp.

     6,604        1,293,658  

Alcoa Corp.

     34,024        2,563,368  

Amcor PLC

     29,965        348,493  

AptarGroup, Inc.

     2,900        353,452  

Ardagh Group S.A.(f)

     13,287        282,083  

Ardagh Metal Packaging S.A.(b)

     37,127        308,525  

Ashland Global Holdings, Inc.

     16,318        1,505,825  

Avery Dennison Corp.

     8,034        1,415,591  

Axalta Coating Systems Ltd.(b)

     10,745        290,545  

Ball Corp.

     3,737        335,358  

Berry Global Group, Inc.(b)

     4,835        293,243  

Celanese Corp.

     10,721        1,493,221  

CF Industries Holdings, Inc.

     29,062        2,359,544  

Chemours Co. (The)

     51,790        1,429,404  
       Shares            Value      

Materials-(continued)

     

Cleveland-Cliffs, Inc.(b)(c)

     80,895      $ 1,808,812  

Corteva, Inc.

     24,713        1,285,817  

Crown Holdings, Inc.

     3,341        409,840  

Diversey Holdings Ltd.(b)(c)

     26,001        248,830  

Dow, Inc.

     31,262        1,843,207  

DuPont de Nemours, Inc.

     4,401        340,505  

Eagle Materials, Inc.

     2,130        291,448  

Eastman Chemical Co.

     14,623        1,732,387  

Ecolab, Inc.

     7,379        1,300,623  

Element Solutions, Inc.

     72,858        1,790,850  

FMC Corp.

     15,823        1,855,247  

Freeport-McMoRan, Inc.

     44,203        2,075,331  

Graphic Packaging Holding Co.

     17,161        353,173  

Huntsman Corp.

     52,238        2,112,505  

International Flavors & Fragrances, Inc.

     11,527        1,533,091  

International Paper Co.

     36,825        1,602,992  

Louisiana-Pacific Corp.

     4,656        334,999  

LyondellBasell Industries N.V., Class A

     18,909        1,838,522  

Martin Marietta Materials, Inc.

     821        311,487  

Mosaic Co. (The)

     47,586        2,494,934  

NewMarket Corp.

     5,113        1,624,707  

Newmont Corp.

     30,256        2,002,947  

Nucor Corp.

     15,061        1,982,329  

Olin Corp.

     29,609        1,525,160  

Packaging Corp. of America

     2,683        394,911  

PPG Industries, Inc.

     2,117        282,514  

Reliance Steel & Aluminum Co.

     10,839        2,068,840  

Royal Gold, Inc.

     17,105        2,074,152  

RPM International, Inc.

     3,594        303,945  

Scotts Miracle-Gro Co. (The)

     11,456        1,604,527  

Sealed Air Corp.

     5,413        363,375  

Sherwin-Williams Co. (The)

     1,030        271,024  

Silgan Holdings, Inc.

     8,334        349,028  

Sonoco Products Co.

     5,814        341,398  

Southern Copper Corp. (Peru)(c)

     27,817        1,930,222  

Steel Dynamics, Inc.

     27,844        1,965,229  

Sylvamo Corp.(b)(c)

     55,500        1,936,950  

United States Steel Corp.(c)

     73,801        2,008,125  

Valvoline, Inc.

     48,474        1,567,164  

Vulcan Materials Co.

     1,738        315,360  

Westlake Corp.

     17,704        1,952,928  

WestRock Co.

     7,891        357,226  
     

 

 

 
            68,430,220  
     

 

 

 

Real Estate-8.59%

     

Alexandria Real Estate Equities, Inc.

     4,253        805,518  

American Campus Communities, Inc.

     16,437        884,475  

American Homes 4 Rent, Class A

     21,549        819,078  

American Tower Corp.

     3,321        753,435  

Americold Realty Trust(c)

     27,690        739,877  

Apartment Income REIT Corp.

     17,345        895,176  

AvalonBay Communities, Inc.

     3,699        882,544  

Boston Properties, Inc.

     7,828        957,443  

Brixmor Property Group, Inc.

     37,485        941,623  

Camden Property Trust

     5,242        865,507  

CBRE Group, Inc., Class A(b)

     8,756        848,019  

Cousins Properties, Inc.(c)

     22,859        883,043  

Crown Castle International Corp.

     4,741        789,803  

CubeSmart

     16,502        795,561  

CyrusOne, Inc.

     10,067        909,554  

 

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

 

      

21

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Real Estate-(continued)

     

Digital Realty Trust, Inc.

     5,396      $ 728,028  

Douglas Emmett, Inc.(c)

     26,613        843,632  

Duke Realty Corp.

     14,729        780,637  

EPR Properties

     19,201        956,210  

Equinix, Inc.

     1,126        799,156  

Equity LifeStyle Properties, Inc.

     10,574        789,032  

Equity Residential

     10,358        883,537  

Essex Property Trust, Inc.

     2,602        825,276  

Extra Space Storage, Inc.

     4,365        821,275  

Federal Realty Investment Trust

     6,929        814,712  

First Industrial Realty Trust, Inc.

     14,318        824,430  

Gaming and Leisure Properties, Inc.

     19,295        876,186  

Healthcare Trust of America, Inc., Class A

     26,389        775,573  

Healthpeak Properties, Inc.

     26,289        816,536  

Highwoods Properties, Inc.

     20,313        885,647  

Host Hotels & Resorts, Inc.(b)

     53,372        975,107  

Howard Hughes Corp. (The)(b)

     9,566        914,318  

Hudson Pacific Properties, Inc.(c)

     35,143        927,775  

Invitation Homes, Inc.

     21,038        795,236  

Iron Mountain, Inc.

     19,013        935,059  

JBG SMITH Properties

     31,659        844,662  

Jones Lang LaSalle, Inc.(b)

     3,470        854,383  

Kilroy Realty Corp.

     13,236        947,962  

Kimco Realty Corp.

     38,761        912,046  

Lamar Advertising Co., Class A

     7,842        855,249  

Life Storage, Inc.

     6,441        815,366  

Medical Properties Trust, Inc.

     40,905        832,008  

Mid-America Apartment Communities, Inc.

     4,161        851,382  

National Retail Properties, Inc.(c)

     19,683        838,693  

Omega Healthcare Investors, Inc.(c)

     31,637        891,214  

Opendoor Technologies, Inc.(b)(c)

     59,474        496,608  

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

     46,932        799,252  

Park Hotels & Resorts, Inc.(b)

     47,936        903,114  

Prologis, Inc.

     5,709        832,658  

Public Storage

     2,619        929,797  

Rayonier, Inc.

     23,180        920,246  

Realty Income Corp.

     13,322        880,451  

Regency Centers Corp.

     12,271        808,536  

Rexford Industrial Realty, Inc.

     12,011        842,331  

SBA Communications Corp., Class A

     2,541        770,914  

Simon Property Group, Inc.

     5,905        812,292  

SL Green Realty Corp.

     12,505        994,398  

Spirit Realty Capital, Inc.(c)

     19,185        889,609  

STORE Capital Corp.

     26,466        813,036  

Sun Communities, Inc.(c)

     4,471        809,251  

UDR, Inc.

     15,417        845,931  

Ventas, Inc.

     18,065        975,510  

VICI Properties, Inc.

     31,551        882,166  

Vornado Realty Trust

     21,135        914,723  

W.P. Carey, Inc.

     11,367        879,806  

Welltower, Inc.

     10,683        889,787  

Weyerhaeuser Co.

     22,614        879,232  

Zillow Group, Inc., Class C(b)(c)

     14,394        827,943  
     

 

 

 
            57,978,574  
     

 

 

 

Utilities-8.24%

     

AES Corp. (The)

     59,594        1,265,181  

Alliant Energy Corp.

     25,166        1,469,694  

Ameren Corp.

     16,874        1,450,320  

American Electric Power Co., Inc.

     17,516        1,587,825  
       Shares            Value      

Utilities-(continued)

     

American Water Works Co., Inc.

     8,323      $ 1,257,522  

Atmos Energy Corp.(c)

     15,368        1,687,560  

Avangrid, Inc.

     29,748        1,334,793  

Brookfield Renewable Corp., Class A(c)

     42,364        1,583,143  

CenterPoint Energy, Inc.

     53,131        1,453,133  

CMS Energy Corp.

     23,539        1,506,731  

Consolidated Edison, Inc.

     17,914        1,536,484  

Constellation Energy Corp.

     9,162        421,269  

Dominion Energy, Inc.

     19,203        1,527,215  

DTE Energy Co.

     12,696        1,543,707  

Duke Energy Corp.

     14,587        1,464,681  

Edison International

     22,002        1,395,367  

Entergy Corp.

     13,771        1,448,847  

Essential Utilities, Inc.

     29,173        1,374,340  

Evergy, Inc.

     22,025        1,374,580  

Eversource Energy

     16,717        1,367,451  

Exelon Corp.

     27,534        1,171,847  

FirstEnergy Corp.

     37,136        1,554,142  

Hawaiian Electric Industries, Inc.

     36,293        1,487,287  

IDACORP, Inc.

     13,450        1,398,127  

National Fuel Gas Co.

     23,573        1,467,183  

NextEra Energy, Inc.

     16,272        1,273,609  

NiSource, Inc.

     56,597        1,637,351  

NRG Energy, Inc.

     38,029        1,439,017  

OGE Energy Corp.

     40,834        1,533,317  

PG&E Corp.(b)(c)

     117,151        1,332,007  

Pinnacle West Capital Corp.

     21,934        1,553,585  

PPL Corp.

     51,155        1,338,726  

Public Service Enterprise Group, Inc.

     22,952        1,487,978  

Sempra Energy

     11,590        1,671,510  

Southern Co. (The)

     22,662        1,467,818  

UGI Corp.

     32,888        1,264,215  

Vistra Corp.

     70,042        1,598,358  

WEC Energy Group, Inc.

     15,764        1,432,632  

Xcel Energy, Inc.

     21,908        1,475,066  
     

 

 

 
        55,633,618  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $615,150,035)

 

     673,740,328  
     

 

 

 

Money Market Funds-0.04%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(g)
(Cost $253,367)

     253,367        253,367  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $615,403,402)

          673,993,695  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.55%      

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

     25,333,699        25,333,699  

 

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

 

      

22

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Money Market Funds-(continued)

 

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

     59,375,685      $ 59,381,624  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $84,719,172)

 

     84,715,323  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.43%
(Cost $700,122,574)

 

     758,709,018  

OTHER ASSETS LESS LIABILITIES-(12.43)%

 

     (83,869,853
     

 

 

 

NET ASSETS-100.00%

      $ 674,839,165  
     

 

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

(e) 

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

 

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

Invesco Ltd.

     $ 389,852      $ 128,139      $ (37,820 )     $ (94,586 )     $ 19,908     $ 405,493      $ 6,167

Investments in Affiliated

Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       -        9,564,776        (9,311,409 )       -       -       253,367        42

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       16,042,144        64,414,929        (55,123,374 )       -       -       25,333,699        3,013 *

Invesco Private Prime Fund

       37,431,669        128,241,741        (106,275,731 )       (3,850 )       (12,205 )       59,381,624        25,986 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 53,863,665      $ 202,349,585      $ (170,748,334 )     $ (98,436 )     $ 7,703     $ 85,374,183      $ 35,208
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(f) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(g) 

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

(h) 

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

 

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

 

      

23

 

 

 

 

      


 

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of February 28, 2022

   

Information Technology

       13.27     

Materials

       10.14     

Energy

       9.52                                                             

Industrials

       9.47     

Health Care

       9.43     

Financials

       9.32     

Consumer Staples

       9.00     

Real Estate

       8.59     

Utilities

       8.24     

Communication Services

       6.50     

Consumer Discretionary

       6.36     

Money Market Funds Plus Other Assets Less Liabilities

       0.16     

 

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

 

      

24

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares            Value      

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-3.98%

     

Activision Blizzard, Inc.

     341      $ 27,791  

Alphabet, Inc., Class A(b)

     7        18,908  

AT&T, Inc.

     879        20,824  

Cable One, Inc.

     11        15,761  

Charter Communications, Inc., Class A(b)

     31        18,655  

Discovery, Inc., Class A(b)

     304        8,527  

Discovery, Inc., Class C(b)

     593        16,586  

Electronic Arts, Inc.

     164        21,335  

Fox Corp., Class A

     392        16,397  

Fox Corp., Class B

     185        7,078  

Interpublic Group of Cos., Inc. (The)

     591        21,749  

Liberty Broadband Corp., Class A(b)

     18        2,607  

Liberty Broadband Corp., Class C(b)

     111        16,284  

Liberty Media Corp.-Liberty Formula One,

     

Class A(b)

     355        19,937  

Match Group, Inc.(b)

     153        17,058  

Netflix, Inc.(b)

     32        12,625  

New York Times Co. (The), Class A

     433        19,048  

Paramount Global, Class A(c)

     608        20,702  

Paramount Global, Class B

     658        20,141  

Pinterest, Inc., Class A(b)

     524        14,017  

Sirius XM Holdings, Inc.(c)

     3,250        20,020  

Verizon Communications, Inc.

     395        21,200  

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

     409        24,237  
     

 

 

 
            401,487  
     

 

 

 

Consumer Discretionary-12.29%

     

Advance Auto Parts, Inc.

     90        18,403  

Amazon.com, Inc.(b)

     6        18,428  

Aptiv PLC(b)

     122        15,792  

AutoNation, Inc.(b)

     159        18,231  

AutoZone, Inc.(b)

     11        20,497  

Best Buy Co., Inc.

     191        18,458  

BorgWarner, Inc.

     456        18,701  

Boyd Gaming Corp.(b)

     346        24,545  

Bright Horizons Family Solutions, Inc.(b)

     164        21,425  

Brunswick Corp.

     210        20,059  

Burlington Stores, Inc.(b)

     70        15,812  

CarMax, Inc.(b)

     139        15,197  

Carter’s, Inc.

     198        19,143  

Chipotle Mexican Grill, Inc.(b)

     12        18,280  

D.R. Horton, Inc.

     200        17,080  

Darden Restaurants, Inc.

     143        20,766  

Deckers Outdoor Corp.(b)

     49        14,143  

Dick’s Sporting Goods, Inc.(c)

     170        17,850  

Dollar General Corp.

     88        17,454  

Dollar Tree, Inc.(b)

     147        20,886  

Domino’s Pizza, Inc.

     39        16,856  

eBay, Inc.

     297        16,213  

Five Below, Inc.(b)

     103        16,852  

Foot Locker, Inc.

     438        13,850  

Ford Motor Co.

     1,011        17,753  

frontdoor, inc.(b)

     583        17,519  

Garmin Ltd.

     148        16,345  

General Motors Co.(b)

     335        15,651  

Gentex Corp.

     585        17,708  

Genuine Parts Co.

     155        18,935  

 

 

       Shares            Value      

Consumer Discretionary-(continued)

     

Grand Canyon Education, Inc.(b)

     279      $ 24,226  

Harley-Davidson, Inc.

     535        22,095  

Hasbro, Inc.

     202        19,604  

Home Depot, Inc. (The)

     49        15,476  

Lear Corp.

     115        18,094  

Leggett & Platt, Inc.(c)

     489        18,132  

Lennar Corp., Class A

     172        15,459  

Lennar Corp., Class B

     10        755  

LKQ Corp.

     347        16,292  

Lowe’s Cos., Inc.

     80        17,685  

Mattel, Inc.(b)

     916        22,882  

McDonald’s Corp.

     80        19,582  

Mohawk Industries, Inc.(b)

     118        16,612  

Newell Brands, Inc.

     935        22,206  

NIKE, Inc., Class B

     117        15,976  

NVR, Inc.(b)

     4        19,834  

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

     318        13,731  

O’Reilly Automotive, Inc.(b)

     31        20,126  

Penske Automotive Group, Inc.

     196        19,265  

Polaris, Inc.

     176        21,386  

Pool Corp.

     36        16,509  

Service Corp. International

     299        18,194  

Skechers U.S.A., Inc., Class A(b)

     440        20,231  

Starbucks Corp.

     180        16,522  

Tapestry, Inc.

     505        20,655  

Tempur Sealy International, Inc.

     454        14,987  

Terminix Global Holdings, Inc.(b)

     538        22,897  

Thor Industries, Inc.(c)

     185        16,743  

Toll Brothers, Inc.

     302        16,387  

Tractor Supply Co.

     87        17,730  

Travel + Leisure Co.

     414        23,205  

Under Armour, Inc., Class A(b)(c)

     441        7,889  

Under Armour, Inc., Class C(b)(c)

     478        7,471  

Vail Resorts, Inc.

     59        15,372  

Wayfair, Inc., Class A(b)(c)

     80        11,270  

Wendy’s Co. (The)

     958        21,785  

Whirlpool Corp.

     90        18,114  

Williams-Sonoma, Inc.

     105        15,210  

Yum China Holdings, Inc. (China)

     393        20,444  

Yum! Brands, Inc.

     161        19,735  
     

 

 

 
            1,239,600  
     

 

 

 

Consumer Staples-8.52%

     

Albertsons Cos., Inc., Class A

     568        16,557  

Altria Group, Inc.

     454        23,286  

Archer-Daniels-Midland Co.

     316        24,790  

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

     45        17,256  

Brown-Forman Corp., Class B

     282        18,395  

Bunge Ltd.

     231        24,151  

Campbell Soup Co.

     489        21,990  

Casey’s General Stores, Inc.

     104        19,560  

Church & Dwight Co., Inc.

     215        21,038  

Clorox Co. (The)

     118        17,203  

Coca-Cola Co. (The)

     375        23,340  

Colgate-Palmolive Co.

     260        20,007  

Conagra Brands, Inc.

     641        22,416  

Costco Wholesale Corp.

     37        19,212  

Darling Ingredients, Inc.(b)

     303        21,962  

 

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

 

      

25

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Consumer Staples-(continued)

     

Flowers Foods, Inc.

     764      $ 20,941  

General Mills, Inc.

     318        21,443  

Grocery Outlet Holding Corp.(b)(c)

     712        19,801  

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

     511        18,580  

Hershey Co. (The)

     113        22,855  

Hormel Foods Corp.

     464        22,105  

Ingredion, Inc.

     210        18,635  

JM Smucker Co. (The)

     154        20,752  

Kellogg Co.

     324        20,717  

Keurig Dr Pepper, Inc.

     582        22,506  

Kimberly-Clark Corp.

     148        19,262  

Kraft Heinz Co. (The)

     594        23,297  

Kroger Co. (The)

     486        22,745  

Lamb Weston Holdings, Inc.

     389        25,841  

McCormick & Co., Inc.

     226        21,508  

Mondelez International, Inc., Class A

     334        21,870  

PepsiCo, Inc.

     122        19,976  

Philip Morris International, Inc.

     225        22,741  

Post Holdings, Inc.(b)

     206        21,659  

Procter & Gamble Co. (The)

     135        21,045  

Reynolds Consumer Products, Inc.(c)

     668        19,886  

Seaboard Corp.

     5        19,297  

Spectrum Brands Holdings, Inc.

     196        18,185  

Tyson Foods, Inc., Class A

     250        23,165  

Walgreens Boots Alliance, Inc.

     447        20,602  

Walmart, Inc.

     142        19,193  
     

 

 

 
            859,770  
     

 

 

 

Energy-1.65%

     

Baker Hughes Co., Class A

     834        24,503  

Continental Resources, Inc.

     458        25,387  

Coterra Energy, Inc.

     993        23,167  

Hess Corp.

     268        27,084  

Kinder Morgan, Inc.

     1,279        22,254  

ONEOK, Inc.

     333        21,745  

Williams Cos., Inc. (The)

     733        22,928  
     

 

 

 
        167,068  
     

 

 

 

Financials-18.19%

     

Affiliated Managers Group, Inc.

     117        16,188  

AGNC Investment Corp.

     1,302        16,809  

Alleghany Corp.(b)

     31        20,520  

Allstate Corp. (The)

     182        22,270  

Ally Financial, Inc.

     434        21,657  

American Financial Group, Inc.

     147        19,902  

American International Group, Inc.

     378        23,149  

Ameriprise Financial, Inc.

     69        20,686  

Annaly Capital Management, Inc.(c)

     2,464        17,149  

Aon PLC, Class A

     67        19,573  

Ares Management Corp., Class A

     244        19,786  

Arthur J. Gallagher & Co.

     120        18,983  

Assurant, Inc.

     131        22,232  

Assured Guaranty Ltd.

     406        25,160  

Bank of Hawaii Corp.

     245        21,114  

Bank OZK

     441        20,736  

BOK Financial Corp.

     191        19,616  

Brown & Brown, Inc.

     307        20,756  

Capital One Financial Corp.

     142        21,764  

Carlyle Group, Inc. (The)

     364        17,061  

Cboe Global Markets, Inc.

     154        18,063  

Charles Schwab Corp. (The)

     255        21,537  
       Shares            Value      

Financials-(continued)

     

Chubb Ltd.

     112      $     22,808  

Citizens Financial Group, Inc.

     420        22,016  

Comerica, Inc.

     242        23,109  

Commerce Bancshares, Inc.

     301        21,606  

Credit Acceptance Corp.(b)(c)

     31        17,054  

Cullen/Frost Bankers, Inc.

     158        22,235  

Discover Financial Services

     184        22,713  

East West Bancorp, Inc.

     259        22,678  

Erie Indemnity Co., Class A

     105        18,386  

Evercore, Inc., Class A

     144        18,289  

F.N.B. Corp.

     1,695        22,764  

FactSet Research Systems, Inc.

     43        17,462  

Fifth Third Bancorp

     468        22,389  

First Citizens BancShares, Inc., Class A

     25        19,711  

First Hawaiian, Inc.

     761        22,122  

First Horizon Corp.

     1,240        29,115  

First Republic Bank

     93        16,113  

Franklin Resources, Inc.

     614        18,254  

Globe Life, Inc.

     229        23,120  

Hartford Financial Services Group, Inc. (The)

     301        20,913  

Huntington Bancshares, Inc.

     1,332        20,673  

Invesco Ltd.(d)

     889        18,882  

Janus Henderson Group PLC

     472        15,845  

JPMorgan Chase & Co.

     124        17,583  

KeyCorp

     885        22,187  

Lazard Ltd., Class A

     459        15,872  

LPL Financial Holdings, Inc.

     126        22,800  

M&T Bank Corp.

     136        24,783  

MarketAxess Holdings, Inc.

     57        21,742  

Marsh & McLennan Cos., Inc.

     119        18,494  

Mercury General Corp.

     380        20,900  

MetLife, Inc.

     342        23,102  

Morningstar, Inc.

     63        17,681  

Nasdaq, Inc.

     98        16,773  

New York Community Bancorp, Inc.

     1,658        19,133  

Old Republic International Corp.

     828        21,818  

OneMain Holdings, Inc.

     384        19,576  

PacWest Bancorp

     450        22,239  

People’s United Financial, Inc.

     1,174        24,748  

Pinnacle Financial Partners, Inc.

     208        21,025  

Popular, Inc.

     253        23,238  

Progressive Corp. (The)

     210        22,245  

Prosperity Bancshares, Inc.

     277        20,625  

Raymond James Financial, Inc.

     206        22,588  

Regions Financial Corp.

     882        21,336  

SEI Investments Co.

     334        19,566  

SLM Corp.

     1,089        21,453  

Stifel Financial Corp.

     281        20,654  

SVB Financial Group(b)

     29        17,574  

Synchrony Financial

     448        19,165  

Synovus Financial Corp.

     440        23,166  

TFS Financial Corp.

     1,095        18,801  

Tradeweb Markets, Inc., Class A

     203        17,149  

Travelers Cos., Inc. (The)

     134        23,025  

Truist Financial Corp.

     335        20,844  

U.S. Bancorp

     356        20,128  

Umpqua Holdings Corp.

     1,036        22,119  

UWM Holdings Corp.(c)

     2,859        12,408  

Virtu Financial, Inc., Class A

     705        24,731  

W.R. Berkley Corp.

     265        23,930  

 

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

 

      

26

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Financials-(continued)

     

Webster Financial Corp.

     751      $ 45,218  

Western Alliance Bancorporation

     180        16,873  

White Mountains Insurance Group Ltd.

     20        21,004  

Willis Towers Watson PLC

     86        19,118  

Wintrust Financial Corp.

     226        22,455  

Zions Bancorporation N.A.

     314        22,259  
     

 

 

 
            1,835,096  
     

 

 

 

Health Care-12.03%

     

Abbott Laboratories

     154        18,575  

Agilent Technologies, Inc.

     132        17,207  

Align Technology, Inc.(b)

     33        16,878  

Amedisys, Inc.(b)

     143        22,914  

AmerisourceBergen Corp.

     173        24,658  

Amgen, Inc.(c)

     98        22,195  

Avantor, Inc.(b)

     517        17,935  

Baxter International, Inc.

     261        22,177  

Becton, Dickinson and Co.

     81        21,974  

Biogen, Inc.(b)

     85        17,936  

BioMarin Pharmaceutical, Inc.(b)

     231        18,046  

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

     26        16,275  

Boston Scientific Corp.(b)

     514        22,703  

Bruker Corp.

     245        17,241  

Cardinal Health, Inc.

     426        23,008  

Catalent, Inc.(b)

     153        15,612  

Centene Corp.(b)

     279        23,051  

Cerner Corp.

     279        26,017  

Charles River Laboratories International, Inc.(b)

     54        15,723  

Chemed Corp.

     42        20,088  

Cooper Cos., Inc. (The)

     53        21,678  

CVS Health Corp.

     220        22,803  

Danaher Corp.

     61        16,739  

DENTSPLY SIRONA, Inc.

     404        21,872  

DexCom, Inc.(b)

     36        14,901  

Eli Lilly and Co.

     79        19,746  

Envista Holdings Corp.(b)

     514        24,672  

Exelixis, Inc.(b)

     1,191        24,451  

Gilead Sciences, Inc.

     285        17,214  

Henry Schein, Inc.(b)

     278        24,014  

Hologic, Inc.(b)

     269        19,145  

Horizon Therapeutics PLC(b)

     185        16,866  

Humana, Inc.

     47        20,413  

ICU Medical, Inc.(b)

     88        20,832  

IDEXX Laboratories, Inc.(b)

     33        17,567  

Illumina, Inc.(b)

     55        17,963  

Incyte Corp.(b)

     301        20,558  

Johnson & Johnson

     124        20,407  

Laboratory Corp. of America Holdings(b)

     69        18,717  

Masimo Corp.(b)

     71        11,179  

Molina Healthcare, Inc.(b)

     69        21,174  

Neurocrine Biosciences, Inc.(b)

     245        22,018  

Penumbra, Inc.(b)

     80        17,739  

PerkinElmer, Inc.

     106        19,039  

Pfizer, Inc.

     357        16,757  

Premier, Inc., Class A

     531        19,084  

QIAGEN N.V.(b)

     359        17,839  

Quest Diagnostics, Inc.

     129        16,934  

Quidel Corp.(b)

     136        14,387  

Regeneron Pharmaceuticals, Inc.(b)

     31        19,169  

Repligen Corp.(b)

     71        13,966  
       Shares            Value      

Health Care-(continued)

     

ResMed, Inc.

     77      $ 19,000  

Royalty Pharma PLC, Class A(c)

     504        19,787  

Sage Therapeutics, Inc.(b)

     526        19,131  

STERIS PLC

     91        21,840  

Tandem Diabetes Care, Inc.(b)

     157        17,683  

Thermo Fisher Scientific, Inc.

     31        16,864  

United Therapeutics Corp.(b)

     103        17,119  

Veeva Systems, Inc., Class A(b)

     72        16,492  

Vertex Pharmaceuticals, Inc.(b)

     96        22,082  

Waters Corp.(b)

     60        19,004  

West Pharmaceutical Services, Inc.

     45        17,419  

Zoetis, Inc.

     89        17,235  
     

 

 

 
            1,213,712  
     

 

 

 

Industrials-11.77%

     

3M Co.

     114        16,946  

A.O. Smith Corp.

     245        16,802  

Advanced Drainage Systems, Inc.

     161        18,792  

AECOM

     289        20,999  

Allegion PLC

     160        18,323  

Allison Transmission Holdings, Inc.

     559        22,326  

Booz Allen Hamilton Holding Corp.

     232        18,720  

BWX Technologies, Inc.

     417        22,276  

C.H. Robinson Worldwide, Inc.

     208        20,109  

Carrier Global Corp.

     363        16,291  

Caterpillar, Inc.

     102        19,133  

Copart, Inc.(b)

     138        16,957  

CoStar Group, Inc.(b)

     260        15,863  

Cummins, Inc.

     94        19,187  

Expeditors International of Washington, Inc.

     159        16,434  

Fortive Corp.

     266        17,224  

FTI Consulting, Inc.(b)(c)

     138        20,148  

Gates Industrial Corp. PLC(b)(c)

     1,232        19,515  

General Dynamics Corp.

     103        24,148  

Graco, Inc.

     274        19,753  

HEICO Corp., Class A

     161        19,790  

Huntington Ingalls Industries, Inc.

     111        22,688  

Illinois Tool Works, Inc.

     85        18,389  

Jacobs Engineering Group, Inc.

     141        17,343  

Johnson Controls International PLC

     261        16,955  

Knight-Swift Transportation Holdings, Inc.

     345        18,796  

Landstar System, Inc.

     118        18,220  

Lennox International, Inc.

     65        17,350  

Lincoln Electric Holdings, Inc.

     148        18,864  

Lockheed Martin Corp.

     60        26,028  

Masco Corp.

     302        16,924  

MasTec, Inc.(b)(c)

     216        17,012  

MDU Resources Group, Inc.

     713        19,087  

Mercury Systems, Inc.(b)

     407        24,510  

MSA Safety, Inc.

     139        19,335  

MSC Industrial Direct Co., Inc., Class A

     250        19,370  

Nordson Corp.

     78        17,666  

Northrop Grumman Corp.

     57        25,202  

Old Dominion Freight Line, Inc.

     56        17,586  

Otis Worldwide Corp.

     242        18,956  

PACCAR, Inc.

     237        21,759  

Pentair PLC

     275        15,925  

Quanta Services, Inc.

     177        19,282  

Regal Rexnord Corp.

     125        20,044  

Republic Services, Inc.

     149        17,922  

 

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

 

      

27

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Industrials-(continued)

     

Rockwell Automation, Inc.

     59      $ 15,728  

Rollins, Inc.

     619        20,198  

Ryder System, Inc.

     246        19,395  

Schneider National, Inc., Class B

     815        21,288  

Sensata Technologies Holding PLC(b)

     356        20,616  

Snap-on, Inc.

     98        20,598  

Southwest Airlines Co.(b)

     459        20,104  

Stanley Black & Decker, Inc.

     114        18,548  

Toro Co. (The)

     195        18,293  

Trane Technologies PLC

     105        16,163  

Trex Co., Inc.(b)

     146        13,409  

Univar Solutions, Inc.(b)

     757        23,247  

Valmont Industries, Inc.

     82        17,749  

Verisk Analytics, Inc.

     89        15,783  

Vertiv Holdings Co.

     787        10,247  

Waste Management, Inc.

     122        17,617  

Watsco, Inc.

     68        18,568  

Xylem, Inc.

     165        14,677  
     

 

 

 
            1,187,177  
     

 

 

 

Information Technology-10.60%

     

Akamai Technologies, Inc.(b)

     179        19,379  

Amdocs Ltd.

     286        22,508  

Amphenol Corp., Class A

     246        18,698  

Analog Devices, Inc.

     109        17,472  

Arrow Electronics, Inc.(b)

     163        19,866  

Automatic Data Processing, Inc.

     86        17,582  

Black Knight, Inc.(b)

     270        15,171  

Broadcom, Inc.

     35        20,560  

Broadridge Financial Solutions, Inc.

     116        16,960  

Cadence Design Systems, Inc.(b)

     112        16,960  

CDK Global, Inc.

     505        22,897  

CDW Corp.

     106        18,281  

Cirrus Logic, Inc.(b)

     242        21,023  

Citrix Systems, Inc.

     248        25,420  

Cognizant Technology Solutions Corp., Class A

     255        21,963  

Corning, Inc.

     532        21,493  

Dell Technologies, Inc., Class C(b)

     351        17,887  

Entegris, Inc.

     131        17,093  

F5, Inc.(b)

     87        17,474  

Fiserv, Inc.(b)

     204        19,925  

Intel Corp.

     402        19,175  

International Business Machines Corp.

     167        20,459  

IPG Photonics Corp.(b)

     120        15,642  

Jabil, Inc.

     337        19,482  

Jack Henry & Associates, Inc.

     132        23,338  

Juniper Networks, Inc.

     634        21,423  

Keysight Technologies, Inc.(b)

     101        15,894  

KLA Corp.

     48        16,728  

Lam Research Corp.

     28        15,718  

Littelfuse, Inc.

     65        16,784  

Lumentum Holdings, Inc.(b)(c)

     228        22,540  

Microchip Technology, Inc.

     233        16,387  

Micron Technology, Inc.

     230        20,438  

Microsoft Corp.

     59        17,629  

MKS Instruments, Inc.

     126        18,976  

Monolithic Power Systems, Inc.

     36        16,513  

Motorola Solutions, Inc.

     80        17,634  

NortonLifeLock, Inc.

     820        23,764  

NXP Semiconductors N.V. (China)

     88        16,731  
       Shares            Value      

Information Technology-(continued)

     

ON Semiconductor Corp.(b)

     317      $ 19,847  

Oracle Corp.

     217        16,486  

Paychex, Inc.

     166        19,764  

Paycom Software, Inc.(b)

     47        15,943  

Paylocity Holding Corp.(b)

     80        16,995  

QUALCOMM, Inc.

     111        19,091  

ServiceNow, Inc.(b)

     33        19,137  

Skyworks Solutions, Inc.

     131        18,100  

SolarWinds Corp.

     1,419        19,227  

Switch, Inc., Class A

     761        19,801  

Synopsys, Inc.(b)

     59        18,431  

Texas Instruments, Inc.

     102        17,339  

Tyler Technologies, Inc.(b)

     39        16,702  

VeriSign, Inc.(b)

     82        17,525  

ViaSat, Inc.(b)

     452        20,629  

VMware, Inc., Class A

     171        20,062  

Western Digital Corp.(b)

     343        17,472  

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

     99        13,127  
     

 

 

 
            1,069,545  
     

 

 

 

Materials-7.37%

     

Air Products and Chemicals, Inc.

     69        16,305  

Amcor PLC

     1,734        20,166  

AptarGroup, Inc.

     167        20,354  

Ashland Global Holdings, Inc.

     195        17,995  

Avery Dennison Corp.

     96        16,915  

Axalta Coating Systems Ltd.(b)

     648        17,522  

Ball Corp.

     215        19,294  

Celanese Corp.

     131        18,246  

CF Industries Holdings, Inc.

     341        27,686  

Corteva, Inc.

     437        22,737  

Crown Holdings, Inc.

     185        22,694  

Dow, Inc.

     370        21,815  

DuPont de Nemours, Inc.

     265        20,503  

Eagle Materials, Inc.

     128        17,514  

Eastman Chemical Co.

     190        22,509  

Element Solutions, Inc.

     869        21,360  

FMC Corp.

     195        22,864  

Huntsman Corp.

     628        25,396  

International Flavors & Fragrances, Inc.

     138        18,354  

International Paper Co.

     433        18,848  

LyondellBasell Industries N.V., Class A

     231        22,460  

Martin Marietta Materials, Inc.

     49        18,591  

NewMarket Corp.

     60        19,066  

Newmont Corp.

     363        24,031  

Olin Corp.

     377        19,419  

Packaging Corp. of America

     151        22,226  

Reliance Steel & Aluminum Co.

     131        25,004  

Royal Gold, Inc.

     200        24,252  

RPM International, Inc.

     216        18,267  

Sherwin-Williams Co. (The)

     59        15,525  

Silgan Holdings, Inc.

     475        19,893  

Southern Copper Corp. (Peru)

     342        23,731  

Valvoline, Inc.

     576        18,622  

Vulcan Materials Co.

     105        19,052  

Westlake Corp.

     219        24,158  

WestRock Co.

     449        20,326  
     

 

 

 
        743,700  
     

 

 

 

Real Estate-6.82%

     

Alexandria Real Estate Equities, Inc.

     99        18,751  

 

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

 

      

28

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Real Estate-(continued)

     

American Campus Communities, Inc.

     389      $ 20,932  

American Homes 4 Rent, Class A

     495        18,815  

American Tower Corp.

     76        17,242  

AvalonBay Communities, Inc.

     85        20,280  

Camden Property Trust

     120        19,813  

CBRE Group, Inc., Class A(b)

     206        19,951  

Crown Castle International Corp.

     108        17,992  

CubeSmart

     368        17,741  

CyrusOne, Inc.

     220        19,877  

Digital Realty Trust, Inc.

     120        16,190  

Duke Realty Corp.

     334        17,702  

Equinix, Inc.

     24        17,034  

Equity LifeStyle Properties, Inc.

     242        18,058  

Essex Property Trust, Inc.

     60        19,030  

Extra Space Storage, Inc.

     98        18,439  

First Industrial Realty Trust, Inc.

     322        18,541  

Gaming and Leisure Properties, Inc.

     437        19,844  

Healthcare Trust of America, Inc., Class A

     589        17,311  

Healthpeak Properties, Inc.

     601        18,667  

Invitation Homes, Inc.

     491        18,560  

Iron Mountain, Inc.

     433        21,295  

Jones Lang LaSalle, Inc.(b)

     85        20,929  

Life Storage, Inc.

     146        18,482  

Medical Properties Trust, Inc.

     942        19,160  

Mid-America Apartment Communities, Inc.

     97        19,847  

Prologis, Inc.

     129        18,815  

Public Storage

     60        21,301  

Rayonier, Inc.

     532        21,120  

Realty Income Corp.

     298        19,695  

Rexford Industrial Realty, Inc.

     280        19,636  

SBA Communications Corp., Class A

     58        17,597  

Sun Communities, Inc.(c)

     107        19,367  

UDR, Inc.

     358        19,643  

VICI Properties, Inc.(c)

     733        20,495  

W.P. Carey, Inc.

     259        20,047  
     

 

 

 
            688,199  
     

 

 

 

Utilities-6.71%

     

AES Corp. (The)

     828        17,579  

Alliant Energy Corp.

     353        20,615  

Ameren Corp.

     238        20,456  

American Electric Power Co., Inc.

     243        22,028  

American Water Works Co., Inc.

     116        17,527  

Atmos Energy Corp.

     218        23,939  

Avangrid, Inc.

     384        17,230  

CenterPoint Energy, Inc.

     762        20,841  

CMS Energy Corp.

     331        21,187  

Consolidated Edison, Inc.

     251        21,528  

Constellation Energy Corp.

     123        5,656  

Dominion Energy, Inc.

     276        21,950  

DTE Energy Co.

     179        21,765  
       Shares            Value      

Utilities-(continued)

     

Duke Energy Corp.

     202      $ 20,283  

Edison International

     298        18,899  

Entergy Corp.

     195        20,516  

Essential Utilities, Inc.

     414        19,504  

Evergy, Inc.

     311        19,410  

Eversource Energy

     238        19,468  

Exelon Corp.

     372        15,832  

FirstEnergy Corp.

     518        21,678  

Hawaiian Electric Industries, Inc.

     505        20,695  

IDACORP, Inc.

     185        19,231  

National Fuel Gas Co.

     338        21,037  

NextEra Energy, Inc.

     223        17,454  

NiSource, Inc.

     803        23,231  

NRG Energy, Inc.

     549        20,774  

OGE Energy Corp.

     566        21,253  

Pinnacle West Capital Corp.

     305        21,603  

Sempra Energy

     164        23,652  

Southern Co. (The)

     321        20,791  

UGI Corp.

     473        18,182  

WEC Energy Group, Inc.

     223        20,266  

Xcel Energy, Inc.

     306        20,603  
     

 

 

 
        676,663  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $10,428,313)

 

     10,082,017  
     

 

 

 

Money Market Funds-0.08%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $7,801)

     7,801        7,801  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $10,436,114)

 

         10,089,818  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.11%

     

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

     124,577        124,577  

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

     290,651        290,681  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $415,274)

 

     415,258  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.12%
(Cost $10,851,388)

 

     10,505,076  

OTHER ASSETS LESS LIABILITIES-(4.12)%

 

     (416,031
     

 

 

 

NET ASSETS-100.00%

      $ 10,089,045  
     

 

 

 

 

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

 

      

29

 

 

 

 

      


 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Invesco Ltd.

     $ -      $ 20,129      $ (21 )     $ (1,225 )     $ (1 )     $ 18,882      $ 151

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       25,035        189,817        (207,051 )       -       -       7,801        1

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       65,535        643,334        (584,292 )       -       -       124,577        13 *

Invesco Private Prime Fund

       152,915        1,208,903        (1,071,060 )       (16 )       (61 )       290,681        109 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 243,485      $ 2,062,183      $ (1,862,424 )     $ (1,241 )     $ (62 )     $ 441,941      $ 274
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 Portfolio Composition

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

  as of February 28, 2022

 

   

Financials

       18.19     

Consumer Discretionary

       12.29     

Health Care

       12.03     

Industrials

       11.77     

Information Technology

       10.60     

Consumer Staples

       8.52                                                     

Materials

       7.37     

Real Estate

       6.82     

Utilities

       6.71     

Communication Services

       3.98     

Energy

       1.65     

Money Market Funds Plus Other Assets Less Liabilities

       0.07     

 

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

 

      

30

 

 

 

 

      


 

Invesco S&P 500 Enhanced Value ETF (SPVU)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares            Value      

Common Stocks & Other Equity Interests-99.83%

 

Communication Services-6.82%

     

AT&T, Inc.

     377,193      $ 8,935,702  

Discovery, Inc., Class C(b)

     16,902        472,749  

DISH Network Corp., Class A(b)

     19,359        618,714  

Fox Corp., Class A

     15,146        633,557  

Lumen Technologies, Inc.(c)

     46,232        478,963  

Paramount Global, Class B

     55,973        1,713,334  
     

 

 

 
            12,853,019  
     

 

 

 

Consumer Discretionary-8.73%

     

Best Buy Co., Inc.

     13,644        1,318,556  

BorgWarner, Inc.

     14,541        596,326  

D.R. Horton, Inc.

     16,200        1,383,480  

Ford Motor Co.

     212,382        3,729,428  

General Motors Co.(b)

     108,733        5,080,006  

Lennar Corp., Class A

     15,929        1,431,699  

Mohawk Industries, Inc.(b)

     3,339        470,064  

Newell Brands, Inc.

     17,714        420,707  

PulteGroup, Inc.

     15,254        757,514  

PVH Corp.

     3,709        363,074  

Whirlpool Corp.

     4,456        896,859  
     

 

 

 
        16,447,713  
     

 

 

 

Consumer Staples-6.22%

     

Archer-Daniels-Midland Co.

     43,309        3,397,591  

Conagra Brands, Inc.

     23,547        823,438  

Kraft Heinz Co. (The)

     41,162        1,614,374  

Kroger Co. (The)

     39,205        1,834,794  

Tyson Foods, Inc., Class A

     18,510        1,715,137  

Walgreens Boots Alliance, Inc.

     50,922        2,346,995  
     

 

 

 
        11,732,329  
     

 

 

 

Energy-6.03%

     

Baker Hughes Co., Class A

     34,939        1,026,508  

Kinder Morgan, Inc.

     88,175        1,534,245  

Marathon Petroleum Corp.

     62,309        4,852,002  

Phillips 66

     24,226        2,040,798  

Valero Energy Corp.

     22,815        1,905,280  
     

 

 

 
        11,358,833  
     

 

 

 

Financials-40.17%

     

Aflac, Inc.

     23,770        1,452,109  

Allstate Corp. (The)

     13,639        1,668,868  

American International Group, Inc.

     38,991        2,387,809  

Assurant, Inc.

     2,619        444,470  

Bank of America Corp.

     190,787        8,432,785  

Bank of New York Mellon Corp. (The)

     23,162        1,231,060  

Berkshire Hathaway, Inc., Class B(b)

     32,276        10,375,120  

Capital One Financial Corp.

     19,095        2,926,691  

Chubb Ltd.

     14,636        2,980,475  

Cincinnati Financial Corp.

     5,272        647,349  

Citigroup, Inc.

     97,610        5,781,440  

Citizens Financial Group, Inc.

     15,927        834,893  

Comerica, Inc.

     3,838        366,491  

Discover Financial Services

     9,056        1,117,873  

Everest Re Group Ltd

     1,697        506,079  

Fifth Third Bancorp

     18,544        887,145  

Franklin Resources, Inc.

     9,180        272,921  

Globe Life, Inc.

     3,278        330,947  

 

 

       Shares            Value      

Financials-(continued)

     

Goldman Sachs Group, Inc. (The)

     12,872      $ 4,393,085  

Hartford Financial Services Group, Inc. (The)

     12,568        873,225  

Huntington Bancshares, Inc.

     38,075        590,924  

Invesco Ltd.(d)

     13,575        288,333  

KeyCorp

     31,237        783,112  

Lincoln National Corp.

     8,701        586,621  

Loews Corp.

     8,903        546,110  

M&T Bank Corp.

     4,080        743,498  

MetLife, Inc.

     34,283        2,315,817  

Morgan Stanley

     35,075        3,182,706  

People’s United Financial, Inc.

     11,498        242,378  

Principal Financial Group, Inc.

     8,968        633,500  

Progressive Corp. (The)

     14,434        1,528,994  

Prudential Financial, Inc.

     22,638        2,527,759  

Regions Financial Corp.

     33,000        798,270  

State Street Corp.

     10,295        878,472  

Synchrony Financial

     18,973        811,665  

Travelers Cos., Inc. (The)

     9,208        1,582,211  

Truist Financial Corp.

     36,852        2,292,931  

Wells Fargo & Co.

     132,669        7,080,545  

Zions Bancorporation N.A

     5,355        379,616  
     

 

 

 
            75,704,297  
     

 

 

 

Health Care-18.03%

     

AmerisourceBergen Corp.

     8,079        1,151,500  

Anthem, Inc.

     11,468        5,181,816  

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

     1,260        788,710  

Cardinal Health, Inc.

     17,716        956,841  

Centene Corp.(b)

     37,570        3,104,033  

Cigna Corp.

     29,942        7,119,609  

CVS Health Corp.

     97,765        10,133,342  

Humana, Inc.

     5,870        2,549,458  

Laboratory Corp. of America Holdings(b)

     4,202        1,139,835  

Organon & Co.

     13,165        491,449  

Quest Diagnostics, Inc.

     5,279        692,974  

Universal Health Services, Inc., Class B

     4,734        681,365  
     

 

 

 
        33,990,932  
     

 

 

 

Industrials-2.27%

     

C.H. Robinson Worldwide, Inc.

     6,048        584,721  

FedEx Corp.

     13,218        2,937,965  

Huntington Ingalls Industries, Inc.

     2,111        431,488  

Nielsen Holdings PLC

     18,976        330,562  
     

 

 

 
        4,284,736  
     

 

 

 

Information Technology-2.40%

     

DXC Technology Co.(b)

     17,545        597,056  

Hewlett Packard Enterprise Co.

     83,530        1,329,798  

HP, Inc.

     49,969        1,716,935  

Western Digital Corp.(b)

     17,328        882,688  
     

 

 

 
        4,526,477  
     

 

 

 

Materials-8.18%

     

Celanese Corp.

     5,377        748,909  

Corteva, Inc.

     29,971        1,559,391  

Dow, Inc.

     50,638        2,985,616  

DuPont de Nemours, Inc.

     32,210        2,492,088  

International Paper Co.

     24,056        1,047,158  

LyondellBasell Industries N.V., Class A

     18,968        1,844,259  

 

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

 

      

31

 

 

 

 

      


 

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Materials-(continued)

     

Mosaic Co. (The)

     25,680      $ 1,346,402  

Nucor Corp.

     18,773        2,470,902  

WestRock Co.

     20,610        933,015  
     

 

 

 
        15,427,740  
     

 

 

 

Real Estate-0.33%

     

Kimco Realty Corp.

     26,533        624,321  
     

 

 

 

Utilities-0.65%

     

NRG Energy, Inc.

     21,084        797,819  

Pinnacle West Capital Corp.

     5,911        418,676  
     

 

 

 
        1,216,495  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.83%
(Cost $182,179,700)

 

         188,166,892  
     

 

 

 
       Shares            Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.22%

 

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

     122,036      $ 122,036  

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

     284,723        284,751  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $406,813)

 

     406,787  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.05%
(Cost $182,586,513)

 

     188,573,679  

OTHER ASSETS LESS LIABILITIES-(0.05)%

        (93,573
     

 

 

 

NET ASSETS-100.00%

      $ 188,480,106  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Invesco Ltd.

     $ 249,301      $ 120,102      $ (36,911 )     $ (43,429 )     $ (730 )     $ 288,333      $ 3,728

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       -        2,030,294        (2,030,294 )       -       -       -        13

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       22,602        1,337,372        (1,237,938 )       -       -       122,036        23 *

Invesco Private Prime Fund

       49,691        2,802,021        (2,566,769 )       (26 )       (166 )       284,751        210 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 321,594      $ 6,289,789      $ (5,871,912 )     $ (43,455 )     $ (896 )     $ 695,120      $ 3,974
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

32

 

 

 

 

      


 

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

  as of February 28, 2022

 

Financials

       40.17           

Health Care

       18.03     

Consumer Discretionary

       8.73     

Materials

       8.18     

Communication Services

       6.82                                                 

Consumer Staples

       6.22     

Energy

       6.03     

Sector Types Each Less Than 3%

       5.65     

Money Market Funds Plus Other Assets Less Liabilities

       0.17     

 

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

 

      

33

 

 

 

 

      


 

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares            Value      

Common Stocks & Other Equity Interests-99.95%

 

Communication Services-1.33%

     

Verizon Communications, Inc.

     13,436      $ 721,110  
     

 

 

 

Consumer Discretionary-4.08%

     

Home Depot, Inc. (The)

     1,391        439,319  

McDonald’s Corp.

     2,728        667,733  

O’Reilly Automotive, Inc.(b)

     846        549,257  

Yum! Brands, Inc.

     4,519        553,939  
     

 

 

 
            2,210,248  
     

 

 

 

Consumer Staples-15.60%

     

Altria Group, Inc.

     9,672        496,077  

Archer-Daniels-Midland Co.

     6,699        525,536  

Campbell Soup Co.

     12,383        556,863  

Coca-Cola Co. (The)

     12,360        769,286  

Conagra Brands, Inc.

     15,271        534,027  

Constellation Brands, Inc., Class A

     2,327        501,748  

General Mills, Inc.

     8,388        565,603  

JM Smucker Co. (The)

     4,143        558,269  

Kellogg Co.

     9,204        588,504  

Kraft Heinz Co. (The)

     14,241        558,532  

McCormick & Co., Inc.

     6,133        583,678  

Mondelez International, Inc., Class A

     10,139        663,902  

Monster Beverage Corp.(b)

     5,713        482,177  

Philip Morris International, Inc.

     5,770        583,174  

Tyson Foods, Inc., Class A

     5,253        486,743  
     

 

 

 
        8,454,119  
     

 

 

 

Financials-14.72%

     

Aflac, Inc.

     8,102        494,951  

Allstate Corp. (The)

     4,043        494,701  

Arthur J. Gallagher & Co.

     3,457        546,863  

Assurant, Inc.

     3,254        552,236  

Berkshire Hathaway, Inc., Class B(b)

     2,082        669,259  

Brown & Brown, Inc.

     7,498        506,940  

CME Group, Inc., Class A

     2,190        518,001  

Intercontinental Exchange, Inc.

     4,870        623,944  

Loews Corp.

     8,076        495,382  

Marsh & McLennan Cos., Inc.

     3,883        603,457  

Moody’s Corp.

     1,458        469,520  

Nasdaq, Inc.

     2,864        490,174  

Progressive Corp. (The)

     4,920        521,175  

Travelers Cos., Inc. (The)

     2,868        492,808  

W.R. Berkley Corp.

     5,509        497,463  
     

 

 

 
        7,976,874  
     

 

 

 

Health Care-14.78%

     

Abbott Laboratories

     3,846        463,905  

AbbVie, Inc.

     3,842        567,732  

Agilent Technologies, Inc.

     3,429        447,004  

AmerisourceBergen Corp.

     3,424        488,023  

Amgen, Inc.(c)

     2,290        518,639  

Baxter International, Inc.

     6,788        576,776  

Becton, Dickinson and Co.

     2,118        574,571  

Bristol-Myers Squibb Co.

     8,650        593,996  

Cooper Cos., Inc. (The)

     1,226        501,459  

CVS Health Corp.

     4,788        496,276  

Johnson & Johnson

     4,413        726,247  

McKesson Corp.

     1,780        489,429  

Medtronic PLC

     4,994        524,320  

 

 

       Shares            Value      

Health Care-(continued)

     

Stryker Corp.

     1,949      $ 513,269  

UnitedHealth Group, Inc.

     1,117        531,547  
     

 

 

 
            8,013,193  
     

 

 

 

Industrials-22.71%

     

3M Co.

     3,714        552,086  

AMETEK, Inc.

     4,155        539,277  

C.H. Robinson Worldwide, Inc.

     5,642        545,469  

CSX Corp.

     14,388        487,897  

Dover Corp.

     3,170        497,246  

Eaton Corp. PLC

     3,306        510,083  

Fastenal Co.

     9,604        494,222  

Fortive Corp.

     7,670        496,633  

General Dynamics Corp.

     2,889        677,326  

Honeywell International, Inc.

     2,869        544,393  

IDEX Corp.

     2,671        512,565  

Illinois Tool Works, Inc.

     2,809        607,699  

Johnson Controls International PLC

     7,201        467,777  

L3Harris Technologies, Inc.

     2,343        591,162  

Lockheed Martin Corp.

     1,364        591,703  

Masco Corp.

     8,083        452,971  

Norfolk Southern Corp.

     1,804        462,762  

Northrop Grumman Corp.

     1,342        593,352  

Republic Services, Inc.

     4,819        579,629  

Rockwell Automation, Inc.

     1,715        457,185  

Union Pacific Corp.

     2,234        549,452  

Waste Management, Inc.

     4,458        643,735  

Xylem, Inc.

     5,143        457,470  
     

 

 

 
        12,312,094  
     

 

 

 

Information Technology-8.02%

     

Accenture PLC, Class A

     1,425        450,328  

Amphenol Corp., Class A

     6,269        476,507  

Automatic Data Processing, Inc.

     2,356        481,661  

Broadridge Financial Solutions, Inc.

     3,423        500,477  

Cisco Systems, Inc.

     9,441        526,525  

International Business Machines Corp.

     3,601        441,158  

Microsoft Corp.

     1,604        479,259  

Motorola Solutions, Inc.

     2,188        482,301  

Paychex, Inc.

     4,284        510,053  
     

 

 

 
        4,348,269  
     

 

 

 

Materials-3.89%

     

Air Products and Chemicals, Inc.

     2,106        497,648  

Amcor PLC

     46,937        545,877  

Linde PLC (United Kingdom)

     1,916        561,848  

Sherwin-Williams Co. (The)

     1,922        505,736  
     

 

 

 
        2,111,109  
     

 

 

 

Real Estate-3.81%

     

AvalonBay Communities, Inc.

     2,320        553,529  

Equity Residential

     6,129        522,804  

Essex Property Trust, Inc.

     1,501        476,072  

UDR, Inc.

     9,299        510,236  
     

 

 

 
        2,062,641  
     

 

 

 

Utilities-11.01%

     

CenterPoint Energy, Inc.

     18,655        510,214  

Dominion Energy, Inc.

     7,275        578,581  

DTE Energy Co.

     5,415        658,410  

 

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

 

      

34

 

 

 

 

      


 

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2022

(Unaudited)

 

       Shares            Value      

Utilities-(continued)

     

Edison International

     8,955      $ 567,926  

Exelon Corp.

     14,609        621,759  

FirstEnergy Corp.

     13,654        571,420  

PPL Corp.

     22,285        583,198  

Public Service Enterprise Group, Inc.

     9,167        594,297  

Sempra Energy

     4,159        599,811  

Southern Co. (The)

     10,532        682,158  
     

 

 

 
        5,967,774  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $49,655,534)

        54,177,431  
     

 

 

 
       Shares            Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.97%      

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

     157,511      $ 157,511  

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

     367,489        367,526  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $525,037)

 

     525,037  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.92%
(Cost $50,180,571)

 

     54,702,468  

OTHER ASSETS LESS LIABILITIES-(0.92)%

        (496,271
     

 

 

 

NET ASSETS-100.00%

      $ 54,206,197  
     

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 354,379      $ (354,379 )     $ -      $ -     $ -      $ 2

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       112,764        1,302,202        (1,257,455 )       -        -       157,511        10 *

Invesco Private Prime Fund

       262,366        3,014,844        (2,909,647 )       -        (37 )       367,526        90 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

Total

     $ 375,130      $ 4,671,425      $ (4,521,481 )     $ -      $ (37 )     $ 525,037      $ 102
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

35

 

 

 

 

      


 

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

  as of February 28, 2022

 

   

Industrials

       22.71     

Consumer Staples

       15.60     

Health Care

       14.78     

Financials

       14.72     

Utilities

       11.01     

Information Technology

       8.02                                             

Consumer Discretionary

       4.08     

Materials

       3.89     

Real Estate

       3.81     

Communication Services

       1.33     

Money Market Funds Plus Other Assets Less Liabilities

       0.05     

 

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

 

      

36

 

 

 

 

      


 

Invesco S&P 500® High Beta ETF (SPHB)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares            Value       

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-3.65%

    

Live Nation Entertainment, Inc.(b)

     78,815       $ 9,522,428  

Match Group, Inc.(b)(c)

     85,678       9,552,240  

Meta Platforms, Inc., Class A(b)

     41,814       8,824,009  

Twitter, Inc.(b)(c)

     286,980       10,202,139  
    

 

 

 
       38,100,816  
    

 

 

 

Consumer Discretionary-16.40%

    

Aptiv PLC(b)(c)

     67,716       8,765,159  

Bath & Body Works, Inc.

     166,705       8,897,046  

Caesars Entertainment, Inc.(b)

     144,965       12,204,603  

Carnival Corp.(b)(c)

     443,227       9,010,805  

D.R. Horton, Inc.

     116,851       9,979,075  

Etsy, Inc.(b)(c)

     85,176       13,192,911  

Expedia Group, Inc.(b)

     47,680       9,350,525  

Lennar Corp., Class A

     104,024       9,349,677  

MGM Resorts International

     186,477       8,259,066  

Mohawk Industries, Inc.(b)

     62,513       8,800,580  

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

     487,736       9,505,975  

Penn National Gaming, Inc.(b)(c)

     276,146       14,180,097  

PulteGroup, Inc.

     195,550       9,711,013  

PVH Corp.

     96,185       9,415,550  

Ross Stores, Inc.

     94,133       8,602,815  

Royal Caribbean Cruises Ltd.(b)(c)

     106,371       8,586,267  

Tesla, Inc.(b)

     15,510       13,500,369  
    

 

 

 
       171,311,533  
    

 

 

 

Energy-5.62%

    

APA Corp.

     359,427       12,806,384  

Devon Energy Corp.

     212,168       12,634,604  

Diamondback Energy, Inc.

     79,799       11,020,242  

Marathon Oil Corp.

     476,737       10,755,187  

Occidental Petroleum Corp.

     261,688       11,443,616  
    

 

 

 
       58,660,033  
    

 

 

 

Financials-9.27%

    

Ameriprise Financial, Inc.

     29,034       8,704,103  

BlackRock, Inc.

     11,079       8,241,557  

Discover Financial Services

     76,025       9,384,526  

Franklin Resources, Inc.

     337,503       10,033,964  

Invesco Ltd.(d)

     502,001       10,662,501  

Lincoln National Corp.

     133,639       9,009,942  

MSCI, Inc.

     17,735       8,897,472  

Signature Bank

     29,388       10,135,627  

SVB Financial Group(b)

     20,579       12,470,874  

T. Rowe Price Group, Inc.

     64,466       9,319,205  
    

 

 

 
       96,859,771  
    

 

 

 

Health Care-5.57%

    

Align Technology, Inc.(b)

     22,682       11,600,936  

Bio-Techne Corp.

     23,636       9,913,175  

DexCom, Inc.(b)

     21,489       8,894,512  

IDEXX Laboratories, Inc.(b)

     17,265       9,191,023  

Illumina, Inc.(b)

     24,555       8,019,663  

Intuitive Surgical, Inc.(b)

     36,256       10,526,204  
    

 

 

 
       58,145,513  
    

 

 

 

Industrials-7.24%

    

Boeing Co. (The)(b)

     46,076       9,461,246  

Copart, Inc.(b)

     72,192       8,870,953  

 

 

         Shares            Value       

Industrials-(continued)

    

Fortune Brands Home & Security, Inc.

     96,273       $ 8,366,124  

Generac Holdings, Inc.(b)

     34,835       10,989,397  

Quanta Services, Inc.

     90,528       9,862,120  

Textron, Inc.

     130,223       9,523,208  

United Airlines Holdings, Inc.(b)(c)

     199,223       8,845,501  

United Rentals, Inc.(b)

     30,259       9,731,900  
    

 

 

 
       75,650,449  
    

 

 

 

Information Technology-48.90%

    

Adobe, Inc.(b)

     20,165       9,430,767  

Advanced Micro Devices, Inc.(b)

     101,847       12,561,809  

Amphenol Corp., Class A

     114,984       8,739,934  

Analog Devices, Inc.

     58,198       9,328,557  

ANSYS, Inc.(b)

     35,176       11,403,707  

Apple, Inc.

     55,696       9,196,524  

Applied Materials, Inc.

     108,844       14,606,865  

Arista Networks, Inc.(b)

     75,164       9,224,878  

Autodesk, Inc.(b)

     45,240       9,963,205  

Broadcom, Inc.

     18,272       10,733,704  

Cadence Design Systems, Inc.(b)

     80,339       12,165,735  

CDW Corp.

     47,702       8,226,687  

Ceridian HCM Holding, Inc.(b)

     142,518       10,390,987  

DXC Technology Co.(b)

     245,986       8,370,904  

Enphase Energy, Inc.(b)

     89,105       14,853,804  

EPAM Systems, Inc.(b)

     24,493       5,088,421  

Fortinet, Inc.(b)

     37,850       13,040,082  

Intuit, Inc.

     18,317       8,689,035  

IPG Photonics Corp.(b)

     64,616       8,422,696  

Keysight Technologies, Inc.(b)

     53,188       8,370,196  

KLA Corp.

     36,658       12,775,313  

Lam Research Corp.

     24,179       13,572,882  

Mastercard, Inc., Class A

     24,536       8,853,080  

Microchip Technology, Inc.

     181,069       12,734,583  

Micron Technology, Inc.

     140,819       12,513,176  

Monolithic Power Systems, Inc.

     32,442       14,881,145  

NetApp, Inc.

     103,302       8,096,811  

NVIDIA Corp.

     59,436       14,493,469  

NXP Semiconductors N.V. (China)

     67,242       12,784,049  

Paycom Software, Inc.(b)

     34,545       11,718,009  

PayPal Holdings, Inc.(b)

     96,754       10,829,675  

PTC, Inc.(b)

     83,887       9,334,945  

Qorvo, Inc.(b)

     89,766       12,278,193  

QUALCOMM, Inc.

     62,251       10,706,549  

salesforce.com, inc.(b)

     44,002       9,263,741  

Seagate Technology Holdings PLC

     86,302       8,902,914  

ServiceNow, Inc.(b)

     18,669       10,826,526  

Skyworks Solutions, Inc.

     82,578       11,409,802  

SolarEdge Technologies, Inc.(b)

     55,222       17,639,011  

Synopsys, Inc.(b)

     38,259       11,951,729  

TE Connectivity Ltd. (Switzerland)

     63,150       8,994,455  

Teradyne, Inc.

     128,904       15,200,360  

Texas Instruments, Inc.

     55,157       9,376,138  

Trimble, Inc.(b)

     159,780       11,144,655  

Tyler Technologies, Inc.(b)

     20,164       8,635,435  

Western Digital Corp.(b)

     212,419       10,820,624  

Zebra Technologies Corp., Class A(b)

     20,007       8,269,693  
    

 

 

 
       510,815,459  
    

 

 

 

 

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

 

      

37

 

 

 

 

      


 

Invesco S&P 500® High Beta ETF (SPHB)–(continued)

February 28, 2022

(Unaudited)

 

         Shares       Value  

Materials-3.28%

    

Albemarle Corp.

     48,392       $ 9,479,509  

Freeport-McMoRan, Inc.

     272,035       12,772,043  

Mosaic Co. (The)

     228,564       11,983,611  
    

 

 

 
       34,235,163  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,100,400,263)

 

    1,043,778,737  
    

 

 

 

Money Market Funds-0.00%

    

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $8,365)

     8,365       8,365  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $1,100,408,628)

 

     1,043,787,102  
    

 

 

 
       Shares     Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.49%

 

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

     20,346,753       $ 20,346,753  

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

     47,471,011       47,475,759  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $67,825,500)

 

    67,822,512  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.42%
(Cost $1,168,234,128)

 

    1,111,609,614  

OTHER ASSETS LESS LIABILITIES-(6.42)%

 

    (67,092,583
    

 

 

 

NET ASSETS-100.00%

 

  $ 1,044,517,031  
    

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income
Invesco Ltd.      $ 15,462,443      $ 13,014,351      $ (15,058,053 )     $ (2,331,786 )     $ (424,454 )     $ 10,662,501      $ 181,979
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class        -        5,581,604        (5,573,239 )       -       -       8,365        41
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        21,945,466        157,651,087        (159,249,800 )       -       -       20,346,753        3,340 *
Invesco Private Prime Fund        51,206,086        332,647,271        (336,360,137 )       (2,989 )       (14,472 )       47,475,759        30,194 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 88,613,995      $ 508,894,313      $ (516,241,229 )     $ (2,334,775 )     $ (438,926 )     $ 78,493,378      $ 215,554
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

38

 

 

 

 

      


 

Invesco S&P 500® High Beta ETF (SPHB)–(continued)

February 28, 2022

(Unaudited)

 

Portfolio Composition

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

as of February 28, 2022

   

Information Technology

       48.90     

Consumer Discretionary

       16.40     

Financials

       9.27     

Industrials

       7.24                                                     

Energy

       5.62     

Health Care

       5.57     

Communication Services

       3.65     

Materials

       3.28     

Money Market Funds Plus Other Assets Less Liabilities

       0.07     

 

 

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

 

      

39

 

 

 

 

      


 

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares               Value       

Common Stocks & Other Equity Interests-99.98%

 

Communication Services-7.45%

     

AT&T, Inc.

     3,598,457      $ 85,247,447  

Omnicom Group, Inc.

     828,273        69,483,822  

Verizon Communications, Inc.

     1,502,224        80,624,362  
     

 

 

 
            235,355,631  
     

 

 

 

Consumer Staples-19.82%

     

Altria Group, Inc.(b)

     1,897,565        97,326,109  

Campbell Soup Co.(b)

     1,231,371        55,374,754  

Coca-Cola Co. (The)

     776,406        48,323,509  

Conagra Brands, Inc.

     1,596,827        55,841,040  

General Mills, Inc.

     725,055        48,890,459  

Kellogg Co.

     887,633        56,755,254  

Kimberly-Clark Corp.

     368,780        47,996,717  

Kraft Heinz Co. (The)

     2,007,085        78,717,874  

Philip Morris International, Inc.

     840,417        84,940,946  

Walgreens Boots Alliance, Inc.

     1,133,605        52,247,854  
     

 

 

 
        626,414,516  
     

 

 

 

Energy-8.99%

     

Chevron Corp.

     583,073        83,962,512  

Kinder Morgan, Inc.

     5,472,513        95,221,726  

Williams Cos., Inc. (The)

     3,353,764        104,905,738  
     

 

 

 
        284,089,976  
     

 

 

 

Financials-7.17%

     

Citigroup, Inc.

     882,934        52,296,181  

Prudential Financial, Inc.

     637,228        71,152,878  

Truist Financial Corp.(b)

     837,204        52,090,833  

U.S. Bancorp

     903,888        51,105,828  
     

 

 

 
        226,645,720  
     

 

 

 

Health Care-11.26%

     

AbbVie, Inc.

     476,561        70,421,419  

Amgen, Inc.(b)

     226,804        51,366,570  

Bristol-Myers Squibb Co.

     822,785        56,500,646  

Cardinal Health, Inc.

     1,226,693        66,253,689  

Gilead Sciences, Inc.

     934,763        56,459,685  

Merck & Co., Inc.

     716,105        54,839,321  
     

 

 

 
        355,841,330  
     

 

 

 

Industrials-3.28%

     

3M Co.

     316,067        46,983,359  

Lockheed Martin Corp.

     130,952        56,806,978  
     

 

 

 
        103,790,337  
     

 

 

 

Information Technology-2.42%

     

International Business Machines
Corp.(b)

     623,432        76,376,654  
     

 

 

 

Materials-7.55%

     

Amcor PLC

     5,408,780        62,904,111  

 

 

         Shares               Value       

Materials-(continued)

     

International Paper Co.

     1,446,500      $ 62,966,145  

Newmont Corp.

     921,526        61,005,021  

Packaging Corp. of America

     352,519        51,887,272  
     

 

 

 
        238,762,549  
     

 

 

 

Real Estate-11.83%

     

Boston Properties, Inc.

     484,856        59,302,737  

Federal Realty Investment Trust

     416,261        48,943,968  

Healthpeak Properties, Inc.

     1,563,309        48,556,378  

Realty Income Corp.

     952,022        62,919,134  

Regency Centers Corp.

     739,353        48,715,969  

Ventas, Inc.(b)

     1,115,696        60,247,584  

Welltower, Inc.

     541,951        45,139,099  
     

 

 

 
        373,824,869  
     

 

 

 

Utilities-20.21%

     

American Electric Power Co., Inc.

     620,015        56,204,360  

Consolidated Edison, Inc.

     726,182        62,284,630  

Duke Energy Corp.(b)

     593,982        59,641,733  

Edison International

     1,036,339        65,724,619  

Entergy Corp.(b)

     519,224        54,627,557  

FirstEnergy Corp.

     1,487,996        62,272,633  

Pinnacle West Capital Corp.(b)

     1,097,486        77,734,933  

PPL Corp.

     3,061,495        80,119,324  

Sempra Energy

     414,057        59,715,301  

Southern Co. (The)

     930,600        60,274,962  
     

 

 

 
        638,600,052  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $3,067,323,253)

 

     3,159,701,634  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.13%

     

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

     20,204,536        20,204,536  

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

     47,139,204        47,143,919  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $67,350,237)

 

     67,348,455  

TOTAL INVESTMENTS IN SECURITIES-102.11%
(Cost $3,134,673,490)

 

     3,227,050,089  

OTHER ASSETS LESS LIABILITIES-(2.11)%

 

     (66,537,558
     

 

 

 

NET ASSETS-100.00%

      $ 3,160,512,531  
     

 

 

 

 

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

 

      

40

 

 

 

 

      


 

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

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

 

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

Invesco Government & Agency Portfolio, Institutional

Class

     $ -      $ 26,231,948      $ (26,231,948 )     $ -     $ -     $ -      $ 134
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        19,226,639        106,143,557        (105,165,660 )       -       -       20,204,536        2,442 *
Invesco Private Prime Fund        44,862,158        222,437,138        (220,141,784 )       (1,783 )       (11,810 )       47,143,919        22,180 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 64,088,797      $ 354,812,643      $ (351,539,392 )     $ (1,783 )     $ (11,810 )     $ 67,348,455      $ 24,756
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(d) 

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

(e) 

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

 

  Portfolio Composition

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

  as of February 28, 2022

   

Utilities

       20.21     

Consumer Staples

       19.82     

Real Estate

       11.83     

Health Care

       11.26     

Energy

       8.99                                                             

Materials

       7.55     

Communication Services

       7.45     

Financials

       7.17     

Industrials

       3.28     

Information Technology

       2.42     

Money Market Funds Plus Other Assets Less Liabilities

       0.02     

 

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

 

      

41

 

 

 

 

      


 

Invesco S&P 500® Low Volatility ETF (SPLV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Shares             Value       

Common Stocks & Other Equity Interests-99.99%

 

Communication Services-1.26%

     

Verizon Communications, Inc.(b)

     2,114,210      $  113,469,651  
     

 

 

 

Consumer Discretionary-3.08%

     

McDonald’s Corp.

     429,419        105,108,889  

O’Reilly Automotive, Inc.(c)

     132,683        86,143,111  

Yum! Brands, Inc.

     708,518        86,850,136  
     

 

 

 
        278,102,136  
     

 

 

 

Consumer Staples-22.93%

     

Archer-Daniels-Midland Co.

     1,050,223        82,389,994  

Brown-Forman Corp., Class B

     1,203,670        78,515,394  

Campbell Soup Co.(b)

     1,941,398        87,304,668  

Church & Dwight Co., Inc.(b)

     945,465        92,513,750  

Coca-Cola Co. (The)

     1,944,833        121,046,406  

Colgate-Palmolive Co.

     1,394,777        107,328,090  

Conagra Brands, Inc.

     2,394,056        83,720,138  

Constellation Brands, Inc., Class A

     364,745        78,646,317  

Costco Wholesale Corp.(b)

     157,406        81,733,066  

General Mills, Inc.

     1,314,986        88,669,506  

Hershey Co. (The)

     569,258        115,138,123  

Hormel Foods Corp.(b)

     1,811,013        86,276,659  

JM Smucker Co. (The)

     649,517        87,522,416  

Kellogg Co.

     1,442,995        92,265,100  

Kimberly-Clark Corp.

     739,969        96,306,966  

McCormick & Co., Inc.

     961,472        91,503,290  

Mondelez International, Inc., Class A

     1,595,920        104,500,842  

PepsiCo, Inc.

     693,168        113,499,328  

Philip Morris International, Inc.

     904,557        91,423,576  

Procter & Gamble Co. (The)

     729,501        113,721,911  

Tyson Foods, Inc., Class A

     823,566        76,311,626  

Walmart, Inc.

     722,667        97,675,672  
     

 

 

 
        2,068,012,838  
     

 

 

 

Financials-8.77%

     

Aflac, Inc.

     1,270,117        77,591,448  

Arthur J. Gallagher & Co.

     542,007        85,740,087  

Assurant, Inc.

     510,141        86,576,029  

Berkshire Hathaway, Inc., Class B(c)

     327,687        105,334,986  

Brown & Brown, Inc.(b)

     1,175,449        79,472,107  

CME Group, Inc., Class A

     343,440        81,233,863  

Intercontinental Exchange, Inc.

     766,137        98,157,472  

Marsh & McLennan Cos., Inc.

     608,726        94,602,108  

Progressive Corp. (The)

     774,321        82,023,824  
     

 

 

 
        790,731,924  
     

 

 

 

Health Care-9.02%

     

AbbVie, Inc.

     602,218        88,989,754  

Amgen, Inc.(b)

     359,141        81,338,254  

Baxter International, Inc.

     1,064,222        90,426,943  

Becton, Dickinson and Co.

     333,619        90,504,162  

Bristol-Myers Squibb Co.(b)

     1,356,053        93,120,160  

Gilead Sciences, Inc.

     1,478,516        89,302,366  

Johnson & Johnson

     694,439        114,283,826  

Medtronic PLC

     782,963        82,203,285  

UnitedHealth Group, Inc.

     175,211        83,377,659  
     

 

 

 
        813,546,409  
     

 

 

 

Industrials-14.74%

     

3M Co.(b)

     582,310        86,560,381  

 

 

         Shares               Value       

Industrials-(continued)

     

AMETEK, Inc.

     651,439      $ 84,550,268  

Dover Corp.

     496,996        77,958,792  

Eaton Corp. PLC

     518,154        79,945,981  

Fastenal Co.(b)

     1,505,571        77,476,684  

General Dynamics Corp.

     454,784        106,624,109  

Honeywell International, Inc.

     449,764        85,342,719  

IDEX Corp.(b)

     418,638        80,336,632  

Illinois Tool Works, Inc.

     440,367        95,268,997  

L3Harris Technologies, Inc.

     367,358        92,688,097  

Lockheed Martin Corp.

     213,928        92,801,966  

Republic Services, Inc.(b)

     755,520        90,873,946  

Roper Technologies, Inc.(b)

     203,809        91,351,270  

Union Pacific Corp.

     350,224        86,137,593  

Waste Management, Inc.

     701,351        101,275,084  
     

 

 

 
        1,329,192,519  
     

 

 

 

Information Technology-3.51%

     

Cisco Systems, Inc.

     1,480,057        82,542,779  

Motorola Solutions, Inc.

     343,030        75,614,103  

Paychex, Inc.(b)

     671,658        79,967,602  

VeriSign, Inc.(c)

     368,828        78,825,920  
     

 

 

 
        316,950,404  
     

 

 

 

Materials-3.67%

     

Air Products and Chemicals, Inc.

     330,183        78,022,243  

Amcor PLC

     7,358,376        85,577,913  

Linde PLC (United Kingdom)

     300,357        88,076,686  

Sherwin-Williams Co. (The)

     301,307        79,282,911  
     

 

 

 
        330,959,753  
     

 

 

 

Real Estate-9.33%

     

Alexandria Real Estate Equities, Inc.(b)

     454,981        86,173,401  

AvalonBay Communities, Inc.

     363,673        86,768,741  

Duke Realty Corp.

     1,605,576        85,095,528  

Equity Residential

     960,916        81,966,135  

Healthpeak Properties, Inc.

     2,572,296        79,895,514  

Mid-America Apartment Communities, Inc.

     396,928        81,215,438  

Prologis, Inc.

     565,714        82,509,387  

Public Storage

     244,787        86,904,281  

Realty Income Corp.

     1,369,680        90,522,151  

UDR, Inc.

     1,457,844        79,991,900  
     

 

 

 
        841,042,476  
     

 

 

 

Utilities-23.68%

     

Alliant Energy Corp.(b)

     1,559,146        91,054,126  

Ameren Corp.

     1,118,064        96,097,601  

American Electric Power Co., Inc.(b)

     1,158,991        105,062,534  

Atmos Energy Corp.(b)

     798,827        87,719,193  

CenterPoint Energy, Inc.(b)

     2,924,542        79,986,224  

CMS Energy Corp.(b)

     1,496,604        95,797,622  

Consolidated Edison, Inc.(b)

     1,149,916        98,628,295  

Dominion Energy, Inc.

     1,140,414        90,697,125  

DTE Energy Co.(b)

     852,461        103,650,733  

Duke Energy Corp.

     1,028,608        103,282,529  

Edison International

     1,403,963        89,039,334  

Entergy Corp.

     738,126        77,658,237  

Evergy, Inc.

     1,474,644        92,032,532  

Eversource Energy

     971,001        79,427,882  

Exelon Corp.

     2,298,250        97,813,520  

 

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

 

      

42

 

 

 

 

      


 

Invesco S&P 500® Low Volatility ETF (SPLV)–(continued)

February 28, 2022

(Unaudited)

 

         Shares               Value       

Utilities-(continued)

     

FirstEnergy Corp.

     2,140,485      $ 89,579,297  

NiSource, Inc.

     3,365,240        97,356,393  

PPL Corp.

     3,493,635        91,428,428  

Public Service Enterprise Group, Inc.

     1,442,206        93,498,215  

Sempra Energy

     651,991        94,030,142  

Southern Co. (The)(b)

     1,657,616        107,363,788  

WEC Energy Group, Inc.

     938,196        85,263,253  

Xcel Energy, Inc.

     1,326,616        89,321,055  
     

 

 

 
        2,135,788,058  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $8,912,475,725)

 

     9,017,796,168  
     

 

 

 
         Shares               Value       
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.74%

 

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

     20,119,060      $ 20,119,060  

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

     46,939,779        46,944,474  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $67,065,443)

 

     67,063,534  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.73%
(Cost $8,979,541,168)

 

     9,084,859,702  

OTHER ASSETS LESS LIABILITIES-(0.73)%

 

     (65,970,548
     

 

 

 

NET ASSETS-100.00%

      $ 9,018,889,154  
     

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

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

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ -      $ 59,531,025      $
 
 
(59,531,025

)
    $ -     $ -     $ -      $ 507
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        20,232,687        174,759,027        (174,872,654 )       -       -       20,119,060        2,521 *
Invesco Private Prime Fund        47,209,603        364,746,760        (364,998,808 )       (1,910 )       (11,171 )       46,944,474        22,280 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 67,442,290      $ 599,036,812      $ (599,402,487 )     $ (1,910 )     $ (11,171 )     $ 67,063,534      $ 25,308
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

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

 

(e) 

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

(f) 

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

 

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

 

      

43

 

 

 

 

      


 

Invesco S&P 500® Low Volatility ETF (SPLV)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

  as of February 28, 2022

   

Utilities

       23.68     

Consumer Staples

       22.93     

Industrials

       14.74     

Real Estate

       9.33     

Health Care

       9.02                                                                 

Financials

       8.77     

Materials

       3.67     

Information Technology

       3.51     

Consumer Discretionary

       3.08     

Communication Services

       1.26     

Money Market Funds Plus Other Assets Less Liabilities

       0.01     

 

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

 

      

44

 

 

 

 

      


 

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares            Value       

Common Stocks & Other Equity Interests-99.90%

 

Communication Services-4.81%

    

Alphabet, Inc., Class C(b)

     108         $ 291,365  

AT&T, Inc.

     1,497       35,464  

Electronic Arts, Inc.

     929       120,854  

T-Mobile US, Inc.(b)

     1,988       244,941  

Verizon Communications, Inc.

     8,766       470,471  
    

 

 

 
       1,163,095  
    

 

 

 

Consumer Discretionary-8.41%

    

Amazon.com, Inc.(b)

     144       442,261  

Home Depot, Inc. (The)

     1,031       325,621  

McDonald’s Corp.

     1,704       417,088  

NIKE, Inc., Class B

     3,054       417,024  

TJX Cos., Inc. (The)

     6,512       430,443  
    

 

 

 
       2,032,437  
    

 

 

 

Consumer Staples-11.62%

    

Coca-Cola Co. (The)

     2,596       161,575  

Colgate-Palmolive Co.

     5,211       400,986  

Conagra Brands, Inc.

     3,129       109,421  

General Mills, Inc.

     5,625       379,294  

Hershey Co. (The)

     279       56,430  

Hormel Foods Corp.

     3,875       184,605  

Kellogg Co.

     574       36,702  

Kimberly-Clark Corp.

     1,544       200,952  

McCormick & Co., Inc.

     2,127       202,427  

Mondelez International, Inc., Class A

     7,462       488,612  

Monster Beverage Corp.(b)

     586       49,458  

Procter & Gamble Co. (The)

     3,466       540,315  
    

 

 

 
           2,810,777  
    

 

 

 

Energy-0.32%

    

Exxon Mobil Corp.

     977       76,616  
    

 

 

 

Financials-12.32%

    

Aon PLC, Class A

     1,651       482,323  

Bank of America Corp.

     4,478       197,928  

Berkshire Hathaway, Inc., Class B(b)

     1,799       578,288  

Chubb Ltd.

     2,772       564,490  

JPMorgan Chase & Co.

     235       33,323  

Marsh & McLennan Cos., Inc.

     3,114       483,947  

Progressive Corp. (The)

     5,365       568,314  

Travelers Cos., Inc. (The)

     402       69,076  
    

 

 

 
       2,977,689  
    

 

 

 

Health Care-18.83%

    

Abbott Laboratories

     3,350       404,076  

Becton, Dickinson and Co.

     117       31,740  

Bristol-Myers Squibb Co.

     307       21,082  

Cerner Corp.

     2,672       249,164  

CVS Health Corp.

     494       51,203  

Edwards Lifesciences Corp.(b)

     2,433       273,396  

Eli Lilly and Co.

     1,342       335,433  

Humana, Inc.

     105       45,604  

Incyte Corp.(b)

     2,566       175,258  

Intuitive Surgical, Inc.(b)

     269       78,099  

Johnson & Johnson

     2,992       492,393  

Laboratory Corp. of America Holdings(b)

     743       201,546  

Medtronic PLC

     3,245       340,692  

Merck & Co., Inc.

     5,808       444,777  

 

 

         Shares            Value       

Health Care-(continued)

    

Organon & Co.

     558       $ 20,830  

Regeneron Pharmaceuticals, Inc.(b)

     247       152,735  

Stryker Corp.

     734       193,299  

UnitedHealth Group, Inc.

     1,237       588,651  

Vertex Pharmaceuticals, Inc.(b)

     1,972       453,599  
    

 

 

 
       4,553,577  
    

 

 

 

Industrials-4.54%

    

Republic Services, Inc.

     2,502       300,940  

Rollins, Inc.

     2,833       92,441  

Verisk Analytics, Inc.

     1,334       236,572  

Waste Management, Inc.

     3,235       467,134  
    

 

 

 
       1,097,087  
    

 

 

 

Information Technology-23.55%

    

Accenture PLC, Class A

     1,460       461,389  

Adobe, Inc.(b)

     758       354,501  

Advanced Micro Devices, Inc.(b)

     617       76,101  

Akamai Technologies, Inc.(b)

     670       72,534  

Analog Devices, Inc.

     454       72,772  

Apple, Inc.

     3,168       523,100  

Automatic Data Processing, Inc.

     839       171,525  

Cisco Systems, Inc.

     2,174       121,244  

Citrix Systems, Inc.

     1,205       123,512  

Cognizant Technology Solutions Corp., Class A

     1,998       172,088  

Global Payments, Inc.

     1,009       134,580  

Intel Corp.

     6,046       288,394  

Intuit, Inc.

     880       417,446  

Micron Technology, Inc.

     230       20,438  

Microsoft Corp.

     1,688       504,358  

NVIDIA Corp.

     769       187,521  

Oracle Corp.

     1,050       79,768  

QUALCOMM, Inc.

     3,506       602,997  

salesforce.com, inc.(b)

     916       192,845  

Texas Instruments, Inc.

     2,621       445,544  

Tyler Technologies, Inc.(b)

     524       224,408  

VeriSign, Inc.(b)

     1,232       263,303  

Visa, Inc., Class A(c)

     846       182,838  
    

 

 

 
           5,693,206  
    

 

 

 

Materials-2.48%

    

Corteva, Inc.

     3,247       168,942  

Newmont Corp.

     6,521       431,690  
    

 

 

 
       600,632  
    

 

 

 

Real Estate-5.59%

    

American Tower Corp.

     1,699       385,452  

Crown Castle International Corp.

     2,652       441,797  

Digital Realty Trust, Inc.

     1,297       174,991  

Prologis, Inc.

     1,233       179,833  

Public Storage

     477       169,345  
    

 

 

 
       1,351,418  
    

 

 

 

Utilities-7.43%

    

Ameren Corp.

     835       71,768  

American Electric Power Co., Inc.

     418       37,892  

Dominion Energy, Inc.

     3,408       271,038  

Duke Energy Corp.

     670       67,275  

Eversource Energy

     1,112       90,962  

NextEra Energy, Inc.

     5,882       460,384  

 

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

 

      

45

 

 

 

 

      


 

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Utilities-(continued)

     

Public Service Enterprise Group, Inc.

     5,116      $ 331,670  

Sempra Energy

     193        27,834  

Southern Co. (The)

     4,874        315,689  

WEC Energy Group, Inc.

     320        29,082  

Xcel Energy, Inc.

     1,369        92,175  
     

 

 

 
        1,795,769  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $22,235,067)

 

     24,152,303  
     

 

 

 

Money Market Funds-0.01%

     

Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e)
(Cost $1,320)

     1,320        1,320  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $22,236,387)

 

     24,153,623  
     

 

 

 
         Shares              Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-0.77%

 

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

     56,164      $ 56,164  

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

     131,035        131,049  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $187,233)

 

     187,213  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.68%
(Cost $22,423,620)

 

     24,340,836  

OTHER ASSETS LESS LIABILITIES-(0.68)%

 

     (165,340
     

 

 

 

NET ASSETS-100.00%

      $ 24,175,496  
     

 

 

 
Notes

to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 14,106      $ 179,848      $ (192,634 )     $ -     $ -     $ 1,320      $ 2

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       145,158        253,050        (342,044 )       -       -       56,164        7 *

Invesco Private Prime Fund

       337,735        553,004        (759,630 )       (20 )       (40 )       131,049        62 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 496,999      $ 985,902      $ (1,294,308 )     $ (20 )     $ (40 )     $ 188,533      $ 71
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

46

 

 

 

 

      


 

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2022

(Unaudited)

 

  Portfolio Composition

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

  as of February 28, 2022

   

Information Technology

       23.55     

Health Care

       18.83     

Financials

       12.32                                                 

Consumer Staples

       11.62     

Consumer Discretionary

       8.41     

Utilities

       7.43     

Real Estate

       5.59     

Communication Services

       4.81     

Industrials

       4.54     

Sector Types Each Less Than 3%

       2.80     

Money Market Funds Plus Other Assets Less Liabilities

       0.10     

 

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

 

      

47

 

 

 

 

      


 

Invesco S&P 500 Momentum ETF (SPMO)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares             Value       

Common Stocks & Other Equity Interests-99.91%

 

Communication Services-18.48%

     

Alphabet, Inc., Class A(b)

     2,858      $ 7,719,858  

Alphabet, Inc., Class C(b)

     2,841        7,664,507  

Interpublic Group of Cos., Inc. (The)

     5,781        212,741  

News Corp., Class A

     5,804        129,545  

News Corp., Class B

     1,596        35,798  
     

 

 

 
        15,762,449  
     

 

 

 

Consumer Discretionary-12.57%

     

Aptiv PLC(b)

     4,387        567,853  

Bath & Body Works, Inc.

     6,188        330,254  

Caesars Entertainment, Inc.(b)

     3,497        294,412  

Darden Restaurants, Inc.

     1,504        218,411  

Expedia Group, Inc.(b)

     1,521        298,283  

Ford Motor Co.

     52,690        925,236  

Garmin Ltd.

     2,245        247,938  

General Motors Co.(b)

     22,779        1,064,235  

LKQ Corp.

     3,258        152,963  

MGM Resorts International

     5,331        236,110  

Mohawk Industries, Inc.(b)

     1,021        143,736  

NIKE, Inc., Class B

     15,178        2,072,556  

Starbucks Corp.

     14,730        1,352,067  

Tapestry, Inc.

     6,514        266,423  

Target Corp.

     10,906        2,178,692  

Yum! Brands, Inc.

     3,064        375,585  
     

 

 

 
        10,724,754  
     

 

 

 

Consumer Staples-1.00%

     

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

     2,867        849,578  
     

 

 

 

Energy-0.95%

     

Devon Energy Corp.

     7,983        475,388  

ONEOK, Inc.

     5,150        336,295  
     

 

 

 
        811,683  
     

 

 

 

Financials-26.40%

     

American Express Co.

     7,219        1,404,384  

Ameriprise Financial, Inc.

     1,334        399,920  

Berkshire Hathaway, Inc., Class B(b)

     20,127        6,469,824  

Capital One Financial Corp.

     9,578        1,468,020  

Charles Schwab Corp. (The)

     24,319        2,053,983  

Discover Financial Services

     6,007        741,504  

Fifth Third Bancorp

     7,423        355,116  

First Republic Bank

     2,275        394,167  

Goldman Sachs Group, Inc. (The)

     5,688        1,941,258  

Invesco Ltd.(c)

     6,216        132,028  

Morgan Stanley

     24,813        2,251,532  

PNC Financial Services Group, Inc. (The)

     4,846        965,565  

Raymond James Financial, Inc.

     2,828        310,090  

SVB Financial Group(b)

     1,127        682,962  

Synchrony Financial

     8,601        367,951  

Wells Fargo & Co.

     48,441        2,585,296  
     

 

 

 
        22,523,600  
     

 

 

 

Health Care-5.96%

     

Agilent Technologies, Inc.

     4,176        544,383  

Align Technology, Inc.(b)

     909        464,917  

Charles River Laboratories International, Inc.(b)

     918        267,285  

HCA Healthcare, Inc.

     3,671        918,888  

IDEXX Laboratories, Inc.(b)

     910        484,439  
         Shares             Value       

Health Care-(continued)

     

IQVIA Holdings, Inc.(b)

     2,051      $ 471,976  

Mettler-Toledo International, Inc.(b)

     238        335,280  

Moderna, Inc.(b)

     8,220        1,262,592  

Waters Corp.(b)

     1,055        334,150  
     

 

 

 
        5,083,910  
     

 

 

 

Industrials-14.69%

     

Carrier Global Corp.

     15,336        688,280  

Copart, Inc.(b)

     2,331        286,433  

Deere & Co.

     5,393        1,941,588  

Dover Corp.

     2,075        325,484  

Eaton Corp. PLC

     5,990        924,197  

Emerson Electric Co.

     6,985        649,046  

Expeditors International of Washington, Inc.

     2,090        216,022  

FedEx Corp.

     2,459        546,562  

Generac Holdings, Inc.(b)

     1,176        370,993  

General Electric Co.

     15,419        1,472,669  

Honeywell International, Inc.

     8,071        1,531,472  

Howmet Aerospace, Inc.

     5,365        192,711  

Johnson Controls International PLC

     13,655        887,029  

Parker-Hannifin Corp.

     1,559        462,072  

Pentair PLC

     2,364        136,899  

Quanta Services, Inc.

     2,884        314,183  

Robert Half International, Inc.

     1,465        176,225  

Textron, Inc.

     3,001        219,463  

Trane Technologies PLC

     4,121        634,345  

United Rentals, Inc.(b)

     938        301,680  

Xylem, Inc.

     2,860        254,397  
     

 

 

 
        12,531,750  
     

 

 

 

Information Technology-12.70%

     

Applied Materials, Inc.

     11,881        1,594,430  

Automatic Data Processing, Inc.

     5,695        1,164,286  

DXC Technology Co.(b)

     3,169        107,841  

Enphase Energy, Inc.(b)

     1,953        325,565  

Fortinet, Inc.(b)

     1,870        644,252  

Gartner, Inc.(b)

     1,501        420,911  

HP, Inc.

     13,114        450,597  

Intuit, Inc.

     3,284        1,557,831  

Keysight Technologies, Inc.(b)

     2,265        356,443  

Motorola Solutions, Inc.

     2,284        503,462  

NetApp, Inc.

     2,498        195,793  

Oracle Corp.

     19,198        1,458,472  

Paychex, Inc.

     4,800        571,488  

Seagate Technology Holdings PLC

     2,877        296,791  

TE Connectivity Ltd. (Switzerland)

     4,297        612,022  

Trimble, Inc.(b)

     3,536        246,636  

Zebra Technologies Corp., Class A(b)

     794        328,192  
     

 

 

 
        10,835,012  
     

 

 

 

Materials-4.16%

     

Albemarle Corp.

     1,761        344,962  

Avery Dennison Corp.

     1,347        237,341  

Freeport-McMoRan, Inc.

     28,488        1,337,512  

International Paper Co.

     4,602        200,325  

Martin Marietta Materials, Inc.

     713        270,512  

Mosaic Co. (The)

     4,496        235,725  

 

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

 

      

48

 

 

 

 

      


 

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Materials-(continued)

     

Nucor Corp.

     6,172      $ 812,359  

Sealed Air Corp.

     1,565        105,059  
     

 

 

 
        3,543,795  
     

 

 

 

Real Estate-3.00%

     

CBRE Group, Inc., Class A(b)

     5,508        533,450  

Extra Space Storage, Inc.

     2,016        379,311  

Mid-America Apartment Communities, Inc.

     1,817        371,776  

Public Storage

     2,215        786,369  

Simon Property Group, Inc.

     3,562        489,989  
     

 

 

 
        2,560,895  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $90,567,417)

 

     85,227,426  
     

 

 

 
         Shares              Value      

Money Market Funds-0.03%

     

Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(c)(d)
(Cost $28,666)

     28,666      $ 28,666  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.94%
(Cost $90,596,083)

 

     85,256,092  

OTHER ASSETS LESS LIABILITIES-0.06%

        52,559  
     

 

 

 

NET ASSETS-100.00%

      $ 85,308,651  
     

 

 

 

 

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) 

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

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income
Invesco Ltd.      $ -      $ 196,792      $ (31,296 )     $ (31,315 )     $ (2,153 )     $ 132,028      $ 2,318
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class        24,856        731,714        (727,904 )       -       -       28,666        4
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        -        736,601        (736,601 )       -       -       -        2 *
Invesco Private Prime Fund        -        1,716,084        (1,716,084 )       -       -       -        28 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 24,856      $ 3,381,191      $ (3,211,885 )     $ (31,315 )     $ (2,153 )     $ 160,694      $ 2,352
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(d) 

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

 

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

 

      

49

 

 

 

 

      


 

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of February 28, 2022

   

Financials

       26.40     

Communication Services

       18.48     

Industrials

       14.69     

Information Technology

       12.70     

Consumer Discretionary

       12.57                                                     

Health Care

       5.96     

Materials

       4.16     

Real Estate

       3.00     

Sector Types Each Less Than 3%

       1.95     

Money Market Funds Plus Other Assets Less Liabilities

       0.09     

 

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

 

      

50

 

 

 

 

      


 

Invesco S&P 500 QVM Multi-factor ETF (QVML)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.86%

 

Communication Services-10.50%

     

Activision Blizzard, Inc.

     18,561      $ 1,512,722  

Alphabet, Inc., Class C(b)

     13,449        36,282,981  

AT&T, Inc.

     169,824        4,023,131  

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

     3,082        1,854,686  

Comcast Corp., Class A

     112,914        5,279,859  

Discovery, Inc., Class C(b)

     11,288        315,725  

DISH Network Corp., Class A(b)

     5,815        185,847  

Electronic Arts, Inc.

     6,753        878,498  

Fox Corp., Class A

     10,841        453,479  

Interpublic Group of Cos., Inc. (The)

     8,686        319,645  

Lumen Technologies, Inc.(c)

     24,465        253,457  

Meta Platforms, Inc., Class A(b)

     56,481        11,919,185  

Netflix, Inc.(b)

     10,919        4,307,764  

News Corp., Class A

     12,254        273,509  

Omnicom Group, Inc.

     4,969        416,849  

Paramount Global, Class B

     14,189        434,325  

Take-Two Interactive Software, Inc.(b)

     2,755        446,310  

T-Mobile US, Inc.(b)

     13,426        1,654,218  

Verizon Communications, Inc.

     99,503        5,340,326  

Walt Disney Co. (The)(b)

     41,449        6,153,519  
     

 

 

 
          82,306,035  
     

 

 

 

Consumer Discretionary-7.85%

     

Advance Auto Parts, Inc.

     1,490        304,675  

Aptiv PLC(b)

     6,145        795,409  

AutoZone, Inc.(b)

     475        885,110  

Bath & Body Works, Inc.

     6,272        334,737  

Best Buy Co., Inc.

     5,429        524,658  

Booking Holdings, Inc.(b)

     903        1,961,542  

BorgWarner, Inc.

     5,414        222,028  

Caesars Entertainment, Inc.(b)

     4,967        418,172  

CarMax, Inc.(b)

     3,726        407,364  

Chipotle Mexican Grill, Inc.(b)

     641        976,467  

D.R. Horton, Inc.

     7,181        613,257  

Darden Restaurants, Inc.

     2,877        417,798  

Dollar General Corp.

     5,699        1,130,340  

Dollar Tree, Inc.(b)

     5,405        767,942  

eBay, Inc.

     15,762        860,448  

Etsy, Inc.(b)

     3,407        527,710  

Ford Motor Co.

     91,755        1,611,218  

Garmin Ltd.

     3,519        388,638  

General Motors Co.(b)

     33,366        1,558,859  

Genuine Parts Co.

     3,289        401,784  

Hasbro, Inc.

     3,024        293,479  

Home Depot, Inc. (The)

     25,002        7,896,382  

Lennar Corp., Class A

     6,029        541,886  

LKQ Corp.

     6,307        296,114  

Lowe’s Cos., Inc.

     16,256        3,593,551  

MGM Resorts International

     8,896        394,004  

Mohawk Industries, Inc.(b)

     1,264        177,946  

Newell Brands, Inc.

     8,576        203,680  

NIKE, Inc., Class B

     30,669        4,187,852  

NVR, Inc.(b)

     72        357,008  

O’Reilly Automotive, Inc.(b)

     1,574        1,021,904  

Penn National Gaming, Inc.(b)

     3,871        198,776  

Pool Corp.

     948        434,734  

PulteGroup, Inc.

     5,649        280,529  
         Shares              Value      

Consumer Discretionary-(continued)

     

PVH Corp.

     1,754      $ 171,699  

Ralph Lauren Corp.

     1,096        144,716  

Ross Stores, Inc.

     8,313        759,725  

Tapestry, Inc.

     6,194        253,335  

Target Corp.

     12,154        2,428,005  

Tesla, Inc.(b)

     20,976        18,258,140  

TJX Cos., Inc. (The)

     27,188        1,797,127  

Tractor Supply Co.

     2,644        538,821  

Ulta Beauty, Inc.(b)

     1,232        461,384  

Under Armour, Inc., Class A(b)

     8,823        157,843  

VF Corp.

     7,304        423,778  

Whirlpool Corp.

     1,446        291,036  

Yum! Brands, Inc.

     6,655        815,770  
     

 

 

 
          61,487,380  
     

 

 

 

Consumer Staples-6.12%

     

Archer-Daniels-Midland Co.

     13,098        1,027,538  

Brown-Forman Corp., Class B

     4,396        286,751  

Campbell Soup Co.

     4,726        212,528  

Church & Dwight Co., Inc.

     5,577        545,709  

Coca-Cola Co. (The)

     89,431        5,566,185  

Conagra Brands, Inc.

     11,164        390,405  

Constellation Brands, Inc., Class A

     3,900        840,918  

Costco Wholesale Corp.

     10,858        5,638,016  

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

     5,217        1,545,954  

General Mills, Inc.

     14,079        949,347  

Hershey Co. (The)

     3,397        687,077  

Hormel Foods Corp.

     6,573        313,138  

JM Smucker Co. (The)

     2,541        342,400  

Kellogg Co.

     6,077        388,563  

Kraft Heinz Co. (The)

     17,348        680,389  

Kroger Co. (The)

     15,923        745,196  

Molson Coors Beverage Co., Class B

     4,374        228,235  

Mondelez International, Inc., Class A

     32,667        2,139,035  

Monster Beverage Corp.(b)

     8,540        720,776  

PepsiCo, Inc.

     32,013        5,241,809  

Philip Morris International, Inc.

     35,969        3,635,387  

Procter & Gamble Co. (The)

     55,578        8,664,054  

Sysco Corp.

     11,768        1,024,993  

Tyson Foods, Inc., Class A

     6,716        622,305  

Walgreens Boots Alliance, Inc.

     16,008        737,809  

Walmart, Inc.

     35,372        4,780,880  
     

 

 

 
        47,955,397  
     

 

 

 

Energy-4.01%

     

APA Corp.

     8,818        314,185  

Baker Hughes Co., Class A

     18,678        548,760  

Chevron Corp.

     44,484        6,405,696  

ConocoPhillips

     30,588        2,901,578  

Coterra Energy, Inc.

     18,945        441,987  

Devon Energy Corp.

     14,234        847,635  

Diamondback Energy, Inc.

     3,859        532,928  

EOG Resources, Inc.

     13,612        1,564,291  

Exxon Mobil Corp.

     97,923        7,679,122  

Halliburton Co.

     19,508        654,103  

Hess Corp.

     6,154        621,923  

Kinder Morgan, Inc.

     44,792        779,381  

Marathon Oil Corp.

     18,178        410,096  

Marathon Petroleum Corp.

     14,634        1,139,549  

 

 

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

 

      

51

 

 

 

 

      


 

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Energy-(continued)

     

Occidental Petroleum Corp.

     20,633      $ 902,281  

ONEOK, Inc.

     10,323        674,092  

Phillips 66

     10,178        857,395  

Pioneer Natural Resources Co.

     5,271        1,262,931  

Schlumberger N.V.

     31,170        1,223,111  

Valero Energy Corp.

     9,341        780,067  

Williams Cos., Inc. (The)

     28,426        889,165  
     

 

 

 
          31,430,276  
     

 

 

 

Financials-12.77%

     

Aflac, Inc.

     14,216        868,455  

Allstate Corp. (The)

     7,118        870,958  

American Express Co.

     14,004        2,724,338  

American International Group, Inc.

     19,754        1,209,735  

Ameriprise Financial, Inc.

     2,645        792,945  

Aon PLC, Class A

     5,356        1,564,702  

Arthur J. Gallagher & Co.

     4,818        762,159  

Assurant, Inc.

     1,415        240,140  

Bank of America Corp.

     180,008        7,956,354  

Bank of New York Mellon Corp. (The)

     18,649        991,194  

Berkshire Hathaway, Inc., Class B(b)

     43,637        14,027,114  

BlackRock, Inc.

     3,381        2,515,092  

Brown & Brown, Inc.

     5,361        362,457  

Capital One Financial Corp.

     10,170        1,558,756  

Cboe Global Markets, Inc.

     2,538        297,682  

Charles Schwab Corp. (The)

     34,538        2,917,079  

Chubb Ltd.

     10,048        2,046,175  

Cincinnati Financial Corp.

     3,511        431,116  

Citigroup, Inc.

     49,896        2,955,340  

Citizens Financial Group, Inc.

     10,250        537,305  

CME Group, Inc., Class A

     8,241        1,949,244  

Comerica, Inc.

     3,148        300,603  

Discover Financial Services

     6,864        847,292  

Everest Re Group Ltd.

     901        268,696  

Fifth Third Bancorp

     15,987        764,818  

First Republic Bank

     4,191        726,133  

Franklin Resources, Inc.

     6,659        197,972  

Globe Life, Inc.

     2,116        213,631  

Goldman Sachs Group, Inc. (The)

     7,803        2,663,086  

Hartford Financial Services Group, Inc. (The)

     8,086        561,815  

Huntington Bancshares, Inc.

     34,242        531,436  

Intercontinental Exchange, Inc.

     13,109        1,679,525  

Invesco Ltd.(d)

     7,783        165,311  

JPMorgan Chase & Co.

     71,288        10,108,638  

KeyCorp

     22,389        561,292  

Lincoln National Corp.

     4,157        280,265  

Loews Corp.

     4,613        282,961  

M&T Bank Corp.

     2,992        545,232  

MarketAxess Holdings, Inc.

     841        320,783  

Marsh & McLennan Cos., Inc.

     11,601        1,802,911  

MetLife, Inc.

     17,014        1,149,296  

Moody’s Corp.

     3,837        1,235,629  

Morgan Stanley

     32,997        2,994,148  

Nasdaq, Inc.

     2,766        473,401  

Northern Trust Corp.

     4,878        555,604  

People’s United Financial, Inc.

     10,173        214,447  

PNC Financial Services Group, Inc. (The)

     10,000        1,992,500  

Principal Financial Group, Inc.

     5,757        406,674  

Progressive Corp. (The)

     13,802        1,462,046  

Prudential Financial, Inc.

     9,032        1,008,513  
         Shares              Value      

Financials-(continued)

     

Raymond James Financial, Inc.

     4,447      $ 487,614  

Regions Financial Corp.

     23,114        559,128  

S&P Global, Inc.(c)

     8,238        3,094,840  

State Street Corp.

     8,452        721,209  

SVB Financial Group(b)

     1,380        836,280  

Synchrony Financial

     13,020        556,996  

T. Rowe Price Group, Inc.

     5,378        777,444  

Travelers Cos., Inc. (The)

     5,759        989,569  

Truist Financial Corp.

     31,979        1,989,733  

U.S. Bancorp

     31,597        1,786,494  

W.R. Berkley Corp.

     3,240        292,572  

Wells Fargo & Co.

     95,855        5,115,781  

Willis Towers Watson PLC

     2,994        665,566  

Zions Bancorporation N.A.

     3,957        280,512  
     

 

 

 
        100,046,736  
     

 

 

 

Health Care-13.71%

     

Abbott Laboratories

     40,660        4,904,409  

AbbVie, Inc.

     40,351        5,962,667  

Agilent Technologies, Inc.

     7,071        921,776  

AmerisourceBergen Corp.

     3,459        493,011  

Anthem, Inc.

     5,748        2,597,234  

Baxter International, Inc.

     11,163        948,520  

Becton, Dickinson and Co.

     6,671        1,809,709  

Biogen, Inc.(b)

     3,613        762,379  

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

     507        317,362  

Bio-Techne Corp.

     922        386,696  

Boston Scientific Corp.(b)

     31,409        1,387,336  

Cardinal Health, Inc.

     6,715        362,677  

Catalent, Inc.(b)

     4,144        422,854  

Centene Corp.(b)

     13,604        1,123,962  

Cerner Corp.

     6,684        623,283  

Charles River Laboratories International, Inc.(b)

     1,214        353,468  

Cigna Corp.

     7,563        1,798,330  

Cooper Cos., Inc. (The)

     1,078        440,924  

CVS Health Corp.

     30,471        3,158,319  

Danaher Corp.

     15,500        4,253,355  

DaVita, Inc.(b)

     1,452        163,742  

DENTSPLY SIRONA, Inc.

     4,826        261,280  

DexCom, Inc.(b)

     2,326        962,755  

Edwards Lifesciences Corp.(b)

     13,516        1,518,793  

Eli Lilly and Co.

     19,457        4,863,277  

Gilead Sciences, Inc.

     29,927        1,807,591  

HCA Healthcare, Inc.

     5,577        1,395,979  

Henry Schein, Inc.(b)

     3,190        275,552  

Hologic, Inc.(b)

     6,013        427,945  

Humana, Inc.

     2,959        1,285,153  

IDEXX Laboratories, Inc.(b)

     2,019        1,074,815  

Illumina, Inc.(b)

     3,441        1,123,831  

Intuitive Surgical, Inc.(b)

     8,194        2,378,964  

IQVIA Holdings, Inc.(b)

     4,403        1,013,218  

Johnson & Johnson

     60,294        9,922,584  

Laboratory Corp. of America Holdings(b)

     2,242        608,165  

McKesson Corp.

     3,570        981,607  

Medtronic PLC

     30,790        3,232,642  

Merck & Co., Inc.

     62,524        4,788,088  

Mettler-Toledo International, Inc.(b)

     533        750,858  

Moderna, Inc.(b)

     10,542        1,619,251  

Organon & Co.

     6,088        227,265  

 

 

 

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

 

      

52

 

 

 

 

      


 

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Health Care-(continued)

     

PerkinElmer, Inc.

     2,590      $ 465,190  

Pfizer, Inc.

     141,475        6,640,836  

Quest Diagnostics, Inc.

     2,736        359,155  

Regeneron Pharmaceuticals, Inc.(b)

     2,469        1,526,731  

ResMed, Inc.

     3,355        827,846  

STERIS PLC

     2,288        549,120  

Stryker Corp.

     7,337        1,932,199  

Teleflex, Inc.

     1,039        349,426  

Thermo Fisher Scientific, Inc.

     9,418        5,123,392  

UnitedHealth Group, Inc.

     21,565        10,262,137  

Universal Health Services, Inc., Class B

     1,675        241,083  

Vertex Pharmaceuticals, Inc.(b)

     5,666        1,303,293  

Viatris, Inc.

     28,863        317,782  

Waters Corp.(b)

     1,402        444,055  

West Pharmaceutical Services, Inc.

     1,815        702,550  

Zimmer Biomet Holdings, Inc.

     4,669        593,850  

Zoetis, Inc.

     11,063        2,142,350  
     

 

 

 
        107,492,621  
     

 

 

 

Industrials-8.09%

     

3M Co.

     13,492        2,005,586  

A.O. Smith Corp.

     3,058        209,718  

Alaska Air Group, Inc.(b)

     2,852        160,111  

Allegion PLC

     2,016        230,872  

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

     15,141        261,182  

AMETEK, Inc.

     5,401        700,996  

C.H. Robinson Worldwide, Inc.

     3,031        293,037  

Carrier Global Corp.

     20,085        901,415  

Caterpillar, Inc.

     12,514        2,347,376  

Cintas Corp.

     1,978        742,383  

Copart, Inc.(b)

     4,983        612,311  

CSX Corp.

     51,049        1,731,072  

Cummins, Inc.

     3,293        672,167  

Deere & Co.

     6,558        2,361,011  

Dover Corp.

     3,313        519,677  

Eaton Corp. PLC

     9,177        1,415,919  

Emerson Electric Co.

     13,706        1,273,561  

Equifax, Inc.

     2,776        606,112  

Expeditors International of Washington, Inc.

     3,875        400,520  

Fastenal Co.

     13,057        671,913  

FedEx Corp.

     5,588        1,242,045  

Fortive Corp.

     8,434        546,101  

Fortune Brands Home & Security, Inc.

     3,114        270,607  

Generac Holdings, Inc.(b)

     1,742        549,549  

General Dynamics Corp.

     5,269        1,235,317  

General Electric Co.

     25,610        2,446,011  

Honeywell International, Inc.

     16,469        3,124,993  

Howmet Aerospace, Inc.

     8,420        302,446  

Huntington Ingalls Industries, Inc.

     924        188,866  

IDEX Corp.

     1,736        333,138  

Illinois Tool Works, Inc.

     6,677        1,444,502  

Ingersoll Rand, Inc.

     9,472        478,525  

J.B. Hunt Transport Services, Inc.

     1,974        400,584  

Jacobs Engineering Group, Inc.

     3,104        381,792  

Johnson Controls International PLC

     16,159        1,049,689  

L3Harris Technologies, Inc.

     4,682        1,181,315  

Leidos Holdings, Inc.

     3,312        337,294  

Lockheed Martin Corp.

     5,814        2,522,113  

Nielsen Holdings PLC

     7,998        139,325  

Norfolk Southern Corp.

     5,517        1,415,221  
         Shares              Value      

Industrials-(continued)

     

Northrop Grumman Corp.

     3,480      $ 1,538,647  

Old Dominion Freight Line, Inc.

     2,252        707,196  

Otis Worldwide Corp.

     9,608        752,595  

PACCAR, Inc.

     7,863        721,902  

Parker-Hannifin Corp.

     2,976        882,057  

Pentair PLC

     3,949        228,687  

Quanta Services, Inc.

     3,285        357,868  

Raytheon Technologies Corp.

     34,051        3,497,038  

Republic Services, Inc.

     4,959        596,469  

Robert Half International, Inc.

     2,734        328,873  

Rockwell Automation, Inc.

     2,702        720,299  

Rollins, Inc.

     5,489        179,106  

Roper Technologies, Inc.

     2,503        1,121,895  

Snap-on, Inc.

     1,247        262,094  

Southwest Airlines Co.(b)

     14,007        613,507  

Stanley Black & Decker, Inc.

     3,571        581,002  

Textron, Inc.

     5,090        372,232  

Trane Technologies PLC

     5,314        817,984  

Union Pacific Corp.

     14,981        3,684,577  

United Airlines Holdings, Inc.(b)

     7,283        323,365  

United Parcel Service, Inc., Class B

     17,035        3,584,505  

United Rentals, Inc.(b)

     1,657        532,924  

Verisk Analytics, Inc.

     3,824        678,148  

W.W. Grainger, Inc.

     1,005        479,445  

Wabtec Corp.

     4,425        410,728  

Waste Management, Inc.

     9,188        1,326,747  

Xylem, Inc.

     4,242        377,326  
     

 

 

 
        63,383,588  
     

 

 

 

Information Technology-29.32%

     

Accenture PLC, Class A

     14,607        4,616,104  

Adobe, Inc.(b)

     11,795        5,516,286  

Akamai Technologies, Inc.(b)

     3,950        427,627  

Amphenol Corp., Class A

     13,928        1,058,667  

Analog Devices, Inc.

     12,565        2,014,044  

Apple, Inc.

     357,897        59,095,953  

Applied Materials, Inc.

     20,646        2,770,693  

Arista Networks, Inc.(b)

     5,346        656,115  

Automatic Data Processing, Inc.

     10,064        2,057,484  

Broadcom, Inc.

     9,316        5,472,591  

Broadridge Financial Solutions, Inc.

     2,743        401,054  

Cadence Design Systems, Inc.(b)

     6,436        974,603  

CDW Corp.

     3,161        545,146  

Cisco Systems, Inc.

     97,838        5,456,425  

Cognizant Technology Solutions Corp., Class A

     12,181        1,049,150  

Corning, Inc.

     17,958        725,503  

DXC Technology Co.(b)

     5,818        197,987  

Enphase Energy, Inc.(b)

     3,595        599,286  

F5, Inc.(b)

     1,443        289,827  

Fidelity National Information Services, Inc.

     14,383        1,369,693  

Fiserv, Inc.(b)

     13,358        1,304,676  

FleetCor Technologies, Inc.(b)

     1,848        432,802  

Fortinet, Inc.(b)

     3,367        1,159,999  

Gartner, Inc.(b)

     1,976        554,110  

Global Payments, Inc.

     6,488        865,369  

Hewlett Packard Enterprise Co.

     28,987        461,474  

HP, Inc.

     27,868        957,544  

Intel Corp.

     93,107        4,441,204  

International Business Machines Corp.

     20,595        2,523,093  

 

 

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

 

      

53

 

 

 

 

      


 

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Information Technology-(continued)

     

Intuit, Inc.

     6,393      $ 3,032,647  

IPG Photonics Corp.(b)

     831        108,321  

Jack Henry & Associates, Inc.

     1,737        307,102  

Juniper Networks, Inc.

     7,520        254,101  

Keysight Technologies, Inc.(b)

     4,277        673,071  

KLA Corp.

     3,572        1,244,842  

Lam Research Corp.

     3,275        1,838,421  

Mastercard, Inc., Class A

     19,345        6,980,063  

Microchip Technology, Inc.

     12,638        888,831  

Micron Technology, Inc.

     26,537        2,358,078  

Microsoft Corp.

     179,031        53,492,672  

Monolithic Power Systems, Inc.

     1,069        490,350  

Motorola Solutions, Inc.

     4,079        899,134  

NetApp, Inc.

     5,343        418,784  

NVIDIA Corp.

     61,761        15,060,420  

NXP Semiconductors N.V. (China)

     6,267        1,191,482  

Oracle Corp.

     40,569        3,082,027  

Paychex, Inc.

     7,489        891,640  

Paycom Software, Inc.(b)

     1,163        394,501  

PTC, Inc.(b)

     2,311        257,168  

Qorvo, Inc.(b)

     2,427        331,965  

QUALCOMM, Inc.

     26,920        4,629,971  

salesforce.com, inc.(b)

     25,094        5,283,040  

Seagate Technology Holdings PLC

     4,910        506,516  

Skyworks Solutions, Inc.

     3,777        521,868  

Synopsys, Inc.(b)

     3,447        1,076,808  

TE Connectivity Ltd. (Switzerland)

     7,671        1,092,581  

Teledyne Technologies, Inc.(b)

     1,074        461,154  

Teradyne, Inc.

     3,788        446,681  

Texas Instruments, Inc.

     21,829        3,710,712  

Trimble, Inc.(b)

     5,943        414,524  

Tyler Technologies, Inc.(b)

     973        416,697  

Visa, Inc., Class A(c)

     37,771        8,163,069  

Western Digital Corp.(b)

     7,240        368,806  

Zebra Technologies Corp., Class A(b)

     1,254        518,328  
     

 

 

 
        229,800,884  
     

 

 

 

Materials-2.82%

     

Air Products and Chemicals, Inc.

     5,195        1,227,578  

Albemarle Corp.

     2,840        556,328  

Amcor PLC

     36,197        420,971  

Avery Dennison Corp.

     1,900        334,780  

Ball Corp.

     7,843        703,831  

Celanese Corp.

     2,535        353,075  

CF Industries Holdings, Inc.

     5,235        425,030  

Corteva, Inc.

     16,577        862,501  

Dow, Inc.

     18,009        1,061,811  

DuPont de Nemours, Inc.

     11,932        923,179  

Eastman Chemical Co.

     2,918        345,695  

Ecolab, Inc.

     5,728        1,009,617  

FMC Corp.

     2,858        335,100  

Freeport-McMoRan, Inc.

     33,937        1,593,342  

International Flavors & Fragrances, Inc.

     5,769        767,277  

International Paper Co.

     9,239        402,174  

Linde PLC (United Kingdom)

     11,903        3,490,436  

LyondellBasell Industries N.V., Class A

     6,142        597,187  

Martin Marietta Materials, Inc.

     1,415        536,851  

Mosaic Co. (The)

     8,495        445,393  

Newmont Corp.

     18,797        1,244,361  

Nucor Corp.

     6,678        878,958  
         Shares              Value      

Materials-(continued)

     

Packaging Corp. of America

     2,265      $ 333,385  

PPG Industries, Inc.

     5,359        715,159  

Sealed Air Corp.

     3,481        233,680  

Sherwin-Williams Co. (The)

     5,660        1,489,316  

Vulcan Materials Co.

     3,056        554,511  

WestRock Co.

     6,345        287,238  
     

 

 

 
        22,128,764  
     

 

 

 

Real Estate-1.92%

     

Alexandria Real Estate Equities, Inc.

     3,154        597,368  

AvalonBay Communities, Inc.

     3,284        783,530  

Boston Properties, Inc.

     3,146        384,787  

CBRE Group, Inc., Class A(b)

     7,534        729,668  

Duke Realty Corp.

     8,602        455,906  

Equity Residential

     8,011        683,338  

Essex Property Trust, Inc.

     1,529        484,953  

Extra Space Storage, Inc.

     3,086        580,631  

Federal Realty Investment Trust

     1,570        184,601  

Healthpeak Properties, Inc.

     12,358        383,839  

Host Hotels & Resorts, Inc.(b)

     15,945        291,315  

Iron Mountain, Inc.

     6,709        329,949  

Kimco Realty Corp.

     14,240        335,067  

Mid-America Apartment Communities, Inc.

     2,652        542,626  

Prologis, Inc.

     16,872        2,460,781  

Public Storage

     3,508        1,245,410  

Realty Income Corp.

     13,120        867,101  

Regency Centers Corp.

     3,439        226,596  

Simon Property Group, Inc.

     7,700        1,059,212  

UDR, Inc.

     6,458        354,350  

Ventas, Inc.

     8,825        476,550  

Vornado Realty Trust

     3,668        158,751  

Welltower, Inc.

     9,477        789,339  

Weyerhaeuser Co.

     17,242        670,369  
     

 

 

 
        15,076,037  
     

 

 

 

Utilities-2.75%

     

AES Corp. (The)

     15,091        320,382  

Alliant Energy Corp.

     5,663        330,719  

Ameren Corp.

     5,828        500,917  

American Electric Power Co., Inc.

     11,673        1,058,158  

American Water Works Co., Inc.

     4,178        631,254  

Atmos Energy Corp.

     3,015        331,077  

CenterPoint Energy, Inc.

     13,398        366,435  

CMS Energy Corp.

     6,639        424,962  

Consolidated Edison, Inc.

     8,123        696,710  

Dominion Energy, Inc.

     18,495        1,470,907  

DTE Energy Co.

     4,425        538,036  

Duke Energy Corp.

     17,864        1,793,724  

Edison International

     8,934        566,594  

Entergy Corp.

     4,613        485,334  

Evergy, Inc.

     5,229        326,342  

Eversource Energy

     7,813        639,103  

Exelon Corp.

     23,295        991,435  

FirstEnergy Corp.

     12,537        524,673  

NextEra Energy, Inc.

     45,499        3,561,207  

NiSource, Inc.

     9,087        262,887  

NRG Energy, Inc.

     5,475        207,174  

Pinnacle West Capital Corp.

     2,673        189,329  

PPL Corp.

     17,724        463,837  

Public Service Enterprise Group, Inc.

     11,933        773,616  

Sempra Energy

     7,335        1,057,854  

 

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

 

      

54

 

 

 

 

      



 

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

 

         Shares              Value      

Utilities-(continued)

     

Southern Co. (The)

     24,118      $ 1,562,123  

WEC Energy Group, Inc.

     7,151        649,883  

Xcel Energy, Inc.

     12,343        831,054  
     

 

 

 
        21,555,726  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $761,895,227)

        782,663,444  
     

 

 

 

Money Market Funds-0.01%

 

  

Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e)
(Cost $90,569)

     90,569        90,569  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $761,985,796)

 

     782,754,013  
     

 

 

 
         Shares              Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.62%

 

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

     3,813,422      $ 3,813,422  

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

     8,897,095        8,897,985  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,712,346)

 

     12,711,407  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.49%
(Cost $774,698,142)

 

     795,465,420  

OTHER ASSETS LESS LIABILITIES-(1.49)%

 

     (11,685,736
     

 

 

 

NET ASSETS-100.00%

      $ 783,779,684  
     

 

 

 

 

Notes

to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Invesco Ltd.

     $ 211,675      $ 21,285      $ (31,961 )     $ (29,853 )     $ (5,835 )     $ 165,311      $ 2,855

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       -        6,346,368        (6,255,799 )       -       -       90,569        50

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       -        8,286,398        (4,472,976 )       -       -       3,813,422        303 *

Invesco Private Prime Fund

       -        16,590,877        (7,691,209 )       (939 )       (744 )       8,897,985        2,125 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 211,675      $ 31,244,928      $ (18,451,945 )     $ (30,792 )     $ (6,579 )     $ 12,967,287      $ 5,333
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

      

55

 

 

 

 

      


 

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of February 28, 2022

   

 Information Technology

       29.32     

 Health Care

       13.71     

 Financials

       12.77     

 Communication Services

       10.50                                                     

 Industrials

       8.09     

 Consumer Discretionary

       7.85     

 Consumer Staples

       6.12     

 Energy

       4.01     

 Sector Types Each Less Than 3%

       7.49     

 Money Market Funds Plus Other Assets
 Less Liabilities

       0.14     

 

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

 

      

56

 

 

 

 

      


 

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares             Value       

Common Stocks & Other Equity Interests-99.95%

 

Communication Services-1.46%

     

Iridium Communications, Inc.(b)

     12,453        $ 493,014  

John Wiley & Sons, Inc., Class A

     4,018        202,146  

New York Times Co. (The), Class A

     17,153        754,561  

TEGNA, Inc.

     21,808        499,839  

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

     4,531        268,507  

Yelp, Inc.(b)

     6,436        218,116  

Ziff Davis, Inc.(b)

     4,847        487,608  
     

 

 

 
            2,923,791  
     

 

 

 

Consumer Discretionary-14.90%

     

Adient PLC(b)

     8,649        387,043  

American Eagle Outfitters, Inc.(c)

     14,434        304,269  

AutoNation, Inc.(b)

     4,550        521,703  

Boyd Gaming Corp.(b)

     7,535        534,533  

Brunswick Corp.

     7,490        715,445  

Callaway Golf Co.(b)(c)

     11,115        274,985  

Capri Holdings Ltd.(b)

     13,819        936,099  

Carter’s, Inc.

     4,221        408,086  

Choice Hotels International, Inc.

     3,215        464,085  

Columbia Sportswear Co.

     3,358        311,354  

Cracker Barrel Old Country Store, Inc.

     2,263        303,853  

Crocs, Inc.(b)

     6,209        519,880  

Dana, Inc.

     13,578        252,822  

Deckers Outdoor Corp.(b)

     2,797        807,326  

Dick’s Sporting Goods, Inc.(c)

     7,067        742,035  

Five Below, Inc.(b)

     5,618        919,161  

Foot Locker, Inc.

     9,380        296,596  

Fox Factory Holding Corp.(b)

     4,109        484,944  

GameStop Corp., Class A(b)(c)

     7,114        877,441  

Gentex Corp.

     23,524        712,071  

Goodyear Tire & Rubber Co. (The)(b)

     25,698        398,062  

Graham Holdings Co., Class B

     388        233,238  

Grand Canyon Education, Inc.(b)

     4,296        373,022  

H&R Block, Inc.

     17,601        436,681  

Harley-Davidson, Inc.

     15,038        621,069  

Helen of Troy Ltd.(b)(c)

     2,305        474,069  

KB Home

     8,211        317,027  

Kohl’s Corp.

     15,843        881,188  

Lear Corp.

     5,396        849,007  

Lithia Motors, Inc., Class A

     3,089        1,052,793  

Marriott Vacations Worldwide Corp.

     4,072        654,248  

Mattel, Inc.(b)

     34,231        855,090  

Murphy USA, Inc.

     2,229        402,869  

Nordstrom, Inc.(b)(c)

     11,134        230,919  

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

     7,423        320,525  

Polaris, Inc.

     5,780        702,328  

RH(b)(c)

     1,742        700,058  

Scientific Games Corp.(b)

     9,598        603,906  

Service Corp. International

     16,366        995,871  

Skechers U.S.A., Inc., Class A(b)

     13,166        605,373  

Taylor Morrison Home Corp., Class A(b)

     11,453        337,864  

Tempur Sealy International, Inc.

     18,615        614,481  

Texas Roadhouse, Inc.

     6,532        619,952  

Thor Industries, Inc.(c)

     5,674        513,497  

Toll Brothers, Inc.

     10,281        557,847  

TopBuild Corp.(b)

     3,222        691,699  

Travel + Leisure Co.

     8,210        460,171  

 

 

         Shares             Value       

Consumer Discretionary-(continued)

 

Tri Pointe Homes, Inc.(b)

     10,520      $ 235,332  

Urban Outfitters, Inc.(b)

     6,533        179,723  

Victoria’s Secret & Co.(b)(c)

     7,553        405,067  

Visteon Corp.(b)

     2,561        307,755  

Williams-Sonoma, Inc.(c)

     8,108        1,174,525  

Wyndham Hotels & Resorts, Inc.

     9,113        787,454  

YETI Holdings, Inc.(b)(c)

     8,764        539,512  
     

 

 

 
        29,905,953  
     

 

 

 

Consumer Staples-3.63%

     

BJ’s Wholesale Club Holdings, Inc.(b)

     13,908        874,396  

Casey’s General Stores, Inc.

     3,885        730,691  

Coty, Inc., Class A(b)

     32,077        294,146  

Darling Ingredients, Inc.(b)

     16,356        1,185,483  

Flowers Foods, Inc.

     20,002        548,255  

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

     9,787        355,855  

Ingredion, Inc.

     6,500        576,810  

Lancaster Colony Corp.

     1,900        319,599  

Nu Skin Enterprises, Inc., Class A

     4,819        223,553  

Performance Food Group Co.(b)

     13,550        759,342  

Pilgrim’s Pride Corp.(b)

     4,942        116,532  

Post Holdings, Inc.(b)

     5,618        590,677  

Sanderson Farms, Inc.

     2,125        379,504  

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

     11,755        334,782  
     

 

 

 
        7,289,625  
     

 

 

 

Energy-2.72%

     

Antero Midstream Corp.

     32,157        322,856  

ChampionX Corp.(b)

     18,050        386,451  

CNX Resources Corp.(b)

     21,077        344,398  

DT Midstream, Inc.

     9,467        502,698  

EQT Corp.

     28,354        656,112  

Equitrans Midstream Corp.

     38,915        249,445  

HollyFrontier Corp.

     14,851        452,213  

Murphy Oil Corp.

     13,590        471,165  

NOV, Inc.

     35,274        604,949  

Targa Resources Corp.

     22,493        1,470,367  
     

 

 

 
            5,460,654  
     

 

 

 

Financials-15.57%

     

Affiliated Managers Group, Inc.

     4,136        572,257  

Alleghany Corp.(b)

     1,347        891,606  

American Financial Group, Inc.

     6,471        876,109  

Associated Banc-Corp.

     15,208        370,923  

Bank of Hawaii Corp.

     3,946        340,066  

Bank OZK

     12,025        565,415  

Brighthouse Financial, Inc.(b)

     8,047        420,536  

Cadence Bank

     19,713        623,325  

Cathay General Bancorp

     7,594        357,146  

CNO Financial Group, Inc.

     12,280        296,808  

Commerce Bancshares, Inc.

     10,972        787,570  

Cullen/Frost Bankers, Inc.

     5,593        787,103  

East West Bancorp, Inc.

     13,993        1,225,227  

Essent Group Ltd.

     10,664        471,136  

Evercore, Inc., Class A

     4,073        517,312  

F.N.B. Corp.

     31,234        419,473  

Federated Hermes, Inc., Class B

     9,198        300,499  

First American Financial Corp.

     10,749        720,613  

First Financial Bankshares, Inc.

     12,461        597,131  

 

 

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

 

      

57

 

 

 

 

      


 

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)

 

         Shares        Value  

Financials-(continued)

     

First Horizon Corp.

     53,529      $ 1,256,861  

FirstCash Holdings, Inc.

     4,039        290,970  

Fulton Financial Corp.

     16,054        289,293  

Glacier Bancorp, Inc.

     10,238        567,185  

Hancock Whitney Corp.

     8,368        465,930  

Hanover Insurance Group, Inc. (The)

     3,348        467,079  

Home BancShares, Inc.

     14,914        349,137  

Interactive Brokers Group, Inc., Class A

     8,457        559,684  

International Bancshares Corp.

     5,253        225,932  

Janus Henderson Group PLC

     17,978        603,521  

Jefferies Financial Group, Inc.

     19,480        692,319  

Kemper Corp.

     6,174        329,939  

Mercury General Corp.

     2,628        144,540  

MGIC Investment Corp.

     33,458        507,892  

Navient Corp.

     16,125        283,961  

New York Community Bancorp, Inc.

     45,795        528,474  

Old Republic International Corp.

     28,035        738,722  

PacWest Bancorp

     11,668        576,633  

Pinnacle Financial Partners, Inc.

     7,570        765,176  

Primerica, Inc.

     3,897        506,181  

PROG Holdings, Inc.

     6,891        211,140  

Prosperity Bancshares, Inc.

     9,118        678,926  

Reinsurance Group of America, Inc.

     6,295        697,864  

RenaissanceRe Holdings Ltd. (Bermuda)

     4,441        669,614  

RLI Corp.

     3,839        389,659  

SEI Investments Co.

     10,467        613,157  

Selective Insurance Group, Inc.

     5,704        474,516  

SLM Corp.

     29,297        577,151  

Stifel Financial Corp.

     10,490        771,015  

Synovus Financial Corp.

     14,156        745,313  

Texas Capital Bancshares, Inc.(b)

     4,920        327,672  

UMB Financial Corp.

     4,158        423,534  

Umpqua Holdings Corp.

     21,530        459,665  

United Bankshares, Inc.

     12,858        470,860  

Unum Group

     19,882        555,105  

Valley National Bancorp

     39,163        547,107  

Washington Federal, Inc.

     6,694        238,173  

Webster Financial Corp.

     9,113        548,694  

Wintrust Financial Corp.

     5,641        560,490  
     

 

 

 
          31,249,339  
     

 

 

 

Health Care-8.38%

     

Acadia Healthcare Co., Inc.(b)

     8,591        487,196  

Amedisys, Inc.(b)

     2,929        469,343  

Chemed Corp.

     1,479        707,391  

Encompass Health Corp.

     9,306        614,382  

Envista Holdings Corp.(b)

     15,157        727,536  

Exelixis, Inc.(b)

     31,728        651,376  

Globus Medical, Inc., Class A(b)

     7,125        501,030  

Halozyme Therapeutics, Inc.(b)

     14,247        505,341  

HealthEquity, Inc.(b)

     10,556        566,963  

ICU Medical, Inc.(b)

     1,997        472,750  

Integra LifeSciences Holdings Corp.(b)

     7,141        478,875  

LHC Group, Inc.(b)

     2,791        380,051  

LivaNova PLC(b)(c)

     5,132        404,504  

Masimo Corp.(b)

     4,976        783,471  

Medpace Holdings, Inc.(b)

     2,815        430,611  

Molina Healthcare, Inc.(b)

     5,668        1,739,339  

Neogen Corp.(b)

     10,547        376,528  

Neurocrine Biosciences, Inc.(b)

     9,462        850,350  
         Shares        Value  

Health Care-(continued)

     

Option Care Health, Inc.(b)

     13,627      $ 350,214  

Patterson Cos., Inc.

     9,273        277,263  

Perrigo Co. PLC

     13,238        470,214  

Progyny, Inc.(b)(c)

     6,954        273,709  

Quidel Corp.(b)

     3,966        419,563  

Repligen Corp.(b)

     5,572        1,096,012  

STAAR Surgical Co.(b)

     4,644        368,362  

Syneos Health, Inc.(b)

     9,967        789,386  

Tenet Healthcare Corp.(b)

     10,400        894,296  

United Therapeutics Corp.(b)

     4,439        737,762  
     

 

 

 
          16,823,818  
     

 

 

 

Industrials-19.68%

     

Acuity Brands, Inc.

     3,603        657,079  

AECOM

     13,559        985,197  

AGCO Corp.

     5,788        695,486  

ASGN, Inc.(b)

     5,072        561,927  

Avis Budget Group, Inc.(b)

     5,290        970,398  

Axon Enterprise, Inc.(b)

     7,406        1,038,692  

Brink’s Co. (The)

     4,815        337,339  

Builders FirstSource, Inc.(b)

     19,037        1,416,734  

CACI International, Inc., Class A(b)

     2,273        635,963  

Carlisle Cos., Inc.

     4,888        1,160,411  

Clean Harbors, Inc.(b)

     4,999        477,055  

Colfax Corp.(b)

     13,076        525,786  

Crane Co.

     4,727        477,805  

Curtiss-Wright Corp.

     3,909        576,656  

Donaldson Co., Inc.

     12,198        661,985  

Dycom Industries, Inc.(b)

     2,984        259,787  

EMCOR Group, Inc.

     5,036        581,859  

EnerSys

     3,990        290,193  

Flowserve Corp.

     12,470        378,714  

Fluor Corp.(b)(c)

     13,047        282,598  

FTI Consulting, Inc.(b)

     3,445        502,970  

GATX Corp.

     3,347        356,891  

Graco, Inc.

     15,955        1,150,196  

GXO Logistics, Inc.(b)

     10,514        882,440  

Hexcel Corp.

     8,194        474,433  

Hubbell, Inc.

     5,152        918,344  

IAA, Inc.(b)

     12,941        475,452  

Insperity, Inc.

     3,639        327,328  

ITT, Inc.

     8,041        706,563  

JetBlue Airways Corp.(b)

     29,783        454,786  

KBR, Inc.

     13,567        673,466  

Kennametal, Inc.

     8,119        257,453  

Kirby Corp.(b)

     5,642        367,576  

Knight-Swift Transportation Holdings, Inc.

     16,015        872,497  

Landstar System, Inc.

     3,797        586,295  

Lincoln Electric Holdings, Inc.

     5,939        756,985  

ManpowerGroup, Inc.

     5,191        551,699  

MasTec, Inc.(b)

     5,614        442,159  

MDU Resources Group, Inc.

     19,475        521,346  

Middleby Corp. (The)(b)

     5,364        952,754  

MillerKnoll, Inc.

     7,155        278,186  

MSA Safety, Inc.

     3,543        492,831  

MSC Industrial Direct Co., Inc., Class A

     4,513        349,667  

nVent Electric PLC

     15,961        541,557  

Oshkosh Corp.

     6,614        734,419  

Owens Corning

     9,313        867,878  

Regal Rexnord Corp.

     6,620        1,061,517  

 

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

 

      

58

 

 

 

 

      


 

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)

 

         Shares        Value  

Industrials-(continued)

     

Ryder System, Inc.

     5,514      $ 434,724  

Saia, Inc.(b)

     2,672        767,479  

Science Applications International Corp.

     5,799        508,514  

Simpson Manufacturing Co., Inc.

     3,899        462,070  

Stericycle, Inc.(b)

     8,933        521,330  

Terex Corp.

     6,469        267,040  

Tetra Tech, Inc.

     5,353        849,896  

Timken Co. (The)

     6,618        433,876  

Toro Co. (The)

     10,650        999,077  

Trex Co., Inc.(b)

     11,030        1,012,995  

Trinity Industries, Inc.(c)

     7,907        228,196  

Univar Solutions, Inc.(b)

     15,980        490,746  

Valmont Industries, Inc.

     1,961        424,458  

Watsco, Inc.

     3,106        848,124  

Werner Enterprises, Inc.

     6,180        268,583  

Woodward, Inc.

     6,251        779,062  

XPO Logistics, Inc.(b)

     9,180        667,202  
     

 

 

 
        39,492,724  
     

 

 

 

Information Technology-12.49%

     

ACI Worldwide, Inc.(b)

     10,362        347,334  

Alliance Data Systems Corp.

     4,629        312,226  

Amkor Technology, Inc.

     8,950        202,896  

Arrow Electronics, Inc.(b)

     7,021        855,719  

Aspen Technology, Inc.(b)

     6,701        1,021,299  

Avnet, Inc.

     9,364        393,943  

Azenta, Inc.

     7,728        676,355  

Belden, Inc.

     4,402        248,053  

Blackbaud, Inc.

     4,088        255,459  

CDK Global, Inc.

     11,788        534,468  

Cerence, Inc.(b)

     3,800        137,218  

Ciena Corp.(b)

     15,165        1,037,589  

Cirrus Logic, Inc.(b)

     5,288        459,369  

Cognex Corp.

     17,816        1,203,649  

Coherent, Inc.(b)

     2,420        639,654  

CommVault Systems, Inc.(b)

     4,470        281,208  

Concentrix Corp.

     4,055        810,554  

Digital Turbine, Inc.(b)(c)

     8,161        395,645  

First Solar, Inc.(b)

     10,292        774,885  

Genpact Ltd.

     16,442        687,933  

II-VI Incorporated(b)(c)

     9,902        687,793  

Jabil, Inc.

     13,780        796,622  

Kyndryl Holdings, Inc.(b)

     15,696        248,939  

Lattice Semiconductor Corp.(b)

     13,154        823,703  

Littelfuse, Inc.

     2,399        619,446  

Lumentum Holdings, Inc.(b)(c)

     7,134        705,267  

Manhattan Associates, Inc.(b)

     6,468        864,642  

Maximus, Inc.

     5,925        467,245  

Mimecast Ltd.(b)

     6,333        503,663  

MKS Instruments, Inc.

     5,145        774,837  

National Instruments Corp.

     12,744        511,672  

NCR Corp.(b)

     11,705        474,287  

Paylocity Holding Corp.(b)

     3,999        849,548  

Qualys, Inc.(b)

     3,334        417,784  

Semtech Corp.(b)

     6,205        430,503  

Silicon Laboratories, Inc.(b)

     3,939        605,464  

SiTime Corp.(b)(c)

     1,338        270,463  

SunPower Corp.(b)(c)

     9,644        172,917  

Synaptics, Inc.(b)

     3,459        790,139  

TD SYNNEX Corp.

     3,948        402,025  
         Shares        Value  

Information Technology-(continued)

     

Teradata Corp.(b)(c)

     10,912      $ 545,491  

Universal Display Corp.

     3,901        604,304  

ViaSat, Inc.(b)(c)

     6,883        314,140  

Vishay Intertechnology, Inc.

     12,830        246,208  

Vontier Corp.

     16,943        411,715  

Xerox Holdings Corp.

     12,117        238,826  
     

 

 

 
        25,053,099  
     

 

 

 

Materials-7.15%

     

AptarGroup, Inc.

     6,606        805,139  

Ashland Global Holdings, Inc.

     5,473        505,048  

Avient Corp.

     9,020        472,558  

Cabot Corp.

     5,341        390,748  

Chemours Co. (The)

     15,439        426,116  

Cleveland-Cliffs, Inc.(b)(c)

     43,841        980,285  

Commercial Metals Co.

     11,418        440,164  

Eagle Materials, Inc.

     3,976        544,036  

Greif, Inc., Class A

     2,587        148,727  

Ingevity Corp.(b)

     3,766        256,954  

Louisiana-Pacific Corp.

     8,463        608,913  

Minerals Technologies, Inc.

     3,210        224,668  

NewMarket Corp.

     718        228,152  

Olin Corp.

     13,684        704,863  

Reliance Steel & Aluminum Co.

     6,081        1,160,680  

Royal Gold, Inc.

     6,561        795,587  

RPM International, Inc.

     12,302        1,040,380  

Scotts Miracle-Gro Co. (The)

     3,938        551,556  

Sensient Technologies Corp.

     4,182        343,468  

Silgan Holdings, Inc.

     8,432        353,132  

Sonoco Products Co.

     9,601        563,771  

Steel Dynamics, Inc.

     19,157        1,352,101  

United States Steel Corp.(c)

     26,199        712,875  

Valvoline, Inc.

     17,594        568,814  

Worthington Industries, Inc.

     3,103        176,933  
     

 

 

 
        14,355,668  
     

 

 

 

Real Estate-10.51%

     

American Campus Communities, Inc.

     13,187        709,593  

Apartment Income REIT Corp.

     15,220        785,504  

Brixmor Property Group, Inc.

     27,767        697,507  

Camden Property Trust

     9,684        1,598,925  

Corporate Office Properties Trust

     10,447        273,816  

Cousins Properties, Inc.(c)

     14,278        551,559  

Douglas Emmett, Inc.

     16,735        530,500  

EastGroup Properties, Inc.

     3,922        748,161  

EPR Properties

     7,256        361,349  

First Industrial Realty Trust, Inc.

     12,370        712,265  

Healthcare Realty Trust, Inc.

     14,226        371,014  

Highwoods Properties, Inc.

     10,251        446,944  

Hudson Pacific Properties, Inc.(c)

     14,339        378,550  

JBG SMITH Properties

     11,325        302,151  

Jones Lang LaSalle, Inc.(b)

     4,628        1,139,506  

Kilroy Realty Corp.

     9,839        704,669  

Kite Realty Group Trust

     20,365        446,604  

Lamar Advertising Co., Class A

     8,293        904,435  

Life Storage, Inc.

     7,409        937,905  

Macerich Co. (The)(c)

     21,634        331,000  

Medical Properties Trust, Inc.

     57,729        1,174,208  

National Retail Properties, Inc.

     16,830        717,126  

National Storage Affiliates Trust

     7,905        460,624  

Omega Healthcare Investors, Inc.(c)

     23,523        662,643  

 

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

 

      

59

 

 

 

 

      


 

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)

 

         Shares            Value      

Real Estate-(continued)

     

Park Hotels & Resorts, Inc.(b)

     21,035      $ 396,299  

Pebblebrook Hotel Trust(c)

     12,329        277,526  

Physicians Realty Trust

     21,191        344,566  

PotlatchDeltic Corp.

     6,182        339,392  

PS Business Parks, Inc.

     1,984        316,031  

Rayonier, Inc.

     13,779        547,026  

Rexford Industrial Realty, Inc.

     12,932        906,921  

Sabra Health Care REIT, Inc.

     20,951        281,372  

SL Green Realty Corp.

     6,004        477,438  

Spirit Realty Capital, Inc.

     11,363        526,902  

STORE Capital Corp.

     23,535        722,995  
     

 

 

 
        21,083,026  
     

 

 

 

Utilities-3.46%

     

ALLETE, Inc.

     4,932        310,420  

Black Hills Corp.

     6,131        429,109  

Essential Utilities, Inc.

     21,178        997,696  

Hawaiian Electric Industries, Inc.

     10,386        425,618  

IDACORP, Inc.

     4,906        509,979  

National Fuel Gas Co.

     8,529        530,845  

New Jersey Resources Corp.

     8,912        388,742  

NorthWestern Corp.

     5,093        308,025  

OGE Energy Corp.

     19,273        723,701  

ONE Gas, Inc.

     4,976        413,456  

PNM Resources, Inc.

     9,373        423,378  

Southwest Gas Holdings, Inc.

     5,612        398,115  

Investment Abbreviations:

REIT -Real Estate Investment Trust

          Shares                Value       

Utilities-(continued)

     

Spire, Inc.

     4,920      $ 330,181  

UGI Corp.

     19,460        748,042  
     

 

 

 
        6,937,307  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $202,914,746)

 

     200,575,004  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-7.00%      

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

     4,210,196        4,210,196  

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

     9,822,808        9,823,791  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,034,586)

 

     14,033,987  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.95%
(Cost $216,949,332)

 

     214,608,991  

OTHER ASSETS LESS LIABILITIES-(6.95)%

 

     (13,938,855
  

 

 

 

NET ASSETS-100.00%

 

   $ 200,670,136  
     

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 1,820,148      $
 
 
(1,820,148

)
    $ -     $ -     $ -      $ 15

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       190,193        14,680,221        (10,660,218 )       -       -       4,210,196        385 *

Invesco Private Prime Fund

       443,783        31,125,148        (21,743,276 )       (599 )       (1,265 )       9,823,791        2,785 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 633,976      $ 47,625,517      $ (34,223,642 )     $ (599 )     $ (1,265 )     $ 14,033,987      $ 3,185
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

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

 

      

60

 

 

 

 

      


 

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

February 28, 2022

(Unaudited)

 

(e)

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

(f)

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

 Portfolio Composition

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

  as of February 28, 2022

   

Industrials

       19.68     

Financials

       15.57     

Consumer Discretionary

       14.90     

Information Technology

       12.49     

Real Estate

       10.51                                                             

Health Care

       8.38     

Materials

       7.15     

Consumer Staples

       3.63     

Utilities

       3.46     

Sector Types Each Less Than 3%

       4.18     

Money Market Funds Plus Other Assets Less Liabilities

       0.05     

 

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

 

      

61

 

 

 

 

      


 

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

         Shares            Value       

Common Stocks & Other Equity Interests-99.95%

 

Consumer Discretionary-2.27%

    

Gentex Corp.(b)

     480,722       $ 14,551,455  

Service Corp. International

     213,366       12,983,321  
    

 

 

 
       27,534,776  
    

 

 

 

Consumer Staples-6.84%

    

Casey’s General Stores, Inc.

     76,595       14,405,988  

Flowers Foods, Inc.

     680,301       18,647,050  

Ingredion, Inc.(b)

     178,658       15,854,111  

Lancaster Colony Corp.

     111,522       18,759,116  

Post Holdings, Inc.(b)(c)

     145,811       15,330,568  
    

 

 

 
       82,996,833  
    

 

 

 

Financials-11.87%

    

Alleghany Corp.(c)

     23,862       15,794,735  

Commerce Bancshares, Inc.

     192,114       13,789,943  

First American Financial Corp.

     198,179       13,285,920  

Hanover Insurance Group, Inc. (The)

     110,935       15,476,542  

Mercury General Corp.(b)

     297,950       16,387,250  

Old Republic International Corp.

     512,925       13,515,574  

RenaissanceRe Holdings Ltd. (Bermuda)

     89,987       13,568,240  

RLI Corp.

     145,429       14,761,043  

Selective Insurance Group, Inc.(b)

     173,684       14,448,772  

Voya Financial, Inc.

     194,937       13,129,007  
    

 

 

 
       144,157,026  
    

 

 

 

Health Care-2.33%

    

Chemed Corp.

     29,355       14,040,203  

Encompass Health Corp.

     215,971       14,258,405  
    

 

 

 
       28,298,608  
    

 

 

 

Industrials-19.52%

    

CACI International, Inc., Class A(c)

     60,718       16,988,289  

Carlisle Cos., Inc.

     66,195       15,714,693  

Donaldson Co., Inc.

     265,206       14,392,730  

FTI Consulting, Inc.(b)(c)

     113,333       16,546,618  

Graco, Inc.

     225,946       16,288,447  

Hubbell, Inc.

     78,423       13,978,900  

ITT, Inc.

     146,136       12,840,970  

Landstar System, Inc.

     88,251       13,626,837  

Lincoln Electric Holdings, Inc.(b)

     120,864       15,405,326  

MDU Resources Group, Inc.

     538,489       14,415,351  

MSA Safety, Inc.

     106,164       14,767,412  

MSC Industrial Direct Co., Inc., Class A

     191,196       14,813,866  

Stericycle, Inc.(b)(c)

     236,801       13,819,706  

Toro Co. (The)

     153,040       14,356,682  

Watsco, Inc.

     54,874       14,983,895  

Werner Enterprises, Inc.(b)

     323,687       14,067,437  
    

 

 

 
       237,007,159  
    

 

 

 

Information Technology-5.55%

    

Arrow Electronics, Inc.(c)

     107,869       13,147,074  

CDK Global, Inc.

     308,326       13,979,501  

Genpact Ltd.

     315,556       13,202,863  

Maximus, Inc.(b)

     189,424       14,937,976  

Vontier Corp.

     500,287       12,156,974  
    

 

 

 
       67,424,388  
    

 

 

 

Materials-7.84%

    

AptarGroup, Inc.

     138,073       16,828,337  

 

 

         Shares             Value       

Materials-(continued)

     

Ashland Global Holdings, Inc.

     148,628      $ 13,715,392  

RPM International, Inc.(b)

     186,779        15,795,900  

Sensient Technologies Corp.(b)

     181,706        14,923,514  

Silgan Holdings, Inc.

     374,663        15,690,886  

Sonoco Products Co.

     310,316        18,221,756  
     

 

 

 
        95,175,785  
     

 

 

 

Real Estate-27.60%

     

American Campus Communities, Inc.

     299,989        16,142,408  

Apartment Income REIT Corp.

     281,664        14,536,679  

Camden Property Trust(b)

     101,751        16,800,108  

Corporate Office Properties Trust

     548,628        14,379,540  

Cousins Properties, Inc.(b)

     400,388        15,466,988  

EastGroup Properties, Inc.

     83,309        15,892,025  

First Industrial Realty Trust, Inc.

     326,991        18,828,142  

Healthcare Realty Trust, Inc.

     515,110        13,434,069  

Highwoods Properties, Inc.(b)

     337,892        14,732,091  

JBG SMITH Properties

     532,747        14,213,690  

Kilroy Realty Corp.

     200,815        14,382,370  

Life Storage, Inc.

     121,514        15,382,457  

Medical Properties Trust, Inc.

     717,276        14,589,394  

National Retail Properties, Inc.(b)

     357,501        15,233,118  

National Storage Affiliates Trust

     240,988        14,042,371  

Omega Healthcare Investors, Inc.(b)

     494,296        13,924,318  

Physicians Realty Trust

     1,049,158        17,059,309  

PS Business Parks, Inc.

     100,152        15,953,212  

Rayonier, Inc.

     351,351        13,948,635  

Rexford Industrial Realty, Inc.

     229,296        16,080,528  

Spirit Realty Capital, Inc.

     332,310        15,409,215  

STORE Capital Corp.

     478,309        14,693,652  
     

 

 

 
        335,124,319  
     

 

 

 

Utilities-16.13%

     

ALLETE, Inc.

     242,295        15,250,047  

Black Hills Corp.

     245,007        17,148,040  

Essential Utilities, Inc.

     370,589        17,458,448  

Hawaiian Electric Industries, Inc.

     374,270        15,337,585  

IDACORP, Inc.

     164,464        17,096,033  

National Fuel Gas Co.

     255,840        15,923,482  

New Jersey Resources Corp.

     346,598        15,118,605  

NorthWestern Corp.

     282,474        17,084,027  

OGE Energy Corp.

     484,947        18,209,760  

ONE Gas, Inc.

     191,982        15,951,784  

Spire, Inc.

     236,185        15,850,375  

UGI Corp.

     402,756        15,481,941  
     

 

 

 
        195,910,127  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $1,145,981,060)

 

     1,213,629,021  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.72%

     

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

     17,213,227        17,213,227  

 

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

 

      

62

 

 

 

 

      


 

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2022

(Unaudited)

 

         Shares          Value  

Money Market Funds-(continued)

 

  

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

     40,160,181      $ 40,164,198  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $57,380,763)

 

     57,377,425  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.67%
(Cost $1,203,361,823)

 

     1,271,006,446  

OTHER ASSETS LESS LIABILITIES-(4.67)%

 

     (56,720,842
     

 

 

 

NET ASSETS-100.00%

      $ 1,214,285,604  
     

 

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

All or a portion of this security was out on loan at February 28, 2022. (c) Non-income producing security.

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 8,334,039      $ (8,334,039 )     $ -     $ -     $ -      $ 62

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       17,197,102        112,610,829        (112,594,704 )       -       -       17,213,227        2,451 *

Invesco Private Prime Fund

       40,126,570        197,883,749        (197,831,744 )       (3,339 )       (11,038 )       40,164,198        22,201 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 57,323,672      $ 318,828,617      $ (318,760,487 )     $ (3,339 )     $ (11,038 )     $ 57,377,425      $ 24,714
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f)

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

 

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

 

      

63

 

 

 

 

      


 

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of February 28, 2022

              
 Real Estate        27.60     
 Industrials        19.52     
 Utilities        16.13     
 Financials        11.87                                                 
 Materials        7.84     
 Consumer Staples        6.84     
 Information Technology        5.55     
 Sector Types Each Less Than 3%        4.60     

 Money Market Funds Plus Other Assets

 Less Liabilities

       0.05     

 

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

 

      

64

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares          Value       

Common Stocks & Other Equity Interests-99.96%

 

Communication Services-1.10%

    

AMC Networks, Inc., Class A(b)(c)

     1,624      $ 67,315  

ATN International, Inc.

     596       19,865  

E.W. Scripps Co. (The), Class A(b)

     3,099       68,984  

Gannett Co., Inc.(b)

     8,219       40,766  

Loyalty Ventures, Inc.(b)

     1,078       25,872  

Marcus Corp. (The)(b)(c)

     1,170       21,271  

QuinStreet, Inc.(b)

     2,374       26,707  

Scholastic Corp.

     1,705       71,746  

Shenandoah Telecommunications Co.

     2,822       63,072  

TechTarget, Inc.(b)(c)

     1,484       116,316  

Thryv Holdings, Inc.(b)

     990       30,096  
    

 

 

 
         552,010  
    

 

 

 

Consumer Discretionary-11.65%

    

Aaron’s Co., Inc. (The)

     1,709       35,872  

Abercrombie & Fitch Co., Class A(b)

     3,478       132,442  

Adtalem Global Education, Inc.(b)

     2,665       55,379  

American Axle & Manufacturing Holdings,
Inc.(b)

     5,947       55,069  

American Public Education, Inc.(b)

     883       17,625  

America’s Car-Mart, Inc.(b)

     325       31,258  

Asbury Automotive Group, Inc.(b)

     1,271       246,714  

Barnes & Noble Education, Inc.(b)

     1,950       10,686  

Bed Bath & Beyond, Inc.(b)(c)

     5,799       97,945  

Big Lots, Inc.(c)

     1,945       67,608  

BJ’s Restaurants, Inc.(b)

     1,092       35,020  

Bloomin’ Brands, Inc.(b)

     4,210       103,608  

Boot Barn Holdings, Inc.(b)

     1,630       141,843  

Buckle, Inc. (The)

     1,601       57,636  

Caleres, Inc.

     2,197       45,610  

Cato Corp. (The), Class A

     1,048       18,445  

Cavco Industries, Inc.(b)

     463       126,228  

Century Communities, Inc.

     1,486       94,688  

Cheesecake Factory, Inc. (The)(b)

     2,601       111,297  

Chico’s FAS, Inc.(b)

     7,272       34,178  

Children’s Place, Inc. (The)(b)(c)

     760       47,850  

Chuy’s Holdings, Inc.(b)

     1,111       36,219  

Conn’s, Inc.(b)(c)

     1,184       21,715  

Cooper-Standard Holdings, Inc.(b)

     841       10,698  

Designer Brands, Inc., Class A(b)(c)

     3,235       42,217  

Dorman Products, Inc.(b)

     1,632       152,461  

El Pollo Loco Holdings, Inc.(b)

     1,035       13,734  

Ethan Allen Interiors, Inc.

     1,141       29,734  

Fiesta Restaurant Group, Inc.(b)

     908       9,144  

Fossil Group, Inc.(b)

     2,927       39,573  

Genesco, Inc.(b)

     796       51,063  

Gentherm, Inc.(b)

     1,896       160,857  

G-III Apparel Group Ltd.(b)

     2,526       70,071  

Group 1 Automotive, Inc.

     1,010       183,749  

Guess?, Inc.(c)

     2,054       44,983  

Haverty Furniture Cos., Inc., (Acquired 06/30/2021 - 02/17/2022;
Cost $35,424)(c)(d)

     848       24,092  

Hibbett, Inc.(c)

     922       41,564  

Installed Building Products, Inc.

     1,273       123,099  

iRobot Corp.(b)(c)

     1,631       101,383  

Kontoor Brands, Inc.

     2,761       136,780  

La-Z-Boy, Inc.

     2,454       71,608  
       Shares          Value       

Consumer Discretionary-(continued)

    

LCI Industries

     1,392      $ 173,332  

LGI Homes, Inc.(b)(c)

     1,157       145,932  

Liquidity Services, Inc.(b)

     1,588       27,361  

LL Flooring Holdings, Inc.(b)

     1,460       23,448  

M.D.C. Holdings, Inc.

     2,911       129,074  

M/I Homes, Inc.(b)

     1,489       73,393  

MarineMax, Inc.(b)

     1,188       54,363  

Meritage Homes Corp.(b)

     2,060       203,075  

Monarch Casino & Resort, Inc.(b)

     712       55,465  

Monro, Inc.

     1,860       86,825  

Motorcar Parts of America, Inc.(b)

     910       14,696  

Movado Group, Inc.

     1,038       40,918  

ODP Corp. (The)(b)

     2,674       117,656  

Oxford Industries, Inc.

     835       73,806  

Patrick Industries, Inc.

     1,373       97,950  

Perdoceo Education Corp.(b)

     3,554       37,210  

PetMed Express, Inc.(c)

     1,194       32,178  

Rent-A-Center, Inc.(c)

     3,045       86,508  

Ruth’s Hospitality Group, Inc.

     1,603       39,770  

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

     6,208       107,274  

Shoe Carnival, Inc.

     1,001       29,189  

Shutterstock, Inc.

     1,346       121,853  

Signet Jewelers Ltd.(c)

     3,328       234,624  

Sonic Automotive, Inc., Class A

     1,123       60,316  

Standard Motor Products, Inc.

     1,089       47,600  

Steven Madden Ltd.

     4,363       186,126  

Strategic Education, Inc.

     1,246       73,539  

Sturm Ruger & Co., Inc.

     1,098       79,506  

Unifi, Inc.(b)

     696       13,064  

Universal Electronics, Inc.(b)

     719       23,892  

Vera Bradley, Inc.(b)

     1,670       12,625  

Vista Outdoor, Inc.(b)

     3,569       130,090  

Winnebago Industries, Inc.(c)

     1,974       126,474  

Wolverine World Wide, Inc.

     4,564       105,109  

Zumiez, Inc.(b)(c)

     1,214       54,011  
    

 

 

 
         5,849,997  
    

 

 

 

Consumer Staples-4.85%

    

Andersons, Inc. (The)

     1,743       79,481  

B&G Foods, Inc.(c)

     3,787       112,095  

Cal-Maine Foods, Inc.(c)

     2,174       96,243  

Celsius Holdings, Inc.(b)(c)

     2,096       133,913  

Central Garden & Pet Co., Class A(b)

     2,776       122,255  

Chefs’ Warehouse, Inc. (The)(b)

     1,758       57,750  

Coca-Cola Consolidated, Inc.

     278       138,147  

Edgewell Personal Care Co.

     3,040       108,467  

elf Beauty, Inc.(b)

     2,604       68,824  

Fresh Del Monte Produce, Inc.

     1,818       47,050  

Inter Parfums, Inc.

     945       87,772  

J&J Snack Foods Corp.

     809       132,449  

John B. Sanfilippo & Son, Inc.

     496       39,442  

Medifast, Inc.

     673       125,178  

MGP Ingredients, Inc.(c)

     653       51,985  

National Beverage Corp.(c)

     1,328       58,445  

PriceSmart, Inc.

     1,369       99,554  

Seneca Foods Corp., Class A(b)

     339       16,865  

Simply Good Foods Co. (The)(b)

     4,761       188,678  

SpartanNash Co.

     2,080       58,531  

 

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

 

      

65

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

 

       Shares          Value       

Consumer Staples-(continued)

    

TreeHouse Foods, Inc.(b)

     2,996      $ 117,593  

United Natural Foods, Inc.(b)

     2,925       117,673  

Universal Corp.

     1,332       72,075  

USANA Health Sciences, Inc.(b)

     683       60,111  

Vector Group Ltd.

     7,732       86,676  

WD-40 Co.(c)

     744       157,646  
    

 

 

 
         2,434,898  
    

 

 

 

Energy-5.46%

    

Archrock, Inc.

     7,496       62,591  

Bristow Group, Inc.(b)

     1,216       40,298  

Callon Petroleum Co.(b)(c)

     2,181       122,921  

Civitas Resources, Inc.(c)

     2,532       127,790  

CONSOL Energy, Inc.(b)

     1,846       56,746  

Core Laboratories N.V.

     2,463       67,880  

DMC Global, Inc.(b)

     1,025       30,135  

Dorian LPG Ltd.

     1,506       20,753  

Dril-Quip, Inc.(b)

     1,945       56,094  

Green Plains, Inc.(b)(c)

     3,147       103,033  

Helix Energy Solutions Group, Inc.(b)

     7,593       30,752  

Helmerich & Payne, Inc.

     5,729       207,562  

Laredo Petroleum, Inc.(b)(c)

     653       49,994  

Matador Resources Co.

     6,026       298,889  

Nabors Industries Ltd.(b)

     394       49,463  

Oceaneering International, Inc.(b)

     4,980       72,907  

Oil States International, Inc.(b)

     3,260       17,050  

Par Pacific Holdings, Inc.(b)

     2,483       33,769  

Patterson-UTI Energy, Inc.

     9,178       132,438  

PBF Energy, Inc., Class A(b)

     5,349       88,900  

ProPetro Holding Corp.(b)

     4,611       58,882  

Range Resources Corp.(b)(c)

     15,627       358,640  

Ranger Oil Corp.(b)(c)

     800       27,008  

Renewable Energy Group, Inc.(b)

     2,994       184,131  

REX American Resources Corp.(b)

     277       26,165  

RPC, Inc.(b)(c)

     3,797       33,300  

SM Energy Co.

     6,380       226,554  

US Silica Holdings, Inc.(b)

     4,289       62,019  

World Fuel Services Corp.

     3,443       97,575  
    

 

 

 
       2,744,239  
    

 

 

 

Financials-20.33%

    

Allegiance Bancshares, Inc.

     1,079       46,235  

Ambac Financial Group, Inc.(b)

     2,551       32,729  

American Equity Investment Life Holding Co.

     4,485       169,040  

Ameris Bancorp

     3,782       187,209  

AMERISAFE, Inc.

     1,110       52,281  

Apollo Commercial Real Estate Finance, Inc.

     7,430       96,962  

ARMOUR Residential REIT, Inc.

     4,606       37,447  

Assured Guaranty Ltd.

     4,199       260,212  

Axos Financial, Inc.(b)

     3,050       166,957  

B. Riley Financial, Inc.(c)

     919       54,726  

Banc of California, Inc.

     2,965       58,262  

BancFirst Corp.

     1,049       81,958  

Bancorp, Inc. (The)(b)

     3,520       103,136  

BankUnited, Inc.

     5,155       227,851  

Banner Corp.

     1,960       120,756  

Berkshire Hills Bancorp, Inc.

     2,757       85,743  

Blucora, Inc.(b)

     2,664       53,014  

Brightsphere Investment Group, Inc.

     3,481       83,092  

Brookline Bancorp, Inc.

     4,429       75,913  

Capitol Federal Financial, Inc.

     7,479           81,671  
       Shares          Value       

Financials-(continued)

    

Central Pacific Financial Corp.

     1,578      $ 46,062  

City Holding Co.

     867       69,074  

Columbia Banking System, Inc.(c)

     4,417       161,795  

Community Bank System, Inc.

     3,011       219,622  

Customers Bancorp, Inc.(b)

     1,722       105,989  

CVB Financial Corp.(c)

     6,830       161,051  

Dime Community Bancshares, Inc.

     1,936       65,805  

Donnelley Financial Solutions, Inc.(b)

     1,705       54,731  

Eagle Bancorp, Inc.

     1,848       110,732  

eHealth, Inc.(b)(c)

     1,124       17,467  

Ellington Financial, Inc.

     2,603       45,995  

Employers Holdings, Inc.

     1,570       61,010  

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

     1,780       117,462  

Enova International, Inc.(b)

     2,096       85,454  

EZCORP, Inc., Class A(b)

     3,159       18,922  

FB Financial Corp.

     2,040       90,658  

First Bancorp

     11,785       166,404  

First Bancorp/Southern Pines NC

     1,978       88,773  

First Commonwealth Financial Corp.

     5,484       88,567  

First Financial Bancorp

     5,306       130,422  

First Hawaiian, Inc.

     7,247       210,670  

Flagstar Bancorp, Inc.

     2,959       134,871  

Franklin BSP Realty Trust, Inc

     1,719       22,691  

Genworth Financial, Inc., Class A(b)

     27,871       113,156  

Granite Point Mortgage Trust, Inc.

     3,174       35,612  

Greenhill & Co., Inc.

     763       13,490  

Hanmi Financial Corp.

     1,747       45,632  

HCI Group, Inc.

     390       24,281  

Heritage Financial Corp.

     2,120       55,586  

Hilltop Holdings, Inc.

     3,586       110,879  

HomeStreet, Inc.

     1,198       61,649  

Hope Bancorp, Inc.

     6,999       118,703  

Horace Mann Educators Corp.

     2,327       96,780  

Independent Bank Corp.

     2,630       226,206  

Independent Bank Group, Inc.

     2,081       160,549  

Invesco Mortgage Capital, Inc.(e)

     16,251       35,427  

Investors Bancorp, Inc.

     12,898       215,913  

KKR Real Estate Finance Trust, Inc.(c)

     2,254       48,393  

Lakeland Financial Corp.

     1,405       112,695  

Meta Financial Group, Inc.

     1,869       103,524  

Mr. Cooper Group, Inc.(b)

     4,753       241,595  

National Bank Holdings Corp., Class A

     1,734       76,955  

NBT Bancorp, Inc.

     2,459       94,352  

New York Mortgage Trust, Inc.

     20,637       72,436  

NMI Holdings, Inc., Class A(b)

     4,621       106,930  

Northfield Bancorp, Inc.

     2,566       40,286  

Northwest Bancshares, Inc.

     7,089       99,813  

OFG Bancorp

     2,861       80,623  

Pacific Premier Bancorp, Inc.

     5,399       208,995  

Park National Corp.

     818       109,661  

PennyMac Mortgage Investment Trust

     5,384       83,990  

Piper Sandler Cos

     798       118,112  

PRA Group, Inc.(b)

     2,509       111,977  

Preferred Bank

     797       62,549  

ProAssurance Corp.

     2,994       72,155  

Provident Financial Services, Inc.

     4,509       106,999  

Ready Capital Corp.

     3,096       45,976  

Redwood Trust, Inc.

     5,985       62,184  

Renasant Corp.

     3,234       118,073  

S&T Bancorp, Inc.

     2,187       67,994  

 

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

 

      

66

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

 

       Shares          Value       

Financials-(continued)

    

Safety Insurance Group, Inc.

     802      $ 66,919  

Seacoast Banking Corp. of Florida

     3,122       114,421  

Selectquote, Inc.(b)(c)

     6,593       20,504  

ServisFirst Bancshares, Inc.(c)

     2,803       244,926  

Simmons First National Corp., Class A(c)

     6,124       174,657  

SiriusPoint Ltd. (Bermuda)(b)

     4,879       36,056  

Southside Bancshares, Inc.

     1,829       76,251  

Stewart Information Services Corp.

     1,461       99,173  

StoneX Group, Inc.(b)

     856       64,585  

Tompkins Financial Corp.

     672       53,155  

Triumph Bancorp, Inc.(b)

     1,317       132,121  

TrustCo Bank Corp.

     1,116       38,134  

Trustmark Corp.

     3,429       107,979  

Two Harbors Investment Corp.

     18,918       95,725  

United Community Banks, Inc.

     4,930       190,594  

United Fire Group, Inc.

     1,139       31,448  

Universal Insurance Holdings, Inc.

     1,499       17,328  

Veritex Holdings, Inc.

     2,846       115,633  

Virtus Investment Partners, Inc.

     413       99,376  

Walker & Dunlop, Inc.

     1,569       217,071  

Westamerica Bancorporation

     1,474       87,438  

WisdomTree Investments, Inc.(c)

     6,062       34,129  

World Acceptance Corp.(b)(c)

     220       43,223  

WSFS Financial Corp.

     2,758       140,189  
    

 

 

 
         10,210,586  
    

 

 

 

Health Care-11.09%

    

Addus HomeCare Corp.(b)

     858       72,964  

Allscripts Healthcare Solutions, Inc.(b)

     6,855       133,398  

AMN Healthcare Services, Inc.(b)

     2,757       292,628  

Amphastar Pharmaceuticals, Inc.(b)

     1,971       54,616  

AngioDynamics, Inc.(b)

     2,167       50,990  

Anika Therapeutics, Inc.(b)

     824       26,780  

Apollo Medical Holdings, Inc.(b)

     2,525       121,503  

Artivion, Inc.(b)

     2,088       40,820  

Avanos Medical, Inc.(b)

     2,698       95,482  

Avid Bioservices, Inc.(b)(c)

     3,825       78,336  

BioLife Solutions, Inc.(b)

     1,763       41,431  

Cara Therapeutics, Inc.(b)

     2,512       26,049  

Collegium Pharmaceutical, Inc.(b)

     1,993       38,804  

Community Health Systems, Inc.(b)

     7,001       73,581  

Computer Programs & Systems, Inc.(b)

     820       25,240  

CONMED Corp.

     1,539       224,940  

Corcept Therapeutics, Inc.(b)

     6,967       155,294  

CorVel Corp.(b)

     524       83,347  

Covetrus, Inc.(b)

     5,688       100,791  

Cross Country Healthcare, Inc.(b)

     2,120       47,340  

Cutera, Inc.(b)(c)

     829       31,800  

Eagle Pharmaceuticals, Inc.(b)

     683       32,367  

Emergent BioSolutions, Inc.(b)

     2,959       122,443  

Enanta Pharmaceuticals, Inc.(b)

     1,223       86,124  

Ensign Group, Inc. (The)

     2,887       242,624  

Fulgent Genetics, Inc.(b)(c)

     1,206       75,134  

Hanger, Inc.(b)

     2,084       37,762  

HealthStream, Inc.(b)

     1,364       27,948  

Heska Corp.(b)(c)

     566       80,372  

Innoviva, Inc.(b)(c)

     3,603       69,214  

Inogen, Inc.(b)

     1,089       37,995  

Integer Holdings Corp.(b)

     1,795       150,547  

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

     900       36,900  

       Shares          Value       

Health Care-(continued)

    

Lantheus Holdings, Inc.(b)

     3,731      $ 178,416  

LeMaitre Vascular, Inc.(c)

     1,047       49,701  

Ligand Pharmaceuticals, Inc.(b)(c)

     1,008       102,030  

MEDNAX, Inc.(b)

     4,566       107,164  

Meridian Bioscience, Inc.(b)

     2,545       64,389  

Merit Medical Systems, Inc.(b)

     2,786       181,174  

Mesa Laboratories, Inc.

     289       73,790  

ModivCare, Inc.(b)

     677       79,886  

Myriad Genetics, Inc.(b)

     4,461       108,759  

Natus Medical, Inc.(b)

     1,910       53,136  

NextGen Healthcare, Inc.(b)

     3,047       59,508  

Omnicell, Inc.(b)

     2,465       318,675  

OptimizeRx Corp.(b)(c)

     1,083       49,049  

OraSure Technologies, Inc.(b)

     4,327       33,751  

Organogenesis Holdings, Inc.(b)(c)

     3,533       26,286  

Orthofix Medical, Inc.(b)

     1,156       39,281  

Owens & Minor, Inc.

     4,229       186,710  

Phibro Animal Health Corp., Class A

     1,121       23,877  

Prestige Consumer Healthcare, Inc.(b)

     2,816       167,637  

RadNet, Inc.(b)

     2,401       59,233  

REGENXBIO, Inc.(b)(c)

     2,124       55,670  

Select Medical Holdings Corp.

     5,490       127,094  

Supernus Pharmaceuticals, Inc.(b)

     2,992       95,594  

SurModics, Inc.(b)

     787       35,321  

Tactile Systems Technology, Inc.(b)

     1,029       20,950  

Tivity Health, Inc.(b)

     2,361       64,408  

uniQure N.V. (Netherlands)(b)

     1,977       33,589  

US Physical Therapy, Inc.(c)

     658       60,516  

Vanda Pharmaceuticals, Inc.(b)

     3,208       36,443  

Varex Imaging Corp.(b)(c)

     2,236       52,859  

Vericel Corp.(b)

     2,493       102,737  

Xencor, Inc.(b)

     3,421       107,112  
    

 

 

 
         5,570,309  
    

 

 

 

Industrials-17.13%

    

AAON, Inc.

     2,250       131,760  

AAR Corp.(b)

     1,779       79,948  

ABM Industries, Inc.

     3,813       170,937  

Aerojet Rocketdyne Holdings, Inc.

     4,239       164,261  

Alamo Group, Inc.

     542       75,398  

Albany International Corp., Class A

     1,753       153,949  

Allegiant Travel Co.(b)

     789       137,357  

American Woodmark Corp.(b)

     892       47,793  

Apogee Enterprises, Inc.

     1,349       60,799  

Applied Industrial Technologies, Inc.

     2,074       209,681  

ArcBest Corp.

     1,448       134,201  

Arcosa, Inc.

     2,529       133,202  

Astec Industries, Inc.

     1,213       60,407  

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

     1,572       123,182  

AZZ, Inc.

     1,389       68,381  

Barnes Group, Inc.

     2,526       117,333  

Boise Cascade Co.

     2,224       177,787  

Brady Corp., Class A

     2,661       122,619  

Chart Industries, Inc.(b)

     2,087       301,363  

Comfort Systems USA, Inc.

     2,037       175,141  

CoreCivic, Inc.(b)

     7,440       67,778  

Deluxe Corp.

     2,430       75,597  

DXP Enterprises, Inc.(b)

     1,011       29,026  

Encore Wire Corp.

     1,277       148,668  

Enerpac Tool Group Corp.

     3,253       56,114  

 

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

 

      

67

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

 

       Shares         Value      

Industrials-(continued)

    

EnPro Industries, Inc.

     1,128      $ 124,576  

ESCO Technologies, Inc.

     1,425       99,137  

Exponent, Inc.

     2,808       266,086  

Federal Signal Corp.

     3,368       121,619  

Forrester Research, Inc.(b)

     632       32,820  

Forward Air Corp.

     1,409       145,381  

Franklin Electric Co., Inc.

     2,151       181,889  

GEO Group, Inc. (The)(c)

     8,032       47,871  

Gibraltar Industries, Inc.(b)

     1,749       84,512  

GMS, Inc.(b)

     2,317       125,697  

Granite Construction, Inc.

     2,572       77,855  

Greenbrier Cos., Inc. (The)(c)

     1,754       77,930  

Griffon Corp.

     2,588       59,653  

Harsco Corp.(b)

     4,078       48,569  

Healthcare Services Group, Inc.

     4,521       71,522  

Heartland Express, Inc.

     2,672       38,370  

Heidrick & Struggles International, Inc.

     1,111       47,495  

Hillenbrand, Inc.

     3,746       178,722  

HNI Corp.

     2,364       96,191  

Hub Group, Inc., Class A(b)

     1,833       154,705  

Insteel Industries, Inc.

     1,117       41,452  

Interface, Inc.

     3,080       40,194  

John Bean Technologies Corp.

     1,795       203,499  

Kaman Corp.

     1,436       62,337  

Kelly Services, Inc., Class A

     2,031       43,098  

Korn Ferry

     3,088       204,611  

Lindsay Corp.

     596       78,201  

ManTech International Corp., Class A

     1,543       128,640  

Marten Transport Ltd.

     3,379       58,288  

Matson, Inc.

     2,432       269,393  

Matthews International Corp., Class A

     1,716       56,937  

Meritor, Inc.(b)

     3,918       139,520  

Moog, Inc., Class A

     1,581       131,397  

Mueller Industries, Inc.

     3,107       177,254  

MYR Group, Inc.(b)

     955       85,711  

National Presto Industries, Inc.

     288       22,896  

NOW, Inc.(b)

     6,216       58,057  

Park Aerospace Corp.

     1,029       14,272  

PGT Innovations, Inc.(b)

     3,165       68,079  

Pitney Bowes, Inc.

     9,420       46,912  

Powell Industries, Inc.

     444       9,386  

Quanex Building Products Corp.

     1,792       40,965  

Resideo Technologies, Inc.(b)

     8,173       210,373  

Resources Connection, Inc.

     1,789       29,697  

SkyWest, Inc.(b)

     2,718       76,403  

SPX Corp.(b)

     2,496       126,547  

SPX FLOW, Inc.

     2,355       202,271  

Standex International Corp.

     680       72,032  

Tennant Co.

     1,015       79,962  

Titan International, Inc.(b)

     2,530       28,336  

TrueBlue, Inc.(b)

     1,979       53,829  

UFP Industries, Inc.

     3,261       279,631  

UniFirst Corp.

     828       150,075  

US Ecology, Inc.(b)(c)

     1,709       81,075  

Veritiv Corp.(b)

     788       84,450  

Wabash National Corp.(c)

     2,637       44,935  
    

 

 

 
       8,603,997  
    

 

 

 

Information Technology-13.16%

    

3D Systems Corp.(b)

     7,023       125,150  
       Shares         Value      

Information Technology-(continued)

    

ADTRAN, Inc.

     2,744      $ 56,499  

Advanced Energy Industries, Inc.

     2,095       179,856  

Agilysys, Inc.(b)

     1,026       43,123  

Alarm.com Holdings, Inc.(b)

     2,533       166,747  

Axcelis Technologies, Inc.(b)

     1,750       121,135  

Badger Meter, Inc.

     1,563       155,378  

Benchmark Electronics, Inc.

     1,887       49,326  

CEVA, Inc.(b)

     1,264       51,533  

Cohu, Inc.(b)

     2,611       81,411  

Comtech Telecommunications Corp.

     1,519       31,261  

Consensus Cloud Solutions, Inc.(b)

     942       52,432  

CSG Systems International, Inc.

     1,830       112,948  

CTS Corp.

     1,800       68,292  

Digi International, Inc.(b)

     1,800       36,144  

Diodes, Inc.(b)

     2,495       223,527  

Ebix, Inc.

     1,312       38,717  

ePlus, Inc.(b)

     1,443       67,677  

EVERTEC, Inc.

     2,871       115,874  

ExlService Holdings, Inc.(b)

     1,817       219,475  

Extreme Networks, Inc.(b)

     7,235       83,130  

Fabrinet (Thailand)(b)

     2,027       202,963  

FARO Technologies, Inc.(b)

     1,014       55,506  

FormFactor, Inc.(b)

     4,232       171,354  

Harmonic, Inc.(b)(c)

     5,891       54,845  

Ichor Holdings Ltd.(b)

     1,637       57,671  

Insight Enterprises, Inc.(b)

     1,954       203,216  

InterDigital, Inc.

     1,731       111,511  

Itron, Inc.(b)

     2,494       118,889  

Knowles Corp.(b)(c)

     5,286       115,129  

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

     3,044       159,019  

MaxLinear, Inc.(b)

     3,701       227,056  

Methode Electronics, Inc.

     2,194       100,134  

NETGEAR, Inc.(b)

     1,632       43,427  

NetScout Systems, Inc.(b)

     4,084       127,135  

Onto Innovation, Inc.(b)

     2,742       236,388  

OSI Systems, Inc.(b)

     954       76,959  

PC Connection, Inc.

     613       29,908  

Perficient, Inc.(b)

     1,911       194,731  

Photronics, Inc.(b)

     2,650       48,813  

Plantronics, Inc.(b)

     2,145       60,425  

Plexus Corp.(b)

     1,481       120,657  

Progress Software Corp.

     2,559       112,801  

Rambus, Inc.(b)

     5,802       156,654  

Rogers Corp.(b)

     1,087       296,751  

Sanmina Corp.(b)

     3,563       141,736  

ScanSource, Inc.(b)

     1,358       42,886  

SMART Global Holdings, Inc.(b)

     2,405       66,017  

SPS Commerce, Inc.(b)

     2,009       260,869  

TTEC Holdings, Inc.

     990       78,705  

TTM Technologies, Inc.(b)

     6,004       75,470  

Ultra Clean Holdings, Inc.(b)

     2,422       110,952  

Veeco Instruments, Inc.(b)(c)

     2,880       82,282  

Viavi Solutions, Inc.(b)

     12,170       199,588  

Vonage Holdings Corp.(b)(c)

     14,467       293,969  

Xperi Holding Corp.

     5,468       94,706  
    

 

 

 
       6,608,757  
    

 

 

 

Materials-5.33%

    

AdvanSix, Inc.

     1,593       63,816  

American Vanguard Corp.

     1,421       21,414  

 

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

 

      

68

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

 

       Shares          Value       

Materials-(continued)

    

Arconic Corp.(b)

     5,708      $ 175,236  

Balchem Corp.

     1,781       246,383  

Carpenter Technology Corp.

     2,606       100,044  

Clearwater Paper Corp.(b)

     946       27,273  

Ferro Corp.(b)

     4,693       101,979  

FutureFuel Corp.

     1,441       10,606  

GCP Applied Technologies, Inc.(b)

     2,274       71,813  

Glatfelter Corp.

     2,417       33,210  

H.B. Fuller Co.

     2,838       194,034  

Hawkins, Inc.

     976       44,174  

Haynes International, Inc.

     720       26,323  

Innospec, Inc.

     1,324       126,442  

Kaiser Aluminum Corp.

     839       80,963  

Koppers Holdings, Inc.(b)

     1,156       33,096  

Kraton Corp.(b)

     1,867       86,162  

Livent Corp.(b)(c)

     9,911       233,404  

Materion Corp.

     1,133       94,662  

Mercer International, Inc. (Germany)

     2,119       28,331  

Myers Industries, Inc.

     2,017       33,523  

Neenah, Inc.

     950       37,002  

O-I Glass, Inc.(b)

     8,854       113,154  

Olympic Steel, Inc.

     475       12,716  

Quaker Chemical Corp.

     732       135,866  

Rayonier Advanced Materials, Inc.(b)

     3,288       19,301  

Schweitzer-Mauduit International, Inc., Class A

     1,726       53,886  

Stepan Co.

     1,160       120,199  

SunCoke Energy, Inc.

     4,503       35,709  

Sylvamo Corp.(b)

     1,961       68,439  

TimkenSteel Corp.(b)

     2,290       41,289  

Tredegar Corp.

     1,335       15,366  

Trinseo PLC

     2,061       107,090  

Warrior Met Coal, Inc.

     2,744       86,436  
    

 

 

 
         2,679,341  
    

 

 

 

Real Estate-7.73%

    

Acadia Realty Trust

     4,675       100,232  

Agree Realty Corp.

     3,784       242,744  

Alexander & Baldwin, Inc.

     3,872       86,849  

American Assets Trust, Inc.

     2,885       105,476  

Armada Hoffler Properties, Inc.

     3,269       47,989  

Brandywine Realty Trust

     9,152       121,996  

CareTrust REIT, Inc.

     5,032       88,060  

Centerspace

     749       70,399  

Chatham Lodging Trust(b)

     2,566       35,282  

Community Healthcare Trust, Inc.

     1,278       53,293  

Diversified Healthcare Trust

     13,387       38,555  

Easterly Government Properties, Inc.(c)

     4,643       96,667  

Essential Properties Realty Trust, Inc.

     6,452       163,107  

Four Corners Property Trust, Inc.

     4,135       109,081  

Franklin Street Properties Corp.

     4,935       28,524  

Getty Realty Corp.

     2,125       58,544  

Global Net Lease, Inc.

     5,396       76,677  

Hersha Hospitality Trust(b)

     1,701       15,700  

Independence Realty Trust, Inc.

     5,864       148,183  

Industrial Logistics Properties Trust

     3,650       81,650  

Innovative Industrial Properties, Inc.

     1,348       254,044  

iStar, Inc.

     4,027       101,158  

LTC Properties, Inc.

     2,129       72,024  

LXP Industrial Trust

     15,751       243,510  
       Shares          Value       

Real Estate-(continued)

    

Marcus & Millichap, Inc.(b)

     1,325      $ 65,892  

NexPoint Residential Trust, Inc.

     1,236       105,023  

Office Properties Income Trust

     2,707       67,810  

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

     2,984       50,818  

RE/MAX Holdings, Inc., Class A

     1,012       29,996  

Realogy Holdings Corp.(b)

     6,368       115,770  

Retail Opportunity Investments Corp.

     6,554       119,021  

RPT Realty

     4,375       56,656  

Safehold, Inc.

     745       45,713  

Saul Centers, Inc.

     705       32,451  

SITE Centers Corp.

     9,906       154,038  

St. Joe Co. (The)

     1,797       97,092  

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

     5,759       56,957  

Tanger Factory Outlet Centers, Inc.(c)

     5,723       95,460  

Urstadt Biddle Properties, Inc., Class A

     1,646       30,994  

Veris Residential, Inc.(b)

     4,189       70,794  

Washington REIT

     4,798       112,081  

Whitestone REIT

     2,341       27,577  

Xenia Hotels & Resorts, Inc.(b)

     5,920       109,757  
    

 

 

 
         3,883,644  
    

 

 

 

Utilities-2.13%

    

American States Water Co.

     2,064       173,706  

Avista Corp.

     3,844       171,558  

California Water Service Group

     2,800       159,404  

Chesapeake Utilities Corp.

     945       125,638  

Middlesex Water Co.

     1,016       101,590  

Northwest Natural Holding Co.

     1,643       85,452  

South Jersey Industries, Inc.(c)

     6,127       207,889  

Unitil Corp.

     861       43,472  
    

 

 

 
         1,068,709  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $51,300,434)

 

    50,206,487  
    

 

 

 

Money Market Funds-0.00%

    

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)
(Cost $1,258)

     1,258       1,258  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $51,301,692)

 

    50,207,745  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-11.66%

    

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

     1,756,251       1,756,251  

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

     4,101,938       4,102,348  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,858,951)

 

    5,858,599  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-111.62%
(Cost $57,160,643)

 

    56,066,344  

OTHER ASSETS LESS LIABILITIES-(11.62)%

 

    (5,837,630
    

 

 

 

NET ASSETS-100.00%

     $ 50,228,714  
    

 

 

 

 

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

 

      

69

 

 

 

 

      


 

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

February 28, 2022

(Unaudited)

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

(e) 

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

 

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

Invesco Mortgage Capital, Inc.

     $ 40,772      $ 10,440      $ (838 )     $ (14,693 )     $ (254 )     $ 35,427      $ 2,778

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

       41,917        819,404        (860,063 )       -       -       1,258        4

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       27,926        4,106,713        (2,378,388 )       -       -       1,756,251        137 *

Invesco Private Prime Fund

       65,162        8,270,979        (4,233,184 )       (352 )       (257 )       4,102,348        894 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 175,777      $ 13,207,536      $ (7,472,473 )     $ (15,045 )     $ (511 )     $ 5,895,284      $ 3,813
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(f) 

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

(g) 

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

 Portfolio Composition

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

 as of February 28, 2022

              

Financials

       20.33     

Industrials

       17.13     

Information Technology

       13.16                                                 

Consumer Discretionary

       11.65     

Health Care

       11.09     

Real Estate

       7.73     

Energy

       5.46     

Materials

       5.33     

Consumer Staples

       4.85     

Sector Types Each Less Than 3%

       3.23     

Money Market Funds Plus Other Assets

Less Liabilities

       0.04     

 

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

 

      

70

 

 

 

 

      


 

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares          Value       

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-4.45%

    

ATN International, Inc.

     3,228      $ 107,589  

Cogent Communications Holdings, Inc.

     5,258       333,357  

Scholastic Corp.

     2,778       116,899  

Telephone & Data Systems, Inc.

     13,597       235,908  
    

 

 

 
       793,753  
    

 

 

 

Consumer Discretionary-7.10%

    

Ethan Allen Interiors, Inc.

     12,133       316,186  

M.D.C. Holdings, Inc.

     4,608       204,319  

Strategic Education, Inc.(b)

     5,680       335,233  

Sturm Ruger & Co., Inc.

     5,646       408,827  
    

 

 

 
         1,264,565  
    

 

 

 

Consumer Staples-6.72%

    

Andersons, Inc. (The)

     3,680       167,808  

Edgewell Personal Care Co.

     2,107       75,178  

Fresh Del Monte Produce, Inc.

     4,965       128,494  

J&J Snack Foods Corp.

     791       129,503  

SpartanNash Co.

     9,753       274,449  

Universal Corp.

     7,798       421,950  
    

 

 

 
         1,197,382  
    

 

 

 

Energy-3.12%

    

Archrock, Inc.

     66,635       556,401  
    

 

 

 

Financials-24.75%

    

Apollo Commercial Real Estate Finance, Inc.

     40,031       522,405  

ARMOUR Residential REIT, Inc.

     59,944       487,345  

Ellington Financial, Inc.

     27,920       493,346  

Granite Point Mortgage Trust, Inc.

     36,613       410,798  

KKR Real Estate Finance Trust, Inc.(b)

     19,282       413,985  

New York Mortgage Trust, Inc.

     148,761       522,151  

PennyMac Mortgage Investment Trust

     31,199       486,704  

Ready Capital Corp.

     37,924       563,171  

Two Harbors Investment Corp.

     100,473       508,393  
    

 

 

 
         4,408,298  
    

 

 

 

Health Care-1.09%

    

Phibro Animal Health Corp., Class A

     9,112       194,086  
    

 

 

 

Industrials-8.84%

    

Healthcare Services Group, Inc.

     20,168       319,058  

HNI Corp.

     5,425       220,743  

ManTech International Corp., Class A

     2,169       180,829  

Matthews International Corp., Class A

     5,249       174,162  

Park Aerospace Corp.

     17,708       245,610  

Powell Industries, Inc.

     9,756       206,242  

Resources Connection, Inc.

     13,698       227,387  
    

 

 

 
         1,574,031  
    

 

 

 

Information Technology-4.83%

    

Benchmark Electronics, Inc.

     7,555       197,488  

CSG Systems International, Inc.

     2,366       146,029  

InterDigital, Inc.

     2,199       141,660  

Methode Electronics, Inc.

     1,957       89,317  

Progress Software Corp

     2,434       107,291  

Investment Abbreviations:

REIT -Real Estate Investment Trust

       Shares          Value       

Information Technology-(continued)

 

 

TTEC Holdings, Inc.

     1,128      $ 89,676  

Xperi Holding Corp.

     5,163       89,423  
    

 

 

 
       860,884  
    

 

 

 

Materials-7.91%

    

Glatfelter Corp.

     14,176       194,778  

Myers Industries, Inc.

     11,242       186,842  

Neenah, Inc.

     6,449       251,189  

Schweitzer-Mauduit International, Inc., Class A

     15,050       469,861  

Tredegar Corp.

     26,613       306,316  
    

 

 

 
         1,408,986  
    

 

 

 

Real Estate-21.43%

    

Brandywine Realty Trust

     33,882       451,647  

CareTrust REIT, Inc.

     17,001       297,517  

Easterly Government Properties, Inc.

     16,584       345,279  

Getty Realty Corp.

     13,114       361,291  

Global Net Lease, Inc.

     38,766       550,865  

Industrial Logistics Properties Trust

     18,161       406,262  

LTC Properties, Inc.

     14,679       496,591  

Office Properties Income Trust

     21,767       545,263  

Universal Health Realty Income Trust

     6,368       363,676  
    

 

 

 
         3,818,391  
    

 

 

 

Utilities-9.70%

    

American States Water Co.

     1,145       96,363  

Avista Corp.

     6,997       312,276  

California Water Service Group

     1,632       92,910  

Chesapeake Utilities Corp.

     747       99,314  

Northwest Natural Holding Co.

     6,491       337,597  

South Jersey Industries, Inc.(b)

     14,791       501,858  

Unitil Corp.

     5,692       287,389  
    

 

 

 
       1,727,707  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $18,359,741)

 

    17,804,484  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.82%

 

 

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

     364,310       364,310  

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

     850,345       850,430  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,214,740)

 

    1,214,740  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.76%
(Cost $19,574,481)

 

    19,019,224  

OTHER ASSETS LESS LIABILITIES-(6.76)%

       (1,204,996
    

 

 

 

NET ASSETS-100.00%

     $ 17,814,228  
    

 

 

 

 

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

 

      

71

 

 

 

 

      


 

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

February 28, 2022

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

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

 

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

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 24,196      $ 353,806      $ (378,002     $ -      $ -     $ -      $ 1

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       379,013        3,081,696        (3,096,399 )       -        -       364,310        36 *

Invesco Private Prime Fund

       884,363        6,146,869        (6,180,671 )       -        (131 )       850,430        316 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

Total

     $ 1,287,572      $ 9,582,371      $ (9,655,072 )     $ -      $ (131 )     $ 1,214,740      $ 353
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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.

 

(d) 

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

(e) 

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

 Portfolio Composition

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

 as of February 28, 2022

              

Financials

       24.75     

Real Estate

       21.43     

Utilities

       9.70                                                 

Industrials

       8.84     

Materials

       7.91     

Consumer Discretionary

       7.10     

Consumer Staples

       6.72     

Information Technology

       4.83     

Communication Services

       4.45     

Energy

       3.12     

Health Care

       1.09     

Money Market Funds Plus Other Assets

Less Liabilities

       0.06     

 

 

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

 

      

72

 

 

 

 

      


 

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares          Value       

Common Stocks & Other Equity Interests-99.86%

 

Communication Services-0.74%

    

Cogent Communications Holdings, Inc.

     122,291      $ 7,753,249  
    

 

 

 

Consumer Discretionary-0.77%

    

Standard Motor Products, Inc.

     184,744       8,075,160  
    

 

 

 

Consumer Staples-7.33%

    

Cal-Maine Foods, Inc.(b)

     230,295       10,195,160  

Hostess Brands, Inc.(b)(c)

     467,068       10,060,645  

J&J Snack Foods Corp.(b)

     69,722       11,414,886  

John B. Sanfilippo & Son, Inc.

     128,166       10,191,760  

PriceSmart, Inc.

     109,137       7,936,442  

SpartanNash Co.(b)

     300,049       8,443,379  

Universal Corp.

     188,645       10,207,581  

USANA Health Sciences, Inc.(b)(c)

     89,492       7,876,191  
    

 

 

 
         76,326,044  
    

 

 

 

Financials-31.48%

    

AMERISAFE, Inc.

     164,439       7,745,077  

Apollo Commercial Real Estate Finance, Inc.

     620,472       8,097,160  

ARMOUR Residential REIT, Inc.(b)

     1,137,288       9,246,151  

Assured Guaranty Ltd.

     136,551       8,462,066  

BancFirst Corp.(b)

     99,622       7,783,467  

Brookline Bancorp, Inc.

     472,604       8,100,433  

Capitol Federal Financial, Inc.

     878,276       9,590,774  

City Holding Co.

     114,282       9,104,847  

Community Bank System, Inc.

     123,360       8,997,878  

CVB Financial Corp.

     356,797       8,413,273  

Eagle Bancorp, Inc.

     125,558       7,523,435  

Ellington Financial, Inc.

     595,239       10,517,873  

Employers Holdings, Inc.

     221,511       8,607,917  

Encore Capital Group, Inc.(c)

     113,537       7,492,307  

First Commonwealth Financial Corp.

     449,122       7,253,320  

Granite Point Mortgage Trust, Inc.

     647,360       7,263,379  

HomeStreet, Inc.(b)

     153,907       7,920,054  

Horace Mann Educators Corp.(b)

     220,684       9,178,248  

KKR Real Estate Finance Trust, Inc.(b)

     486,992       10,455,718  

Lakeland Financial Corp.(b)

     92,715       7,436,670  

Mr. Cooper Group, Inc.(c)

     187,419       9,526,508  

National Bank Holdings Corp., Class A

     171,199       7,597,812  

NBT Bancorp, Inc.

     207,724       7,970,370  

New York Mortgage Trust, Inc.

     2,347,702       8,240,434  

Northfield Bancorp, Inc.

     595,072       9,342,630  

Northwest Bancshares, Inc.

     710,821       10,008,360  

PennyMac Mortgage Investment Trust(b)

     569,592       8,885,635  

PRA Group, Inc.(b)(c)

     187,733       8,378,524  

Preferred Bank

     100,178       7,861,969  

Provident Financial Services, Inc.

     328,080       7,785,338  

Ready Capital Corp.

     512,613       7,612,303  

Redwood Trust, Inc.

     638,907       6,638,244  

Safety Insurance Group, Inc.

     116,106       9,687,885  

ServisFirst Bancshares, Inc.(b)

     94,058       8,218,788  

SiriusPoint Ltd. (Bermuda)(c)

     926,208       6,844,677  

Southside Bancshares, Inc.

     187,370       7,811,455  

Stewart Information Services Corp.

     109,026       7,400,685  

TrustCo Bank Corp.

     272,242       9,302,509  

Westamerica Bancorporation(b)

     161,437       9,576,443  
    

 

 

 
         327,880,616  
    

 

 

 

       Shares          Value       

Health Care-2.89%

    

HealthStream, Inc.(c)

     329,460      $ 6,750,635  

Mesa Laboratories, Inc.

     31,439       8,027,320  

Omnicell, Inc.(c)

     49,989       6,462,578  

Prestige Consumer Healthcare, Inc.(c)

     148,493       8,839,788  
    

 

 

 
       30,080,321  
    

 

 

 

Industrials-13.77%

    

AAON, Inc.(b)

     142,424       8,340,349  

Alamo Group, Inc.

     59,529       8,281,079  

AZZ, Inc.(b)

     162,746       8,011,986  

Barnes Group, Inc.

     164,513       7,641,629  

Brady Corp., Class A

     187,261       8,628,987  

ESCO Technologies, Inc.

     116,155       8,080,903  

Exponent, Inc.

     94,631       8,967,234  

Federal Signal Corp.

     219,221       7,916,070  

Forrester Research, Inc.(c)

     143,592       7,456,733  

Franklin Electric Co., Inc.

     99,342       8,400,360  

Heartland Express, Inc.

     717,048       10,296,809  

ManTech International Corp., Class A

     97,921       8,163,674  

Marten Transport Ltd.

     483,743       8,344,567  

Park Aerospace Corp.(b)

     610,368       8,465,804  

Standex International Corp.

     78,490       8,314,446  

Tennant Co.

     122,957       9,686,552  

UniFirst Corp.

     46,674       8,459,662  
    

 

 

 
       143,456,844  
    

 

 

 

Information Technology-10.66%

    

Benchmark Electronics, Inc.

     309,921       8,101,335  

CSG Systems International, Inc.(b)

     188,824       11,654,217  

EVERTEC, Inc.

     182,635       7,371,149  

ExlService Holdings, Inc.(c)

     70,758       8,546,859  

Insight Enterprises, Inc.(b)(c)

     90,446       9,406,384  

InterDigital, Inc.(b)

     111,037       7,153,004  

Knowles Corp.(b)(c)

     511,457       11,139,533  

OSI Systems, Inc.(c)

     134,146       10,821,558  

Plexus Corp.(b)(c)

     95,217       7,757,329  

Sanmina Corp.(c)

     212,056       8,435,588  

TTM Technologies, Inc.(c)

     976,246       12,271,412  

Viavi Solutions, Inc.(b)(c)

     508,523       8,339,777  
    

 

 

 
       110,998,145  
    

 

 

 

Materials-5.41%

    

American Vanguard Corp.

     518,305       7,810,856  

Balchem Corp.(b)

     69,225       9,576,586  

H.B. Fuller Co.

     118,826       8,124,134  

Innospec, Inc.

     89,127       8,511,628  

Neenah, Inc.

     155,530       6,057,894  

Quaker Chemical Corp.(b)

     36,973       6,862,559  

Stepan Co.

     90,567       9,384,553  
    

 

 

 
         56,328,210  
    

 

 

 

Real Estate-21.07%

    

Agree Realty Corp.

     185,824       11,920,610  

American Assets Trust, Inc.

     221,324       8,091,605  

Armada Hoffler Properties, Inc.

     579,199       8,502,641  

Brandywine Realty Trust

     608,274       8,108,292  

CareTrust REIT, Inc.

     420,703       7,362,302  

Centerspace(b)

     95,686       8,993,527  

Community Healthcare Trust, Inc.

     221,400       9,232,380  

 

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

 

      

73

 

 

 

 

      


 

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2022

(Unaudited)

 

       Shares          Value       

Real Estate-(continued)

    

Easterly Government Properties, Inc.(b)

     636,041      $ 13,242,374  

Essential Properties Realty Trust, Inc.

     315,958       7,987,418  

Four Corners Property Trust, Inc.

     368,722       9,726,886  

Getty Realty Corp.

     384,074       10,581,239  

Global Net Lease, Inc.(b)

     661,260       9,396,505  

Independence Realty Trust, Inc.

     350,738       8,863,149  

Industrial Logistics Properties Trust

     420,240       9,400,769  

LTC Properties, Inc.(b)

     279,019       9,439,213  

LXP Industrial Trust(b)

     705,938       10,913,801  

Marcus & Millichap, Inc.(c)

     158,830       7,898,616  

NexPoint Residential Trust, Inc.

     114,500       9,729,065  

Office Properties Income Trust

     318,273       7,972,739  

Retail Opportunity Investments Corp.

     498,462       9,052,070  

Universal Health Realty Income Trust(b)

     134,360       7,673,300  

Urstadt Biddle Properties, Inc., Class A

     422,426       7,954,282  

Washington REIT

     373,121       8,716,107  

Whitestone REIT

     741,267       8,732,125  
    

 

 

 
       219,491,015  
    

 

 

 

Utilities-5.74%

    

American States Water Co.

     133,974       11,275,252  

Avista Corp.

     229,305       10,233,882  

California Water Service Group

     175,934       10,015,923  

Chesapeake Utilities Corp.

     77,770       10,339,521  

Northwest Natural Holding Co.

     190,973       9,932,506  

Unitil Corp.

     157,669       7,960,708  
    

 

 

 
         59,757,792  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,033,060,883)

 

    1,040,147,396  
    

 

 

 

       Shares           Value       

Money Market Funds-0.07%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $694,034)

     694,034      $ 694,034  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $1,033,754,917)

 

     1,040,841,430  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-11.49%

 

  

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

     35,926,052        35,926,052  

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

     83,710,909        83,719,282  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $119,650,151)

 

     119,645,334  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-111.42%
(Cost $1,153,405,068)

 

     1,160,486,764  

OTHER ASSETS LESS LIABILITIES-(11.42)%

 

     (118,941,545
     

 

 

 

NET ASSETS-100.00%

      $ 1,041,545,219  
     

 

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                  

Invesco Government & Agency Portfolio, Institutional Class

     $             -      $   11,069,689      $   (10,375,655)        $         -      $         -      $       694,034      $     80

 

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

 

      

74

 

 

 

 

      


 

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2022

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

     $ 20,074,424      $ 128,612,324      $ (112,760,696 )     $ -     $ -     $ 35,926,052      $ 4,841 *

Invesco Private Prime Fund

       46,840,322        269,495,327        (232,586,232 )       (4,818 )       (25,317 )       83,719,282        44,039 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 66,914,746      $ 409,177,340      $ (355,722,583 )     $ (4,818 )     $ (25,317 )     $ 120,339,368      $ 48,960
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

 Portfolio Composition

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

 as of February 28, 2022

              
  Financials        31.48                                    
  Real Estate        21.07     
  Industrials        13.77     
  Information Technology        10.66     
  Consumer Staples        7.33     
  Utilities        5.74     
  Materials        5.41     
  Sector Types Each Less Than 3%        4.40     

  Money Market Funds Plus Other Assets

  Less Liabilities

       0.14     

 

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

 

      

75

 

 

 

 

      


 

Invesco S&P SmallCap Quality ETF (XSHQ)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

       Shares          Value       

Common Stocks & Other Equity Interests-99.90%

 

Communication Services-0.87%

    

Shenandoah Telecommunications Co.

     9,199      $ 205,598  

Thryv Holdings, Inc.(b)

     1,274       38,729  
    

 

 

 
       244,327  
    

 

 

 

Consumer Discretionary-21.58%

    

Aaron’s Co., Inc. (The)

     4,808       100,920  

Abercrombie & Fitch Co., Class A(b)

     9,713       369,871  

Boot Barn Holdings, Inc.(b)

     3,920       341,118  

Buckle, Inc. (The)(c)

     3,218       115,848  

Cavco Industries, Inc.(b)

     957       260,907  

Ethan Allen Interiors, Inc.

     2,493       64,968  

Gentherm, Inc.(b)

     4,109       348,608  

Group 1 Automotive, Inc.

     2,417       439,725  

Haverty Furniture Cos., Inc., (Acquired 06/18/2021 - 02/14/2022;
Cost $68,515)(d)

     2,083       59,178  

Hibbett, Inc.(c)

     2,583       116,442  

iRobot Corp.(b)(c)

     3,623       225,206  

LGI Homes, Inc.(b)(c)

     2,398       302,460  

Liquidity Services, Inc.(b)

     3,817       65,767  

LL Flooring Holdings, Inc.(b)

     4,059       65,188  

Meritage Homes Corp.(b)

     4,754       468,649  

Movado Group, Inc.

     3,106       122,438  

ODP Corp. (The)(b)

     5,895       259,380  

Oxford Industries, Inc.

     1,867       165,024  

PetMed Express, Inc.(c)

     3,055       82,332  

Shoe Carnival, Inc.(c)

     1,537       44,819  

Shutterstock, Inc.

     2,918       264,166  

Signet Jewelers Ltd.

     10,958       772,539  

Steven Madden Ltd.

     10,028       427,794  

Sturm Ruger & Co., Inc.

     3,350       242,573  

Vista Outdoor, Inc.(b)

     9,051       329,909  
    

 

 

 
       6,055,829  
    

 

 

 

Consumer Staples-4.56%

    

John B. Sanfilippo & Son, Inc.

     1,297       103,137  

Medifast, Inc.

     3,351       623,286  

National Beverage Corp.(c)

     956       42,074  

Seneca Foods Corp., Class A(b)

     685       34,079  

USANA Health Sciences, Inc.(b)

     1,065       93,731  

WD-40 Co.(c)

     1,804       382,249  
    

 

 

 
       1,278,556  
    

 

 

 

Energy-0.25%

    

Oil States International, Inc.(b)

     7,805       40,820  

RPC, Inc.(b)(c)

     3,467       30,406  
    

 

 

 
       71,226  
    

 

 

 

Financials-42.48%

    

American Equity Investment Life Holding Co.

     11,304       426,048  

Ameris Bancorp

     10,666       527,967  

AMERISAFE, Inc.

     2,035       95,848  

ARMOUR Residential REIT, Inc.

     8,553       69,536  

BancFirst Corp.(c)

     1,342       104,850  

Banner Corp.

     4,659       287,041  

Berkshire Hills Bancorp, Inc.

     7,982       248,240  

Brightsphere Investment Group, Inc.

     7,447       177,760  

Central Pacific Financial Corp.

     2,745       80,127  

    

 

       Shares          Value       

Financials-(continued)

    

City Holding Co.

     1,818      $ 144,840  

Columbia Banking System, Inc.(c)

     9,661       353,882  

Community Bank System, Inc.

     7,925       578,049  

CVB Financial Corp.(c)

     18,399       433,848  

Dime Community Bancshares, Inc.(c)

     2,889       98,197  

Donnelley Financial Solutions, Inc.(b)

     3,028       97,199  

Eagle Bancorp, Inc.

     5,394       323,208  

FB Financial Corp.

     4,422       196,514  

First Bancorp/Southern Pines NC

     4,189       188,002  

First Commonwealth Financial Corp.

     9,903       159,933  

First Financial Bancorp

     9,710       238,672  

First Hawaiian, Inc.

     14,386       418,201  

Hanmi Financial Corp.

     3,274       85,517  

HCI Group, Inc.

     826       51,427  

Heritage Financial Corp.

     6,286       164,819  

HomeStreet, Inc.

     2,206       113,521  

Independent Bank Corp.

     7,119       612,305  

Independent Bank Group, Inc.

     3,846       296,719  

Investors Bancorp, Inc.

     19,840       332,122  

Lakeland Financial Corp.

     2,953       236,860  

National Bank Holdings Corp., Class A

     5,173       229,578  

NBT Bancorp, Inc.

     5,337       204,781  

New York Mortgage Trust, Inc.

     53,511       187,824  

Northwest Bancshares, Inc.

     13,364       188,165  

Park National Corp.

     1,228       164,626  

Piper Sandler Cos

     1,511       223,643  

Renasant Corp.

     6,182       225,705  

S&T Bancorp, Inc.

     3,782       117,582  

Seacoast Banking Corp. of Florida

     6,360       233,094  

ServisFirst Bancshares, Inc.(c)

     6,995       611,223  

Simmons First National Corp., Class A(c)

     15,569       444,028  

Tompkins Financial Corp.

     1,276       100,932  

Triumph Bancorp, Inc.(b)

     2,234       224,115  

TrustCo Bank Corp.

     3,143       107,396  

Trustmark Corp.

     9,826       309,421  

United Community Banks, Inc.

     11,631       449,654  

Universal Insurance Holdings, Inc.

     2,517       29,097  

Virtus Investment Partners, Inc.

     677       162,900  

Westamerica Bancorporation

     2,612       154,944  

WSFS Financial Corp.

     8,083       410,859  
    

 

 

 
       11,920,819  
    

 

 

 

Health Care-4.91%

    

Allscripts Healthcare Solutions, Inc.(b)

     25,775       501,581  

CorVel Corp.(b)

     866       137,746  

Cross Country Healthcare, Inc.(b)

     4,994       111,516  

MEDNAX, Inc.(b)

     12,521       293,868  

REGENXBIO, Inc.(b)(c)

     4,148       108,719  

Tivity Health, Inc.(b)

     8,213       224,051  
    

 

 

 
       1,377,481  
    

 

 

 

Industrials-19.49%

    

AAON, Inc.

     3,945       231,019  

Astec Industries, Inc.

     2,692       134,062  

Boise Cascade Co.

     6,080       486,035  

Encore Wire Corp.

     3,103       361,251  

Exponent, Inc.

     7,291       690,895  

Franklin Electric Co., Inc.

     3,953       334,266  

Healthcare Services Group, Inc

     11,849       187,451  

 

 

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

 

      

76

 

 

 

 

      


 

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2022

(Unaudited)

 

       Shares             Value       

Industrials-(continued)

     

Heidrick & Struggles International, Inc.

     3,976      $ 169,974  

Insteel Industries, Inc.

     2,538        94,185  

Kelly Services, Inc., Class A

     4,805        101,962  

Marten Transport Ltd.

     5,346        92,218  

Matson, Inc.

     6,822        755,673  

Mueller Industries, Inc.

     8,065        460,108  

MYR Group, Inc.(b)

     2,418        217,015  

NOW, Inc.(b)

     20,305        189,649  

Park Aerospace Corp.

     2,593        35,965  

SPX Corp.(b)

     6,391        324,024  

SPX FLOW, Inc.

     5,301        455,303  

TrueBlue, Inc.(b)

     5,448        148,186  
     

 

 

 
        5,469,241  
     

 

 

 

Information Technology-4.36%

     

3D Systems Corp.(b)(c)

     21,447        382,186  

Badger Meter, Inc.

     3,431        341,076  

EVERTEC, Inc.

     5,743        231,787  

NETGEAR, Inc.(b)

     3,943        104,923  

TTM Technologies, Inc.(b)

     13,052        164,064  
     

 

 

 
        1,224,036  
     

 

 

 

Materials-1.40%

     

Ferro Corp.(b)

     10,969        238,356  

FutureFuel Corp.

     2,002        14,735  

TimkenSteel Corp.(b)

     5,761        103,871  

Tredegar Corp.

     3,110        35,796  
     

 

 

 
        392,758  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $28,915,739)

 

     28,034,273  
     

 

 

 
       Shares             Value       

Money Market Funds-0.05%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)
(Cost $12,792)

     12,792      $ 12,792  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $28,928,531)

 

     28,047,065  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.73%

     

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

     1,155,915        1,155,915  

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

     2,696,865        2,697,135  
     

 

 

 

Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $3,853,126)

 

     3,853,050  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-113.68%
(Cost $32,781,657)

 

     31,900,115  

OTHER ASSETS LESS LIABILITIES-(13.68)%

 

     (3,838,328
     

 

 

 

NET ASSETS-100.00%

      $ 28,061,787  
     

 

 

 

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

(e) 

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

 

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

Invesco Government & Agency Portfolio, Institutional Class

     $     37,806      $     843,012      $       (868,026)     $     -      $     -      $     12,792      $     3

 

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

 

      

77

 

 

 

 

      


 

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2022

(Unaudited)

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund      $ 268,595        $ 5,105,342        $ (4,218,022)       $ -       $ -       $ 1,155,915        $ 121*  
Invesco Private Prime Fund        626,722        10,470,310        (8,399,132 )       (76 )       (689 )       2,697,135        981 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 933,123      $ 16,418,664      $ (13,485,180 )     $ (76 )     $ (689 )     $ 3,865,842      $ 1,105
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

(f) 

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

(g) 

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

 Portfolio Composition

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

 as of February 28, 2022

              
  Financials        42.48     
  Consumer Discretionary        21.58     
  Industrials        19.49     
  Health Care        4.91                                                     
  Consumer Staples        4.56     
  Information Technology        4.36     
  Sector Types Each Less Than 3%        2.52     

  Money Market Funds Plus Other Assets

  Less Liabilities

       0.10     

 

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

 

      

78

 

 

 

 

      


 

        

 

    

 

    

(This Page Intentionally Left Blank)

 

 

 

 

 

      

79

 

 

 

 

      


 

Statements of Assets and Liabilities

February 28, 2022

(Unaudited)

 

     Invesco ESG
S&P 500
Equal Weight
ETF (RSPE)
  Invesco Russell
1000 Enhanced
Equal Weight
ETF (USEQ)
  Invesco Russell
1000 Equal
Weight ETF
(EQAL)
   Invesco Russell
1000 Low Beta
Equal Weight
ETF (USLB)
  Invesco S&P
500 Enhanced
Value ETF
(SPVU)

Assets:

                     

Unaffiliated investments in securities, at value(a)

     $ 4,699,068     $ 3,658,936     $ 673,334,835      $ 10,063,135     $ 187,878,559

Affiliated investments in securities, at value

       84,174       139,829       85,374,183        441,941       695,120

Cash

       -       -       -        -       -

Receivable for:

                     

Dividends

       6,807       5,207       940,005        13,914       389,856

Securities lending

       -       38       11,622        118       67

Investments sold

       -       -       -        -       -

Fund shares sold

       -       -       -        -       -
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Total assets

       4,790,049       3,804,010       759,660,645        10,519,108       188,963,602
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Liabilities:

                     

Due to custodian

       -       9       274        -       58,144

Payable for:

                     

Investments purchased

       -       -       -        12,075       -

Investments purchased - affiliated broker

       -       -       -        -       -

Collateral upon return of securities loaned

       59,281       133,340       84,719,172        415,274       406,813

Fund shares repurchased

       -       -       -        -       -

Accrued unitary management fees

       736       774       102,034        2,714       18,539
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Total liabilities

       60,017       134,123       84,821,480        430,063       483,496
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Net Assets

     $ 4,730,032     $ 3,669,887     $ 674,839,165      $ 10,089,045     $ 188,480,106
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Net assets consist of:

                     

Shares of beneficial interest

     $ 5,000,025     $ 8,853,753     $ 650,777,314      $ 39,228,820     $ 189,480,249

Distributable earnings (loss)

       (269,993 )       (5,183,866 )       24,061,851        (29,139,775 )       (1,000,143 )
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Net Assets

     $ 4,730,032     $ 3,669,887     $ 674,839,165      $ 10,089,045     $ 188,480,106
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

       200,001       100,001       14,975,001        250,001       4,230,001

Net asset value

     $ 23.65     $ 36.70     $ 45.06      $ 40.36     $ 44.56
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Market price

     $ 23.65     $ 36.71     $ 45.05      $ 40.36     $ 44.50
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Unaffiliated investments in securities, at cost

     $ 4,964,662     $ 3,291,867     $ 614,763,393      $ 10,408,206     $ 181,857,208
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

Affiliated investments in securities, at cost

     $ 89,156     $ 139,415     $ 85,359,181      $ 443,182     $ 729,305
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

(a) Includes securities on loan with an aggregate value of:

     $ 56,966     $ 131,092     $ 83,938,170      $ 406,339     $ 401,502
    

 

 

     

 

 

     

 

 

      

 

 

     

 

 

 

 

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

 

      

80

 

 

 

 

      


 

        

    

    

 

  

 

Invesco S&P

500® ex-Rate

   Invesco S&P  

Invesco S&P

500® High

  Invesco S&P  

Invesco

S&P 500

   Invesco S&P    Invesco S&P   Invesco S&P
  Sensitive Low    500® High   Dividend Low   500® Low   Minimum    500    500 QVM   MidCap 400
  Volatility    Beta   Volatility   Volatility   Variance    Momentum    Multi-factor   QVM Multi-factor
 

    ETF (XRLV)    

   ETF (SPHB)   ETF (SPHD)   ETF (SPLV)   ETF (SPMV)    ETF (SPMO)    ETF (QVML)  

    ETF (QVMM)    

                                                     
    $ 54,177,431          $ 1,033,116,236     $ 3,159,701,634     $ 9,017,796,168     $ 24,152,303      $ 85,095,398      $ 782,498,133         $ 200,575,004    
      525,037            78,493,378       67,348,455       67,063,534       188,533        160,694        12,967,287           14,033,987    
      -            -       -       -       63        -        576           -    
                                                     
      100,809            949,810       12,585,673       18,126,862       23,688        61,251        1,092,190           149,607    
      21            5,909       4,682       4,633       14        7        855           1,556    
      -            6,870,222       10,418,356       71,894,081       -        -        -           -    
      -            -       4,524,134       80,087,567       -        -        -           -    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
      54,803,298            1,119,435,555       3,254,582,934       9,254,972,845       24,364,601        85,317,350        796,559,041           214,760,154    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
                                              
                                                     
                                                     
      61,484            2,233       11,044,674       4,537,492       -        -        -           32,523    
      -            -       4,526,870       88,536,134       -        -        -           -    
      -            -       -       2,028,842       -        -        -           -    
      525,037            67,825,500       67,350,237       67,065,443       187,233        -        12,712,346           14,034,586    
      -            6,877,419       10,411,617       72,149,563       -        -        -           -    
      10,580            213,372       737,005       1,766,217       1,872        8,699        67,011           22,909    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
      597,101            74,918,524       94,070,403       236,083,691       189,105        8,699        12,779,357           14,090,018    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 54,206,197          $ 1,044,517,031     $ 3,160,512,531     $ 9,018,889,154     $ 24,175,496      $ 85,308,651      $ 783,779,684         $ 200,670,136    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
                                              
                                                     
    $ 72,869,006          $ 1,088,969,526     $ 3,596,331,218     $ 10,452,163,611     $ 21,694,101      $ 84,526,854      $ 760,898,791         $ 203,282,120    
      (18,662,809 )            (44,452,495 )       (435,818,687 )       (1,433,274,457 )       2,481,395        781,797        22,880,893           (2,611,984 )    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 54,206,197          $ 1,044,517,031     $ 3,160,512,531     $ 9,018,889,154     $ 24,175,496      $ 85,308,651      $ 783,779,684         $ 200,670,136    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
      1,120,001            13,820,000       70,230,000       141,510,000       630,001        1,440,001        30,350,001           8,130,001    
    $ 48.40          $ 75.58     $ 45.00     $ 63.73     $ 38.37      $ 59.24      $ 25.82         $ 24.68    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 48.36          $ 75.53     $ 44.99     $ 63.72     $ 38.32      $ 59.20      $ 25.80         $ 24.70    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 49,655,534          $ 1,088,108,348     $ 3,067,323,253     $ 8,912,475,725     $ 22,235,067      $ 90,404,074      $ 761,688,275         $ 202,914,746    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 525,037          $ 80,125,780     $ 67,350,237     $ 67,065,443     $ 188,553      $ 192,009      $ 13,009,867         $ 14,034,586    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     
    $ 513,430          $ 64,320,515     $ 65,578,590     $ 64,736,741     $ 180,892      $ -      $ 12,314,305         $ 13,787,957    
   

 

 

     

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

      

81

 

 

 

 

      


 

Statements of Assets and Liabilities–(continued)

February 28, 2022

(Unaudited)

 

     Invesco S&P
MidCap  Low
Volatility
ETF (XMLV)
  Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS)
  Invesco S&P
SmallCap High

Dividend Low
Volatility ETF
(XSHD)
  Invesco S&P
SmallCap Low
Volatility
ETF (XSLV)
  Invesco S&P
SmallCap
Quality

ETF (XSHQ)

Assets:

                    

Unaffiliated investments in securities, at value(a)

     $ 1,213,629,021     $ 50,171,060     $ 17,804,484     $ 1,040,147,396     $ 28,034,273

Affiliated investments in securities, at value

       57,377,425       5,895,284       1,214,740       120,339,368       3,865,842

Cash

       -       -       -       7,627       -

Receivable for:

                    

Dividends

       1,297,738       26,484       22,392       897,430       20,667

Securities lending

       4,654       545       61       9,329       263

Investments sold

       8,090,718       -       -       -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total assets

       1,280,399,556       56,093,373       19,041,677       1,161,401,150       31,921,045
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Liabilities:

                    

Due to custodian

       398,625       -       8,588       -       -

Payable for:

                    

Collateral upon return of securities loaned

       57,380,763       5,858,951       1,214,740       119,650,151       3,853,126

Fund shares repurchased

       8,095,259       -       -       -       -

Accrued unitary management fees

       239,305       5,708       4,121       205,780       6,132
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total liabilities

       66,113,952       5,864,659       1,227,449       119,855,931       3,859,258
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 1,214,285,604     $ 50,228,714     $ 17,814,228     $ 1,041,545,219     $ 28,061,787
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net assets consist of:

                    

Shares of beneficial interest

     $ 1,712,324,819     $ 51,598,333     $ 24,967,520     $ 1,569,926,499     $ 27,566,161

Distributable earnings (loss)

       (498,039,215 )       (1,369,619 )       (7,153,292 )       (528,381,280 )       495,626
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Assets

     $ 1,214,285,604     $ 50,228,714     $ 17,814,228     $ 1,041,545,219     $ 28,061,787
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

       22,500,000       2,060,001       830,001       21,560,000       760,001

Net asset value

     $ 53.97     $ 24.38     $ 21.46     $ 48.31     $ 36.92
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price

     $ 53.97     $ 24.43     $ 21.49     $ 48.35     $ 36.96
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Unaffiliated investments in securities, at cost

     $ 1,145,981,060     $ 51,241,344     $ 18,359,741     $ 1,033,060,883     $ 28,915,739
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Affiliated investments in securities, at cost

     $ 57,380,763     $ 5,919,299     $ 1,214,740     $ 120,344,185     $ 3,865,918
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

(a) Includes securities on loan with an aggregate value of:

     $ 56,074,526     $ 5,733,869     $ 1,189,384     $ 116,608,583     $ 3,776,969
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

      

82

 

 

 

 

      


 

        

    

    

 

    

 

    

(This Page Intentionally Left Blank)

 

 

 

 

 

      

83

 

 

 

 

      


 

Statements of Operations

For the six months ended February 28, 2022

(Unaudited)

 

     Invesco ESG
S&P 500

Equal Weight
ETF (RSPE)(a)
    Invesco Russell
1000 Enhanced
Equal Weight
ETF (USEQ)
    Invesco Russell
1000 Equal
Weight ETF
(EQAL)
    Invesco Russell
1000 Low Beta
Equal Weight
ETF (USLB)
    Invesco S&P
500 Enhanced
Value ETF
(SPVU)
 

Investment income:

          

Unaffiliated dividend income

   $ 27,003     $ 27,072     $ 6,098,806     $ 87,324     $ 1,648,029  

Affiliated dividend income

     195       68       6,209       152       3,741  

Securities lending income

     -       69       70,005       508       270  

Foreign withholding tax

     (56     (8     (14,185     -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     27,142       27,201       6,160,835       87,984       1,652,040  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

          

Unitary management fees

     2,785       4,198       668,695       17,771       94,303  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     2,785       4,198       668,695       17,771       94,303  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     24,357       23,003       5,492,140       70,213       1,557,737  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

          

Net realized gain (loss) from:

          

Unaffiliated investment securities

     (9,358     49,548       (1,714,382     57,472       (663,222

Affiliated investment securities

     -       (13     (12,205     (62     (1,283

Unaffiliated in-kind redemptions

     -       -       44,098,772       -       2,633,558  

Affiliated in-kind redemptions

     -       -       19,908       -       387  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

     (9,358     49,535       42,392,093       57,410       1,969,440  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation) of:

          

Unaffiliated investment securities

     (265,594     (116,209     (62,315,674     (240,187     3,236,079  

Affiliated investment securities

     (4,982     (732     (98,436     (1,241     (43,455
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     (270,576     (116,941     (62,414,110     (241,428     3,192,624  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     (279,934     (67,406     (20,022,017     (184,018     5,162,064  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ (255,577   $ (44,403   $ (14,529,877   $ (113,805   $ 6,719,801  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(a) For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

 

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

 

      

84

 

 

 

 

      


 

        

    

    

 

    

 

Invesco S&P

500® ex-Rate

  Invesco S&P   

Invesco S&P

500® High

   Invesco S&P   

Invesco

S&P 500

   Invesco S&P    Invesco S&P   Invesco S&P
  Sensitive Low   500® High    Dividend Low    500® Low    Minimum    500    500 QVM   MidCap 400
  Volatility   Beta    Volatility    Volatility    Variance    Momentum    Multi-factor   QVM Multi-factor
 

    ETF (XRLV)    

  ETF (SPHB)    ETF (SPHD)    ETF (SPLV)    ETF (SPMV)    ETF (SPMO)    ETF (QVML)  

    ETF (QVMM)    

                                               
    $ 542,697     $ 6,784,941      $ 61,766,945      $ 98,133,629      $ 214,527      $ 414,709      $ 5,759,316     $ 1,584,187
      2       182,020        134        507        2        2,322        2,905       15
      111       39,038        27,826        27,939        79        34        2,683       4,643
      -       (13,626 )        -        -        -        -        (1,073 )       -
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      542,810       6,992,373        61,794,905        98,162,075        214,608        417,065        5,763,831       1,588,845
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
                                           
      65,185       1,731,885        4,529,763        10,578,071        12,878        62,506        439,292       153,474
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      65,185       1,731,885        4,529,763        10,578,071        12,878        62,506        439,292       153,474
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      477,625       5,260,488        57,265,142        87,584,004        201,730        354,559        5,324,539       1,435,371
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
                                    
                                               
                                    
      145,914       (45,743,672 )        (11,628,333 )        (176,810,746 )        (95,901 )        2,725,126        (1,749,115 )       (2,357,537 )
      (37 )       (495,650 )        (11,810 )        (11,171 )        (40 )        -        (6,579 )       (1,265 )
      1,178,351       174,417,422        170,666,551        415,332,673        734,292        8,701,389        2,104,238       1,729,947
      -       56,724        -        -        -        (2,153 )        -       -
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      1,324,228       128,234,824        159,026,408        238,510,756        638,351        11,424,362        348,544       (628,855 )
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
                                    
      (2,653,905 )       (130,725,826 )        (97,241,080 )        (370,855,423 )        (1,188,931 )        (18,329,668 )        (19,208,329 )       (6,475,983 )
      -       (2,334,775 )        (1,783 )        (1,910 )        (20 )        (31,315 )        (30,792 )       (599 )
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      (2,653,905 )       (133,060,601 )        (97,242,863 )        (370,857,333 )        (1,188,951 )        (18,360,983 )        (19,239,121 )       (6,476,582 )
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
      (1,329,677 )       (4,825,777 )        61,783,545        (132,346,577 )        (550,600 )        (6,936,621 )        (18,890,577 )       (7,105,437 )
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 
                                    
    $ (852,052 )     $ 434,711      $ 119,048,687      $ (44,762,573 )      $ (348,870 )      $ (6,582,062 )      $ (13,566,038 )     $ (5,670,066 )
   

 

 

     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

     

 

 

 

 

      

85

 

 

 

 

      


 

Statements of Operations–(continued)

For the six months ended February 28, 2022

(Unaudited)

 

     Invesco S&P
MidCap Low
Volatility
ETF (XMLV)
    Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS)
    Invesco S&P
SmallCap High
Dividend Low
Volatility ETF
(XSHD)
    Invesco S&P
SmallCap  Low
Volatility
ETF (XSLV)
    Invesco S&P
SmallCap
Quality
ETF (XSHQ)
 

Investment income:

          

Unaffiliated dividend income

   $ 13,956,444     $ 364,901     $ 507,663     $ 12,857,590     $ 392,126  

Affiliated dividend income

     62       2,782       1       80       3  

Securities lending income

     27,792       3,434       4,015       60,126       6,188  

Foreign withholding tax

     -       (411     -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     13,984,298       370,706       511,679       12,917,796       398,317  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

          

Unitary management fees

     1,678,055       38,187       29,444       1,445,354       53,765  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,678,055       38,187       29,444       1,445,354       53,765  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     12,306,243       332,519       482,235       11,472,442       344,552  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

          

Net realized gain (loss) from:

          

Unaffiliated investment securities

     326,394       (708,026     (262,432     (9,623,994     (772,403

Affiliated investment securities

     (11,038     (518     (131     (25,317     (689

Unaffiliated in-kind redemptions

     62,657,567       493,103       1,020,796       90,217,082       4,610,232  

Affiliated in-kind redemptions

     -       7       -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

     62,972,923       (215,434     758,233       80,567,771       3,837,140  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation) of:

          

Unaffiliated investment securities

     (96,691,709     (1,182,671     (2,089,968     (94,736,045     (4,157,568

Affiliated investment securities

     (3,339     (15,045     -       (4,818     (76
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     (96,695,048     (1,197,716     (2,089,968     (94,740,863     (4,157,644
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     (33,722,125     (1,413,150     (1,331,735     (14,173,092     (320,504
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ (21,415,882   $ (1,080,631   $ (849,500   $ (2,700,650   $ 24,048  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

      

86

 

 

 

 

      


 

        

    

    

 

    

 

    

(This Page Intentionally Left Blank)

 

 

 

 

 

      

87

 

 

 

 

      


 

Statements of Changes in Net Assets

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco ESG
S&P 500
Equal Weight

ETF (RSPE)
       Invesco Russell 1000 Enhanced Equal
Weight ETF (USEQ)
     Period Ended
February 28,
2022(a)
       Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                 

Net investment income

     $ 24,357          $ 23,003     $ 33,948

Net realized gain (loss)

       (9,358 )            49,535       379,534

Change in net unrealized appreciation (depreciation)

       (270,576 )            (116,941 )       419,969
    

 

 

          

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (255,577 )            (44,403 )       833,451
    

 

 

          

 

 

     

 

 

 

Distributions to Shareholders from:

                 

Distributable earnings

       (14,416 )            (14,438 )       (62,177 )
    

 

 

          

 

 

     

 

 

 

Shareholder Transactions:

                 

Proceeds from shares sold

       5,000,025            923,048       891,854

Value of shares repurchased

       -            -       (1,595,374 )
    

 

 

          

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       5,000,025            923,048       (703,520 )
    

 

 

          

 

 

     

 

 

 

Net increase (decrease) in net assets

       4,730,032            864,207       67,754
    

 

 

          

 

 

     

 

 

 

Net assets:

                 

Beginning of period

       -            2,805,680       2,737,926
    

 

 

          

 

 

     

 

 

 

End of period

     $ 4,730,032          $ 3,669,887     $ 2,805,680
    

 

 

          

 

 

     

 

 

 

Changes in Shares Outstanding:

                 

Shares sold

       200,001            25,000       25,000

Shares repurchased

       -            -       (50,000 )

Shares outstanding, beginning of period

       -            75,001       100,001
    

 

 

          

 

 

     

 

 

 

Shares outstanding, end of period

       200,001            100,001       75,001
    

 

 

          

 

 

     

 

 

 

(a) For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

 

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

 

      

88

 

 

 

 

      


 

 

Invesco Russell 1000 Equal
Weight ETF (EQAL)
  Invesco Russell 1000 Low Beta
Equal Weight ETF (USLB)
  Invesco S&P 500 Enhanced
Value ETF (SPVU)
  Invesco S&P  500® ex-Rate Sensitive
Low Volatility ETF (XRLV)
Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021
                             
  $ 5,492,140     $ 8,728,295     $ 70,213     $ 111,294     $ 1,557,737     $ 2,970,469     $ 477,625     $ 701,540
    42,392,093       78,689,946       57,410       3,260,872       1,969,440       22,802,858       1,324,228       11,465,116
    (62,414,110 )       102,940,640       (241,428 )       (934,476 )       3,192,624       16,336,911       (2,653,905 )       (322,266 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (14,529,877 )       190,358,881       (113,805 )       2,437,690       6,719,801       42,110,238       (852,052 )       11,844,390
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    (3,873,225 )       (9,830,643 )       (35,675 )       (183,366 )       (1,797,645 )       (2,498,604 )       (417,960 )       (693,963 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    135,579,461       268,809,895       -       26,107,168       75,829,087       210,946,971       11,116,669       34,246,456
    (115,978,202 )       (251,036,335 )       -       (28,018,770 )       (37,514,361 )       (174,356,931 )       (7,896,750 )       (62,142,975 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    19,601,259       17,773,560       -       (1,911,602 )       38,314,726       36,590,040       3,219,919       (27,896,519 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    1,198,157       198,301,798       (149,480 )       342,722       43,236,882       76,201,674       1,949,907       (16,746,092 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    673,641,008       475,339,210       10,238,525       9,895,803       145,243,224       69,041,550       52,256,290       69,002,382
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 674,839,165     $ 673,641,008     $ 10,089,045     $ 10,238,525     $ 188,480,106     $ 145,243,224     $ 54,206,197     $ 52,256,290
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    2,950,000       6,200,000       -       650,000       1,690,000       5,260,000       220,000       760,000
    (2,525,000 )       (5,850,000 )       -       (700,000 )       (880,000 )       (4,240,000 )       (160,000 )       (1,450,000 )
    14,550,001       14,200,001       250,001       300,001       3,420,001       2,400,001       1,060,001       1,750,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    14,975,001       14,550,001       250,001       250,001       4,230,001       3,420,001       1,120,001       1,060,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

      

89

 

 

 

 

      


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco S&P 500® High Beta
ETF (SPHB)
  Invesco S&P 500® High Dividend
Low Volatility ETF (SPHD)
     Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021

Operations:

                

Net investment income

     $ 5,260,488     $ 14,949,744     $ 57,265,142     $ 108,100,501

Net realized gain (loss)

       128,234,824       327,517,863       159,026,408       215,453,002

Change in net unrealized appreciation (depreciation)

       (133,060,601 )       83,850,423       (97,242,863 )       456,663,845
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       434,711       426,318,030       119,048,687       780,217,348
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (6,357,072 )       (12,725,571 )       (55,818,259 )       (112,794,689 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       1,052,409,244       3,346,191,795       1,011,671,886       1,371,320,962

Value of shares repurchased

       (1,681,311,205 )       (2,211,617,973 )       (948,866,045 )       (1,451,006,246 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       (628,901,961 )       1,134,573,822       62,805,841       (79,685,284 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       (634,824,322 )       1,548,166,281       126,036,269       587,737,375
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       1,679,341,353       131,175,072       3,034,476,262       2,446,738,887
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 1,044,517,031     $ 1,679,341,353     $ 3,160,512,531     $ 3,034,476,262
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       13,510,000       53,150,000       22,600,000       33,000,000

Shares repurchased

       (22,160,000 )       (33,680,000 )       (20,960,000 )       (36,160,000 )

Shares outstanding, beginning of period

       22,470,000       3,000,000       68,590,000       71,750,000
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       13,820,000       22,470,000       70,230,000       68,590,000
    

 

 

     

 

 

     

 

 

     

 

 

 

(b) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

 

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

 

      

90

 

 

 

 

      


 

 

Invesco S&P 500® Low Volatility
ETF (SPLV)
  Invesco S&P 500 Minimum
Variance ETF (SPMV)
  Invesco S&P 500 Momentum
ETF (SPMO)
  Invesco S&P 500 QVM
Multi-factor ETF (QVML)
Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Period Ended
August 31,
2021(b)
                                      
  $ 87,584,004     $ 129,630,140     $ 201,730     $ 237,738     $ 354,559     $ 534,801     $ 5,324,539     $ 1,729,257
    238,510,756       1,621,826,884       638,351       1,001,342       11,424,362       17,883,277       348,544       (45,123 )
    (370,857,333 )       (365,561,446 )       (1,188,951 )       2,752,250       (18,360,983 )       (2,464,717 )       (19,239,121 )       40,006,399
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (44,762,573 )       1,385,895,578       (348,870 )       3,991,330       (6,582,062 )       15,953,361       (13,566,038 )       41,690,533
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    (78,892,532 )       (134,891,402 )       (191,892 )       (186,067 )       (306,438 )       (623,950 )       (5,243,602 )       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    4,929,272,791       9,009,311,788       4,682,067       23,062,609       93,754,279       125,975,874       32,277,414       751,164,307
    (4,004,205,780 )       (11,276,805,649 )       (4,242,751 )       (7,438,064 )       (89,722,791 )       (127,011,676 )       (22,542,930 )       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    925,067,011       (2,267,493,861 )       439,316       15,624,545       4,031,488       (1,035,802 )       9,734,484       751,164,307
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    801,411,906       (1,016,489,685 )       (101,446 )       19,429,808       (2,857,012 )       14,293,609       (9,075,156 )       792,854,840
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    8,217,477,248       9,233,966,933       24,276,942       4,847,134       88,165,663       73,872,054       792,854,840       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 9,018,889,154     $ 8,217,477,248     $ 24,175,496     $ 24,276,942     $ 85,308,651     $ 88,165,663     $ 783,779,684     $ 792,854,840
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    75,800,000       152,410,000       120,000       680,000       1,480,000       2,430,000       1,200,000       30,000,001
    (62,540,000 )       (193,010,000 )       (110,000 )       (210,000 )       (1,430,000 )       (2,490,000 )       (850,000 )       -
    128,250,000       168,850,000       620,001       150,001       1,390,001       1,450,001       30,000,001       -
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    141,510,000       128,250,000       630,001       620,001       1,440,001       1,390,001       30,350,001       30,000,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

      

91

 

 

 

 

      


 

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2022 and the year ended August 31, 2021

(Unaudited)

 

     Invesco S&P MidCap 400
QVM Multi-factor ETF (QVMM)
  Invesco S&P MidCap Low Volatility
ETF (XMLV)
     Six Months Ended
February 28,

2022
  Period Ended
August 31,
2021(b)
  Six Months Ended
February 28,

2022
  Year Ended
August 31,

2021

Operations:

                

Net investment income

     $ 1,435,371     $ 328,704     $ 12,306,243     $ 21,177,246

Net realized gain (loss)

       (628,855 )       31,858       62,972,923       324,176,601

Change in net unrealized appreciation (depreciation)

       (6,476,582 )       4,136,241       (96,695,048 )       70,060,832
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

       (5,670,066 )       4,496,803       (21,415,882 )       415,414,679
    

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

                

Distributable earnings

       (1,271,790 )       -       (9,135,399 )       (20,787,187 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

                

Proceeds from shares sold

       13,408,018       204,346,633       163,180,765       727,702,057

Value of shares repurchased

       (12,345,457 )       (2,294,005 )       (371,885,954 )       (1,711,489,682 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

       1,062,561       202,052,628       (208,705,189 )       (983,787,625 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

       (5,879,295 )       206,549,431       (239,256,470 )       (589,160,133 )
    

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

                

Beginning of period

       206,549,431       -       1,453,542,074       2,042,702,207
    

 

 

     

 

 

     

 

 

     

 

 

 

End of period

     $ 200,670,136     $ 206,549,431     $ 1,214,285,604     $ 1,453,542,074
    

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

                

Shares sold

       530,000       8,180,001       2,880,000       14,120,000

Shares repurchased

       (490,000 )       (90,000 )       (6,670,000 )       (34,630,000 )

Shares outstanding, beginning of period

       8,090,001       -       26,290,000       46,800,000
    

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of period

       8,130,001       8,090,001       22,500,000       26,290,000
    

 

 

     

 

 

     

 

 

     

 

 

 

(b) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

 

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

 

      

92

 

 

 

 

      


 

 

Invesco S&P SmallCap 600
QVM Multi-factor ETF  (QVMS)
  Invesco S&P SmallCap High Dividend
Low Volatility ETF (XSHD)
  Invesco S&P SmallCap Low Volatility
ETF (XSLV)
  Invesco S&P SmallCap Quality
ETF (XSHQ)
Six Months Ended
February 28,

2022
  Period Ended
August 31,
2021(b)
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
  Six Months Ended
February 28,

2022
  Year Ended
August 31,
2021
                                      
  $ 332,519     $ 125,928     $ 482,235     $ 923,364     $ 11,472,442     $ 21,417,913     $ 344,552     $ 311,105
    (215,434 )       (152,686 )       758,233       5,097,525       80,567,771       390,048,168       3,837,140       3,740,061
    (1,197,716 )       103,417       (2,089,968 )       2,148,436       (94,740,863 )       79,784,995       (4,157,644 )       3,185,084
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (1,080,631 )       76,659       (849,500 )       8,169,325       (2,700,650 )       491,251,076       24,048       7,236,250
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    (340,415 )       -       (436,286 )       (856,557 )       (6,255,237 )       (24,160,014 )       (339,286 )       (225,371 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    3,528,402       52,260,561       4,090,084       13,912,970       325,018,341       609,822,649       24,082,172       53,924,296
    (2,984,818 )       (1,231,044 )       (6,679,817 )       (20,362,966 )       (429,703,278 )       (1,535,832,801 )       (35,735,443 )       (24,947,928 )
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    543,584       51,029,517       (2,589,733 )       (6,449,996 )       (104,684,937 )       (926,010,152 )       (11,653,271 )       28,976,368
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    (877,462 )       51,106,176       (3,875,519 )       862,772       (113,640,824 )       (458,919,090 )       (11,968,509 )       35,987,247
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    51,106,176       -       21,689,747       20,826,975       1,155,186,043       1,614,105,133       40,030,296       4,043,049
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
  $ 50,228,714     $ 51,106,176     $ 17,814,228     $ 21,689,747     $ 1,041,545,219     $ 1,155,186,043     $ 28,061,787     $ 40,030,296
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                                      
    140,000       2,090,001       190,000       640,000       6,540,000       14,000,000       620,000       1,630,000
    (120,000 )       (50,000 )       (300,000 )       (950,000 )       (8,680,000 )       (36,100,000 )       (930,000 )       (710,000 )
    2,040,001       -       940,001       1,250,001       23,700,000       45,800,000       1,070,001       150,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
    2,060,001       2,040,001       830,001       940,001       21,560,000       23,700,000       760,001       1,070,001
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

      

93

 

 

 

 

      


 

Financial Highlights

 

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

 

     For the Period
November 15, 2021 (a)
Through
February 28,
2022
(Unaudited)
Per Share Operating Performance:     

Net asset value at beginning of period

     $ 25.00
    

 

 

 

Net investment income(b)

       0.12

Net realized and unrealized gain (loss) on investments

       (1.40 )
    

 

 

 

Total from investment operations

       (1.28 )
    

 

 

 

Distributions to shareholders from:

    

Net investment income

       (0.07 )
    

 

 

 

Net asset value at end of period

     $ 23.65
    

 

 

 

Market price at end of period(c)

     $ 23.65
    

 

 

 
Net Asset Value Total Return(d)        (5.12 )%(e)
Market Price Total Return(d)        (5.12 )%(e)
Ratios/Supplemental Data:     

Net assets at end of period (000’s omitted)

     $ 4,730

Ratio to average net assets of:

    

Expenses

       0.20 %(f)

Net investment income

       1.75 %(f)

Portfolio turnover rate(g)

       5 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to February 28, 2022 was (4.77)%. The market price total return from Fund Inception to February 28, 2022 was (4.77)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

94

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

 

     Six Months Ended
February 28,
2022
(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August 31,
2018
     For the Period
July 11,  2017(a)
Through
October 31,
2017
 
     2021     2020     2019  
Per Share Operating Performance:                              

Net asset value at beginning of period

               $ 37.41        $ 27.38     $ 27.73     $ 28.81                 $ 26.39                    $ 24.98    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Net investment income(b)

        0.29          0.46       0.53       0.45          0.39             0.11    

Net realized and unrealized gain (loss) on investments

        (0.81        10.36       (0.15     (0.91        2.34             1.35    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Total from investment operations

        (0.52        10.82       0.38       (0.46        2.73             1.46    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Distributions to shareholders from:

                             

Net investment income

        (0.19        (0.79     (0.73     (0.62        (0.31           (0.05  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Net asset value at end of period

      $ 36.70        $ 37.41     $ 27.38     $ 27.73        $ 28.81           $ 26.39    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Market price at end of period(c)

      $ 36.71        $ 37.41     $ 27.40     $ 27.71        $ 28.83           $ 26.43    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   
Net Asset Value Total Return(d)         (1.37 )%         40.16     1.72     (1.34 )%         10.38           5.84 %(e)   
Market Price Total Return(d)         (1.35 )%         40.06     1.88     (1.49 )%         10.29           6.00 %(e)   
Ratios/Supplemental Data:                              

Net assets at end of period (000’s omitted)

      $ 3,670        $ 2,806     $ 2,738     $ 18,023        $ 145,500           $ 67,301    

Ratio to average net assets of:

                             

Expenses

        0.29 %(f)         0.29     0.29     0.30 %(g)         0.29 %(f)             0.29 %(f)   

Net investment income

        1.59 %(f)         1.43     1.85     1.63 %(g)         1.69 %(f)             1.35 %(f)   

Portfolio turnover rate(h)

        18        54     28     23        34           2  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

95

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco Russell 1000 Equal Weight ETF (EQAL)

 

     Six Months Ended
February  28,
2022

(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August 31,

2018
    

 

Years Ended October 31,

 
     2021     2020     2019      2017     2016  
Per Share Operating Performance:                                             

Net asset value at beginning of period

      $ 46.30        $ 33.47     $ 31.51     $ 33.30        $ 29.90        $ 25.38     $ 24.44  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net investment income(a)

        0.38          0.61       0.61       0.53          0.41          0.42       0.41  

Net realized and unrealized gain (loss) on investments

        (1.36        12.90       2.01       (1.84        3.31          4.50       0.95  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Total from investment operations

        (0.98        13.51       2.62       (1.31        3.72          4.92       1.36  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Distributions to shareholders from:

                          

Net investment income

        (0.26        (0.68     (0.66     (0.48        (0.32        (0.40     (0.42
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net asset value at end of period

      $ 45.06        $ 46.30     $ 33.47     $ 31.51        $ 33.30        $ 29.90     $ 25.38  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Market price at end of period(b)

      $ 45.05        $ 46.28     $ 33.52     $ 31.51        $ 33.31        $ 29.91     $ 25.41  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 
Net Asset Value Total Return(c)         (2.10 )%         40.74     8.71     (3.88 )%         12.50        19.48     5.67
Market Price Total Return(c)         (2.08 )%         40.46     8.87     (3.91 )%         12.49        19.38     5.62
Ratios/Supplemental Data:                           

Net assets at end of period (000’s omitted)

      $ 674,839        $ 673,641     $ 475,339     $ 560,932        $ 474,554        $ 315,495     $ 115,484  

Ratio to average net assets of:

                          

Expenses

        0.20 %(d)          0.20     0.20     0.20        0.20 %(d)          0.20     0.20

Net investment income

        1.64 %(d)          1.49     1.95     1.67        1.57 %(d)          1.48     1.70

Portfolio turnover rate(e)

        10        40     29     27        19        29     31

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

96

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

 

     Six Months Ended
February  28,
2022

(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August  31,
2018
     Year Ended October 31,
2017
     For the Period
November 2,  2015(a)
Through
October 31,

2016
 
     2021     2020     2019  
Per Share Operating Performance:                                                                          

Net asset value at beginning of period

      $ 40.95        $ 32.99     $ 33.19     $ 33.29        $ 29.81           $ 25.93           $ 25.31    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Net investment income(b)

        0.28          0.41       0.59       0.58          0.42             0.45             0.42    

Net realized and unrealized gain (loss) on investments

        (0.73        8.22       0.01       (0.07        3.44             3.83             0.53    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Total from investment operations

        (0.45        8.63       0.60       0.51          3.86             4.28             0.95    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Distributions to shareholders from:

                                     

Net investment income

        (0.14        (0.67     (0.80     (0.61        (0.38           (0.40           (0.33  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Net asset value at end of period

      $ 40.36        $ 40.95     $ 32.99     $ 33.19        $ 33.29           $ 29.81           $ 25.93    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Market price at end of period(c)

      $ 40.36        $ 40.96     $ 33.06     $ 33.19        $ 33.29           $ 29.81           $ 25.95    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

         

 

 

   

Net Asset Value Total Return(d)

        (1.09 )%         26.61     2.08     1.69        13.04           16.60           3.78 %(e)    

Market Price Total Return(d)

        (1.12 )%         26.38     2.30     1.69        13.04           16.51           3.86 %(e)    

Ratios/Supplemental Data:

                                     

Net assets at end of period (000’s omitted) .

      $ 10,089        $ 10,239     $ 9,896     $ 111,185        $ 164,778           $ 153,515           $ 138,704    

Ratio to average net assets of: Expenses

        0.35 %(f)         0.35     0.35     0.36 %(g)          0.35 %(f)             0.35           0.35 %(f)    

Net investment income

        1.38 %(f)         1.12     1.76     1.82 %(g)          1.63 %(f)             1.60           1.66 %(f)    

Portfolio turnover rate(h) .

        43        42     33     53        91           40           118  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the Exchange) to October 31, 2016 was 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

97

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco S&P 500 Enhanced Value ETF (SPVU)

 

     Six Months Ended
February  28,
2022

(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August  31,
2018
    

 

Years Ended October 31,

 
     2021     2020     2019      2017     2016  
Per Share Operating Performance:                                             

Net asset value at beginning of period

      $ 42.47        $ 28.77     $ 33.42     $ 35.99        $ 33.08        $ 26.44     $ 25.78  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net investment income(a)

        0.47          0.96       0.99       0.93          0.68          0.57       0.63  

Net realized and unrealized gain (loss) on investments

        2.20          13.63       (4.69     (2.67        3.12          6.44       0.38  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Total from investment operations

        2.67          14.59       (3.70     (1.74        3.80          7.01       1.01  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Distributions to shareholders from:

                          

Net investment income

        (0.58        (0.89     (0.95     (0.83        (0.89        (0.37     (0.35
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net asset value at end of period

      $ 44.56        $ 42.47     $ 28.77     $ 33.42        $ 35.99        $ 33.08     $ 26.44  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Market price at end of period(b)

      $ 44.50        $ 42.44     $ 28.82     $ 33.45        $ 36.01        $ 33.10     $ 26.45  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 
Net Asset Value Total Return(c)         6.38        51.49     (11.04 )%      (4.79 )%         11.61        26.58     4.03
Market Price Total Return(c)         6.31        51.13     (10.97 )%      (4.76 )%         11.60        26.61     3.86
Ratios/Supplemental Data:                           

Net assets at end of period (000’s omitted)

      $ 188,480        $ 145,243     $ 69,042     $ 60,160        $ 26,996        $ 51,275     $ 1,322  

Ratio to average net assets of:

                          

Expenses

        0.13 %(d)          0.13     0.13     0.15 %(e)         0.16 %(d)         0.25     0.25

Net investment income

        2.15 %(d)          2.53     3.14     2.72 %(e)         2.35 %(d)         1.81     2.53

Portfolio turnover rate(f)

        12        36     39     54        34        36     42

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

98

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

 

     Six Months Ended
February  28,
2022
(Unaudited)
    

 

Years Ended August 31,

    `Ten Months Ended
August 31,

2018
    

 

Years Ended October 31,

 
     2021     2020     2019      2017     2016  
Per Share Operating Performance:                           

Net asset value at beginning of period

      $ 49.30        $ 39.43     $ 38.76     $ 36.10        $ 32.38        $ 26.74     $ 25.36  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net investment income(a)

                 0.45          0.57       0.72       0.63                   0.43          0.51       0.44  

Net realized and unrealized gain (loss) on investments

        (0.96        9.88       0.71       2.68          3.73          5.62       1.39  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Total from investment operations

        (0.51        10.45       1.43       3.31          4.16          6.13       1.83  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Distributions to shareholders from:

                          

Net investment income

        (0.39        (0.58     (0.76     (0.65        (0.44        (0.49     (0.45
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net asset value at end of period

      $ 48.40        $ 49.30     $ 39.43     $ 38.76        $ 36.10        $ 32.38     $ 26.74  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Market price at end of period(b)

      $ 48.36        $ 49.27     $ 39.49     $ 38.77        $ 36.11        $ 32.38     $ 26.75  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 
Net Asset Value Total Return(c)         (1.05 )%         26.73     3.86     9.35        12.92        23.11     7.29
Market Price Total Return(c)         (1.07 )%         26.46     3.99     9.35        12.96        23.06     7.08
Ratios/Supplemental Data:                           

Net assets at end of period (000’s omitted)

      $ 54,206        $ 52,256     $ 69,002     $ 166,657        $ 146,189        $ 131,153     $ 164,423  

Ratio to average net assets of:

                          

Expenses

        0.25 %(d)         0.25     0.25     0.26 %(e)          0.25 %(d)          0.25     0.25

Net investment income

        1.83 %(d)         1.33     1.87     1.74 %(e)          1.52 %(d)          1.75     1.65

Portfolio turnover rate(f)

        31        64     84     62        68        61     52

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

99

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco S&P 500® High Beta ETF (SPHB)

 

     Six Months Ended
February  28,
2022

(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August 31,

2018
    

 

Years Ended October 31,

 
     2021     2020     2019      2017     2016  
Per Share Operating Performance:                           

Net asset value at beginning of period

      $ 74.74        $ 43.73     $ 40.44     $ 45.25        $ 40.12        $ 32.29     $ 31.38  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net investment income(a)

        0.29          0.89       0.99 (b)       0.44          0.51          0.44       0.39  

Net realized and unrealized gain (loss) on investments

                 0.90 (c)          30.93       3.25       (4.67                 5.15          8.01       0.84  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Total from investment operations

        1.19          31.82       4.24       (4.23        5.66          8.45       1.23  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Distributions to shareholders from:

                          

Net investment income

        (0.35        (0.81     (0.95     (0.58        (0.53        (0.62     (0.32
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net asset value at end of period

      $ 75.58        $ 74.74     $ 43.73     $ 40.44        $ 45.25        $ 40.12     $ 32.29  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Market price at end of period(d)

      $ 75.53        $ 74.75     $ 43.83     $ 40.46        $ 45.28        $ 40.12     $ 32.32  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 
Net Asset Value Total Return(e)         1.62        73.38     11.38     (9.32 )%         14.14        26.32     4.02
Market Price Total Return(e)         1.53        73.01     11.59     (9.33 )%         14.22        26.20     3.98
Ratios/Supplemental Data:                           

Net assets at end of period (000’s omitted)

      $ 1,044,517        $ 1,679,341     $ 131,175     $ 90,993        $ 171,934        $ 359,072     $ 489,204  

Ratio to average net assets of:

                          

Expenses

        0.25 %(f)          0.25     0.25     0.25        0.25 %(f)          0.25     0.25

Net investment income

        0.76 %(f)          1.30     2.39 %(b)       1.07        1.42 %(f)          1.18     1.28

Portfolio turnover rate(g)

        39        103     113     69        76        80     55

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.79 and 1.91%, respectively.

(c) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

100

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

 

     Six Months Ended
February 28, 2022

(Unaudited)
   Years Ended August 31,   Ten Months Ended
August 31,

2018
   Years Ended October 31,
     2021   2020   2019    2017   2016
Per Share Operating Performance:                                                        

Net asset value at beginning of period

          $ 44.24          $ 34.10     $ 40.52     $ 41.68                 $ 41.24          $ 37.69     $ 33.22
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net investment income(a)

            0.83            1.57       1.53       1.64            1.35            1.33       1.29

Net realized and unrealized gain (loss) on investments

            0.74            10.21       (6.10 )       (1.06 )            0.45            3.68       4.51
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Total from investment operations

            1.57            11.78       (4.57 )       0.58            1.80            5.01       5.80
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Distributions to shareholders from:

                                                

Net investment income

            (0.81 )            (1.64 )       (1.85 )       (1.74 )            (1.36 )            (1.46 )       (1.33 )
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net asset value at end of period

          $ 45.00          $ 44.24     $ 34.10     $ 40.52          $ 41.68          $ 41.24     $ 37.69
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Market price at end of period(b)

          $ 44.99          $ 44.23     $ 34.16     $ 40.55          $ 41.68          $ 41.25     $ 37.72
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net Asset Value Total Return(c)

            3.61 %            35.25 %       (11.46 )%       1.42 %            4.48 %            13.48 %       17.75 %

Market Price Total Return(c)

            3.61 %            34.98 %       (11.37 )%       1.49 %            4.45 %            13.42 %       17.66 %

Ratios/Supplemental Data:

                                                

Net assets at end of period (000’s omitted)

          $ 3,160,513          $ 3,034,476     $ 2,446,739     $ 3,304,185          $ 2,656,868          $ 2,973,601     $ 2,623,431

Ratio to average net assets of:

                                                

Expenses

            0.30 %(d)            0.30 %       0.30 %       0.30 %            0.30 %(d)            0.30 %       0.30 %

Net investment income

            3.79 %(d)            3.90 %       4.02 %       3.97 %            3.95 %(d)            3.31 %       3.48 %

Portfolio turnover rate(e)

            29 %            45 %       76 %       43 %            46 %            56 %       50 %

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

101

 

 

 

 

      


 

Financial Highlights–(continued)

 

Invesco S&P 500® Low Volatility ETF (SPLV)

 

     Six Months Ended
February  28,
2022

(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August 31,

2018
    

 

Years Ended October 31,

 
     2021     2020     2019      2017     2016  
Per Share Operating Performance:                                  

Net asset value at beginning of period

      $ 64.07        $ 54.69     $ 56.75     $ 49.77               $ 46.56        $ 40.47     $ 38.34  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net investment income(a)

        0.66          0.91       1.27       1.16          0.81          0.95       0.81  

Net realized and unrealized gain (loss) on investments

        (0.41        9.42       (2.01     6.96          3.23          6.09       2.16  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Total from investment operations.

        0.25          10.33       (0.74     8.12          4.04          7.04       2.97  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Distributions to shareholders from:

                          

Net investment income

        (0.59        (0.95     (1.32     (1.14        (0.83        (0.95     (0.84
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net asset value at end of period

      $ 63.73        $ 64.07     $ 54.69     $ 56.75        $ 49.77        $ 46.56     $ 40.47  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Market price at end of period(b)

      $ 63.72        $ 64.05     $ 54.77     $ 56.77        $ 49.78        $ 46.57     $ 40.50  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

      

 

 

   

 

 

 

Net Asset Value Total Return(c)

        0.39        19.09     (1.19 )%      16.57        8.77        17.57     7.80
Market Price Total Return(c)         0.40        18.87     (1.08 )%      16.59        8.76        17.51     7.72
Ratios/Supplemental Data:                           

Net assets at end of period (000’s omitted)

      $ 9,018,889        $ 8,217,477     $ 9,233,967     $ 12,348,879        $ 7,381,362        $ 7,140,364     $ 6,451,015  

Ratio to average net assets of:

                          

Expenses

        0.25 %(d)          0.25     0.25     0.25        0.25 %(d)          0.25     0.25

Net investment income

        2.07 %(d)          1.58     2.33     2.24        2.06 %(d)          2.18     2.02

Portfolio turnover rate(e)

        38        64     86     51        68        49     53

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

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Financial Highlights–(continued)

 

Invesco S&P 500 Minimum Variance ETF (SPMV)

 

     Six Months Ended
February  28,
2022
(Unaudited)
    

 

Years Ended August 31,

    Ten Months Ended
August 31,

2018
     For the Period
July 11,  2017(a)
Through
October 31,

2017
 
     2021     2020     2019  
Per Share Operating Performance:                              

Net asset value at beginning of period

               $ 39.16        $ 32.31     $ 30.22     $ 29.19                 $ 26.29                    $ 24.92    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Net investment income(b)

        0.31          0.60       0.63       0.46          0.47             0.15    

Net realized and unrealized gain (loss) on investments

        (0.81        6.70       2.57       1.65          3.04             1.30    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Total from investment operations

        (0.50        7.30       3.20       2.11          3.51             1.45    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Distributions to shareholders from:

                             

Net investment income

        (0.29        (0.45     (0.58     (0.55        (0.61           (0.08  

Net realized gains

        -          -       (0.53     (0.53        -             -    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Total distributions

        (0.29        (0.45     (1.11     (1.08        (0.61           (0.08  
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Net asset value at end of period

      $ 38.37        $ 39.16     $ 32.31     $ 30.22        $ 29.19           $ 26.29    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   

Market price at end of period(c)

      $ 38.32        $ 39.22     $ 32.39     $ 30.24        $ 29.19           $ 26.30    
     

 

 

      

 

 

   

 

 

   

 

 

      

 

 

         

 

 

   
Net Asset Value Total Return(d)         (1.29 )%         22.82     11.02     7.86        13.50           5.81 %(e)   
Market Price Total Return(d)         (1.57 )%         22.71     11.22     7.94        13.45           5.85 %(e)   
Ratios/Supplemental Data:                              

Net assets at end of period (000’s omitted)

      $ 24,175        $ 24,277     $ 4,847     $ 1,511        $ 1,460           $ 2,629    

Ratio to average net assets of:

                             

Expenses

        0.10 %(f)         0.10     0.10     0.58 %(g)         0.13 %(f)            0.13 %(f)   

Net investment income

        1.57 %(f)         1.67     2.11     1.62 %(g)         2.08 %(f)            1.97 %(f)   

Portfolio turnover rate(h)

        9        22     20     34        30           14  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.48%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

103

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P 500 Momentum ETF (SPMO)

 

     Six Months Ended
February  28,
2022
(Unaudited)
  

 

Years Ended August 31,

  Ten Months Ended
August 31,

2018
  

 

Years Ended October 31,

     2021   2020   2019    2017   2016
Per Share Operating Performance:                                                        

Net asset value at beginning of period

          $ 63.43          $ 50.95     $ 40.57     $ 40.07                 $ 33.26          $ 26.56     $ 26.06
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net investment income(a)

            0.23            0.38       0.62       0.51            0.34            0.46       0.41

Net realized and unrealized gain (loss) on investments

            (4.22 )            12.58       10.42       0.46            6.67            6.72       0.44
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Total from investment operations

            (3.99 )            12.96       11.04       0.97            7.01            7.18       0.85
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Distributions to shareholders from:

                                                

Net investment income

            (0.20 )            (0.48 )       (0.66 )       (0.47 )            (0.20 )            (0.48 )       (0.35 )
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net asset value at end of period

          $ 59.24          $ 63.43     $ 50.95     $ 40.57          $ 40.07          $ 33.26     $ 26.56
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Market price at end of period(b)

          $ 59.20          $ 63.41     $ 51.10     $ 40.59          $ 40.08          $ 33.23     $ 26.58
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 
Net Asset Value Total Return(c)             (6.31 )%            25.65 %       27.77 %       2.52 %            21.12 %            27.35 %       3.28 %
Market Price Total Return(c)             (6.35 )%            25.24 %       28.08 %       2.55 %            21.26 %            27.14 %       3.12 %
Ratios/Supplemental Data:                                                 

Net assets at end of period (000’s omitted)

          $ 85,309          $ 88,166     $ 73,872     $ 75,053          $ 50,082          $ 1,663     $ 1,328

Ratio to average net assets of:

                                                

Expenses

            0.13 %(d)            0.13 %       0.13 %       0.14 %(e)            0.13 %(d)            0.25 %       0.25 %

Net investment income

            0.74 %(d)            0.70 %       1.48 %       1.32 %(e)            1.10 %(d)            1.61 %       1.60 %

Portfolio turnover rate(f)

            70 %            70 %       90 %       83 %            41 %            140 %       105 %

 

(a)

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d)

Annualized.

(e)

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(f)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

104

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)

 

     Six Months Ended
February 28,

2022
(Unaudited)
 

    

   For the Period
June 28,  2021(a)
Through

August 31,
2021
 
 
Per Share Operating Performance:              

Net asset value at beginning of period

     $ 26.43          $ 25.00
    

 

 

          

 

 

 

Net investment income(b)

       0.18            0.06

Net realized and unrealized gain (loss) on investments

       (0.62 )            1.37
    

 

 

          

 

 

 

Total from investment operations

       (0.44 )            1.43
    

 

 

          

 

 

 

Distributions to shareholders from:

             

Net investment income

       (0.17 )            -
    

 

 

          

 

 

 

Net asset value at end of period

     $ 25.82          $ 26.43
    

 

 

          

 

 

 

Market price at end of period(c)

     $ 25.80          $ 26.44
    

 

 

          

 

 

 
Net Asset Value Total Return(d)        (1.66 )%            5.72 %(e)
Market Price Total Return(d)        (1.77 )%            5.76 %(e)
Ratios/Supplemental Data:              

Net assets at end of period (000’s omitted)

     $ 783,780          $ 792,855

Ratio to average net assets of:

             

Expenses

       0.11 %(f)            0.11 %(f)

Net investment income

       1.33 %(f)            1.34 %(f)

Portfolio turnover rate(g)

       9 %            1 %

 

(a)

Commencement of investment operations.

(b)

Based on average shares outstanding.

(c)

The mean between the last bid and ask prices.

(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

(f)

Annualized.

(g)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

105

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

 

     Six Months Ended
February 28,

2022
(Unaudited)
  For the Period
June 28,  2021(a)
Through

August 31,
2021
 
 
Per Share Operating Performance:         

Net asset value at beginning of period

     $ 25.53     $ 25.00
    

 

 

     

 

 

 

Net investment income(b)

       0.18       0.04

Net realized and unrealized gain (loss) on investments

       (0.87 )       0.49
    

 

 

     

 

 

 

Total from investment operations

       (0.69 )       0.53
    

 

 

     

 

 

 

Distributions to shareholders from:

        

Net investment income

       (0.16 )       -
    

 

 

     

 

 

 

Net asset value at end of period

     $ 24.68     $ 25.53
    

 

 

     

 

 

 

Market price at end of period(c)

     $ 24.70     $ 25.53
    

 

 

     

 

 

 
Net Asset Value Total Return(d)        (2.71 )%       2.12 %(e)
Market Price Total Return(d)        (2.63 )%       2.12 %(e)
Ratios/Supplemental Data:         

Net assets at end of period (000’s omitted)

     $ 200,670     $ 206,549

Ratio to average net assets of:

        

Expenses

       0.15 %(f)       0.15 %(f)

Net investment income

       1.40 %(f)       0.98 %(f)

Portfolio turnover rate(g)

       12 %       5 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e)

The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

(f)

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

106

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)

 

     Six Months Ended
February  28,
2022
(Unaudited)
  

 

Years Ended August 31,

  Ten Months Ended
August 31,

2018
  

 

Years Ended October 31,

     2021   2020   2019    2017   2016
Per Share Operating Performance:                                                        

Net asset value at beginning of period

          $ 55.29          $ 43.65     $ 51.87     $ 49.02                 $ 45.02          $ 38.21     $ 34.38
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net investment income(a)

            0.50            0.62       1.02       1.09            0.96            0.69       0.69

Net realized and unrealized gain (loss) on investments

            (1.45 )            11.59       (7.93 )       2.72            3.92            6.80       3.72
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Total from investment operations

            (0.95 )            12.21       (6.91 )       3.81            4.88            7.49       4.41
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Distributions to shareholders from:

                                                

Net investment income

            (0.37 )            (0.57 )       (1.31 )       (0.96 )            (0.88 )            (0.68 )       (0.58 )
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net asset value at end of period

          $ 53.97          $ 55.29     $ 43.65     $ 51.87          $ 49.02          $ 45.02     $ 38.21
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Market price at end of period(b)

          $ 53.97          $ 55.26     $ 43.70     $ 51.88          $ 49.04          $ 45.02     $ 38.23
         

 

 

          

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

 

Net Asset Value Total Return(c)

            (1.73 )%            28.21 %       (13.26 )%       7.99 %            11.00 %            19.76 %       12.96 %
Market Price Total Return(c)             (1.67 )%            27.99 %       (13.17 )%       7.97 %            11.04 %            19.69 %       12.89 %
Ratios/Supplemental Data:                                                 

Net assets at end of period (000’s omitted)

          $ 1,214,286          $ 1,453,542     $ 2,042,702     $ 3,231,736          $ 1,443,641          $ 1,195,218     $ 682,094

Ratio to average net assets of:

                                                

Expenses

            0.25 %(d)            0.25 %       0.25 %       0.25 %            0.25 %(d)            0.25 %       0.25 %

Net investment income

            1.83 %(d)            1.26 %       2.13 %       2.21 %            2.52 %(d)            1.64 %       1.86 %

Portfolio turnover rate(e)

            32 %            57 %       84 %       61 %            50 %            57 %       51 %

 

(a) 

Based on average shares outstanding.

(b)

The mean between the last bid and ask prices.

(c)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

107

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

 

     Six Months Ended
February 28,

2022
(Unaudited)
 

    

   For the Period
June 28,  2021(a)
Through

August 31,
2021
 
 
Per Share Operating Performance:              

Net asset value at beginning of period

     $ 25.05          $ 25.00
    

 

 

          

 

 

 

Net investment income(b)

       0.16            0.06

Net realized and unrealized gain (loss) on investments

       (0.66 )            (0.01 )
    

 

 

          

 

 

 

Total from investment operations

       (0.50 )            0.05
    

 

 

          

 

 

 

Distributions to shareholders from:

             

Net investment income

       (0.17 )            -
    

 

 

          

 

 

 

Net asset value at end of period

     $ 24.38          $ 25.05
    

 

 

          

 

 

 

Market price at end of period(c)

     $ 24.43          $ 25.05
    

 

 

          

 

 

 
Net Asset Value Total Return(d)        (2.00 )%            0.20 %(e)
Market Price Total Return(d)        (1.80 )%           
0.20
%(e)
Ratios/Supplemental Data:              

Net assets at end of period (000’s omitted)

     $ 50,229          $ 51,106

Ratio to average net assets of:

             

Expenses

       0.15 %(f)            0.15 %(f)

Net investment income

       1.31 %(f)            1.51 %(f)

Portfolio turnover rate(g)

       13 %            4 %

 

(a)

Commencement of investment operations.

(b)

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e)

The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

(f)

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

108

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

 

     Six Months Ended
February 28,

2022
(Unaudited)
 

 

Years Ended August 31,

  Ten Months Ended
August 31,

2018
  For the Period
November 29, 2016  (a)
Through

October 31,
2017
    2021   2020   2019
Per Share Operating Performance:                         

Net asset value at beginning of period

     $ 23.07     $ 16.66     $ 22.42     $ 26.86     $ 25.13     $ 25.02
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.54       0.86       0.82       1.02       0.78       0.81

Net realized and unrealized gain (loss) on investments

       (1.65 )       6.36       (5.31 )       (4.28 )       1.98       0.24
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (1.11 )       7.22       (4.49 )       (3.26 )       2.76       1.05
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                        

Net investment income

       (0.50 )       (0.81 )       (1.27 )       (1.18 )       (1.03 )       (0.94 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 21.46     $ 23.07     $ 16.66     $ 22.42     $ 26.86     $ 25.13
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

     $ 21.49     $ 23.06     $ 16.69     $ 22.35     $ 26.85     $ 25.15
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Net Asset Value Total Return(d)        (4.85 )%       43.97 %       (20.41 )%       (12.29 )%       11.39 %       4.31 %(e)
Market Price Total Return(d)        (4.68 )%       43.65 %       (20.01 )%       (12.52 )%       11.26 %       4.39 %(e)
Ratios/Supplemental Data:                         

Net assets at end of period (000’s omitted)

     $ 17,814     $ 21,690     $ 20,827     $ 23,536     $ 12,086     $ 7,538

Ratio to average net assets of:

                        

Expenses

       0.30 %(f)       0.30 %       0.30 %       0.34 %(g)       0.30 %(f)       0.30 %(f)

Net investment income

       4.91 %(f)       4.13 %       4.15 %       4.29 %(g)       3.74 %(f)       3.58 %(f)

Portfolio turnover rate(h)

       30 %       72 %       83 %       67 %       61 %       86 %

 

(a) 

Commencement of investment operations.

(b)

Based on average shares outstanding.

(c)

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the Exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.04%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

109

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

 

     Six Months Ended
February 28,

2022
(Unaudited)
 

 

Years Ended August 31,

  Ten Months Ended
August 31,

2018
  Years Ended October 31,
    2021   2020   2019   2017   2016
Per Share Operating Performance:                             

Net asset value at beginning of period

     $ 48.74     $ 35.24     $ 47.57     $ 51.10     $ 46.43     $ 37.90     $ 34.30
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

       0.49       0.65       1.08       1.24       0.87       0.97       0.78

Net realized and unrealized gain (loss) on investments

       (0.66 )       13.52       (12.05 )       (3.46 )       4.55       8.46       3.58
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.17 )       14.17       (10.97 )       (2.22 )       5.42       9.43       4.36
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Distributions to shareholders from:                             

Net investment income

       (0.26 )       (0.67 )       (1.36 )       (1.31 )       (0.75 )       (0.90 )       (0.76 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 48.31     $ 48.74     $ 35.24     $ 47.57     $ 51.10     $ 46.43     $ 37.90
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(b)

     $ 48.35     $ 48.73     $ 35.30     $ 47.59     $ 51.10     $ 46.47     $ 37.93
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Net Asset Value Total Return(c)        (0.34 )%       40.64 %       (23.22 )%       (4.17 )%       11.81 %       25.05 %       12.90 %
Market Price Total Return(c)        (0.24 )%       40.38 %       (23.12 )%       (4.14 )%       11.71 %       25.06 %       12.99 %
Ratios/Supplemental Data:                             

Net assets at end of period (000’s omitted)

     $ 1,041,545     $ 1,155,186     $ 1,614,105     $ 2,045,602     $ 1,433,356     $ 1,079,472     $ 651,821

Ratio to average net assets of:

                            

Expenses

       0.25 %(d)       0.25 %       0.25 %       0.25 %       0.25 %(d)       0.25 %       0.25 %

Net investment income

       1.98 %(d)       1.55 %       2.55 %       2.62 %       2.24 %(d)       2.25 %       2.15 %

Portfolio turnover rate(e)

       34 %       68 %       103 %       56 %       66 %       59 %       48 %

 

(a) 

Based on average shares outstanding.

(b)

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

110

 

 

 

 

      


 

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)

 

     Six Months Ended
February 28,

2022
(Unaudited)
 

 

Years Ended August 31,

  Ten Months Ended
August 31,

2018
  For the Period
April 3,  2017(a)
Through
October 31,

2017
    2021   2020   2019
Per Share Operating Performance:                         

Net asset value at beginning of period

     $ 37.41     $ 26.95     $ 26.40     $ 31.80     $ 26.11     $ 24.54
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

       0.35       0.38       0.36       0.35       0.26       0.16

Net realized and unrealized gain (loss) on investments

       (0.48 )       10.42       0.54       (5.41 )       5.65       1.51
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

       (0.13 )       10.80       0.90       (5.06 )       5.91       1.67
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                        

Net investment income

       (0.36 )       (0.34 )       (0.35 )       (0.34 )       (0.22 )       (0.10 )

Net realized gains

       -       -       -      
(0.00
)(c)
      -       -
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

       (0.36 )       (0.34 )       (0.35 )       (0.34 )       (0.22 )       (0.10 )
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

     $ 36.92     $ 37.41     $ 26.95     $ 26.40     $ 31.80     $ 26.11
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(d)

     $ 36.96     $ 37.43     $ 26.99     $ 26.39     $ 31.81     $ 26.14
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
Net Asset Value Total Return(e)        (0.33 )%       40.38 %       3.61 %       (15.88 )%       22.75 %       6.81 %(f)
Market Price Total Return(e)        (0.27 )%       40.25 %       3.80 %       (15.94 )%       22.65 %       6.93 %(f)
Ratios/Supplemental Data:                         

Net assets at end of period (000’s omitted)

     $ 28,062     $ 40,030     $ 4,043     $ 3,960     $ 42,924     $ 1,305

Ratio to average net assets of:

                        

Expenses

       0.29 %(g)       0.29 %       0.29 %       0.34 %(h)       0.29 %(g)       0.29 %(g)

Net investment income

       1.86 %(g)       1.07 %       1.37 %       1.23 %(h)       1.06 %(g)       1.11 %(g)

Portfolio turnover rate(i)

       23 %       90 %       107 %       52 %       23 %       65 %

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

Amount represents less than $(0.005).

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

The net asset value total return from Fund Inception (April 6, 2017, the first day of trading on the Exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

(g) 

Annualized.

(h) 

Ratios include non-recurring costs associated with a proxy statement of 0.05%.

(i) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

      

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2022

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

 Full Name    Short Name

 Invesco ESG S&P 500 Equal Weight ETF (RSPE)

   “ESG S&P 500 Equal Weight ETF”

 Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

   “Russell 1000 Enhanced Equal Weight ETF”

 Invesco Russell 1000 Equal Weight ETF (EQAL)

   “Russell 1000 Equal Weight ETF”

 Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

   “Russell 1000 Low Beta Equal Weight ETF”

 Invesco S&P 500 Enhanced Value ETF (SPVU)

   “S&P 500 Enhanced Value ETF”

 Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

   “S&P 500® ex-Rate Sensitive Low Volatility ETF”

 Invesco S&P 500® High Beta ETF (SPHB)

   “S&P 500® High Beta ETF”

 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

   “S&P 500® High Dividend Low Volatility ETF”

 Invesco S&P 500® Low Volatility ETF (SPLV)

   “S&P 500® Low Volatility ETF”

 Invesco S&P 500 Minimum Variance ETF (SPMV)

   “S&P 500 Minimum Variance ETF”

 Invesco S&P 500 Momentum ETF (SPMO)

   “S&P 500 Momentum ETF”

 Invesco S&P 500 QVM Multi-factor ETF (QVML)

   “S&P 500 QVM Multi-factor ETF”

 Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

   “S&P MidCap 400 QVM Multi-factor ETF”

 Invesco S&P MidCap Low Volatility ETF (XMLV)

   “S&P MidCap Low Volatility ETF”

 Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

   “S&P SmallCap 600 QVM Multi-factor ETF”

 Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

   “S&P SmallCap High Dividend Low Volatility ETF”

 Invesco S&P SmallCap Low Volatility ETF (XSLV)

   “S&P SmallCap Low Volatility ETF”

 Invesco S&P SmallCap Quality ETF (XSHQ)

   “S&P SmallCap Quality ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

 

      

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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

 Fund    Underlying Index

 ESG S&P 500 Equal Weight ETF

   S&P 500 Equal Weight ESG Leaders Select Index

 Russell 1000 Enhanced Equal Weight ETF

   Russell 1000® Enhanced Value Equal Weight Index

 Russell 1000 Equal Weight ETF

   Russell 1000® Equal Weight Index

 Russell 1000 Low Beta Equal Weight ETF

   Russell 1000® Low Beta Equal Weight Index

 S&P 500 Enhanced Value ETF

   S&P 500 Enhanced Value Index

 S&P 500® ex-Rate Sensitive Low Volatility ETF

   S&P 500 Low Volatility Rate Response Index

 S&P 500® High Beta ETF

   S&P 500® High Beta Index

 S&P 500® High Dividend Low Volatility ETF

   S&P 500® Low Volatility High Dividend Index

 S&P 500® Low Volatility ETF

   S&P 500® Low Volatility Index

 S&P 500 Minimum Variance ETF

   S&P 500® Minimum Volatility Index

 S&P 500 Momentum ETF

   S&P 500 Momentum Index

 S&P 500 QVM Multi-factor ETF

   S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index

 S&P MidCap 400 QVM Multi-factor ETF

   S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index

 S&P MidCap Low Volatility ETF

   S&P MidCap 400® Low Volatility Index

 S&P SmallCap 600 QVM Multi-factor ETF

   S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index

 S&P SmallCap High Dividend Low Volatility ETF

   S&P SmallCap 600® Low Volatility High Dividend Index

 S&P SmallCap Low Volatility ETF

   S&P SmallCap 600® Low Volatility Index

 S&P SmallCap Quality ETF

   S&P SmallCap 600® Quality Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time

 

      

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trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is

 

      

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organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund (except for S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash

 

      

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collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through February 28, 2022, each Fund (except ESG S&P 500 Equal Weight ETF) had affiliated securities lending transactions with Invesco. The fees paid to Invesco for each Fund were less than $500 (except for the Russell 1000 Equal Weight ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF, S&P MidCap Low Volatility ETF and S&P SmallCap Low Volatility ETF, which paid Invesco $1,975, $890, $836, $858, $691 and $1,571, respectively, in fees for securities lending agent services).

J.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K.

Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished

 

      

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trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

ESG Investing Strategy Risk. The stocks of companies with favorable environmental, social and governance (“ESG”) attributes may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in ESG S&P 500 Equal Weight ETF investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500 Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent S&P 500 Enhanced Value ETF, S&P 500® ex-Rate Sensitivity Low Volatility ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

 

      

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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.

The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3—Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

 

     Unitary Management Fees
(as a % of average daily net assets)

 ESG S&P 500 Equal Weight ETF

       0.20 %

 Russell 1000 Enhanced Equal Weight ETF

       0.29 %

 Russell 1000 Equal Weight ETF

       0.20 %

 Russell 1000 Low Beta Equal Weight ETF

       0.35 %

 S&P 500 Enhanced Value ETF

       0.13 %

 S&P 500® ex-Rate Sensitive Low Volatility ETF

       0.25 %

 S&P 500® High Beta ETF

       0.25 %

 S&P 500® High Dividend Low Volatility ETF

       0.30 %

 S&P 500® Low Volatility ETF

       0.25 %

 S&P 500 Minimum Variance ETF

       0.10 %

 S&P 500 Momentum ETF

       0.13 %

 S&P 500 QVM Multi-factor ETF

       0.11 %

 S&P MidCap 400 QVM Multi-factor ETF

       0.15 %

 S&P MidCap Low Volatility ETF

       0.25 %

 S&P SmallCap 600 QVM Multi-factor ETF

       0.15 %

 S&P SmallCap High Dividend Low Volatility ETF

       0.30 %

 S&P SmallCap Low Volatility ETF

       0.25 %

 S&P SmallCap Quality ETF

       0.29 %

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived.

 

      

118

 

 

 

 

      


 

These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2022, no fees were waived.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund   

Licensor

 

 ESG S&P 500 Equal Weight ETF    S&P Dow Jones Indices LLC
 Russell 1000 Enhanced Equal Weight ETF    Frank Russell Company
 Russell 1000 Equal Weight ETF    Frank Russell Company
 Russell 1000 Low Beta Equal Weight ETF    Frank Russell Company
 S&P 500 Enhanced Value ETF    S&P Dow Jones Indices LLC
 S&P 500® ex-Rate Sensitive Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P 500® High Beta ETF    S&P Dow Jones Indices LLC
 S&P 500® High Dividend Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P 500® Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P 500 Minimum Variance ETF    S&P Dow Jones Indices LLC
 S&P 500 Momentum ETF    S&P Dow Jones Indices LLC
 S&P 500 QVM Multi-factor ETF    S&P Dow Jones Indices LLC
 S&P MidCap 400 QVM Multi-factor ETF    S&P Dow Jones Indices LLC
 S&P MidCap Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P SmallCap 600 QVM Multi-factor ETF    S&P Dow Jones Indices LLC
 S&P SmallCap High Dividend Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P SmallCap Low Volatility ETF    S&P Dow Jones Indices LLC
 S&P SmallCap Quality ETF    S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended February 28, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

 

 ESG S&P 500 Equal Weight ETF*

     $ 27  

 Russell 1000 Enhanced Equal Weight ETF

       4  

 Russell 1000 Equal Weight ETF

       7,673  

 Russell 1000 Low Beta Equal Weight ETF

       1  

 S&P 500 Enhanced Value ETF

       2,032  

 S&P 500® ex-Rate Sensitive Low Volatility ETF

       1,723  

 S&P 500® High Beta ETF

       45,509  

 S&P 500® High Dividend Low Volatility ETF

       71,839  

 S&P 500® Low Volatility ETF

       142,797  

 S&P 500 Momentum ETF

       5,009  

 S&P 500 QVM Multi-factor ETF

       2,845  

 S&P MidCap 400 QVM Multi-factor ETF

       5,501  

 S&P MidCap Low Volatility ETF

       25,276  

 S&P SmallCap 600 QVM Multi-factor ETF

       2,458  

 S&P SmallCap High Dividend Low Volatility ETF

       2,132  

 S&P SmallCap Low Volatility ETF

       12,630  

 S&P SmallCap Quality ETF

       2,213  

 

*

For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

 

      

119

 

 

 

 

      


 

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the six months ended February 28, 2022, the following Funds engaged in transactions with affiliates as listed below:

 

    

Securities Purchases

       

Securities Sales

       

Net Realized Gains (Losses)*

 S&P MidCap 400 QVM Multi-factor ETF      $ -           $ 1,427,065           $ (73,009 )
 S&P MidCap Low Volatility ETF        -             15,316,483             1,092,563
 S&P SmallCap 600 QVM Multi-factor ETF        -             73,554             14,455

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2022, for each Fund (except for S&P 500 Momentum ETF). As of February 28, 2022, all of the securities in S&P 500 Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1    Level 2    Level 3    Total
 ESG S&P 500 Equal Weight ETF                    
 Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 4,723,430      $ -      $ -      $ 4,723,430

Money Market Funds

       531        59,281        -        59,812
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 4,723,961      $ 59,281      $ -      $ 4,783,242
    

 

 

      

 

 

      

 

 

      

 

 

 
 Russell 1000 Enhanced Equal Weight ETF                    
 Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 3,664,140      $ -      $ -      $ 3,664,140

Money Market Funds

       1,289        133,336        -        134,625
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 3,665,429      $ 133,336      $ -      $ 3,798,765
    

 

 

      

 

 

      

 

 

      

 

 

 
 Russell 1000 Equal Weight ETF                    
 Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 673,458,245      $ -      $ 282,083      $ 673,740,328

Money Market Funds

       253,367        84,715,323        -        84,968,690
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $   673,711,612      $   84,715,323      $ 282,083      $   758,709,018
    

 

 

      

 

 

      

 

 

      

 

 

 

 

      

120

 

 

 

 

      


 

     Level 1    Level 2    Level 3    Total
Russell 1000 Low Beta Equal Weight ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 10,082,017      $ -      $ -      $ 10,082,017

Money Market Funds

       7,801        415,258        -        423,059
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 10,089,818      $ 415,258      $ -      $ 10,505,076
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500 Enhanced Value ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 188,166,892      $ -      $             -      $ 188,166,892

Money Market Funds

       -        406,787        -        406,787
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 188,166,892      $ 406,787      $ -      $ 188,573,679
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500® ex-Rate Sensitive Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 54,177,431      $ -      $ -      $ 54,177,431

Money Market Funds

       -        525,037        -        525,037
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 54,177,431      $ 525,037      $ -      $ 54,702,468
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500® High Beta ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 1,043,778,737      $ -      $ -      $ 1,043,778,737

Money Market Funds

       8,365        67,822,512        -        67,830,877
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 1,043,787,102      $ 67,822,512      $ -      $ 1,111,609,614
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500® High Dividend Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 3,159,701,634      $ -      $ -      $ 3,159,701,634

Money Market Funds

       -        67,348,455        -        67,348,455
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 3,159,701,634      $ 67,348,455      $ -      $ 3,227,050,089
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500® Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 9,017,796,168      $ -      $ -      $ 9,017,796,168

Money Market Funds

       -        67,063,534        -        67,063,534
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 9,017,796,168      $ 67,063,534      $ -      $ 9,084,859,702
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500 Minimum Variance ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 24,152,303      $ -      $ -      $ 24,152,303

Money Market Funds

       1,320        187,213        -        188,533
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 24,153,623      $ 187,213      $ -      $ 24,340,836
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P 500 QVM Multi-factor ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 782,663,444      $ -      $ -      $ 782,663,444

Money Market Funds

       90,569        12,711,407        -        12,801,976
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 782,754,013      $ 12,711,407      $ -      $ 795,465,420
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P MidCap 400 QVM Multi-factor ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 200,122,791      $ 452,213      $ -      $ 200,575,004

Money Market Funds

       -        14,033,987        -        14,033,987
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 200,122,791      $ 14,486,200      $ -      $ 214,608,991
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P MidCap Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 1,213,629,021      $ -      $ -      $ 1,213,629,021

Money Market Funds

       -        57,377,425        -        57,377,425
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 1,213,629,021      $ 57,377,425      $ -      $ 1,271,006,446
    

 

 

      

 

 

      

 

 

      

 

 

 

 

      

121

 

 

 

 

      


 

     Level 1    Level 2    Level 3    Total
S&P SmallCap 600 QVM Multi-factor ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 50,206,487      $ -      $ -      $ 50,206,487

Money Market Funds

       1,258        5,858,599        -        5,859,857
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 50,207,745      $ 5,858,599      $ -      $ 56,066,344
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P SmallCap High Dividend Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 17,804,484      $ -      $ -      $ 17,804,484

Money Market Funds

       -        1,214,740        -        1,214,740
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 17,804,484      $ 1,214,740      $ -      $ 19,019,224
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P SmallCap Low Volatility ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 1,040,147,396      $ -      $             -      $ 1,040,147,396

Money Market Funds

       694,034        119,645,334        -        120,339,368
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 1,040,841,430      $ 119,645,334      $ -      $ 1,160,486,764
    

 

 

      

 

 

      

 

 

      

 

 

 
S&P SmallCap Quality ETF                    
Investments in Securities                    

Common Stocks & Other Equity Interests

     $ 28,034,273      $ -      $ -      $ 28,034,273

Money Market Funds

       12,792        3,853,050        -        3,865,842
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 28,047,065      $ 3,853,050      $ -      $ 31,900,115
    

 

 

      

 

 

      

 

 

      

 

 

 

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2021, as follows:

 

     No expiration     
     Short-Term    Long-Term    Total*
 Russell 1000 Enhanced Equal Weight ETF      $ 3,295,719      $ 2,309,179      $ 5,604,898
 Russell 1000 Equal Weight ETF        6,651,757        61,989,477        68,641,234
 Russell 1000 Low Beta Equal Weight ETF        17,989,310        10,883,446        28,872,756
 S&P 500 Enhanced Value ETF        5,604,855        3,103,581        8,708,436
 S&P 500® ex-Rate Sensitive Low Volatility ETF        18,008,201        6,409,868        24,418,069
 S&P 500® High Beta ETF        78,430,255        19,465,474        97,895,729
 S&P 500® High Dividend Low Volatility ETF        318,248,357        328,126,099        646,374,456
 S&P 500® Low Volatility ETF        1,401,317,250        347,920,924        1,749,238,174
 S&P 500 Minimum Variance ETF        -        57,639        57,639
 S&P 500 Momentum ETF        4,578,039        553,744        5,131,783
 S&P 500 QVM Multi-factor ETF        23,758        -        23,758
 S&P MidCap 400 QVM Multi-factor ETF        126,315        -        126,315
 S&P MidCap Low Volatility ETF        383,309,513        241,877,610        625,187,123
 S&P SmallCap 600 QVM Multi-factor ETF        177,861        -        177,861
 S&P SmallCap High Dividend Low Volatility ETF        3,362,493        3,662,688        7,025,181
 S&P SmallCap Low Volatility ETF        337,494,084        278,345,458        615,839,542
 S&P SmallCap Quality ETF        1,947,502        343,803        2,291,305

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

 

      

122

 

 

 

 

      


 

NOTE 7–Investment Transactions

For the six months ended February 28, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

         Purchases          Sales  

 ESG S&P 500 Equal Weight ETF*

   $ 5,240,589      $ 237,226  

 Russell 1000 Enhanced Equal Weight ETF

     556,808        533,943  

 Russell 1000 Equal Weight ETF

     65,592,554        64,399,117  

 Russell 1000 Low Beta Equal Weight ETF

     4,459,800        4,404,289  

 S&P 500 Enhanced Value ETF

     17,540,641        18,276,267  

 S&P 500® ex-Rate Sensitive Low Volatility ETF

     16,607,160        16,388,990  

 S&P 500® High Beta ETF

     541,155,731        536,016,874  

 S&P 500® High Dividend Low Volatility ETF

     894,363,351        892,646,409  

 S&P 500® Low Volatility ETF

     3,206,756,626        3,203,995,417  

 S&P 500 Minimum Variance ETF

     2,310,478        2,163,399  

 S&P 500 Momentum ETF

     65,711,283        65,535,627  

 S&P 500 QVM Multi-factor ETF

     69,393,771        69,386,345  

 S&P MidCap 400 QVM Multi-factor ETF

     25,661,424        25,313,626  

 S&P MidCap Low Volatility ETF

     428,604,158        425,334,719  

 S&P SmallCap 600 QVM Multi-factor ETF

     6,862,887        6,815,141  

 S&P SmallCap High Dividend Low Volatility ETF

     6,111,758        6,093,470  

 S&P SmallCap Low Volatility ETF

     391,431,154        384,982,216  

 S&P SmallCap Quality ETF

     8,296,520        9,004,442  

 

*

For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

For the six months ended February 28, 2022, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind      In-kind  
     Purchases      Sales  

 ESG S&P 500 Equal Weight ETF*

   $ -      $ -  

 Russell 1000 Enhanced Equal Weight ETF

     905,883        -  

 Russell 1000 Equal Weight ETF

     133,161,034        113,672,916  

 Russell 1000 Low Beta Equal Weight ETF

     -        -  

 S&P 500 Enhanced Value ETF

     75,690,075        37,037,903  

 S&P 500® ex-Rate Sensitive Low Volatility ETF

     11,109,103        8,041,926  

 S&P 500® High Beta ETF

     1,050,955,770        1,685,752,368  

 S&P 500® High Dividend Low Volatility ETF

     1,011,477,423        939,818,793  

 S&P 500® Low Volatility ETF

     4,927,797,538        3,992,697,950  

 S&P 500 Minimum Variance ETF

     4,679,814        4,363,275  

 S&P 500 Momentum ETF

     93,506,168        89,617,011  

 S&P 500 QVM Multi-factor ETF

     32,129,827        22,635,412  

 S&P MidCap 400 QVM Multi-factor ETF

     13,309,538        12,281,556  

 S&P MidCap Low Volatility ETF

     163,002,470        372,077,723  

 S&P SmallCap 600 QVM Multi-factor ETF

     3,513,225        2,975,879  

 S&P SmallCap High Dividend Low Volatility ETF

     4,089,096        6,554,471  

 S&P SmallCap Low Volatility ETF

     324,096,700        430,454,867  

 S&P SmallCap Quality ETF

     23,949,994        34,862,619  

 

*

For the period November 15, 2021 (commencement of investment operations) through February 28, 2022.

 Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

      

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At February 28, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

                  Net        
     Gross      Gross     Unrealized        
     Unrealized      Unrealized     Appreciation        
     Appreciation      (Depreciation)     (Depreciation)     Cost  

 ESG S&P 500 Equal Weight ETF*

   $ 128,489      $ (399,065   $ (270,576   $ 5,053,818  

 Russell 1000 Enhanced Equal Weight ETF

     465,952        (104,265     361,687       3,437,078  

 Russell 1000 Equal Weight ETF

     102,737,142        (54,350,569     48,386,573       710,322,445  

 Russell 1000 Low Beta Equal Weight ETF

     441,554        (800,521     (358,967     10,864,043  

 S&P 500 Enhanced Value ETF

     13,081,642        (8,030,023     5,051,619       183,522,060  

 S&P 500® ex-Rate Sensitive Low Volatility ETF

     5,306,390        (942,600     4,363,790       50,338,678  

 S&P 500® High Beta ETF

     45,594,118        (122,069,781     (76,475,663     1,188,085,277  

 S&P 500® High Dividend Low Volatility ETF

     178,012,864        (130,267,575     47,745,289       3,179,304,800  

 S&P 500® Low Volatility ETF

     306,018,454        (237,256,965     68,761,489       9,016,098,213  

 S&P 500 Minimum Variance ETF

     2,460,099        (621,294     1,838,805       22,502,031  

 S&P 500 Momentum ETF

     3,100,911        (8,732,197     (5,631,286     90,887,378  

 S&P 500 QVM Multi-factor ETF

     62,365,166        (41,619,253     20,745,913       774,719,507  

 S&P MidCap 400 QVM Multi-factor ETF

     12,284,790        (14,633,890     (2,349,100     216,958,091  

 S&P MidCap Low Volatility ETF

     100,900,440        (40,787,946     60,112,494       1,210,893,952  

 S&P SmallCap 600 QVM Multi-factor ETF

     3,650,365        (4,744,721     (1,094,356     57,160,700  

 S&P SmallCap High Dividend Low Volatility ETF

     692,854        (1,708,855     (1,016,001     20,035,225  

 S&P SmallCap Low Volatility ETF

     55,005,430        (53,332,144     1,673,286       1,158,813,478  

 S&P SmallCap Quality ETF

     1,132,687        (2,289,140     (1,156,453     33,056,568  

*    In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

 

      

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2022.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

     Beginning
Account Value
September 1, 2021
            Ending
Account Value
February 28, 2022
            Annualized
Expense Ratio
Based on the
Six-Month Period
            Expenses Paid
During the
Six-Month Period(1)
 
 Invesco ESG S&P 500 Equal Weight ETF (RSPE)                     

Actual

     $1,000.00                   $  948.80(2)                   0.20%                   $0.57(3)          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.80(2)                   0.20                      1.00(3)          
 Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)                     

Actual

     1,000.00                   986.30                      0.29                      1.43             

Hypothetical (5% return before expenses)

     1,000.00                   1,023.36                      0.29                      1.45             
 Invesco Russell 1000 Equal Weight ETF (EQAL)                     

Actual

     1,000.00                   979.00                      0.20                      0.98             

Hypothetical (5% return before expenses)

     1,000.00                   1,023.80                      0.20                      1.00             
 Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)                     

Actual

     1,000.00                   989.10                      0.35                      1.73             

Hypothetical (5% return before expenses)

     1,000.00                   1,023.06                      0.35                      1.76             
 Invesco S&P 500 Enhanced Value ETF (SPVU)                     

Actual

     1,000.00                   1,063.80                      0.13                      0.67             

Hypothetical (5% return before expenses)

     1,000.00                   1,024.15                      0.13                      0.65             

 

      

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Calculating your ongoing Fund expenses–(continued)

 

 

     Beginning
Account Value
September 1, 2021
            Ending
Account Value
February 28, 2022
            Annualized
Expense Ratio
Based on the
Six-Month Period
            Expenses Paid
During the
Six-Month Period(1)
 

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

                    

Actual

     $1,000.00                   $   989.50                   0.25%                   $1.23          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.55                   0.25                      1.25          
 Invesco S&P 500® High Beta ETF (SPHB)                     

Actual

     1,000.00                   1,016.20                   0.25                      1.25          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.55                   0.25                      1.25          
 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)                     

Actual

     1,000.00                   1,036.10                   0.30                      1.51          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.31                   0.30                      1.51          
 Invesco S&P 500® Low Volatility ETF (SPLV)                     

Actual

     1,000.00                   1,003.90                   0.25                      1.24          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.55                   0.25                      1.25          
 Invesco S&P 500 Minimum Variance ETF (SPMV)                     

Actual

     1,000.00                   987.10                   0.10                      0.49          

Hypothetical (5% return before expenses)

     1,000.00                   1,024.30                   0.10                      0.50          
 Invesco S&P 500 Momentum ETF (SPMO)                     

Actual

     1,000.00                   936.90                   0.13                      0.62          

Hypothetical (5% return before expenses)

     1,000.00                   1,024.15                   0.13                      0.65          
 Invesco S&P 500 QVM Multi-factor ETF (QVML)                     

Actual

     1,000.00                   983.40                   0.11                      0.54          

Hypothetical (5% return before expenses)

     1,000.00                   1,024.25                   0.11                      0.55          
 Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)                     

Actual

     1,000.00                   972.90                   0.15                      0.73          

Hypothetical (5% return before expenses)

     1,000.00                   1,024.05                   0.15                      0.75          
 Invesco S&P MidCap Low Volatility ETF (XMLV)                     

Actual

     1,000.00                   982.70                   0.25                      1.23          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.55                   0.25                      1.25          
 Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)                     

Actual

     1,000.00                   980.00                   0.15                      0.74          

Hypothetical (5% return before expenses)

     1,000.00                   1,024.05                   0.15                      0.75          

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

                    

Actual

     1,000.00                   951.50                   0.30                      1.45          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.31                   0.30                      1.51          
 Invesco S&P SmallCap Low Volatility ETF (XSLV)                     

Actual

     1,000.00                   996.60                   0.25                      1.24          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.55                   0.25                      1.25          

 

      

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Calculating your ongoing Fund expenses–(continued)

 

 

     Beginning
Account Value
September 1, 2021
            Ending
Account Value
February 28, 2022
            Annualized
Expense Ratio
Based on the
Six-Month Period
            Expenses Paid
During the
Six-Month Period(1)
 
 Invesco S&P SmallCap Quality ETF (XSHQ)                     

Actual

     $1,000.00                   $ 996.70                   0.29%                   $1.44          

Hypothetical (5% return before expenses)

     1,000.00                   1,023.36                   0.29                      1.45          

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

(2) 

The actual ending account value is based on the actual total return of the Fund for the period November 15, 2021 (commencement of investment operations) through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

(3) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period November 15, 2021 (commencement of investment operations) to February 28, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 106/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

 

      

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Approval of Investment Advisory Contracts

At a meeting held on September 14, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, Invesco Alerian Galaxy Crypto Economy ETF and Invesco ESG S&P 500 Equal Weight ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as a Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.

Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds.

The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:

 

 Fund

  

ETF Peer Group

(Number of Peers)

  

    

  

Open-End

Index Fund

Peer Group

(Number of Peers)

  

    

  

Open-End Active
Fund Peer Group
(Number of Peers)

          

Select Peer Group

(Number of Peers)

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

  

Higher than

median (38)

     

Higher than

median (2)

     

Lower than

median (35)

     

Lower than

median (4)

Invesco Alerian Galaxy Crypto Economy ETF

  

Lower than

median (14)

     

Lower than

median (2)

     

Lower than

median (11)

     

Lower than

median (5)

Invesco ESG S&P 500 Equal Weight ETF

  

Lower than

median (51)

     

Lower than

median (23)

     

Lower than

median (156)

     

Higher than

median (6)

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

 

      

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Approval of Investment Advisory Contracts–(continued)

 

 

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2021 and April 15, 2021 meetings on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of that Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for affiliated money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for each Fund. No single factor was determinative in the Board’s analysis.

 

      

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(This Page Intentionally Left Blank)


Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.


 

 

 

 

 

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