LOGO   Invesco Semi-Annual Report to Shareholders
  October 31, 2022
 

 

PPA

 

 

Invesco Aerospace & Defense ETF

  PDP   Invesco DWA Momentum ETF
  PSP   Invesco Global Listed Private Equity ETF
  PGJ   Invesco Golden Dragon China ETF
  ERTH   Invesco MSCI Sustainable Future ETF
  RYJ   Invesco Raymond James SB-1 Equity ETF
  PBP   Invesco S&P 500 BuyWrite ETF
  SPHQ   Invesco S&P 500® Quality ETF
  CSD   Invesco S&P Spin-Off ETF
  PHO   Invesco Water Resources ETF
  PBW   Invesco WilderHill Clean Energy ETF


 

Table of Contents

 

Schedules of Investments

  

Invesco Aerospace & Defense ETF (PPA)

     3  

Invesco DWA Momentum ETF (PDP)

     5  

Invesco Global Listed Private Equity ETF (PSP)

     8  

Invesco Golden Dragon China ETF (PGJ)

     11  

Invesco MSCI Sustainable Future ETF (ERTH)

     14  

Invesco Raymond James SB-1 Equity ETF (RYJ)

     19  

Invesco S&P 500 BuyWrite ETF (PBP)

     23  

Invesco S&P 500® Quality ETF (SPHQ)

     29  

Invesco S&P Spin-Off ETF (CSD)

     32  

Invesco Water Resources ETF (PHO)

     34  

Invesco WilderHill Clean Energy ETF (PBW)

     36  

Statements of Assets and Liabilities

     39  

Statements of Operations

     41  

Statements of Changes in Net Assets

     43  

Financial Highlights

     47  

Notes to Financial Statements

     58  

Fund Expenses

     74  

 

   

 

  2   

   
 


 

Invesco Aerospace & Defense ETF (PPA)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.03%

 

Aerospace & Defense-70.57%

 

AAR Corp.(b)

     158,813      $ 7,038,592  

Aerojet Rocketdyne Holdings,
Inc.(b)(c)

     342,556       16,596,838  

AeroVironment, Inc.(b)(c)

     111,989       10,246,994  

Axon Enterprise, Inc.(b)(c)

     302,693       44,023,670  

Boeing Co. (The)(b)

     716,869       102,161,001  

BWX Technologies, Inc.(c)

     322,600       18,381,748  

CAE, Inc. (Canada)(b)(c)

     1,364,316       26,044,792  

Curtiss-Wright Corp.

     113,590       19,063,810  

Ducommun, Inc., (Acquired 03/14/2019 - 10/31/2022; Cost $2,468,375)(b)(d)

     50,851       2,400,676  

Elbit Systems Ltd. (Israel)(c)

     192,822       39,092,732  

General Dynamics Corp.

     429,179       107,208,914  

HEICO Corp.(c)

     201,693       32,803,350  

Hexcel Corp.

     320,516       17,852,741  

Howmet Aerospace, Inc.

     1,135,974       40,383,876  

Huntington Ingalls Industries, Inc.

     153,984       39,584,667  

Kaman Corp.

     99,173       3,183,453  

Kratos Defense & Security Solutions, Inc.(b)(c)

     564,617       6,255,956  

L3Harris Technologies, Inc.

     338,666       83,471,009  

Lockheed Martin Corp.(c)

     235,547       114,636,014  

Maxar Technologies, Inc.

     332,723       7,433,032  

Mercury Systems, Inc.(b)(c)

     258,550       12,513,820  

Moog, Inc., Class A(c)

     89,621       7,595,380  

Northrop Grumman Corp.

     200,234       109,930,468  

Parsons Corp.(b)(c)

     247,560       11,605,613  

RADA Electronic Industries Ltd. (Israel)(b)

     222,905       2,563,408  

Raytheon Technologies Corp.(c)

     1,191,526       112,980,495  

Spirit AeroSystems Holdings, Inc., Class A(c)

     470,928       10,906,692  

Textron, Inc.

     701,719       48,025,648  

TransDigm Group, Inc.

     80,141       46,141,982  

Triumph Group, Inc.(b)

     282,571       2,557,268  

V2X, Inc.(b)

     111,878       4,585,879  

Woodward, Inc.(c)

     178,025       16,324,893  
    

 

 

 
       1,123,595,411  
    

 

 

 

Communications Equipment-0.52%

 

Comtech Telecommunications Corp.

     123,357       1,363,095  

Viasat, Inc.(b)(c)

     168,157       6,887,711  
    

 

 

 
       8,250,806  
    

 

 

 

Containers & Packaging-0.55%

 

Ball Corp.(c)

     178,422       8,812,263  
    

 

 

 

Diversified Telecommunication Services-0.38%

 

Iridium Communications, Inc.(b)(c)

     116,550       6,005,821  
    

 

 

 

Electronic Equipment, Instruments & Components-2.83%

 

Keysight Technologies, Inc.(b)

     80,136       13,955,684  

OSI Systems, Inc.(b)(c)

     47,617       3,913,165  

Teledyne Technologies, Inc.(b)

     60,926       24,247,330  

TTM Technologies, Inc.(b)(c)

     192,080       2,940,745  
    

 

 

 
       45,056,924  
    

 

 

 
         Shares           Value      

Industrial Conglomerates-9.70%

 

General Electric Co.(c)

     877,603      $ 68,286,289  

Honeywell International, Inc.

     422,275       86,152,546  
    

 

 

 
       154,438,835  
    

 

 

 

Machinery-3.35%

 

Oshkosh Corp.

     115,592       10,172,096  

Parker-Hannifin Corp.

     148,775       43,236,990  
    

 

 

 
       53,409,086  
    

 

 

 

Metals & Mining-0.66%

 

ATI, Inc.(b)(c)

     350,540       10,432,070  
    

 

 

 

Professional Services-10.67%

    

Booz Allen Hamilton Holding Corp.

     450,882       49,078,506  

CACI International, Inc., Class A(b)

     77,397       23,531,010  

Jacobs Solutions, Inc.

     106,018       12,215,394  

KBR, Inc.

     506,071       25,187,154  

Leidos Holdings, Inc.

     399,613       40,596,685  

Planet Labs PBC(b)(c)

     145,546       764,116  

Science Applications International Corp.

     170,504       18,472,403  
    

 

 

 
       169,845,268  
    

 

 

 

Software-0.80%

 

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

     1,185,271       10,418,532  

Telos Corp.(b)(c)

     224,260       2,377,156  
    

 

 

 
       12,795,688  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,512,950,702)

 

    1,592,642,172  
    

 

 

 

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class,
3.07%(e)(f)
(Cost $177,740)

     177,740       177,740  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.04%
(Cost $1,513,128,442)

 

    1,592,819,912  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

 

Money Market Funds-12.44%

 

Invesco Private Government Fund,
3.18%(e)(f)(g)

     55,510,825       55,510,825  

Invesco Private Prime Fund,
3.28%(e)(f)(g)

     142,542,526       142,542,526  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $198,039,710)

 

    198,053,351  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.48%
(Cost $1,711,168,152)

 

    1,790,873,263  

OTHER ASSETS LESS LIABILITIES-(12.48)%

 

    (198,710,888
    

 

 

 

NET ASSETS-100.00%

 

  $ 1,592,162,375  
    

 

 

 

 

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

   
   

 

  3   

   
 


 

Invesco Aerospace & Defense ETF (PPA)–(continued)

October 31, 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 October 31, 2022.

(d)

Restricted security. The value of this security at October 31, 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 October 31, 2022.

 

    

Value
April 30, 2022

  

Purchases
     at Cost     

  

Proceeds
from Sales

 

Change in
Unrealized
Appreciation

  

Realized
     Gain      

  

Value
    October 31, 2022     

 

Dividend
 Income 

Investments in Affiliated Money Market Funds:

                                                             

Invesco Government & Agency Portfolio, Institutional Class

     $ 337,190      $ 15,546,093      $ (15,705,543 )     $ -      $ -      $ 177,740          $ 6,296

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       25,045,121        207,883,036        (177,417,332 )       -        -        55,510,825       296,891 *

Invesco Private Prime Fund

       59,781,622        429,322,389        (346,575,974 )       11,360        3,129        142,542,526       820,975 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 

Total

     $ 85,163,933      $ 652,751,518      $ (539,698,849 )     $ 11,360      $ 3,129      $ 198,231,091     $ 1,124,162
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 

 

*

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 October 31, 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

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

as of October 31, 2022

     

Aerospace & Defense

    70.57                                  

Professional Services

    10.67    

Industrial Conglomerates

    9.70    

Machinery

    3.35    

Industry Types Each Less Than 3%

    5.74    

Money Market Funds Plus Other Assets

   

Less Liabilities

    (0.03  

 

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

   
   

 

  4   

   
 


 

Invesco DWA Momentum ETF (PDP)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.00%

 

Communication Services-1.24%

 

Alphabet, Inc., Class A(b)

     59,068      $ 5,582,517  

T-Mobile US, Inc.(b)

     54,351       8,237,437  
    

 

 

 
       13,819,954  
    

 

 

 

Consumer Discretionary-7.44%

 

AutoNation, Inc.(b)(c)

     54,621       5,806,759  

Chipotle Mexican Grill, Inc.(b)

     4,848       7,263,904  

Dick’s Sporting Goods, Inc.(c)

     66,246       7,536,145  

H&R Block, Inc.(c)

     131,425       5,408,139  

MGM Resorts International

     180,950       6,436,391  

O’Reilly Automotive, Inc.(b)

     42,587       35,652,559  

Penske Automotive Group, Inc.

     57,570       6,425,963  

TJX Cos., Inc. (The)

     115,344       8,316,302  
    

 

 

 
       82,846,162  
    

 

 

 

Consumer Staples-2.10%

 

BJ’s Wholesale Club Holdings, Inc.(b)

     79,843       6,179,848  

Costco Wholesale Corp.

     21,434       10,749,151  

Darling Ingredients, Inc.(b)

     82,677       6,488,491  
    

 

 

 
       23,417,490  
    

 

 

 

Energy-18.77%

 

Antero Midstream Corp.(c)

     603,428       6,426,508  

Antero Resources Corp.(b)

     555,469       20,363,493  

APA Corp.

     152,158       6,917,103  

Cheniere Energy, Inc.

     37,764       6,661,947  

Chord Energy Corp.(c)

     55,600       8,511,804  

ConocoPhillips

     55,758       7,030,526  

Devon Energy Corp.(c)

     208,248       16,107,983  

Diamondback Energy, Inc.(c)

     65,675       10,318,199  

Enviva, Inc.(c)

     84,917       5,081,433  

EOG Resources, Inc.

     51,411       7,018,630  

EQT Corp.

     139,725       5,846,094  

Hess Corp.

     50,964       7,190,001  

Marathon Oil Corp.

     400,631       12,199,214  

Marathon Petroleum Corp.

     66,327       7,536,074  

Matador Resources Co.

     268,868       17,866,279  

Murphy Oil Corp.

     235,753       11,436,378  

Occidental Petroleum Corp.

     98,397       7,143,622  

Ovintiv, Inc.

     215,138       10,896,740  

PDC Energy, Inc.

     161,534       11,653,063  

Range Resources Corp.(c)

     269,554       7,676,898  

SM Energy Co.(c)

     146,157       6,574,142  

Texas Pacific Land Corp.(c)

     3,730       8,593,435  
    

 

 

 
       209,049,566  
    

 

 

 

Financials-8.38%

 

Aon PLC, Class A

     26,905       7,573,488  

Ares Management Corp., Class A

     85,118       6,454,498  

Arthur J. Gallagher & Co.

     33,582       6,282,521  

Kinsale Capital Group, Inc.(c)

     60,922       19,200,787  

LPL Financial Holdings, Inc.

     29,444       7,527,359  

MSCI, Inc.

     34,839       16,334,613  

W.R. Berkley Corp.

     403,162       29,987,189  
    

 

 

 
       93,360,455  
    

 

 

 

Health Care-9.62%

 

Acadia Healthcare Co., Inc.(b)

     94,019       7,643,745  

Chemed Corp.

     13,266       6,193,497  
         Shares           Value      

Health Care-(continued)

 

Danaher Corp.

     81,179      $ 20,430,319  

Eli Lilly and Co.

     19,894       7,203,419  

iRhythm Technologies, Inc.(b)

     48,163       6,140,301  

Lantheus Holdings, Inc.(b)

     151,517       11,210,743  

Medpace Holdings, Inc.(b)(c)

     49,584       11,006,656  

Option Care Health, Inc.(b)(c)

     193,227       5,847,049  

R1 RCM, Inc.(b)(c)

     738,750       13,046,325  

Thermo Fisher Scientific, Inc.

     13,125       6,745,856  

UnitedHealth Group, Inc.

     21,135       11,733,095  
    

 

 

 
       107,201,005  
    

 

 

 

Industrials-16.67%

 

Advanced Drainage Systems, Inc.(c)

     66,857       7,747,389  

Booz Allen Hamilton Holding Corp.

     74,748       8,136,320  

Carlisle Cos., Inc.

     22,804       5,445,595  

Cintas Corp.

     24,159       10,329,181  

CoStar Group, Inc.(b)

     176,922       14,634,988  

IDEX Corp.

     68,938       15,325,607  

Old Dominion Freight Line, Inc.(c)

     69,237       19,012,480  

Quanta Services, Inc.

     51,046       7,250,574  

Rollins, Inc.

     768,707       32,347,191  

Snap-on, Inc.

     31,445       6,982,362  

Trane Technologies PLC(c)

     52,287       8,346,574  

TransDigm Group, Inc.

     29,321       16,881,859  

W.W. Grainger, Inc.(c)

     28,018       16,372,318  

WESCO International, Inc.(b)

     72,535       9,993,147  

WillScot Mobile Mini Holdings Corp.(b)

     162,544       6,912,996  
    

 

 

 
       185,718,581  
    

 

 

 

Information Technology-23.89%

 

Amphenol Corp., Class A

     265,541       20,135,974  

Apple, Inc.

     209,532       32,129,637  

Cadence Design Systems, Inc.(b)

     139,980       21,191,572  

CDW Corp.

     42,529       7,349,437  

EPAM Systems, Inc.(b)

     30,307       10,607,450  

Fiserv, Inc.(b)

     156,358       16,064,221  

Intuit, Inc.

     31,004       13,254,210  

Keysight Technologies, Inc.(b)

     40,910       7,124,477  

KLA Corp.

     19,995       6,327,418  

Lattice Semiconductor Corp.(b)

     253,663       12,305,192  

Marvell Technology, Inc.

     130,753       5,188,279  

Mastercard, Inc., Class A

     93,345       30,633,962  

Microsoft Corp.

     26,042       6,045,129  

Monolithic Power Systems, Inc.

     50,314       17,079,087  

ON Semiconductor Corp.(b)

     138,415       8,502,833  

Paylocity Holding Corp.(b)

     61,420       14,236,542  

Synopsys, Inc.(b)

     36,341       10,631,560  

Teledyne Technologies, Inc.(b)

     45,461       18,092,569  

Visa, Inc., Class A(c)

     44,483       9,215,098  
    

 

 

 
       266,114,647  
    

 

 

 

Materials-4.83%

 

Albemarle Corp.(c)

     22,937       6,419,378  

CF Industries Holdings, Inc.

     62,030       6,591,308  

Graphic Packaging Holding Co.

     695,482       15,968,267  

Livent Corp.(b)(c)

     276,081       8,715,877  

Mosaic Co. (The)

     160,838       8,645,042  

Steel Dynamics, Inc.

     79,618       7,488,073  
    

 

 

 
       53,827,945  
    

 

 

 

 

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

   
   

 

  5   

   
 


 

Invesco DWA Momentum ETF (PDP)–(continued)

October 31, 2022

(Unaudited)

 

         Shares           Value      

Real Estate-6.07%

 

American Tower Corp.

     131,908      $ 27,330,018  

Crown Castle, Inc.(c)

     38,786       5,168,622  

Equity LifeStyle Properties, Inc.

     121,278       7,756,941  

Extra Space Storage, Inc.

     78,061       13,851,144  

First Industrial Realty Trust, Inc.

     131,874       6,281,159  

Ryman Hospitality Properties,
Inc.(c)

     81,227       7,222,705  
    

 

 

 
       67,610,589  
    

 

 

 

Utilities-0.99%

    

NextEra Energy, Inc.

     142,797       11,066,768  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,030,767,154)

 

    1,114,033,162  
    

 

 

 

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)
(Cost $141,171)

     141,171       141,171  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $1,030,908,325)

 

    1,114,174,333  
    

 

 

 
         Shares           Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.49%

 

Invesco Private Government Fund, 3.18%(d)(e)(f)

     32,811,278      $ 32,811,278  

Invesco Private Prime Fund,
3.28%(d)(e)(f)

     84,064,797       84,064,797  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $116,874,215)

 

    116,876,075  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-110.50%
(Cost $1,147,782,540)

 

    1,231,050,408  

OTHER ASSETS LESS LIABILITIES-(10.50)%

 

    (116,974,440
    

 

 

 

NET ASSETS-100.00%

 

  $ 1,114,075,968  
    

 

 

 

 

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 October 31, 2022.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.

 

    

Value
April 30, 2022

  

Purchases
     at Cost      

  

Proceeds
from Sales

 

Change in
Unrealized
Appreciation

  

Realized
     Gain      

  

Value
October 31, 2022

  

Dividend
  Income  

Investments in Affiliated Money Market Funds:

                                        

Invesco Government & Agency Portfolio, Institutional Class

     $ 932,748      $ 7,628,204      $ (8,419,781 )     $ -      $ -      $ 141,171      $ 5,086

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       18,147,289        169,414,043        (154,750,054 )       -        -        32,811,278        189,542 *

Invesco Private Prime Fund

       41,729,944        394,417,132        (352,085,153 )       1,651        1,223        84,064,797        526,239 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 60,809,981      $ 571,459,379      $ (515,254,988 )     $ 1,651      $ 1,223      $ 117,017,246      $ 720,867
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 October 31, 2022.

(f)

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

 

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

   
   

 

  6   

   
 


 

Invesco DWA Momentum ETF (PDP)–(continued)

October 31, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of October 31, 2022

 

     

Information Technology

    23.89                             

Energy

    18.77    

Industrials

    16.67    

Health Care

    9.62    

Financials

    8.38    

Consumer Discretionary

    7.44    

Real Estate

    6.07    

Materials

    4.83    

Sector Types Each Less Than 3%

    4.33    

Money Market Funds Plus Other Assets Less

Liabilities

    0.00    

 

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

   
   

 

  7   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-82.75%

 

Biotechnology-0.50%

 

PureTech Health PLC(b)

     311,160      $ 834,732  
    

 

 

 

Capital Markets-55.77%

 

3i Group PLC (United Kingdom)

     655,274       8,755,390  

Alaris Equity Partners Income
(Canada)(c)

     68,769       796,562  

AURELIUS Equity Opportunities SE & Co. KGaA (Germany)

     57,833       1,224,352  

Blackstone Secured Lending Fund(c)

     56,464       1,315,047  

Blackstone, Inc., Class A

     89,956       8,198,590  

Blue Owl Capital, Inc.(c)

     739,689       7,411,684  

Bridgepoint Group PLC (United Kingdom)(c)(d)

     1,107,581       2,541,501  

Carlyle Group, Inc. (The)

     220,325       6,230,791  

Chrysalis Investments Ltd.
(Guernsey)(b)

     1,025,401       663,495  

EQT AB (Sweden)(c)

     377,662       7,436,733  

Gimv N.V. (Belgium)

     26,065       1,114,179  

Hamilton Lane, Inc., Class A(c)

     39,729       2,376,589  

Intermediate Capital Group PLC (United Kingdom)

     320,313       3,916,576  

IP Group PLC (United Kingdom)

     1,637,723       1,112,500  

JAFCO Group Co. Ltd. (Japan)

     118,834       1,825,263  

KKR & Co., Inc., Class A(c)

     171,372       8,333,820  

Molten Ventures PLC
(United Kingdom)(b)

     224,791       828,202  

Mutares SE & Co. KGaA (Germany)(c)

     27,215       478,784  

Onex Corp. (Canada)

     109,079       5,483,338  

Partners Group Holding AG (Switzerland)(c)

     8,789       7,898,902  

Patria Investments Ltd., Class A (Cayman Islands)

     97,352       1,384,345  

Petershill Partners PLC (United Kingdom)(d)

     1,041,170       2,375,925  

Ratos AB, Class B (Sweden)(c)

     434,911       1,628,193  

StepStone Group, Inc., Class A(c)

     83,282       2,458,485  

TPG, Inc.(c)

     228,746       7,033,939  
    

 

 

 
       92,823,185  
    

 

 

 

Diversified Consumer Services-1.51%

 

Graham Holdings Co., Class B

     4,015       2,504,838  
    

 

 

 

Diversified Financial Services-13.62%

 

Cannae Holdings, Inc.(b)(c)

     61,922       1,434,114  

Compass Diversified Holdings

     65,425       1,392,244  

Eurazeo SE (France)

     105,204       6,009,955  

Kinnevik AB, Class B (Sweden)(b)

     306,909       3,791,074  

Sofina S.A. (Belgium)(c)

     35,467       6,923,133  

Wendel SE (France)

     39,800       3,119,373  
    

 

 

 
       22,669,893  
    

 

 

 

Industrial Conglomerates-6.81%

 

Brookfield Business Partners L.P., Class U (Canada)

     94,139       2,084,233  

Fosun International Ltd. (China)

     4,382,288       2,679,667  

Melrose Industries PLC (United Kingdom)

     4,885,348       6,575,328  
    

 

 

 
       11,339,228  
    

 

 

 

Interactive Media & Services-1.63%

 

IAC, Inc.(b)(c)

     55,825       2,717,561  
    

 

 

 

IT Services-0.71%

 

Digital Garage, Inc. (Japan)

     49,485       1,188,559  
    

 

 

 
         Shares           Value      

Trading Companies & Distributors-2.20%

 

Seven Group Holdings Ltd. (Australia)(c)

     312,846      $ 3,668,907  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $188,269,015)

 

    137,746,903  
    

 

 

 

Closed-End Funds-16.27%

 

Apax Global Alpha Ltd. (Guernsey)(d)

     693,071       1,324,626  

Ares Capital Corp.(c)

     253,181       4,919,307  

Barings BDC, Inc.(c)

     45,230       402,999  

FS KKR Capital Corp.(c)

     125,076       2,401,459  

Goldman Sachs BDC, Inc.(c)

     26,387       407,943  

Golub Capital BDC, Inc. (c)

     66,456       861,934  

HBM Healthcare Investments AG (Switzerland),Class A(b)(c)

     8,413       1,866,286  

Hercules Capital, Inc.(c)

     33,031       479,940  

HgCapital Trust PLC (United Kingdom)(c)

     728,497       2,918,868  

Main Street Capital Corp.

     32,992       1,218,725  

NB Private Equity Partners Ltd. (Guernsey)

     70,375       1,292,369  

New Mountain Finance Corp. (Acquired 03/28/2019 - 10/19/2022;
Cost $833,825)(c)(e)

     68,713       834,863  

Oakley Capital Investments Ltd. (Bermuda)(c) .

     283,719       1,273,974  

Oaktree Specialty Lending Corp.(c)

     65,134       429,884  

Owl Rock Capital Corp.(c)

     172,589       2,048,632  

Princess Private Equity Holding Ltd. (Guernsey)(c)

     120,816       1,140,352  

Prospect Capital Corp.(c)

     120,558       875,251  

Sixth Street Specialty Lending, Inc.(c)

     23,889       433,824  

Syncona Ltd. (United Kingdom)(b)(c)

     785,056       1,581,780  

Trinity Capital, Inc.(c)

     30,237       360,425  
    

 

 

 

Total Closed-End Funds
(Cost $28,270,147)

 

    27,073,441  
    

 

 

 
         Shares          

Money Market Funds-0.71%

 

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(f)(g)
(Cost $1,191,066)

     1,191,066       1,191,066  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.73%
(Cost $217,730,228)

 

    166,011,410  
    

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-28.06%

 

Invesco Private Government Fund,
3.18%(f)(g)(h)

     13,100,360       13,100,360  

Invesco Private Prime Fund, 3.28%(f)(g)(h)

     33,605,157       33,605,157  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $46,707,026)

 

    46,705,517  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-127.79%
(Cost $264,437,254)

 

    212,716,927  

OTHER ASSETS LESS LIABILITIES-(27.79)%

 

    (46,264,747
    

 

 

 

NET ASSETS-100.00%.

     $ 166,452,180  
    

 

 

 

 

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

   
   

 

  8   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)–(continued)

October 31, 2022

(Unaudited)

 

Investment Abbreviations:

BDC-Business Development Company

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 October 31, 2022.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $6,242,052, which represented 3.75% of the Fund’s Net Assets.

(e) 

Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

(f) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.

 

    

Value
April 30, 2022

  

Purchases
     at Cost      

  

Proceeds
from Sales

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Realized
Gain

  

Value
October 31, 2022

  

Dividend
Income

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 2,395,158      $ 6,963,219      $ (8,167,311 )     $ -     $ -      $ 1,191,066      $ 12,806

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       8,533,789        35,421,433        (30,854,862 )       -       -        13,100,360        108,056 *

Invesco Private Prime Fund

       20,226,755        80,934,261        (67,555,004 )       (1,729 )       874        33,605,157        293,757 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

Total

     $ 31,155,702      $ 123,318,913      $ (106,577,177 )     $ (1,729 )     $ 874      $ 47,896,583      $ 414,619
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

*

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

 

(g) 

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

This Fund has holdings greater than 10% of net assets in the following country:

 

United Kingdom

     18.39

 

Open Over-The-Counter Total Return Swap Agreements(a)

  Counterparty

  

Pay/
Receive

  

Reference Entity

  

Rate

  

Payment
Frequency

  

Maturity Date

  

Notional Value(b)

  Upfront
Payments
Paid
(Received)
   Value    Unrealized
Appreciation

Equity Risk

                               

Citibank, N.A.

   Receive    Brookfield Business Partners LP    1-Day CORRA plus 55 basis points    Monthly    October-2023    CAD 1,890,740     $ -      $ 96,351      $ 96,351
                     

 

 

      

 

 

      

 

 

 

Abbreviations:

CAD       -Canadian Dollar

CORRA -Canadian Overnight Repo Rate Average

 

(a) 

The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

(b) 

Notional Value is denominated in U.S. Dollars unless otherwise noted.

 

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

   
   

 

  9   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)–(continued)

October 31, 2022

(Unaudited)

 

Portfolio Composition

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

as of October 31, 2022

 

 

 

Capital Markets

     55.77                                  

Closed-End Funds

     16.27     

Diversified Financial Services

     13.62     

Industrial Conglomerates

     6.81     

Industry Types Each Less Than 3%

     6.55     

Money Market Funds Plus Other Assets Less Liabilities

     0.98     

 

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

   
   

 

  10   

   
 


 

Invesco Golden Dragon China ETF (PGJ)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.01%(b)

 

Communication Services-21.09%

 

Autohome,Inc., ADR(c)

     90,998      $ 2,376,868  

Baidu, Inc., ADR(c)(d)

     150,050       11,489,329  

Bilibili, Inc., ADR(c)(d)

     176,286       1,572,471  

DouYu International Holdings Ltd., ADR(d)

     239,718       239,694  

Hello Group, Inc., ADR(c)

     230,387       1,082,819  

iQIYI, Inc., ADR(c)(d)

     501,381       1,012,790  

JOYY, Inc., ADR(c)

     78,854       1,989,486  

Kanzhun Ltd., ADR(c)(d)

     292,293       3,194,762  

NetEase, Inc., ADR(c)

     122,036       6,787,642  

Sohu.com Ltd., ADR(c)(d)

     54,437       770,828  

Tencent Music Entertainment Group, ADR(d)

     929,897       3,356,928  

Weibo Corp., ADR(c)(d)

     114,039       1,290,921  

WiMi Hologram Cloud, Inc., ADR(d)

     75,940       75,872  
    

 

 

 
       35,240,410  
    

 

 

 

Consumer Discretionary-55.64%

 

Alibaba Group Holding Ltd., ADR(c)(d)

     226,419       14,395,720  

Baozun, Inc., ADR(c)(d)

     65,881       259,571  

Dada Nexus Ltd., ADR(c)(d)

     129,333       399,639  

H World Group Ltd., ADR(c)

     217,274       5,883,780  

JD.com, Inc., ADR(c)

     340,250       12,687,923  

Kaixin Auto Holdings (Hong Kong)(d)

     268,276       137,062  

Kandi Technologies Group, Inc.(c)(d)

     103,037       297,777  

Li Auto, Inc., ADR(c)(d)

     375,435       5,113,425  

MINISO Group Holding Ltd., ADR(c)

     117,977       601,683  

New Oriental Education & Technology Group, Inc., ADR(d)

     172,347       4,091,518  

Newegg Commerce, Inc.(c)(d)

     507,453       1,101,173  

NIO, Inc., ADR(c)(d)

     1,085,020       10,492,143  

Niu Technologies, ADR(d)

     69,036       180,874  

Pinduoduo, Inc., ADR(c)(d)

     302,985       16,612,667  

TAL Education Group, ADR(d)

     616,117       2,901,911  

Trip.com Group Ltd., ADR(d)

     419,964       9,503,785  

Uxin Ltd., ADR.

     39,480       162,658  

Vipshop Holdings Ltd., ADR(c)(d)

     708,114       4,935,555  

XPeng, Inc., ADR(c)(d)

     482,350       3,193,157  
    

 

 

 
       92,952,021  
    

 

 

 

Consumer Staples-0.40%

 

111, Inc., ADR(d)

     65,668       177,303  

Yatsen Holding Ltd., ADR(d)

     432,191       488,376  
    

 

 

 
       665,679  
    

 

 

 

Financials-3.35%

 

360 DigiTech, Inc., ADR(c)

     182,223       1,851,386  

Fanhua, Inc., ADR

     45,069       217,683  

LexinFintech Holdings Ltd., ADR(d)

     194,741       264,848  

Lufax Holding Ltd., ADR

     1,137,991       1,809,406  

Noah Holdings Ltd., ADR(c)(d)

     44,958       589,849  

Qudian, Inc., ADR(d)

     272,294       226,004  

Up Fintech Holding Ltd., ADR(c)(d)

     173,443       641,739  
    

 

 

 
       5,600,915  
    

 

 

 

Health Care-1.68%

 

Burning Rock Biotech Ltd., ADR(c)(d)

     75,505       155,540  

Gracell Biotechnologies, Inc., ADR(c)(d)

     90,692       289,308  
         Shares           Value      

Health Care-(continued)

 

I-Mab, ADR(c)(d)

     72,267      $ 268,111  

Zai Lab Ltd., ADR, (Acquired 07/01/2019 -10/26/2022;
Cost $6,098,035)(c)(d)(e)

     94,301       2,101,026  
    

 

 

 
       2,813,985  
    

 

 

 

Industrials-4.58%

 

CBAK Energy Technology, Inc.(d)

     121,007       143,998  

EHang Holdings Ltd., ADR(c)(d)

     47,967       179,876  

ReneSola Ltd., ADR(c)(d)

     70,326       317,874  

ZTO Express (Cayman), Inc., ADR(c)

     414,644       7,003,337  
    

 

 

 
       7,645,085  
    

 

 

 

Information Technology-9.27%

 

Agora, Inc., ADR(c)(d)

     93,316       260,352  

Bit Digital, Inc.(c)(d)

     112,110       118,837  

Canaan, Inc., ADR(c)(d)

     215,298       624,364  

Canadian Solar, Inc. (Canada)(c)(d)

     87,387       2,962,419  

Chindata Group Holdings Ltd.,
ADR(c)(d)

     169,926       902,307  

Daqo New Energy Corp., ADR(c)(d)

     90,000       3,959,100  

GDS Holdings Ltd., ADR(c)(d)

     126,264       1,089,658  

Hollysys Automation Technologies Ltd

     84,256       1,343,041  

JinkoSolar Holding Co. Ltd., ADR(c)(d)

     54,350       2,580,538  

Kingsoft Cloud Holdings Ltd., ADR(c)(d)

     143,604       363,318  

OneConnect Financial Technology Co. Ltd., ADR(d)

     183,443       116,615  

Powerbridge Technologies Co. Ltd.(d)

     107,383       17,374  

Renren, Inc., ADR(c)(d)

     12,172       388,774  

Vnet Group, Inc., ADR(c)(d)

     182,911       766,397  
    

 

 

 
       15,493,094  
    

 

 

 

Materials-0.24%

 

Huadi International Group Co. Ltd.(c)(d)

     17,992       395,824  
    

 

 

 

Real Estate-3.76%

 

KE Holdings, Inc., ADR(c)(d)

     598,746       6,095,234  

Nam Tai Property, Inc.(d)(f)

     51,293       194,349  
    

 

 

 
       6,289,583  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $350,856,185)

 

    167,096,596  
    

 

 

 

Money Market Funds-0.11%

 

Invesco Government & Agency Portfolio, Institutional Class,
3.07%(g)(h)
(Cost $185,292)

     185,292       185,292  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $351,041,477)

 

    167,281,888  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.66%

 

Invesco Private Government Fund, 3.18%(g)(h)(i)

     13,656,063       13,656,063  

 

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

   
   

 

  11   

   
 


 

Invesco Golden Dragon China ETF (PGJ)–(continued)

October 31, 2022

(Unaudited)

 

         Shares           Value      

Money Market Funds-(continued)

 

Invesco Private Prime Fund,
3.28%(g)(h)(i)

     39,238,315      $ 39,238,315  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $52,895,185)

 

    52,894,378  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-131.78%
(Cost $403,936,662)

 

    220,176,266  

OTHER ASSETS LESS LIABILITIES-(31.78)%

 

    (53,101,622
    

 

 

 

NET ASSETS-100.00%

 

  $ 167,074,644  
    

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

(a) 

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

(b) 

Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

(c) 

All or a portion of this security was out on loan at October 31, 2022.

(d) 

Non-income producing security.

(e) 

Restricted security. The value of this security at October 31, 2022 represented 1.26% of the Fund’s Net Assets.

(f) 

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

(g) 

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 October 31, 2022.

 

    

Value
April 30, 2022

  

Purchases
     at Cost     

  

Proceeds
from Sales

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Realized
     Gain      

  

Value
October 31, 2022

  

Dividend
  Income  

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 163,140      $ 3,331,707      $ (3,309,555 )     $ -     $ -      $ 185,292      $ 2,495

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       22,508,565        86,682,106        (95,534,608 )       -       -        13,656,063        211,992 *

Invesco Private Prime Fund

       52,545,493        140,188,588        (153,496,081 )       (5,323 )       5,638        39,238,315        590,178 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

Total

     $ 75,217,198      $ 230,202,401      $ (252,340,244 )     $ (5,323 )     $ 5,638      $ 53,079,670      $ 804,665
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

*

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.

 

(h) 

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

(i) 

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 Golden Dragon China ETF (PGJ)–(continued)

October 31, 2022

(Unaudited)

 

Portfolio Composition

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

as of October 31, 2022

 

 

 

Consumer Discretionary

     55.64                                 

Communication Services

     21.09    

Information Technology

     9.27    

Industrials

     4.58    

Real Estate

     3.76    

Financials

     3.35    

Sector Types Each Less Than 3%

     2.32    

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.

   
   

 

  13   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-97.82%

 

Automobiles-14.45%

     

Li Auto, Inc., ADR (China)(b)(c)

     380,739      $ 5,185,665  

Lucid Group, Inc.(b)(c)

     291,589        4,166,807  

NIO, Inc., ADR (China)(b)(c)

     949,200        9,178,764  

Niu Technologies, ADR (China)(b)

     13,683        35,849  

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

     215,741        7,544,463  

Tesla, Inc.(b)

     64,652        14,710,916  

Workhorse Group, Inc.(b)(c)

     115,664        312,293  

XPeng, Inc., ADR (China)(b)(c)

     290,583        1,923,659  

Yadea Group Holdings Ltd. (China)(d)

     855,245        1,305,227  
     

 

 

 
        44,363,643  
     

 

 

 

Building Products-3.87%

 

Advanced Drainage Systems, Inc.

     46,509        5,389,463  

Kingspan Group PLC (Ireland)

     105,528        5,329,663  

ROCKWOOL A/S, Class B (Denmark)(c)

     5,819        1,158,771  
     

 

 

 
        11,877,897  
     

 

 

 

Chemicals-1.54%

 

FutureFuel Corp.

     1,018        6,963  

Umicore S.A. (Belgium)

     143,441        4,728,030  
     

 

 

 
        4,734,993  
     

 

 

 

Commercial Services & Supplies-0.40%

 

China Everbright Environment Group Ltd. (China)

     2,373,512        789,170  

Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)

     329,394        90,218  

Midac Holdings Co. Ltd. (Japan)

     4,995        124,342  

Sunny Friend Environmental Technology Co. Ltd. (Taiwan)

     54,000        225,401  
     

 

 

 
        1,229,131  
     

 

 

 

Construction & Engineering-0.71%

 

China Conch Venture Holdings Ltd. (China)

     1,113,472        1,642,580  

OX2 AB (Sweden)(b)

     66,909        461,381  

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

     17,376        78,539  
     

 

 

 
        2,182,500  
     

 

 

 

Electric Utilities-0.01%

 

Fastned B.V., CVA (Netherlands)(b)(c)

     1,221        41,947  
     

 

 

 

Electrical Equipment-14.65%

     

Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Brazil)

     224,800        79,257  

Alfen Beheer B.V. (Netherlands)(c)(d)

     15,522        1,649,944  

Blink Charging Co.(b)(c)

     27,057        400,443  

China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(b)

     346,269        140,716  

Contemporary Amperex Technology Co. Ltd., A Shares (China)

     97,500        4,981,202  

CS Wind Corp. (South Korea)

     17,210        710,413  

Energiekontor AG (Germany)

     5,636        500,774  

Fagerhult AB (Sweden)

     58,059        231,176  

Ginlong Technologies Co. Ltd., A Shares (China)(b)

     17,200        440,216  

Ming Yang Smart Energy Group Ltd., A Shares (China)

     106,500        363,337  

Nordex SE (Germany)(b)(c)

     88,105        823,590  

Plug Power, Inc.(b)(c)

     360,023        5,753,167  
         Shares              Value      

Electrical Equipment-(continued)

 

PNE AG (Germany)(c)

     37,382      $ 711,590  

PowerCell Sweden AB (Sweden)(b)(c)

     35,195        386,970  

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

     80,015        1,849,147  

Siemens Gamesa Renewable Energy S.A., Class R (Spain)(b)(c)

     163,576        2,903,602  

Signify N.V.

     84,720        2,349,550  

Stem, Inc.(b)(c)

     39,831        541,701  

Sungrow Power Supply Co. Ltd., A Shares (China)

     64,400        1,155,187  

SunPower Corp.(b)(c)

     61,872        1,144,013  

Sunrun, Inc.(b)(c)

     131,426        2,958,399  

Titan Wind Energy Suzhou Co. Ltd., A Shares (China)

     109,500        176,134  

TPI Composites, Inc.(b)

     25,757        256,540  

Vestas Wind Systems A/S (Denmark)

     703,345        13,856,715  

Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)

     682,500        592,091  
     

 

 

 
        44,955,874  
     

 

 

 

Electronic Equipment, Instruments & Components-0.67%

 

Badger Meter, Inc.

     18,241        2,051,748  
     

 

 

 

Equity REITs-15.60%

     

AEON REIT Investment Corp. (Japan)

     1,104        1,188,415  

Brandywine Realty Trust

     92,231        605,035  

CapitaLand Integrated Commercial Trust (Singapore)

     3,815,889        5,069,515  

Centuria Office REIT (Australia)

     226,254        217,741  

Covivio (France)

     27,120        1,452,781  

CRE Logistics REIT, Inc. (Japan)

     492        677,251  

Digital Realty Trust, Inc.

     149,485        14,985,871  

Douglas Emmett, Inc.

     123,603        2,174,177  

First Capital REIT (Canada)

     46,083        535,476  

Fukuoka REIT Corp. (Japan)

     273        318,854  

Global One Real Estate Investment Corp. (Japan)

     326        251,790  

Inmobiliaria Colonial SOCIMI S.A. (Spain)

     142,101        749,277  

Itochu Advance Logistics Investment Corp. (Japan)

     741        724,872  

Japan Excellent, Inc. (Japan)

     623        576,328  

Keppel REIT (Singapore)

     1,723,630        1,090,134  

Klepierre S.A. (France)

     148,815        2,993,107  

Lar Espana Real Estate SOCIMI S.A. (Spain)

     2        8  

Mapletree Pan Asia Commercial Trust (Singapore)

     1,639,686        1,842,344  

Mercialys S.A. (France)

     37,494        324,807  

Merlin Properties SOCIMI S.A. (Spain)

     202,659        1,716,555  

Mitsubishi Estate Logistics REIT Investment Corp. (Japan)(c)

     396        1,172,268  

Mori Hills REIT Investment Corp. (Japan)

     1,057        1,157,022  

Nippon Prologis REIT, Inc. (Japan)

     1,564        3,277,734  

OUE Commercial REIT (Singapore), (Acquired 03/24/2021 - 09/29/2022; Cost $448,519)(e)

     1,526,496        350,584  

Paramount Group, Inc.(c)

     105,316        681,394  

Piedmont Office Realty Trust, Inc., Class A

     65,516        684,642  

SPH REIT (Singapore)

     667,124        384,217  

Vornado Realty Trust

     113,132        2,668,784  
     

 

 

 
        47,870,983  
     

 

 

 

 

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

   
   

 

  14   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)

 

         Shares           Value      

Food Products-3.86%

 

Darling Ingredients, Inc.(b)

     112,535      $ 8,831,747  

Grieg Seafood ASA (Norway)

     33,149       229,562  

Local Bounti Corp.(b)(c)

     31,879       94,362  

Minerva S.A. (Brazil)

     211,000       550,094  

Salmar ASA (Norway)

     41,309       1,399,369  

SLC Agricola S.A. (Brazil)

     83,450       730,769  
    

 

 

 
       11,835,903  
    

 

 

 

Household Durables-1.18%

 

KB Home

     53,786       1,550,113  

Meritage Homes Corp.(b)

     25,378       1,932,788  

Neinor Homes S.A. (Spain)(c)(d)

     16,024       127,807  
    

 

 

 
       3,610,708  
    

 

 

 

Independent Power and Renewable Electricity Producers-10.41%

 

Altus Power, Inc.(b)

     42,970       427,981  

BCPG PCL, NVDR (Thailand)

     690,489       173,257  

Beijing Energy International Holding Co. Ltd. (Hong Kong)(b)

     7,910,786       183,413  

Boralex, Inc., Class A (Canada)

     75,017       2,124,487  

Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(c)(d)

     636,192       391,448  

CECEP Solar Energy Co. Ltd., A Shares (China)

     221,800       205,432  

CECEP Wind-Power Corp., A Shares (China)

     339,500       199,087  

China Datang Corp. Renewable Power Co. Ltd., H Shares (China)

     1,655,293       447,043  

China Everbright Greentech Ltd.
(China)(c)(d)

     330,673       53,920  

China Three Gorges Renewables Group Co. Ltd., A Shares (China)

     1,310,300       999,969  

Concord New Energy Group Ltd. (Hong Kong)

     5,315,301       406,273  

EDP Renovaveis S.A. (Spain)

     216,674       4,563,535  

Encavis AG (Germany)

     90,231       1,681,041  

Energix-Renewable Energies Ltd. (Israel)

     207,559       728,919  

Enlight Renewable Energy Ltd. (Israel)(b)

     787,808       1,603,820  

eRex Co. Ltd. (Japan)(c)

     28,248       479,495  

GCL New Energy Holdings Ltd.
(China)(b)(c)

     479,234       32,357  

Grenergy Renovables S.A. (Spain)

     12,535       386,536  

Montauk Renewables, Inc.(b)

     50,054       749,308  

Neoen S.A. (France)(d)

     37,766       1,318,356  

NextEra Energy Partners L.P.

     60,789       4,502,641  

Omega Energia S.A. (Brazil)(b)

     241,991       495,765  

Omega Energia S.A., Rts., expiring 11/07/2022 (Brazil)(b)

     32,120       122  

Ormat Technologies, Inc.

     32,879       2,973,906  

RENOVA, Inc. (Japan)(b)

     26,857       590,859  

Scatec ASA (South Africa)(d)

     85,817       607,504  

Solaria Energia y Medio Ambiente S.A. (Spain)(b)

     60,732       960,392  

SPCG PCL, NVDR (Thailand)

     328,463       118,233  

Sunnova Energy International, Inc.(b)(c)

     72,803       1,349,768  

Super Energy Corp. PCL, NVDR (Thailand)

     12,317,830       226,550  

Terna Energy S.A. (Greece)

     53,831       1,001,298  

TransAlta Renewables, Inc. (Canada)(c)

     84,585       907,209  

Voltalia S.A. (France)(b)(c)

     26,181       498,889  

West Holdings Corp. (Japan)

     18,710       560,790  
    

 

 

 
       31,949,603  
    

 

 

 
         Shares           Value      

IT Services-1.26%

 

Chindata Group Holdings Ltd., ADR

    

(China)(b)(c)

     91,707      $ 486,964  

Kingsoft Cloud Holdings Ltd., ADR (China)(b) .

     65,303       165,217  

Switch, Inc., Class A

     94,937       3,232,605  
    

 

 

 
       3,884,786  
    

 

 

 

Machinery-2.29%

 

Alstom S.A. (France)(c)

     214,153       4,415,192  

Energy Recovery, Inc.(b)(c)

     29,607       761,788  

Lion Electric Co. (The) (Canada)(b)

     17,001       51,599  

Proterra, Inc.(b)(c)

     121,728       759,583  

Riyue Heavy Industry Co. Ltd., A Shares (China)

     35,100       106,234  

Stadler Rail AG (Switzerland)(c)

     31,302       922,717  
    

 

 

 
       7,017,113  
    

 

 

 

Metals & Mining-0.42%

 

Schnitzer Steel Industries, Inc., Class A

     16,323       440,558  

Sims Ltd.

     110,490       863,378  
    

 

 

 
       1,303,936  
    

 

 

 

Oil, Gas & Consumable Fuels-0.93%

 

Enviva, Inc.(c)

     23,588       1,411,506  

REX American Resources Corp.(b)

     9,565       286,854  

VERBIO Vereinigte BioEnergie AG (Germany)

     14,895       1,173,303  
    

 

 

 
       2,871,663  
    

 

 

 

Paper & Forest Products-3.04%

 

Canfor Corp. (Canada)(b)

     38,564       578,722  

Mercer International, Inc. (Germany)

     31,617       424,300  

Suzano S.A. (Brazil)

     505,800       5,128,126  

West Fraser Timber Co. Ltd. (Canada)

     42,548       3,190,671  
    

 

 

 
       9,321,819  
    

 

 

 

Real Estate Management & Development-0.46%

 

Deutsche EuroShop AG (Germany)

     4,156       89,135  

Platzer Fastigheter Holding AB, Class B (Sweden)

     19,216       119,117  

Swire Properties Ltd. (Hong Kong)

     625,884       1,202,358  
    

 

 

 
       1,410,610  
    

 

 

 

Road & Rail-5.60%

 

Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)

     1,133,400       692,594  

BTS Group Holdings PCL, NVDR (Thailand)

     4,140,874       903,028  

BTS Group Holdings PCL, Wts., expring 11/20/2026 (Thailand)(b)

     1       0  

Central Japan Railway Co. (Japan)

     96,436       11,201,719  

MTR Corp. Ltd. (Hong Kong)

     996,878       4,387,617  
    

 

 

 
       17,184,958  
    

 

 

 

Semiconductors & Semiconductor Equipment-15.82%

 

Duk San Neolux Co. Ltd.
(South Korea)(b)

     3,716       100,045  

Enphase Energy, Inc.(b)

     67,876       20,837,932  

First Solar, Inc.(b)

     66,792       9,722,911  

GCL System Integration Technology Co. Ltd., A Shares (China)(b)

     218,700       97,984  

JA Solar Technology Co. Ltd., A Shares (China)

     102,920       881,333  

LONGi Green Energy Technology Co. Ltd., A Shares (China)

     311,272       2,046,260  

Maxeon Solar Technologies Ltd.(b)(c)

     17,873       308,845  

SMA Solar Technology AG
(Germany)(b)

     7,409       359,105  

 

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

   
   

 

  15   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)

 

         Shares           Value  

Semiconductors & Semiconductor Equipment-(continued)

 

SolarEdge Technologies, Inc.(b)

     38,619      $ 8,883,529  

Trina Solar Co. Ltd., A Shares (China)

     93,127       847,618  

TSEC Corp. (Taiwan)(b)

     407,000       423,136  

United Renewable Energy Co. Ltd. (Taiwan)(b)

     1,092,075       711,726  

Xinyi Solar Holdings Ltd. (China)

     3,373,816       3,348,093  
    

 

 

 
       48,568,517  
    

 

 

 

Software-0.08%

    

CM.com N.V. (Netherlands)(b)(c)(d)

     11,775       132,206  

Tuya, Inc., ADR (China)(b)(c)

     142,558       127,390  
    

 

 

 
       259,596  
    

 

 

 

Transportation Infrastructure-0.32%

    

Taiwan High Speed Rail Corp. (Taiwan)

     1,113,000       970,604  
    

 

 

 

Water Utilities-0.25%

    

Beijing Enterprises Water Group Ltd. (China)

     3,101,928       652,010  

China Everbright Water Ltd. (China)

     663,963       105,570  
    

 

 

 
       757,580  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $374,474,464)

 

    300,256,112  
    

 

 

 

Exchange-Traded Funds-2.12%

 

iShares MSCI India ETF(c)
(Cost $6,621,410)

     154,769       6,531,252  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $381,095,874)

 

    306,787,364  
    

 

 

 
         Shares           Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-20.34%

 

Invesco Private Government Fund, 3.18%(f)(g)(h)

     17,483,119      $ 17,483,119  

Invesco Private Prime Fund,
3.28%(f)(g)(h)

     44,944,069       44,944,069  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $62,427,657)

 

    62,427,188  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-120.28%
(Cost $443,523,531)

 

    369,214,552  

OTHER ASSETS LESS LIABILITIES-(20.28)%

 

    (62,263,625
    

 

 

 

NET ASSETS-100.00%.

 

  $ 306,950,927  
    

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

CVA-Dutch Certificates

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

Wts.-Warrants

 

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

   
   

 

  16   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 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 October 31, 2022.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $5,676,630, which represented 1.85% of the Fund’s Net Assets.

(e) 

Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

(f) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022.

 

   

Value
April 30, 2022

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

Dividend
Income

 

Investments in Affiliated Money Market Funds:

                                  

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 6,442,580      $ (6,442,580      $ -           $ -       $ -              $ 1,317  

Investments Purchased with Cash Collateral from Securities on Loan:

                               

Invesco Private Government Fund

       28,369,013        83,437,642        (94,323,536        -             -         17,483,119         207,077

Invesco Private Prime Fund

       66,151,778        171,249,537        (192,455,925                     (949           (372       44,944,069         565,261
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

     

 

 

     

 

 

 

Total

     $ 94,520,791      $ 261,129,759      $ (293,222,041      $ (949         $ (372     $ 62,427,188       $ 773,655  
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

     

 

 

     

 

 

 

 

*

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

 

(g) 

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

This Fund has holdings greater than 10% of net assets in the following country:

 

China

     12.85

 

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

   
   

 

  17   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2022

(Unaudited)

 

 Portfolio Composition

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

 as of October 31, 2022

 

 

 

     

Semiconductors & Semiconductor Equipment

     15.82    

Equity REITs

     15.60    

Electrical Equipment

     14.65                                 

Automobiles

     14.45    

Independent Power and Renewable

Electricity Producers

     10.41    

Road & Rail

     5.60    

Building Products

     3.87    

Food Products

     3.86    

Paper & Forest Products

     3.04    

Industry Types Each Less Than 3%

     12.64    

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.

   
   

 

  18   

   
 


 

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.00%

 

Communication Services-5.12%

    

DISH Network Corp., Class A(b)(c)

     41,341      $ 616,394  

EchoStar Corp., Class A(b)(c)

     32,371       610,841  

Integral Ad Science Holding
Corp.(b)(c)

     74,596       628,098  

Iridium Communications, Inc.(b)

     12,430       640,518  

Radius Global Infrastructure, Inc., Class A(b)(c)

     71,096       664,748  

Telephone & Data Systems, Inc.

     37,298       634,066  

T-Mobile US, Inc.(b)

     4,234       641,705  

United States Cellular Corp.(b)

     20,051       624,990  

WideOpenWest, Inc.(b)(c)

     43,561       597,221  

ZipRecruiter, Inc., Class A(b)(c)

     33,230       557,267  
    

 

 

 
       6,215,848  
    

 

 

 

Consumer Discretionary-11.31%

    

Advance Auto Parts, Inc.

     3,382       642,309  

Arko Corp.(c)

     63,214       647,943  

Bath & Body Works, Inc.

     17,595       587,321  

Bloomin’ Brands, Inc.(c)

     27,203       653,144  

D.R. Horton, Inc.

     8,577       659,400  

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

     16,199       645,530  

Dollar General Corp.

     2,428       619,261  

Everi Holdings, Inc.(b)(c)

     32,244       611,991  

KB Home

     21,748       626,777  

lululemon athletica, inc.(b)

     1,964       646,235  

M.D.C. Holdings, Inc.

     20,066       611,210  

Newell Brands, Inc.

     39,096       539,916  

Planet Fitness, Inc., Class A(b)(c)

     9,764       639,347  

Polaris, Inc.(c)

     6,216       631,546  

PulteGroup, Inc.

     15,739       629,403  

Ruth’s Hospitality Group, Inc.

     30,119       625,873  

Target Corp.

     3,730       612,653  

Tempur Sealy International, Inc.

     22,382       601,852  

Texas Roadhouse, Inc.

     6,170       610,522  

Tractor Supply Co.

     3,038       667,661  

Ulta Beauty, Inc.(b)

     1,509       632,829  

Xponential Fitness, Inc., Class A(b)(c)

     30,088       582,203  
    

 

 

 
       13,724,926  
    

 

 

 

Consumer Staples-1.49%

    

Darling Ingredients, Inc.(b)

     7,802       612,301  

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

     2,866       574,604  

Primo Water Corp.(c)

     42,066       613,743  
    

 

 

 
       1,800,648  
    

 

 

 

Energy-10.94%

    

Antero Resources Corp.(b)

     16,468       603,717  

APA Corp.

     13,873       630,667  

Black Stone Minerals L.P.

     32,646       599,707  

Brigham Minerals, Inc., Class A

     19,152       593,712  

Cheniere Energy, Inc.

     3,312       584,270  

ConocoPhillips

     4,728       596,154  

DCP Midstream L.P.

     14,736       585,756  

Devon Energy Corp.

     8,034       621,430  

Diamondback Energy, Inc.

     3,929       617,285  

Energy Transfer L.P.

     48,434       618,502  

Enterprise Products Partners L.P.

     23,044       581,861  

Enviva, Inc.(c)

     11,372       680,500  

EOG Resources, Inc.

     4,376       597,412  
         Shares           Value      

Energy-(continued)

    

Kimbell Royalty Partners L.P.

     30,697      $ 584,471  

Marathon Oil Corp.

     20,400       621,180  

Marathon Petroleum Corp.

     5,267       598,437  

Northern Oil and Gas, Inc.

     16,943       578,434  

Occidental Petroleum Corp.

     8,364       607,226  

Pioneer Natural Resources Co.

     2,267       581,281  

Targa Resources Corp.

     8,756       598,648  

Valero Energy Corp.

     4,628       581,045  

Williams Cos., Inc. (The)

     18,637       609,989  
    

 

 

 
       13,271,684  
    

 

 

 

Financials-16.19%

    

Allstate Corp. (The)

     4,892       617,615  

Arthur J. Gallagher & Co.

     3,313       619,796  

AssetMark Financial Holdings, Inc.(b)

     31,887       660,380  

Axos Financial, Inc.(b)

     16,463       641,398  

Banner Corp.

     8,558       639,710  

Cadence Bank(c)

     21,528       595,249  

Chubb Ltd.

     2,996       643,810  

Finance Of America Cos., Inc., Class A(b)(c)

     109,889       176,921  

First Merchants Corp.(c)

     13,640       612,436  

First Republic Bank

     5,166       620,437  

Globe Life, Inc.

     5,245       605,902  

Hancock Whitney Corp.

     11,361       634,739  

Heritage Commerce Corp.

     45,309       647,919  

Huntington Bancshares, Inc.

     43,627       662,258  

Intercontinental Exchange, Inc.

     6,375       609,259  

Ladder Capital Corp.

     60,239       642,750  

Merchants Bancorp.

     24,621       589,673  

Nexpoint Real Estate Finance, Inc.(c)

     37,566       660,035  

Old Second Bancorp, Inc.

     41,076       657,216  

Open Lending Corp., Class A(b)(c)

     83,704       600,158  

Origin Bancorp, Inc.

     14,535       600,732  

Pacific Premier Bancorp, Inc.

     17,033       620,171  

Prudential Financial, Inc.

     6,049