LOGO   Invesco Semi-Annual Report to Shareholders
  October 31, 2023
 

 

PWB

 

 

Invesco Large Cap Growth ETF (formerly, Invesco Dynamic Large Cap Growth ETF)

 

 

PWV

 

 

Invesco Large Cap Value ETF (formerly, Invesco Dynamic Large Cap Value ETF)

 

 

EQWL

 

 

Invesco S&P 100 Equal Weight ETF

  SPGP   Invesco S&P 500 GARP ETF
  SPVM   Invesco S&P 500 Value with Momentum ETF
  XMMO   Invesco S&P MidCap Momentum ETF
  XMHQ   Invesco S&P MidCap Quality ETF
  XMVM   Invesco S&P MidCap Value with Momentum ETF
  XSMO   Invesco S&P SmallCap Momentum ETF
  XSVM   Invesco S&P SmallCap Value with Momentum ETF
  CZA   Invesco Zacks Mid-Cap ETF
  CVY   Invesco Zacks Multi-Asset Income ETF


 

Table of Contents

 

Schedules of Investments

  

Invesco Large Cap Growth ETF (PWB)

     3  

Invesco Large Cap Value ETF (PWV)

     5  

Invesco S&P 100 Equal Weight ETF (EQWL)

     7  

Invesco S&P 500 GARP ETF (SPGP)

     10  

Invesco S&P 500 Value with Momentum ETF (SPVM)

     13  

Invesco S&P MidCap Momentum ETF (XMMO)

     16  

Invesco S&P MidCap Quality ETF (XMHQ)

     19  

Invesco S&P MidCap Value with Momentum ETF (XMVM)

     22  

Invesco S&P SmallCap Momentum ETF (XSMO)

     25  

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

     28  

Invesco Zacks Mid-Cap ETF (CZA)

     31  

Invesco Zacks Multi-Asset Income ETF (CVY)

     34  

Statements of Assets and Liabilities

     38  

Statements of Operations

     40  

Statements of Changes in Net Assets

     42  

Financial Highlights

     47  

Notes to Financial Statements

     59  

Fund Expenses

     72  

 

   

 

  2   

   
 


 

Invesco Large Cap Growth ETF (PWB)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.07%

 

Communication Services-7.03%

     

Meta Platforms, Inc., Class A(b)

     73,764      $ 22,222,880  

Netflix, Inc.(b)(c)

     51,345        21,138,223  
     

 

 

 
        43,361,103  
     

 

 

 

Consumer Discretionary-18.86%

     

Airbnb, Inc., Class A(b)

     71,544        8,462,940  

Booking Holdings, Inc.(b)

     2,959        8,254,308  

Chipotle Mexican Grill, Inc.(b)

     4,858        9,435,208  

Hilton Worldwide Holdings, Inc.

     60,616        9,185,142  

Las Vegas Sands Corp.

     170,134        8,074,560  

Marriott International, Inc., Class A

     44,580        8,406,005  

McDonald’s Corp.

     75,682        19,841,550  

MercadoLibre, Inc. (Brazil)(b)

     7,316        9,077,254  

O’Reilly Automotive, Inc., Class R(b)(c)

     9,733        9,055,972  

Ross Stores, Inc.(c)

     77,187        8,951,376  

TJX Cos., Inc. (The)

     102,042        8,986,839  

Yum! Brands, Inc.(c)

     70,236        8,488,723  
     

 

 

 
        116,219,877  
     

 

 

 

Consumer Staples-4.85%

     

Costco Wholesale Corp.

     39,405        21,768,898  

Monster Beverage Corp.(b)

     158,535        8,101,139  
     

 

 

 
        29,870,037  
     

 

 

 

Energy-1.44%

     

Baker Hughes Co., Class A

     258,440        8,895,505  
     

 

 

 

Financials-13.02%

     

Apollo Global Management, Inc.

     111,517        8,635,877  

Berkshire Hathaway, Inc., Class B(b)(c)

     60,514        20,655,244  

Mastercard, Inc., Class A

     53,324        20,068,487  

NU Holdings Ltd., Class A (Brazil)(b)(c)

     1,236,999        10,143,392  

Visa, Inc., Class A(c)

     88,184        20,732,058  
     

 

 

 
        80,235,058  
     

 

 

 

Health Care-10.17%

     

Boston Scientific Corp.(b)

     180,359        9,232,577  

DexCom, Inc.(b)

     84,988        7,549,484  

Eli Lilly and Co.

     38,316        21,224,382  

IDEXX Laboratories, Inc.(b)(c)

     18,618        7,437,332  

Intuitive Surgical, Inc.(b)

     31,662        8,302,410  

Stryker Corp.

     33,004        8,918,341  
     

 

 

 
        62,664,526  
     

 

 

 

Industrials-12.79%

     

AMETEK, Inc.

     58,775        8,273,757  

Copart, Inc.(b)

     207,625        9,035,840  

Eaton Corp. PLC

     41,844        8,699,786  
         Shares              Value      

Industrials-(continued)

 

Otis Worldwide Corp.

     109,608      $ 8,462,834  

Parker-Hannifin Corp.

     22,838        8,425,167  

Trane Technologies PLC(c)

     46,098        8,772,910  

TransDigm Group, Inc.(b)

     10,631        8,803,425  

Uber Technologies, Inc.(b)

     205,005        8,872,616  

W.W. Grainger, Inc.

     13,010        9,495,088  
     

 

 

 
        78,841,423  
     

 

 

 

Information Technology-30.61%

     

Accenture PLC, Class A

     68,676        20,402,953  

Adobe, Inc.(b)

     40,838        21,728,266  

Apple, Inc.

     119,701        20,441,340  

Arista Networks, Inc.(b)(c)

     48,485        9,714,940  

Cadence Design Systems, Inc.(b)

     40,317        9,670,032  

Fortinet, Inc.(b)

     155,899        8,912,746  

Microsoft Corp.

     65,788        22,243,581  

Motorola Solutions, Inc.

     32,954        9,176,371  

NVIDIA Corp.

     46,455        18,944,349  

Oracle Corp.

     182,036        18,822,522  

Salesforce, Inc.(b)

     102,604        20,605,961  

Shopify, Inc., Class A (Canada)(b)

     168,494        7,951,232  
     

 

 

 
        188,614,293  
     

 

 

 

Materials-1.30%

     

Sherwin-Williams Co. (The)

     33,622        8,009,096  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.07%
(Cost $580,918,174)

 

     616,710,918  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.69%

     

Invesco Private Government Fund,
5.32%(d)(e)(f)

     8,087,181        8,087,181  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     20,803,030        20,805,110  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $28,893,790)

 

     28,892,291  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.76%
(Cost $609,811,964)

 

     645,603,209  

OTHER ASSETS LESS LIABILITIES-(4.76)%

 

     (29,351,582
     

 

 

 

NET ASSETS-100.00%

      $ 616,251,627  
     

 

 

 

 

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

   
   

 

  3   

   
 


 

Invesco Large Cap Growth ETF (PWB)–(continued)

October 31, 2023

(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, 2023.

(d) 

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

 

   

Value
April 30, 2023

 

Purchases
at Cost

 

Proceeds
from Sales

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Realized
Gain

 

Value
October 31, 2023

 

Dividend
Income

Investments in Affiliated Money
Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ 158,266     $ 1,805,943     $ (1,964,209 )     $ -     $ -     $ -     $ 2,283

Investments Purchased with Cash
Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      6,733,945       86,202,285       (84,849,049 )       -       -       8,087,181       161,386 *

Invesco Private Prime Fund

      17,315,858       177,919,735       (174,431,886 )       (1,469 )       2,872       20,805,110       425,038 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 24,208,069     $ 265,927,963     $ (261,245,144 )     $ (1,469 )     $ 2,872     $ 28,892,291     $ 588,707
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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, 2023.

(f) 

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

 

 Portfolio Composition

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

 as of October 31, 2023

     

Information Technology

     30.61                                      

Consumer Discretionary

     18.86    

Financials

     13.02    

Industrials

     12.79    

Health Care

     10.17    

Communication Services

     7.03    

Consumer Staples

     4.85    

Sector Types Each Less Than 3%

     2.74    

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.

   
   

 

  4   

   
 


 

Invesco Large Cap Value ETF (PWV)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.98%

 

Communication Services-6.84%

     

Comcast Corp., Class A

     554,052      $ 22,876,807  

Verizon Communications, Inc.

     760,526        26,717,279  
     

 

 

 
        49,594,086  
     

 

 

 

Consumer Discretionary-5.19%

     

D.R. Horton, Inc.

     92,181        9,623,696  

Ford Motor Co.

     909,542        8,868,035  

General Motors Co.

     327,846        9,245,257  

Lennar Corp., Class A.

     92,628        9,881,555  
     

 

 

 
        37,618,543  
     

 

 

 

Consumer Staples-5.52%

     

Altria Group, Inc.

     253,557        10,185,385  

Archer-Daniels-Midland Co.

     133,669        9,566,690  

Kimberly-Clark Corp.

     84,390        10,096,420  

Kraft Heinz Co. (The)

     324,223        10,200,055  
     

 

 

 
        40,048,550  
     

 

 

 

Energy-15.66%

     

Chevron Corp.

     158,733        23,132,160  

Energy Transfer L.P.

     835,888        10,991,927  

Exxon Mobil Corp.

     233,536        24,719,786  

Marathon Petroleum Corp.

     75,834        11,469,892  

Phillips 66

     96,010        10,951,861  

Pioneer Natural Resources Co.

     46,102        11,018,378  

Valero Energy Corp.

     82,490        10,476,230  

Williams Cos., Inc. (The)

     313,090        10,770,296  
     

 

 

 
        113,530,530  
     

 

 

 

Financials-22.04%

     

Aflac, Inc.(b)

     147,710        11,537,628  

American International Group, Inc.

     189,035        11,589,736  

Ameriprise Financial, Inc.

     32,861        10,337,085  

Bank of America Corp.

     887,637        23,380,358  

Capital One Financial Corp.

     108,092        10,948,639  

Chubb Ltd.

     54,462        11,688,634  

JPMorgan Chase & Co.

     172,466        23,983,122  

MetLife, Inc.

     176,074        10,566,201  

Morgan Stanley

     304,264        21,547,976  

Wells Fargo & Co.

     608,375        24,195,074  
     

 

 

 
        159,774,453  
     

 

 

 

Health Care-16.98%

     

Abbott Laboratories

     240,128        22,704,103  

AbbVie, Inc.

     170,307        24,043,942  

Centene Corp.(c)

     169,899        11,719,633  

Cigna Group (The)

     38,696        11,964,803  

Gilead Sciences, Inc.(b)

     141,989        11,151,816  

HCA Healthcare, Inc.

     39,294        8,885,945  

Johnson & Johnson

     152,086        22,560,437  

Regeneron Pharmaceuticals, Inc.(c)

     12,902        10,062,141  
     

 

 

 
        123,092,820  
     

 

 

 
         Shares              Value      

Industrials-8.58%

     

Emerson Electric Co.

     112,362      $ 9,996,847  

FedEx Corp.

     41,685        10,008,569  

Illinois Tool Works, Inc.

     45,759        10,255,507  

PACCAR, Inc.(b)

     127,667        10,536,358  

United Parcel Service, Inc., Class B

     151,318        21,373,667  
     

 

 

 
        62,170,948  
     

 

 

 

Information Technology-15.08%

     

Cisco Systems, Inc.

     455,233        23,731,296  

Dell Technologies, Inc., Class C

     194,096        12,986,963  

Intel Corp.

     767,433        28,011,305  

Lam Research Corp.

     16,193        9,525,047  

QUALCOMM, Inc.

     230,607        25,133,857  

TE Connectivity Ltd.

     84,511        9,959,621  
     

 

 

 
        109,348,089  
     

 

 

 

Materials-2.64%

     

Nucor Corp.

     64,098        9,473,043  

Southern Copper Corp. (Mexico)

     136,272        9,661,685  
     

 

 

 
        19,134,728  
     

 

 

 

Utilities-1.45%

     

PG&E Corp.(b)(c)

     646,245        10,533,794  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $733,726,202)

 

     724,846,541  
     

 

 

 

Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $91,549)

     91,549        91,549  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $733,817,751)

 

     724,938,090  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.98%

 

Invesco Private Government Fund,
5.32%(d)(e)(f)

     8,086,547        8,086,547  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     20,796,116        20,798,196  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $28,883,456)

 

     28,884,743  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.97%
(Cost $762,701,207)

 

     753,822,833  

OTHER ASSETS LESS LIABILITIES-(3.97)%

 

     (28,800,338
     

 

 

 

NET ASSETS-100.00%

      $ 725,022,495  
     

 

 

 

 

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

   
   

 

  5   

   
 


 

Invesco Large Cap Value ETF (PWV)–(continued)

October 31, 2023

(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 October 31, 2023. (c) Non-income producing security.

(d) 

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

 

   

Value
April 30, 2023

 

Purchases

at Cost

 

Proceeds
from Sales

 

Change in
Unrealized
Appreciation

 

Realized
Gain
(Loss)

 

Value
October 31, 2023

 

Dividend
Income

Investments in Affiliated Money
Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ -     $ 13,661,285     $ (13,569,736 )     $ -     $ -     $ 91,549     $ 6,994

Investments Purchased with Cash
Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      -       99,066,148       (90,979,601 )       -       -       8,086,547       108,972 *

Invesco Private Prime Fund

      -       209,096,736       (188,299,633 )       1,287       (194 )       20,798,196       289,558 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ -     $ 321,824,169     $ (292,848,970 )     $ 1,287     $ (194 )     $ 28,976,292     $ 405,524
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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, 2023.

(f) 

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

 

 Portfolio Composition

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

 as of October 31, 2023

     

Financials

     22.04                                       

Health Care

     16.98     

Energy

     15.66     

Information Technology

     15.08     

Industrials

     8.58     

Communication Services

     6.84     

Consumer Staples

     5.52     

Consumer Discretionary

     5.19     

Sector Types Each Less Than 3%

     4.09     

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.

   
   

 

  6   

   
 


 

Invesco S&P 100 Equal Weight ETF (EQWL)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

        Shares         Value  

Common Stocks & Other Equity Interests-99.91%

 

Communication Services-9.43%

     

Alphabet, Inc., Class A(b)

     14,205      $ 1,762,556  

Alphabet, Inc., Class C(b)

     12,088        1,514,626  

AT&T, Inc.

     249,842        3,847,567  

Charter Communications, Inc., Class A(b)

     8,508        3,427,023  

Comcast Corp., Class A

     79,891        3,298,699  

Meta Platforms, Inc., Class A(b)

     12,072        3,636,932  

Netflix, Inc.(b)

     8,116        3,341,276  

T-Mobile US, Inc.(b)

     26,142        3,760,788  

Verizon Communications, Inc.

     107,560        3,778,583  

Walt Disney Co. (The)(b)

     44,104        3,598,445  
     

 

 

 
        31,966,495  
     

 

 

 

Consumer Discretionary-9.51%

     

Amazon.com, Inc.(b)

     26,035        3,464,998  

Booking Holdings, Inc.(b)

     1,152        3,213,573  

Ford Motor Co.

     292,342        2,850,335  

General Motors Co.

     109,213        3,079,807  

Home Depot, Inc. (The)

     10,948        3,116,786  

Lowe’s Cos., Inc.(c)

     15,555        2,964,316  

McDonald’s Corp.

     12,882        3,377,274  

NIKE, Inc., Class B.

     36,816        3,783,580  

Starbucks Corp.

     37,759        3,482,890  

Tesla, Inc.(b)

     14,477        2,907,561  
     

 

 

 
        32,241,120  
     

 

 

 

Consumer Staples-11.21%

     

Altria Group, Inc.

     81,632        3,279,158  

Coca-Cola Co. (The)

     61,690        3,484,868  

Colgate-Palmolive Co.

     49,141        3,691,472  

Costco Wholesale Corp.

     6,533        3,609,091  

Kraft Heinz Co. (The)

     109,166        3,434,362  

Mondelez International, Inc., Class A

     51,544        3,412,728  

PepsiCo, Inc.

     20,412        3,332,871  

Philip Morris International, Inc.

     38,413        3,424,903  

Procter & Gamble Co. (The)

     23,521        3,528,856  

Target Corp.

     29,089        3,222,770  

Walmart, Inc.

     21,964        3,589,137  
     

 

 

 
        38,010,216  
     

 

 

 

Energy-2.92%

     

Chevron Corp.

     21,525        3,136,838  

ConocoPhillips

     29,298        3,480,602  

Exxon Mobil Corp.(c)

     31,117        3,293,735  
     

 

 

 
        9,911,175  
     

 

 

 

Financials-17.79%

     

American Express Co.

     22,848        3,336,493  

American International Group, Inc.

     60,311        3,697,667  

Bank of America Corp.(c)

     126,854        3,341,334  

Bank of New York Mellon Corp. (The)

     80,358        3,415,215  

Berkshire Hathaway, Inc., Class B(b)

     9,901        3,379,508  

BlackRock, Inc.

     5,215        3,193,040  

Capital One Financial Corp.(c)

     36,007        3,647,149  

Charles Schwab Corp. (The)

     60,639        3,155,654  

Citigroup, Inc.

     88,608        3,499,130  

Goldman Sachs Group, Inc. (The)

     11,046        3,353,676  

JPMorgan Chase & Co.

     25,011        3,478,030  

Mastercard, Inc., Class A

     8,682        3,267,471  
        Shares         Value  

Financials-(continued)

 

MetLife, Inc.

     56,830      $ 3,410,368  

Morgan Stanley

     42,347        2,999,015  

PayPal Holdings, Inc.(b)

     58,968        3,054,542  

U.S. Bancorp(c)

     99,571        3,174,324  

Visa, Inc., Class A(c)

     14,549        3,420,470  

Wells Fargo & Co.

     87,762        3,490,295  
     

 

 

 
        60,313,381  
     

 

 

 

Health Care-14.04%

 

Abbott Laboratories

     35,729        3,378,177  

AbbVie, Inc.

     24,140        3,408,085  

Amgen, Inc.

     13,862        3,544,513  

Bristol-Myers Squibb Co.

     59,128        3,046,866  

CVS Health Corp.(c)

     54,637        3,770,499  

Danaher Corp.

     16,410        3,151,048  

Eli Lilly and Co.

     6,136        3,398,915  

Gilead Sciences, Inc.

     47,329        3,717,220  

Johnson & Johnson

     22,403        3,323,261  

Medtronic PLC

     45,002        3,175,341  

Merck & Co., Inc.

     32,991        3,388,176  

Pfizer, Inc.

     104,995        3,208,647  

Thermo Fisher Scientific, Inc.

     6,949        3,090,707  

UnitedHealth Group, Inc.

     7,483        4,007,596  
     

 

 

 
        47,609,051  
     

 

 

 

Industrials-13.03%

 

3M Co.

     33,869        3,080,386  

Boeing Co. (The)(b)

     17,038        3,183,039  

Caterpillar, Inc.

     12,743        2,880,555  

Deere & Co.

     8,993        3,285,682  

Emerson Electric Co.

     36,352        3,234,237  

FedEx Corp.

     14,197        3,408,700  

General Dynamics Corp.(c)

     16,509        3,983,787  

General Electric Co.

     32,211        3,499,081  

Honeywell International, Inc.

     19,489        3,571,554  

Lockheed Martin Corp.

     8,497        3,863,076  

RTX Corp.(c)

     43,069        3,505,386  

Union Pacific Corp.(c)

     16,973        3,523,765  

United Parcel Service, Inc., Class B

     22,337        3,155,101  
     

 

 

 
        44,174,349  
     

 

 

 

Information Technology-13.89%

 

Accenture PLC, Class A

     11,048        3,282,250  

Adobe, Inc.(b)

     6,434        3,423,274  

Advanced Micro Devices, Inc.(b)

     33,903        3,339,446  

Apple, Inc.

     20,189        3,447,676  

Broadcom, Inc.

     4,187        3,522,816  

Cisco Systems, Inc.

     63,505        3,310,516  

Intel Corp.

     94,657        3,454,981  

International Business Machines Corp.(c)

     24,359        3,523,286  

Microsoft Corp.

     10,759        3,637,725  

NVIDIA Corp.

     7,895        3,219,581  

Oracle Corp.

     28,471        2,943,901  

QUALCOMM, Inc.

     33,907        3,695,524  

Salesforce, Inc.(b)

     15,999        3,213,079  

Texas Instruments, Inc.

     21,843        3,101,924  
     

 

 

 
        47,115,979  
     

 

 

 

 

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

   
   

 

  7   

   
 


 

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)

 

        Shares         Value  

Materials-2.00%

     

Dow, Inc.

     66,981      $ 3,237,862  

Linde PLC(c)

     9,302        3,554,852  
     

 

 

 
        6,792,714  
     

 

 

 

Real Estate-2.06%

 

American Tower Corp.(c)

     19,890        3,544,199  

Simon Property Group, Inc.(c)

     31,389        3,449,337  
     

 

 

 
        6,993,536  
     

 

 

 

Utilities-4.03%

 

Duke Energy Corp.

     39,508        3,511,866  

Exelon Corp.

     88,598        3,450,006  

NextEra Energy, Inc.(c)

     53,807        3,136,948  

Southern Co. (The)

     52,951        3,563,603  
     

 

 

 
        13,662,423  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $352,106,193)

 

     338,790,439  
     

 

 

 
        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.94%

 

Invesco Private Government Fund, 5.32%(d)(e)(f)

     5,642,285      $ 5,642,285  

Invesco Private Prime Fund, 5.53%(d)(e)(f)

     14,510,586        14,512,037  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,154,838)

 

     20,154,322  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-105.85%
(Cost $372,261,031)

 

     358,944,761  

OTHER ASSETS LESS LIABILITIES-(5.85)%

 

     (19,848,805
     

 

 

 

NET ASSETS-100.00%

      $ 339,095,956  
     

 

 

 

 

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, 2023.

(d) 

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

 

   

Value
April 30, 2023

 

Purchases
at Cost

 

Proceeds
from Sales

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Realized
Gain

 

Value
October 31, 2023

 

Dividend
Income

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ 17,471     $ 3,696,183     $ (3,713,654 )     $ -     $ -     $ -     $ 2,457

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      4,144,515       40,889,835       (39,392,065 )       -       -       5,642,285       47,759 *

Invesco Private Prime Fund

      10,657,324       73,290,664       (69,435,687 )       (516 )       252       14,512,037       125,489 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 14,819,310     $ 117,876,682     $ (112,541,406 )     $ (516 )     $ 252     $ 20,154,322     $ 175,705
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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, 2023.

(f) 

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

 

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

   
   

 

  8   

   
 


 

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

October 31, 2023

(Unaudited)

 

 Portfolio Composition

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

 as of October 31, 2023

     

Financials

     17.79     

Health Care

     14.04                                       

Information Technology

     13.89     

Industrials

     13.03     

Consumer Staples

     11.21     

Consumer Discretionary

     9.51     

Communication Services

     9.43     

Utilities

     4.03     

Sector Types Each Less Than 3%

     6.98     

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.

   
   

 

  9   

   
 


 

Invesco S&P 500 GARP ETF (SPGP)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value        

Common Stocks & Other Equity Interests-99.96%

 

Communication Services-1.33%

     

Alphabet, Inc., Class C(b)

     379,205      $ 47,514,387  
     

 

 

 

Consumer Discretionary-8.62%

     

D.R. Horton, Inc.

     508,856        53,124,566  

Lennar Corp., Class A

     382,031        40,755,067  

NVR, Inc.(b)(c)

     6,887        37,276,714  

Pool Corp.(c)

     157,971        49,882,503  

PulteGroup, Inc.

     709,167        52,187,599  

Tractor Supply Co.(c)

     214,862        41,373,827  

Ulta Beauty, Inc.(b)

     89,190        34,009,039  
     

 

 

 
        308,609,315  
     

 

 

 

Consumer Staples-3.32%

     

Archer-Daniels-Midland Co.

     568,859        40,713,239  

Bunge Ltd.(c)

     435,279        46,130,868  

Procter & Gamble Co. (The)

     214,027        32,110,471  
     

 

 

 
        118,954,578  
     

 

 

 

Energy-27.68%

     

APA Corp.

     1,580,997        62,797,201  

Chevron Corp.(c)

     373,259        54,395,034  

ConocoPhillips

     537,255        63,825,894  

Coterra Energy, Inc.(c)

     2,622,870        72,128,925  

Devon Energy Corp.

     1,252,830        58,344,293  

Diamondback Energy, Inc.

     556,102        89,154,273  

EOG Resources, Inc.

     392,783        49,588,854  

EQT Corp.(c)

     1,547,379        65,577,922  

Exxon Mobil Corp.

     404,220        42,786,687  

Marathon Oil Corp.

     2,427,723        66,301,115  

Marathon Petroleum Corp.(c)

     577,357        87,325,246  

Occidental Petroleum Corp.

     923,413        57,076,157  

ONEOK, Inc.

     817,163        53,279,028  

Phillips 66.

     400,628        45,699,636  

Pioneer Natural Resources Co.

     269,831        64,489,609  

Valero Energy Corp.

     457,720        58,130,440  
     

 

 

 
        990,900,314  
     

 

 

 

Financials-3.57%

     

American International Group, Inc.

     558,220        34,224,468  

Arch Capital Group Ltd.(b)

     431,516        37,403,807  

Capital One Financial Corp.

     301,496        30,538,530  

Discover Financial Services

     314,006        25,773,613  
     

 

 

 
        127,940,418  
     

 

 

 

Health Care-11.28%

     

Cigna Group (The)

     116,960        36,164,032  

Elevance Health, Inc.

     77,894        35,059,310  

Humana, Inc.

     62,476        32,718,056  

IDEXX Laboratories, Inc.(b)

     69,916        27,929,344  

Moderna, Inc.(b)(c)

     640,852        48,679,118  

Molina Healthcare, Inc.(b)(c)

     174,040        57,946,618  

Pfizer, Inc.

     1,572,451        48,054,103  

Regeneron Pharmaceuticals, Inc.(b)

     65,895        51,390,852  

Vertex Pharmaceuticals, Inc.(b)

     182,172        65,966,303  
     

 

 

 
        403,907,736  
     

 

 

 

Industrials-8.94%

     

C.H. Robinson Worldwide, Inc.

     469,531        38,421,722  

Copart, Inc.(b)

     936,053        40,737,026  
         Shares                Value        

Industrials-(continued)

     

Expeditors International of Washington, Inc.

     519,215      $ 56,724,239  

Generac Holdings, Inc.(b)(c)

     420,911        35,385,988  

J.B. Hunt Transport Services, Inc.

     232,613        39,979,196  

Old Dominion Freight Line, Inc.

     130,858        49,288,974  

United Parcel Service, Inc., Class B

     183,160        25,871,350  

W.W. Grainger, Inc.

     46,124        33,662,679  
     

 

 

 
        320,071,174  
     

 

 

 

Information Technology-19.25%

     

Accenture PLC, Class A

     98,166        29,164,137  

Adobe, Inc.(b)

     92,455        49,191,607  

Apple, Inc.

     243,762        41,627,237  

Applied Materials, Inc

     376,192        49,789,011  

Arista Networks, Inc.(b)

     284,138        56,932,731  

Autodesk, Inc.(b)

     214,776        42,446,181  

Broadcom, Inc.

     49,245        41,433,266  

Gartner, Inc.(b)

     114,948        38,167,334  

KLA Corp.

     124,046        58,264,406  

Lam Research Corp.

     84,482        49,694,002  

Microsoft Corp.

     120,002        40,573,876  

NXP Semiconductors N.V. (China)

     310,807        53,592,451  

QUALCOMM, Inc.

     473,096        51,562,733  

Skyworks Solutions, Inc.

     396,965        34,432,744  

Teradyne, Inc.(c)

     315,259        26,251,617  

Texas Instruments, Inc.

     183,388        26,042,930  
     

 

 

 
        689,166,263  
     

 

 

 

Materials-13.59%

     

Albemarle Corp.(c)

     248,512        31,506,351  

Celanese Corp.(c)

     390,903        44,762,303  

CF Industries Holdings, Inc.

     1,084,514        86,522,527  

Dow, Inc.(c)

     731,233        35,347,803  

DuPont de Nemours, Inc.(c)

     635,874        46,342,497  

LyondellBasell Industries N.V., Class A

     370,600        33,442,944  

Mosaic Co. (The)

     1,959,316        63,638,584  

Nucor Corp.

     458,810        67,807,530  

Steel Dynamics, Inc.

     724,008        77,114,092  
     

 

 

 
        486,484,631  
     

 

 

 

Real Estate-2.38%

     

Public Storage(c)

     127,168        30,356,273  

Weyerhaeuser Co.(c)

     1,918,504        55,041,880  
     

 

 

 
        85,398,153  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $3,608,810,647)

 

     3,578,946,969  
     

 

 

 

Money Market Funds-0.02%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $624,869)

     624,869        624,869  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $3,609,435,516)

 

     3,579,571,838  
     

 

 

 

 

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

   
   

 

  10   

   
 


 

Invesco S&P 500 GARP ETF (SPGP)–(continued)

October 31, 2023

(Unaudited)

 

         Shares                Value        
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.43%

 

Invesco Private Government Fund, 5.32%(d)(e)(f)

     84,404,326      $ 84,404,326  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     217,348,405        217,370,140  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $301,769,690)

 

     301,774,466  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.41%
(Cost $3,911,205,206)

 

     3,881,346,304  

OTHER ASSETS LESS LIABILITIES-(8.41)%

 

     (301,030,879
     

 

 

 

NET ASSETS-100.00%

 

   $ 3,580,315,425  
     

 

 

 

 

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, 2023.

(d) 

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

 

    Value
April 30, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
October 31, 2023
  Dividend
Income

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ -     $ 25,240,215     $ (24,615,346 )     $ -     $ -     $ 624,869     $ 15,643

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      72,100,398       480,028,260       (467,724,332 )       -       -       84,404,326       1,518,483 *

Invesco Private Prime Fund

      125,583,975       925,687,703       (833,903,987 )       11,178       (8,729 )       217,370,140       4,106,503 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 197,684,373     $ 1,430,956,178     $ (1,326,243,665 )     $ 11,178     $ (8,729 )     $ 302,399,335     $ 5,640,629
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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, 2023.

(f) 

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

 

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

   
   

 

  11   

   
 


 

Invesco S&P 500 GARP ETF (SPGP)–continued)

October 31, 2023

(Unaudited)

 

 

 Portfolio Composition

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

 as of October 31, 2023

     

Energy

    27.68    

Information Technology

    19.25    

Materials

    13.59                                  

Health Care

    11.28    

Industrials

    8.94    

Consumer Discretionary

    8.62    

Financials

    3.57    

Consumer Staples

    3.32    

Sector Types Each Less Than 3%

    3.71    

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.

   
   

 

  12   

   
 


 

Invesco S&P 500 Value with Momentum ETF (SPVM)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value        

Common Stocks & Other Equity Interests-99.90%

 

Communication Services-1.19%

     

Comcast Corp., Class A

     5,758      $ 237,748  

Omnicom Group, Inc.

     2,375        177,911  
     

 

 

 
        415,659  
     

 

 

 

Consumer Discretionary-10.12%

     

BorgWarner, Inc.

     9,636        355,568  

D.R. Horton, Inc.

     3,685        384,714  

Ford Motor Co.

     46,237        450,811  

Genuine Parts Co.

     1,508        194,321  

Lennar Corp., Class A

     4,432        472,806  

LKQ Corp.

     5,394        236,904  

MGM Resorts International

     8,312        290,255  

NVR, Inc.(b)

     40        216,505  

PulteGroup, Inc.

     7,013        516,087  

Ralph Lauren Corp.

     2,225        250,379  

Tapestry, Inc.

     5,572        153,564  
     

 

 

 
        3,521,914  
     

 

 

 

Consumer Staples-4.05%

     

Conagra Brands, Inc.

     7,721        211,247  

Dollar Tree, Inc.(b)

     1,779        197,629  

JM Smucker Co. (The)

     1,618        184,193  

Kraft Heinz Co. (The)

     10,163        319,728  

Molson Coors Beverage Co., Class B

     4,141        239,226  

Walmart, Inc.

     1,571        256,717  
     

 

 

 
        1,408,740  
     

 

 

 

Energy-26.24%

     

APA Corp.

     11,253        446,969  

Chevron Corp.

     2,411        351,355  

ConocoPhillips

     3,175        377,190  

Coterra Energy, Inc.

     19,915        547,663  

Devon Energy Corp.

     8,524        396,963  

Diamondback Energy, Inc.

     3,427        549,417  

EOG Resources, Inc.

     3,007        379,634  

EQT Corp.

     15,291        648,033  

Exxon Mobil Corp.

     3,769        398,949  

Kinder Morgan, Inc.

     20,262        328,244  

Marathon Oil Corp.

     20,735        566,273  

Marathon Petroleum Corp.

     6,637        1,003,846  

Occidental Petroleum Corp.

     6,214        384,087  

ONEOK, Inc.

     4,647        302,984  

Phillips 66

     7,791        888,719  

Pioneer Natural Resources Co.

     1,733        414,187  

Targa Resources Corp.

     3,418        285,779  

Valero Energy Corp.

     6,787        861,949  
     

 

 

 
        9,132,241  
     

 

 

 

Financials-18.60%

     

Aflac, Inc.

     4,644        362,743  

Arch Capital Group Ltd.(b)

     3,714        321,929  

Bank of New York Mellon Corp. (The)

     9,764        414,970  

Chubb Ltd.

     1,617        347,040  

Citigroup, Inc.

     12,216        482,410  

Discover Financial Services.

     3,189        261,753  

Everest Group Ltd.

     930        367,927  

Globe Life, Inc.

     2,476        288,107  

Goldman Sachs Group, Inc. (The)

     1,142        346,723  
         Shares                Value        

Financials-(continued)

     

Hartford Financial Services Group, Inc. (The)

     5,225      $ 383,776  

JPMorgan Chase & Co.

     2,394        332,910  

MetLife, Inc.

     7,339        440,413  

Morgan Stanley

     3,406        241,213  

Principal Financial Group, Inc.

     7,513        508,480  

Raymond James Financial, Inc.

     2,962        282,693  

State Street Corp.

     5,781        373,626  

Travelers Cos., Inc. (The)

     1,870        313,113  

Wells Fargo & Co.

     10,092        401,358  
     

 

 

 
        6,471,184  
     

 

 

 

Health Care-10.60%

     

Cardinal Health, Inc.

     4,245        386,295  

Cencora, Inc.

     2,353        435,658  

Cigna Group (The)

     1,938        599,229  

Elevance Health, Inc.

     675        303,811  

Henry Schein, Inc.(b)

     3,643        236,722  

Humana, Inc.

     559        292,743  

McKesson Corp.

     1,058        481,771  

Molina Healthcare, Inc.(b)

     1,129        375,900  

Quest Diagnostics, Inc.

     1,696        220,650  

Universal Health Services, Inc., Class B

     2,820        355,010  
     

 

 

 
        3,687,789  
     

 

 

 

Industrials-10.32%

     

C.H. Robinson Worldwide, Inc.

     3,427        280,431  

Carrier Global Corp.

     4,766        227,148  

Cummins, Inc.

     1,334        288,544  

Expeditors International of Washington, Inc.

     1,922        209,979  

FedEx Corp.

     1,536        368,794  

General Electric Co.

     2,289        248,654  

Huntington Ingalls Industries, Inc.

     1,565        344,018  

PACCAR, Inc.

     3,904        322,197  

RTX Corp.

     2,362        192,243  

Snap-on, Inc.

     801        206,610  

Textron, Inc.

     4,887        371,412  

United Rentals, Inc.

     660        268,138  

Wabtec Corp.

     2,463        261,127  
     

 

 

 
        3,589,295  
     

 

 

 

Information Technology-1.32%

     

Hewlett Packard Enterprise Co.

     29,752        457,586  
     

 

 

 

Materials-6.93%

     

Albemarle Corp.

     1,645        208,553  

Corteva, Inc.

     4,221        203,199  

DuPont de Nemours, Inc.

     6,847        499,009  

LyondellBasell Industries N.V., Class A

     4,639        418,623  

Nucor Corp.

     3,540        523,177  

Steel Dynamics, Inc.

     5,260        560,243  
     

 

 

 
        2,412,804  
     

 

 

 

Real Estate-0.62%

     

VICI Properties, Inc.

     7,749        216,197  
     

 

 

 

Utilities-9.91%

     

Ameren Corp.

     2,692        203,811  

American Electric Power Co., Inc.

     2,835        214,156  

Atmos Energy Corp.

     2,063        222,102  

CenterPoint Energy, Inc.

     8,275        222,432  

Consolidated Edison, Inc.

     3,255        285,756  

 

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

   
   

 

  13   

   
 


 

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)

 

         Shares                Value        

Utilities-(continued)

     

Edison International.

     3,412      $ 215,161  

Evergy, Inc.

     4,905        241,032  

NiSource, Inc.

     9,454        237,863  

NRG Energy, Inc.

     8,731        370,020  

PG&E Corp.(b)

     17,486        285,022  

Pinnacle West Capital Corp.

     3,559        264,007  

PPL Corp.

     9,947        244,398  

Sempra

     3,396        237,822  

Xcel Energy, Inc.

     3,443        204,066  
     

 

 

 
        3,447,648  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $36,644,707)

 

     34,761,057  
     

 

 

 
         Shares                Value        

Money Market Funds-0.22%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(c)(d)
(Cost $77,045)

     77,045      $ 77,045  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-100.12%
(Cost $36,721,752)

 

     34,838,102  

OTHER ASSETS LESS LIABILITIES-(0.12)%

 

     (41,046
     

 

 

 

NET ASSETS-100.00%

 

   $ 34,797,056  
     

 

 

 

 

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

 

    Value
April 30, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
October 31, 2023
  Dividend
Income

Investments in Affiliated Money Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ 22,944     $ 875,271     $ (821,170 )     $ -     $ -     $ 77,045     $ 1,548

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      -       428,564       (428,564 )       -       -       -       189 *

Invesco Private Prime Fund

      -       1,305,914       (1,305,900 )       -       (14 )       -       583 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 22,944     $ 2,609,749     $ (2,555,634 )     $ -     $ (14 )     $ 77,045     $ 2,320
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

*

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 October 31, 2023.

 

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

   
   

 

  14   

   
 


 

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

October 31, 2023

(Unaudited)

 

 

 Portfolio Composition

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

 as of October 31, 2023

     

Energy

    26.24    

Financials

    18.60                                  

Health Care

    10.60    

Industrials

    10.32    

Consumer Discretionary

    10.12    

Utilities

    9.91    

Materials

    6.93    

Consumer Staples

    4.05    

Sector Types Each Less Than 3%

    3.13    

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.

   
   

 

  15   

   
 


 

Invesco S&P MidCap Momentum ETF (XMMO)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.98%

 

Communication Services-0.74%

     

TKO Group Holdings, Inc.(b)

     95,884      $ 7,860,570  
     

 

 

 

Consumer Discretionary-14.58%

     

Deckers Outdoor Corp.(b)(c)

     72,923        43,539,406  

Dick’s Sporting Goods, Inc.(b)

     114,856        12,283,849  

Five Below, Inc.(b)(c)

     114,676        19,951,331  

KB Home

     182,228        8,054,478  

Penske Automotive Group, Inc.

     34,087        4,877,168  

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

     238,810        11,515,418  

Taylor Morrison Home Corp., Class A(b)(c)

     257,614        9,871,768  

Tempur Sealy International, Inc.(b)

     359,467        14,353,517  

Texas Roadhouse, Inc.(b)

     114,202        11,596,071  

Toll Brothers, Inc.(b)

     270,015        19,092,761  
     

 

 

 
        155,135,767  
     

 

 

 

Consumer Staples-8.06%

     

BellRing Brands, Inc.(c)

     248,010        10,845,477  

Casey’s General Stores, Inc.

     59,851        16,274,085  

Celsius Holdings, Inc.(b)(c)

     74,856        11,384,849  

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

     736,608        6,902,017  

Ingredion, Inc.(b)

     118,856        11,122,545  

Lancaster Colony Corp.(b)

     44,197        7,476,807  

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

     161,390        6,781,608  

US Foods Holding Corp.(c)

     383,966        14,951,636  
     

 

 

 
        85,739,024  
     

 

 

 

Energy-1.82%

     

ChampionX Corp.(b)

     412,625        12,708,850  

Valaris Ltd.(b)(c)

     100,419        6,631,671  
     

 

 

 
        19,340,521  
     

 

 

 

Financials-13.33%

     

CNO Financial Group, Inc.(b)

     198,611        4,603,803  

Evercore, Inc., Class A(b)

     55,718        7,253,369  

FirstCash Holdings, Inc.(b)

     60,873        6,630,287  

Interactive Brokers Group, Inc., Class A(b)

     215,870        17,284,711  

Kinsale Capital Group, Inc.(b)

     39,964        13,344,379  

Old Republic International Corp.

     464,370        12,714,451  

Primerica, Inc.

     105,615        20,189,363  

RenaissanceRe Holdings Ltd. (Bermuda)

     92,333        20,275,403  

RLI Corp.

     63,899        8,513,903  

Selective Insurance Group, Inc.

     115,070        11,979,938  

Unum Group.

     390,365        19,088,849  
     

 

 

 
        141,878,456  
     

 

 

 

Health Care-3.87%

     

Encompass Health Corp.

     163,455        10,225,745  

Haemonetics Corp.(c)

     79,153        6,746,210  

Penumbra, Inc.(b)(c)

     126,899        24,256,744  
     

 

 

 
        41,228,699  
     

 

 

 

Industrials-36.69%

     

AECOM

     196,445        15,037,865  

Builders FirstSource, Inc.(c)

     390,369        42,362,844  

Clean Harbors, Inc.(c)

     138,419        21,270,848  

Crane Co.(b)

     100,739        9,804,927  

Curtiss-Wright Corp.

     71,486        14,212,132  

EMCOR Group, Inc.

     162,695        33,620,922  

EnerSys

     93,106        7,968,011  
         Shares              Value      

Industrials-(continued)

     

Esab Corp.

     139,249      $ 8,814,462  

ITT, Inc.

     130,503        12,182,455  

Landstar System, Inc.

     63,756        10,505,714  

Lennox International, Inc.

     67,555        25,031,830  

Lincoln Electric Holdings, Inc.(b)

     130,832        22,869,434  

MasTec, Inc.(c)

     108,883        6,472,005  

MSC Industrial Direct Co., Inc., Class A(b)

     81,581        7,729,800  

nVent Electric PLC(b)

     358,736        17,265,964  

Owens Corning

     188,208        21,337,141  

Ryder System, Inc.(b)

     66,873        6,522,792  

Saia, Inc.(b)(c)

     56,717        20,332,477  

Science Applications International Corp.(b)

     94,922        10,369,279  

Simpson Manufacturing Co., Inc.

     88,894        11,838,903  

Terex Corp.

     153,083        7,011,201  

Timken Co. (The)(b)

     121,791        8,418,194  

Watsco, Inc.(b)

     59,731        20,839,548  

Watts Water Technologies, Inc., Class A(b)

     46,552        8,053,961  

XPO, Inc.(b)(c)

     271,463        20,579,610  
     

 

 

 
        390,452,319  
     

 

 

 

Information Technology-13.89%

     

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

     215,400        5,591,784  

Belden, Inc.

     90,068        6,385,821  

CommVault Systems, Inc.(b)(c)

     83,681        5,468,553  

Crane NXT Co.(b)

     149,252        7,761,104  

Dynatrace, Inc.(b)(c)

     375,345        16,781,675  

Jabil, Inc.(b)

     451,756        55,475,637  

Super Micro Computer, Inc.(b)(c)

     157,617        37,744,543  

Teradata Corp.(c)

     189,519        8,096,252  

Vishay Intertechnology, Inc.(b)

     203,589        4,527,819  
     

 

 

 
        147,833,188  
     

 

 

 

Materials-7.00%

     

Commercial Metals Co.

     208,012        8,796,827  

Eagle Materials, Inc.(b)

     72,305        11,128,463  

NewMarket Corp.(b)

     18,091        8,722,576  

Reliance Steel & Aluminum Co.

     144,327        36,713,902  

Westlake Corp.(b)

     52,388        6,043,480  

Worthington Industries, Inc.

     49,331        3,039,776  
     

 

 

 
        74,445,024  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $1,038,860,751)

 

     1,063,913,568  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.67%

 

Invesco Private Government Fund, 5.32%(d)(e)(f)

     40,713,713        40,713,713  

 

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

   
   

 

  16   

   
 


 

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)

 

         Shares              Value      

Money Market Funds-(continued)

 

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     104,708,002      $ 104,718,473  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $145,431,087)

 

     145,432,186  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-113.65%
(Cost $1,184,291,838)

 

     1,209,345,754  

OTHER ASSETS LESS LIABILITIES-(13.65)%

 

     (145,276,252
     

 

 

 

NET ASSETS-100.00%

      $ 1,064,069,502  
     

 

 

 

 

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 October 31, 2023.

(c) 

Non-income producing security.

(d) 

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

 

   

Value
April 30, 2023

   

Purchases
at Cost

   

Proceeds
from Sales

   

Change in
Unrealized
Appreciation

   

Realized
Gain

   

Value
October 31, 2023

   

Dividend
Income

 

Investments in Affiliated
Money Market Funds:

             

Invesco Government & Agency Portfolio, Institutional Class

  $ 333,211     $ 42,640,027     $ (42,973,238   $ -     $ -     $ -     $ 18,807  

Investments Purchased with Cash Collateral from Securities on Loan:

             

Invesco Private Government Fund

    27,988,178       208,239,891       (195,514,356     -       -       40,713,713       696,157

Invesco Private Prime Fund

    71,341,758       421,514,775       (388,144,713     4,778       1,875       104,718,473       1,871,842
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 99,663,147     $ 672,394,693     $ (626,632,307   $ 4,778     $ 1,875     $ 145,432,186     $ 2,586,806  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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, 2023.

(f) 

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

 

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

   
   

 

  17   

   
 


 

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

October 31, 2023

(Unaudited)

 

Portfolio Composition

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

as of October 31, 2023

 

     

Industrials

     36.69                                           

Consumer Discretionary

     14.58     

Information Technology

     13.89     

Financials

     13.33     

Consumer Staples

     8.06     

Materials

     7.00     

Health Care

     3.87     

Sector Types Each Less Than 3%

     2.56     

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.

   
   

 

  18   

   
 


 

Invesco S&P MidCap Quality ETF (XMHQ)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.99%

 

Consumer Discretionary-17.02%

     

Boyd Gaming Corp.(b)

     215,877      $ 11,927,204  

Capri Holdings Ltd.(c)

     334,671        17,128,462  

Deckers Outdoor Corp.(c)

     73,095        43,642,101  

Gentex Corp.

     612,583        17,568,880  

Grand Canyon Education, Inc.(c)

     98,516        11,657,398  

Light & Wonder, Inc.(b)(c)

     366,301        26,780,266  

Murphy USA, Inc.

     81,105        29,415,972  

Polaris, Inc.(b)

     147,994        12,789,642  

Taylor Morrison Home Corp., Class A(c)

     313,436        12,010,868  

Texas Roadhouse, Inc.(b)

     199,467        20,253,879  

Toll Brothers, Inc.

     261,862        18,516,262  

TopBuild Corp.(c)

     86,949        19,890,453  

Williams-Sonoma, Inc.(b)

     248,411        37,321,269  
     

 

 

 
        278,902,656  
     

 

 

 

Consumer Staples-1.22%

     

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

     28,318        9,456,796  

Coca-Cola Consolidated, Inc.

     16,659        10,601,954  
     

 

 

 
        20,058,750  
     

 

 

 

Energy-13.00%

     

Antero Resources Corp.(c)

     881,615        25,954,746  

ChampionX Corp.(b)

     522,049        16,079,109  

CNX Resources Corp.(b)(c)

     663,584        14,413,044  

Matador Resources Co.(b)

     337,107        20,796,131  

Murphy Oil Corp.

     411,232        18,451,980  

PBF Energy, Inc., Class A

     566,822        26,941,050  

Range Resources Corp.(b)

     1,158,597        41,524,117  

Southwestern Energy Co.(c)

     5,319,117        37,925,304  

Valaris Ltd.(b)(c)

     164,505        10,863,910  
     

 

 

 
        212,949,391  
     

 

 

 

Financials-11.25%

     

Affiliated Managers Group, Inc.

     111,832        13,728,496  

American Financial Group, Inc.

     203,015        22,201,721  

East West Bancorp, Inc.(b)

     379,664        20,357,584  

Essent Group Ltd.

     297,455        14,051,774  

Evercore, Inc., Class A

     112,188        14,604,634  

Federated Hermes, Inc., Class B

     243,886        7,731,186  

Kinsale Capital Group, Inc.

     61,334        20,480,036  

MGIC Investment Corp.

     831,169        13,996,886  

RLI Corp

     199,618        26,597,102  

SEI Investments Co.

     318,605        17,096,344  

Western Union Co. (The)(b)

     1,197,845        13,523,670  
     

 

 

 
        184,369,433  
     

 

 

 

Health Care-4.60%

     

Azenta, Inc.(b)(c)

     178,360        8,106,462  

Chemed Corp.

     49,928        28,091,989  

Medpace Holdings, Inc.(c)

     130,719        31,721,580  

Patterson Cos., Inc.

     246,001        7,493,190  
     

 

 

 
        75,413,221  
     

 

 

 

Industrials-30.38%

     

Acuity Brands, Inc.(b)

     84,923        13,754,978  

Advanced Drainage Systems, Inc.

     170,493        18,213,767  

AGCO Corp.

     166,979        19,145,812  

Builders FirstSource, Inc.(b)(c)

     565,919        61,413,530  

Carlisle Cos., Inc.(b)

     154,137        39,164,670  
         Shares              Value      

Industrials-(continued)

     

Donaldson Co., Inc.

     372,872      $ 21,499,800  

EMCOR Group, Inc.

     141,802        29,303,383  

ExlService Holdings, Inc.(b)(c)

     485,745        12,682,802  

Exponent, Inc.(b)

     165,536        12,132,134  

Fortune Brands Innovations, Inc.

     425,524        23,744,239  

Genpact Ltd.

     487,654        16,355,915  

Graco, Inc.(b)

     444,144        33,022,106  

Insperity, Inc.

     139,193        14,732,187  

Landstar System, Inc.

     155,546        25,630,870  

MSC Industrial Direct Co., Inc., Class A

     133,104        12,611,604  

Owens Corning

     270,380        30,652,981  

Terex Corp.

     177,027        8,107,837  

Tetra Tech, Inc.

     163,156        24,621,872  

Trex Co., Inc.(b)(c)

     294,375        16,546,819  

UFP Industries, Inc.

     171,845        16,354,489  

Watsco, Inc.(b)

     101,935        35,564,102  

Watts Water Technologies, Inc., Class A

     72,988        12,627,654  
     

 

 

 
        497,883,551  
     

 

 

 

Information Technology-14.25%

     

Belden, Inc.

     124,169        8,803,582  

Cognex Corp.(b)

     498,229        17,931,262  

Crane NXT Co.

     131,568        6,841,536  

IPG Photonics Corp.(c)

     102,728        8,824,335  

Jabil, Inc.

     408,431        50,155,327  

Lattice Semiconductor Corp.(b)(c)

     539,876        30,022,504  

Manhattan Associates, Inc.(c)

     362,722        70,723,535  

Power Integrations, Inc.(b)

     205,508        14,247,870  

Qualys, Inc.(b)(c)

     169,340        25,900,553  
     

 

 

 
        233,450,504  
     

 

 

 

Materials-8.27%

     

Ashland, Inc.

     146,299        11,210,892  

Cabot Corp.

     152,652        10,148,305  

Eagle Materials, Inc.

     131,306        20,209,307  

Greif, Inc., Class A

     71,154        4,518,279  

Louisiana-Pacific Corp.

     252,289        12,937,380  

NewMarket Corp.(b)

     24,382        11,755,781  

Olin Corp.

     416,228        17,781,260  

Reliance Steel & Aluminum Co.(b)

     184,886        47,031,301  
     

 

 

 
        135,592,505  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $1,631,765,061)

 

     1,638,620,011  
     

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.55%

     

Invesco Private Government Fund, 5.32%(d)(e)(f)

     39,214,056        39,214,056  

 

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

   
   

 

  19   

   
 


 

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

October 31, 2023

(Unaudited)

 

         Shares              Value      

Money Market Funds-(continued)

 

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     100,805,021      $ 100,815,102  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $140,025,226)

 

     140,029,158  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.54%
(Cost $1,771,790,287)

 

     1,778,649,169  

OTHER ASSETS LESS LIABILITIES-(8.54)%

 

     (139,943,389
     

 

 

 

NET ASSETS-100.00%

      $ 1,638,705,780  
     

 

 

 

 

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 October 31, 2023.

(c) 

Non-income producing security.

(d) 

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

 

   

Value
April 30, 2023

 

Purchases
at Cost

 

Proceeds
from Sales

 

Change in
Unrealized
Appreciation

 

Realized
Gain

 

Value
October 31, 2023

 

Dividend
Income

Investments in Affiliated Money
Market Funds:

                           

Invesco Government & Agency Portfolio, Institutional Class

    $ 547,107     $ 6,780,209     $ (7,327,316 )     $ -     $ -     $ -     $ 13,360

Investments Purchased with Cash Collateral from Securities on Loan:

                           

Invesco Private Government Fund

      29,590,609       270,063,497       (260,440,050 )       -       -       39,214,056       840,804 *

Invesco Private Prime Fund

      76,090,138       500,165,970       (475,452,629 )       8,698       2,925       100,815,102       2,309,700 *
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total

    $ 106,227,854     $ 777,009,676     $ (743,219,995 )     $ 8,698     $ 2,925     $ 140,029,158     $ 3,163,864