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Invesco Annual Report to Shareholders

  April 30, 2022
   
  PWB   Invesco Dynamic Large Cap Growth ETF
  PWV   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

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      28  
Schedules of Investments   

Invesco Dynamic Large Cap Growth ETF (PWB)

     29  

Invesco Dynamic Large Cap Value ETF (PWV)

     31  

Invesco S&P 100 Equal Weight ETF (EQWL)

     33  

Invesco S&P 500 GARP ETF (SPGP)

     35  

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

     37  

Invesco S&P MidCap Momentum ETF (XMMO)

     39  

Invesco S&P MidCap Quality ETF (XMHQ)

     41  

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

     43  

Invesco S&P SmallCap Momentum ETF (XSMO)

     45  

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

     47  

Invesco Zacks Mid-Cap ETF (CZA)

     50  

Invesco Zacks Multi-Asset Income ETF (CVY)

     52  
Statements of Assets and Liabilities      56  
Statements of Operations      58  
Statements of Changes in Net Assets      60  
Financial Highlights      65  
Notes to Financial Statements      76  
Report of Independent Registered Public Accounting Firm      90  
Fund Expenses      91  
Tax Information      93  
Trustees and Officers      94  
Approval of Investment Advisory Contracts      104  

 

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,3 causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.2 To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.3 The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.2 To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.4

1 

Source: US Bureau of Economic Analysis

2 

Source: US Bureau of Labor Statistics

3 

Source: Bloomberg L.P.

4 

Source: Lipper Inc.

 

 

  3  

 


 

 

PWB    Management’s Discussion of Fund Performance
   Invesco Dynamic Large Cap Growth ETF (PWB)

 

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S growth stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (10.50)%. On a net asset value (“NAV”) basis, the Fund returned (10.55)%. During the same time period, the Index returned (10.06)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000® Growth Index returned (5.35)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included NVIDIA Corp., an information technology company (portfolio average weight of 3.52%) and Costco Wholesale Corp., a consumer staples company (portfolio average weight of 2.33%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (no longer held at fiscal year-end) and salesforce.com, Inc., an information technology company (portfolio average weight of 1.51%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      48.48  
Health Care      13.46  
Consumer Discretionary      9.23  
Financials      8.44  
Energy      7.76  
Consumer Staples      5.04  
Industrials      3.11  
Communication Services      3.06  
Materials      1.43  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Eli Lilly and Co.      4.26  
Chevron Corp.      4.13  
Tesla, Inc.      3.70  
Costco Wholesale Corp.      3.70  
Mastercard, Inc., Class A      3.44  
Microsoft Corp.      3.37  
Visa, Inc., Class A      3.36  
Apple, Inc.      3.35  
Danaher Corp.      3.29  
Accenture PLC, Class A      3.27  
Total      35.87  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Dynamic Large Cap Growth Intellidex® Index     (10.06 )%      10.24     33.97     13.94     92.02     14.38     283.28       10.15     425.20
Russell 1000® Growth Index     (5.35     16.68       58.84       17.28       121.89       15.56       324.80         11.46       543.12  
Fund                    
NAV Return     (10.55     9.61       31.69       13.28       86.56       13.71       261.31         9.46       371.35  
Market Price Return     (10.50     9.62       31.71       13.28       86.57       13.71       261.55         9.45       370.70  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  5  

 


 

 

PWV    Management’s Discussion of Fund Performance
   Invesco Dynamic Large Cap Value ETF (PWV)

 

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex® Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. value stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 7.75%. On a net asset value (“NAV”) basis, the Fund returned 7.75%. During the same time period, the Index returned 8.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000® Value Index returned 1.32%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return followed by the health care and consumer staples sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 3.55%) and AbbVie, Inc., a health care company (portfolio average weight of 3.43%). Positions that detracted most significantly from the Fund’s return during this period included Comcast Corp., Class A, a communication services company (portfolio average weight of 3.23%), and Intel Corp., an information technology company (no longer held at fiscal year-end).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      25.43  
Health Care      19.72  
Consumer Staples      15.61  
Energy      13.75  
Information Technology      7.87  
Industrials      7.31  
Consumer Discretionary      4.11  
Sector Types Each Less Than 3%      6.14  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Walmart, Inc.      3.82  
Johnson & Johnson      3.82  
Exxon Mobil Corp.      3.80  
Pfizer, Inc.      3.52  
PepsiCo, Inc.      3.48  
Procter & Gamble Co. (The)      3.47  
AbbVie, Inc.      3.44  
Oracle Corp.      3.38  
Philip Morris International, Inc.      3.14  
Cisco Systems, Inc.      2.97  
Total      34.84  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Dynamic Large Cap Value Intellidex® Index     8.37     11.64     39.14     8.88     53.02     11.60     199.76       9.89     404.44
Russell 1000® Value Index     1.32       9.58       31.57       9.06       54.26       11.17       188.23         7.67       255.64  
Fund                    
NAV Return     7.75       11.00       36.75       8.29       48.92       10.95       182.58         9.20       352.80  
Market Price Return     7.75       10.99       36.72       8.29       48.89       10.96       182.84         9.19       352.21  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

 

  7  

 


 

 

EQWL    Management’s Discussion of Fund Performance
   Invesco S&P 100 Equal Weight ETF (EQWL)

 

As an index fund, the Invesco S&P 100 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is an equal- weighted version of the S&P 100® Index. Unlike the S&P 100® Index, which employs a market capitalization weighted methodology, the Index assigns each component security the same weight. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.20%. On a net asset value (“NAV”) basis, the Fund returned 0.46%. During the same time period, the Index returned 0.72%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100® Index (the “Benchmark Index”) returned 0.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the consumer discretionary sector, as well as the Fund’s underweight allocation to the communication services sector.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included ConocoPhillips,

an energy company (portfolio average weight of 1.09%) and Chevron Corp., an energy company (portfolio average weight of 1.03%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (portfolio average weight of 0.90%) and Netflix, Inc., a communication services company (portfolio average weight of 0.96%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      15.82  
Health Care      14.69  
Financials      14.32  
Consumer Staples      12.09  
Industrials      11.62  
Consumer Discretionary      11.03  
Communication Services      8.10  
Utilities      4.16  
Materials      3.18  
Sector Types Each Less Than 3%      4.93  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Kraft Heinz Co. (The)      1.17  
Merck & Co., Inc.      1.16  
Philip Morris International, Inc.      1.15  
Procter & Gamble Co. (The)      1.15  
Mastercard, Inc., Class A      1.14  
PepsiCo, Inc.      1.14  
Coca-Cola Co. (The)      1.14  
Linde PLC      1.14  
Target Corp.      1.13  
Altria Group, Inc.      1.12  
Total      11.44  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P 100® Equal Weight Index     0.72     13.25     45.24     13.07     84.82     13.76     263.07       9.96     331.93
S&P 100® Index     0.26       14.87       51.58       14.37       95.68       13.81       264.65         9.52       306.44  
Fund                    
NAV Return     0.46       12.98       44.23       12.80       82.63       13.43       252.62         9.49       304.62  
Market Price Return     0.20       12.91       43.94       12.74       82.12       13.41       251.94         9.47       303.54  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 100® Equal Weight Index is comprised of the performance of the Dynamic Large Cap IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Top 200® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  9  

 


 

 

SPGP    Management’s Discussion of Fund Performance
   Invesco S&P 500 GARP ETF (SPGP)

 

As an index fund, the Invesco S&P 500 GARP ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® GARP Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 75 growth stocks in the S&P 500® Index that exhibit quality characteristics and have attractive valuation.

In selecting constituent securities for the Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the S&P 500® Index. A stock’s growth score is the average of its: (i) three-year earnings per share (“EPS”) growth, calculated as a company’s three-year EPS compound annual growth rate and (ii) three-year sales per share (“SPS”) growth, calculated as a company’s three-year SPS compound annual growth rate. After adjusting for outliers, the stocks are ranked by growth score and the top 150 stocks remain eligible for inclusion in the Index.

The Index Provider then calculates a quality/value (“QV”) composite score for each of the remaining 150 stocks. A stock’s QV composite score is the average of its: (i) financial leverage ratio, calculated as a company’s latest total debt divided by its book value; (ii) return on equity, calculated as a company’s trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a company’s trailing 12-month EPS divided by its price. In accordance with the Index methodology, the stocks are ranked by QV composite score and the top 75 stocks are included in the Index.

The Underlying Index components are weighted by growth score and no security will have a weight below 0.05% or above 5%. Additionally, each sector will be subject to a maximum weight of 40%. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.94%. On a net asset value (“NAV”) basis, the Fund returned 1.06%. During the same time period, the Index returned 1.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The communication services sector detracted most significantly from

the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., an information technology company (portfolio average weight of 2.41%) and Vertex Pharmaceuticals, Inc., a health care company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included Meta Platforms, Inc., Class A, an information technology company (portfolio average weight of 1.61%) and D.R. Horton, Inc., a consumer discretionary company (portfolio average weight of 1.39%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Health Care      31.15  
Information Technology      18.86  
Financials      17.70  
Industrials      13.31  
Consumer Discretionary      9.78  
Communication Services      5.41  
Consumer Staples      3.80  
Money Market Funds Plus Other Assets Less Liabilities      (0.01)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Vertex Pharmaceuticals, Inc.      3.03  
Cigna Corp.      2.30  
Fortinet, Inc.      2.02  
Progressive Corp. (The)      1.92  
Lockheed Martin Corp.      1.82  
Activision Blizzard, Inc.      1.73  
DaVita, Inc.      1.72  
Dollar General Corp.      1.69  
Amgen, Inc.      1.69  
Northrop Grumman Corp.      1.66  
Total      19.58  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P 500® GARP Index     1.40     17.43     61.94     18.93     137.92     16.32     353.42       16.32     417.55
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         13.71       304.39  
Fund                    
NAV Return     1.06       17.02       60.25       18.51       133.77       15.88       336.72         15.89       397.02  
Market Price Return     0.94       17.04       60.32       18.50       133.69       15.89       336.93         15.90       397.52  

 

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.36%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® GARP Index performance is comprised of the performance of the RAFI® Fundamental Large Growth Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  11  

 


 

 

SPVM    Management’s Discussion of Fund Performance
   Invesco S&P 500 Value with Momentum ETF (SPVM)

 

As an index fund, Invesco S&P 500 Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

After ranking the constituent securities by value score, the Index Provider selects the 200 highest-ranking securities and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. After ranking the remaining constituent universe by momentum score, the 100 highest-ranking securities are included in the Index and weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.80%. On a net asset value (“NAV”) basis, the Fund returned 6.94%. During the same time period, the Index returned 7.38%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and financials sectors, respectively. The communication

services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (portfolio average weight of 1.53%) and Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.54%). Positions that detracted most significantly from the Fund’s return during this period included General Motors Co., a consumer discretionary company (portfolio average weight of 1.41%) and DISH Network Corp., Class A, a communication services company (portfolio average weight of 1.20%)

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 

Financials

     44.09  

Energy

     13.35  

Consumer Discretionary

     9.36  

Materials

     9.08  

Industrials

     6.50  

Health Care

     5.55  

Consumer Staples

     3.60  

Sector Types Each Less Than 3%

     8.38  

Money Market Funds Plus Other Assets Less Liabilities

     0.09  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Marathon Petroleum Corp.      2.72  
Mosaic Co. (The)      2.46  
Archer-Daniels-Midland Co.      2.16  
Prudential Financial, Inc.      2.02  
Nucor Corp.      1.81  
Valero Energy Corp.      1.80  
Allstate Corp. (The)      1.75  
Assurant, Inc.      1.74  
MetLife, Inc.      1.72  
LyondellBasell Industries N.V., Class A      1.70  
Total      19.88  

 

*

Excluding money market fund holdings.

 

 

  12  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P 500® High Momentum Value Index     7.38     11.33     38.00     10.46     64.43     12.65     228.96       12.13     247.21
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         13.71       304.39  
Fund                    
NAV Return     6.94       10.90       36.38       10.02       61.21       12.22       216.66         11.70       233.02  
Market Price Return     6.80       10.86       36.25       9.98       60.92       12.21       216.60         11.70       233.14  

 

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.57% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® High Momentum Value Index performance is comprised of the performance of the RAFI® Fundamental Large Value Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  13  

 


 

 

XMMO    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Momentum ETF (XMMO)

 

As an index fund, Invesco S&P MidCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P MidCap 400® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 80 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.49)%. On a net asset value (“NAV”) basis, the Fund returned (3.50)%. During the same time period, the Index returned (3.19)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the consumer staples and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., an industrials company (portfolio average weight 1.17%) and Repligen Corp., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly

from the Fund’s return during this period included GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end) and Boston Beer Co., Inc. (The), Class A, a consumer staples company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Real Estate      21.09  
Industrials      20.78  
Financials      16.36  
Materials      11.53  
Energy      8.33  
Consumer Discretionary      7.08  
Information Technology      6.36  
Utilities      5.44  
Sector Types Each Less Than 3%      2.96  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Targa Resources Corp.      4.95  
Alcoa Corp.      3.68  
Carlisle Cos., Inc.      3.24  
Life Storage, Inc.      3.20  
Rexford Industrial Realty, Inc.      3.04  
Avis Budget Group, Inc.      2.60  
Steel Dynamics, Inc.      2.59  
American Financial Group, Inc.      2.58  
Jones Lang LaSalle, Inc.      2.44  
Builders FirstSource, Inc.      2.32  
Total      30.64  

 

*

Excluding money market fund holdings.

 

 

  14  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P MidCap 400® Momentum Index     (3.19 )%      12.78     43.47     19.68     145.54     14.96     303.19       11.50     547.32
S&P MidCap 400® Index     (7.03     9.91       32.78       9.29       55.94       11.40       194.47         9.58       380.44  
Fund                    
NAV Return     (3.50     12.39       41.95       19.26       141.26       14.54       288.72         10.95       494.65  
Market Price Return     (3.49     12.38       41.93       19.27       141.33       14.55       289.16         10.94       494.02  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.33%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® Momentum Index is comprised of the performance of the Dynamic Mid Cap Growth IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap 400® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  15  

 


 

 

XMHQ    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Quality ETF (XMHQ)

 

As an index fund, Invesco S&P MidCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) first calculates the quality score of each security in the S&P MidCap 400® Index (the “Parent Index”). Each component stock’s quality score is based on a composite of the following three equally-weighted factors: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on this criteria, the Index Provider selects the 80 stocks from the Parent Index with the highest quality score for inclusion in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.07)%. On a net asset value (“NAV”) basis, the Fund returned (9.16)%. During the same time period, the Index returned (8.92)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and real estate sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Molina Healthcare, Inc., a health care company (no longer held at fiscal year-end) and Signature Bank, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included YETI Holdings, Inc., a consumer discretionary company (portfolio average weight of 1.78%) and Universal Display Corp., an information technology company (portfolio average weight of 1.77%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 

Financials

     30.46  

Consumer Discretionary

     22.75  

Industrials

     14.21  

Information Technology

     14.01  

Materials

     9.16  

Health Care

     4.93  

Sector Types Each Less Than 3%

     4.41  

Money Market Funds Plus Other Assets Less Liabilities

     0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   

Williams-Sonoma, Inc.

     3.32  

Cognex Corp.

     2.87  

Manhattan Associates, Inc.

     2.70  

East West Bancorp, Inc.

     2.68  

Reliance Steel & Aluminum Co.

     2.48  

Deckers Outdoor Corp.

     2.15  

Cullen/Frost Bankers, Inc.

     2.15  

Louisiana-Pacific Corp.

     2.06  

American Financial Group, Inc.

     1.98  

Owens Corning

     1.87  

Total

     24.26  

 

*

Excluding money market fund holdings.

 

 

  16  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  

Blended—S&P MidCap 400® Quality Index

    (8.92 )%      13.13     44.80     11.62     73.30     12.00     210.69       8.54     253.78

S&P MidCap 400® Index

    (7.03     9.91       32.78       9.29       55.94       11.40       194.47         9.24       290.58  
Fund                    

NAV Return

    (9.16     12.85       43.72       11.36       71.27       11.69       202.18         8.10       232.00  

Market Price Return

    (9.07     12.94       44.05       11.40       71.60       11.71       202.52         8.11       232.76  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.37% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® Quality Index is comprised of the performance of the Dynamic Mid Cap IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell Midcap 400® Equal Weight Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  17  

 


 

 

XMVM    Management’s Discussion of Fund Performance
   Invesco S&P MidCap Value with Momentum ETF (XMVM)

 

As an index fund, Invesco S&P MidCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 80 stocks in the S&P MidCap 400® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 160 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 160 remaining securities by momentum score and selects the 80 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.67)%. On a net asset value (“NAV”) basis, the Fund returned (2.51)%. During the same time period, the Index returned (2.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The consumer discretionary sector detracted most significantly from

the Fund’s return, followed by the financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Builders FirstSource Inc., an industrials company (portfolio average weight of 1.69%) and United States Steel Corp., an industrials company (portfolio average weight 1.84%). Positions that detracted most significantly from the Fund’s return during this period included Dana Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Adient PLC, a consumer discretionary company (portfolio average weight of 1.35%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      33.14  
Materials      16.92  
Consumer Discretionary      15.72  
Industrials      14.92  
Information Technology      12.00  
Sector Types Each Less Than 3%      7.34  
Money Market Funds Plus Other Assets Less Liabilities      (0.04
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
United States Steel Corp.      3.92  
Avnet, Inc.      2.80  
Steel Dynamics, Inc.      2.35  
Cleveland-Cliffs, Inc.      2.25  
Graham Holdings Co., Class B      2.20  
Kohl’s Corp.      2.08  
Commercial Metals Co.      2.07  
Arrow Electronics, Inc.      1.97  
Reliance Steel & Aluminum Co.      1.92  
Old Republic International Corp.      1.88  
Total      23.44  

 

*

Excluding money market fund holdings.

 

 

  18  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

  1 Year           Average
Annualized
    Cumulative  
Blended—S&P MidCap 400® High Momentum Value Index     (2.11 )%      13.58     46.51     10.16     62.22     12.74     231.76       9.01     339.60
S&P MidCap 400® Index     (7.03     9.91       32.78       9.29       55.94       11.40       194.47         9.58       380.44  
Fund                    
NAV Return     (2.51     13.21       45.08       9.77       59.39       12.34       220.17         8.45       302.37  
Market Price Return     (2.67     13.25       45.25       9.78       59.47       12.36       220.72         8.45       302.11  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.46% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P MidCap 400® High Momentum Value Index is comprised of the performance of the Dynamic Mid Cap Value IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Mid Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell MidCap® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  19  

 


 

 

XSMO    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap Momentum ETF (XSMO)

 

As an index fund, Invesco S&P SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P SmallCap 600® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 120 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score, subject to security and sector constraints. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (5.72)%. On a net asset value (“NAV”) basis, the Fund returned (5.78)%. During the same time period, the Index returned (5.39)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and communication services sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Matador Resources Co., an energy company (no longer held at fiscal year-end) and Range Resources Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most

significantly from the Fund’s return during this period included Apollo Medical Holdings, Inc., a health care company (portfolio average weight of 0.99%) and Joint Corp. (The), a health care company (portfolio average weight 0.36%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      29.19  
Industrials      19.22  
Real Estate      12.51  
Information Technology      10.70  
Energy      9.34  
Health Care      4.62  
Consumer Staples      4.50  
Materials      4.39  
Consumer Discretionary      4.00  
Sector Types Each Less Than 3%      1.46  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Independence Realty Trust, Inc.      4.02  
SM Energy Co.      3.13  
Civitas Resources, Inc.      2.91  
ServisFirst Bancshares, Inc.      2.85  
ExlService Holdings, Inc.      2.43  
LXP Industrial Trust      2.03  
UFP Industries, Inc.      1.90  
Perficient, Inc.      1.84  
Signet Jewelers Ltd.      1.74  
Assured Guaranty Ltd.      1.74  
Total      24.59  

 

*

Excluding money market fund holdings.

 

 

  20  

 


 

Invesco S&P SmallCap Momentum ETF (XSMO) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P SmallCap 600® Momentum Index     (5.39 )%      10.16     33.69     11.98     76.10     11.59     199.30       7.93     270.50
S&P SmallCap 600® Index     (8.54     9.15       30.06       8.91       53.22       11.79       204.75         9.22       354.05  
Fund                    
NAV Return     (5.78     9.72       32.07       11.74       74.21       11.31       192.09         7.46       243.89  
Market Price Return     (5.72     9.68       31.95       11.74       74.19       11.32       192.29         7.45       243.09  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P SmallCap 600® Momentum Index is comprised of the performance of the Dynamic Small Cap Growth IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000® Pure Growth Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  21  

 


 

 

XSVM    Management’s Discussion of Fund Performance
   Invesco S&P SmallCap Value with Momentum ETF (XSVM)

 

As an index fund, Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® High Momentum Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 120 stocks in the S&P SmallCap 600® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its issuer’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 240 securities with the highest- ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 240 securities by momentum score and selects the 120 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 3.04%. On a net asset value (“NAV”) basis, the Fund returned 3.18%. During the same time period, the Index returned 3.58%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s

return, followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 1.73%) and GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Rayonier Advanced Materials, Inc., a materials company (portfolio average weight of 1.56%) and Realogy Holdings Corp., a real estate company (portfolio average weight of 1.41%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      34.05  
Consumer Discretionary      15.10  
Industrials      14.65  
Materials      12.11  
Energy      5.64  
Consumer Staples      5.40  
Health Care      3.55  
Information Technology      3.43  
Communication Services      3.38  
Real Estate      2.62  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Olympic Steel, Inc.      3.21  
PBF Energy, Inc., Class A      2.63  
Andersons, Inc. (The)      2.19  
Rayonier Advanced Materials, Inc.      1.80  
Titan International, Inc.      1.63  
Fresh Del Monte Produce, Inc.      1.62  
ODP Corp. (The)      1.58  
Mercer International, Inc.      1.57  
TimkenSteel Corp.      1.56  
SunCoke Energy, Inc.      1.44  
Total      19.23  

 

*

Excluding money market fund holdings.

 

 

  22  

 


 

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

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P SmallCap 600® High Momentum Value Index     3.58     20.60     75.42     13.74     90.39     14.29     280.34       9.51     375.58
S&P SmallCap 600® Index     (8.54     9.15       30.06       8.91       53.22       11.79       204.75         9.22       354.05  
Fund                    
NAV Return     3.18       20.15       73.47       13.38       87.32       13.97       269.70         9.00       338.75  
Market Price Return     3.04       20.16       73.50       13.38       87.35       13.98       270.05         8.99       338.16  

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.41% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P SmallCap 600® High Momentum Value Index is comprised of the performance of the Dynamic Small Cap Value IntellidexSM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI® Fundamental Small Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000® Pure Value Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2022.

 

-

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

 

 

  23  

 


 

 

CZA    Management’s Discussion of Fund Performance
   Invesco Zacks Mid-Cap ETF (CZA)

 

As an index fund, the Invesco Zacks Mid-Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of 100 securities that the Index Provider selects from a universe of mid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider seeks to identify companies with potentially superior risk- return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 2.12%. On a net asset value (“NAV”) basis, the Fund returned 1.82%. During the same time period, the Index returned 2.59%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap® Index (the “Benchmark Index”) returned (6.10)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid- cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the information

technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the securities Benchmark Index during the period can be attributed to the Fund’s selection in the financials and health care sectors, respectively.

For the fiscal year ended April 30, 2022, the materials sector was the primary sector that contributed to the Fund’s return, followed by financials and utilities sectors, respectively. The greatest detractor from the Fund’s performance was the industrials sector, followed by the information technology sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (no longer held at fiscal year-end) and CF Industries Holdings, Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Skyworks Solutions, Inc., an information technology company (portfolio average weight of 1.39%) and Rocket Cos., Inc., Class A, a financials company (portfolio average weight of 0.55%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022

 
Industrials      22.04  
Utilities      15.49  
Information Technology      14.06  
Health Care      11.72  
Financials      11.63  
Materials      10.11  
Real Estate      7.71  
Consumer Discretionary      3.16  
Sector Types Each Less Than 3%      4.00  
Money Market Funds Plus Other Assets Less Liabilities      0.08  

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022

 
Security   
Royalty Pharma PLC, Class A      2.18  
W.W. Grainger, Inc.      2.04  
DTE Energy Co.      2.01  
Edison International      1.99  
Zimmer Biomet Holdings, Inc.      1.98  
Church & Dwight Co., Inc.      1.89  
Ameren Corp.      1.87  
Entergy Corp.      1.85  
CDW Corp.      1.82  
Martin Marietta Materials, Inc.      1.75  
Total      19.38  

 

*

Excluding money market fund holdings.

 

 

  24  

 


 

Invesco Zacks Mid-Cap ETF (CZA) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
Zacks Mid-Cap Core Index     2.59     10.45     34.75     10.91     67.86     12.71     230.94       10.73     364.91
Russell Midcap® Index     (6.10     10.48       34.85       10.66       65.94       11.99       210.32         8.81       257.12  
Fund                    
NAV Return     1.82       9.64       31.80       10.11       61.87       11.92       208.39         9.88       314.21  
Market Price Return     2.12       9.70       32.02       10.14       62.10       11.96       209.61         9.90       315.36  

 

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.69%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  25  

 


 

 

CVY    Management’s Discussion of Fund Performance
   Invesco Zacks Multi-Asset Income ETF (CVY)

 

As an index fund, the Invesco Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American Depositary Receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of securities that the Index Provider selects from a universe of domestic and international companies listed on major U.S. exchanges. The Index Provider seeks to identify companies with potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and risk adjusted return. The securities comprising the Index include stocks of large, medium and small-sized companies and may include U.S. listed common stocks paying dividends, ADRs, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), closed-end funds and traditional preferred stocks.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Underlying Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.54)%. On a net asset value (“NAV”) basis, the Fund returned (3.30)%. During the same time period, the Index returned (2.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the financials sector, along with its underweight allocation to the health care sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Alliance Resource Partners L.P., an energy company (portfolio average weight of 0.58%) and EQT Corp., an energy company (portfolio average weight of 0.25%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup, Inc., a financials company (portfolio average weight of 0.84) and Big 5 Sporting Goods Corp., a consumer discretionary company (portfolio average weight of 0.35%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      35.29  
Energy      17.45  
Real Estate      10.39  
Closed-End Funds      9.88  
Consumer Discretionary      8.96  
Materials      5.76  
Sector Types Each Less Than 3%      12.12  
Money Market Funds Plus Other Assets Less Liabilities      0.15  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
EQT Corp.      1.91  
Black Stone Minerals L.P.      1.51  
Gerdau S.A., ADR      1.21  
Alliance Resource Partners L.P.      1.20  
Suburban Propane Partners L.P.      1.18  
Welltower, Inc.      1.18  
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%      1.16  
Bristol-Myers Squibb Co.      1.16  
NuStar Energy L.P.      1.15  
Kimco Realty Corp.      1.14  
Total      12.80  

 

*

Excluding money market fund holdings.

 

 

  26  

 


 

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
Zacks Multi-Asset Income Index     (2.61 )%      4.62     14.50     6.04     34.10     5.59     72.28       5.22     121.36
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.80       330.30  
Fund                    
NAV Return     (3.30     4.03       12.58       5.40       30.09       4.92       61.61         4.43       96.70  
Market Price Return     (3.54     3.94       12.29       5.33       29.67       4.91       61.47         4.42       96.29  

 

Guggenheim Multi-Asset Income ETF (Predecessor Fund) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 1.00%, including acquired fund fees and expenses of 0.27%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  27  

 


 

Liquidity Risk Management Program

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

 

  28  

 


 

Invesco Dynamic Large Cap Growth ETF (PWB)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.01%

 

Communication Services-3.06%     
Alphabet, Inc., Class A(b)     8,236      $   18,796,117  
    

 

 

 
Consumer Discretionary-9.23%     
Ford Motor Co.     530,943        7,518,153  
Lowe’s Cos., Inc.     42,786        8,460,076  
Marriott International, Inc., Class A(b)     53,028        9,413,530  
O’Reilly Automotive, Inc.(b)     14,063        8,529,913  
Tesla, Inc.(b)     26,075        22,705,067  
    

 

 

 
       56,626,739  
    

 

 

 
Consumer Staples-5.04%     
Costco Wholesale Corp.     42,663        22,684,770  
Estee Lauder Cos., Inc. (The), Class A     31,053        8,199,855  
    

 

 

 
       30,884,625  
    

 

 

 
Energy-7.76%     
Chevron Corp.     161,781        25,346,229  
Occidental Petroleum Corp.     239,551        13,196,865  
Schlumberger N.V     232,104        9,054,377  
    

 

 

 
       47,597,471  
    

 

 

 
Financials-8.44%     
American Express Co.     47,688        8,331,570  
Apollo Global Management, Inc.     145,247        7,227,491  
Blackstone, Inc., Class A     75,487        7,667,215  
Charles Schwab Corp. (The)     108,540        7,199,458  
Coinbase Global, Inc., Class A(b)(c)     51,932        5,853,256  
KKR & Co., Inc., Class A     158,196        8,063,250  
MSCI, Inc.     17,619        7,422,004  
    

 

 

 
       51,764,244  
    

 

 

 
Health Care-13.46%     
Agilent Technologies, Inc.     70,352        8,390,883  
Danaher Corp.     80,458        20,205,417  
Eli Lilly and Co.     89,575        26,167,545  
IDEXX Laboratories, Inc.(b)     18,779        8,083,984  
IQVIA Holdings, Inc.(b)     40,539        8,837,097  
Vertex Pharmaceuticals, Inc.(b)     39,890        10,898,746  
    

 

 

 
       82,583,672  
    

 

 

 
Industrials-3.11%     
Cintas Corp.     24,803        9,853,240  
CSX Corp.     268,112        9,206,966  
    

 

 

 
       19,060,206  
    

 

 

 
Information Technology-48.48%     
Accenture PLC, Class A     66,714        20,038,217  
Adobe, Inc.(b)     48,851        19,342,553  
Advanced Micro Devices, Inc.(b)     185,218        15,839,843  
Amphenol Corp., Class A     122,503        8,758,965  
Apple, Inc.     130,360        20,551,254  
Applied Materials, Inc.     70,480        7,777,468  
        Shares          Value  
Information Technology-(continued)     
Arista Networks, Inc.(b)     75,357      $ 8,709,008  
Automatic Data Processing, Inc.     45,913        10,017,298  
Cadence Design Systems, Inc.(b)     67,892        10,241,508  
Fortinet, Inc.(b)     30,869        8,921,450  
Intuit, Inc.     18,987        7,950,806  
KLA Corp.     25,799        8,236,589  
Mastercard, Inc., Class A     58,167        21,136,724  
Microchip Technology, Inc.     127,866        8,336,863  
Micron Technology, Inc.     101,365        6,912,079  
Microsoft Corp.     74,456        20,663,029  
NVIDIA Corp.     91,580        16,985,343  
NXP Semiconductors N.V. (China)     49,025        8,378,373  
Palo Alto Networks, Inc.(b)     19,308        10,837,194  
salesforce.com, inc.(b)     109,771        19,313,110  
Synopsys, Inc.(b)     31,710        9,094,111  
Visa, Inc., Class A(c)     96,781        20,626,935  
Workday, Inc., Class A(b)     42,084        8,698,763  
    

 

 

 
       297,367,483  
    

 

 

 
Materials-1.43%     
Freeport-McMoRan, Inc.     216,707        8,787,469  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $622,479,483)

 

     613,468,026  
    

 

 

 
Money Market Funds-0.00%     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $14,052)

    14,052        14,052  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $622,493,535)

 

     613,482,078  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.27%     

Invesco Private Government Fund,
0.40%(d)(e)(f)

    6,011,107        6,011,107  

Invesco Private Prime Fund, 0.35%(d)(e)(f)

    14,017,490        14,017,490  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,027,762)

 

     20,028,597  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.28%
(Cost $642,521,297)

 

     633,510,675  

OTHER ASSETS LESS LIABILITIES-(3.28)%

 

     (20,093,101
    

 

 

 

NET ASSETS-100.00%

 

   $ 613,417,574  
    

 

 

 

 

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

 

 

  29  

 


 

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

April 30, 2022

 

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 April 30, 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)
     Value
April 30, 2022
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

  $ 155,781      $ 5,744,696      $ (5,886,425    $ -      $ -      $ 14,052      $ 134  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

    5,428,858        138,773,050        (138,190,801      -        -        6,011,107        5,574

Invesco Private Prime Fund

    8,143,287        264,864,055        (258,979,935      835        (10,752      14,017,490        22,128
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

  $ 13,727,926      $ 409,381,801      $ (403,057,161    $ 835      $ (10,752    $ 20,042,649      $ 27,836  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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 April 30, 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.

 

 

  30  

 


 

Invesco Dynamic Large Cap Value ETF (PWV)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.94%

 

Communication Services-2.89%     
Comcast Corp., Class A     582,545      $   23,161,989  
    

 

 

 
Consumer Discretionary-4.11%     
AutoZone, Inc.(b)     6,331        12,380,081  
eBay, Inc.     212,844        11,050,860  
General Motors Co.(b)     251,001        9,515,448  
    

 

 

 
       32,946,389  
    

 

 

 
Consumer Staples-15.61%     
Archer-Daniels-Midland Co.     152,723        13,677,872  
PepsiCo, Inc.     162,435        27,891,714  
Philip Morris International, Inc.     251,814        25,181,400  
Procter & Gamble Co. (The)     173,154        27,799,874  
Walmart, Inc.     200,402        30,659,502  
    

 

 

 
       125,210,362  
    

 

 

 
Energy-13.75%     
Exxon Mobil Corp.     357,607        30,485,997  
Kinder Morgan, Inc.     709,736        12,881,708  
Marathon Petroleum Corp.     155,238        13,546,068  
Phillips 66     139,598        12,111,522  
Pioneer Natural Resources Co.(c)     53,199        12,367,172  
Valero Energy Corp.     136,724        15,241,991  
Williams Cos., Inc. (The)     396,910        13,610,044  
    

 

 

 
       110,244,502  
    

 

 

 
Financials-25.43%     
American International Group, Inc.     190,531        11,147,969  
Bank of America Corp.     600,133        21,412,745  
Bank of New York Mellon Corp. (The)     210,964        8,873,146  
BlackRock, Inc.     15,758        9,843,707  
Capital One Financial Corp.     76,741        9,563,463  
Chubb Ltd.     57,780        11,928,681  
CME Group, Inc., Class A     49,227        10,797,450  
Goldman Sachs Group, Inc. (The)     34,089        10,413,849  
JPMorgan Chase & Co.     180,024        21,487,665  
MetLife, Inc.     170,235        11,181,035  
Morgan Stanley     288,585        23,257,065  
Prudential Financial, Inc.     104,077        11,293,395  
SVB Financial Group(b)     19,329        9,425,594  
Travelers Cos., Inc. (The)     68,614        11,737,111  
Wells Fargo & Co.     494,681        21,582,932  
    

 

 

 
       203,945,807  
    

 

 

 
Health Care-19.72%     
AbbVie, Inc.     187,863        27,593,317  
Anthem, Inc.     26,384        13,242,921  
Centene Corp.(b)     143,998        11,599,039  
Cigna Corp.     51,433        12,692,636  
CVS Health Corp.     115,181        11,072,349  
HCA Healthcare, Inc.     48,043        10,307,626  
Johnson & Johnson     169,682        30,620,814  
        Shares          Value  
Health Care-(continued)     
Pfizer, Inc.     575,276      $ 28,228,793  
Regeneron Pharmaceuticals, Inc.(b)     19,424        12,802,553  
    

 

 

 
       158,160,048  
    

 

 

 
Industrials-7.31%     
Eaton Corp. PLC     77,354        11,217,877  
General Dynamics Corp.     54,028        12,779,243  
Johnson Controls International PLC     179,972        10,774,924  
Lockheed Martin Corp.     30,377        13,126,509  
Parker-Hannifin Corp.     39,760        10,767,803  
    

 

 

 
       58,666,356  
    

 

 

 
Information Technology-7.87%     
Cisco Systems, Inc.     485,715        23,790,321  
HP, Inc.     333,600        12,219,768  
Oracle Corp.     368,906        27,077,700  
    

 

 

 
       63,087,789  
    

 

 

 
Materials-1.61%     
Dow, Inc.     194,695        12,947,218  
    

 

 

 
Utilities-1.64%     
Exelon Corp.     281,852        13,185,037  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $768,054,786)

 

     801,555,497  
    

 

 

 
Money Market Funds-0.01%     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $91,482)

    91,482        91,482  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $768,146,268)

 

     801,646,979  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.57%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    3,785,178        3,785,178  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    8,832,210        8,832,210  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,616,008)

 

     12,617,388  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.52%
(Cost $780,762,276)

 

     814,264,367  

OTHER ASSETS LESS LIABILITIES-(1.52)%

 

     (12,181,229
    

 

 

 

NET ASSETS-100.00%

 

   $ 802,083,138  
    

 

 

 

 

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

 

 

  31  

 


 

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

April 30, 2022

 

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 April 30, 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
     Realized
Gain
     Value
April 30, 2022
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

  $ 37,536      $ 28,001,506      $ (27,947,560    $ -      $ -      $ 91,482      $ 480  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

    -        39,424,403        (35,639,225      -        -        3,785,178        3,845

Invesco Private Prime Fund

    -        91,994,327        (83,166,171      1,380        2,674        8,832,210        9,616
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

  $ 37,536      $ 159,420,236      $ (146,752,956    $ 1,380      $ 2,674      $ 12,708,870      $ 13,941  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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 April 30, 2022.

(f) 

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

 

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

 

 

  32  

 


 

Invesco S&P 100 Equal Weight ETF (EQWL)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.94%

 

Communication Services-8.10%     
Alphabet, Inc., Class A(b)     237      $ 540,879  
Alphabet, Inc., Class C(b)     223        512,751  
AT&T, Inc.     67,759        1,277,935  

Charter Communications, Inc., Class A(b)

    2,147        919,968  
Comcast Corp., Class A     26,677        1,060,678  
Meta Platforms, Inc., Class A(b)     6,401        1,283,208  
Netflix, Inc.(b)     3,529        671,780  
T-Mobile US, Inc.(b)     9,641        1,187,193  
Verizon Communications, Inc.     22,642        1,048,325  
Walt Disney Co. (The)(b)     9,115        1,017,507  
    

 

 

 
       9,520,224  
    

 

 

 
Consumer Discretionary-11.03%     
Amazon.com, Inc.(b)     412        1,024,080  
Booking Holdings, Inc.(b)     595        1,315,134  
Ford Motor Co.     74,872        1,060,188  
General Motors Co.(b)     28,931        1,096,774  
Home Depot, Inc. (The)     3,791        1,138,816  
Lowe’s Cos., Inc.     5,405        1,068,731  
McDonald’s Corp.     5,306        1,322,043  
NIKE, Inc., Class B     9,793        1,221,187  
Starbucks Corp.     14,517        1,083,549  
Target Corp.     5,802        1,326,627  
Tesla, Inc.(b)     1,514        1,318,331  
    

 

 

 
       12,975,460  
    

 

 

 
Consumer Staples-12.09%     
Altria Group, Inc.     23,792        1,322,122  
Coca-Cola Co. (The)     20,734        1,339,624  
Colgate-Palmolive Co.     16,280        1,254,374  
Costco Wholesale Corp.     2,277        1,210,726  
Kraft Heinz Co. (The)     32,145        1,370,341  
Mondelez International, Inc., Class A     20,313        1,309,782  
PepsiCo, Inc.     7,812        1,341,399  
Philip Morris International, Inc.     13,514        1,351,400  
Procter & Gamble Co. (The)     8,385        1,346,212  
Walgreens Boots Alliance, Inc.     25,316        1,073,398  
Walmart, Inc.     8,477        1,296,896  
    

 

 

 
       14,216,274  
    

 

 

 
Energy-2.95%     
Chevron Corp.     6,996        1,096,063  
ConocoPhillips     12,243        1,169,451  
Exxon Mobil Corp.     14,143        1,205,691  
    

 

 

 
       3,471,205  
    

 

 

 
Financials-14.32%     
American Express Co.     7,128        1,245,333  
American International Group, Inc.     21,126        1,236,082  
Bank of America Corp.     29,777        1,062,443  
Bank of New York Mellon Corp. (The)     24,019        1,010,239  
Berkshire Hathaway, Inc., Class B(b)     3,688        1,190,597  
BlackRock, Inc.     1,754        1,095,689  
Capital One Financial Corp.     9,232        1,150,492  
Charles Schwab Corp. (The)     14,967        992,761  
Citigroup, Inc.     22,174        1,069,009  
Goldman Sachs Group, Inc. (The)     3,673        1,122,065  
JPMorgan Chase & Co.     9,317        1,112,077  
        Shares          Value  
Financials-(continued)     
MetLife, Inc.     18,757      $ 1,231,960  
Morgan Stanley     14,099        1,136,238  
U.S. BanCorp     22,810        1,107,654  
Wells Fargo & Co.     24,777        1,081,020  
    

 

 

 
       16,843,659  
    

 

 

 
Health Care-14.69%     
Abbott Laboratories     10,533        1,195,495  
AbbVie, Inc.     8,079        1,186,644  
Amgen, Inc.(c)     5,263        1,227,279  
Bristol-Myers Squibb Co.     17,440        1,312,709  
CVS Health Corp.     11,555        1,110,782  
Danaher Corp.     4,588        1,152,184  
Eli Lilly and Co.     4,520        1,320,428  
Gilead Sciences, Inc.     20,706        1,228,694  
Johnson & Johnson     7,093        1,280,003  
Medtronic PLC     11,567        1,207,132  
Merck & Co., Inc.     15,346        1,361,037  
Pfizer, Inc.     23,890        1,172,282  
Thermo Fisher Scientific, Inc.     2,273        1,256,787  
UnitedHealth Group, Inc.     2,478        1,260,187  
    

 

 

 
       17,271,643  
    

 

 

 
Industrials-11.62%     
3M Co.(c)     8,519        1,228,610  
Boeing Co. (The)(b)     6,814        1,014,196  
Caterpillar, Inc.     5,590        1,176,919  
Emerson Electric Co.     12,914        1,164,585  
FedEx Corp.     5,633        1,119,502  
General Dynamics Corp.     5,146        1,217,183  
General Electric Co.     13,014        970,194  
Honeywell International, Inc.     6,590        1,275,231  
Lockheed Martin Corp.     2,743        1,185,305  
Raytheon Technologies Corp.     12,430        1,179,731  
Union Pacific Corp.     4,574        1,071,643  
United Parcel Service, Inc., Class B     5,891        1,060,262  
    

 

 

 
       13,663,361  
    

 

 

 
Information Technology-15.82%     
Accenture PLC, Class A     3,855        1,157,888  
Adobe, Inc.(b)     2,884        1,141,920  
Apple, Inc.     7,761        1,223,522  
Broadcom, Inc.     2,078        1,152,022  
CisCo Systems, Inc.     21,959        1,075,552  
Intel Corp.     26,205        1,142,276  
International Business Machines Corp.     9,688        1,280,850  
Mastercard, Inc., Class A     3,698        1,343,779  
Microsoft Corp.     4,288        1,190,006  
NVIDIA Corp.     5,413        1,003,949  
Oracle Corp.     15,433        1,132,782  
PayPal Holdings, Inc.(b)     12,388        1,089,277  
QUALCOMM, Inc.     7,883        1,101,176  
salesforce.com, inc.(b)     6,068        1,067,604  
Texas Instruments, Inc.     7,049        1,200,092  
Visa, Inc., Class A(c)     6,105        1,301,159  
    

 

 

 
       18,603,854  
    

 

 

 
Materials-3.18%     
Dow, Inc.     19,716        1,311,114  

 

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

 

 

  33  

 


 

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

April 30, 2022

 

        Shares          Value  
Materials-(continued)     
DuPont de Nemours, Inc.     16,568      $ 1,092,328  
Linde PLC (United Kingdom)     4,290        1,338,309  
    

 

 

 
       3,741,751  
    

 

 

 
Real Estate-1.98%     
American Tower Corp.     5,115        1,232,817  
Simon Property Group, Inc.     9,235        1,089,730  
    

 

 

 
       2,322,547  
    

 

 

 
Utilities-4.16%     
Duke Energy Corp.     11,347        1,249,985  
Exelon Corp.     27,529        1,287,807  
NextEra Energy, Inc.     15,145        1,075,598  
Southern Co. (The)     17,483        1,283,077  
    

 

 

 
       4,896,467  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $113,410,706)

 

     117,526,445  
    

 

 

 
Money Market Funds-0.01%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $11,989)

    11,989        11,989  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $113,422,695)

 

     117,538,434  
    

 

 

 
        Shares          Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.58%     

Invesco Private Government Fund, 0.40%(d)(e)(f)

    910,271      $ 910,271  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    2,122,133        2,122,133  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,032,258)

 

     3,032,404  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.53%
(Cost $116,454,953)

 

     120,570,838  

OTHER ASSETS LESS LIABILITIES-(2.53)%

 

     (2,977,933
    

 

 

 

NET ASSETS-100.00%

 

   $ 117,592,905  
    

 

 

 

 

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 April 30, 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)
     Value
April 30, 2022
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

  $ 120,677      $ 3,192,843      $ (3,301,531    $ -      $ -      $ 11,989      $ 70  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

    336,810        3,122,049        (2,548,588      -        -        910,271        334

Invesco Private Prime Fund

    505,216        7,106,532        (5,488,909      146        (852      2,122,133        871
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

  $ 962,703      $ 13,421,424      $ (11,339,028    $ 146      $ (852    $ 3,044,393      $ 1,275  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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 April 30, 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.

 

 

  34  

 


 

Invesco S&P 500 GARP ETF (SPGP)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-100.01%

 

Communication Services-5.41%     
Activision Blizzard, Inc.     190,477      $ 14,400,061  
Alphabet, Inc., Class C(b)     4,987        11,466,759  
Fox Corp., Class A     270,446        9,692,785  
Meta Platforms, Inc., Class A(b)     47,484        9,519,117  
    

 

 

 
       45,078,722  
    

 

 

 
Consumer Discretionary-9.78%     
Best Buy Co., Inc.(c)     98,609        8,867,907  
D.R. Horton, Inc.     148,242        10,316,161  
Dollar General Corp.     59,401        14,109,520  
Lennar Corp., Class A     98,666        7,546,962  
Pool Corp.     21,123        8,559,462  
PulteGroup, Inc.     237,023        9,898,081  
Target Corp.     46,973        10,740,376  
Tractor Supply Co.     56,918        11,466,131  
    

 

 

 
       81,504,600  
    

 

 

 
Consumer Staples-3.80%     
Campbell Soup Co.     270,710        12,782,926  
Estee Lauder Cos., Inc. (The), Class A     27,897        7,366,482  
Monster Beverage Corp.(b)     134,870        11,555,662  
    

 

 

 
       31,705,070  
    

 

 

 
Financials-17.70%     
Allstate Corp. (The)     97,249        12,305,888  
Assurant, Inc.     68,055        12,377,843  
Cincinnati Financial Corp.     86,740        10,639,528  
Everest Re Group Ltd.     41,872        11,502,657  
Franklin Resources, Inc.     383,811        9,437,913  
Goldman Sachs Group, Inc. (The)     31,766        9,704,195  
MetLife, Inc.     164,426        10,799,500  
Moody’s Corp.     26,116        8,265,192  
Morgan Stanley     115,673        9,322,087  
Progressive Corp. (The)     149,339        16,033,035  
Raymond James Financial, Inc.     118,015        11,501,742  
S&P Global, Inc.     21,685        8,164,403  
SVB Financial Group(b)     22,645        11,042,608  
T. Rowe Price Group, Inc.(c)     52,648        6,477,810  
    

 

 

 
       147,574,401  
    

 

 

 
Health Care-31.15%     
Amgen, Inc.     60,351        14,073,250  
Anthem, Inc.     26,336        13,218,828  
Biogen, Inc.(b)     51,394        10,661,171  
Bio-Rad Laboratories, Inc., Class A(b)     16,223        8,307,149  
Cardinal Health, Inc.(c)     220,183        12,781,623  
Cigna Corp.     77,858        19,213,797  
Cooper Cos., Inc. (The)     29,016        10,475,937  
DaVita, Inc.(b)     132,457        14,354,365  
Humana, Inc.     28,959        12,874,013  
IDEXX Laboratories, Inc.(b)     19,247        8,285,448  
Johnson & Johnson     70,865        12,788,298  
Laboratory Corp. of America Holdings(b)     37,817        9,086,669  
Merck & Co., Inc.     152,923        13,562,741  
PerkinElmer, Inc.     74,747        10,958,658  
Quest Diagnostics, Inc.     65,321        8,742,563  
Regeneron Pharmaceuticals, Inc.(b)     18,562        12,234,400  
Thermo Fisher Scientific, Inc.     21,189        11,715,822  
        Shares          Value  
Health Care-(continued)     
UnitedHealth Group, Inc.     21,446      $ 10,906,363  
Vertex Pharmaceuticals, Inc.(b)     92,317        25,222,851  
Waters Corp.(b)     40,208        12,183,828  
Zoetis, Inc.     45,480        8,061,330  
    

 

 

 
       259,709,104  
    

 

 

 
Industrials-13.31%     
Copart, Inc.(b)     82,232        9,345,667  
Deere & Co.     28,044        10,588,012  

Expeditors International of Washington, Inc.

    97,832        9,692,216  
Fastenal Co.     158,819        8,784,279  
Huntington Ingalls Industries, Inc.     61,137        13,006,286  
J.B. Hunt Transport Services, Inc.     51,785        8,847,467  
Leidos Holdings, Inc.     113,946        11,794,551  
Lockheed Martin Corp.     35,118        15,175,190  
Northrop Grumman Corp.     31,508        13,844,615  
United Rentals, Inc.(b)     31,306        9,908,975  
    

 

 

 
       110,987,258  
    

 

 

 
Information Technology-18.86%     
Adobe, Inc.(b)     24,511        9,705,130  
Apple, Inc.     77,918        12,283,773  
Applied Materials, Inc.     82,493        9,103,103  
Arista Networks, Inc.(b)     83,520        9,652,406  
CDW Corp.     54,349        8,868,670  
Cisco Systems, Inc.     214,543        10,508,316  
Fortinet, Inc.(b)     58,350        16,863,733  
Intel Corp.     227,201        9,903,692  
KLA Corp.     35,869        11,451,537  
Lam Research Corp.     17,395        8,101,895  
Mastercard, Inc., Class A     30,193        10,971,532  
Microsoft Corp.     42,053        11,670,549  
NetApp, Inc.     130,841        9,584,103  
Skyworks Solutions, Inc.     73,977        8,381,594  
Teradyne, Inc.(c)     96,821        10,210,743  
    

 

 

 
       157,260,776  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $876,610,199)

 

     833,819,931  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.44%     

Invesco Private Government Fund,
0.40%(d)(e)(f)

    8,620,026        8,620,026  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    20,110,514        20,110,514  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $28,729,798)

 

     28,730,540  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.45%
(Cost $905,339,997)

 

     862,550,471  

OTHER ASSETS LESS LIABILITIES-(3.45)%

 

     (28,800,080
    

 

 

 

NET ASSETS-100.00%

 

   $ 833,750,391  
    

 

 

 

 

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

 

 

  35  

 


 

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

April 30, 2022

 

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 April 30, 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
     Realized
Gain
(Loss)
     Value
April 30, 2022
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                   

Invesco Government & Agency Portfolio, Institutional Class

  $ 175,539      $ 5,813,131      $ (5,988,670    $ -      $ -      $ -      $ 157  

Investments Purchased with Cash Collateral from Securities on Loan:

                   

Invesco Private Government Fund

    -        97,090,676        (88,470,650      -        -        8,620,026        4,419

Invesco Private Prime Fund

    -        217,947,908        (197,831,973      742        (6,163      20,110,514        15,142
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

  $ 175,539      $ 320,851,715      $ (292,291,293    $ 742      $ (6,163    $ 28,730,540      $ 19,718  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

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 April 30, 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.

 

 

  36  

 


 

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

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.91%

 

Communication Services-2.67%     
DISH Network Corp., Class A(b)     27,914      $      795,828  
Interpublic Group of Cos., Inc. (The)     9,625        313,968  
News Corp., Class A     21,728        431,518  
    

 

 

 
       1,541,314  
    

 

 

 
Consumer Discretionary-9.36%     
Advance Auto Parts, Inc.     1,397        278,883  
Bath & Body Works, Inc.     4,274        226,052  
CarMax, Inc.(b)     2,928        251,164  
eBay, Inc.     7,937        412,089  
Ford Motor Co.     31,513        446,224  
General Motors Co.(b)     14,487        549,202  
Genuine Parts Co.     2,719        353,606  
Lennar Corp., Class A     6,185        473,091  
LKQ Corp.     7,489        371,679  
Mohawk Industries, Inc.(b)     3,971        560,149  
Newell Brands, Inc.     24,420        565,323  
Ralph Lauren Corp.     2,914        304,047  
Tapestry, Inc.     8,893        292,758  
Target Corp.     1,368        312,793  
    

 

 

 
       5,397,060  
    

 

 

 
Consumer Staples-3.60%     
Archer-Daniels-Midland Co.     13,916        1,246,317  
Tyson Foods, Inc., Class A     8,902        829,310  
    

 

 

 
       2,075,627  
    

 

 

 
Energy-13.35%     
Baker Hughes Co., Class A     20,209        626,883  
Chevron Corp.     3,937        616,810  
ConocoPhillips     5,169        493,743  
Diamondback Energy, Inc.     2,871        362,406  
EOG Resources, Inc.     4,042        471,944  
Exxon Mobil Corp.     5,729        488,397  
Kinder Morgan, Inc.     32,811        595,520  
Marathon Oil Corp.     23,949        596,809  
Marathon Petroleum Corp.     17,955        1,566,753  
Pioneer Natural Resources Co.     1,897        440,996  
Schlumberger N.V.     10,431        406,913  
Valero Energy Corp.     9,301        1,036,876  
    

 

 

 
       7,704,050  
    

 

 

 
Financials-44.09%     
Aflac, Inc.     13,428        769,156  
Allstate Corp. (The)     7,999        1,012,194  
American International Group, Inc.     16,311        954,357  
Assurant, Inc.     5,525        1,004,887  
Bank of America Corp.     10,941        390,375  
Bank of New York Mellon Corp. (The)     10,043        422,409  
Berkshire Hathaway, Inc., Class B(b)     2,500        807,075  
Capital One Financial Corp.     5,749        716,440  
Chubb Ltd.     3,505        723,607  
Cincinnati Financial Corp.     5,835        715,721  
Citigroup, Inc.     14,236        686,318  
Citizens Financial Group, Inc.     14,888        586,587  
Comerica, Inc.     6,559        537,182  
Discover Financial Services     5,293        595,251  
Everest Re Group Ltd.     3,126        858,743  
        Shares          Value  
Financials-(continued)     
Fifth Third BanCorp.     11,997      $      450,247  
Franklin Resources, Inc.     18,941        465,759  
Goldman Sachs Group, Inc. (The)     1,897        579,515  

Hartford Financial Services Group,
Inc. (The)

    10,324        721,957  
Invesco Ltd.(c)     33,668        618,818  
JPMorgan Chase & Co.     3,121        372,523  
KeyCorp     27,539        531,778  
Lincoln National Corp.     13,941        838,551  
Loews Corp.     15,481        972,826  
MetLife, Inc.     15,103        991,965  
Morgan Stanley     4,775        384,817  
Northern Trust Corp.     2,929        301,833  

PNC Financial Services Group,
Inc. (The)

    1,944        322,898