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 |
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2 |
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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. |
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3 |
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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 |
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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 |
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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. |
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4 |
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Invesco Dynamic Large Cap Growth ETF (PWB) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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. |
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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 |
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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 |
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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. |
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6 |
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Invesco Dynamic Large Cap Value ETF (PWV) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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. |
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7 |
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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. |
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8 |
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Invesco S&P 100 Equal Weight ETF (EQWL) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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. |
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9 |
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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. |
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10 |
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Invesco S&P 500 GARP ETF (SPGP) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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 |
||||
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* |
||||
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
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
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
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 |
|
613,468,026 | ||||||
|
|
|||||||
Money Market Funds-0.00% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
14,052 | 14,052 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
613,482,078 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.27% | ||||||||
Invesco Private Government Fund, |
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 |
|
20,028,597 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.28% |
|
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 |
|
801,555,497 | ||||||
|
|
|||||||
Money Market Funds-0.01% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
91,482 | 91,482 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.95% |
|
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, |
8,832,210 | 8,832,210 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
12,617,388 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-101.52% |
|
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 |
|
117,526,445 | ||||||
|
|
|||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
11,989 | 11,989 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
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, |
2,122,133 | 2,122,133 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
3,032,404 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.53% |
|
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 |
|
833,819,931 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.44% | ||||||||
Invesco Private Government Fund, |
8,620,026 | 8,620,026 | ||||||
Invesco Private Prime Fund, |
20,110,514 | 20,110,514 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
28,730,540 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.45% |
|
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, |
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, |
1,944 | 322,898 | ||||||
Principal Financial Group, Inc. | 9,906 | 674,995 | ||||||
Prudential Financial, Inc. | 10,755 | 1,167,025 | ||||||
Raymond James Financial, Inc. | 3,734 | 363,916 | ||||||
Regions Financial Corp. | 28,780 | 596,322 | ||||||
State Street Corp. | 5,978 | 400,347 | ||||||
Synchrony Financial | 14,040 | 516,812 | ||||||
Travelers Cos., Inc. (The) | 4,735 | 809,969 | ||||||
Truist Financial Corp. | 8,794 | 425,190 | ||||||
U.S. Bancorp | 8,663 | 420,675 | ||||||
W.R. Berkley Corp. | 9,175 | 610,046 | ||||||
Wells Fargo & Co. | 12,762 | 556,806 | ||||||
Zions Bancorporation N.A. | 9,808 | 554,250 | ||||||
|
|
|||||||
25,430,142 | ||||||||
|
|
|||||||
Health Care-5.55% | ||||||||
Anthem, Inc. | 1,284 | 644,478 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 879 | 450,101 | ||||||
Cooper Cos., Inc. (The) | 1,340 | 483,793 | ||||||
CVS Health Corp. | 9,298 | 893,817 | ||||||
HCA Healthcare, Inc. | 1,485 | 318,607 | ||||||
Laboratory Corp. of America Holdings(b) |
1,702 | 408,956 | ||||||
|
|
|||||||
3,199,752 | ||||||||
|
|
|||||||
Industrials-6.50% | ||||||||
Expeditors International of Washington, Inc. |
2,576 | 255,204 | ||||||
General Dynamics Corp. | 2,007 | 474,716 | ||||||
Jacobs Engineering Group, Inc. | 2,247 | 311,322 | ||||||
L3Harris Technologies, Inc. | 1,568 | 364,184 | ||||||
Nielsen Holdings PLC | 30,953 | 829,850 | ||||||
Quanta Services, Inc. | 2,845 | 329,963 | ||||||
Raytheon Technologies Corp. | 4,417 | 419,217 | ||||||
Snap-on, Inc. | 1,800 | 382,482 | ||||||
Textron, Inc. | 5,513 | 381,775 | ||||||
|
|
|||||||
3,748,713 | ||||||||
|
|
|||||||
Information Technology-2.81% | ||||||||
Arista Networks, Inc.(b) | 3,177 | 367,165 | ||||||
Hewlett Packard Enterprise Co. | 49,909 | 769,098 | ||||||
HP, Inc. | 13,195 | 483,333 | ||||||
|
|
|||||||
1,619,596 | ||||||||
|
|
|||||||
Materials-9.08% | ||||||||
Celanese Corp. | 3,549 | 521,490 | ||||||
Corteva, Inc. | 10,181 | 587,342 | ||||||
Eastman Chemical Co. | 3,268 | 335,526 | ||||||
Freeport-McMoRan, Inc. | 8,681 | 352,014 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
37 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-(continued) | ||||||||
LyondellBasell Industries N.V., Class A |
9,237 | $ | 979,399 | |||||
Mosaic Co. (The) | 22,728 | 1,418,682 | ||||||
Nucor Corp. | 6,742 | 1,043,527 | ||||||
|
|
|||||||
5,237,980 | ||||||||
|
|
|||||||
Real Estate-2.21% | ||||||||
CBRE Group, Inc., Class A(b) | 3,495 | 290,225 | ||||||
Kimco Realty Corp. | 21,615 | 547,508 | ||||||
Weyerhaeuser Co. | 10,648 | 438,910 | ||||||
|
|
|||||||
1,276,643 | ||||||||
|
|
|||||||
Utilities-0.69% | ||||||||
Exelon Corp. | 8,495 | 397,396 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
57,628,273 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.14% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
79,573 | $ | 79,573 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.05% |
|
57,707,846 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.05)% |
|
(27,026 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 57,680,820 | |||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Invesco Ltd. |
$ | - | $ | 985,981 | $ | (156,185 | ) | $ | (197,725 | ) | $ | (13,253 | ) | $ | 618,818 | $ | 10,082 | |||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
105,738 | 1,187,027 | (1,213,192 | ) | - | - | 79,573 | 51 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
- | 898,575 | (898,575 | ) | - | - | - | 1 | * | |||||||||||||||||||
Invesco Private Prime Fund |
352,406 | 1,443,058 | (1,795,462 | ) | - | (2 | ) | - | 20 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 458,144 | $ | 4,514,641 | $ | (4,063,414 | ) | $ | (197,725 | ) | $ | (13,255 | ) | $ | 698,391 | $ | 10,154 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
38 |
|
Invesco S&P MidCap Momentum ETF (XMMO)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Consumer Discretionary-7.08% | ||||||||
AutoNation, Inc.(b)(c) | 49,444 | $ | 5,731,054 | |||||
Choice Hotels International, Inc. | 50,240 | 7,056,710 | ||||||
Dick’s Sporting Goods, Inc.(c) | 102,093 | 9,843,807 | ||||||
Goodyear Tire & Rubber Co. (The)(b)(c) | 481,710 | 6,416,377 | ||||||
H&R Block, Inc.(c) | 213,232 | 5,558,958 | ||||||
Murphy USA, Inc. | 41,936 | 9,796,250 | ||||||
Tempur Sealy International, Inc. | 243,049 | 6,589,058 | ||||||
Wyndham Hotels & Resorts, Inc. | 140,084 | 12,321,789 | ||||||
|
|
|||||||
63,314,003 | ||||||||
|
|
|||||||
Consumer Staples-1.80% | ||||||||
Flowers Foods, Inc. | 274,413 | 7,277,433 | ||||||
Ingredion, Inc. | 82,215 | 6,997,318 | ||||||
Pilgrim’s Pride Corp.(b) | 63,799 | 1,808,702 | ||||||
|
|
|||||||
16,083,453 | ||||||||
|
|
|||||||
Energy-8.33% | ||||||||
Murphy Oil Corp.(c) | 322,130 | 12,266,710 | ||||||
PDC Energy, Inc. | 256,847 | 17,912,510 | ||||||
Targa Resources Corp. | 603,646 | 44,313,653 | ||||||
|
|
|||||||
74,492,873 | ||||||||
|
|
|||||||
Financials-16.36% | ||||||||
American Financial Group, Inc. | 166,537 | 23,062,044 | ||||||
Brighthouse Financial, Inc.(b) | 103,391 | 5,310,162 | ||||||
Cullen/Frost Bankers, Inc. | 99,790 | 13,201,219 | ||||||
East West Bancorp, Inc. | 188,771 | 13,459,372 | ||||||
First American Financial Corp. | 199,076 | 11,608,122 | ||||||
Fulton Financial Corp. | 201,523 | 3,057,104 | ||||||
Hancock Whitney Corp. | 123,421 | 5,772,400 | ||||||
Jefferies Financial Group, Inc. | 330,600 | 10,169,256 | ||||||
Navient Corp. | 222,291 | 3,532,204 | ||||||
Old Republic International Corp. | 579,778 | 12,760,914 | ||||||
PacWest BanCorp. | 172,098 | 5,660,303 | ||||||
Pinnacle Financial Partners, Inc. | 91,654 | 7,107,768 | ||||||
Stifel Financial Corp. | 142,101 | 8,788,947 | ||||||
Synovus Financial Corp. | 158,598 | 6,588,161 | ||||||
UMB Financial Corp. | 53,873 | 4,858,267 | ||||||
Washington Federal, Inc. | 87,735 | 2,669,776 | ||||||
Wintrust Financial Corp. | 100,595 | 8,783,955 | ||||||
|
|
|||||||
146,389,974 | ||||||||
|
|
|||||||
Health Care-1.16% | ||||||||
Tenet Healthcare Corp.(b) | 142,874 | 10,359,794 | ||||||
|
|
|||||||
Industrials-20.78% | ||||||||
Acuity Brands, Inc. | 53,629 | 9,249,930 | ||||||
AECOM | 184,710 | 13,033,138 | ||||||
ASGN, Inc.(b) | 63,235 | 7,174,011 | ||||||
Avis Budget Group, Inc.(b)(c) | 86,951 | 23,274,174 | ||||||
Builders FirstSource, Inc.(b) | 337,387 | 20,772,918 | ||||||
Carlisle Cos., Inc. | 111,820 | 29,001,635 | ||||||
Crane Co. | 63,346 | 6,095,786 | ||||||
EMCOR Group, Inc. | 63,999 | 6,814,613 | ||||||
FTI Consulting, Inc.(b)(c) | 51,192 | 8,073,490 | ||||||
Insperity, Inc. | 45,072 | 4,779,886 | ||||||
KBR, Inc.(c) | 225,834 | 11,117,808 | ||||||
Knight-Swift Transportation Holdings, Inc. |
252,819 | 12,107,502 | ||||||
Middleby Corp. (The)(b)(c) | 70,019 | 10,775,224 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
nVent Electric PLC | 295,184 | $ | 9,971,315 | |||||
Saia, Inc.(b) | 34,969 | 7,202,215 | ||||||
Univar Solutions, Inc.(b) | 219,678 | 6,397,023 | ||||||
|
|
|||||||
185,840,668 | ||||||||
|
|
|||||||
Information Technology-6.36% | ||||||||
Arrow Electronics, Inc.(b) | 72,502 | 8,545,086 | ||||||
Concentrix Corp. | 97,451 | 15,346,583 | ||||||
Genpact Ltd. | 225,919 | 9,097,758 | ||||||
Jabil, Inc. | 211,047 | 12,183,743 | ||||||
Synaptics, Inc.(b) | 79,008 | 11,727,948 | ||||||
|
|
|||||||
56,901,118 | ||||||||
|
|
|||||||
Materials-11.53% | ||||||||
Alcoa Corp. | 485,404 | 32,910,391 | ||||||
Commercial Metals Co.(c) | 198,011 | 8,118,451 | ||||||
Eagle Materials, Inc. | 40,737 | 5,023,687 | ||||||
Louisiana-Pacific Corp. | 141,711 | 9,143,194 | ||||||
Olin Corp. | 295,473 | 16,960,150 | ||||||
Steel Dynamics, Inc. | 270,561 | 23,200,606 | ||||||
Valvoline, Inc. | 257,615 | 7,787,701 | ||||||
|
|
|||||||
103,144,180 | ||||||||
|
|
|||||||
Real Estate-21.09% | ||||||||
American Campus Communities, Inc. | 181,534 | 11,739,804 | ||||||
Apartment Income REIT Corp. | 253,568 | 12,467,939 | ||||||
Brixmor Property Group, Inc. | 510,100 | 12,946,338 | ||||||
EastGroup Properties, Inc. | 86,196 | 16,161,750 | ||||||
First Industrial Realty Trust, Inc. | 327,060 | 18,969,480 | ||||||
Jones Lang LaSalle, Inc.(b) | 99,890 | 21,848,940 | ||||||
Lamar Advertising Co., Class A | 130,132 | 14,367,874 | ||||||
Life Storage, Inc. | 216,284 | 28,655,467 | ||||||
National Storage Affiliates Trust | 215,967 | 12,223,732 | ||||||
PS Business Parks, Inc. | 26,690 | 4,996,368 | ||||||
Rexford Industrial Realty, Inc. | 348,753 | 27,216,684 | ||||||
Spirit Realty Capital, Inc. | 161,938 | 7,036,206 | ||||||
|
|
|||||||
188,630,582 | ||||||||
|
|
|||||||
Utilities-5.44% | ||||||||
Hawaiian Electric Industries, Inc. | 154,321 | 6,344,136 | ||||||
IDACORP, Inc. | 68,923 | 7,249,321 | ||||||
National Fuel Gas Co. | 200,391 | 14,053,421 | ||||||
OGE Energy Corp.(c) | 296,829 | 11,481,346 | ||||||
UGI Corp. | 277,360 | 9,513,448 | ||||||
|
|
|||||||
48,641,672 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
893,798,317 | ||||||
|
|
|||||||
Money Market Funds-0.06% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
531,940 | 531,940 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
894,330,257 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
39 |
|
Invesco S&P MidCap Momentum ETF (XMMO)–(continued)
April 30, 2022
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-7.32% | ||||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
19,658,589 | $ | 19,658,589 | |||||
Invesco Private Prime Fund, |
45,795,787 | 45,795,787 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
65,454,376 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-107.31% |
|
959,784,633 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.31)% |
|
(65,374,477 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 894,410,156 | |||||
|
|
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 |
$ | 335,811 | $ | 23,331,187 | $ | (23,135,058 | ) | $ | - | $ | - | $ | 531,940 | $ | 435 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
47,117,059 | 309,698,100 | (337,156,570 | ) | - | - | 19,658,589 | 18,487 | * | |||||||||||||||||||
Invesco Private Prime Fund |
70,675,590 | 640,135,961 | (664,978,526 | ) | 2,038 | (39,276 | ) | 45,795,787 | 103,864 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 118,128,460 | $ | 973,165,248 | $ | (1,025,270,154 | ) | $ | 2,038 | $ | (39,276 | ) | $ | 65,986,316 | $ | 122,786 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
40 |
|
Invesco S&P MidCap Quality ETF (XMHQ)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-1.17% | ||||||||
World Wrestling Entertainment, Inc., Class A |
31,183 | $ | 1,820,775 | |||||
Yelp, Inc.(b) | 62,553 | 2,034,849 | ||||||
|
|
|||||||
3,855,624 | ||||||||
|
|
|||||||
Consumer Discretionary-22.75% | ||||||||
American Eagle Outfitters, Inc.(c) | 95,634 | 1,445,030 | ||||||
AutoNation, Inc.(b)(c) | 32,851 | 3,807,759 | ||||||
Brunswick Corp.(c) | 50,928 | 3,850,666 | ||||||
Carter’s, Inc.(c) | 33,842 | 2,850,850 | ||||||
Columbia Sportswear Co. | 22,560 | 1,853,530 | ||||||
Crocs, Inc.(b) | 46,215 | 3,070,062 | ||||||
Deckers Outdoor Corp.(b) | 26,744 | 7,107,218 | ||||||
Dick’s Sporting Goods, Inc.(c) | 58,029 | 5,595,156 | ||||||
Foot Locker, Inc. | 68,940 | 2,020,631 | ||||||
GameStop Corp., Class A(b)(c) | 47,526 | 5,944,077 | ||||||
Gentex Corp.(c) | 168,655 | 4,950,024 | ||||||
Mattel, Inc.(b)(c) | 241,818 | 5,878,596 | ||||||
Polaris, Inc.(c) | 53,424 | 5,072,075 | ||||||
Tri Pointe Homes, Inc.(b) | 65,327 | 1,350,309 | ||||||
Victoria’s Secret & Co.(b)(c) | 83,159 | 3,918,452 | ||||||
Williams-Sonoma, Inc.(c) | 83,926 | 10,950,665 | ||||||
YETI Holdings, Inc.(b)(c) | 109,681 | 5,360,110 | ||||||
|
|
|||||||
75,025,210 | ||||||||
|
|
|||||||
Consumer Staples-0.41% | ||||||||
Nu Skin Enterprises, Inc., Class A | 31,955 | 1,362,561 | ||||||
|
|
|||||||
Energy-1.39% | ||||||||
NOV, Inc.(c) | 252,419 | 4,576,357 | ||||||
|
|
|||||||
Financials-30.46% | ||||||||
American Financial Group, Inc. | 47,094 | 6,521,577 | ||||||
Associated Banc-Corp. | 110,735 | 2,209,163 | ||||||
Bank OZK | 77,498 | 2,977,473 | ||||||
Cadence Bank(c) | 130,398 | 3,265,166 | ||||||
Cathay General BanCorp. | 79,092 | 3,170,798 | ||||||
Commerce Bancshares, Inc.(c) | 78,282 | 5,352,140 | ||||||
Cullen/Frost Bankers, Inc. | 53,536 | 7,082,278 | ||||||
East West Bancorp, Inc. | 124,108 | 8,848,900 | ||||||
F.N.B. Corp. | 229,474 | 2,643,541 | ||||||
Federated Hermes, Inc., Class B | 56,969 | 1,622,477 | ||||||
Hancock Whitney Corp. | 56,069 | 2,622,347 | ||||||
Home BancShares, Inc. | 121,771 | 2,632,689 | ||||||
International Bancshares Corp. | 52,229 | 2,078,192 | ||||||
Janus Henderson Group PLC(c) | 141,788 | 4,321,698 | ||||||
Old Republic International Corp. | 176,849 | 3,892,447 | ||||||
PacWest BanCorp. | 121,922 | 4,010,015 | ||||||
Pinnacle Financial Partners, Inc. | 59,058 | 4,579,948 | ||||||
Prosperity Bancshares, Inc.(c) | 77,068 | 5,038,706 | ||||||
SEI Investments Co.(c) | 69,825 | 3,890,649 | ||||||
Stifel Financial Corp. | 74,686 | 4,619,329 | ||||||
Synovus Financial Corp.(c) | 145,858 | 6,058,941 | ||||||
Umpqua Holdings Corp. | 226,695 | 3,749,535 | ||||||
United Bankshares, Inc.(c) | 112,671 | 3,747,438 | ||||||
Washington Federal, Inc. | 60,524 | 1,841,745 | ||||||
Webster Financial Corp. | 73,554 | 3,676,965 | ||||||
|
|
|||||||
100,454,157 | ||||||||
|
|
Shares | Value | |||||||
Health Care-4.93% | ||||||||
Chemed Corp. | 12,160 | $ | 5,975,302 | |||||
Halozyme Therapeutics, Inc.(b)(c) | 116,153 | 4,634,505 | ||||||
LHC Group, Inc.(b)(c) | 20,040 | 3,323,634 | ||||||
Medpace Holdings, Inc.(b) | 17,529 | 2,341,349 | ||||||
|
|
|||||||
16,274,790 | ||||||||
|
|
|||||||
Industrials-14.21% | ||||||||
AGCO Corp. | 39,778 | 5,067,717 | ||||||
EMCOR Group, Inc. | 42,322 | 4,506,447 | ||||||
ITT, Inc. | 52,643 | 3,696,591 | ||||||
Landstar System, Inc. | 26,091 | 4,041,496 | ||||||
Lincoln Electric Holdings, Inc. | 41,677 | 5,615,142 | ||||||
ManpowerGroup, Inc. | 40,522 | 3,655,084 | ||||||
MasTec, Inc.(b) | 34,755 | 2,502,708 | ||||||
Oshkosh Corp. | 44,781 | 4,139,556 | ||||||
Owens Corning | 67,907 | 6,174,784 | ||||||
Watsco, Inc.(c) | 22,386 | 5,972,137 | ||||||
Werner Enterprises, Inc.(c) | 38,150 | 1,511,884 | ||||||
|
|
|||||||
46,883,546 | ||||||||
|
|
|||||||
Information Technology-14.01% | ||||||||
Arrow Electronics, Inc.(b) | 44,899 | 5,291,796 | ||||||
CDK Global, Inc. | 100,083 | 5,445,516 | ||||||
Cognex Corp.(c) | 139,749 | 9,451,225 | ||||||
CommVault Systems, Inc.(b) | 45,299 | 2,763,239 | ||||||
Manhattan Associates, Inc.(b) | 68,196 | 8,902,988 | ||||||
Silicon Laboratories, Inc.(b)(c) | 33,567 | 4,528,524 | ||||||
SunPower Corp.(b)(c) | 88,167 | 1,455,637 | ||||||
Universal Display Corp. | 42,845 | 5,472,592 | ||||||
Vontier Corp. | 112,751 | 2,888,680 | ||||||
|
|
|||||||
46,200,197 | ||||||||
|
|
|||||||
Materials-9.16% | ||||||||
Eagle Materials, Inc. | 29,321 | 3,615,866 | ||||||
Louisiana-Pacific Corp. | 105,178 | 6,786,084 | ||||||
Olin Corp. | 95,857 | 5,502,192 | ||||||
Reliance Steel & Aluminum Co. | 41,209 | 8,169,684 | ||||||
United States Steel Corp. | 201,930 | 6,156,846 | ||||||
|
|
|||||||
30,230,672 | ||||||||
|
|
|||||||
Real Estate-1.44% | ||||||||
PotlatchDeltic Corp. | 43,086 | 2,386,534 | ||||||
PS Business Parks, Inc. | 12,597 | 2,358,158 | ||||||
|
|
|||||||
4,744,692 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
329,607,806 | ||||||
|
|
|||||||
Money Market Funds-0.08% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
250,806 | 250,806 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
329,858,612 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
41 |
|
Invesco S&P MidCap Quality ETF (XMHQ)–(continued)
April 30, 2022
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-22.44% | ||||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
23,130,522 | $ | 23,130,522 | |||||
Invesco Private Prime Fund, |
50,865,558 | 50,865,558 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
73,996,080 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-122.45% |
|
403,854,692 | ||||||
OTHER ASSETS LESS LIABILITIES-(22.45)% |
|
(74,030,941 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 329,823,751 | |||||
|
|
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 |
$ | 219,555 | $ | 15,966,744 | $ | (15,935,493 | ) | $ | - | $ | - | $ | 250,806 | $ | 206 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
2,641,804 | 120,878,475 | (100,389,757 | ) | - | - | 23,130,522 | 9,519 | * | |||||||||||||||||||
Invesco Private Prime Fund |
4,359,623 | 232,385,359 | (185,874,018 | ) | 3,261 | (8,667 | ) | 50,865,558 | 27,969 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 7,220,982 | $ | 369,230,578 | $ | (302,199,268 | ) | $ | 3,261 | $ | (8,667 | ) | $ | 74,246,886 | $ | 37,694 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
42 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.04% |
| |||||||
Communication Services-1.44% | ||||||||
TEGNA, Inc. | 167,668 | $ | 3,697,079 | |||||
|
|
|||||||
Consumer Discretionary-15.72% | ||||||||
Adient PLC(b) | 138,837 | 4,739,895 | ||||||
American Eagle Outfitters, Inc.(c) | 79,508 | 1,201,366 | ||||||
AutoNation, Inc.(b)(c) | 35,918 | 4,163,256 | ||||||
Callaway Golf Co.(b)(c) | 107,378 | 2,355,873 | ||||||
Dana, Inc. | 203,007 | 3,006,534 | ||||||
Dick’s Sporting Goods, Inc.(c) | 26,393 | 2,544,813 | ||||||
Goodyear Tire & Rubber Co. (The)(b)(c) | 230,313 | 3,067,769 | ||||||
Graham Holdings Co., Class B | 9,533 | 5,647,063 | ||||||
Kohl’s Corp. | 92,574 | 5,358,183 | ||||||
Lear Corp. | 18,162 | 2,323,646 | ||||||
Mattel, Inc.(b)(c) | 101,407 | 2,465,204 | ||||||
Nordstrom, Inc.(c) | 137,717 | 3,539,327 | ||||||
|
|
|||||||
40,412,929 | ||||||||
|
|
|||||||
Consumer Staples-1.87% | ||||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 33,297 | 2,142,662 | ||||||
Pilgrim’s Pride Corp.(b) | 94,502 | 2,679,132 | ||||||
|
|
|||||||
4,821,794 | ||||||||
|
|
|||||||
Energy-0.81% | ||||||||
Antero Midstream Corp.(c) | 202,225 | 2,076,851 | ||||||
|
|
|||||||
Financials-33.14% | ||||||||
American Financial Group, Inc. | 28,939 | 4,007,473 | ||||||
Associated Banc-Corp. | 175,663 | 3,504,477 | ||||||
Bank OZK | 63,997 | 2,458,765 | ||||||
Cathay General BanCorp. | 63,973 | 2,564,678 | ||||||
East West Bancorp, Inc. | 25,886 | 1,845,672 | ||||||
Evercore, Inc., Class A | 16,097 | 1,702,258 | ||||||
First American Financial Corp.(c) | 55,497 | 3,236,030 | ||||||
First Horizon Corp. | 209,901 | 4,697,584 | ||||||
FirstCash Holdings, Inc.(c) | 33,060 | 2,637,527 | ||||||
Hancock Whitney Corp. | 66,265 | 3,099,214 | ||||||
Home BancShares, Inc. | 105,088 | 2,272,003 | ||||||
Janus Henderson Group PLC(c) | 65,476 | 1,995,708 | ||||||
Jefferies Financial Group, Inc. | 133,718 | 4,113,166 | ||||||
Mercury General Corp. | 87,111 | 4,393,008 | ||||||
MGIC Investment Corp. | 271,642 | 3,547,644 | ||||||
Navient Corp. | 230,329 | 3,659,928 | ||||||
New York Community Bancorp, Inc.(c) | 321,145 | 2,967,380 | ||||||
Old Republic International Corp. | 219,097 | 4,822,325 | ||||||
PacWest Bancorp | 68,007 | 2,236,750 | ||||||
Pinnacle Financial Partners, Inc. | 24,380 | 1,890,669 | ||||||
Selective Insurance Group, Inc. | 37,271 | 3,069,639 | ||||||
SLM Corp.(c) | 181,276 | 3,032,747 | ||||||
Stifel Financial Corp. | 37,342 | 2,309,603 | ||||||
Synovus Financial Corp.(c) | 61,954 | 2,573,569 | ||||||
UMB Financial Corp. | 24,706 | 2,227,987 | ||||||
Valley National BanCorp. | 208,482 | 2,497,614 | ||||||
Washington Federal, Inc. | 86,542 | 2,633,473 | ||||||
Webster Financial Corp. | 44,881 | 2,243,601 | ||||||
Wintrust Financial Corp. | 33,712 | 2,943,732 | ||||||
|
|
|||||||
85,184,224 | ||||||||
|
|
Shares | Value | |||||||
Health Care-2.39% | ||||||||
Envista Holdings Corp.(b)(c) | 55,533 | $ | 2,200,218 | |||||
Tenet Healthcare Corp.(b) | 54,314 | 3,938,308 | ||||||
|
|
|||||||
6,138,526 | ||||||||
|
|
|||||||
Industrials-14.92% | ||||||||
AGCO Corp. | 25,433 | 3,240,164 | ||||||
Builders FirstSource, Inc.(b) | 44,789 | 2,757,659 | ||||||
CACI International, Inc., Class A(b) | 9,732 | 2,581,900 | ||||||
EMCOR Group, Inc. | 20,812 | 2,216,062 | ||||||
Knight-Swift Transportation Holdings, Inc. |
44,347 | 2,123,778 | ||||||
ManpowerGroup, Inc. | 50,137 | 4,522,357 | ||||||
MasTec, Inc.(b) | 24,981 | 1,798,882 | ||||||
MDU Resources Group, Inc. | 106,925 | 2,754,388 | ||||||
Oshkosh Corp. | 23,082 | 2,133,700 | ||||||
Owens Corning | 33,332 | 3,030,879 | ||||||
Ryder System, Inc.(c) | 50,702 | 3,544,070 | ||||||
Terex Corp. | 55,606 | 1,890,604 | ||||||
Univar Solutions, Inc.(b) | 130,746 | 3,807,323 | ||||||
XPO Logistics, Inc.(b) | 36,246 | 1,949,672 | ||||||
|
|
|||||||
38,351,438 | ||||||||
|
|
|||||||
Information Technology-12.00% | ||||||||
Amkor Technology, Inc.(c) | 136,433 | 2,566,305 | ||||||
Arrow Electronics, Inc.(b) | 42,966 | 5,063,973 | ||||||
Avnet, Inc. | 164,640 | 7,188,182 | ||||||
Bread Financial Holdings, Inc. | 66,971 | 3,670,011 | ||||||
Jabil, Inc. | 68,290 | 3,942,382 | ||||||
Silicon Laboratories, Inc.(b) | 15,126 | 2,040,648 | ||||||
TD SYNNEX Corp. | 43,958 | 4,399,756 | ||||||
ViaSat, Inc.(b)(c) | 53,837 | 1,981,740 | ||||||
|
|
|||||||
30,852,997 | ||||||||
|
|
|||||||
Materials-16.92% | ||||||||
Avient Corp. | 38,531 | 1,897,266 | ||||||
Cleveland-Cliffs, Inc.(b) | 227,127 | 5,789,467 | ||||||
Commercial Metals Co.(c) | 129,805 | 5,322,005 | ||||||
Greif, Inc., Class A | 63,169 | 3,833,095 | ||||||
Louisiana-Pacific Corp. | 45,730 | 2,950,500 | ||||||
Olin Corp. | 46,069 | 2,644,361 | ||||||
Reliance Steel & Aluminum Co. | 24,874 | 4,931,270 | ||||||
Steel Dynamics, Inc. | 70,530 | 6,047,947 | ||||||
United States Steel Corp. | 330,485 | 10,076,488 | ||||||
|
|
|||||||
43,492,399 | ||||||||
|
|
|||||||
Real Estate-0.83% | ||||||||
Jones Lang LaSalle, Inc.(b) | 9,748 | 2,132,180 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
257,160,417 | ||||||
|
|
|||||||
Money Market Funds-0.01% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
17,751 | 17,751 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
257,178,168 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
43 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)
April 30, 2022
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-14.95% | ||||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
13,433,427 | $ | 13,433,427 | |||||
Invesco Private Prime Fund, |
25,011,750 | 25,011,750 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
38,445,177 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.00% |
|
295,623,345 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.00)% |
|
(38,553,471 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 257,069,874 | |||||
|
|
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 |
$ | 133,443 | $ | 4,366,617 | $ | (4,482,309 | ) | $ | - | $ | - | $ | 17,751 | $ | 107 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,914,868 | 95,690,592 | (84,172,033 | ) | - | - | 13,433,427 | 6,366 | * | |||||||||||||||||||
Invesco Private Prime Fund |
2,872,302 | 171,463,490 | (149,321,813 | ) | 269 | (2,498 | ) | 25,011,750 | 18,769 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 4,920,613 | $ | 271,520,699 | $ | (237,976,155 | ) | $ | 269 | $ | (2,498 | ) | $ | 38,462,928 | $ | 25,242 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
44 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-0.54% | ||||||||
Scholastic Corp. | 21,277 | $ | 784,057 | |||||
|
|
|||||||
Consumer Discretionary-4.00% | ||||||||
Abercrombie & Fitch Co., Class A(b) | 27,445 | 949,048 | ||||||
Boot Barn Holdings, Inc.(b) | 13,822 | 1,244,809 | ||||||
Chico’s FAS, Inc.(b) | 62,926 | 333,508 | ||||||
Genesco, Inc.(b)(c) | 6,414 | 397,860 | ||||||
Movado Group, Inc.(c) | 10,017 | 360,312 | ||||||
Signet Jewelers Ltd. | 36,190 | 2,540,538 | ||||||
|
|
|||||||
5,826,075 | ||||||||
|
|
|||||||
Consumer Staples-4.50% | ||||||||
Andersons, Inc. (The) | 20,353 | 1,022,331 | ||||||
Coca-Cola Consolidated, Inc. | 4,918 | 2,171,297 | ||||||
Hostess Brands, Inc.(b)(c) | 76,845 | 1,743,613 | ||||||
Inter Parfums, Inc. | 12,037 | 983,784 | ||||||
SpartanNash Co. | 18,605 | 637,780 | ||||||
|
|
|||||||
6,558,805 | ||||||||
|
|
|||||||
Energy-9.34% | ||||||||
Callon Petroleum Co.(b)(c) | 44,981 | 2,306,176 | ||||||
Civitas Resources, Inc.(c) | 72,198 | 4,232,247 | ||||||
CONSOL Energy, Inc.(b)(c) | 24,496 | 1,164,785 | ||||||
Laredo Petroleum, Inc.(b)(c) | 10,364 | 738,020 | ||||||
Ranger Oil Corp.(b)(c) | 18,526 | 590,053 | ||||||
SM Energy Co. | 128,519 | 4,566,280 | ||||||
|
|
|||||||
13,597,561 | ||||||||
|
|
|||||||
Financials-29.19% | ||||||||
American Equity Investment Life Holding Co. |
41,277 | 1,556,968 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
65,703 | 791,064 | ||||||
Assured Guaranty Ltd. | 45,827 | 2,527,359 | ||||||
B. Riley Financial, Inc.(c) | 7,115 | 321,313 | ||||||
Bancorp, Inc. (The)(b) | 32,975 | 748,203 | ||||||
Banner Corp. | 18,240 | 979,488 | ||||||
Berkshire Hills Bancorp, Inc. | 38,141 | 943,608 | ||||||
Brookline Bancorp, Inc. | 42,785 | 618,671 | ||||||
Central Pacific Financial Corp. | 17,395 | 420,611 | ||||||
Customers Bancorp, Inc.(b)(c) | 31,944 | 1,343,884 | ||||||
Dime Community Bancshares, Inc.(c) | 18,875 | 593,430 | ||||||
Donnelley Financial Solutions, Inc.(b)(c) | 22,265 | 651,697 | ||||||
Eagle Bancorp, Inc. | 18,096 | 911,134 | ||||||
Ellington Financial, Inc. | 30,071 | 486,850 | ||||||
Employers Holdings, Inc. | 13,406 | 527,392 | ||||||
Encore Capital Group, Inc.(b)(c) | 26,163 | 1,512,483 | ||||||
Enova International, Inc.(b) | 22,191 | 829,943 | ||||||
First BanCorp. | 132,824 | 1,807,735 | ||||||
First Commonwealth Financial Corp. | 53,999 | 727,907 | ||||||
First Financial Bancorp(c) | 47,676 | 974,974 | ||||||
Granite Point Mortgage Trust, Inc. | 28,466 | 276,974 | ||||||
Hanmi Financial Corp. | 28,259 | 654,196 | ||||||
HomeStreet, Inc.(c) | 10,133 | 411,299 | ||||||
Hope Bancorp, Inc. | 73,113 | 1,045,516 | ||||||
KKR Real Estate Finance Trust, Inc.(c) | 27,318 | 519,042 | ||||||
Lakeland Financial Corp. | 12,837 | 934,790 | ||||||
Meta Financial Group, Inc. | 17,425 | 760,601 | ||||||
Mr. Cooper Group, Inc.(b) | 45,319 | 2,037,995 | ||||||
National Bank Holdings Corp., Class A | 16,067 | 586,606 | ||||||
Northfield Bancorp, Inc. | 21,684 | 283,844 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
OFG BanCorp. | 30,674 | $ | 815,315 | |||||
Piper Sandler Cos.(c) | 10,802 | 1,242,014 | ||||||
PRA Group, Inc.(b)(c) | 25,564 | 1,074,455 | ||||||
Preferred Bank | 10,658 | 715,365 | ||||||
Provident Financial Services, Inc. | 37,637 | 832,907 | ||||||
Ready Capital Corp. | 34,345 | 500,407 | ||||||
Redwood Trust, Inc. | 76,770 | 744,669 | ||||||
ServisFirst Bancshares, Inc.(c) | 51,651 | 4,148,608 | ||||||
Southside Bancshares, Inc. | 17,045 | 667,994 | ||||||
Stewart Information Services Corp. | 19,649 | 1,013,888 | ||||||
Triumph Bancorp, Inc.(b)(c) | 11,114 | 771,756 | ||||||
Veritex Holdings, Inc. | 32,551 | 1,069,300 | ||||||
Walker & Dunlop, Inc. | 17,823 | 2,134,483 | ||||||
|
|
|||||||
42,516,738 | ||||||||
|
|
|||||||
Health Care-4.62% | ||||||||
Apollo Medical Holdings, Inc.(b)(c) | 22,687 | 827,621 | ||||||
CorVel Corp.(b)(c) | 7,974 | 1,236,608 | ||||||
Cross Country Healthcare, Inc.(b) | 27,765 | 520,316 | ||||||
Joint Corp. (The)(b)(c) | 6,173 | 188,400 | ||||||
Lantheus Holdings, Inc.(b) | 34,841 | 2,313,791 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 30,068 | 1,643,517 | ||||||
|
|
|||||||
6,730,253 | ||||||||
|
|
|||||||
Industrials-19.22% | ||||||||
Applied Industrial Technologies, Inc. | 19,572 | 2,048,993 | ||||||
ArcBest Corp.(c) | 15,531 | 1,120,717 | ||||||
Atlas Air Worldwide Holdings, Inc.(b)(c) | 15,793 | 1,088,769 | ||||||
Boise Cascade Co.(c) | 20,585 | 1,555,814 | ||||||
Comfort Systems USA, Inc.(c) | 24,409 | 2,060,608 | ||||||
Encore Wire Corp. | 16,963 | 1,913,596 | ||||||
EnPro Industries, Inc. | 11,637 | 1,084,685 | ||||||
Forrester Research, Inc.(b) | 5,699 | 317,377 | ||||||
Forward Air Corp. | 15,822 | 1,534,259 | ||||||
GMS, Inc.(b) | 28,294 | 1,356,697 | ||||||
Heidrick & Struggles International, Inc. | 11,235 | 359,071 | ||||||
Hub Group, Inc., Class A(b) | 18,659 | 1,253,138 | ||||||
Insteel Industries, Inc. | 10,174 | 431,581 | ||||||
Korn Ferry | 27,431 | 1,685,361 | ||||||
Matson, Inc. | 26,661 | 2,293,379 | ||||||
Mueller Industries, Inc. | 35,278 | 1,910,304 | ||||||
MYR Group, Inc.(b)(c) | 10,945 | 865,640 | ||||||
Resources Connection, Inc. | 17,594 | 302,441 | ||||||
UFP Industries, Inc. | 35,672 | 2,759,943 | ||||||
Veritiv Corp.(b) | 14,625 | 2,055,398 | ||||||
|
|
|||||||
27,997,771 | ||||||||
|
|
|||||||
Information Technology-10.70% | ||||||||
Axcelis Technologies, Inc.(b) | 18,258 | 994,148 | ||||||
CSG Systems International, Inc. | 20,432 | 1,255,955 | ||||||
ExlService Holdings, Inc.(b) | 25,988 | 3,538,266 | ||||||
Extreme Networks, Inc.(b) | 57,058 | 547,757 | ||||||
Fabrinet (Thailand)(b) | 18,112 | 1,778,417 | ||||||
MaxLinear, Inc.(b) | 40,818 | 1,953,958 | ||||||
Onto Innovation, Inc.(b)(c) | 25,473 | 1,812,149 | ||||||
Perficient, Inc.(b) | 26,987 | 2,682,778 | ||||||
Photronics, Inc.(b) | 31,138 | 466,758 | ||||||
Veeco Instruments, Inc.(b)(c) | 24,365 | 558,446 | ||||||
|
|
|||||||
15,588,632 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
45 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-4.39% | ||||||||
AdvanSix, Inc. | 21,395 | $ | 952,933 | |||||
Balchem Corp. | 19,421 | 2,392,667 | ||||||
H.B. Fuller Co.(c) | 31,379 | 2,092,980 | ||||||
Haynes International, Inc. | 6,800 | 265,744 | ||||||
TimkenSteel Corp.(b) | 33,200 | 686,244 | ||||||
|
|
|||||||
6,390,568 | ||||||||
|
|
|||||||
Real Estate-12.51% | ||||||||
Alexander & Baldwin, Inc. | 48,335 | 1,024,702 | ||||||
Armada Hoffler Properties, Inc. | 34,353 | 465,483 | ||||||
Centerspace | 8,934 | 824,251 | ||||||
Essential Properties Realty Trust, Inc. | 57,319 | 1,375,656 | ||||||
Independence Realty Trust, Inc. | 214,818 | 5,855,939 | ||||||
iStar, Inc.(c) | 35,455 | 597,062 | ||||||
LXP Industrial Trust | 235,391 | 2,954,157 | ||||||
NexPoint Residential Trust, Inc. | 24,083 | 2,147,240 | ||||||
Retail Opportunity Investments Corp. | 66,880 | 1,245,974 | ||||||
RPT Realty(c) | 42,058 | 558,951 | ||||||
Saul Centers, Inc. | 10,670 | 550,679 | ||||||
Urstadt Biddle Properties, Inc., Class A | 19,415 | 336,850 | ||||||
Whitestone REIT | 22,558 | 274,080 | ||||||
|
|
|||||||
18,211,024 | ||||||||
|
|
|||||||
Utilities-0.92% | ||||||||
Chesapeake Utilities Corp. | 10,741 | 1,344,451 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
145,545,935 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.12% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
181,679 | $ | 181,679 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
145,727,614 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-17.64% | ||||||||
Invesco Private Government Fund, |
7,713,992 | 7,713,992 | ||||||
Invesco Private Prime Fund, |
17,982,141 | 17,982,141 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
25,696,133 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-117.69% |
|
171,423,747 | ||||||
OTHER ASSETS LESS LIABILITIES-(17.69)% |
|
(25,771,749 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 145,651,998 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at 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 |
$ | 925,909 | $ | 5,627,857 | $ | (6,372,087 | ) | $ | - | $ | - | $ | 181,679 | $ | 168 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
16,964,174 | 104,500,182 | (113,750,364 | ) | - | - | 7,713,992 | 5,602 | * | |||||||||||||||||||
Invesco Private Prime Fund |
26,011,273 | 203,123,906 | (211,141,483 | ) | 849 | (12,404 | ) | 17,982,141 | 29,883 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 43,901,356 | $ | 313,251,945 | $ | (331,263,934 | ) | $ | 849 | $ | (12,404 | ) | $ | 25,877,812 | $ | 35,653 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
46 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-3.38% | ||||||||
AMC Networks, Inc., Class A(b)(c) | 180,104 | $ | 5,876,794 | |||||
E.W. Scripps Co. (The), Class A(b)(c) | 414,338 | 6,820,003 | ||||||
Gannett Co., Inc.(b)(c) | 959,622 | 3,848,084 | ||||||
Scholastic Corp. | 126,289 | 4,653,750 | ||||||
Thryv Holdings, Inc.(b)(c) | 110,653 | 2,858,167 | ||||||
|
|
|||||||
24,056,798 | ||||||||
|
|
|||||||
Consumer Discretionary-15.10% | ||||||||
Abercrombie & Fitch Co., Class A(b)(c) | 151,983 | 5,255,572 | ||||||
Adtalem Global Education, Inc.(b)(c) | 140,618 | 4,121,514 | ||||||
Asbury Automotive Group, Inc.(b)(c) | 45,297 | 8,321,512 | ||||||
Caleres, Inc.(c) | 191,540 | 4,392,012 | ||||||
Cato Corp. (The), Class A | 375,345 | 5,085,925 | ||||||
Century Communities, Inc. | 87,827 | 4,630,239 | ||||||
Conn’s, Inc.(b)(c) | 456,941 | 7,151,127 | ||||||
Ethan Allen Interiors, Inc.(c) | 232,723 | 5,524,844 | ||||||
Genesco, Inc.(b)(c) | 114,604 | 7,108,886 | ||||||
G-III Apparel Group Ltd.(b)(c) | 240,496 | 6,368,334 | ||||||
Group 1 Automotive, Inc.(c) | 46,447 | 8,088,280 | ||||||
Hibbett, Inc.(c) | 67,917 | 2,932,656 | ||||||
MarineMax, Inc.(b)(c) | 108,122 | 4,424,352 | ||||||
ODP Corp. (The)(b) | 261,070 | 11,233,842 | ||||||
Patrick Industries, Inc.(c) | 74,872 | 4,660,782 | ||||||
Rent-A-Center, Inc. | 84,943 | 2,048,825 | ||||||
Shoe Carnival, Inc.(c) | 107,893 | 3,257,290 | ||||||
Signet Jewelers Ltd. | 52,003 | 3,650,611 | ||||||
Unifi, Inc.(b) | 326,321 | 4,787,129 | ||||||
Vista Outdoor, Inc.(b)(c) | 122,046 | 4,299,681 | ||||||
|
|
|||||||
107,343,413 | ||||||||
|
|
|||||||
Consumer Staples-5.40% | ||||||||
Andersons, Inc. (The) | 309,386 | 15,540,459 | ||||||
Central Garden & Pet Co., Class A(b) | 106,358 | 4,401,094 | ||||||
Fresh Del Monte Produce, Inc. | 442,130 | 11,517,486 | ||||||
United Natural Foods, Inc.(b) | 161,015 | 6,912,374 | ||||||
|
|
|||||||
38,371,413 | ||||||||
|
|
|||||||
Energy-5.64% | ||||||||
Civitas Resources, Inc.(c) | 84,775 | 4,969,510 | ||||||
Oil States International, Inc.(b) | 1,004,410 | 6,789,812 | ||||||
PBF Energy, Inc., Class A(b) | 643,274 | 18,693,542 | ||||||
US Silica Holdings, Inc.(b) | 518,186 | 9,627,896 | ||||||
|
|
|||||||
40,080,760 | ||||||||
|
|
|||||||
Financials-34.05% | ||||||||
Allegiance Bancshares, Inc. | 135,734 | 5,546,091 | ||||||
Ameris Bancorp. | 109,307 | 4,558,102 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
466,750 | 5,619,670 | ||||||
ARMOUR Residential REIT, Inc. | 737,850 | 5,415,819 | ||||||
Assured Guaranty Ltd. | 148,025 | 8,163,579 | ||||||
B. Riley Financial, Inc.(c) | 70,367 | 3,177,774 | ||||||
Banc of California, Inc. | 211,184 | 3,809,759 | ||||||
BankUnited, Inc. | 125,904 | 4,726,436 | ||||||
Banner Corp. | 87,930 | 4,721,841 | ||||||
Berkshire Hills Bancorp, Inc.(c) | 191,944 | 4,748,695 | ||||||
Brightsphere Investment Group, Inc. | 178,165 | 3,570,427 | ||||||
Brookline Bancorp, Inc. | 311,828 | 4,509,033 | ||||||
Central Pacific Financial Corp. | 170,589 | 4,124,842 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Customers Bancorp, Inc.(b)(c) | 83,664 | $ | 3,519,744 | |||||
Eagle Bancorp, Inc. | 81,008 | 4,078,753 | ||||||
Ellington Financial, Inc. | 430,570 | 6,970,928 | ||||||
Encore Capital Group, Inc.(b) | 117,567 | 6,796,548 | ||||||
Enova International, Inc.(b) | 183,205 | 6,851,867 | ||||||
EZCORP, Inc., Class A(b)(c) | 1,054,431 | 7,381,017 | ||||||
FB Financial Corp. | 101,916 | 3,926,824 | ||||||
First BanCorp. | 353,356 | 4,809,175 | ||||||
First Bancorp/Southern Pines NC | 98,700 | 3,697,302 | ||||||
First Commonwealth Financial Corp. | 306,492 | 4,131,512 | ||||||
First Financial Bancorp(c) | 240,495 | 4,918,123 | ||||||
First Hawaiian, Inc.(c) | 169,599 | 4,004,232 | ||||||
Flagstar Bancorp, Inc. | 172,925 | 6,104,253 | ||||||
Granite Point Mortgage Trust, Inc. | 597,813 | 5,816,721 | ||||||
Hanmi Financial Corp. | 247,585 | 5,731,593 | ||||||
Hilltop Holdings, Inc. | 194,215 | 4,950,540 | ||||||
HomeStreet, Inc.(c) | 97,595 | 3,961,381 | ||||||
Hope Bancorp, Inc.(c) | 446,801 | 6,389,254 | ||||||
Independent Bank Group, Inc. | 66,678 | 4,520,768 | ||||||
KKR Real Estate Finance Trust, Inc.(c) | 247,602 | 4,704,438 | ||||||
Mr. Cooper Group, Inc.(b) | 212,615 | 9,561,297 | ||||||
New York Mortgage Trust, Inc.(c) | 1,822,650 | 5,868,933 | ||||||
Northfield Bancorp, Inc. | 288,780 | 3,780,130 | ||||||
OFG Bancorp | 221,177 | 5,878,885 | ||||||
Pacific Premier Bancorp, Inc. | 117,428 | 3,682,542 | ||||||
PennyMac Mortgage Investment Trust(c) | 335,461 | 5,145,972 | ||||||
Provident Financial Services, Inc. | 226,302 | 5,008,063 | ||||||
Ready Capital Corp. | 383,806 | 5,592,053 | ||||||
Redwood Trust, Inc. | 498,991 | 4,840,213 | ||||||
Renasant Corp. | 158,336 | 4,716,829 | ||||||
S&T Bancorp, Inc. | 184,134 | 5,203,627 | ||||||
Simmons First National Corp., Class A | 180,931 | 4,318,823 | ||||||
Stewart Information Services Corp. | 89,122 | 4,598,695 | ||||||
United Community Banks, Inc. | 125,641 | 3,786,820 | ||||||
WSFS Financial Corp. | 105,029 | 4,208,512 | ||||||
|
|
|||||||
242,148,435 | ||||||||
|
|
|||||||
Health Care-3.55% | ||||||||
Allscripts Healthcare Solutions, Inc.(b)(c) | 381,839 | 7,888,794 | ||||||
Community Health Systems, Inc.(b) | 751,800 | 5,766,306 | ||||||
Fulgent Genetics, Inc.(b)(c) | 57,750 | 3,169,320 | ||||||
Innoviva, Inc.(b)(c) | 262,123 | 4,471,818 | ||||||
Select Medical Holdings Corp.(c) | 174,300 | 3,940,923 | ||||||
|
|
|||||||
25,237,161 | ||||||||
|
|
|||||||
Industrials-14.65% | ||||||||
AAR Corp.(b) | 173,007 | 8,127,869 | ||||||
Atlas Air Worldwide Holdings, Inc.(b)(c) | 99,612 | 6,867,251 | ||||||
Boise Cascade Co.(c) | 134,608 | 10,173,673 | ||||||
DXP Enterprises, Inc.(b) | 164,909 | 3,896,800 | ||||||
Encore Wire Corp. | 36,786 | 4,149,829 | ||||||
GMS, Inc.(b)(c) | 71,138 | 3,411,067 | ||||||
Granite Construction, Inc.(c) | 126,407 | 3,747,968 | ||||||
Greenbrier Cos., Inc. (The)(c) | 142,196 | 6,073,191 | ||||||
Hub Group, Inc., Class A(b) | 53,959 | 3,623,886 | ||||||
Interface, Inc. | 271,072 | 3,439,904 | ||||||
Matson, Inc. | 63,165 | 5,433,453 | ||||||
Matthews International Corp., Class A | 120,399 | 3,589,094 | ||||||
Mueller Industries, Inc. | 78,257 | 4,237,616 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
47 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Resideo Technologies, Inc.(b) | 197,742 | $ | 4,447,218 | |||||
Resources Connection, Inc. | 281,052 | 4,831,284 | ||||||
Titan International, Inc.(b) | 835,492 | 11,579,919 | ||||||
TrueBlue, Inc.(b) | 216,440 | 5,534,371 | ||||||
UFP Industries, Inc. | 52,562 | 4,066,722 | ||||||
Veritiv Corp.(b) | 49,328 | 6,932,557 | ||||||
|
|
|||||||
104,163,672 | ||||||||
|
|
|||||||
Information Technology-3.43% | ||||||||
Insight Enterprises, Inc.(b)(c) | 58,692 | 5,832,224 | ||||||
Sanmina Corp.(b) | 215,124 | 8,796,420 | ||||||
ScanSource, Inc.(b) | 284,737 | 9,749,395 | ||||||
|
|
|||||||
24,378,039 | ||||||||
|
|
|||||||
Materials-12.11% | ||||||||
AdvanSix, Inc. | 108,865 | 4,848,847 | ||||||
Koppers Holdings, Inc.(c) | 233,556 | 5,666,069 | ||||||
Mercer International, Inc. (Germany)(c) | 696,905 | 11,157,449 | ||||||
Olympic Steel, Inc.(c)(d) | 664,891 | 22,825,708 | ||||||
Rayonier Advanced Materials, Inc.(b)(c) | 2,493,985 | 12,794,143 | ||||||
SunCoke Energy, Inc. | 1,236,349 | 10,286,424 | ||||||
TimkenSteel Corp.(b)(c) | 535,833 | 11,075,668 | ||||||
Trinseo PLC(c) | 157,774 | 7,486,376 | ||||||
|
|
|||||||
86,140,684 | ||||||||
|
|
|||||||
Real Estate-2.62% | ||||||||
Office Properties Income Trust | 220,777 | 4,773,199 | ||||||
Realogy Holdings Corp.(b)(c) | 788,667 | 8,643,790 | ||||||
Whitestone REIT | 428,225 | 5,202,934 | ||||||
|
|
|||||||
18,619,923 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
710,540,298 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.08% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
576,198 | $ | 576,198 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
711,116,496 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-12.60% | ||||||||
Invesco Private Government Fund, |
26,860,446 | 26,860,446 | ||||||
Invesco Private Prime Fund, |
62,747,381 | 62,747,381 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
89,607,827 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-112.61% |
|
800,724,323 | ||||||
OTHER ASSETS LESS LIABILITIES-(12.61)% |
|
(89,649,085 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 711,075,238 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. 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 |
$ | 166,691 | $ | 31,763,520 | $ | (31,354,013 | ) | $ | - | $ | - | $ | 576,198 | $ | 327 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
10,258,766 | 164,560,689 | (147,959,009 | ) | - | - | 26,860,446 | 17,899 | * | |||||||||||||||||||
Invesco Private Prime Fund |
15,388,149 | 327,384,291 | (280,004,888 | ) | 5,064 | (25,235 | ) | 62,747,381 | 60,127 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
48 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
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 Other Affiliates: |
||||||||||||||||||||||||||||
Olympic Steel, Inc. |
$ | - | $ | 20,417,760 | $ | (2,214,987 | ) | $ | 4,363,085 | $ | 259,850 | $ | 22,825,708 | $ | 55,826 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 25,813,606 | $ | 544,126,260 | $ | (461,532,897 | ) | $ | 4,368,149 | $ | 234,615 | $ | 113,009,733 | $ | 134,179 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
49 |
|
Invesco Zacks Mid-Cap ETF (CZA)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Consumer Discretionary-3.16% | ||||||||
Columbia Sportswear Co. |
11,374 | $ | 934,488 | |||||
Gentex Corp. |
41,728 | 1,224,717 | ||||||
Genuine Parts Co. |
24,781 | 3,222,769 | ||||||
Levi Strauss & Co., Class A |
71,910 | 1,302,290 | ||||||
|
|
|||||||
6,684,264 | ||||||||
|
|
|||||||
Consumer Staples-1.89% | ||||||||
Church & Dwight Co., Inc. |
40,986 | 3,998,594 | ||||||
|
|
|||||||
Energy-2.11% | ||||||||
Cosan S.A., ADR (Brazil)(b) |
57,258 | 972,241 | ||||||
Pembina Pipeline Corp. (Canada) |
92,576 | 3,504,002 | ||||||
|
|
|||||||
4,476,243 | ||||||||
|
|
|||||||
Financials-11.63% | ||||||||
Arch Capital Group Ltd.(c) |
63,054 | 2,879,676 | ||||||
Assurant, Inc. |
9,453 | 1,719,312 | ||||||
AXIS Capital Holdings Ltd. |
13,980 | 801,473 | ||||||
CNA Financial Corp. |
45,800 | 2,172,752 | ||||||
East West Bancorp, Inc. |
24,287 | 1,731,663 | ||||||
Essent Group Ltd. |
18,523 | 750,737 | ||||||
Everest Re Group Ltd. |
6,531 | 1,794,131 | ||||||
Hanover Insurance Group, Inc. (The) |
5,935 | 871,377 | ||||||
Invesco Ltd.(d) |
76,070 | 1,398,167 | ||||||
Lufax Holding Ltd., ADR (China) |
472,123 | 2,620,283 | ||||||
Rocket Cos., Inc., Class A(b) |
346,764 | 3,068,861 | ||||||
Synovus Financial Corp. |
24,724 | 1,027,035 | ||||||
W.R. Berkley Corp. |
44,245 | 2,941,850 | ||||||
Wintrust Financial Corp. |
9,804 | 856,085 | ||||||
|
|
|||||||
24,633,402 | ||||||||
|
|
|||||||
Health Care-11.72% | ||||||||
Cardinal Health, Inc. |
47,437 | 2,753,718 | ||||||
Catalent, Inc.(c) |
31,264 | 2,831,268 | ||||||
Chemed Corp. |
2,609 | 1,282,036 | ||||||
Globus Medical, Inc., Class A(c) |
16,585 | 1,098,259 | ||||||
Hologic, Inc.(c) |
42,562 | 3,064,038 | ||||||
QIAGEN N.V.(c) |
40,397 | 1,832,812 | ||||||
Royalty Pharma PLC, Class A(b) |
108,629 | 4,625,423 | ||||||
Stevanato Group S.p.A. (Italy)(b)(c) |
48,484 | 775,744 | ||||||
Teleflex, Inc. |
8,219 | 2,347,511 | ||||||
Zimmer Biomet Holdings, Inc. |
34,745 | 4,195,459 | ||||||
|
|
|||||||
24,806,268 | ||||||||
|
|
|||||||
Industrials-22.04% | ||||||||
AECOM |
24,273 | 1,712,703 | ||||||
AGCO Corp. |
11,474 | 1,461,788 | ||||||
Allegion PLC |
15,866 | 1,812,532 | ||||||
ASGN, Inc.(c) |
9,110 | 1,033,530 | ||||||
Booz Allen Hamilton Holding Corp. |
22,499 | 1,836,593 | ||||||
CACI International, Inc., Class A(c) |
3,864 | 1,025,119 | ||||||
Carlisle Cos., Inc. |
8,895 | 2,307,007 | ||||||
Crane Co. |
10,068 | 968,844 | ||||||
Donaldson Co., Inc. |
21,338 | 1,046,416 | ||||||
Dover Corp.(b) |
25,000 | 3,332,500 | ||||||
Driven Brands Holdings, Inc.(b)(c) |
30,512 | 850,980 | ||||||
Fortive Corp. |
61,845 | 3,556,087 | ||||||
Fortune Brands Home & Security, Inc. |
25,833 | 1,840,601 | ||||||
Graco, Inc. |
29,826 | 1,849,809 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Hubbell, Inc. |
9,512 | $ | 1,858,264 | |||||
IDEX Corp. |
13,438 | 2,550,801 | ||||||
Jacobs Engineering Group, Inc. |
22,750 | 3,152,012 | ||||||
Lincoln Electric Holdings, Inc. |
10,091 | 1,359,560 | ||||||
Nordson Corp. |
10,115 | 2,181,704 | ||||||
Regal Rexnord Corp. |
12,340 | 1,570,142 | ||||||
Robert Half International, Inc. |
19,643 | 1,931,103 | ||||||
TFI International, Inc. (Canada) |
15,981 | 1,286,151 | ||||||
W.W. Grainger, Inc. |
8,637 | 4,318,759 | ||||||
Watts Water Technologies, Inc., Class A |
6,060 | 772,408 | ||||||
XPO Logistics, Inc.(c) |
19,609 | 1,054,768 | ||||||
|
|
|||||||
46,670,181 | ||||||||
|
|
|||||||
Information Technology-14.06% | ||||||||
Amdocs Ltd. |
22,563 | 1,798,046 | ||||||
CDW Corp. |
23,601 | 3,851,211 | ||||||
Cirrus Logic, Inc.(c) |
9,599 | 727,604 | ||||||
Concentrix Corp. |
9,435 | 1,485,824 | ||||||
Dolby Laboratories, Inc., Class A |
16,844 | 1,304,905 | ||||||
FleetCor Technologies, Inc.(b)(c) |
13,243 | 3,304,393 | ||||||
Flex Ltd.(c) |
79,145 | 1,305,101 | ||||||
Genpact Ltd. |
32,812 | 1,321,339 | ||||||
Jabil, Inc. |
25,402 | 1,466,458 | ||||||
Littelfuse, Inc. |
4,320 | 990,360 | ||||||
Skyworks Solutions, Inc. |
27,941 | 3,165,715 | ||||||
TD SYNNEX Corp. |
18,335 | 1,835,150 | ||||||
Teledyne Technologies, Inc.(c) |
7,573 | 3,268,128 | ||||||
TELUS International CDA, Inc. (Philippines)(c) |
49,083 | 1,064,610 | ||||||
Trimble, Inc.(c) |
43,371 | 2,892,846 | ||||||
|
|
|||||||
29,781,690 | ||||||||
|
|
|||||||
Materials-10.11% | ||||||||
AptarGroup, Inc. |
11,448 | 1,314,574 | ||||||
Avery Dennison Corp. |
14,050 | 2,537,430 | ||||||
Avient Corp. |
16,514 | 813,149 | ||||||
Axalta Coating Systems Ltd.(c) |
39,231 | 995,290 | ||||||
Berry Global Group, Inc.(c) |
24,211 | 1,364,290 | ||||||
Eastman Chemical Co. |
21,796 | 2,237,795 | ||||||
Martin Marietta Materials, Inc.(b) |
10,469 | 3,708,329 | ||||||
Packaging Corp. of America |
16,545 | 2,666,558 | ||||||
RPM International, Inc. |
22,824 | 1,892,110 | ||||||
Sealed Air Corp. |
25,210 | 1,618,734 | ||||||
WestRock Co. |
45,534 | 2,255,299 | ||||||
|
|
|||||||
21,403,558 | ||||||||
|
|
|||||||
Real Estate-7.71% | ||||||||
Duke Realty Corp. |
64,611 | 3,537,452 | ||||||
Equity LifeStyle Properties, Inc. |
32,513 | 2,512,605 | ||||||
Essex Property Trust, Inc. |
11,136 | 3,666,751 | ||||||
Gaming and Leisure Properties, Inc. |
40,964 | 1,817,982 | ||||||
Healthpeak Properties, Inc. |
89,411 | 2,933,575 | ||||||
Life Storage, Inc. |
14,054 | 1,862,014 | ||||||
|
|
|||||||
16,330,379 | ||||||||
|
|
|||||||
Utilities-15.49% | ||||||||
AES Corp. (The) |
110,794 | 2,262,413 | ||||||
Alliant Energy Corp. |
42,051 | 2,473,019 | ||||||
Ameren Corp. |
42,636 | 3,960,884 | ||||||
Avangrid, Inc.(b) |
64,286 | 2,851,084 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
50 |
|
Invesco Zacks Mid-Cap ETF (CZA)–(continued)
April 30, 2022
Shares | Value | |||||||
Utilities-(continued) | ||||||||
CMS Energy Corp. | 47,938 | $ | 3,292,861 | |||||
DTE Energy Co. | 32,552 | 4,265,614 | ||||||
Edison International | 61,344 | 4,219,854 | ||||||
Entergy Corp. | 32,970 | 3,918,485 | ||||||
Evergy, Inc. | 38,308 | 2,599,198 | ||||||
Hawaiian Electric Industries, Inc. | 18,643 | 766,414 | ||||||
IDACORP, Inc. | 8,459 | 889,718 | ||||||
OGE Energy Corp.(b) | 33,341 | 1,289,630 | ||||||
|
|
|||||||
32,789,174 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
211,573,753 | ||||||
|
|
|||||||
Money Market Funds-0.19% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
405,744 | 405,744 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
211,979,497 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-8.11% |
|
|||||||
Invesco Private Government Fund, |
5,151,726 | $ | 5,151,726 | |||||
Invesco Private Prime Fund, |
12,011,712 | 12,011,712 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
17,163,438 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-108.22% |
|
229,142,935 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.22)% |
|
(17,407,773 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 211,735,162 | |||||
|
|
Investment Abbreviations:
ADR |
-American Depositary Receipt |
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at April 30, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Invesco Ltd. |
$ | — | $ | 2,090,429 | $ (255,718 | ) | $ | (425,499 | ) | $ | (11,045 | ) | $ | 1,398,167 | $ | 11,525 | ||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
326,529 | 12,489,925 | (12,410,710 | ) | — | — | 405,744 | 154 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
820,751 | 53,570,864 | (49,239,889 | ) | — | — | 5,151,726 | 2,630 | * | |||||||||||||||||||
Invesco Private Prime Fund |
1,231,126 | 108,034,624 | (97,248,466 | ) | — | (5,572 | ) | 12,011,712 | 10,780 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 2,378,406 | $ | 176,185,842 | $ | (159,154,783 | ) | $ | (425,499 | ) | $ | (16,617 | ) | $ | 18,967,349 | $ | 25,089 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
51 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-80.73% |
| |||||||
Communication Services-1.33% |
||||||||
Mobile TeleSystems PJSC, ADR (Russia)(b) |
152,493 | $ | 0 | |||||
Nexstar Media Group, Inc., Class A |
4,677 | 740,930 | ||||||
Telefonica S.A., ADR (Spain)(c) |
161,264 | 770,842 | ||||||
|
|
|||||||
1,511,772 | ||||||||
|
|
|||||||
Consumer Discretionary-8.96% |
||||||||
American Eagle Outfitters, Inc.(c) |
59,380 | 897,232 | ||||||
Best Buy Co., Inc. |
13,489 | 1,213,066 | ||||||
Big 5 Sporting Goods Corp.(c) |
25,780 | 373,037 | ||||||
Buckle, Inc. (The)(c) |
11,262 | 349,798 | ||||||
Camping World Holdings, Inc., Class A(c) |
27,557 | 707,664 | ||||||
Carter’s, Inc.(c) |
9,068 | 763,888 | ||||||
Foot Locker, Inc. |
19,881 | 582,712 | ||||||
Ford Motor Co. |
70,599 | 999,682 | ||||||
Guess?, Inc.(c) |
18,134 | 407,471 | ||||||
H&R Block, Inc.(c) |
33,516 | 873,762 | ||||||
Honda Motor Co. Ltd., ADR (Japan) |
27,164 | 713,055 | ||||||
LCI Industries(c) |
3,395 | 330,401 | ||||||
M.D.C. Holdings, Inc.(c) |
9,733 | 359,245 | ||||||
Rent-A-Center, Inc.(c) |
22,802 | 549,984 | ||||||
Whirlpool Corp.(c) |
6,124 | 1,111,628 | ||||||
|
|
|||||||
10,232,625 | ||||||||
|
|
|||||||
Consumer Staples-1.85% |
||||||||
Bunge Ltd. |
7,950 | 899,304 | ||||||
Tyson Foods, Inc., Class A |
12,996 | 1,210,708 | ||||||
|
|
|||||||
2,110,012 | ||||||||
|
|
|||||||
Energy-17.45% |
||||||||
Alliance Resource Partners L.P. |
76,543 | 1,370,885 | ||||||
Black Stone Minerals L.P. |
108,565 | 1,719,670 | ||||||
BP PLC, ADR (United Kingdom) |
19,475 | 559,322 | ||||||
China Petroleum & Chemical Corp., ADR (China) |
21,931 | 1,068,040 | ||||||
ConocoPhillips |
13,606 | 1,299,645 | ||||||
Crestwood Equity Partners L.P. |
40,483 | 1,180,484 | ||||||
DCP Midstream L.P. |
21,980 | 751,716 | ||||||
Energy Transfer L.P. |
94,529 | 1,047,381 | ||||||
Enterprise Products Partners L.P. |
44,401 | 1,150,430 | ||||||
EQT Corp. |
54,874 | 2,181,241 | ||||||
Genesis Energy L.P. |
65,399 | 718,081 | ||||||
MPLX L.P. |
36,347 | 1,176,189 | ||||||
NuStar Energy L.P |
85,767 | 1,309,662 | ||||||
PetroChina Co. Ltd., ADR (China)(c) |
20,557 | 974,813 | ||||||
Petroleo Brasileiro S.A., ADR (Brazil) |
57,580 | 781,361 | ||||||
Plains All American Pipeline L.P |
89,393 | 926,111 | ||||||
Shell PLC, ADR (Netherlands)(c) |
10,312 | 550,970 | ||||||
TotalEnergies SE, ADR (France) |
10,401 | 506,633 | ||||||
Western Midstream Partners L.P |
26,561 | 642,511 | ||||||
|
|
|||||||
19,915,145 | ||||||||
|
|
|||||||
Financials-27.21% |
||||||||
Aflac, Inc. |
19,414 | 1,112,034 | ||||||
Allstate Corp. (The) |
9,695 | 1,226,805 | ||||||
Ally Financial, Inc. |
24,710 | 987,412 | ||||||
Atlantic Union Bankshares Corp.(c) |
9,912 | 334,827 | ||||||
B. Riley Financial, Inc.(c) |
6,604 | 298,237 | ||||||
Bank OZK |
8,510 | 326,954 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
BankUnited, Inc.(c) |
18,478 | $ | 693,664 | |||||
BOK Financial Corp.(c) |
3,952 | 327,739 | ||||||
Chimera Investment Corp.(c) |
34,634 | 347,033 | ||||||
Citigroup, Inc. |
18,806 | 906,637 | ||||||
CNO Financial Group, Inc. |
16,287 | 393,168 | ||||||
Equitable Holdings, Inc. |
24,777 | 714,321 | ||||||
Evercore, Inc., Class A |
6,458 | 682,933 | ||||||
Everest Re Group Ltd. |
2,643 | 726,059 | ||||||
Fidelity National Financial, Inc. |
26,312 | 1,047,744 | ||||||
First American Financial Corp. |
12,142 | 708,000 | ||||||
First BanCorp |
28,587 | 389,069 | ||||||
Franklin Resources, Inc. |
27,303 | 671,381 | ||||||
Goldman Sachs Group, Inc. (The) |
3,485 | 1,064,633 | ||||||
HSBC Holdings PLC, ADR (United Kingdom)(c) |
13,548 | 420,123 | ||||||
Independent Bank Group, Inc. |
5,288 | 358,526 | ||||||
ING Groep N.V., ADR (Netherlands) |
50,314 | 469,933 | ||||||
Invesco Ltd.(d) |
37,494 | 689,140 | ||||||
Jefferies Financial Group, Inc. |
22,444 | 690,377 | ||||||
JPMorgan Chase & Co. |
7,995 | 954,283 | ||||||
KeyCorp |
48,186 | 930,472 | ||||||
Lincoln National Corp. |
11,686 | 702,913 | ||||||
MetLife, Inc. |
17,569 | 1,153,932 | ||||||
MGIC Investment Corp. |
52,489 | 685,506 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR (Japan)(c) |
81,797 | 474,423 | ||||||
Morgan Stanley |
12,791 | 1,030,827 | ||||||
Navient Corp.(c) |
45,290 | 719,658 | ||||||
OneMain Holdings, Inc. |
15,787 | 725,097 | ||||||
PacWest BanCorp. |
16,648 | 547,553 | ||||||
Radian Group, Inc. |
33,232 | 710,832 | ||||||
SLM Corp. |
41,669 | 697,122 | ||||||
South State Corp.(c) |
4,511 | 349,332 | ||||||
Stewart Information Services Corp. |
6,157 | 317,701 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)(c) |
94,587 | 566,576 | ||||||
Synchrony Financial |
28,758 | 1,058,582 | ||||||
T. Rowe Price Group, Inc.(c) |
8,562 | 1,053,468 | ||||||
Travelers Cos., Inc. (The) |
7,028 | 1,202,210 | ||||||
United Community Banks, Inc. |
10,733 | 323,493 | ||||||
Virtu Financial, Inc., Class A |
11,545 | 333,420 | ||||||
Virtus Investment Partners, Inc. |
1,655 | 293,200 | ||||||
Zions Bancorporation N.A |
11,367 | 642,349 | ||||||
|
|
|||||||
31,059,698 | ||||||||
|
|
|||||||
Health Care-2.78% |
||||||||
Bristol-Myers Squibb Co. |
17,593 | 1,324,225 | ||||||
CVS Health Corp. |
11,698 | 1,124,529 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR (Japan)(c) |
50,065 | 727,945 | ||||||
|
|
|||||||
3,176,699 | ||||||||
|
|
|||||||
Industrials-0.97% |
||||||||
Danaos Corp. (Greece) |
4,292 | 350,828 | ||||||
Textainer Group Holdings Ltd. (China) |
11,078 | 371,556 | ||||||
Triton International Ltd. (Bermuda) |
6,220 | 379,980 | ||||||
|
|
|||||||
1,102,364 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
52 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
April 30, 2022
Shares | Value | |||||||
Information Technology-2.85% |
||||||||
Avnet, Inc. |
9,842 | $ | 429,702 | |||||
HP, Inc.(c) |
34,610 | 1,267,764 | ||||||
Intel Corp. |
26,777 | 1,167,209 | ||||||
Vishay Intertechnology, Inc. |
20,901 | 389,386 | ||||||
|
|
|||||||
3,254,061 | ||||||||
|
|
|||||||
Materials-5.76% |
||||||||
Braskem S.A., ADR (Brazil)(c) |
63,134 | 1,032,872 | ||||||
Cabot Corp.(c) |
5,506 | 362,570 | ||||||
Chemours Co. (The)(c) |
28,155 | 931,086 | ||||||
Gerdau S.A., ADR (Brazil) |
243,928 | 1,383,072 | ||||||
LyondellBasell Industries N.V., Class A |
12,139 | 1,287,098 | ||||||
Trinseo PLC(c) |
7,582 | 359,766 | ||||||
WestRock Co. |
17,604 | 871,926 | ||||||
Worthington Industries, Inc.(c) |
7,308 | 347,642 | ||||||
|
|
|||||||
6,576,032 | ||||||||
|
|
|||||||
Real Estate-10.39% |
||||||||
Brixmor Property Group, Inc. |
36,521 | 926,903 | ||||||
Extra Space Storage, Inc. |
6,403 | 1,216,570 | ||||||
Federal Realty Investment Trust |
7,487 | 876,428 | ||||||
Healthcare Trust of America, Inc., Class A |
38,455 | 1,171,339 | ||||||
Kimco Realty Corp. |
51,564 | 1,306,116 | ||||||
Life Storage, Inc. |
9,427 | 1,248,983 | ||||||
National Storage Affiliates Trust |
8,229 | 465,762 | ||||||
Phillips Edison & Co., Inc.(c) |
11,212 | 379,638 | ||||||
Plymouth Industrial REIT, Inc. |
5,949 | 143,490 | ||||||
PS Business Parks, Inc. |
1,512 | 283,047 | ||||||
Regency Centers Corp. |
3,888 | 267,611 | ||||||
Simon Property Group, Inc. |
8,921 | 1,052,678 | ||||||
UDR, Inc. |
22,198 | 1,181,156 | ||||||
Welltower, Inc. |
14,773 | 1,341,536 | ||||||
|
|
|||||||
11,861,257 | ||||||||
|
|
|||||||
Utilities-1.18% |
||||||||
Suburban Propane Partners L.P. |
80,289 | 1,348,855 | ||||||
Total Common Stocks & Other Equity Interests (Cost $92,141,833) |
92,148,520 | |||||||
|
|
|||||||
Closed-End Funds-9.88% |
|
|||||||
Aberdeen Total Dynamic Dividend Fund(c) |
84,584 | 748,568 | ||||||
Allspring Income Opportunities Fund(c) |
49,783 | 375,364 | ||||||
Ares Dynamic Credit Allocation Fund, Inc. |
19,101 | 269,324 | ||||||
Barings Global Short Duration High Yield Fund |
19,106 | 285,635 | ||||||
Blackstone Strategic Credit Fund |
45,403 | 563,905 | ||||||
Calamos Global Dynamic Income Fund(c) |
39,035 | 306,425 | ||||||
DoubleLine Income Solutions Fund |
89,790 | 1,214,859 | ||||||
DoubleLine Yield Opportunities Fund |
54,163 | 857,400 | ||||||
Eaton Vance Limited Duration Income Fund |
101,417 | 1,112,544 | ||||||
GAMCO Global Gold Natural Resources & Income Trust |
135,715 | 533,360 | ||||||
Highland Income Fund |
59,285 | 703,120 | ||||||
KKR Income Opportunities Fund |
16,189 | 219,847 | ||||||
Nuveen Global High Income Fund(c) |
13,619 | 179,771 | ||||||
Nuveen Preferred & Income Opportunities Fund |
96,342 | 769,773 | ||||||
PGIM Global High Yield Fund, Inc. |
28,644 | 368,362 | ||||||
PGIM High Yield Bond Fund, Inc. |
25,700 | 358,001 | ||||||
PIMCO Dynamic Income Opportunities Fund |
77,229 | 1,233,347 | ||||||
Templeton Emerging Markets Income Fund(c) |
45,408 | 277,443 |
Shares | Value | |||||||
Western Asset Emerging Markets Debt Fund, Inc. |
63,714 | $ | 616,114 | |||||
Western Asset High Income Opportunity Fund, Inc. |
66,507 | 280,659 | ||||||
|
|
|||||||
Total Closed-End
Funds |
11,273,821 | |||||||
|
|
|||||||
Preferred Stocks-9.24% |
|
|||||||
Financials-8.08% |
||||||||
Arch Capital Group Ltd., Series G, Pfd., 4.55% |
18,702 | 360,762 | ||||||
Bank of America Corp., Series L, Conv. Pfd., 7.25% |
1,006 | 1,224,121 | ||||||
Bank of America Corp., Series QQ, Pfd., 4.25% |
62,037 | 1,106,120 | ||||||
Capital One Financial Corp., Series L, Pfd., 4.38% |
37,514 | 681,629 | ||||||
First Republic Bank, Series N, Pfd., 4.50% |
60,475 | 1,136,325 | ||||||
JPMorgan Chase & Co., Series JJ, Pfd., 4.55% |
49,148 | 933,321 | ||||||
JPMorgan Chase & Co., Series LL, Pfd., 4.63% |
58,272 | 1,129,311 | ||||||
Prospect Capital Corp., Series A, Pfd., 5.35% |
23,650 | 458,810 | ||||||
Silvergate Capital Corp., Series A, Pfd., 5.38% |
15,141 | 288,285 | ||||||
Wells Fargo & Co., Series Z, Pfd., 4.75% |
58,071 | 1,129,481 | ||||||
Wells Fargo & Co., Series CC, Pfd., 4.38%(c) |
43,180 | 780,694 | ||||||
|
|
|||||||
9,228,859 | ||||||||
|
|
|||||||
Utilities-1.16% | ||||||||
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25% |
13,115 | 1,323,172 | ||||||
|
|
|||||||
Total Preferred Stocks |
10,552,031 | |||||||
|
|
|||||||
Money Market Funds-0.02% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
28,298 | 28,298 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
114,002,670 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-15.01% |
|
|||||||
Invesco Private Government Fund, |
5,227,180 | 5,227,180 | ||||||
Invesco Private Prime Fund, |
11,906,148 | 11,906,148 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
17,133,328 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-114.88% |
|
131,135,998 | ||||||
OTHER ASSETS LESS LIABILITIES-(14.88)% |
|
(16,986,180 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% | $ | 114,149,818 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
53 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
April 30, 2022
Investment Abbreviations:
ADR -American Depositary Receipt
Conv.-Convertible
Pfd. -Preferred
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Invesco Ltd. |
$ | 978,426 | $ | 982,084 | $ | (930,920 | ) | $ | (403,771 | ) | $ | 63,321 | $ | 689,140 | $ | 26,256 | ||||||||||||
Invesco Mortgage Capital, Inc. |
1,031,772 | 327,604 | (1,217,023 | ) | 20,346 | (162,699 | ) | — | — | |||||||||||||||||||
Investments in Affiliated Money |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
152,455 | 9,059,417 | (9,183,574 | ) | — | — | 28,298 | 167 | ||||||||||||||||||||
Investments Purchased with |
||||||||||||||||||||||||||||
Invesco Private Government Fund |
6,861,838 | 41,848,229 | (43,482,887 | ) | — | — | 5,227,180 | 2,623 | * | |||||||||||||||||||
Invesco Private Prime Fund |
10,292,757 | 84,627,442 | (83,010,997 | ) | 983 | (4,037 | ) | 11,906,148 | 9,979 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 19,317,248 | $ | 136,844,776 | $ | (137,825,401 | ) | $ | (382,442 | ) | $ | (103,415 | ) | $ | 17,850,766 | $ | 39,025 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
|
54 |
|
(This Page Intentionally Left Blank)
|
55 |
|
Statements of Assets and Liabilities
April 30, 2022
Invesco Dynamic Large Cap Growth ETF (PWB) |
Invesco Dynamic Large Cap Value ETF (PWV) |
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
|||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 613,468,026 | $ | 801,555,497 | $ | 117,526,445 | $ | 833,819,931 | ||||||||
Affiliated investments in securities, at value |
20,042,649 | 12,708,870 | 3,044,393 | 28,730,540 | ||||||||||||
Cash |
- | - | - | - | ||||||||||||
Receivable for: |
||||||||||||||||
Dividends |
377,049 | 1,208,077 | 156,789 | 411,919 | ||||||||||||
Securities lending |
2,235 | 2,338 | 144 | 1,809 | ||||||||||||
Investments sold |
- | - | 11,518 | - | ||||||||||||
Foreign tax reclaims |
- | - | - | - | ||||||||||||
Other assets |
- | - | 6,440 | 13,419 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
633,889,959 | 815,474,782 | 120,745,729 | 862,977,618 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: | ||||||||||||||||
Due to custodian |
- | - | - | 121,828 | ||||||||||||
Payable for: |
||||||||||||||||
Collateral upon return of securities loaned |
20,027,762 | 12,616,008 | 3,032,258 | 28,729,798 | ||||||||||||
Expenses recaptured |
- | - | - | - | ||||||||||||
Accrued advisory fees |
275,147 | 346,708 | 17,941 | 204,735 | ||||||||||||
Accrued trustees’ and officer’s fees |
108,774 | 150,140 | 53,925 | 51,734 | ||||||||||||
Accrued expenses |
60,702 | 278,788 | 48,700 | 119,132 | ||||||||||||
Accrued tax expenses |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
20,472,385 | 13,391,644 | 3,152,824 | 29,227,227 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets | $ | 613,417,574 | $ | 802,083,138 | $ | 117,592,905 | $ | 833,750,391 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets consist of: | ||||||||||||||||
Shares of beneficial interest |
$ | 831,286,595 | $ | 1,229,392,339 | $ | 119,996,255 | $ | 925,097,775 | ||||||||
Distributable earnings (loss) |
(217,869,021 | ) | (427,309,201 | ) | (2,403,350 | ) | (91,347,384 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets | $ | 613,417,574 | $ | 802,083,138 | $ | 117,592,905 | $ | 833,750,391 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
9,630,000 | 17,190,000 | 1,530,000 | 9,750,000 | ||||||||||||
Net asset value |
$ | 63.70 | $ | 46.66 | $ | 76.86 | $ | 85.51 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Market price |
$ | 63.74 | $ | 46.66 | $ | 76.71 | $ | 85.51 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Unaffiliated investments in securities, at cost |
$ | 622,479,483 | $ | 768,054,786 | $ | 113,410,706 | $ | 876,610,199 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Affiliated investments in securities, at cost |
$ | 20,041,814 | $ | 12,707,490 | $ | 3,044,247 | $ | 28,729,798 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 18,780,059 | $ | 12,229,549 | $ | 2,892,602 | $ | 26,844,649 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
56 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM) |
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) |
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) |
|||||||||||||||||||||||
$ | 57,009,455 | $ | 893,798,317 | $ | 329,607,806 | $ | 257,160,417 | $ | 145,545,935 | $ | 687,714,590 | $ | 210,175,586 | $ | 113,285,232 | |||||||||||||||
698,391 | 65,986,316 | 74,246,886 | 38,462,928 | 25,877,812 | 113,009,733 | 18,967,349 | 17,850,766 | |||||||||||||||||||||||
- | - | - | - | 373 | - | - | 4,542 | |||||||||||||||||||||||
58,657 | 369,474 | 119,718 | 70,919 | 38,891 | 314,124 | 112,693 | 336,169 | |||||||||||||||||||||||
- | 8,245 | 31,993 | 3,724 | 1,965 | 11,014 | 4,372 | 16,332 | |||||||||||||||||||||||
- | - | - | - | - | - | - | 71,752 | |||||||||||||||||||||||
- | - | - | - | - | - | - | 14,550 | |||||||||||||||||||||||
4,799 | 2,189 | 502 | 2,072 | 19,546 | 1,934 | 9,653 | 9,783 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
57,771,302 | 960,164,541 | 404,006,905 | 295,700,060 | 171,484,522 | 801,051,395 | 229,269,653 | 131,589,126 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
- | - | 162 | 54 | - | - | 165 | - | |||||||||||||||||||||||
- | 65,452,337 | 73,992,819 | 38,444,908 | 25,695,284 | 89,602,763 | 17,163,438 | 17,132,345 | |||||||||||||||||||||||
- | - | - | 8,417 | - | 2,882 | 4,962 | - | |||||||||||||||||||||||
13,288 | 223,480 | 52,972 | 64,040 | 36,441 | 175,655 | 99,337 | 57,893 | |||||||||||||||||||||||
42,252 | 78,568 | 51,983 | 56,266 | 54,973 | 59,816 | 20,642 | 19,763 | |||||||||||||||||||||||
34,342 | - | 85,218 | 56,179 | 44,049 | 135,041 | 245,006 | 229,307 | |||||||||||||||||||||||
600 | - | - | 322 | 1,777 | - | 941 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
90,482 | 65,754,385 | 74,183,154 | 38,630,186 | 25,832,524 | 89,976,157 | 17,534,491 | 17,439,308 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 57,680,820 | $ | 894,410,156 | $ | 329,823,751 | $ | 257,069,874 | $ | 145,651,998 | $ | 711,075,238 | $ | 211,735,162 | $ | 114,149,818 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 72,213,156 | $ | 1,050,935,755 | $ | 369,056,906 | $ | 304,798,752 | $ | 211,082,757 | $ | 804,441,650 | $ | 339,103,346 | $ | 561,059,172 | |||||||||||||||
(14,532,336 | ) | (156,525,599 | ) | (39,233,155 | ) | (47,728,878 | ) | (65,430,759 | ) | (93,366,412 | ) | (127,368,184 | ) | (446,909,354 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 57,680,820 | $ | 894,410,156 | $ | 329,823,751 | $ | 257,069,874 | $ | 145,651,998 | $ | 711,075,238 | $ | 211,735,162 | $ | 114,149,818 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
1,130,000 | 10,910,000 | 4,710,000 | 5,760,000 | 3,030,000 | 14,210,000 | 2,360,000 | 5,040,800 | |||||||||||||||||||||||
$ | 51.04 | $ | 81.98 | $ | 70.03 | $ | 44.63 | $ | 48.07 | $ | 50.04 | $ | 89.72 | $ | 22.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 50.98 | $ | 82.00 | $ | 70.16 | $ | 44.65 | $ | 48.05 | $ | 50.03 | $ | 89.97 | $ | 22.61 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 56,092,179 | $ | 901,707,145 | $ | 356,005,469 | $ | 268,568,826 | $ | 153,950,945 | $ | 725,175,089 | $ | 213,233,306 | $ | 117,372,394 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 896,116 | $ | 65,984,277 | $ | 74,243,625 | $ | 38,462,659 | $ | 25,876,963 | $ | 108,641,584 | $ | 19,392,848 | $ | 17,660,573 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | 62,531,876 | $ | 69,791,181 | $ | 36,695,026 | $ | 24,304,917 | $ | 85,376,522 | $ | 16,402,466 | $ | 16,238,663 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
For the year ended April 30, 2022
Invesco Dynamic Large Cap Growth ETF (PWB) |
Invesco Dynamic Large Cap Value ETF (PWV) |
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
|||||||||||||
Investment income: | ||||||||||||||||
Unaffiliated interest income |
$ | - | $ | - | $ | - | $ | - | ||||||||
Unaffiliated dividend income |
4,630,556 | 21,111,208 | 2,360,818 | 8,178,333 | ||||||||||||
Affiliated dividend income |
134 | 480 | 70 | 157 | ||||||||||||
Securities lending income |
24,736 | 5,030 | 758 | 13,336 | ||||||||||||
Foreign withholding tax |
(19,832 | ) | - | - | - | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
4,635,594 | 21,116,718 | 2,361,646 | 8,191,826 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses: | ||||||||||||||||
Advisory fees |
3,864,060 | 3,951,310 | 274,542 | 2,034,048 | ||||||||||||
Sub-licensing fees |
231,839 | 237,074 | 26,045 | 194,066 | ||||||||||||
Accounting & administration fees |
64,102 | 57,886 | 17,084 | 31,268 | ||||||||||||
Professional fees |
30,458 | 29,990 | 26,182 | 28,917 | ||||||||||||
Custodian & transfer agent fees |
6,088 | 7,447 | 3,787 | 4,698 | ||||||||||||
Trustees’ and officer’s fees |
21,407 | 23,857 | 11,669 | 15,849 | ||||||||||||
Recapture (Note 3) |
- | - | - | - | ||||||||||||
Tax expenses |
- | - | - | - | ||||||||||||
Other expenses |
40,865 | 39,773 | 19,574 | 32,266 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
4,258,819 | 4,347,337 | 378,883 | 2,341,112 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Waivers |
(8 | ) | (57 | ) | (103,647 | ) | (15 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
4,258,811 | 4,347,280 | 275,236 | 2,341,097 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
376,783 | 16,769,438 | 2,086,410 | 5,850,729 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Unaffiliated investment securities |
(79,980,439 | ) | (29,896,820 | ) | (956,489 | ) | (16,538,818 | ) | ||||||||
Affiliated investment securities |
(10,752 | ) | 2,674 | (852 | ) | (6,163 | ) | |||||||||
Unaffiliated in-kind redemptions |
174,995,030 | 129,128,049 | 13,756,602 | 76,361,047 | ||||||||||||
Affiliated in-kind redemptions |
- | - | - | - | ||||||||||||
Foreign currencies |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain |
95,003,839 | 99,233,903 | 12,799,261 | 59,816,066 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
Unaffiliated investment securities |
(166,844,716 | ) | (70,472,123 | ) | (16,759,937 | ) | (95,486,789 | ) | ||||||||
Affiliated investment securities |
835 | 1,380 | 146 | 742 | ||||||||||||
Foreign currencies |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) |
(166,843,881 | ) | (70,470,743 | ) | (16,759,791 | ) | (95,486,047 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(71,840,042 | ) | 28,763,160 | (3,960,530 | ) | (35,669,981 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (71,463,259 | ) | $ | 45,532,598 | $ | (1,874,120 | ) | $ | (29,819,252 | ) | |||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
58 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM) |
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) |
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) |
|||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 823 | |||||||||||||||
848,648 | 9,272,635 | 4,488,260 | 3,738,538 | 1,416,240 | 8,234,753 | 4,296,791 | 4,365,427 | |||||||||||||||||||||||
10,133 | 435 | 206 | 107 | 168 | 56,153 | 11,679 | 26,423 | |||||||||||||||||||||||
27 | 161,371 | 64,581 | 16,362 | 69,531 | 69,476 | 30,371 | 155,949 | |||||||||||||||||||||||
- | - | - | - | (4,991 | ) | (16,288 | ) | (68,119 | ) | (41,134 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
858,808 | 9,434,441 | 4,553,047 | 3,755,007 | 1,480,948 | 8,344,094 | 4,270,722 | 4,507,488 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
122,454 | 2,733,773 | 736,051 | 616,077 | 502,104 | 1,365,109 | 1,126,849 | 643,128 | |||||||||||||||||||||||
8,445 | 189,021 | 96,707 | 69,150 | 47,891 | 170,849 | 313,057 | 167,940 | |||||||||||||||||||||||
14,717 | 67,200 | 19,284 | 16,392 | 21,055 | 19,987 | 28,293 | 22,139 | |||||||||||||||||||||||
25,428 | 29,951 | 26,793 | 25,519 | 26,206 | 27,484 | 26,835 | 26,862 | |||||||||||||||||||||||
2,791 | 6,186 | 4,058 | 2,990 | 4,831 | 3,370 | 4,788 | 6,226 | |||||||||||||||||||||||
10,277 | 21,010 | 13,063 | 12,597 | 12,488 | 14,519 | 4,983 | 4,400 | |||||||||||||||||||||||
- | - | - | 62,258 | - | 74,398 | 141,032 | 50,885 | |||||||||||||||||||||||
600 | - | - | 322 | 1,777 | - | 941 | - | |||||||||||||||||||||||
19,263 | 57,044 | 28,509 | 24,452 | 28,806 | 29,621 | 27,939 | 27,260 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
203,975 | 3,104,185 | 924,465 | 829,757 | 645,158 | 1,705,337 | 1,674,717 | 948,840 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(38,702 | ) | (32 | ) | (185,255 | ) | (9 | ) | (25 | ) | (14,107 | ) | (9,067 | ) | (9,164 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
165,273 | 3,104,153 | 739,210 | 829,748 | 645,133 | 1,691,230 | 1,665,650 | 939,676 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
693,535 | 6,330,288 | 3,813,837 | 2,925,259 | 835,815 | 6,652,864 | 2,605,072 | 3,567,812 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(913,731 | ) | (51,300,089 | ) | (9,146,482 | ) | (14,262,449 | ) | (21,122,629 | ) | (22,969,441 | ) | (3,913,906 | ) | 6,857,640 | ||||||||||||||||
(656 | ) | (39,276 | ) | (8,667 | ) | (2,498 | ) | (12,404 | ) | 234,615 | (16,053 | ) | (163,578 | ) | ||||||||||||||||
5,850,264 | 171,236,329 | 25,656,252 | 23,729,824 | 31,554,147 | 69,483,413 | 46,662,571 | 10,182,027 | |||||||||||||||||||||||
(12,599 | ) | - | - | - | - | - | (564 | ) | 60,163 | |||||||||||||||||||||
- | - | - | - | - | - | (707 | ) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
4,923,278 | 119,896,964 | 16,501,103 | 9,464,877 | 10,419,114 | 46,748,587 | 42,731,341 | 16,936,252 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(4,783,047 | ) | (159,806,938 | ) | (58,437,678 | ) | (31,026,236 | ) | (22,610,226 | ) | (87,874,416 | ) | (38,810,601 | ) | (23,085,427 | ) | |||||||||||||||
(197,725 | ) | 2,038 | 3,261 | 269 | 849 | 4,368,149 | (425,499 | ) | (382,442 | ) | ||||||||||||||||||||
- | - | - | - | - | - | (66 | ) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(4,980,772 | ) | (159,804,900 | ) | (58,434,417 | ) | (31,025,967 | ) | (22,609,377 | ) | (83,506,267 | ) | (39,236,166 | ) | (23,467,869 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(57,494 | ) | (39,907,936 | ) | (41,933,314 | ) | (21,561,090 | ) | (12,190,263 | ) | (36,757,680 | ) | 3,495,175 | (6,531,617 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | 636,041 | $ | (33,577,648 | ) | $ | (38,119,477 | ) | $ | (18,635,831 | ) | $ | (11,354,448 | ) | $ | (30,104,816 | ) | $ | 6,100,247 | $ | (2,963,805 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59 |
|
Statements of Changes in Net Assets
For the years ended April 30, 2022 and 2021
Invesco Dynamic Large Cap Growth ETF (PWB) |
Invesco Dynamic Large Cap Value ETF (PWV) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income |
$ | 376,783 | $ | 921,055 | $ | 16,769,438 | $ | 16,678,075 | ||||||||
Net realized gain (loss) |
95,003,839 | 162,056,832 | 99,233,903 | 18,028,875 | ||||||||||||
Change in net unrealized appreciation (depreciation) |
(166,843,881 | ) | 111,272,819 | (70,470,743 | ) | 181,266,801 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(71,463,259 | ) | 274,250,706 | 45,532,598 | 215,973,751 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(365,218 | ) | (1,014,053 | ) | (15,751,004 | ) | (17,183,173 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
683,790,394 | 676,442,993 | 862,210,535 | 382,550,596 | ||||||||||||
Value of shares repurchased |
(751,700,890 | ) | (810,376,331 | ) | (826,385,789 | ) | (523,573,223 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(67,910,496 | ) | (133,933,338 | ) | 35,824,746 | (141,022,627 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(139,738,973 | ) | 139,303,315 | 65,606,340 | 57,767,951 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
753,156,547 | 613,853,232 | 736,476,798 | 678,708,847 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 613,417,574 | $ | 753,156,547 | $ | 802,083,138 | $ | 736,476,798 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
9,010,000 | 10,900,000 | 18,430,000 | 9,810,000 | ||||||||||||
Shares repurchased |
(9,950,000 | ) | (12,880,000 | ) | (17,900,000 | ) | (13,600,000 | ) | ||||||||
Shares outstanding, beginning of year |
10,570,000 | 12,550,000 | 16,660,000 | 20,450,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
9,630,000 | 10,570,000 | 17,190,000 | 16,660,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
60 |
|
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
Invesco S&P 500 Value with Momentum ETF (SPVM) |
||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
$ | 2,086,410 | $ | 1,396,582 | $ | 5,850,729 | $ | 2,714,445 | $ | 693,535 | $ | 685,274 | |||||||||||
12,799,261 | 2,844,273 | 59,816,066 | 21,818,104 | 4,923,278 | (2,770,237 | ) | ||||||||||||||||
(16,759,791 | ) | 22,573,305 | (95,486,047 | ) | 105,892,700 | (4,980,772 | ) | 16,306,378 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1,874,120 | ) | 26,814,160 | (29,819,252 | ) | 130,425,249 | 636,041 | 14,221,415 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(2,001,177 | ) | (1,410,989 | ) | (5,341,272 | ) | (3,178,357 | ) | (604,427 | ) | (722,920 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
64,567,907 | 25,876,612 | 1,038,392,786 | 355,367,983 | 58,806,721 | 18,317,903 | |||||||||||||||||
(32,717,663 | ) | (15,265,610 | ) | (581,218,960 | ) | (314,965,394 | ) | (36,529,195 | ) | (40,635,188 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
31,850,244 | 10,611,002 | 457,173,826 | 40,402,589 | 22,277,526 | (22,317,285 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
27,974,947 | 36,014,173 | 422,013,302 | 167,649,481 | 22,309,140 | (8,818,790 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
89,617,958 | 53,603,785 | 411,737,089 | 244,087,608 | 35,371,680 | 44,190,470 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 117,592,905 | $ | 89,617,958 | $ | 833,750,391 | $ | 411,737,089 | $ | 57,680,820 | $ | 35,371,680 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
780,000 | 380,000 | 11,450,000 | 4,800,000 | 1,140,000 | 420,000 | |||||||||||||||||
(400,000 | ) | (230,000 | ) | (6,530,000 | ) | (4,720,000 | ) | (740,000 | ) | (1,090,000 | ) | |||||||||||
1,150,000 | 1,000,000 | 4,830,000 | 4,750,000 | 730,000 | 1,400,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,530,000 | 1,150,000 | 9,750,000 | 4,830,000 | 1,130,000 | 730,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
61 |
|
Statements of Changes in Net Assets–(continued)
For the years ended April 30, 2022 and 2021
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income |
$ | 6,330,288 | $ | 3,405,986 | $ | 3,813,837 | $ | 1,137,219 | ||||||||
Net realized gain |
119,896,964 | 186,739,142 | 16,501,103 | 11,624,084 | ||||||||||||
Change in net unrealized appreciation (depreciation) |
(159,804,900 | ) | 134,034,658 | (58,434,417 | ) | 33,306,854 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(33,577,648 | ) | 324,179,786 | (38,119,477 | ) | 46,068,157 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(5,860,692 | ) | (3,601,237 | ) | (3,640,191 | ) | (1,069,777 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
823,003,559 | 969,849,550 | 284,230,745 | 234,768,439 | ||||||||||||
Value of shares repurchased |
(833,089,042 | ) | (865,541,784 | ) | (158,514,963 | ) | (57,477,116 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(10,085,483 | ) | 104,307,766 | 125,715,782 | 177,291,323 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(49,523,823 | ) | 424,886,315 | 83,956,114 | 222,289,703 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
943,933,979 | 519,047,664 | 245,867,637 | 23,577,934 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 894,410,156 | $ | 943,933,979 | $ | 329,823,751 | $ | 245,867,637 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
9,520,000 | 13,590,000 | 3,660,000 | 3,570,000 | ||||||||||||
Shares repurchased |
(9,650,000 | ) | (12,150,000 | ) | (2,100,000 | ) | (920,000 | ) | ||||||||
Shares outstanding, beginning of year |
11,040,000 | 9,600,000 | 3,150,000 | 500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
10,910,000 | 11,040,000 | 4,710,000 | 3,150,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
62 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
$ | 2,925,259 | $ | 669,726 | $ | 835,815 | $ | 623,058 | $ | 6,652,864 | $ | 1,207,501 | |||||||||||
9,464,877 | 4,763,531 | 10,419,114 | 28,321,937 | 46,748,587 | 10,253,868 | |||||||||||||||||
(31,025,967 | ) | 31,837,071 | (22,609,377 | ) | 14,369,143 | (83,506,267 | ) | 69,045,719 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(18,635,831 | ) | 37,270,328 | (11,354,448 | ) | 43,314,138 | (30,104,816 | ) | 80,507,088 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(2,951,914 | ) | (749,115 | ) | (643,957 | ) | (704,740 | ) | (7,211,062 | ) | (1,215,462 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
329,697,440 | 99,055,488 | 134,709,434 | 163,507,513 | 826,529,006 | 190,708,923 | |||||||||||||||||
(183,761,913 | ) | (47,914,575 | ) | (148,607,414 | ) | (109,262,220 | ) | (337,456,810 | ) | (63,460,080 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
145,935,527 | 51,140,913 | (13,897,980 | ) | 54,245,293 | 489,072,196 | 127,248,843 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
124,347,782 | 87,662,126 | (25,896,385 | ) | 96,854,691 | 451,756,318 | 206,540,469 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
132,722,092 | 45,059,966 | 171,548,383 | 74,693,692 | 259,318,920 | 52,778,451 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 257,069,874 | $ | 132,722,092 | $ | 145,651,998 | $ | 171,548,383 | $ | 711,075,238 | $ | 259,318,920 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
6,950,000 | 2,450,000 | 2,490,000 | 3,490,000 | 15,650,000 | 4,800,000 | |||||||||||||||||
(4,050,000 | ) | (1,340,000 | ) | (2,810,000 | ) | (2,440,000 | ) | (6,710,000 | ) | (1,830,000 | ) | |||||||||||
2,860,000 | 1,750,000 | 3,350,000 | 2,300,000 | 5,270,000 | 2,300,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
5,760,000 | 2,860,000 | 3,030,000 | 3,350,000 | 14,210,000 | 5,270,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
Statements of Changes in Net Assets–(continued)
For the years ended April 30, 2022 and 2021
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income |
$ | 2,605,072 | $ | 2,680,957 | $ | 3,567,812 | $ | 4,265,821 | ||||||||
Net realized gain (loss) |
42,731,341 | 61,149,235 | 16,936,252 | (7,026,026 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) |
(39,236,166 | ) | 38,433,070 | (23,467,869 | ) | 59,629,702 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
6,100,247 | 102,263,262 | (2,963,805 | ) | 56,869,497 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(2,026,356 | ) | (3,261,907 | ) | (3,371,434 | ) | (3,955,699 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
262,504,961 | 290,556,750 | 52,051,477 | 67,255,544 | ||||||||||||
Value of shares repurchased |
(281,641,386 | ) | (395,595,194 | ) | (65,102,764 | ) | (111,639,759 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(19,136,425 | ) | (105,038,444 | ) | (13,051,287 | ) | (44,384,215 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(15,062,534 | ) | (6,037,089 | ) | (19,386,526 | ) | 8,529,583 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
226,797,696 | 232,834,785 | 133,536,344 | 125,006,761 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 211,735,162 | $ | 226,797,696 | $ | 114,149,818 | $ | 133,536,344 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
2,840,000 | 4,150,000 | 2,110,000 | 3,230,000 | ||||||||||||
Shares repurchased |
(3,030,000 | ) | (5,650,000 | ) | (2,620,000 | ) | (5,580,000 | ) | ||||||||
Shares outstanding, beginning of year |
2,550,000 | 4,050,000 | 5,550,800 | 7,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
2,360,000 | 2,550,000 | 5,040,800 | 5,550,800 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
64 |
|
Invesco Dynamic Large Cap Growth ETF (PWB)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 71.25 | $ | 48.91 | $ | 48.75 | $ | 43.32 | $ | 35.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.04 | 0.08 | 0.19 | 0.48 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(7.55 | ) | 22.34 | 0.24 | 5.39 | 8.32 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(7.51 | ) | 22.42 | 0.43 | 5.87 | 8.59 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.04 | ) | (0.08 | ) | (0.27 | ) | (0.44 | ) | (0.27 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 63.70 | $ | 71.25 | $ | 48.91 | $ | 48.75 | $ | 43.32 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 63.74 | $ | 71.25 | $ | 48.93 | $ | 48.77 | $ | 43.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | (10.55 | )% | 45.89 | % | 0.92 | % | 13.69 | % | 24.63 | % | ||||||||||
Market Price Total Return(c) | (10.50 | )% | 45.83 | % | 0.91 | % | 13.57 | % | 24.73 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 613,418 | $ | 753,157 | $ | 613,853 | $ | 758,057 | $ | 569,715 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.55 | % | 0.56 | % | 0.56 | % | 0.55 | % | 0.57 | % | ||||||||||
Net investment income |
0.05 | % | 0.13 | % | 0.38 | % | 1.06 | % | 0.68 | % | ||||||||||
Portfolio turnover rate(d) |
129 | % | 118 | % | 166 | % | 181 | % | 119 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Dynamic Large Cap Value ETF (PWV)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 44.21 | $ | 33.19 | $ | 36.73 | $ | 36.10 | $ | 35.26 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.99 | 0.91 | 0.91 | 0.84 | 0.73 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.40 | 11.05 | (3.52 | ) | 0.68 | 0.83 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
3.39 | 11.96 | (2.61 | ) | 1.52 | 1.56 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.94 | ) | (0.94 | ) | (0.93 | ) | (0.89 | ) | (0.72 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 46.66 | $ | 44.21 | $ | 33.19 | $ | 36.73 | $ | 36.10 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 46.66 | $ | 44.20 | $ | 33.23 | $ | 36.74 | $ | 36.13 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | 7.72 | % | 36.68 | % | (7.12 | )% | 4.32 | % | 4.39 | % | ||||||||||
Market Price Total Return(c) | 7.75 | % | 36.50 | % | (7.04 | )% | 4.26 | % | 4.44 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 802,083 | $ | 736,477 | $ | 678,709 | $ | 1,041,362 | $ | 1,373,520 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.55 | % | 0.58 | % | 0.56 | % | 0.55 | % | 0.56 | % | ||||||||||
Net investment income |
2.12 | % | 2.47 | % | 2.43 | % | 2.33 | % | 1.96 | % | ||||||||||
Portfolio turnover rate(d) |
113 | % | 149 | % | 142 | % | 189 | % | 128 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
65 |
|
Financial Highlights–(continued)
Invesco S&P 100 Equal Weight ETF (EQWL)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 77.93 | $ | 53.60 | $ | 56.90 | $ | 52.38 | $ | 46.71 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.57 | 1.34 | 1.30 | 1.14 | 0.88 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.14 | ) | 24.35 | (3.22 | ) | 4.52 | 5.63 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
0.43 | 25.69 | (1.92 | ) | 5.66 | 6.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(1.50 | ) | (1.36 | ) | (1.38 | ) | (1.14 | ) | (0.84 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 76.86 | $ | 77.93 | $ | 53.60 | $ | 56.90 | $ | 52.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 76.71 | $ | 77.98 | $ | 53.54 | $ | 56.91 | $ | 52.42 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | 0.46 | % | 48.53 | % | (3.34 | )% | 11.04 | % | 14.02 | % | ||||||||||
Market Price Total Return(c) | 0.20 | % | 48.79 | % | (3.46 | )% | 10.98 | % | 14.01 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 117,593 | $ | 89,618 | $ | 53,604 | $ | 59,749 | $ | 60,232 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.25 | % | 0.25 | % | 0.26 | %(d) | 0.25 | % | 0.25 | % | ||||||||||
Expenses, prior to Waivers |
0.35 | % | 0.40 | % | 0.40 | %(d) | 0.41 | % | 0.47 | % | ||||||||||
Net investment income |
1.90 | % | 2.08 | % | 2.28 | %(d) | 2.13 | % | 1.74 | % | ||||||||||
Portfolio turnover rate(e) |
15 | % | 20 | % | 51 | % | 24 | % | 32 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
66 |
|
Financial Highlights–(continued)
Invesco S&P 500 GARP ETF (SPGP)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 85.25 | $ | 51.39 | $ | 55.20 | $ | 47.90 | $ | 38.49 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.75 | 0.71 | 0.71 | 0.47 | 0.35 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.17 | (b) | 33.95 | (3.81 | ) | 7.29 | 9.38 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
0.92 | 34.66 | (3.10 | ) | 7.76 | 9.73 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.66 | ) | (0.80 | ) | (0.71 | ) | (0.46 | ) | (0.32 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 85.51 | $ | 85.25 | $ | 51.39 | $ | 55.20 | $ | 47.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(c) |
$ | 85.51 | $ | 85.34 | $ | 51.43 | $ | 55.18 | $ | 47.94 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(d) | 1.04 | % | 67.94 | % | (5.56 | )% | 16.35 | % | 25.36 | % | ||||||||||
Market Price Total Return(d) | 0.94 | % | 67.99 | % | (5.45 | )% | 16.20 | % | 25.44 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 833,750 | $ | 411,737 | $ | 244,088 | $ | 229,088 | $ | 208,355 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.33 | % | 0.36 | % | 0.34 | % | 0.36 | % | 0.39 | % | ||||||||||
Net investment income |
0.83 | % | 1.07 | % | 1.23 | % | 0.92 | % | 0.80 | % | ||||||||||
Portfolio turnover rate(e) |
50 | % | 68 | % | 110 | % | 17 | % | 19 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
67 |
|
Financial Highlights–(continued)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 48.45 | $ | 31.56 | $ | 40.00 | $ | 38.01 | $ | 35.60 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.84 | 0.78 | 0.87 | 1.03 | 0.93 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.50 | (b) | 16.94 | (8.26 | ) | 2.06 | 2.28 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
3.34 | 17.72 | (7.39 | ) | 3.09 | 3.21 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.75 | ) | (0.83 | ) | (1.05 | ) | (1.10 | ) | (0.80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 51.04 | $ | 48.45 | $ | 31.56 | $ | 40.00 | $ | 38.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(c) |
$ | 50.98 | $ | 48.46 | $ | 31.62 | $ | 39.99 | $ | 38.03 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(d) | 6.94 | % | 56.93 | % | (18.74 | )% | 8.40 | % | 9.07 | % | ||||||||||
Market Price Total Return(d) | 6.80 | % | 56.68 | % | (18.57 | )% | 8.31 | % | 9.04 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 57,681 | $ | 35,372 | $ | 44,190 | $ | 96,009 | $ | 104,539 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.39 | % | 0.39 | % | 0.40 | %(e) | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.48 | % | 0.57 | % | 0.45 | %(e) | 0.41 | % | 0.44 | % | ||||||||||
Net investment income |
1.64 | % | 2.07 | % | 2.24 | %(e) | 2.70 | % | 2.49 | % | ||||||||||
Portfolio turnover rate(f) |
71 | % | 83 | % | 127 | % | 32 | % | 25 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
68 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Momentum ETF (XMMO)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 85.50 | $ | 54.07 | $ | 59.05 | $ | 45.61 | $ | 34.85 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.58 | 0.32 | 0.49 | 0.06 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.56 | ) | 31.45 | (4.92 | ) | 13.47 | 10.79 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(2.98 | ) | 31.77 | (4.43 | ) | 13.53 | 10.81 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.54 | ) | (0.34 | ) | (0.55 | ) | (0.09 | ) | (0.05 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 81.98 | $ | 85.50 | $ | 54.07 | $ | 59.05 | $ | 45.61 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 82.00 | $ | 85.51 | $ | 54.17 | $ | 59.07 | $ | 45.71 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | (3.50 | )% | 58.94 | % | (7.45 | )% | 29.72 | % | 31.05 | % | ||||||||||
Market Price Total Return(c) | (3.49 | )% | 58.66 | % | (7.32 | )% | 29.48 | % | 31.34 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 894,410 | $ | 943,934 | $ | 519,048 | $ | 625,899 | $ | 132,259 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.33 | % | 0.33 | % | 0.34 | % | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.33 | % | 0.33 | % | 0.34 | % | 0.39 | % | 0.43 | % | ||||||||||
Net investment income |
0.67 | % | 0.44 | % | 0.84 | % | 0.12 | % | 0.05 | % | ||||||||||
Portfolio turnover rate(d) |
135 | % | 100 | % | 194 | % | 30 | % | 29 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
69 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Quality ETF (XMHQ)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 78.05 | $ | 47.16 | $ | 50.74 | $ | 47.29 | $ | 43.74 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.00 | 0.77 | 0.67 | 0.66 | 0.60 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(8.07 | ) | 30.84 | (3.49 | ) | 3.46 | 3.53 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(7.07 | ) | 31.61 | (2.82 | ) | 4.12 | 4.13 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.95 | ) | (0.72 | ) | (0.76 | ) | (0.67 | ) | (0.58 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 70.03 | $ | 78.05 | $ | 47.16 | $ | 50.74 | $ | 47.29 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 70.16 | $ | 78.13 | $ | 47.33 | $ | 50.72 | $ | 47.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | (9.16 | )% | 67.43 | % | (5.52 | )% | 8.85 | % | 9.50 | % | ||||||||||
Market Price Total Return(c) | (9.07 | )% | 67.00 | % | (5.15 | )% | 8.78 | % | 9.52 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 329,824 | $ | 245,868 | $ | 23,578 | $ | 25,372 | $ | 23,645 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.25 | % | 0.25 | % | 0.27 | %(d) | 0.25 | % | 0.25 | % | ||||||||||
Expenses, prior to Waivers |
0.31 | % | 0.37 | % | 0.56 | %(d) | 0.61 | % | 0.66 | % | ||||||||||
Net investment income |
1.30 | % | 1.17 | % | 1.35 | %(d) | 1.36 | % | 1.31 | % | ||||||||||
Portfolio turnover rate(e) |
83 | % | 56 | % | 130 | % | 30 | % | 28 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
70 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 46.41 | $ | 25.75 | $ | 32.38 | $ | 30.69 | $ | 31.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.64 | 0.38 | 0.54 | 0.84 | 0.69 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.79 | ) | 20.73 | (6.49 | ) | 1.64 | (0.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(1.15 | ) | 21.11 | (5.95 | ) | 2.48 | 0.43 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.63 | ) | (0.45 | ) | (0.68 | ) | (0.79 | ) | (0.74 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 44.63 | $ | 46.41 | $ | 25.75 | $ | 32.38 | $ | 30.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 44.65 | $ | 46.51 | $ | 25.81 | $ | 32.36 | $ | 30.69 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | (2.51 | )% | 82.77 | % | (18.59 | )% | 8.36 | % | 1.39 | % | ||||||||||
Market Price Total Return(c) | (2.67 | )% | 82.75 | % | (18.34 | )% | 8.30 | % | 1.39 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 257,070 | $ | 132,722 | $ | 45,060 | $ | 51,809 | $ | 46,028 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.39 | % | 0.39 | % | 0.40 | %(d) | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.39 | % | 0.46 | % | 0.44 | %(d) | 0.48 | % | 0.51 | % | ||||||||||
Net investment income |
1.38 | % | 1.09 | % | 1.72 | %(d) | 2.73 | % | 2.24 | % | ||||||||||
Portfolio turnover rate(e) |
76 | % | 78 | % | 128 | % | 49 | % | 52 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
71 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap Momentum ETF (XSMO)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 51.21 | $ | 32.48 | $ | 37.29 | $ | 33.25 | $ | 28.50 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.26 | 0.24 | 0.34 | 0.13 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.20 | ) | 18.77 | (4.71 | ) | 4.04 | 4.75 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(2.94 | ) | 19.01 | (4.37 | ) | 4.17 | 4.89 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.20 | ) | (0.28 | ) | (0.44 | ) | (0.13 | ) | (0.14 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 48.07 | $ | 51.21 | $ | 32.48 | $ | 37.29 | $ | 33.25 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(b) |
$ | 48.05 | $ | 51.16 | $ | 32.56 | $ | 37.31 | $ | 33.31 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(c) | (5.78 | )% | 58.74 | % | (11.70 | )% | 12.55 | % | 17.18 | % | ||||||||||
Market Price Total Return(c) | (5.72 | )% | 58.20 | % | (11.53 | )% | 12.41 | % | 17.43 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 145,652 | $ | 171,548 | $ | 74,694 | $ | 89,495 | $ | 48,215 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.37 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.37 | % | 0.40 | % | 0.40 | % | 0.44 | % | 0.59 | % | ||||||||||
Net investment income |
0.48 | % | 0.53 | % | 0.92 | % | 0.37 | % | 0.47 | % | ||||||||||
Portfolio turnover rate(d) |
147 | % | 132 | % | 180 | % | 44 | % | 43 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
72 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 49.21 | $ | 22.95 | $ | 30.31 | $ | 30.37 | $ | 29.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.74 | 0.38 | 0.51 | 0.58 | 0.63 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.84 | (b) | 26.23 | (7.27 | ) | 0.03 | 1.04 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
1.58 | 26.61 | (6.76 | ) | 0.61 | 1.67 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.75 | ) | (0.35 | ) | (0.60 | ) | (0.67 | ) | (0.57 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 50.04 | $ | 49.21 | $ | 22.95 | $ | 30.31 | $ | 30.37 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(c) |
$ | 50.03 | $ | 49.27 | $ | 22.92 | $ | 30.30 | $ | 30.40 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(d) | 3.18 | % | 116.75 | % | (22.43 | )% | 2.13 | % | 5.73 | % | ||||||||||
Market Price Total Return(d) | 3.04 | % | 117.30 | % | (22.51 | )% | 2.00 | % | 5.87 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 711,075 | $ | 259,319 | $ | 52,778 | $ | 78,794 | $ | 72,883 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.36 | % | 0.39 | % | 0.40 | %(e) | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.36 | % | 0.41 | % | 0.40 | %(e) | 0.44 | % | 0.46 | % | ||||||||||
Net investment income |
1.41 | % | 1.11 | % | 1.73 | %(e) | 1.88 | % | 2.12 | % | ||||||||||
Portfolio turnover rate(f) |
73 | % | 75 | % | 136 | % | 52 | % | 56 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
73 |
|
Financial Highlights–(continued)
Invesco Zacks Mid-Cap ETF (CZA)
Years Ended April 30, | Eight Months Ended April 30, 2018 |
Year Ended August 31, 2017 |
||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 88.94 | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | ||||||||||||
Net investment income(a) |
1.06 | 0.83 | 1.03 | 0.90 | 0.53 | 0.81 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.57 | 31.70 | (13.14 | ) | 5.82 | 3.29 | 8.81 | |||||||||||||||||
Total from investment operations |
1.63 | 32.53 | (12.11 | ) | 6.72 | 3.82 | 9.62 | |||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||
Net investment income |
(0.85 | ) | (1.08 | ) | (1.07 | ) | (0.75 | ) | (0.72 | ) | (1.02 | ) | ||||||||||||
Net asset value at end of period |
$ | 89.72 | $ | 88.94 | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | ||||||||||||
Market price at end of period |
$ | 89.97 | (b) | $ | 88.93 | (b) | $ | 57.59 | (b) | $ | 70.75 | (b) | $ | 64.75 | (b) | $ | 61.67 | |||||||
Net Asset Value Total Return(c) | 1.82 | % | 56.93 | % | (17.51 | )% | 10.68 | % | 6.19 | % | 18.40 | % | ||||||||||||
Market Price Total Return(c) | 2.12 | % | 56.65 | % | (17.46 | )% | 10.72 | % | 6.14 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 211,735 | $ | 226,798 | $ | 232,835 | $ | 265,019 | $ | 255,584 | $ | 203,284 | ||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, after Waivers |
0.74 | % | 0.69 | % | 0.65 | %(d)(e) | 0.65 | %(d) | 0.65 | %(f) | 0.65 | % | ||||||||||||
Expenses, prior to Waivers |
0.74 | % | 0.69 | % | 0.68 | %(d)(e) | 0.70 | %(d) | 0.74 | %(f) | 0.74 | % | ||||||||||||
Net investment income |
1.16 | % | 1.18 | % | 1.46 | %(e) | 1.36 | % | 1.23 | %(f) | 1.43 | % | ||||||||||||
Portfolio turnover rate(g) |
121 | % | 162 | % | 144 | % | 170 | % | 136 | % | 181 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. |
(f) |
Annualized. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
74 |
|
Financial Highlights–(continued)
Invesco Zacks Multi-Asset Income ETF (CVY)
Years Ended April 30, | Eight Months Ended April 30, 2018 |
Year Ended August 31, 2017 |
||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 24.06 | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | ||||||||||||
Net investment income(a)(b) |
0.67 | 0.65 | 0.77 | 0.81 | 0.49 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.44 | ) | 8.20 | (6.45 | ) | 0.38 | 0.94 | 1.46 | ||||||||||||||||
Total from investment operations |
(0.77 | ) | 8.85 | (5.68 | ) | 1.19 | 1.43 | 2.26 | ||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||
Net investment income |
(0.64 | ) | (0.61 | ) | (0.75 | ) | (0.81 | ) | (0.59 | ) | (0.60 | ) | ||||||||||||
Return of capital |
- | - | - | - | (0.08 | ) | (0.30 | ) | ||||||||||||||||
Total distributions |
(0.64 | ) | (0.61 | ) | (0.75 | ) | (0.81 | ) | (0.67 | ) | (0.90 | ) | ||||||||||||
Net asset value at end of period |
$ | 22.65 | $ | 24.06 | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | ||||||||||||
Market price at end of period |
$ | 22.61 | (c) | $ | 24.08 | (c) | $ | 15.84 | (c) | $ | 22.27 | (c) | $ | 21.87 | (c) | $ | 21.08 | |||||||
Net Asset Value Total Return(d) | (3.30 | )% | 57.19 | % | (25.93 | )% | 5.67 | % | 6.83 | % | 11.73 | % | ||||||||||||
Market Price Total Return(d) | (3.54 | )% | 57.13 | % | (25.91 | )% | 5.76 | % | 6.98 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 114,150 | $ | 133,536 | $ | 125,007 | $ | 229,220 | $ | 286,460 | $ | 346,144 | ||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, after Waivers |
0.73 | %(e) | 0.73 | % | 0.65 | %(e)(f) | 0.65 | %(e) | 0.65 | %(e)(g) | 0.65 | % | ||||||||||||
Expenses, prior to Waivers |
0.74 | %(e) | 0.73 | % | 0.69 | %(e)(f) | 0.71 | %(e) | 0.74 | %(e)(g) | 0.72 | % | ||||||||||||
Net investment income(b) |
2.77 | % | 3.48 | % | 3.64 | %(f) | 3.71 | % | 3.38 | %(g) | 3.93 | % | ||||||||||||
Portfolio turnover rate(h) |
161 | % | 176 | % | 203 | % | 196 | % | 142 | % | 203 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust
April 30, 2022
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Dynamic Large Cap Growth ETF (PWB) |
“Dynamic Large Cap Growth ETF” | |
Invesco Dynamic Large Cap Value ETF (PWV) |
“Dynamic Large Cap Value ETF” | |
Invesco S&P 100 Equal Weight ETF (EQWL) |
“S&P 100 Equal Weight ETF” | |
Invesco S&P 500 GARP ETF (SPGP) |
“S&P 500 GARP ETF” | |
Invesco S&P 500 Value with Momentum ETF (SPVM) |
“S&P 500 Value with Momentum ETF” | |
Invesco S&P MidCap Momentum ETF (XMMO) |
“S&P MidCap Momentum ETF” | |
Invesco S&P MidCap Quality ETF (XMHQ) |
“S&P MidCap Quality ETF” | |
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
“S&P MidCap Value with Momentum ETF” | |
Invesco S&P SmallCap Momentum ETF (XSMO) |
“S&P SmallCap Momentum ETF” | |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
“S&P SmallCap Value with Momentum ETF” | |
Invesco Zacks Mid-Cap ETF (CZA) |
“Zacks Mid-Cap ETF” | |
Invesco Zacks Multi-Asset Income ETF (CVY) |
“Zacks Multi-Asset Income ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Dynamic Large Cap Growth ETF |
Dynamic Large Cap Growth Intellidex® Index | |
Dynamic Large Cap Value ETF |
Dynamic Large Cap Value Intellidex® Index | |
S&P 100 Equal Weight ETF |
S&P 100® Equal Weight Index | |
S&P 500 GARP ETF |
S&P 500® GARP Index | |
S&P 500 Value with Momentum ETF |
S&P 500® High Momentum Value Index | |
S&P MidCap Momentum ETF |
S&P MidCap 400® Momentum Index | |
S&P MidCap Quality ETF |
S&P MidCap 400® Quality Index | |
S&P MidCap Value with Momentum ETF |
S&P MidCap 400® High Momentum Value Index | |
S&P SmallCap Momentum ETF |
S&P SmallCap 600 Momentum Index | |
S&P SmallCap Value with Momentum ETF |
S&P SmallCap 600 High Momentum Value Index | |
Zacks Mid-Cap ETF |
Zacks Mid-Cap Core Index | |
Zacks Multi-Asset Income ETF |
Zacks Multi-Asset Income Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
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A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent
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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. |
B. |
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. |
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the |
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Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. |
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. |
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
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Amount | ||||
Dynamic Large Cap Growth ETF | 1,190 | |||
Dynamic Large Cap Value ETF | 443 | |||
S&P 100 Equal Weight ETF | 82 | |||
S&P 500 GARP ETF | 573 | |||
S&P 500 Value with Momentum ETF | 2 | |||
S&P MidCap Momentum ETF | 4,024 | |||
S&P MidCap Quality ETF | 3,928 | |||
S&P MidCap Value with Momentum ETF | 599 | |||
S&P SmallCap Momentum ETF | 754 | |||
S&P SmallCap Value with Momentum ETF | 2,518 | |||
Zacks Mid-Cap ETF | 980 | |||
Zacks Multi-Asset Income ETF | 4,593 |
J. Other Risks
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or
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viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Investment in Investment Companies Risk. Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed-end fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and as a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
|
81 |
|
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2024. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2024. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2024 and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the fiscal year ended April 30, 2022 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.
Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.
For the fiscal year ended April 30, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth ETF | $ | 8 | ||
Dynamic Large Cap Value ETF | 57 | |||
S&P 100 Equal Weight ETF | 103,647 | |||
S&P 500 GARP ETF | 15 | |||
S&P 500 Value with Momentum ETF | 38,702 | |||
S&P MidCap Momentum ETF | 32 | |||
S&P MidCap Quality ETF | 185,255 | |||
S&P MidCap Value with Momentum ETF | 9 | |||
S&P SmallCap Momentum ETF | 25 | |||
S&P SmallCap Value with Momentum ETF | 14,107 | |||
Zacks Mid-Cap ETF | 9,067 | |||
Zacks Multi-Asset Income ETF | 9,164 |
|
82 |
|
The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2022 are as follows:
Total Potential Recapture |
Potential Recapture Amounts Expiring | |||||||||||||||
Amounts | 4/30/23 | 4/30/24 | 4/30/25 | |||||||||||||
S&P 100 Equal Weight ETF |
$ | 289,245 | $ | 83,270 | $ | 102,337 | $ | 103,638 | ||||||||
S&P 500 Value with Momentum ETF |
121,798 | 25,059 | 58,042 | 38,697 | ||||||||||||
S&P MidCap Quality ETF |
378,925 | 73,104 | 120,587 | 185,234 | ||||||||||||
S&P MidCap Value with Momentum ETF |
48,586 | 2,425 | 46,161 | - | ||||||||||||
S&P SmallCap Momentum ETF |
17,054 | 4,985 | 12,069 | - | ||||||||||||
Zacks Mid-Cap ETF |
52,954 | 43,904 | - | 9,050 | ||||||||||||
Zacks Multi-Asset Income ETF |
78,710 | 69,566 | - | 9,144 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Dynamic Large Cap Growth ETF |
ICE Data Indices, LLC | |
Dynamic Large Cap Value ETF |
ICE Data Indices, LLC | |
S&P 100 Equal Weight ETF |
S&P Dow Jones Indices LLC | |
S&P 500 GARP ETF |
S&P Dow Jones Indices LLC | |
S&P 500 Value with Momentum ETF |
S&P Dow Jones Indices LLC | |
S&P MidCap Momentum ETF |
S&P Dow Jones Indices LLC | |
S&P MidCap Quality ETF |
S&P Dow Jones Indices LLC | |
S&P MidCap Value with Momentum ETF |
S&P Dow Jones Indices LLC | |
S&P SmallCap Momentum ETF |
S&P Dow Jones Indices LLC | |
S&P SmallCap Value with Momentum ETF |
S&P Dow Jones Indices LLC | |
Zacks Mid-Cap ETF |
Zacks Investment Research, Inc. | |
Zacks Multi-Asset Income ETF |
Zacks Investment Research, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Dynamic Large Cap Growth ETF |
$ | 67,713 | ||
Dynamic Large Cap Value ETF |
69,158 | |||
S&P 100 Equal Weight ETF |
559 | |||
S&P 500 GARP ETF |
9,265 | |||
S&P 500 Value with Momentum ETF |
2,295 | |||
S&P MidCap Momentum ETF |
2,728 | |||
S&P MidCap Quality ETF |
8,863 | |||
S&P MidCap Value with Momentum ETF |
17,604 | |||
S&P SmallCap Momentum ETF |
14,621 | |||
S&P SmallCap Value with Momentum ETF |
11,462 |
|
83 |
|
Zacks Mid-Cap ETF |
$ | 12,190 | ||
Zacks Multi-Asset Income ETF |
37,910 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the fiscal year ended April 30, 2022, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
S&P 100 Equal Weight ETF |
$- | $ 43,623 | $ 3,767 | ||||||||||||
S&P 500 Value with Momentum ETF |
- | 3,832 | 420 | ||||||||||||
S&P MidCap Momentum ETF |
- | 6,324,626 | 238,744 | ||||||||||||
S&P MidCap Quality ETF |
- | 1,752,703 | (541,822) | ||||||||||||
S&P SmallCap Momentum ETF |
- | 1,081,423 | (103,084) |
* |
Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2022, for each Fund (except for S&P 500 Value with Momentum ETF). As of April 30, 2022, all of the securities in S&P 500 Value with Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Dynamic Large Cap Growth ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 613,468,026 | $ | - | $ | - | $ | 613,468,026 | ||||||||
Money Market Funds |
14,052 | 20,028,597 | - | 20,042,649 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 613,482,078 | $ | 20,028,597 | $ | - | $ | 633,510,675 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Dynamic Large Cap Value ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 801,555,497 | $ | - | $ | - | $ | 801,555,497 | ||||||||
Money Market Funds |
91,482 | 12,617,388 | - | 12,708,870 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 801,646,979 | $ | 12,617,388 | $ | - | $ | 814,264,367 | ||||||||
|
|
|
|
|
|
|
|
|
84 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P 100 Equal Weight ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 117,526,445 | $ | - | $ | - | $ | 117,526,445 | ||||||||
Money Market Funds |
11,989 | 3,032,404 | - | 3,044,393 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 117,538,434 | $ | 3,032,404 | $ | - | $ | 120,570,838 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P 500 GARP ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 833,819,931 | $ | - | $ | - | $ | 833,819,931 | ||||||||
Money Market Funds |
- | 28,730,540 | - | 28,730,540 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 833,819,931 | $ | 28,730,540 | $ | - | $ | 862,550,471 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P MidCap Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 893,798,317 | $ | - | $ | - | $ | 893,798,317 | ||||||||
Money Market Funds |
531,940 | 65,454,376 | - | 65,986,316 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 894,330,257 | $ | 65,454,376 | $ | - | $ | 959,784,633 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P MidCap Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 329,607,806 | $ | - | $ | - | $ | 329,607,806 | ||||||||
Money Market Funds |
250,806 | 73,996,080 | - | 74,246,886 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 329,858,612 | $ | 73,996,080 | $ | - | $ | 403,854,692 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P MidCap Value with Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 257,160,417 | $ | - | $ | - | $ | 257,160,417 | ||||||||
Money Market Funds |
17,751 | 38,445,177 | - | 38,462,928 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 257,178,168 | $ | 38,445,177 | $ | - | $ | 295,623,345 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P SmallCap Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 145,545,935 | $ | - | $ | - | $ | 145,545,935 | ||||||||
Money Market Funds |
181,679 | 25,696,133 | - | 25,877,812 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 145,727,614 | $ | 25,696,133 | $ | - | $ | 171,423,747 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
S&P SmallCap Value with Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 710,540,298 | $ | - | $ | - | $ | 710,540,298 | ||||||||
Money Market Funds |
576,198 | 89,607,827 | - | 90,184,025 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 711,116,496 | $ | 89,607,827 | $ | - | $ | 800,724,323 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Zacks Mid-Cap ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 211,573,753 | $ | - | $ | - | $ | 211,573,753 | ||||||||
Money Market Funds |
405,744 | 17,163,438 | - | 17,569,182 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 211,979,497 | $ | 17,163,438 | $ | - | $ | 229,142,935 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Zacks Multi-Asset Income ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 92,148,520 | $ | - | $ | 0 | $ | 92,148,520 | ||||||||
Closed-End Funds |
11,273,821 | - | - | 11,273,821 | ||||||||||||
Preferred Stocks |
10,552,031 | - | - | 10,552,031 | ||||||||||||
Money Market Funds |
28,298 | 17,133,328 | - | 17,161,626 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 114,002,670 | $ | 17,133,328 | $ | 0 | $ | 131,135,998 | ||||||||
|
|
|
|
|
|
|
|
|
85 |
|
NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2022 and 2021:
2022 | 2021 | |||||||
Ordinary | Ordinary | |||||||
Income* | Income* | |||||||
Dynamic Large Cap Growth ETF | $ | 365,218 | $ | 1,014,053 | ||||
Dynamic Large Cap Value ETF | 15,751,004 | 17,183,173 | ||||||
S&P 100 Equal Weight ETF | 2,001,177 | 1,410,989 | ||||||
S&P 500 GARP ETF | 5,341,272 | 3,178,357 | ||||||
S&P 500 Value with Momentum ETF | 604,427 | 722,920 | ||||||
S&P MidCap Momentum ETF | 5,860,692 | 3,601,237 | ||||||
S&P MidCap Quality ETF | 3,640,191 | 1,069,777 | ||||||
S&P MidCap Value with Momentum ETF | 2,951,914 | 749,115 | ||||||
S&P SmallCap Momentum ETF | 643,957 | 704,740 | ||||||
S&P SmallCap Value with Momentum ETF | 7,211,062 | 1,215,462 | ||||||
Zacks Mid-Cap ETF | 2,026,356 | 3,261,907 | ||||||
Zacks Multi-Asset Income ETF | 3,371,434 | 3,955,699 |
* |
Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Net Unrealized Appreciation (Depreciation)- Foreign Currencies |
Capital Loss Carryforwards |
Shares of Beneficial Interest |
Total Net Assets | |||||||||||||||||||||||||||||
Dynamic Large Cap Growth ETF | $ | 20,257 | $ | (98,779 | ) | $ | (10,424,648 | ) | $ | - | $ | (207,365,851 | ) | $ | 831,286,595 | $ | 613,417,574 | ||||||||||||||||||
Dynamic Large Cap Value ETF | 1,998,860 | (136,787 | ) | 26,514,519 | - | (455,685,793 | ) | 1,229,392,339 | 802,083,138 | ||||||||||||||||||||||||||
S&P 100 Equal Weight ETF | 157,317 | (48,561 | ) | 2,708,099 | - | (5,220,205 | ) | 119,996,255 | 117,592,905 | ||||||||||||||||||||||||||
S&P 500 GARP ETF | 514,287 | (44,442 | ) | (49,692,511 | ) | - | (42,124,718 | ) | 925,097,775 | 833,750,391 | |||||||||||||||||||||||||
S&P 500 Value with Momentum ETF | 109,850 | (36,879 | ) | 552,809 | - | (15,158,116 | ) | 72,213,156 | 57,680,820 | ||||||||||||||||||||||||||
S&P MidCap Momentum ETF | 476,483 | (69,414 | ) | (11,346,880 | ) | - | (145,585,788 | ) | 1,050,935,755 | 894,410,156 | |||||||||||||||||||||||||
S&P MidCap Quality ETF | 270,828 | (47,092 | ) | (30,025,329 | ) | - | (9,431,562 | ) | 369,056,906 | 329,823,751 | |||||||||||||||||||||||||
S&P MidCap Value with Momentum ETF | - | (50,901 | ) | (14,621,307 | ) | - | (33,056,670 | ) | 304,798,752 | 257,069,874 | |||||||||||||||||||||||||
S&P SmallCap Momentum ETF | 198,459 | (49,432 | ) | (9,696,710 | ) | - | (55,883,076 | ) | 211,082,757 | 145,651,998 | |||||||||||||||||||||||||
S&P SmallCap Value with Momentum ETF | - | (54,570 | ) | (39,129,511 | ) | - | (54,182,331 | ) | 804,441,650 | 711,075,238 | |||||||||||||||||||||||||
Zacks Mid-Cap ETF | 1,326,956 | (5,882 | ) | (7,317,838 | ) | (66 | ) | (121,371,354 | ) | 339,103,346 | 211,735,162 | ||||||||||||||||||||||||
Zacks Multi-Asset Income ETF | 1,296,933 | (3,169,752 | ) | (3,579,929 | ) | 1 | (441,456,607 | ) | 561,059,172 | 114,149,818 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of April 30, 2022, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Large Cap Growth ETF | $ | 203,726,021 | $ | 3,639,830 | $ | 207,365,851 | ||||||
Dynamic Large Cap Value ETF | 386,362,311 | 69,323,482 | 455,685,793 | |||||||||
S&P 100 Equal Weight ETF | 1,722,221 | 3,497,984 | 5,220,205 | |||||||||
S&P 500 GARP ETF | 29,928,775 | 12,195,943 | 42,124,718 | |||||||||
S&P 500 Value with Momentum ETF | 9,931,515 | 5,226,601 | 15,158,116 | |||||||||
S&P MidCap Momentum ETF | 145,585,788 | - | 145,585,788 | |||||||||
S&P MidCap Quality ETF | 6,654,006 | 2,777,556 | 9,431,562 | |||||||||
S&P MidCap Value with Momentum ETF | 26,808,944 | 6,247,726 | 33,056,670 |
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No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
S&P SmallCap Momentum ETF | $ | 48,672,098 | $ | 7,210,978 | $ | 55,883,076 | ||||||
S&P SmallCap Value with Momentum ETF | 39,584,920 | 14,597,411 | 54,182,331 | |||||||||
Zacks Mid-Cap ETF | 111,245,125 | 10,126,229 | 121,371,354 | |||||||||
Zacks Multi-Asset Income ETF | 365,162,583 | 76,294,024 | 441,456,607 |
* |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the fiscal year ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth ETF | $ | 1,021,943,202 | $ | 1,029,653,254 | ||||
Dynamic Large Cap Value ETF | 931,210,569 | 927,653,233 | ||||||
S&P 100 Equal Weight ETF | 16,884,901 | 16,403,616 | ||||||
S&P 500 GARP ETF | 347,440,114 | 345,596,244 | ||||||
S&P 500 Value with Momentum ETF | 30,087,969 | 30,293,584 | ||||||
S&P MidCap Momentum ETF | 1,258,911,730 | 1,257,569,326 | ||||||
S&P MidCap Quality ETF | 242,512,196 | 241,082,376 | ||||||
S&P MidCap Value with Momentum ETF | 159,091,093 | 157,258,656 | ||||||
S&P SmallCap Momentum ETF | 253,344,681 | 252,909,164 | ||||||
S&P SmallCap Value with Momentum ETF | 345,768,081 | 339,594,936 | ||||||
Zacks Mid-Cap ETF | 269,540,802 | 270,512,795 | ||||||
Zacks Multi-Asset Income ETF | 206,413,948 | 204,730,193 |
For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:
In-kind | In-kind | |||||||
Purchases | Sales | |||||||
Dynamic Large Cap Growth ETF | $ | 683,512,833 | $ | 743,598,305 | ||||
Dynamic Large Cap Value ETF | 859,143,916 | 826,145,312 | ||||||
S&P 100 Equal Weight ETF | 64,400,584 | 32,985,483 | ||||||
S&P 500 GARP ETF | 1,038,327,406 | 582,208,565 | ||||||
S&P 500 Value with Momentum ETF | 58,618,655 | 36,065,000 | ||||||
S&P MidCap Momentum ETF | 821,809,057 | 832,342,780 | ||||||
S&P MidCap Quality ETF | 283,014,105 | 158,630,927 | ||||||
S&P MidCap Value with Momentum ETF | 329,368,395 | 185,077,803 | ||||||
S&P SmallCap Momentum ETF | 134,346,294 | 148,216,623 | ||||||
S&P SmallCap Value with Momentum ETF | 821,599,303 | 338,733,105 | ||||||
Zacks Mid-Cap ETF | 262,496,581 | 280,035,726 | ||||||
Zacks Multi-Asset Income ETF | 51,972,108 | 63,773,476 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
Dynamic Large Cap Growth ETF | $ | 46,833,471 | $ | (57,258,119 | ) | $ | (10,424,648 | ) | $ | 643,935,323 | ||||||
Dynamic Large Cap Value ETF | 81,991,176 | (55,476,657 | ) | 26,514,519 | 787,749,848 | |||||||||||
S&P 100 Equal Weight ETF | 11,042,781 | (8,334,682 | ) | 2,708,099 | 117,862,739 | |||||||||||
S&P 500 GARP ETF | 34,827,911 | (84,520,422 | ) | (49,692,511 | ) | 912,242,982 | ||||||||||
S&P 500 Value with Momentum ETF | 4,155,052 | (3,602,243 | ) | 552,809 | 57,155,037 | |||||||||||
S&P MidCap Momentum ETF | 49,014,238 | (60,361,118 | ) | (11,346,880 | ) | 971,131,513 |
|
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Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
S&P MidCap Quality ETF | $ | 11,442,943 | $ | (41,468,272 | ) | $ | (30,025,329 | ) | $ | 433,880,021 | ||||||
S&P MidCap Value with Momentum ETF | 12,629,735 | (27,251,042 | ) | (14,621,307 | ) | 310,244,652 | ||||||||||
S&P SmallCap Momentum ETF | 5,281,253 | (14,977,963 | ) | (9,696,710 | ) | 181,120,457 | ||||||||||
S&P SmallCap Value with Momentum ETF | 46,409,345 | (85,538,856 | ) | (39,129,511 | ) | 839,853,834 | ||||||||||
Zacks Mid-Cap ETF | 10,988,884 | (18,306,722 | ) | (7,317,838 | ) | 236,460,773 | ||||||||||
Zacks Multi-Asset Income ETF | 9,778,537 | (13,358,466 | ) | (3,579,929 | ) | 134,715,927 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of partnerships and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2022, the reclassifications were as follows:
Undistributed Net Investment Income |
Undistributed
Net Realized Gain (Loss) |
Shares
of Beneficial Interest | |||||||||||||
Dynamic Large Cap Growth ETF | $ | - | $ | (171,969,069 | ) | $ | 171,969,069 | ||||||||
Dynamic Large Cap Value ETF | - | (125,904,517 | ) | 125,904,517 | |||||||||||
S&P 100 Equal Weight ETF | - | (13,427,243 | ) | 13,427,243 | |||||||||||
S&P 500 GARP ETF | - | (75,266,000 | ) | 75,266,000 | |||||||||||
S&P 500 Value with Momentum ETF | 554 | (5,784,636 | ) | 5,784,082 | |||||||||||
S&P MidCap Momentum ETF | - | (168,692,369 | ) | 168,692,369 | |||||||||||
S&P MidCap Quality ETF | - | (24,248,430 | ) | 24,248,430 | |||||||||||
S&P MidCap Value with Momentum ETF | 21,901 | (22,745,888 | ) | 22,723,987 | |||||||||||
S&P SmallCap Momentum ETF | 2,002 | (30,848,904 | ) | 30,846,902 | |||||||||||
S&P SmallCap Value with Momentum ETF | 541,230 | (67,479,397 | ) | 66,938,167 | |||||||||||
Zacks Mid-Cap ETF | 3,635 | (45,814,748 | ) | 45,811,113 | |||||||||||
Zacks Multi-Asset Income ETF | 291,744 | (11,221,747 | ) | 10,930,003 |
NOTE 9–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
|
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Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018) (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018) in conformity with accounting principles generally accepted in the United States of America.
The financial statements and financial highlights of Invesco Zacks Mid-Cap ETF (Predecessor Fund Guggenheim Mid-Cap Core ETF) and Invesco Zacks Multi-Asset Income ETF (Predecessor Fund Guggenheim Multi-Asset Income ETF) as of and for the year ended August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
June 23, 2022
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.
In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2021 | April 30, 2022 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Large Cap Growth ETF (PWB) |
|
|||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 804.70 | 0.55 | % | $ | 2.46 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.07 | 0.55 | 2.76 | ||||||||||||||||
Invesco Dynamic Large Cap Value ETF (PWV) |
|
|||||||||||||||||||
Actual |
1,000.00 | 999.30 | 0.55 | 2.73 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.07 | 0.55 | 2.76 | ||||||||||||||||
Invesco S&P 100 Equal Weight ETF (EQWL) |
|
|||||||||||||||||||
Actual |
1,000.00 | 923.20 | 0.25 | 1.19 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||||||
Invesco S&P 500 GARP ETF (SPGP) |
|
|||||||||||||||||||
Actual |
1,000.00 | 925.20 | 0.33 | 1.58 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.16 | 0.33 | 1.66 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2021 | April 30, 2022 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
|
|||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,015.80 | 0.39 | % | $ | 1.95 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.86 | 0.39 | 1.96 | ||||||||||||||||
Invesco S&P MidCap Momentum ETF (XMMO) |
|
|||||||||||||||||||
Actual |
1,000.00 | 906.50 | 0.33 | 1.56 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.16 | 0.33 | 1.66 | ||||||||||||||||
Invesco S&P MidCap Quality ETF (XMHQ) |
|
|||||||||||||||||||
Actual |
1,000.00 | 886.30 | 0.25 | 1.17 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||||||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
|
|||||||||||||||||||
Actual |
1,000.00 | 961.90 | 0.39 | 1.90 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.86 | 0.39 | 1.96 | ||||||||||||||||
Invesco S&P SmallCap Momentum ETF (XSMO) | ||||||||||||||||||||
Actual |
1,000.00 | 858.60 | 0.38 | 1.75 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.91 | 0.38 | 1.91 | ||||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
|
|||||||||||||||||||
Actual |
1,000.00 | 961.30 | 0.34 | 1.65 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.11 | 0.34 | 1.71 | ||||||||||||||||
Invesco Zacks Mid-Cap ETF (CZA) |
|
|||||||||||||||||||
Actual |
1,000.00 | 965.60 | 0.74 | 3.61 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.12 | 0.74 | 3.71 | ||||||||||||||||
Invesco Zacks Multi-Asset Income ETF (CVY) |
|
|||||||||||||||||||
Actual |
1,000.00 | 935.70 | 0.73 | 3.50 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.17 | 0.73 | 3.66 |
(1) |
Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2022:
Qualified Business Income* |
Qualified Dividend Income* |
Corporate Dividends Received Deduction* |
U.S. Treasury Obligations* |
Business Interest Income* | |||||||||||||||||||||
Invesco Dynamic Large Cap Growth ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco Dynamic Large Cap Value ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 100 Equal Weight ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500 GARP ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500 Value with Momentum ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P MidCap Momentum ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P MidCap Quality ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P MidCap Value with Momentum ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P SmallCap Momentum ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF |
27 | % | 70 | % | 67 | % | 0 | % | 0 | % | |||||||||||||||
Invesco Zacks Mid-Cap ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco Zacks Multi-Asset Income ETF |
7 | % | 64 | % | 49 | % | 0 | % | 0 | % |
* |
The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:
As of April 30, 2022
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee | Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 224 | Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 224 | None. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
94 |
|
Trustees and Officers–(continued)
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 224 | Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
95 |
|
Trustees and Officers–(continued)
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 224 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
96 |
|
Trustees and Officers–(continued)
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Audit Committee and Trustee | Chair of the Audit Committee since 2008; Trustee since 2006 | Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 224 | Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Investment Oversight Committee and Trustee | Chair of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 224 | Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
97 |
|
Trustees and Officers–(continued)
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 224 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
98 |
|
Trustees and Officers–(continued)
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Independent | ||||||
Name, Address and Year of | Held | Time | Occupation(s) During | Independent | Trustees During | |||||
Birth of Independent Trustees | with Trust | Served* | the Past 5 Years | Trustees | the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 224 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Board and Trustee | Chair since 2012; Trustee since 2006 | Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 224 | Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
99 |
|
Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:
Number of | ||||||||||
Term of | Portfolios | Other | ||||||||
Office | in Fund | Directorships | ||||||||
and | Complex** | Held by | ||||||||
Position(s) | Length of | Principal | Overseen by | Interested | ||||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | Interested | Trustee During | |||||
of Interested Trustee | with Trust | Served* | the Past 5 Years | Trustee | the Past 5 Years | |||||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 |
Trustee, President and Principal Executive Officer | Trustee since 2022, President and Principal Executive Officer since 2020 | President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | 224 | None |
* |
This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
100 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2020 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018). | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2020 | Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
|
101 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Chief Tax Officer | Since 2020 | Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020). | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
|
102 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
|
103 |
|
Approval of Investment Advisory Contracts
At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following 49 series (each, a "Fund" and collectively, the "Funds"):
Invesco Aerospace & Defense ETF
Invesco BuyBack AchieversTM ETF
Invesco Dividend AchieversTM ETF
Invesco DWA Basic Materials Momentum ETF
Invesco DWA Consumer Cyclicals Momentum ETF
Invesco DWA Consumer Staples Momentum ETF
Invesco DWA Energy Momentum ETF
Invesco DWA Financial Momentum ETF
Invesco DWA Healthcare Momentum ETF
Invesco DWA Industrials Momentum ETF
Invesco DWA Momentum ETF
Invesco DWA Technology Momentum ETF
Invesco DWA Utilities Momentum ETF
Invesco Dynamic Biotechnology & Genome ETF
Invesco Dynamic Building & Construction ETF
Invesco Dynamic Energy Exploration & Production ETF
Invesco Dynamic Food & Beverage ETF
Invesco Dynamic Large Cap Growth ETF
Invesco Dynamic Large Cap Value ETF
Invesco Dynamic Leisure and Entertainment ETF
Invesco Dynamic Market ETF
Invesco Dynamic Media ETF
Invesco Dynamic Networking ETF
Invesco Dynamic Oil & Gas Services ETF
Invesco Dynamic Pharmaceuticals ETF
Invesco Dynamic Semiconductors ETF
Invesco Dynamic Software ETF
Invesco Financial Preferred ETF
Invesco FTSE RAFI US 1000 ETF
Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco Global Listed Private Equity ETF
Invesco Golden Dragon China ETF
Invesco High Yield Equity Dividend AchieversTM ETF
Invesco International Dividend AchieversTM ETF
Invesco MSCI Sustainable Future ETF
Invesco S&P 100 Equal Weight ETF
Invesco S&P 500 GARP ETF
Invesco S&P 500® Quality ETF
Invesco S&P 500 Value with Momentum ETF
Invesco S&P MidCap Momentum ETF
Invesco S&P MidCap Quality ETF
Invesco S&P MidCap Value with Momentum ETF
Invesco S&P SmallCap Momentum ETF
Invesco S&P SmallCap Value with Momentum ETF
Invesco S&P Spin-Off ETF
Invesco Water Resources ETF
Invesco WilderHill Clean Energy ETF
Invesco Zacks Mid-Cap ETF
Invesco Zacks Multi-Asset Income ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
|
104 |
|
Approval of Investment Advisory Contracts–(continued)
The Trustees considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:
● |
0.15% of the Fund’s average daily net assets for Invesco S&P 500 ® Quality ETF; |
● |
0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and |
● |
0.50% of the Fund’s average daily net assets for each other Fund. |
The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2024, as set forth below:
● |
0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF; |
● |
0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF; |
● |
0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF; |
● |
0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and |
● |
0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred |
|
105 |
|
Approval of Investment Advisory Contracts–(continued)
ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||||||
Invesco Aerospace & Defense ETF | X | ||||||||||||||||||
Invesco Buyback AchieversTM ETF | X | ||||||||||||||||||
Invesco Dividend AchieversTM ETF | X | ||||||||||||||||||
Invesco DWA Basic Materials Momentum ETF | X | ||||||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF | X | ||||||||||||||||||
Invesco DWA Consumer Staples Momentum ETF | X | ||||||||||||||||||
Invesco DWA Energy Momentum ETF | X | ||||||||||||||||||
Invesco DWA Financial Momentum ETF | X | ||||||||||||||||||
Invesco DWA Healthcare Momentum ETF | X | ||||||||||||||||||
Invesco DWA Industrials Momentum ETF | X | ||||||||||||||||||
Invesco DWA Momentum ETF | X | ||||||||||||||||||
Invesco DWA Technology Momentum ETF | X | ||||||||||||||||||
Invesco DWA Utilities Momentum ETF | X | ||||||||||||||||||
Invesco Dynamic Biotechnology & Genome ETF | X | ||||||||||||||||||
Invesco Dynamic Building & Construction ETF | X | ||||||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF | X | ||||||||||||||||||
Invesco Dynamic Food & Beverage ETF | X | ||||||||||||||||||
Invesco Dynamic Large Cap Growth ETF | X | ||||||||||||||||||
Invesco Dynamic Large Cap Value ETF | X | ||||||||||||||||||
Invesco Dynamic Leisure and Entertainment ETF | X | ||||||||||||||||||
Invesco Dynamic Market ETF | X | ||||||||||||||||||
Invesco Dynamic Media ETF | X | ||||||||||||||||||
Invesco Dynamic Networking ETF | X | ||||||||||||||||||
Invesco Dynamic Oil & Gas Services ETF | N/A | X | |||||||||||||||||
Invesco Dynamic Pharmaceuticals ETF | X | ||||||||||||||||||
Invesco Dynamic Semiconductors ETF | X | ||||||||||||||||||
Invesco Dynamic Software ETF | X | ||||||||||||||||||
Invesco Financial Preferred ETF | X | ||||||||||||||||||
Invesco FTSE RAFI US 1000 ETF | X | X | |||||||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF | X | X | |||||||||||||||||
Invesco Global Listed Private Equity ETF | N/A | X | |||||||||||||||||
Invesco Golden Dragon China ETF | X | N/A | X | ||||||||||||||||
Invesco High Yield Equity Dividend AchieversTM ETF | X | ||||||||||||||||||
Invesco International Dividend AchieversTM ETF | X | X | |||||||||||||||||
Invesco MSCI Sustainable Future ETF | X | ||||||||||||||||||
Invesco S&P 100 Equal Weight ETF | X | X |
|
106 |
|
Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal
to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco S&P 500 GARP ETF | X | X | |||||||||||||
Invesco S&P 500® Quality ETF | X | X | |||||||||||||
Invesco S&P 500 Value with Momentum ETF | X | ||||||||||||||
Invesco S&P MidCap Momentum ETF | X | X | |||||||||||||
Invesco S&P MidCap Quality ETF | X | ||||||||||||||
Invesco S&P MidCap Value with Momentum ETF | X | X | |||||||||||||
Invesco S&P SmallCap Momentum ETF | X | ||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF | X | X | |||||||||||||
Invesco S&P Spin-Off ETF | X | ||||||||||||||
Invesco Water Resources ETF | X | X | X | ||||||||||||
Invesco WilderHill Clean Energy ETF | X | X | |||||||||||||
Invesco Zacks Mid-Cap ETF | X | ||||||||||||||
Invesco Zacks Multi-Asset Income ETF | X |
* |
The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Fund’s Expense Caps.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Aerospace & Defense ETF | X | ||||||||||||||
Invesco Buyback AchieversTM ETF | X | ||||||||||||||
Invesco Dividend AchieversTM ETF | X | X | |||||||||||||
Invesco DWA Basic Materials Momentum ETF | X | ||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF | X | ||||||||||||||
Invesco DWA Consumer Staples Momentum ETF | X | ||||||||||||||
Invesco DWA Energy Momentum ETF | X | ||||||||||||||
Invesco DWA Financial Momentum ETF | X | ||||||||||||||
Invesco DWA Healthcare Momentum ETF | X | ||||||||||||||
Invesco DWA Industrials Momentum ETF | X | ||||||||||||||
Invesco DWA Momentum ETF | X | X | |||||||||||||
Invesco DWA Technology Momentum ETF | X | ||||||||||||||
Invesco DWA Utilities Momentum ETF | X | ||||||||||||||
Invesco Dynamic Biotechnology & Genome ETF | X | ||||||||||||||
Invesco Dynamic Building & Construction ETF | X | ||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF | X | ||||||||||||||
Invesco Dynamic Food & Beverage ETF | X | ||||||||||||||
Invesco Dynamic Large Cap Growth ETF | X | ||||||||||||||
Invesco Dynamic Large Cap Value ETF | X | X | |||||||||||||
Invesco Dynamic Leisure and Entertainment ETF | X | ||||||||||||||
Invesco Dynamic Market ETF | X |
|
107 |
|
Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Dynamic Media ETF | X | ||||||||||||||
Invesco Dynamic Networking ETF | X | ||||||||||||||
Invesco Dynamic Oil & Gas Services ETF | N/A | X | |||||||||||||
Invesco Dynamic Pharmaceuticals ETF | X | ||||||||||||||
Invesco Dynamic Semiconductors ETF | X | ||||||||||||||
Invesco Dynamic Software ETF | X | ||||||||||||||
Invesco Financial Preferred ETF | X | ||||||||||||||
Invesco FTSE RAFI US 1000 ETF | X | ||||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF | X | ||||||||||||||
Invesco Global Listed Private Equity ETF | N/A | X | |||||||||||||
Invesco Golden Dragon China ETF | N/A | X | |||||||||||||
Invesco High Yield Equity Dividend AchieversTM ETF | X | X | |||||||||||||
Invesco International Dividend AchieversTM ETF | X | ||||||||||||||
Invesco MSCI Sustainable Future ETF | X | ||||||||||||||
Invesco S&P 100 Equal Weight ETF | X | X | |||||||||||||
Invesco S&P 500 GARP ETF | X | ||||||||||||||
Invesco S&P 500 ® Quality ETF | X | X | |||||||||||||
Invesco S&P 500 Value with Momentum ETF | X | ||||||||||||||
Invesco S&P MidCap Momentum ETF | X | X | |||||||||||||
Invesco S&P MidCap Quality ETF | X | ||||||||||||||
Invesco S&P MidCap Value with Momentum ETF | X | X | |||||||||||||
Invesco S&P SmallCap Momentum ETF | X | ||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF | X | X | |||||||||||||
Invesco S&P Spin-Off ETF | X | ||||||||||||||
Invesco Water Resources ETF | X | X | X | ||||||||||||
Invesco WilderHill Clean Energy ETF | X | X | |||||||||||||
Invesco Zacks Mid-Cap ETF | X | ||||||||||||||
Invesco Zacks Multi-Asset Income ETF | X |
* |
The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
|
108 |
|
Approval of Investment Advisory Contracts–(continued)
Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Fund’s direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
|
109 |
|
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 |
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Downers Grove, IL 60515 | P-PS-AR-5 | invesco.com/ETFs |