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.

As an index fund, the Invesco S&P 500^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P 500^® Index. Unlike the S&P 500^® Index, which employs a float-adjusted 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 0.86%. On a net asset value (“NAV”) basis, the Fund returned 0.88%. During the same time period, the Index returned 1.08%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index 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 that period can be attributed to the Fund’s underweight allocation to and security selection within the communication services sector and to the Fund’s overweight allocation to and security selection within the energy sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s performance during the period, 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 Devon Energy Corp., an energy company (portfolio average weight of 0.23%) and Occidental Petroleum Corp., an energy company (portfolio average weight of 0.22%). 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 0.18%) and IPG Photonics Corp., an information technology company (portfolio average weight of 0.18%).

 

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology			14.91
Industrials			14.28
Health Care			12.80
Financials			12.68
Consumer Discretionary			11.78
Consumer Staples			7.02
Real Estate			6.01
Utilities			6.00
Materials			5.85
Energy			4.28
Communication Services			4.28
Money Market Funds Plus Other Assets Less Liabilities			0.11
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Nielsen Holdings PLC			0.31
Twitter, Inc.			0.30
United Airlines Holdings, Inc.			0.29
Delta Air Lines, Inc.			0.27
American Airlines Group, Inc.			0.27
EPAM Systems, Inc.			0.27
Lamb Weston Holdings, Inc.			0.26
Valero Energy Corp.			0.24
Constellation Energy Corp.			0.24
Kimberly-Clark Corp.			0.24
Total			2.69

 

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight ETF (the “Predecessor Fund”) Inception: April 24, 2003

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 Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

As an index fund, the Invesco S&P 500^® Equal Weight Communication Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Communication Services Plus 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 (“S&P DJI” or the” Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Communication Services Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the communication services sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count. The communication services sector includes companies that facilitate communication or offer related content and information through various mediums and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest communication services companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 (20.98)%. On a net asset value (“NAV”) basis, the Fund returned (20.90)%. During the same time period, the Index returned (20.60)%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the media industry, as well as the Fund’s overweight allocation to the entertainment industry.

For the fiscal year ended April 30, 2022, no industry contributed to the Fund’s return. The media industry detracted most significantly from the Fund’s return, followed by the entertainment industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Live Nation Entertainment Inc., an entertainment company (portfolio average weight of 4.71%) and Interpublic Group of Cos., Inc., a media company (portfolio average weight of 4.61%). Positions that detracted most significantly from the Fund’s return included Netflix, Inc., an entertainment company (portfolio average weight of 4.36%) and Match Group, Inc., an interactive media and services company (portfolio average weight of 2.00%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Media			34.36
Entertainment			27.24
Interactive Media & Services			20.29
Diversified Telecommunication Services			13.48
Wireless Telecommunication Services			4.64
Money Market Funds Plus Other Assets Less Liabilities			(0.01)

Fund Inception: November 7, 2018

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 Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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.

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Discretionary 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Consumer Discretionary Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the consumer discretionary sector, as defined according to the Global Industry Classification Standard (“GICS”). The consumer discretionary sector includes a manufacturing segment, composed of automotive, household durable goods, leisure equipment and textiles and apparel, and a services segment, composed of hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 (13.44)%. On a net asset value (“NAV”) basis, the Fund returned (13.39)%. During the same time period, the Index returned (13.07)%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the hotels, restaurants & leisure industry and the Fund’s overweight allocation to the household durables industry.

For the fiscal year ended April 30, 2022, the multiline retail industry contributed most significantly to the Fund’s return, followed by the distributors and automobiles industries, respectively. The hotels, restaurants & leisure industry detracted most significantly from the Fund’s return, followed by the household durables and textiles, apparel & luxury goods industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dollar Tree, Inc., a multiline retail company (portfolio average weight of 1.74%) and AutoZone, Inc., a specialty retail company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included Penn National Gaming, Inc., a hotels, restaurants & leisure company (portfolio average weight of 1.41%) and Etsy, Inc., an internet & direct marketing retail company (portfolio average weight of 1.59%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Hotels, Restaurants & Leisure			30.95
Specialty Retail			20.13
Household Durables			13.10
Textiles, Apparel & Luxury Goods			10.11
Multiline Retail			5.74
Distributors			5.31
Automobiles			4.93
Internet & Direct Marketing Retail			4.53
Auto Components			3.44
Leisure Products			1.74
Money Market Funds Plus Other Assets Less Liabilities			0.02

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Staples 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Consumer Staples Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the consumer staples sector, as defined according to the Global Industry Classification Standard (“GICS”). The consumer staples sector includes manufacturers and distributors of food, beverages and tobacco, producers of non-durable household goods and personal products, food and drug retailing companies as well as hypermarkets and consumer super centers.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 10.58%. On a net asset value (“NAV”) basis, the Fund returned 10.50%. During the same time period, the Index returned 10.98%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the

software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the food products and beverages industries, respectively.

For the fiscal year ended April 30, 2022, the foods products industry contributed most significantly to the Fund’s return, followed by the food & staples retailing and tobacco industries, respectively. The personal products industry was the only industry to detract from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Costco Wholesale Corp., a food & staples retailing company (portfolio average weight of 3.27%) and Kroger Co., a food & staples retailing company (portfolio average weight of 3.19%). Positions that detracted most significantly from the Fund’s return during this period included Clorox Co., a personal products company (portfolio average weight of 3.01%) and Walgreens Boots Alliance, Inc., a food & staples retailing company (portfolio average weight of 2.95%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Food Products			41.44
Beverages			19.18
Household Products			15.65
Food & Staples Retailing			14.42
Tobacco			6.37
Personal Products			2.86
Money Market Funds Plus Other Assets Less Liabilities			0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Lamb Weston Holdings, Inc.			3.77
Kimberly-Clark Corp.			3.38
Monster Beverage Corp.			3.35
Conagra Brands, Inc.			3.32
Constellation Brands, Inc., Class A			3.31
Kellogg Co.			3.27
Kraft Heinz Co. (The)			3.26
General Mills, Inc.			3.25
Philip Morris International, Inc.			3.22
Procter & Gamble Co. (The)			3.21
Total			33.34

 

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

Effective after the close of markets on March 18, 2022, Invesco S&P 500^® Equal Weight Energy ETF’s (the “Fund”) underlying index changed from S&P 500^® Equal Weight Energy Index (the “Previous Index”) to S&P 500^® Equal Weight Energy Plus Index (the “Index”). At the time, the Fund also changed its investment objective and principal investment strategy.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through March 18, 2022, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through March 18, 2022, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Energy Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the energy sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each rebalance. The energy sector includes companies engaged in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels, as well as companies that offer oil and gas equipment and services. All companies included in the Parent Index and the Index are domiciled in the United States and trade on U.S. exchanges. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest energy companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 65.68%. On a net asset value (“NAV”) basis, the Fund returned 65.91%. During the same time period, the Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark (a composite of the Previous Index through March 18, 2022, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned 66.93%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to the fees and expenses that

the Fund incurred during the period, the effect of which was compounded during a time period of high returns.

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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the oil, gas & consumable fuels industry.

For the fiscal year ended April 30, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during this period.

The position that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, was Devon Energy Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.94%) and Marathon Oil Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.90%). The only position that detracted from the Fund’s return during this period was NOV Inc., an energy equipment & services company (no longer held at fiscal year-end).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil, Gas & Consumable Fuels			87.83
Energy Equipment & Services			12.00
Money Market Funds Plus Other Assets Less Liabilities			0.17

Guggenheim S&P 500^® Equal Weight Energy ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

 

-	The Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark is comprised of the performance of the Previous Index from Fund Inception through the conversion date, March 18, 2022, followed by the performance of the Index starting from the conversion date through April 30, 2022.

As an index fund, the Invesco S&P 500^® Equal Weight Financials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Financials 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Financials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the financials sector, as defined according to the Global Industry Classification Standard (“GICS”). The financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance, as well as financial exchanges and data and mortgage real estate investment trusts.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 (2.08)%. On a net asset value (“NAV”) basis, the Fund returned (1.90)%. During the same time period, the Index returned (1.52)%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight the software

industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the capital markets industry.

For the fiscal year ended April 30, 2022, the insurance industry most significantly contributed to the Fund’s return, followed by the diversified financial services industry. The capital markets industry detracted most significantly from the Fund’s return during the period, followed by the banks and consumer finance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included W.R. Berkley Corp., an insurance company (portfolio average weight of 1.55%) and Chubb Ltd., an insurance company (portfolio average weight of 1.53%). Positions that detracted most significantly from the Fund’s return during this period included MarketAxess Holdings Inc., a capital markets company (portfolio average weight of 1.42%) and Invesco, Ltd., a capital markets company (portfolio average weight of 1.45%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Insurance			35.52
Capital Markets			30.84
Banks			25.48
Consumer Finance			6.52
Diversified Financial Services			1.56
Money Market Funds Plus Other Assets Less Liabilities			0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Arthur J. Gallagher & Co.			1.73
Marsh & McLennan Cos., Inc.			1.71
Discover Financial Services			1.70
Assurant, Inc.			1.69
W.R. Berkley Corp.			1.67
Synchrony Financial			1.66
Principal Financial Group, Inc.			1.66
Hartford Financial Services Group, Inc. (The)			1.65
American Express Co.			1.65
Moody’s Corp.			1.64
Total			16.76

 

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Financials ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

As an index fund, the Invesco S&P 500^® Equal Weight Health Care ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Health Care 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Health Care Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the health care sector, as defined according to the Global Industry Classification Standard (“GICS”). The health care sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, health care technology companies and companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 0.91%. On a net asset value (“NAV”) basis, the Fund returned 1.00%. During the same time period, the Index returned 1.42%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most

underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the health care providers & services and pharmaceuticals industries, respectively.

For the fiscal year ended April 30, 2022, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the pharmaceuticals and biotechnology industries, respectively. The health care equipment & supplies industry detracted most significantly from the Fund’s return, followed by the life sciences tools & services industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included McKesson Corp., a health care providers & services company (portfolio average weight of 1.63%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 1.61%). Positions that detracted most significantly from the Fund’s return during this period included Moderna, Inc., a biotechnology company (portfolio average weight of 1.07%) and Align Technology, Inc., a health care equipment & services company (portfolio average weight of 1.46%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Health Care Equipment & Supplies			28.19
Health Care Providers & Services			24.88
Life Sciences Tools & Services			17.96
Pharmaceuticals			14.42
Biotechnology			12.93
Health Care Technology			1.57
Money Market Funds Plus Other Assets Less Liabilities			0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.			1.81
Merck & Co., Inc.			1.78
Cardinal Health, Inc.			1.73
McKesson Corp.			1.73
Eli Lilly and Co.			1.72
Bristol-Myers Squibb Co.			1.71
Cigna Corp.			1.71
Anthem, Inc.			1.69
Johnson & Johnson			1.67
UnitedHealth Group, Inc.			1.65
Total			17.20

 

*	Excluding money market fund holdings.

Guggenheim S&P 500^® Equal Weight Health Care ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

As an index fund, the Invesco S&P 500^® Equal Weight Industrials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Industrials 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Industrials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the industrials sector, as defined according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of capital goods such as aerospace and defense, building products, electrical equipment and machinery, companies that offer construction and engineering services, providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services and providers of transportation services.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 (3.71)%. On a net asset value (“NAV”) basis, the Fund returned (3.70)%. During the same time period, the Index returned (3.32)%. 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 (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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the machinery industry.

For the fiscal year ended April 30, 2022, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the professional services and commercial services & supplies industries, respectively. The machinery industry detracted most significantly from the Fund’s return during this period, followed by the building products and industrial conglomerates industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Quanta Services, Inc., a construction & engineering company (portfolio average weight of 1.37%) and Republic Services Inc., a commercial services & supplies company (portfolio average weight of 1.41%). Positions that detracted most significantly from the Fund’s return during the period included Stanley Black & Decker, Inc., a machinery company (portfolio average weight of 1.31%) and Boeing Co., an aerospace & defense company (portfolio average weight of 1.32%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Machinery			23.14
Aerospace & Defense			13.72
Professional Services			9.26
Building Products			9.22
Airlines			9.00
Commercial Services & Supplies			7.38
Electrical Equipment			6.63
Road & Rail			6.50
Air Freight & Logistics			5.41
Trading Companies & Distributors			4.31
Industrial Conglomerates			4.07
Industry Types Each Less Than 3%			1.32
Money Market Funds Plus Other Assets Less Liabilities			0.04

Guggenheim S&P 500^® Equal Weight Industrials ETF (the “Predecessor Fund”) Inception: November 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. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. 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 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.

As an index fund, the Invesco S&P 500^® Equal Weight Materials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Materials 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 (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of all of the components of the S&P 500^® Materials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the materials sector, as defined according to the Global Industry Classification Standard (“GICS”). The materials sector includes companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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 10.11%. On a net asset value (“NAV”) basis, the Fund returned 10.18%. During the same time period, the Index returned 10.58%. 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 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 its performance comparison is a useful measure for investors as a broad representation of the U.S. equity 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 weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority

of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection within the chemicals and metals & mining industries.

For the fiscal year ended April 30, 2022, the chemicals industry contributed most significantly to the Fund’s return followed by the metals & mining industry. No industry detracted from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included CF Industries Holdings, Inc., a chemicals company (portfolio average weight of 3.95%) and Mosaic Co. (The), a chemicals company (portfolio average weight of 3.88%). Positions that detracted most significantly from the Fund’s return during the period included PPG Industries, Inc., a chemicals company (portfolio average weight of 3.54%) and Ecolab Inc., a chemicals company (portfolio average weight of 3.44%).

 

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Chemicals			57.59
Containers & Packaging			25.56
Metals & Mining			10.14
Construction Materials			6.65
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
Sherwin-Williams Co. (The)			4.04
Nucor Corp.			3.93
WestRock Co.			3.92
Avery Dennison Corp.			3.82
Linde PLC			3.81
Dow, Inc.			3.74
International Paper Co.			3.74
Amcor PLC			3.73
Packaging Corp. of America			3.69
Corteva, Inc.			3.69
Total			38.11

 

*	Excluding money market fund holdings.