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Invesco Annual Report to Shareholders
April 30, 2022
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RSP | Invesco S&P 500® Equal Weight ETF | |||
EWCO | Invesco S&P 500® Equal Weight Communication Services ETF | |||
RCD | Invesco S&P 500® Equal Weight Consumer Discretionary ETF | |||
RHS | Invesco S&P 500® Equal Weight Consumer Staples ETF | |||
RYE | Invesco S&P 500® Equal Weight Energy ETF | |||
RYF | Invesco S&P 500® Equal Weight Financials ETF | |||
RYH | Invesco S&P 500® Equal Weight Health Care ETF | |||
RGI | Invesco S&P 500® Equal Weight Industrials ETF | |||
RTM | Invesco S&P 500® Equal Weight Materials ETF | |||
EWRE | Invesco S&P 500® Equal Weight Real Estate ETF | |||
RYT | Invesco S&P 500® Equal Weight Technology ETF | |||
RYU | Invesco S&P 500® Equal Weight Utilities ETF | |||
EWMC | Invesco S&P MidCap 400® Equal Weight ETF | |||
EWSC | Invesco S&P SmallCap 600® Equal Weight 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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RSP | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight ETF (RSP) |
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 |
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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 |
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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. |
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Invesco S&P 500® Equal Weight ETF (RSP) (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 | ||||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Index | 1.08 | % | 13.08 | % | 44.58 | % | 12.24 | % | 78.10 | % | 13.29 | % | 248.21 | % | 11.85 | % | 741.11 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 10.45 | 561.97 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 0.88 | 12.89 | 43.88 | 12.04 | 76.56 | 12.95 | 237.97 | 11.38 | 676.51 | |||||||||||||||||||||||||||||||
Market Price Return | 0.86 | 12.87 | 43.79 | 12.04 | 76.59 | 12.95 | 237.96 | 11.38 | 676.35 |
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:
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Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund. |
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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. |
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EWCO | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) |
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 |
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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) |
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Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022 |
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Security | ||||
Twitter, Inc. | 6.97 | |||
Meta Platforms, Inc., Class A | 5.01 | |||
AT&T, Inc. | 4.97 | |||
Omnicom Group, Inc. | 4.67 | |||
T-Mobile US, Inc. | 4.64 | |||
Interpublic Group of Cos., Inc. (The) | 4.63 | |||
Live Nation Entertainment, Inc. | 4.53 | |||
Electronic Arts, Inc. | 4.52 | |||
DISH Network Corp., Class A | 4.45 | |||
Lumen Technologies, Inc. | 4.42 | |||
Total | 48.81 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
Fund Inception | ||||||||||||||||||||||
Index | 1 Year | Average Annualized |
Cumulative | |||||||||||||||||||||
S&P 500® Equal Weight Communication Services Plus Index | (20.60 | )% | 7.62 | % | 24.65 | % | 6.61 | % | 24.95 | % | ||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.64 | 56.05 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | (20.90 | ) | 7.19 | 23.16 | 6.19 | 23.26 | ||||||||||||||||||
Market Price Return | (20.98 | ) | 7.16 | 23.07 | 6.16 | 23.11 |
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7 |
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Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) (continued)
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. |
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8 |
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RCD | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) |
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 |
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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 |
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9 |
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Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022 |
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Security | ||||
Dollar General Corp. | 1.97 | |||
Norwegian Cruise Line Holdings Ltd. | 1.95 | |||
Ross Stores, Inc. | 1.94 | |||
Royal Caribbean Cruises Ltd. | 1.94 | |||
Bath & Body Works, Inc. | 1.93 | |||
LKQ Corp. | 1.92 | |||
Dollar Tree, Inc. | 1.88 | |||
Target Corp. | 1.88 | |||
McDonald’s Corp. | 1.87 | |||
Marriott International, Inc., Class A | 1.87 | |||
Total | 19.15 |
* |
Excluding money market fund holdings. |
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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Consumer Discretionary Index | (13.07 | )% | 7.46 | % | 24.11 | % | 8.25 | % | 48.65 | % | 10.66 | % | 175.36 | % | 8.79 | % | 269.10 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (13.39 | ) | 7.10 | 22.86 | 7.88 | 46.11 | 10.23 | 164.84 | 8.34 | 245.96 | ||||||||||||||||||||||||||||||
Market Price Return | (13.44 | ) | 7.06 | 22.72 | 7.84 | 45.83 | 10.24 | 165.12 | 8.33 | 245.64 |
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10 |
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Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) (continued)
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. |
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11 |
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RHS | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) |
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 |
||||
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* |
||||
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. |
|
12 |
|
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) (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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Consumer Staples Index | 10.98 | % | 11.85 | % | 39.92 | % | 9.57 | % | 57.90 | % | 12.93 | % | 237.27 | % | 11.47 | % | 438.04 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 10.50 | 11.41 | 38.30 | 9.13 | 54.76 | 12.43 | 222.81 | 10.93 | 399.08 | |||||||||||||||||||||||||||||||
Market Price Return | 10.58 | 11.40 | 38.26 | 9.11 | 54.64 | 12.44 | 222.96 | 10.93 | 399.19 |
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. |
|
13 |
|
RYE | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Energy ETF (RYE) |
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 |
||||
Oil, Gas & Consumable Fuels |
87.83 | |||
Energy Equipment & Services |
12.00 | |||
Money Market Funds Plus Other Assets Less Liabilities |
0.17 |
|
14 |
|
Invesco S&P 500® Equal Weight Energy ETF (RYE) (continued)
Top
Ten Fund Holdings* |
||||
Security |
||||
Valero Energy Corp. |
5.43 | |||
Coterra Energy, Inc. |
5.02 | |||
Marathon Petroleum Corp. |
4.96 | |||
Hess Corp. |
4.87 | |||
Marathon Oil Corp. |
4.80 | |||
Williams Cos., Inc. (The) |
4.80 | |||
Phillips 66 |
4.80 | |||
Targa Resources Corp. |
4.79 | |||
APA Corp. |
4.68 | |||
EOG Resources, Inc. |
4.51 | |||
Total |
48.66 |
* |
Excluding money market fund holdings. |
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 | |||||||||||||||||||||||||||||||||||||
Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark | 66.93 | % | 12.01 | % | 40.53 | % | 6.37 | % | 36.17 | % | 2.77 | % | 31.43 | % | 4.31 | % | 92.43 | % | ||||||||||||||||||||||
S&P 500® Equal Weight Energy Plus Index | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
S&P 500® Equal Weight Energy Index | 66.69 | 11.96 | 40.33 | 6.34 | 35.97 | 2.76 | 31.24 | 4.30 | 92.16 | |||||||||||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 65.91 | 11.58 | 38.92 | 5.98 | 33.71 | 2.41 | 26.84 | 3.85 | 79.56 | |||||||||||||||||||||||||||||||
Market Price Return | 65.68 | 11.57 | 38.88 | 5.99 | 33.76 | 2.43 | 27.12 | 3.85 | 79.53 |
|
15 |
|
Invesco S&P 500® Equal Weight Energy ETF (RYE) (continued)
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. |
|
16 |
|
RYF | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Financials ETF (RYF) |
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 |
||||
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* |
||||
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. |
|
17 |
|
Invesco S&P 500® Equal Weight Financials ETF (RYF) (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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Financials Index | (1.52 | )% | 12.37 | % | 41.88 | % | 11.56 | % | 72.83 | % | 14.08 | % | 273.31 | % | 6.13 | % | 151.32 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (1.90 | ) | 11.97 | 40.39 | 11.15 | 69.62 | 13.54 | 256.18 | 5.44 | 127.20 | ||||||||||||||||||||||||||||||
Market Price Return | (2.08 | ) | 11.93 | 40.24 | 11.16 | 69.70 | 13.54 | 256.12 | 5.43 | 126.96 |
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. |
|
18 |
|
RYH | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Health Care ETF (RYH) |
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 |
||||
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* |
||||
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. |
|
19 |
|
Invesco S&P 500® Equal Weight Health Care ETF (RYH) (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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Health Care Index | 1.42 | % | 14.43 | % | 49.82 | % | 12.50 | % | 80.21 | % | 15.47 | % | 321.39 | % | 13.14 | % | 577.37 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 1.00 | 13.98 | 48.07 | 12.06 | 76.74 | 14.97 | 303.48 | 12.49 | 519.51 | |||||||||||||||||||||||||||||||
Market Price Return | 0.91 | 13.97 | 48.03 | 12.06 | 76.67 | 14.95 | 302.97 | 12.49 | 519.47 |
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. |
|
20 |
|
RGI | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Industrials ETF (RGI) |
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 |
||||
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 |
|
21 |
|
Invesco S&P 500® Equal Weight Industrials ETF (RGI) (continued)
Top
Ten Fund Holdings* |
||||
Security |
||||
Nielsen Holdings PLC |
2.15 | |||
United Airlines Holdings, Inc. |
2.03 | |||
Delta Air Lines, Inc. |
1.89 | |||
American Airlines Group, Inc. |
1.88 | |||
Southwest Airlines Co. |
1.63 | |||
Verisk Analytics, Inc. |
1.57 | |||
Alaska Air Group, Inc. |
1.57 | |||
Jacobs Engineering Group, Inc. |
1.56 | |||
Waste Management, Inc. |
1.53 | |||
Cintas Corp. |
1.51 | |||
Total |
17.32 |
* |
Excluding money market fund holdings. |
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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Industrials Index | (3.32 | )% | 13.67 | % | 46.87 | % | 12.75 | % | 82.24 | % | 14.02 | % | 271.32 | % | 10.90 | % | 396.96 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (3.70 | ) | 13.26 | 45.30 | 12.32 | 78.74 | 13.54 | 255.97 | 10.38 | 362.20 | ||||||||||||||||||||||||||||||
Market Price Return | (3.71 | ) | 13.25 | 45.25 | 12.33 | 78.82 | 13.52 | 255.47 | 10.38 | 361.90 |
|
22 |
|
Invesco S&P 500® Equal Weight Industrials ETF (RGI) (continued)
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. |
|
23 |
|
RTM | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Materials ETF (RTM) |
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. |
|
24 |
|
Invesco S&P 500® Equal Weight Materials ETF (RTM) (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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Materials Index |
10.58 | % | 21.03 | % | 77.30 | % | 15.63 | % | 106.67 | % | 13.42 | % | 252.30 | % | 11.36 | % | 429.97 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return |
10.18 | 20.64 | 75.56 | 15.20 | 102.93 | 12.94 | 237.73 | 10.76 | 386.99 | |||||||||||||||||||||||||||||||
Market Price Return | 10.11 | 20.61 | 75.47 | 15.22 | 103.09 | 12.94 | 237.78 | 10.75 | 386.83 |
Guggenheim S&P 500® Equal Weight Materials 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. |
|
25 |
|
EWRE | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) |
As an index fund, the Invesco S&P 500® Equal Weight Real Estate ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Real Estate 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® Real Estate 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 real estate sector, as defined according to the Global Industry Classification Standard (“GICS”). The real estate sector includes companies operating in real estate development and operation, offering real estate related services and equity 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 13.37%. On a net asset value (“NAV”) basis, the Fund returned 13.20%. During the same time period, the Index returned 13.63%. 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 equity REITs 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 equity REITs industry. For the fiscal year ended April 30, 2022, the equity REITs industry contributed most significantly to the Fund’s return, followed by the real estate management & development 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 Iron Mountain, Inc., an equity REITs company (portfolio average weight of 3.41%) and Prologis, Inc, an equity REITs company (portfolio average weight of 3.54%). Positions that detracted most significantly from the Fund’s return during the period included Camden Property Trust, an equity REITs company (portfolio average weight of 0.22%) and Vornado Realty Trust, an equity REITs company (portfolio average weight of 3.31%).
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022 |
||||
Equity REITs | 96.79 | |||
Real Estate Management & Development | 3.17 | |||
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 | ||||
Host Hotels & Resorts, Inc. | 3.77 | |||
Prologis, Inc. | 3.62 | |||
SBA Communications Corp., Class A | 3.61 | |||
Digital Realty Trust, Inc. | 3.59 | |||
Kimco Realty Corp. | 3.57 | |||
Crown Castle International Corp. | 3.56 | |||
Iron Mountain, Inc. | 3.55 | |||
Realty Income Corp. | 3.54 | |||
Weyerhaeuser Co. | 3.47 | |||
Equinix, Inc. | 3.46 | |||
Total | 35.74 |
* |
Excluding money market fund holdings. |
|
26 |
|
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | ||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized |
Cumulative | |||||||||||||||||||||||||||||
S&P 500® Equal Weight Real Estate Index | 13.63 | % | 13.72 | % | 47.07 | % | 11.88 | % | 75.28 | % | 10.29 | % | 93.07 | % | ||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 12.85 | 125.12 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 13.20 | 13.37 | 45.71 | 11.49 | 72.29 | 9.92 | 88.75 | |||||||||||||||||||||||||
Market Price Return | 13.37 | 13.41 | 45.87 | 11.58 | 72.96 | 10.03 | 89.96 |
Guggenheim S&P 500® Equal Weight Real Estate ETF (the “Predecessor Fund”) Inception: August 13, 2015
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. |
|
27 |
|
RYT | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Technology ETF (RYT) |
As an index fund, the Invesco S&P 500® Equal Weight Technology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Information Technology 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® Information Technology 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 information technology sector, as defined according to the Global Industry Classification Standard (“GICS”). The information technology sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments and semiconductors.
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 (6.08)%. On a net asset value (“NAV”) basis, the Fund returned (6.10)%. During the same time period, the Index returned (5.73)%. 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 fees 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 IT services industry and most underweight in the interactive media & services 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 IT services industry. For the fiscal year ended April 30, 2022, the communications equipment industry was the only industry to contribute to the Fund’s return. The IT services industry detracted most significantly from the Fund’s return during this period, followed by the electronic equipment, instruments and components and software industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Arista Networks, Inc., a communications equipment company (portfolio average weight of 1.46%) and Gartner, Inc., an IT Services company (portfolio average weight of 1.41%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an IT services company (portfolio average weight of 1.22%) and IPG Photonics Corp., an electronic equipment, instruments & components company (portfolio average weight of 1.23%).
Industry
Breakdown |
||||
IT Services | 26.56 | |||
Semiconductors & Semiconductor Equipment | 23.88 | |||
Software | 23.64 | |||
Electronic Equipment, Instruments & Components | 11.71 | |||
Technology Hardware, Storage & Peripherals | 8.00 | |||
Communications Equipment | 6.24 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.03) | |||
Top
Ten Fund Holdings* |
||||
Security | ||||
EPAM Systems, Inc. | 1.78 | |||
Western Digital Corp. | 1.58 | |||
Mastercard, Inc., Class A | 1.51 | |||
Fidelity National Information Services, Inc. | 1.49 | |||
PTC, Inc. | 1.48 | |||
FleetCor Technologies, Inc. | 1.46 | |||
Roper Technologies, Inc. | 1.46 | |||
Visa, Inc., Class A | 1.46 | |||
Global Payments, Inc. | 1.45 | |||
International Business Machines Corp. | 1.44 | |||
Total | 15.11 |
* |
Excluding money market fund holdings. |
|
28 |
|
Invesco S&P 500® Equal Weight Technology ETF (RYT) (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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Information Technology Index | (5.73 | )% | 14.40 | % | 49.72 | % | 17.73 | % | 126.14 | % | 18.18 | % | 431.53 | % | 12.94 | % | 558.86 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (6.10 | ) | 13.95 | 47.94 | 17.25 | 121.59 | 17.67 | 408.96 | 12.41 | 512.47 | ||||||||||||||||||||||||||||||
Market Price Return | (6.08 | ) | 13.95 | 47.96 | 17.24 | 121.48 | 17.67 | 408.86 | 12.41 | 512.42 |
Guggenheim S&P 500® Equal Weight Technology 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. |
|
29 |
|
RYU | Management’s Discussion of Fund Performance | |
Invesco S&P 500® Equal Weight Utilities ETF (RYU) |
As an index fund, the Invesco S&P 500® Equal Weight Utilities ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Utilities 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® Utilities 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 utilities sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count. The utilities sector includes utility companies such as electric, gas and water utilities, independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. 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 utilities 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 11.15%. On a net asset value (“NAV”) basis, the Fund returned 10.90%. During the same time period, the Index returned 11.39%. 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 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 electric utilities 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 to and security selection in the electric utilities industry.
For the fiscal year ended April 30, 2022, the electric utilities industry contributed most significantly to the Fund’s return, followed by the multi-utilities and gas utilities industries, respectively. The independent power and renewable electricity producers 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 Exelon Corp., an electric utilities company (portfolio average weight of 3.54%) and CenterPoint Energy, Inc., a multi-utilities company (portfolio average weight of 3.59%). Positions that detracted most significantly from the Fund’s return during this period included AES Corp. (The), an independent power and renewable electricity producers company (portfolio average weight of 3.41%) and Pinnacle West Capital Corp., an electric utilities company (portfolio average weight of 3.47%).
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022 |
||||
Electric Utilities | 55.30 | |||
Multi-Utilities | 34.74 | |||
Water Utilities | 3.39 | |||
Gas Utilities | 3.33 | |||
Independent Power and Renewable Electricity Producers | 3.08 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.16 |
|
30 |
|
Invesco S&P 500® Equal Weight Utilities ETF (RYU) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022 |
||||
Security | ||||
Constellation Energy Corp. | 4.01 | |||
Entergy Corp. | 3.65 | |||
PPL Corp. | 3.60 | |||
CenterPoint Energy, Inc. | 3.60 | |||
Exelon Corp. | 3.58 | |||
Southern Co. (The) | 3.57 | |||
WEC Energy Group, Inc. | 3.56 | |||
Edison International | 3.55 | |||
Ameren Corp. | 3.55 | |||
Public Service Enterprise Group, Inc. | 3.54 | |||
Total | 36.21 |
* |
Excluding money market fund holdings. |
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 | |||||||||||||||||||||||||||||||||||||
S&P 500® Equal Weight Utilities Plus Index | 11.39 | % | 9.79 | % | 32.33 | % | 10.19 | % | 62.42 | % | 11.78 | % | 204.45 | % | 9.06 | % | 283.69 | % | ||||||||||||||||||||||
S&P 500® Index | 0.21 | 13.85 | 47.56 | 13.66 | 89.68 | 13.67 | 260.05 | 9.60 | 314.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 10.90 | 9.39 | 30.91 | 9.77 | 59.40 | 11.32 | 192.11 | 8.56 | 257.11 | |||||||||||||||||||||||||||||||
Market Price Return | 11.15 | 9.40 | 30.95 | 9.75 | 59.23 | 11.32 | 192.33 | 8.56 | 257.04 |
|
31 |
|
Invesco S&P 500® Equal Weight Utilities ETF (RYU) (continued)
Guggenheim S&P 500® Equal Weight Utilities 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. |
|
32 |
|
EWMC | Management’s Discussion of Fund Performance | |
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) |
As an index fund, the Invesco S&P MidCap 400® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® 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 MidCap 400® Index (the “Parent Index”), a broad-based index of approximately 400 securities that measures the mid-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).
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 (6.81)%. On a net asset value (“NAV”) basis, the Fund returned (6.72)%. During the same time period, the Index returned (6.37)%. 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 S&P MidCap 400® Index (the “Benchmark Index”) returned (7.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 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. midcap 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 financials sector and most underweight in the industrials 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 security selection in the consumer discretionary and industrials sectors, respectively.
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 materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the information technology and health care 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 of 0.33%) and Murphy Oil Corp., an energy company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Cerence, Inc., an information technology company (no longer held at fiscal year-end) and Boston Beer Co., Inc. (The), Class A, a consumer staples company (portfolio average weight of 0.22%).
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022 |
||||
Industrials | 16.86 | |||
Consumer Discretionary | 15.80 | |||
Financials | 14.60 | |||
Information Technology | 13.92 | |||
Health Care | 9.27 | |||
Real Estate | 8.54 | |||
Materials | 6.81 | |||
Consumer Staples | 4.83 | |||
Utilities | 3.62 | |||
Energy | 3.47 | |||
Communication Services | 2.21 | |||
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 | ||||
EQT Corp. | 0.38 | |||
SailPoint Technologies Holding, Inc. | 0.37 | |||
GameStop Corp., Class A | 0.35 | |||
Murphy USA, Inc. | 0.34 | |||
Alleghany Corp. | 0.34 | |||
Avis Budget Group, Inc. | 0.33 | |||
Chemours Co. (The) | 0.32 | |||
FirstCash Holdings, Inc. | 0.32 | |||
Pilgrim’s Pride Corp. | 0.32 | |||
Ollie’s Bargain Outlet Holdings, Inc. | 0.31 | |||
Total | 3.38 |
* |
Excluding money market fund holdings. |
|
33 |
|
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) (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® Equal Weight Index | (6.37 | )% | 10.79 | % | 36.00 | % | 9.36 | % | 56.39 | % | 11.58 | % | 199.05 | % | 11.47 | % | 245.30 | % | ||||||||||||||||||||||
S&P MidCap 400® Index | (7.03 | ) | 9.91 | 32.78 | 9.29 | 55.94 | 11.40 | 194.47 | 11.20 | 235.65 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (6.72 | ) | 10.40 | 34.57 | 8.96 | 53.60 | 11.12 | 187.01 | 11.03 | 229.75 | ||||||||||||||||||||||||||||||
Market Price Return | (6.81 | ) | 10.36 | 34.43 | 8.93 | 53.40 | 11.13 | 187.40 | 11.02 | 229.45 |
Guggenheim S&P MidCap 400® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010
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:
- |
The Blended—S&P MidCap 400® Equal Weight Index performance is comprised of the performance of the Russell MidCap Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2022. |
- |
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. |
|
34 |
|
EWSC | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) |
As an index fund, the Invesco S&P SmallCap 600® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® 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 SmallCap 600® Index (the Parent Index”), a broad-based index of approximately 600 securities that measures the small-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).
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 (8.54)%. On a net asset value (“NAV”) basis, the Fund returned (8.27)%. During the same time period, the Index returned (7.97)%. 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 (the “Benchmark Index”) returned (8.54)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 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. small 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 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 health care 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 security selection in the materials and industrials sectors, respectively.
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 consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the health care and financials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included CONSOL Energy, Inc., an energy company (portfolio average weight of 0.20%) and Lantheus Holdings, Inc., a health care company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return during this period included Tabula Rasa Healthcare, Inc., a health care company (no longer held at fiscal year-end) and SelectQuote, Inc., a financials company (portfolio average weight of 0.12%).
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022 |
||||
Financials | 17.45 | |||
Industrials | 14.55 | |||
Consumer Discretionary | 14.48 | |||
Health Care | 13.51 | |||
Information Technology | 11.17 | |||
Real Estate | 8.05 | |||
Materials | 6.22 | |||
Consumer Staples | 5.53 | |||
Energy | 4.95 | |||
Sector Types Each Less Than 3% | 4.04 | |||
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 | ||||
Plantronics, Inc. | 0.27 | |||
CONSOL Energy, Inc. | 0.25 | |||
CoreCivic, Inc. | 0.25 | |||
Southwestern Energy Co. | 0.24 | |||
Natus Medical, Inc. | 0.24 | |||
Sylvamo Corp. | 0.23 | |||
Chico’s FAS, Inc. | 0.23 | |||
Guess?, Inc. | 0.23 | |||
Cutera, Inc. | 0.23 | |||
Chefs’ Warehouse, Inc. (The) | 0.23 | |||
Total | 2.40 |
* |
Excluding money market fund holdings. |
|
35 |
|
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) (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 SmallCap 600® Equal Weight Index | (7.97 | )% | 11.59 | % | 38.97 | % | 9.80 | % | 59.59 | % | 10.41 | % | 169.14 | % | 9.80 | % | 190.51 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (8.54 | ) | 9.15 | 30.06 | 8.91 | 53.22 | 11.79 | 204.75 | 11.68 | 252.60 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (8.27 | ) | 11.21 | 37.55 | 9.43 | 56.93 | 9.99 | 159.02 | 9.35 | 177.26 | ||||||||||||||||||||||||||||||
Market Price Return | (8.54 | ) | 11.24 | 37.65 | 9.29 | 55.93 | 9.97 | 158.65 | 9.32 | 176.51 |
Guggenheim S&P SmallCap 600® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010
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:
- |
The Blended—S&P SmallCap 600® Equal Weight Index performance is comprised of the performance of the Russell 2000® Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2022. |
- |
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. |
|
36 |
|
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. |
37 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)
April 30, 2022
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.89% |
| |||||||
Communication Services-4.28% |
| |||||||
Activision Blizzard, Inc. |
808,627 | $ | 61,132,201 | |||||
Alphabet, Inc., Class A(b) |
12,635 | 28,835,471 | ||||||
Alphabet, Inc., Class C(b) |
11,743 | 27,001,032 | ||||||
AT&T, Inc. |
3,616,418 | 68,205,644 | ||||||
Charter Communications, Inc., Class A(b)(c) |
115,972 | 49,692,842 | ||||||
Comcast Corp., Class A |
1,442,486 | 57,353,243 | ||||||
DISH Network Corp., |
2,161,144 | 61,614,215 | ||||||
Electronic Arts, Inc. |
530,735 | 62,653,267 | ||||||
Fox Corp., Class A |
1,160,888 | 41,606,226 | ||||||
Fox Corp., Class B |
532,744 | 17,708,411 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,931,765 | 63,014,174 | ||||||
Live Nation Entertainment, |
598,089 | 62,727,574 | ||||||
Lumen Technologies, Inc.(c) |
6,029,363 | 60,655,392 | ||||||
Match Group, Inc.(b)(c) |
734,392 | 58,127,127 | ||||||
Meta Platforms, Inc., Class A(b) |
346,221 | 69,406,924 | ||||||
Netflix, Inc.(b) |
190,944 | 36,348,100 | ||||||
News Corp., Class A |
2,353,152 | 46,733,599 | ||||||
News Corp., Class B |
729,013 | 14,514,649 | ||||||
Omnicom Group, Inc. |
852,257 | 64,882,325 | ||||||
Paramount Global, Class B(c) |
1,990,786 | 57,971,688 | ||||||
Take-Two
Interactive Software, |
422,933 | 50,544,723 | ||||||
T-Mobile US, Inc.(b) |
521,386 | 64,203,472 | ||||||
Twitter, Inc.(b)(c) |
1,967,883 | 96,465,625 | ||||||
Verizon Communications, Inc. |
1,224,364 | 56,688,053 | ||||||
Walt Disney Co. (The)(b) |
492,633 | 54,992,622 | ||||||
Warner Bros Discovery, Inc.(b) |
2,705,833 | 49,110,877 | ||||||
|
|
|||||||
1,382,189,476 | ||||||||
|
|
|||||||
Consumer Discretionary-11.78% |
| |||||||
Advance Auto Parts, Inc. |
318,410 | 63,564,188 | ||||||
Amazon.com, Inc.(b) |
22,303 | 55,437,006 | ||||||
Aptiv PLC(b) |
611,786 | 65,094,030 | ||||||
AutoZone, Inc.(b) |
35,011 | 68,462,960 | ||||||
Bath & Body Works, Inc.(c) |
1,387,085 | 73,362,926 | ||||||
Best Buy Co., Inc. |
686,364 | 61,724,715 | ||||||
Booking Holdings, Inc.(b) |
31,833 | 70,360,798 | ||||||
BorgWarner, Inc.(c) |
1,788,102 | 65,855,797 | ||||||
Caesars Entertainment, Inc.(b)(c) |
868,202 | 57,544,429 | ||||||
CarMax, Inc.(b)(c) |
654,601 | 56,151,674 | ||||||
Carnival Corp.(b)(c) |
3,710,712 | 64,195,318 | ||||||
Chipotle Mexican Grill, Inc.(b) |
44,009 | 64,059,940 | ||||||
D.R. Horton, Inc. |
802,268 | 55,829,830 | ||||||
Darden Restaurants, Inc. |
503,402 | 66,313,145 | ||||||
Dollar General Corp. |
315,731 | 74,995,584 | ||||||
Dollar Tree, Inc.(b) |
442,404 | 71,868,530 | ||||||
Domino’s Pizza, Inc.(c) |
168,218 | 56,857,684 | ||||||
eBay, Inc. |
1,297,098 | 67,345,328 | ||||||
Etsy, Inc.(b)(c) |
535,426 | 49,896,349 | ||||||
Expedia Group, Inc.(b)(c) |
362,461 | 63,340,060 | ||||||
Ford Motor Co. |
4,048,537 | 57,327,284 | ||||||
Garmin Ltd. |
591,418 | 64,902,211 | ||||||
General Motors Co.(b) |
1,564,172 | 59,297,761 | ||||||
Genuine Parts Co.(c) |
533,469 | 69,377,643 | ||||||
Hasbro, Inc. |
750,857 | 66,120,467 | ||||||
Hilton Worldwide Holdings, |
458,090 | 71,136,796 | ||||||
Home Depot, Inc. (The) |
204,825 | 61,529,430 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Las Vegas Sands Corp.(b)(c) |
1,782,816 | $ | 63,165,171 | |||||
Lennar Corp., Class A |
750,008 | 57,368,112 | ||||||
LKQ Corp. |
1,474,020 | 73,155,613 | ||||||
Lowe’s Cos., Inc. |
292,082 | 57,753,374 | ||||||
Marriott International, Inc., Class A(b) |
401,590 | 71,290,257 | ||||||
McDonald’s Corp. |
286,203 | 71,310,339 | ||||||
MGM Resorts International |
1,619,030 | 66,444,991 | ||||||
Mohawk Industries, Inc.(b) |
495,467 | 69,890,575 | ||||||
Newell Brands, Inc.(c) |
3,008,965 | 69,657,540 | ||||||
NIKE, Inc., Class B |
529,463 | 66,024,036 | ||||||
Norwegian Cruise Line Holdings |
3,712,595 | 74,363,278 | ||||||
NVR, Inc.(b) |
13,356 | 58,448,661 | ||||||
O’Reilly Automotive, Inc.(b) |
96,012 | 58,236,079 | ||||||
Penn National Gaming, Inc.(b)(c) |
1,521,617 | 55,645,534 | ||||||
Pool Corp. |
147,017 | 59,574,229 | ||||||
PulteGroup, Inc. |
1,399,864 | 58,458,321 | ||||||
PVH Corp. |
895,500 | 65,174,490 | ||||||
Ralph Lauren Corp.(c) |
604,042 | 63,025,742 | ||||||
Ross Stores, Inc. |
740,045 | 73,834,290 | ||||||
Royal Caribbean Cruises |
948,820 | 73,751,779 | ||||||
Starbucks Corp. |
785,010 | 58,593,146 | ||||||
Tapestry, Inc. |
1,890,307 | 62,228,906 | ||||||
Target Corp. |
313,609 | 71,706,698 | ||||||
Tesla, Inc.(b) |
81,769 | 71,201,174 | ||||||
TJX Cos., Inc. (The) |
1,056,984 | 64,771,979 | ||||||
Tractor Supply Co. |
286,636 | 57,742,822 | ||||||
Ulta Beauty, Inc.(b) |
176,197 | 69,914,970 | ||||||
Under Armour, Inc., Class A(b) |
2,072,823 | 31,838,561 | ||||||
Under Armour, Inc., Class C(b)(c) |
2,362,988 | 33,530,800 | ||||||
VF Corp.(c) |
1,213,576 | 63,105,952 | ||||||
Whirlpool Corp.(c) |
350,262 | 63,579,558 | ||||||
Wynn Resorts Ltd.(b) |
897,925 | 63,285,754 | ||||||
Yum! Brands, Inc. |
558,304 | 65,327,151 | ||||||
|
|
|||||||
3,805,351,765 | ||||||||
|
|
|||||||
Consumer Staples-7.02% |
||||||||
Altria Group, Inc. |
1,286,527 | 71,492,305 | ||||||
Archer-Daniels-Midland Co. |
777,191 | 69,605,226 | ||||||
Brown-Forman Corp., Class B |
1,027,020 | 69,262,229 | ||||||
Campbell Soup Co.(c) |
1,539,741 | 72,706,570 | ||||||
Church & Dwight Co., Inc. |
682,407 | 66,575,627 | ||||||
Clorox Co. (The) |
499,007 | 71,592,534 | ||||||
Coca-Cola Co. (The) |
1,121,079 | 72,432,914 | ||||||
Colgate-Palmolive Co. |
880,188 | 67,818,485 | ||||||
Conagra Brands, Inc. |
2,157,151 | 75,349,285 | ||||||
Constellation Brands, Inc., Class A |
305,766 | 75,245,955 | ||||||
Costco Wholesale Corp. |
123,294 | 65,557,886 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
245,663 | 64,869,772 | ||||||
General Mills, Inc. |
1,043,017 | 73,772,592 | ||||||
Hershey Co. (The) |
317,210 | 71,616,502 | ||||||
Hormel Foods Corp.(c) |
1,286,527 | 67,401,150 | ||||||
JM Smucker Co. (The) |
504,014 | 69,014,637 | ||||||
Kellogg Co. |
1,085,218 | 74,337,433 | ||||||
Kimberly-Clark Corp. |
552,419 | 76,692,330 | ||||||
Kraft Heinz Co. (The) |
1,737,976 | 74,089,917 | ||||||
Kroger Co. (The) |
1,162,071 | 62,705,351 | ||||||
Lamb Weston Holdings, Inc. |
1,282,484 | 84,772,192 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
April 30, 2022
Shares | Value | |||||||
Consumer Staples-(continued) |
||||||||
McCormick & Co., Inc. |
672,919 | $ | 67,675,464 | |||||
Molson Coors Beverage Co., Class B(c) |
1,277,621 | 69,170,401 | ||||||
Mondelez International, Inc., Class A |
1,098,340 | 70,820,963 | ||||||
Monster Beverage Corp.(b) |
886,638 | 75,967,144 | ||||||
PepsiCo, Inc. |
422,286 | 72,510,729 | ||||||
Philip Morris International, Inc. |
730,543 | 73,054,300 | ||||||
Procter & Gamble Co. (The) |
453,548 | 72,817,131 | ||||||
Sysco Corp. |
834,417 | 71,325,965 | ||||||
Tyson Foods, Inc., Class A |
741,038 | 69,035,100 | ||||||
Walgreens Boots Alliance, Inc. |
1,368,591 | 58,028,258 | ||||||
Walmart, Inc. |
457,142 | 69,938,155 | ||||||
|
|
|||||||
2,267,254,502 | ||||||||
|
|
|||||||
Energy-4.28% |
||||||||
APA Corp. |
1,663,778 | 68,098,434 | ||||||
Baker Hughes Co., Class A |
1,725,605 | 53,528,267 | ||||||
Chevron Corp. |
379,979 | 59,531,310 | ||||||
ConocoPhillips |
660,248 | 63,066,889 | ||||||
Coterra Energy, Inc. |
2,534,639 | 72,972,257 | ||||||
Devon Energy Corp. |
1,107,788 | 64,440,028 | ||||||
Diamondback Energy, Inc. |
501,230 | 63,270,263 | ||||||
EOG Resources, Inc. |
562,181 | 65,640,254 | ||||||
Exxon Mobil Corp. |
765,079 | 65,222,985 | ||||||
Halliburton Co. |
1,736,054 | 61,838,243 | ||||||
Hess Corp.(c) |
686,409 | 70,748,176 | ||||||
Kinder Morgan, Inc. |
3,587,813 | 65,118,806 | ||||||
Marathon Oil Corp. |
2,802,881 | 69,847,794 | ||||||
Marathon Petroleum Corp. |
828,132 | 72,262,798 | ||||||
Occidental Petroleum Corp. |
1,121,365 | 61,775,998 | ||||||
ONEOK, Inc. |
983,242 | 62,268,716 | ||||||
Phillips 66 |
804,116 | 69,765,104 | ||||||
Pioneer Natural Resources |
279,972 | 65,085,091 | ||||||
Schlumberger N.V.(c) |
1,514,575 | 59,083,571 | ||||||
Valero Energy Corp. |
708,359 | 78,967,861 | ||||||
Williams Cos., Inc. (The)(c) |
2,036,119 | 69,818,520 | ||||||
|
|
|||||||
1,382,351,365 | ||||||||
|
|
|||||||
Financials-12.68% |
||||||||
Aflac, Inc. |
1,082,791 | 62,022,268 | ||||||
Allstate Corp. (The) |
526,776 | 66,658,235 | ||||||
American Express Co. |
386,919 | 67,598,618 | ||||||
American International Group, Inc. |
1,139,253 | 66,657,693 | ||||||
Ameriprise Financial, Inc. |
238,899 | 63,425,296 | ||||||
Aon PLC, Class A |
216,125 | 62,241,839 | ||||||
Arthur J. Gallagher & Co. |
422,582 | 71,200,841 | ||||||
Assurant, Inc. |
382,847 | 69,632,212 | ||||||
Bank of America Corp. |
1,609,903 | 57,441,339 | ||||||
Bank of New York Mellon Corp. (The) |
1,288,701 | 54,202,764 | ||||||
Berkshire Hathaway, Inc., Class B(b) |
195,291 | 63,045,794 | ||||||
BlackRock, Inc. |
94,376 | 58,954,800 | ||||||
Brown & Brown, Inc. |
1,035,400 | 64,174,092 | ||||||
Capital One Financial Corp.(c) |
499,270 | 62,219,027 | ||||||
Cboe Global Markets, Inc. |
569,627 | 64,356,458 | ||||||
Charles Schwab Corp. (The) |
809,318 | 53,682,063 | ||||||
Chubb Ltd. |
322,326 | 66,544,203 | ||||||
Cincinnati Financial Corp. |
533,645 | 65,456,896 | ||||||
Citigroup, Inc. |
1,176,350 | 56,711,833 | ||||||
Citizens Financial Group, Inc. |
1,385,083 | 54,572,270 | ||||||
CME Group, Inc., Class A |
287,332 | 63,023,401 | ||||||
Comerica, Inc. |
737,740 | 60,420,906 | ||||||
Discover Financial Services |
611,978 | 68,823,046 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Everest Re Group Ltd. |
239,295 | $ | 65,736,729 | |||||
FactSet Research Systems, Inc. |
157,346 | 63,487,538 | ||||||
Fifth Third Bancorp |
1,475,660 | 55,381,520 | ||||||
First Republic Bank |
404,629 | 60,378,739 | ||||||
Franklin Resources, Inc.(c) |
2,382,272 | 58,580,068 | ||||||
Globe Life, Inc. |
670,673 | 65,779,608 | ||||||
Goldman Sachs Group, Inc. (The) |
199,214 | 60,857,885 | ||||||
Hartford Financial Services Group, Inc. (The) |
969,817 | 67,819,303 | ||||||
Huntington Bancshares, Inc. |
4,411,323 | 58,008,897 | ||||||
Intercontinental Exchange, Inc. |
513,676 | 59,488,818 | ||||||
Invesco Ltd.(d) |
3,240,408 | 59,558,699 | ||||||
JPMorgan Chase & Co. |
503,822 | 60,136,194 | ||||||
KeyCorp |
2,833,051 | 54,706,215 | ||||||
Lincoln National Corp. |
1,051,728 | 63,261,439 | ||||||
Loews Corp. |
1,067,519 | 67,082,894 | ||||||
M&T Bank Corp. |
376,998 | 62,822,947 | ||||||
MarketAxess Holdings, Inc. |
188,862 | 49,785,912 | ||||||
Marsh & McLennan Cos., Inc. |
434,186 | 70,207,876 | ||||||
MetLife, Inc. |
1,011,411 | 66,429,474 | ||||||
Moody’s Corp. |
213,400 | 67,536,832 | ||||||
Morgan Stanley |
763,077 | 61,496,375 | ||||||
MSCI, Inc. |
141,962 | 59,801,492 | ||||||
Nasdaq, Inc. |
393,881 | 61,985,053 | ||||||
Northern Trust Corp. |
618,034 | 63,688,404 | ||||||
PNC Financial Services Group, Inc. (The) |
356,383 | 59,195,216 | ||||||
Principal Financial Group, Inc.(c) |
998,315 | 68,025,184 | ||||||
Progressive Corp. (The) |
615,656 | 66,096,828 | ||||||
Prudential Financial, Inc. |
612,351 | 66,446,207 | ||||||
Raymond James Financial, Inc. |
675,592 | 65,843,196 | ||||||
Regions Financial Corp. |
2,963,673 | 61,407,305 | ||||||
S&P Global, Inc.(c) |
171,119 | 64,426,346 | ||||||
Signature Bank |
224,392 | 54,358,962 | ||||||
State Street Corp. |
781,914 | 52,364,781 | ||||||
SVB Financial Group(b) |
122,573 | 59,771,498 | ||||||
Synchrony Financial |
1,853,422 | 68,224,464 | ||||||
T. Rowe Price Group, Inc.(c) |
476,442 | 58,621,424 | ||||||
Travelers Cos., Inc. (The) |
373,870 | 63,954,202 | ||||||
Truist Financial Corp. |
1,136,519 | 54,950,694 | ||||||
U.S. Bancorp |
1,233,219 | 59,885,115 | ||||||
W.R. Berkley Corp. |
1,032,225 | 68,632,640 | ||||||
Wells Fargo & Co. |
1,339,677 | 58,450,108 | ||||||
Willis Towers Watson PLC |
294,001 | 63,169,055 | ||||||
Zions Bancorporation N.A. |
1,011,257 | 57,146,133 | ||||||
|
|
|||||||
4,098,054,163 | ||||||||
|
|
|||||||
Health Care-12.80% |
||||||||
Abbott Laboratories |
569,529 | 64,641,542 | ||||||
AbbVie, Inc. |
436,695 | 64,141,762 | ||||||
ABIOMED, Inc.(b)(c) |
226,278 | 64,846,749 | ||||||
Agilent Technologies, Inc. |
498,445 | 59,449,535 | ||||||
Align Technology, Inc.(b) |
161,893 | 46,934,400 | ||||||
AmerisourceBergen Corp. |
449,586 | 68,017,866 | ||||||
Amgen, Inc. |
283,777 | 66,173,959 | ||||||
Anthem, Inc. |
137,068 | 68,798,541 | ||||||
Baxter International, Inc.(c) |
845,184 | 60,058,775 | ||||||
Becton, Dickinson and Co. |
261,385 | 64,611,758 | ||||||
Biogen, Inc.(b) |
328,517 | 68,147,566 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) |
122,732 | 62,846,148 | ||||||
Bio-Techne Corp. |
161,826 | 61,443,714 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Boston Scientific Corp.(b) |
1,557,217 | $ | 65,574,408 | |||||
Bristol-Myers Squibb Co. |
943,843 | 71,043,063 | ||||||
Cardinal Health, Inc. |
1,235,058 | 71,695,117 | ||||||
Catalent, Inc.(b) |
675,661 | 61,187,860 | ||||||
Centene Corp.(b) |
779,011 | 62,749,336 | ||||||
Cerner Corp. |
695,534 | 65,129,804 | ||||||
Charles River Laboratories International, Inc.(b) |
250,013 | 60,380,640 | ||||||
Cigna Corp. |
286,215 | 70,632,138 | ||||||
Cooper Cos., Inc. (The) |
170,996 | 61,736,396 | ||||||
CVS Health Corp. |
628,617 | 60,428,952 | ||||||
Danaher Corp. |
247,231 | 62,087,121 | ||||||
DaVita, Inc.(b) |
590,523 | 63,994,978 | ||||||
DENTSPLY SIRONA, Inc. |
1,331,605 | 53,250,884 | ||||||
DexCom, Inc.(b) |
166,578 | 68,060,439 | ||||||
Edwards Lifesciences Corp.(b) |
627,875 | 66,416,617 | ||||||
Eli Lilly and Co. |
244,293 | 71,365,314 | ||||||
Gilead Sciences, Inc. |
1,119,565 | 66,434,987 | ||||||
HCA Healthcare, Inc. |
238,219 | 51,109,886 | ||||||
Henry Schein, Inc.(b) |
771,545 | 62,572,300 | ||||||
Hologic, Inc.(b) |
935,301 | 67,332,319 | ||||||
Humana, Inc. |
152,412 | 67,756,279 | ||||||
IDEXX Laboratories, Inc.(b) |
130,398 | 56,133,731 | ||||||
Illumina, Inc.(b) |
213,812 | 63,427,330 | ||||||
Incyte Corp.(b) |
878,206 | 65,830,322 | ||||||
Intuitive Surgical, Inc.(b) |
237,343 | 56,796,180 | ||||||
IQVIA Holdings, Inc.(b) |
304,056 | 66,281,167 | ||||||
Johnson & Johnson |
383,208 | 69,153,716 | ||||||
Laboratory Corp. of America Holdings(b) |
244,521 | 58,753,506 | ||||||
McKesson Corp. |
231,587 | 71,701,651 | ||||||
Medtronic PLC |
625,684 | 65,296,382 | ||||||
Merck & Co., Inc. |
829,822 | 73,596,913 | ||||||
Mettler-Toledo International, |
49,407 | 63,118,925 | ||||||
Moderna, Inc.(b) |
469,652 | 63,125,925 | ||||||
Molina Healthcare, Inc.(b) |
207,158 | 64,933,675 | ||||||
Organon & Co.(c) |
1,812,501 | 58,598,157 | ||||||
PerkinElmer, Inc. |
389,626 | 57,123,068 | ||||||
Pfizer, Inc. |
1,291,791 | 63,388,184 | ||||||
Quest Diagnostics, Inc. |
476,408 | 63,762,447 | ||||||
Regeneron Pharmaceuticals, Inc.(b) |
99,200 | 65,383,712 | ||||||
ResMed, Inc. |
272,537 | 54,499,224 | ||||||
STERIS PLC(c) |
297,046 | 66,553,156 | ||||||
Stryker Corp. |
262,104 | 63,235,211 | ||||||
Teleflex, Inc. |
193,352 | 55,225,198 | ||||||
Thermo Fisher Scientific, Inc. |
122,750 | 67,870,930 | ||||||
UnitedHealth Group, Inc. |
134,420 | 68,359,291 | ||||||
Universal Health Services, Inc., Class B(c) |
431,478 | 52,868,999 | ||||||
Vertex Pharmaceuticals, Inc.(b) |
275,225 | 75,196,974 | ||||||
Viatris, Inc. |
6,480,842 | 66,947,098 | ||||||
Waters Corp.(b) |
207,249 | 62,800,592 | ||||||
West Pharmaceutical Services, Inc. |
178,715 | 56,305,948 | ||||||
Zimmer Biomet Holdings, Inc. |
546,544 | 65,995,188 | ||||||
Zoetis, Inc. |
350,465 | 62,119,921 | ||||||
|
|
|||||||
4,135,433,874 | ||||||||
|
|
|||||||
Industrials-14.28% |
||||||||
3M Co. |
460,668 | 66,437,539 | ||||||
A.O. Smith Corp. |
988,047 | 57,731,586 | ||||||
Alaska Air Group, Inc.(b)(c) |
1,330,269 | 72,353,331 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Allegion PLC |
583,560 | $ | 66,665,894 | |||||
American Airlines Group, Inc.(b)(c) |
4,631,560 | 86,934,381 | ||||||
AMETEK, Inc. |
511,590 | 64,593,353 | ||||||
Boeing Co. (The)(b) |
368,563 | 54,856,917 | ||||||
C.H. Robinson Worldwide, Inc.(c) |
635,151 | 67,421,279 | ||||||
Carrier Global Corp. |
1,502,675 | 57,507,372 | ||||||
Caterpillar, Inc. |
302,365 | 63,659,927 | ||||||
Cintas Corp |
175,828 | 69,849,431 | ||||||
Copart, Inc.(b) |
562,286 | 63,903,804 | ||||||
CSX Corp. |
1,871,709 | 64,274,487 | ||||||
Cummins, Inc. |
326,660 | 61,800,805 | ||||||
Deere & Co. |
167,015 | 63,056,513 | ||||||
Delta Air Lines, Inc.(b) |
2,024,648 | 87,120,603 | ||||||
Dover Corp. |
428,263 | 57,087,458 | ||||||
Eaton Corp. PLC |
441,913 | 64,086,223 | ||||||
Emerson Electric Co. |
698,310 | 62,973,596 | ||||||
Equifax, Inc. |
289,922 | 59,004,925 | ||||||
Expeditors International of Washington, Inc. |
652,347 | 64,628,017 | ||||||
Fastenal Co. |
1,203,250 | 66,551,757 | ||||||
FedEx Corp. |
304,657 | 60,547,532 | ||||||
Fortive Corp. |
1,154,783 | 66,400,023 | ||||||
Fortune Brands Home & Security, Inc. |
774,019 | 55,148,854 | ||||||
Generac Holdings, Inc.(b)(c) |
230,783 | 50,629,175 | ||||||
General Dynamics Corp. |
279,601 | 66,134,025 | ||||||
General Electric Co. |
703,646 | 52,456,809 | ||||||
Honeywell International, Inc. |
356,210 | 68,930,197 | ||||||
Howmet Aerospace, Inc.(c) |
1,925,907 | 65,711,947 | ||||||
Huntington Ingalls Industries, Inc. |
314,951 | 67,002,676 | ||||||
IDEX Corp. |
342,592 | 65,030,813 | ||||||
Illinois Tool Works, Inc. |
318,747 | 62,828,221 | ||||||
Ingersoll Rand, Inc. |
1,364,365 | 59,977,485 | ||||||
J.B. Hunt Transport Services, Inc. |
321,233 | 54,882,658 | ||||||
Jacobs Engineering Group, Inc. |
519,507 | 71,977,695 | ||||||
Johnson Controls International PLC |
1,073,698 | 64,282,299 | ||||||
L3Harris Technologies, Inc. |
260,477 | 60,498,388 | ||||||
Leidos Holdings, Inc. |
636,799 | 65,915,064 | ||||||
Lockheed Martin Corp. |
148,422 | 64,136,115 | ||||||
Masco Corp. |
1,208,514 | 63,676,603 | ||||||
Nielsen Holdings PLC |
3,708,441 | 99,423,303 | ||||||
Nordson Corp. |
299,726 | 64,647,901 | ||||||
Norfolk Southern Corp. |
242,863 | 62,629,510 | ||||||
Northrop Grumman Corp. |
149,185 | 65,551,889 | ||||||
Old Dominion Freight Line, Inc. |
210,421 | 58,943,131 | ||||||
Otis Worldwide Corp. |
896,953 | 65,334,057 | ||||||
PACCAR, Inc. |
759,131 | 63,045,830 | ||||||
Parker-Hannifin Corp. |
239,667 | 64,906,617 | ||||||
Pentair PLC |
1,206,974 | 61,253,931 | ||||||
Quanta Services, Inc. |
526,923 | 61,112,530 | ||||||
Raytheon Technologies Corp. |
671,188 | 63,702,453 | ||||||
Republic Services, Inc. |
512,960 | 68,875,139 | ||||||
Robert Half International, Inc. |
596,689 | 58,660,496 | ||||||
Rockwell Automation, Inc. |
252,875 | 63,893,926 | ||||||
Rollins, Inc.(c) |
2,016,668 | 67,639,045 | ||||||
Snap-on, Inc. |
315,506 | 67,041,870 | ||||||
Southwest Airlines Co.(b) |
1,613,907 | 75,401,735 | ||||||
Stanley Black & Decker, Inc. |
443,273 | 53,259,251 | ||||||
Textron, Inc. |
938,611 | 64,998,812 | ||||||
Trane Technologies PLC(c) |
436,358 | 61,042,121 | ||||||
TransDigm Group, Inc.(b) |
104,181 | 61,967,901 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Union Pacific Corp. |
243,292 | $ | 57,000,883 | |||||
United Airlines Holdings, Inc.(b)(c) |
1,862,272 | 94,044,736 | ||||||
United Parcel Service, Inc., Class B |
318,685 | 57,356,926 | ||||||
United Rentals, Inc.(b) |
201,118 | 63,657,869 | ||||||
Verisk Analytics, Inc. |
356,594 | 72,763,006 | ||||||
W.W. Grainger, Inc. |
137,379 | 68,693,621 | ||||||
Wabtec Corp. |
729,177 | 65,560,304 | ||||||
Waste Management, Inc. |
428,909 | 70,529,796 | ||||||
Xylem, Inc. |
776,350 | 62,496,175 | ||||||
|
|
|||||||
4,614,100,541 | ||||||||
|
|
|||||||
Information Technology-14.91% |
| |||||||
Accenture PLC, Class A |
208,633 | 62,665,008 | ||||||
Adobe, Inc.(b) |
155,904 | 61,730,189 | ||||||
Advanced Micro Devices, Inc.(b) |
622,446 | 53,231,582 | ||||||
Akamai Technologies, Inc.(b) |
598,683 | 67,220,127 | ||||||
Amphenol Corp., Class A |
882,063 | 63,067,505 | ||||||
Analog Devices, Inc. |
439,919 | 67,914,695 | ||||||
ANSYS, Inc.(b) |
221,119 | 60,960,297 | ||||||
Apple, Inc. |
414,949 | 65,416,710 | ||||||
Applied Materials, Inc. |
525,226 | 57,958,689 | ||||||
Arista Networks, Inc.(b) |
541,678 | 62,601,726 | ||||||
Autodesk, Inc.(b) |
337,485 | 63,879,161 | ||||||
Automatic Data Processing, Inc. |
306,249 | 66,817,407 | ||||||
Broadcom, Inc. |
112,319 | 62,268,530 | ||||||
Broadridge Financial Solutions, Inc. |
448,832 | 64,690,156 | ||||||
Cadence Design Systems, Inc.(b) |
447,891 | 67,564,357 | ||||||
CDW Corp. |
381,762 | 62,295,923 | ||||||
Ceridian HCM Holding, Inc.(b) |
1,057,828 | 59,375,886 | ||||||
Cisco Systems, Inc. |
1,187,285 | 58,153,219 | ||||||
Citrix Systems, Inc. |
642,664 | 64,330,666 | ||||||
Cognizant Technology Solutions Corp., Class A |
738,252 | 59,724,587 | ||||||
Corning, Inc. |
1,781,858 | 62,703,583 | ||||||
DXC Technology Co.(b) |
2,124,921 | 60,985,233 | ||||||
Enphase Energy, Inc.(b) |
379,449 | 61,243,069 | ||||||
EPAM Systems, Inc.(b) |
324,546 | 86,001,445 | ||||||
F5, Inc.(b) |
333,879 | 55,894,683 | ||||||
Fidelity National Information Services, Inc. |
726,778 | 72,060,039 | ||||||
Fiserv, Inc.(b) |
689,479 | 67,513,784 | ||||||
FleetCor Technologies, Inc.(b) |
282,942 | 70,599,688 | ||||||
Fortinet, Inc.(b) |
232,814 | 67,285,574 | ||||||
Gartner, Inc.(b) |
232,244 | 67,478,494 | ||||||
Global Payments, Inc. |
511,206 | 70,024,998 | ||||||
Hewlett Packard Enterprise Co. |
3,923,643 | 60,463,339 | ||||||
HP, Inc.(c) |
1,789,549 | 65,551,180 | ||||||
Intel Corp. |
1,417,067 | 61,769,951 | ||||||
International Business Machines Corp. |
523,898 | 69,264,555 | ||||||
Intuit, Inc. |
147,927 | 61,944,431 | ||||||
IPG Photonics Corp.(b)(c) |
586,190 | 55,383,231 | ||||||
Jack Henry & Associates, Inc.(c) |
346,818 | 65,749,756 | ||||||
Juniper Networks, Inc. |
1,959,264 | 61,756,001 | ||||||
Keysight Technologies, Inc.(b) |
445,030 | 62,424,358 | ||||||
KLA Corp. |
200,801 | 64,107,727 | ||||||
Lam Research Corp. |
134,278 | 62,541,321 | ||||||
Mastercard, Inc., Class A |
199,880 | 72,632,394 | ||||||
Microchip Technology, Inc.(c) |
940,608 | 61,327,642 | ||||||
Micron Technology, Inc. |
891,886 | 60,817,706 | ||||||
Microsoft Corp. |
232,049 | 64,398,238 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Monolithic Power Systems, Inc. |
163,844 | $ | 64,266,171 | |||||
Motorola Solutions, Inc. |
292,650 | 62,536,379 | ||||||
NetApp, Inc. |
772,036 | 56,551,637 | ||||||
NortonLifeLock, Inc.(c) |
2,350,934 | 58,867,387 | ||||||
NVIDIA Corp. |
293,649 | 54,463,080 | ||||||
NXP Semiconductors N.V. (China) |
363,853 | 62,182,478 | ||||||
Oracle Corp. |
834,417 | 61,246,208 | ||||||
Paychex, Inc. |
538,687 | 68,267,804 | ||||||
Paycom Software, Inc.(b) |
214,261 | 60,308,044 | ||||||
PayPal Holdings, Inc.(b) |
672,577 | 59,139,696 | ||||||
PTC, Inc.(b) |
624,977 | 71,378,623 | ||||||
Qorvo, Inc.(b) |
525,268 | 59,764,993 | ||||||
QUALCOMM, Inc. |
426,034 | 59,512,689 | ||||||
Roper Technologies, Inc. |
150,275 | 70,617,228 | ||||||
salesforce.com, inc.(b) |
328,143 | 57,733,479 | ||||||
Seagate Technology Holdings PLC |
743,614 | 61,006,093 | ||||||
ServiceNow, Inc.(b)(c) |
126,889 | 60,665,631 | ||||||
Skyworks Solutions, Inc. |
509,046 | 57,674,912 | ||||||
SolarEdge Technologies, |
204,447 | 51,195,573 | ||||||
Synopsys, Inc.(b) |
221,067 | 63,399,805 | ||||||
TE Connectivity Ltd. (Switzerland)(c) |
509,515 | 63,577,282 | ||||||
Teledyne Technologies, Inc.(b) |
154,443 | 66,649,877 | ||||||
Teradyne, Inc.(c) |
607,694 | 64,087,409 | ||||||
Texas Instruments, Inc. |
380,998 | 64,864,909 | ||||||
Trimble, Inc.(b) |
991,743 | 66,149,258 | ||||||
Tyler Technologies, Inc.(b) |
162,834 | 64,272,208 | ||||||
VeriSign, Inc.(b) |
318,288 | 56,874,883 | ||||||
Visa, Inc., Class A(c) |
330,087 | 70,351,442 | ||||||
Western Digital Corp.(b) |
1,433,277 | 76,064,010 | ||||||
Zebra Technologies Corp., Class A(b) |
168,346 | 62,230,782 | ||||||
|
|
|||||||
4,819,688,810 | ||||||||
|
|
|||||||
Materials-5.85% |
||||||||
Air Products and Chemicals, Inc. |
296,225 | 69,337,386 | ||||||
Albemarle Corp. |
351,450 | 67,770,104 | ||||||
Amcor PLC(c) |
5,957,570 | 70,656,780 | ||||||
Avery Dennison Corp. |
399,796 | 72,203,158 | ||||||
Ball Corp. |
759,131 | 61,611,072 | ||||||
Celanese Corp. |
470,286 | 69,103,825 | ||||||
CF Industries Holdings, Inc. |
676,534 | 65,508,787 | ||||||
Corteva, Inc. |
1,210,904 | 69,857,052 | ||||||
Dow, Inc. |
1,066,273 | 70,907,154 | ||||||
DuPont de Nemours, Inc. |
895,863 | 59,064,248 | ||||||
Eastman Chemical Co. |
604,235 | 62,036,807 | ||||||
Ecolab, Inc. |
408,951 | 69,251,762 | ||||||
FMC Corp. |
526,995 | 69,847,917 | ||||||
Freeport-McMoRan, Inc. |
1,383,895 | 56,116,942 | ||||||
International Flavors & Fragrances, Inc. |
549,625 | 66,669,513 | ||||||
International Paper Co.(c) |
1,530,525 | 70,832,697 | ||||||
Linde PLC (United Kingdom) |
231,491 | 72,215,932 | ||||||
LyondellBasell Industries N.V., Class A |
627,994 | 66,586,204 | ||||||
Martin Marietta Materials, Inc. |
175,094 | 62,021,797 | ||||||
Mosaic Co. (The) |
1,049,499 | 65,509,728 | ||||||
Newmont Corp. |
845,703 | 61,609,464 | ||||||
Nucor Corp.(c) |
481,173 | 74,475,957 | ||||||
Packaging Corp. of America |
434,271 | 69,991,457 | ||||||
PPG Industries, Inc. |
540,266 | 69,148,645 | ||||||
Sealed Air Corp. |
1,002,692 | 64,382,853 | ||||||
Sherwin-Williams Co. (The) |
278,138 | 76,476,824 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-(continued) |
||||||||
Vulcan Materials Co. |
370,436 | $ | 63,822,418 | |||||
WestRock Co. |
1,499,479 | 74,269,195 | ||||||
|
|
|||||||
1,891,285,678 | ||||||||
|
|
|||||||
Real Estate-6.01% |
||||||||
Alexandria Real Estate Equities, Inc. |
345,037 | 62,851,940 | ||||||
American Tower Corp. |
276,688 | 66,687,342 | ||||||
AvalonBay Communities, Inc. |
269,184 | 61,233,976 | ||||||
Boston Properties, Inc. |
526,060 | 61,864,656 | ||||||
Camden Property Trust |
376,032 | 58,995,661 | ||||||
CBRE Group, Inc., Class A(b) |
741,618 | 61,583,959 | ||||||
Crown Castle International Corp. |
365,576 | 67,708,331 | ||||||
Digital Realty Trust, Inc. |
478,677 | 69,944,283 | ||||||
Duke Realty Corp. |
1,210,721 | 66,286,975 | ||||||
Equinix, Inc. |
93,507 | 67,239,014 | ||||||
Equity Residential |
748,061 | 60,966,972 | ||||||
Essex Property Trust, Inc. |
193,335 | 63,659,415 | ||||||
Extra Space Storage, Inc. |
330,416 | 62,779,040 | ||||||
Federal Realty Investment Trust |
548,262 | 64,179,550 | ||||||
Healthpeak Properties, Inc.(c) |
2,003,393 | 65,731,324 | ||||||
Host Hotels & Resorts, Inc. |
3,603,387 | 73,328,925 | ||||||
Iron Mountain, Inc.(c) |
1,285,280 | 69,058,094 | ||||||
Kimco Realty Corp.(c) |
2,738,789 | 69,373,525 | ||||||
Mid-America Apartment Communities, Inc. |
311,397 | 61,245,562 | ||||||
Prologis, Inc. |
439,249 | 70,407,222 | ||||||
Public Storage |
177,385 | 65,898,528 | ||||||
Realty Income Corp. |
993,500 | 68,909,160 | ||||||
Regency Centers Corp. |
971,354 | 66,858,296 | ||||||
SBA Communications Corp., Class A |
198,010 | 68,731,251 | ||||||
Simon Property Group, Inc. |
499,421 | 58,931,678 | ||||||
UDR, Inc. |
1,146,319 | 60,995,634 | ||||||
Ventas, Inc. |
1,110,203 | 61,671,777 | ||||||
Vornado Realty Trust(c) |
1,404,907 | 54,383,950 | ||||||
Welltower, Inc. |
712,393 | 64,692,408 | ||||||
Weyerhaeuser Co. |
1,639,092 | 67,563,372 | ||||||
|
|
|||||||
1,943,761,820 | ||||||||
|
|
|||||||
Utilities-6.00% |
||||||||
AES Corp. (The) |
2,924,852 | 59,725,478 | ||||||
Alliant Energy Corp. |
1,078,063 | 63,400,885 | ||||||
Ameren Corp.(c) |
742,282 | 68,957,998 | ||||||
American Electric Power Co., Inc. |
679,985 | 67,393,313 | ||||||
American Water Works Co., Inc. |
426,748 | 65,753,332 | ||||||
Atmos Energy Corp.(c) |
570,993 | 64,750,606 | ||||||
CenterPoint Energy, Inc. |
2,283,353 | 69,893,435 | ||||||
CMS Energy Corp. |
984,943 | 67,655,735 | ||||||
Consolidated Edison, Inc. |
727,372 | 67,456,479 | ||||||
Constellation Energy Corp. |
1,316,612 | 77,956,597 | ||||||
Dominion Energy, Inc. |
789,775 | 64,477,231 |
Shares | Value | |||||||
Utilities-(continued) |
||||||||
DTE Energy Co. |
511,291 | $ | 66,999,573 | |||||
Duke Energy Corp. |
612,565 | 67,480,160 | ||||||
Edison International |
1,002,389 | 68,954,339 | ||||||
Entergy Corp. |
597,011 | 70,954,757 | ||||||
Evergy, Inc. |
1,009,102 | 68,467,571 | ||||||
Eversource Energy |
774,626 | 67,702,313 | ||||||
Exelon Corp. |
1,488,842 | 69,648,029 | ||||||
FirstEnergy Corp. |
1,476,772 | 63,958,995 | ||||||
NextEra Energy, Inc. |
809,045 | 57,458,376 | ||||||
NiSource, Inc. |
2,179,845 | 63,477,086 | ||||||
NRG Energy, Inc. |
1,687,551 | 60,583,081 | ||||||
Pinnacle West Capital Corp. |
880,305 | 62,677,716 | ||||||
PPL Corp. |
2,472,001 | 69,982,348 | ||||||
Public Service Enterprise Group, Inc. |
988,047 | 68,827,354 | ||||||
Sempra Energy |
421,103 | 67,949,180 | ||||||
Southern Co. (The) |
945,302 | 69,375,714 | ||||||
WEC Energy Group, Inc. |
692,044 | 69,239,002 | ||||||
Xcel Energy, Inc. |
922,746 | 67,600,372 | ||||||
|
|
|||||||
1,938,757,055 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
32,278,229,049 | ||||||
|
|
|||||||
Money Market Funds-0.05% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
17,804,249 | 17,804,249 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
32,296,033,298 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.75% |
|
|||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
367,592,691 | 367,592,691 | ||||||
Invesco Private Prime Fund, |
845,183,990 | 845,183,990 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
1,212,776,681 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.69% |
|
33,508,809,979 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.69)% |
|
(1,193,911,855 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 32,314,898,124 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(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 (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Invesco Ltd. | $ | 53,120,799 | $ | 46,734,104 | $ | (16,335,474 | ) | $ | (28,493,262 | ) | $ | 4,532,532 | $ | 59,558,699 | $ | 1,574,968 | ||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 8,055,574 | 482,481,657 | (472,732,982 | ) | - | - | 17,804,249 | 11,619 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund | 282,481,546 | 3,364,650,716 | (3,279,539,571 | ) | - | - | 367,592,691 | 316,094 | * | |||||||||||||||||||
Invesco Private Prime Fund |
465,681,081 | 6,526,375,828 | (6,146,546,790 | ) | 130,233 | (456,362 | ) | 845,183,990 | 1,125,373 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
$ | 809,339,000 | $ | 10,420,242,305 | $ | (9,915,154,817 | ) | $ | (28,363,029 | ) | $ | 4,076,170 | $ | 1,290,139,629 | $ | 3,028,054 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
43 | ||||
|
| |||
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Diversified Telecommunication Services-13.48% |
| |||||||
AT&T, Inc. |
100,549 | $ | 1,896,354 | |||||
Lumen Technologies, Inc.(b) |
167,558 | 1,685,633 | ||||||
Verizon Communications, Inc. |
33,672 | 1,559,014 | ||||||
|
|
|||||||
5,141,001 | ||||||||
|
|
|||||||
Entertainment-27.24% |
||||||||
Activision Blizzard, Inc. |
22,239 | 1,681,269 | ||||||
Electronic Arts, Inc. |
14,599 | 1,723,412 | ||||||
Live Nation Entertainment, Inc.(c) |
16,484 | 1,728,842 | ||||||
Netflix, Inc.(c) |
5,250 | 999,390 | ||||||
Take-Two Interactive Software, Inc.(c) |
11,632 | 1,390,140 | ||||||
Walt Disney Co. (The)(c) |
13,583 | 1,516,270 | ||||||
Warner Bros Discovery, Inc.(c) |
74,627 | 1,354,480 | ||||||
|
|
|||||||
10,393,803 | ||||||||
|
|
|||||||
Interactive Media & Services-20.29% |
||||||||
Alphabet, Inc., Class A(c) |
356 | 812,460 | ||||||
Alphabet, Inc., Class C(c) |
330 | 758,779 | ||||||
Match Group, Inc.(c) |
20,233 | 1,601,442 | ||||||
Meta Platforms, Inc., Class A(c) |
9,538 | 1,912,083 | ||||||
Twitter, Inc.(b)(c) |
54,211 | 2,657,423 | ||||||
|
|
|||||||
7,742,187 | ||||||||
|
|
|||||||
Media-34.36% |
||||||||
Charter Communications, Inc., Class A(c) |
3,194 | 1,368,597 | ||||||
Comcast Corp., Class A |
39,672 | 1,577,359 | ||||||
DISH Network Corp., Class A(c) |
59,548 | 1,697,714 | ||||||
Fox Corp., Class A |
31,930 | 1,144,371 | ||||||
Fox Corp., Class B |
14,659 | 487,265 |
Shares | Value | |||||||
Media-(continued) |
||||||||
Interpublic Group of Cos., Inc. (The) |
54,137 | $ | 1,765,949 | |||||
News Corp., Class A |
64,720 | 1,285,339 | ||||||
News Corp., Class B |
20,052 | 399,235 | ||||||
Omnicom Group, Inc.(b) |
23,425 | 1,783,345 | ||||||
Paramount Global, Class B |
54,856 | 1,597,407 | ||||||
|
|
|||||||
13,106,581 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-4.64% |
|
|||||||
T-Mobile US, Inc.(c) |
14,366 | 1,769,029 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
38,152,601 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-7.95% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) . |
910,132 | 910,132 | ||||||
Invesco Private Prime Fund, |
2,122,766 | 2,122,766 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
3,032,898 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-107.96% |
|
41,185,499 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.96)% |
|
(3,034,968 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 38,150,531 | |||||
|
|
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 |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 770,874 | $ | (770,874 | ) | $ | - | $ | - | $ | - | $ | 11 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 168,501 | 11,081,887 | (10,340,256 | ) | - | - | 910,132 | 638 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
252,751 | 20,047,816 | (18,177,346 | ) | 135 | (590 | ) | 2,122,766 | 1,942 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 421,252 | $ | 31,900,577 | $ | (29,288,476 | ) | $ | 135 | $ | (590 | ) | $ | 3,032,898 | $ | 2,591 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 500® Equal Weight Consumer Discretionary ETF (RCD)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Auto Components-3.44% |
||||||||
Aptiv PLC(b) |
58,811 | $ | 6,257,491 | |||||
BorgWarner, Inc. |
171,906 | 6,331,298 | ||||||
|
|
|||||||
12,588,789 | ||||||||
|
|
|||||||
Automobiles-4.93% |
||||||||
Ford Motor Co. |
389,250 | 5,511,780 | ||||||
General Motors Co.(b) |
150,409 | 5,702,005 | ||||||
Tesla, Inc.(b) |
7,859 | 6,843,303 | ||||||
|
|
|||||||
18,057,088 | ||||||||
|
|
|||||||
Distributors-5.31% |
||||||||
Genuine Parts Co. |
51,315 | 6,673,516 | ||||||
LKQ Corp. |
141,730 | 7,034,060 | ||||||
Pool Corp. |
14,130 | 5,725,758 | ||||||
|
|
|||||||
19,433,334 | ||||||||
Hotels, Restaurants & Leisure-30.95% |
| |||||||
Booking Holdings, Inc.(b) |
3,091 | 6,832,068 | ||||||
Caesars Entertainment, Inc.(b) |
83,455 | 5,531,397 | ||||||
Carnival Corp.(b)(c) |
362,793 | 6,276,319 | ||||||
Chipotle Mexican Grill, Inc.(b) |
4,227 | 6,152,863 | ||||||
Darden Restaurants, Inc. |
48,405 | 6,376,391 | ||||||
Domino’s Pizza, Inc. |
16,158 | 5,461,404 | ||||||
Expedia Group, Inc.(b) |
34,815 | 6,083,921 | ||||||
Hilton Worldwide Holdings, Inc.(b) |
44,040 | 6,838,972 | ||||||
Las Vegas Sands Corp.(b)(c) |
171,441 | 6,074,155 | ||||||
Marriott International, Inc., Class A(b) |
38,628 | 6,857,243 | ||||||
McDonald’s Corp. |
27,525 | 6,858,129 | ||||||
MGM Resorts International |
155,667 | 6,388,574 | ||||||
Norwegian Cruise Line Holdings |
356,983 | 7,150,369 | ||||||
Penn National Gaming, Inc.(b)(c) |
146,314 | 5,350,703 | ||||||
Royal Caribbean Cruises Ltd.(b)(c) |
91,241 | 7,092,163 | ||||||
Starbucks Corp. |
75,467 | 5,632,857 | ||||||
Wynn Resorts Ltd.(b)(c) |
86,330 | 6,084,538 | ||||||
Yum! Brands, Inc. |
53,699 | 6,283,320 | ||||||
|
|
|||||||
113,325,386 | ||||||||
|
|
|||||||
Household Durables-13.10% |
||||||||
D.R. Horton, Inc. |
77,112 | 5,366,224 | ||||||
Garmin Ltd. |
56,859 | 6,239,707 | ||||||
Lennar Corp., Class A |
72,125 | 5,516,841 | ||||||
Mohawk Industries, Inc.(b)(c) |
47,619 | 6,717,136 | ||||||
Newell Brands, Inc. |
289,314 | 6,697,619 | ||||||
NVR, Inc.(b) |
1,305 | 5,710,954 | ||||||
PulteGroup, Inc. |
134,580 | 5,620,061 | ||||||
Whirlpool Corp.(c) |
33,671 | 6,111,960 | ||||||
|
|
|||||||
47,980,502 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail-4.53% |
| |||||||
Amazon.com, Inc.(b) |
2,144 | 5,329,191 | ||||||
eBay, Inc. |
124,724 | 6,475,670 | ||||||
Etsy, Inc.(b)(c) |
51,503 | 4,799,564 | ||||||
|
|
|||||||
16,604,425 | ||||||||
|
|
Shares | Value | |||||||
Leisure Products-1.74% |
||||||||
Hasbro, Inc. |
72,215 | $ | 6,359,253 | |||||
Multiline Retail-5.74% |
||||||||
Dollar General Corp. |
30,379 | 7,215,924 | ||||||
Dollar Tree, Inc.(b) |
42,469 | 6,899,089 | ||||||
Target Corp. |
30,173 | 6,899,056 | ||||||
|
|
|||||||
21,014,069 | ||||||||
|
|
|||||||
Specialty Retail-20.13% |
||||||||
Advance Auto Parts, Inc. |
30,593 | 6,107,281 | ||||||
AutoZone, Inc.(b) |
3,342 | 6,535,181 | ||||||
Bath & Body Works, Inc.(c) |
133,389 | 7,054,944 | ||||||
Best Buy Co., Inc.(c) |
66,002 | 5,935,560 | ||||||
CarMax, Inc.(b)(c) |
62,934 | 5,398,478 | ||||||
Home Depot, Inc. (The) |
19,707 | 5,919,983 | ||||||
Lowe’s Cos., Inc. |
28,103 | 5,556,806 | ||||||
O’Reilly Automotive, Inc.(b) |
9,255 | 5,613,620 | ||||||
Ross Stores, Inc. |
71,138 | 7,097,438 | ||||||
TJX Cos., Inc. (The) |
101,645 | 6,228,806 | ||||||
Tractor Supply Co. |
27,571 | 5,554,178 | ||||||
Ulta Beauty, Inc.(b) |
16,948 | 6,724,966 | ||||||
|
|
|||||||
73,727,241 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-10.11% |
| |||||||
NIKE, Inc., Class B |
50,914 | 6,348,976 | ||||||
PVH Corp. |
86,095 | 6,265,994 | ||||||
Ralph Lauren Corp.(c) |
58,058 | 6,057,772 | ||||||
Tapestry, Inc. |
181,753 | 5,983,309 | ||||||
Under Armour, Inc., Class A(b) |
199,275 | 3,060,864 | ||||||
Under Armour, Inc., Class C(b) |
227,196 | 3,223,911 | ||||||
VF Corp.(c) |
116,703 | 6,068,556 | ||||||
|
|
|||||||
37,009,382 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
366,099,469 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-15.32% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
17,585,005 | 17,585,005 | ||||||
Invesco Private Prime Fund, |
38,490,048 | 38,490,048 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
56,075,053 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.30% |
|
422,174,522 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.30)% |
|
(56,011,015 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 366,163,507 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)–(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 | $ | 348,584 | $ | 6,065,457 | $ | (6,414,041 | ) | $ | - | $ | - | $ | - | $ | 92 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 14,580,099 | 184,726,623 | (181,721,717 | ) | - | - | 17,585,005 | 11,328 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 21,870,149 | 375,148,034 | (358,514,912 | ) | 2,977 | (16,200 | ) | 38,490,048 | 43,403 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 36,798,832 | $ | 565,940,114 | $ | (546,650,670 | ) | $ | 2,977 | $ | (16,200 | ) | $ | 56,075,053 | $ | 54,823 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 500® Equal Weight Consumer Staples ETF (RHS)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Beverages-19.18% |
||||||||
Brown-Forman Corp., Class B |
267,320 | $ | 18,028,061 | |||||
Coca-Cola Co. (The) |
288,682 | 18,651,744 | ||||||
Constellation Brands, Inc., Class A |
78,727 | 19,373,927 | ||||||
Molson Coors Beverage Co., Class B |
328,933 | 17,808,433 | ||||||
Monster Beverage Corp.(b) |
228,386 | 19,568,112 | ||||||
PepsiCo, Inc. |
108,798 | 18,681,705 | ||||||
|
|
| ||||||
112,111,982 | ||||||||
|
|
| ||||||
Food & Staples Retailing-14.42% |
||||||||
Costco Wholesale Corp. |
31,695 | 16,852,866 | ||||||
Kroger Co. (The) |
299,118 | 16,140,407 | ||||||
Sysco Corp. |
214,914 | 18,370,849 | ||||||
Walgreens Boots Alliance, Inc. |
352,423 | 14,942,735 | ||||||
Walmart, Inc. |
117,662 | 18,001,109 | ||||||
|
|
| ||||||
84,307,966 | ||||||||
|
|
| ||||||
Food Products-41.44% |
||||||||
Archer-Daniels-Midland Co. |
200,011 | 17,912,985 | ||||||
Campbell Soup Co. |
396,384 | 18,717,252 | ||||||
Conagra Brands, Inc. |
555,547 | 19,405,257 | ||||||
General Mills, Inc. |
268,547 | 18,994,329 | ||||||
Hershey Co. (The) |
81,662 | 18,436,830 | ||||||
Hormel Foods Corp. |
331,140 | 17,348,425 | ||||||
JM Smucker Co. (The) |
129,744 | 17,765,846 | ||||||
Kellogg Co. |
279,407 | 19,139,380 | ||||||
Kraft Heinz Co. (The) |
447,618 | 19,081,955 | ||||||
Lamb Weston Holdings, Inc. |
333,765 | 22,061,866 | ||||||
McCormick & Co., Inc.(c) |
173,224 | 17,421,138 | ||||||
Mondelez International, Inc., Class A |
282,740 | 18,231,075 | ||||||
Tyson Foods, Inc., Class A |
190,744 | 17,769,711 | ||||||
|
|
| ||||||
242,286,049 | ||||||||
|
|
| ||||||
Household Products-15.65% |
||||||||
Church & Dwight Co., Inc. |
175,682 | 17,139,536 |
Shares | Value | |||||||
Household Products-(continued) |
||||||||
Clorox Co. (The)(c) |
128,479 | $ | 18,432,882 | |||||
Colgate-Palmolive Co. |
226,600 | 17,459,530 | ||||||
Kimberly-Clark Corp. |
142,250 | 19,748,568 | ||||||
Procter & Gamble Co. (The) |
116,762 | 18,746,139 | ||||||
|
|
|||||||
91,526,655 | ||||||||
|
|
|||||||
Personal Products-2.86% |
||||||||
Estee Lauder Cos., Inc. (The), Class A |
63,282 | 16,710,245 | ||||||
|
|
|||||||
Tobacco-6.37% | ||||||||
Altria Group, Inc. |
331,237 | 18,406,840 | ||||||
Philip Morris International, Inc. |
188,167 | 18,816,700 | ||||||
|
|
|||||||
37,223,540 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
||||||||
(excluding investments purchased with cash collateral from
securities on loan)-99.92% |
|
584,166,437 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.37% | ||||||||
Invesco Private Government Fund, |
7,669,376 | 7,669,376 | ||||||
Invesco Private Prime Fund, |
17,886,073 | 17,886,073 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
25,555,449 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.29% |
|
609,721,886 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.29)% |
|
(25,094,471 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 584,627,415 | ||||||
|
|
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 | $ | - | $ | 13,637,645 | $ | (13,637,645 | ) | $- | $ | - | $ | - | $ | 193 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)–(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 Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 5,457,724 | $ | 85,135,066 | $ | (82,923,414 | ) | $ | - | $ | - | $ | 7,669,376 | $ | 2,412 | * | |||||||||||||||||||
Invesco Private Prime Fund | 8,186,586 | 201,600,531 | (191,894,209 | ) | - | (6,835 | ) | 17,886,073 | 8,862 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 13,644,310 | $ | 300,373,242 | $ | (288,455,268 | ) | $ | - | $ | (6,835 | ) | $ | 25,555,449 | $ | 11,467 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
48 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.83% |
| |||||||
Energy Equipment & Services-12.00% |
|
|||||||
Baker Hughes Co., Class A |
645,836 | $ | 20,033,834 | |||||
Halliburton Co. |
649,811 | 23,146,268 | ||||||
Schlumberger N.V. |
566,645 | 22,104,821 | ||||||
|
|
|||||||
65,284,923 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-87.83% |
| |||||||
APA Corp. |
622,521 | 25,479,784 | ||||||
Chevron Corp. |
142,242 | 22,285,054 | ||||||
ConocoPhillips |
247,026 | 23,595,924 | ||||||
Coterra Energy, Inc. |
948,471 | 27,306,480 | ||||||
Devon Energy Corp. |
414,545 | 24,114,083 | ||||||
Diamondback Energy, Inc. |
187,477 | 23,665,222 | ||||||
EOG Resources, Inc. |
210,140 | 24,535,946 | ||||||
Exxon Mobil Corp. |
286,257 | 24,403,409 | ||||||
Hess Corp. |
256,948 | 26,483,630 | ||||||
Kinder Morgan, Inc. |
1,343,051 | 24,376,376 | ||||||
Marathon Oil Corp. |
1,049,176 | 26,145,466 | ||||||
Marathon Petroleum Corp. |
309,624 | 27,017,790 | ||||||
Occidental Petroleum Corp. |
419,481 | 23,109,208 | ||||||
ONEOK, Inc. |
367,988 | 23,304,680 | ||||||
Phillips 66 |
300,970 | 26,112,157 | ||||||
Pioneer Natural Resources Co.(b) |
104,551 | 24,304,971 | ||||||
Targa Resources Corp. |
354,826 | 26,047,777 | ||||||
Valero Energy Corp. |
265,189 | 29,563,270 | ||||||
Williams Cos., Inc. (The)(b) |
762,035 | 26,130,180 | ||||||
|
|
|||||||
477,981,407 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
543,266,330 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.03% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(c)(d) |
181,238 | $ | 181,238 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
543,447,568 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-9.31% |
| |||||||
Invesco Private Government Fund, 0.40%(c)(d)(e) |
15,203,522 | 15,203,522 | ||||||
Invesco Private Prime Fund, |
35,462,109 | 35,462,109 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
50,665,631 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-109.17% |
|
594,113,199 | ||||||
OTHER ASSETS LESS LIABILITIES-(9.17)% |
|
(49,928,318 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 544,184,881 | |||||
|
|
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) |
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 | $ | 77,255 | $ | 28,455,922 | $ | (28,351,939 | ) | $ | - | $ | - | $ | 181,238 | $ | 325 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 96,108,937 | (80,905,415 | ) | - | - | 15,203,522 | 6,030 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 191,843,619 | (156,376,218 | ) | 1,800 | (7,092 | ) | 35,462,109 | 14,652 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 77,255 | $ | 316,408,478 | $ | (265,633,572 | ) | $ | 1,800 | $ | (7,092 | ) | $ | 50,846,869 | $ | 21,007 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(e) |
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 S&P 500® Equal Weight Financials ETF (RYF)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Banks-25.48% |
||||||||
Bank of America Corp. |
189,576 | $ | 6,764,072 | |||||
Citigroup, Inc. |
141,167 | 6,805,661 | ||||||
Citizens Financial Group, Inc. |
163,069 | 6,424,919 | ||||||
Comerica, Inc. |
86,843 | 7,112,442 | ||||||
Fifth Third Bancorp |
173,755 | 6,521,025 | ||||||
First Republic Bank |
47,666 | 7,112,720 | ||||||
Huntington Bancshares, Inc. |
519,387 | 6,829,939 | ||||||
JPMorgan Chase & Co. |
59,323 | 7,080,793 | ||||||
KeyCorp |
333,573 | 6,441,295 | ||||||
M&T Bank Corp. |
44,388 | 7,396,816 | ||||||
PNC Financial Services Group, Inc. (The) |
41,965 | 6,970,386 | ||||||
Regions Financial Corp. |
348,950 | 7,230,244 | ||||||
Signature Bank |
26,434 | 6,403,636 | ||||||
SVB Financial Group(b) |
14,413 | 7,028,355 | ||||||
Truist Financial Corp. |
133,799 | 6,469,182 | ||||||
U.S. Bancorp |
145,195 | 7,050,669 | ||||||
Wells Fargo & Co. |
157,725 | 6,881,542 | ||||||
Zions Bancorporation N.A. |
119,070 | 6,728,646 | ||||||
|
|
|||||||
123,252,342 | ||||||||
|
|
|||||||
Capital Markets-30.84% |
||||||||
Ameriprise Financial, Inc. |
28,124 | 7,466,641 | ||||||
Bank of New York Mellon Corp. (The) |
152,891 | 6,430,596 | ||||||
BlackRock, Inc.(c) |
11,129 | 6,952,064 | ||||||
Cboe Global Markets, Inc. |
67,070 | 7,577,569 | ||||||
Charles Schwab Corp. (The) |
95,287 | 6,320,387 | ||||||
CME Group, Inc., Class A |
33,845 | 7,423,562 | ||||||
FactSet Research Systems, Inc. |
18,751 | 7,565,841 | ||||||
Franklin Resources, Inc.(c) |
280,449 | 6,896,241 | ||||||
Goldman Sachs Group, Inc. (The) |
23,366 | 7,138,079 | ||||||
Intercontinental Exchange, Inc. |
60,503 | 7,006,852 | ||||||
Invesco Ltd.(d) |
381,503 | 7,012,025 | ||||||
MarketAxess Holdings, Inc. |
22,307 | 5,880,348 | ||||||
Moody’s Corp.(c) |
25,095 | 7,942,066 | ||||||
Morgan Stanley |
89,743 | 7,232,388 | ||||||
MSCI, Inc. |
16,752 | 7,056,780 | ||||||
Nasdaq, Inc. |
46,361 | 7,295,831 | ||||||
Northern Trust Corp. |
72,701 | 7,491,838 | ||||||
Raymond James Financial, Inc. |
79,517 | 7,749,727 | ||||||
S&P Global, Inc. |
20,146 | 7,584,969 | ||||||
State Street Corp. |
93,122 | 6,236,380 | ||||||
T. Rowe Price Group, Inc.(c) |
56,082 | 6,900,329 | ||||||
|
|
|||||||
149,160,513 | ||||||||
|
|
|||||||
Consumer Finance-6.52% |
||||||||
American Express Co. |
45,523 | 7,953,323 | ||||||
Capital One Financial Corp. |
58,769 | 7,323,793 | ||||||
Discover Financial Services |
73,185 | 8,230,385 | ||||||
Synchrony Financial |
218,180 | 8,031,206 | ||||||
|
|
|||||||
31,538,707 | ||||||||
|
|
|||||||
Diversified Financial Services-1.56% |
| |||||||
Berkshire Hathaway, Inc., Class B(b) |
23,394 | 7,552,285 | ||||||
|
|
Shares | Value | |||||||
Insurance-35.52% |
||||||||
Aflac, Inc. |
127,512 | $ | 7,303,887 | |||||
Allstate Corp. (The) |
61,970 | 7,841,684 | ||||||
American International Group, Inc. |
134,111 | 7,846,835 | ||||||
Aon PLC, Class A |
25,874 | 7,451,453 | ||||||
Arthur J. Gallagher & Co. |
49,757 | 8,383,557 | ||||||
Assurant, Inc. |
44,987 | 8,182,236 | ||||||
Brown & Brown, Inc. |
121,912 | 7,556,106 | ||||||
Chubb Ltd. |
37,853 | 7,814,752 | ||||||
Cincinnati Financial Corp.(c) |
62,831 | 7,706,850 | ||||||
Everest Re Group Ltd. |
28,163 | 7,736,658 | ||||||
Globe Life, Inc. |
78,948 | 7,743,220 | ||||||
Hartford Financial Services Group, Inc. (The) |
114,191 | 7,985,377 | ||||||
Lincoln National Corp. |
126,199 | 7,590,870 | ||||||
Loews Corp. |
125,573 | 7,891,007 | ||||||
Marsh & McLennan Cos., Inc. |
51,107 | 8,264,002 | ||||||
MetLife, Inc. |
119,088 | 7,821,700 | ||||||
Principal Financial Group, Inc.(c) |
117,511 | 8,007,199 | ||||||
Progressive Corp. (The) |
72,440 | 7,777,158 | ||||||
Prudential Financial, Inc.(c) |
72,100 | 7,823,571 | ||||||
Travelers Cos., Inc. (The) |
44,019 | 7,529,890 | ||||||
W.R. Berkley Corp. |
121,487 | 8,077,671 | ||||||
Willis Towers Watson PLC |
34,648 | 7,444,469 | ||||||
|
|
|||||||
171,780,152 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
483,283,999 | ||||||
|
|
|||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
28,273 | 28,273 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
483,312,272 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.17% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
6,115,131 | 6,115,131 | ||||||
Invesco Private Prime Fund, |
14,063,546 | 14,063,546 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
20,178,677 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.10% |
|
503,490,949 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.10)% |
|
(19,840,305 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 483,650,644 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 | ||||
|
| |||
Invesco S&P 500® Equal Weight Financials ETF (RYF)–(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 (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 5,769,981 | $ | 6,391,624 | $ | (2,257,618 | ) | $ | (3,177,837 | ) | $ | 285,875 | $ | 7,012,025 | $ | 183,015 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 215,534 | 10,440,558 | (10,627,819 | ) | - | - | 28,273 | 153 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 90,187,453 | (84,072,322 | ) | - | - | 6,115,131 | 1,868 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
- | 182,550,106 | (168,483,616 | ) | - | (2,944 | ) | 14,063,546 | 7,302 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 5,985,515 | $ | 289,569,741 | $ | (265,441,375 | ) | $ | (3,177,837 | ) | $ | 282,931 | $ | 27,218,975 | $ | 192,338 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 S&P 500® Equal Weight Health Care ETF (RYH)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Biotechnology-12.93% |
||||||||
AbbVie, Inc. |
94,833 | $ | 13,929,071 | |||||
Amgen, Inc. |
61,776 | 14,405,546 | ||||||
Biogen, Inc.(b) |
71,506 | 14,833,205 | ||||||
Gilead Sciences, Inc. |
243,706 | 14,461,514 | ||||||
Incyte Corp.(b) |
191,164 | 14,329,653 | ||||||
Moderna, Inc.(b) |
102,279 | 13,747,320 | ||||||
Regeneron Pharmaceuticals, Inc.(b) |
22,007 | 14,505,034 | ||||||
Vertex Pharmaceuticals, Inc.(b) |
59,783 | 16,333,911 | ||||||
|
|
|||||||
116,545,254 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-28.19% |
| |||||||
Abbott Laboratories |
123,967 | 14,070,254 | ||||||
ABIOMED, Inc.(b) |
49,287 | 14,124,668 | ||||||
Align Technology, Inc.(b) |
35,278 | 10,227,445 | ||||||
Baxter International, Inc. |
183,927 | 13,069,853 | ||||||
Becton, Dickinson and Co. |
56,877 | 14,059,426 | ||||||
Boston Scientific Corp.(b) |
338,964 | 14,273,774 | ||||||
Cooper Cos., Inc. (The) |
37,201 | 13,431,049 | ||||||
DENTSPLY SIRONA, Inc. |
289,828 | 11,590,222 | ||||||
DexCom, Inc.(b) |
36,219 | 14,798,359 | ||||||
Edwards Lifesciences Corp.(b) |
136,634 | 14,453,145 | ||||||
Hologic, Inc.(b) |
203,553 | 14,653,780 | ||||||
IDEXX Laboratories, Inc.(b) |
28,380 | 12,217,022 | ||||||
Intuitive Surgical, Inc.(b) |
51,645 | 12,358,648 | ||||||
Medtronic PLC |
136,146 | 14,208,197 | ||||||
ResMed, Inc.(c) |
59,375 | 11,873,219 | ||||||
STERIS PLC |
64,620 | 14,478,111 | ||||||
Stryker Corp. |
57,048 | 13,763,400 | ||||||
Teleflex, Inc.(c) |
42,069 | 12,015,748 | ||||||
Zimmer Biomet Holdings, Inc. |
118,961 | 14,364,541 | ||||||
|
|
|||||||
254,030,861 | ||||||||
|
|
|||||||
Health Care Providers & Services-24.88% |
| |||||||
AmerisourceBergen Corp. |
97,791 | 14,794,800 | ||||||
Anthem, Inc. |
30,394 | 15,255,660 | ||||||
Cardinal Health, Inc. |
268,875 | 15,608,194 | ||||||
Centene Corp.(b) |
169,466 | 13,650,486 | ||||||
Cigna Corp. |
62,314 | 15,377,849 | ||||||
CVS Health Corp. |
136,617 | 13,132,992 | ||||||
DaVita, Inc.(b) |
128,534 | 13,929,230 | ||||||
HCA Healthcare, Inc. |
52,950 | 11,360,423 | ||||||
Henry Schein, Inc.(b) |
167,936 | 13,619,610 | ||||||
Humana, Inc. |
33,173 | 14,747,389 | ||||||
Laboratory Corp. of America Holdings(b) |
53,241 | 12,792,747 | ||||||
McKesson Corp. |
50,265 | 15,562,547 | ||||||
Molina Healthcare, Inc.(b) |
45,144 | 14,150,387 | ||||||
Quest Diagnostics, Inc. |
103,674 | 13,875,728 | ||||||
UnitedHealth Group, Inc. |
29,288 | 14,894,412 | ||||||
Universal Health Services, Inc., Class B(c) |
93,827 | 11,496,622 | ||||||
|
|
|||||||
224,249,076 | ||||||||
|
|
|||||||
Health Care Technology-1.57% |
| |||||||
Cerner Corp. |
151,340 | 14,171,478 | ||||||
|
|
|||||||
Life Sciences Tools & Services-17.96% |
| |||||||
Agilent Technologies, Inc. |
108,472 | 12,937,455 |
Shares | Value | |||||||
Life Sciences Tools & Services-(continued) |
| |||||||
Bio-Rad Laboratories, Inc., Class A(b) |
26,675 | $ | 13,659,201 | |||||
Bio-Techne Corp. |
35,264 | 13,389,388 | ||||||
Charles River Laboratories International, Inc.(b) |
54,461 | 13,152,876 | ||||||
Danaher Corp. |
53,843 | 13,521,593 | ||||||
Illumina, Inc.(b) |
46,516 | 13,798,971 | ||||||
IQVIA Holdings, Inc.(b) |
66,172 | 14,424,834 | ||||||
Mettler-Toledo International, Inc.(b) |
10,782 | 13,774,329 | ||||||
PerkinElmer, Inc.(c) |
85,205 | 12,491,905 | ||||||
Thermo Fisher Scientific, Inc. |
26,679 | 14,751,353 | ||||||
Waters Corp.(b) |
45,164 | 13,685,595 | ||||||
West Pharmaceutical Services, Inc. |
38,918 | 12,261,505 | ||||||
|
|
|||||||
161,849,005 | ||||||||
|
|
|||||||
Pharmaceuticals-14.42% |
| |||||||
Bristol-Myers Squibb Co. |
205,252 | 15,449,318 | ||||||
Catalent, Inc.(b) |
147,055 | 13,317,301 | ||||||
Eli Lilly and Co. |
53,087 | 15,508,305 | ||||||
Johnson & Johnson |
83,476 | 15,064,079 | ||||||
Merck & Co., Inc. |
180,619 | 16,019,099 | ||||||
Organon & Co.(c) |
394,497 | 12,754,088 | ||||||
Pfizer, Inc. |
281,180 | 13,797,503 | ||||||
Viatris, Inc. |
1,410,657 | 14,572,087 | ||||||
Zoetis, Inc. |
76,284 | 13,521,339 | ||||||
|
|
|||||||
130,003,119 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
900,848,793 | ||||||
|
|
|||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
363,099 | 363,099 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
901,211,892 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.56% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
6,702,093 | 6,702,093 | ||||||
Invesco Private Prime Fund, |
16,417,660 | 16,417,660 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
23,119,753 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.55% |
|
924,331,645 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.55)% |
|
(23,022,143 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 901,309,502 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 | ||||
|
| |||
Invesco S&P 500® Equal Weight Health Care ETF (RYH)–(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 | $ | - | $ | 13,227,650 | $ | (12,864,551 | ) | $ | - | $ | - | $ | 363,099 | $ | 194 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 5,413,191 | 116,671,289 | (115,382,387 | ) | - | - | 6,702,093 | 4,504 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 8,119,787 | 222,758,047 | (214,459,550 | ) | 876 | (1,500 | ) | 16,417,660 | 13,269 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 13,532,978 | $ | 352,656,986 | $ | (342,706,488 | ) | $ | 876 | $ | (1,500 | ) | $ | 23,482,852 | $ | 17,967 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
53 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Aerospace & Defense-13.72% |
| |||||||
Boeing Co. (The)(b) |
32,756 | $ | 4,875,403 | |||||
General Dynamics Corp. |
24,830 | 5,873,040 | ||||||
Howmet Aerospace, Inc. |
171,140 | 5,839,297 | ||||||
Huntington Ingalls Industries, Inc. |
28,013 | 5,959,486 | ||||||
L3Harris Technologies, Inc. |
23,090 | 5,362,883 | ||||||
Lockheed Martin Corp. |
13,148 | 5,681,514 | ||||||
Northrop Grumman Corp. |
13,231 | 5,813,701 | ||||||
Raytheon Technologies Corp. |
59,560 | 5,652,840 | ||||||
Textron, Inc. |
83,430 | 5,777,527 | ||||||
TransDigm Group, Inc.(b) |
9,251 | 5,502,587 | ||||||
|
|
|||||||
56,338,278 | ||||||||
|
|
|||||||
Air Freight & Logistics-5.41% |
| |||||||
C.H. Robinson Worldwide, Inc.(c) |
56,461 | 5,993,335 | ||||||
Expeditors International of Washington, Inc. |
57,981 | 5,744,177 | ||||||
FedEx Corp. |
27,078 | 5,381,482 | ||||||
United Parcel Service, Inc., Class B |
28,311 | 5,095,414 | ||||||
|
|
|||||||
22,214,408 | ||||||||
|
|
|||||||
Airlines-9.00% |
| |||||||
Alaska Air Group, Inc.(b)(c) |
118,242 | 6,431,182 | ||||||
American Airlines Group, Inc.(b)(c) |
411,737 | 7,728,303 | ||||||
Delta Air Lines, Inc.(b) |
179,999 | 7,745,357 | ||||||
Southwest Airlines Co.(b)(c) |
143,453 | 6,702,124 | ||||||
United Airlines Holdings, Inc.(b)(c) |
165,545 | 8,360,023 | ||||||
|
|
|||||||
36,966,989 | ||||||||
|
|
|||||||
Building Products-9.22% |
| |||||||
A.O. Smith Corp. |
87,836 | 5,132,257 | ||||||
Allegion PLC(c) |
51,860 | 5,924,486 | ||||||
Carrier Global Corp. |
133,562 | 5,111,418 | ||||||
Fortune Brands Home & Security, Inc. |
68,819 | 4,903,354 | ||||||
Johnson Controls International PLC |
95,446 | 5,714,352 | ||||||
Masco Corp. |
107,436 | 5,660,803 | ||||||
Trane Technologies PLC |
38,786 | 5,425,774 | ||||||
|
|
|||||||
37,872,444 | ||||||||
|
|
|||||||
Capital Markets-0.00% |
||||||||
S&P Global, Inc. |
1 | 339 | ||||||
|
|
|||||||
Commercial Services & Supplies-7.38% |
| |||||||
Cintas Corp. |
15,631 | 6,209,571 | ||||||
Copart, Inc.(b) |
49,970 | 5,679,091 | ||||||
Republic Services, Inc. |
45,618 | 6,125,129 | ||||||
Rollins, Inc.(c) |
179,272 | 6,012,783 | ||||||
Waste Management, Inc. |
38,110 | 6,266,808 | ||||||
|
|
|||||||
30,293,382 | ||||||||
|
|
|||||||
Construction & Engineering-1.32% |
| |||||||
Quanta Services, Inc. |
46,810 | 5,429,024 | ||||||
|
|
|||||||
Electrical Equipment-6.63% |
| |||||||
AMETEK, Inc. |
45,691 | 5,768,946 | ||||||
Eaton Corp. PLC |
39,290 | 5,697,836 | ||||||
Emerson Electric Co. |
62,070 | 5,597,473 | ||||||
Generac Holdings, Inc.(b)(c) |
20,496 | 4,496,412 | ||||||
Rockwell Automation, Inc. |
22,460 | 5,674,968 | ||||||
|
|
|||||||
27,235,635 | ||||||||
|
|
|||||||
Industrial Conglomerates-4.07% |
||||||||
3M Co.(c) |
40,952 | 5,906,097 |
Shares | Value | |||||||
Industrial Conglomerates-(continued) |
| |||||||
General Electric Co. |
62,555 | $ | 4,663,475 | |||||
Honeywell International, Inc. |
31,676 | 6,129,623 | ||||||
|
|
|||||||
16,699,195 | ||||||||
|
|
|||||||
Machinery-23.14% |
||||||||
Caterpillar, Inc. |
26,870 | 5,657,210 | ||||||
Cummins, Inc. |
29,559 | 5,592,267 | ||||||
Deere & Co. |
14,821 | 5,595,669 | ||||||
Dover Corp. |
38,323 | 5,108,456 | ||||||
Fortive Corp. |
102,641 | 5,901,857 | ||||||
IDEX Corp. |
30,440 | 5,778,121 | ||||||
Illinois Tool Works, Inc. |
28,316 | 5,581,367 | ||||||
Ingersoll Rand, Inc. |
121,298 | 5,332,260 | ||||||
Nordson Corp. |
26,843 | 5,789,767 | ||||||
Otis Worldwide Corp. |
79,731 | 5,807,606 | ||||||
PACCAR, Inc. |
67,468 | 5,603,217 | ||||||
Parker-Hannifin Corp. |
21,303 | 5,769,278 | ||||||
Pentair PLC |
107,297 | 5,445,323 | ||||||
Snap-on, Inc.(c) |
28,063 | 5,963,107 | ||||||
Stanley Black & Decker, Inc. |
39,414 | 4,735,592 | ||||||
Wabtec Corp. |
64,831 | 5,828,955 | ||||||
Xylem, Inc. |
69,033 | 5,557,157 | ||||||
|
|
|||||||
95,047,209 | ||||||||
|
|
|||||||
Professional Services-9.26% |
| |||||||
Equifax, Inc. |
25,782 | 5,247,153 | ||||||
Jacobs Engineering Group, Inc. |
46,169 | 6,396,715 | ||||||
Leidos Holdings, Inc. |
56,610 | 5,859,701 | ||||||
Nielsen Holdings PLC |
329,672 | 8,838,506 | ||||||
Robert Half International, Inc. |
53,052 | 5,215,542 | ||||||
Verisk Analytics, Inc. |
31,710 | 6,470,426 | ||||||
|
|
|||||||
38,028,043 | ||||||||
|
|
|||||||
Road & Rail-6.50% |
||||||||
CSX Corp. |
166,404 | 5,714,313 | ||||||
J.B. Hunt Transport Services, Inc. |
29,103 | 4,972,248 | ||||||
Norfolk Southern Corp. |
21,593 | 5,568,403 | ||||||
Old Dominion Freight Line, Inc. |
18,841 | 5,277,741 | ||||||
Union Pacific Corp. |
22,073 | 5,171,483 | ||||||
|
|
|||||||
26,704,188 | ||||||||
|
|
|||||||
Trading Companies & Distributors-4.31% |
| |||||||
Fastenal Co. |
106,959 | 5,915,902 | ||||||
United Rentals, Inc.(b) |
17,886 | 5,661,277 | ||||||
W.W. Grainger, Inc. |
12,223 | 6,111,867 | ||||||
|
|
|||||||
17,689,046 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
410,518,180 | |||||||
|
|
|||||||
Money Market Funds-0.00% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
23,375 | 23,375 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
410,541,555 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)–(continued)
April 30, 2022
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-7.42% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
11,480,647 | $ | 11,480,647 | |||||
Invesco Private Prime Fund, 0.35%(d)(e)(f) |
18,975,917 | 18,975,917 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
30,456,564 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-107.38% |
|
440,998,119 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.38)% |
|
(30,313,002 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 410,685,117 | |||||
|
|
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 | $ | - | $ | 4,849,144 | $ | (4,825,769 | ) | $ | - | $ | - | $ | 23,375 | $ | 109 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 2,020,793 | 99,391,121 | (89,931,267 | ) | - | - | 11,480,647 | 4,586 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 3,031,189 | 178,828,562 | (162,876,876 | ) | - | (6,958 | ) | 18,975,917 | 16,747 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 5,051,982 | $ | 283,068,827 | $ | (257,633,912 | ) | $ | - | $ | (6,958 | ) | $ | 30,479,939 | $ | 21,442 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
55 | ||||
|
| |||
Invesco S&P 500® Equal Weight Materials ETF (RTM)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Chemicals-57.59% |
| |||||||
Air Products and Chemicals, Inc. |
89,693 | $ | 20,994,440 | |||||
Albemarle Corp. |
106,520 | 20,540,252 | ||||||
Celanese Corp. |
142,611 | 20,955,260 | ||||||
CF Industries Holdings, Inc. |
204,879 | 19,838,434 | ||||||
Corteva, Inc. |
366,804 | 21,160,923 | ||||||
Dow, Inc.(b) |
323,107 | 21,486,615 | ||||||
DuPont de Nemours, Inc. |
271,466 | 17,897,753 | ||||||
Eastman Chemical Co. |
186,664 | 19,164,793 | ||||||
Ecolab, Inc. |
123,882 | 20,978,178 | ||||||
FMC Corp. |
159,651 | 21,160,144 | ||||||
International Flavors & Fragrances, Inc. |
166,596 | 20,208,095 | ||||||
Linde PLC (United Kingdom) |
70,092 | 21,865,900 | ||||||
LyondellBasell Industries N.V., Class A |
190,286 | 20,176,025 | ||||||
Mosaic Co. (The) |
317,816 | 19,838,075 | ||||||
PPG Industries, Inc. |
163,702 | 20,952,219 | ||||||
Sherwin-Williams Co. (The) |
84,238 | 23,162,080 | ||||||
|
|
|||||||
330,379,186 | ||||||||
|
|
|||||||
Construction Materials-6.65% |
||||||||
Martin Marietta Materials, Inc. |
53,069 | 18,798,101 | ||||||
Vulcan Materials Co. |
112,258 | 19,340,931 | ||||||
|
|
|||||||
38,139,032 | ||||||||
|
|
|||||||
Containers & Packaging-25.56% |
||||||||
Amcor PLC(b) |
1,805,468 | 21,412,850 | ||||||
Avery Dennison Corp. |
121,205 | 21,889,623 | ||||||
Ball Corp. |
230,018 | 18,668,261 | ||||||
International Paper Co. |
463,798 | 21,464,571 | ||||||
Packaging Corp. of America |
131,429 | 21,182,412 | ||||||
Sealed Air Corp. |
303,820 | 19,508,282 | ||||||
WestRock Co. |
454,484 | 22,510,593 | ||||||
|
|
|||||||
146,636,592 | ||||||||
|
|
Shares | Value | |||||||
Metals & Mining-10.14% |
||||||||
Freeport-McMoRan, Inc. |
419,323 | $ | 17,003,548 | |||||
Newmont Corp. |
255,952 | 18,646,103 | ||||||
Nucor Corp. |
145,517 | 22,523,121 | ||||||
|
|
|||||||
58,172,772 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
573,327,582 | ||||||
|
|
|||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
137,092 | 137,092 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
573,464,674 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.24% | ||||||||
Invesco Private Government Fund, 0.40%(c)(d)(e) |
3,860,545 | 3,860,545 | ||||||
Invesco Private Prime Fund, |
9,001,641 | 9,001,641 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
12,862,186 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.21% |
|
586,326,860 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.21)% |
|
(12,673,827 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 573,653,033 | ||||||
|
|
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) |
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 | $ | - | $ | 10,032,062 | $ | (9,894,970 | ) | $ | - | $ | - | $ | 137,092 | $ | 243 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 74,325,547 | (70,465,002 | ) | - | - | 3,860,545 | 2,300 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 146,668,948 | (137,663,230 | ) | - | (4,077 | ) | 9,001,641 | 7,763 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | - | $ | 231,026,557 | $ | (218,023,202 | ) | $ | - | $ | (4,077 | ) | $ | 12,999,278 | $ | 10,306 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Invesco S&P 500® Equal Weight Materials ETF (RTM)–(continued)
April 30, 2022
(d) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(e) |
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.
57 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Equity REITs-96.79% |
||||||||
Alexandria Real Estate Equities, Inc. |
30,513 | $ | 5,558,248 | |||||
American Tower Corp. |
24,474 | 5,898,723 | ||||||
AvalonBay Communities, Inc. |
23,848 | 5,424,943 | ||||||
Boston Properties, Inc. |
46,570 | 5,476,632 | ||||||
Camden Property Trust |
32,011 | 5,022,206 | ||||||
Crown Castle International Corp. |
33,117 | 6,133,599 | ||||||
Digital Realty Trust, Inc. |
42,355 | 6,188,913 | ||||||
Duke Realty Corp. |
107,172 | 5,867,667 | ||||||
Equinix, Inc. |
8,297 | 5,966,207 | ||||||
Equity Residential |
66,220 | 5,396,930 | ||||||
Essex Property Trust, Inc. |
17,119 | 5,636,773 | ||||||
Extra Space Storage, Inc. |
29,255 | 5,558,450 | ||||||
Federal Realty Investment Trust |
48,525 | 5,680,336 | ||||||
Healthpeak Properties, Inc.(b) |
177,347 | 5,818,755 | ||||||
Host Hotels & Resorts, Inc. |
318,979 | 6,491,223 | ||||||
Iron Mountain, Inc.(b) |
113,753 | 6,111,949 | ||||||
Kimco Realty Corp. |
242,437 | 6,140,929 | ||||||
Mid-America Apartment Communities, Inc. |
27,571 | 5,422,664 | ||||||
Prologis, Inc. |
38,895 | 6,234,479 | ||||||
Public Storage |
15,696 | 5,831,064 | ||||||
Realty Income Corp. |
87,957 | 6,100,697 | ||||||
Regency Centers Corp. |
86,007 | 5,919,862 | ||||||
SBA Communications Corp., Class A |
17,905 | 6,215,004 | ||||||
Simon Property Group, Inc. |
44,212 | 5,217,016 | ||||||
UDR, Inc. |
101,498 | 5,400,709 | ||||||
Ventas, Inc. |
98,252 | 5,457,899 | ||||||
Vornado Realty Trust(b) |
124,363 | 4,814,092 | ||||||
Welltower, Inc. |
63,023 | 5,723,119 | ||||||
Weyerhaeuser Co. |
145,090 | 5,980,610 | ||||||
|
|
|||||||
166,689,698 | ||||||||
|
|
Shares | Value | |||||||
Real Estate Management & Development-3.17% |
|
|||||||
CBRE Group, Inc., Class A(c) |
65,645 | $ | 5,451,161 | |||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
172,140,859 | ||||||
|
|
|||||||
Money Market Funds-0.04% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
67,431 | 67,431 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.00% |
|
172,208,290 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-5.33% | ||||||||
Invesco Private Government Fund, |
2,756,763 | 2,756,763 | ||||||
Invesco Private Prime Fund, 0.35%(d)(e)(f) |
6,428,598 | 6,428,598 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
9,185,361 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-105.33% |
|
181,393,651 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.33)% |
|
(9,183,534 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 172,210,117 | ||||||
|
|
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) |
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 |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $7,450 | $3,257,395 | $(3,197,414) | $- | $- | $67,431 | $71 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)–(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 Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 627,528 | $ | 29,193,370 | $ | (27,064,135 | ) | $- | $ | - | $ | 2,756,763 | $ | 1,948 | * | ||||||||||||||||||||
Invesco Private Prime Fund | 941,292 | 61,329,342 | (55,840,732 | ) | - | (1,304 | ) | 6,428,598 | 4,908 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $1,576,270 | $93,780,107 | $(86,102,281) | $- | $(1,304) | $9,252,792 | $6,927 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
59 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Communications Equipment-6.24% |
||||||||
Arista Networks, Inc.(b) |
244,318 | $ | 28,235,831 | |||||
Cisco Systems, Inc. |
535,679 | 26,237,558 | ||||||
F5, Inc.(b) |
150,678 | 25,225,004 | ||||||
Juniper Networks, Inc.(c) |
884,014 | 27,864,121 | ||||||
Motorola Solutions, Inc. |
132,102 | 28,228,876 | ||||||
|
|
|||||||
135,791,390 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-11.71% |
| |||||||
Amphenol Corp., Class A |
397,992 | 28,456,428 | ||||||
CDW Corp. |
172,331 | 28,120,973 | ||||||
Corning, Inc. |
803,957 | 28,291,247 | ||||||
IPG Photonics Corp.(b) |
264,406 | 24,981,079 | ||||||
Keysight Technologies, Inc.(b) |
200,838 | 28,171,546 | ||||||
TE Connectivity Ltd. (Switzerland) |
229,918 | 28,689,168 | ||||||
Teledyne Technologies, Inc.(b) |
69,686 | 30,072,993 | ||||||
Trimble, Inc.(b) |
447,477 | 29,846,716 | ||||||
Zebra Technologies Corp., Class A(b) |
75,884 | 28,051,279 | ||||||
|
|
|||||||
254,681,429 | ||||||||
|
|
|||||||
IT Services-26.56% |
||||||||
Accenture PLC, Class A |
94,025 | 28,241,349 | ||||||
Akamai Technologies, Inc.(b) |
270,162 | 30,333,789 | ||||||
Automatic Data Processing, Inc. |
141,344 | 30,838,434 | ||||||
Broadridge Financial Solutions, Inc. |
202,602 | 29,201,026 | ||||||
Cognizant Technology Solutions Corp., Class A |
332,760 | 26,920,284 | ||||||
DXC Technology Co.(b) |
958,646 | 27,513,140 | ||||||
EPAM Systems, Inc.(b) |
146,379 | 38,788,971 | ||||||
Fidelity National Information Services, Inc. |
327,919 | 32,513,169 | ||||||
Fiserv, Inc.(b) |
311,166 | 30,469,375 | ||||||
FleetCor Technologies, Inc.(b) |
127,630 | 31,846,238 | ||||||
Gartner, Inc.(b) |
104,692 | 30,418,261 | ||||||
Global Payments, Inc. |
230,696 | 31,600,738 | ||||||
International Business Machines Corp. |
236,337 | 31,246,115 | ||||||
Jack Henry & Associates, Inc. |
159,722 | 30,280,097 | ||||||
Mastercard, Inc., Class A |
90,201 | 32,777,239 | ||||||
Paychex, Inc. |
242,941 | 30,787,913 | ||||||
PayPal Holdings, Inc.(b) |
303,368 | 26,675,148 | ||||||
VeriSign, Inc.(b) |
143,496 | 25,641,300 | ||||||
Visa, Inc., Class A(c) |
148,931 | 31,741,664 | ||||||
|
|
|||||||
577,834,250 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-23.88% | ||||||||
Advanced Micro Devices, Inc.(b) |
280,912 | 24,023,594 | ||||||
Analog Devices, Inc. |
198,484 | 30,641,960 | ||||||
Applied Materials, Inc. |
236,948 | 26,147,212 | ||||||
Broadcom, Inc. |
50,699 | 28,107,019 | ||||||
Enphase Energy, Inc.(b) |
171,252 | 27,640,073 | ||||||
Intel Corp. |
639,236 | 27,864,297 | ||||||
KLA Corp. |
90,624 | 28,932,618 | ||||||
Lam Research Corp. |
60,606 | 28,227,851 | ||||||
Microchip Technology, Inc. |
424,337 | 27,666,772 | ||||||
Micron Technology, Inc. |
402,310 | 27,433,519 | ||||||
Monolithic Power Systems, Inc. |
74,029 | 29,037,135 | ||||||
NVIDIA Corp. |
132,562 | 24,586,274 | ||||||
NXP Semiconductors N.V. (China) |
164,070 | 28,039,563 | ||||||
Qorvo, Inc.(b) |
236,967 | 26,962,105 | ||||||
QUALCOMM, Inc. |
192,308 | 26,863,505 |
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
Skyworks Solutions, Inc. |
229,703 | $ | 26,025,350 | |||||
SolarEdge Technologies, Inc.(b)(c) |
92,146 | 23,074,280 | ||||||
Teradyne, Inc.(c) |
274,104 | 28,907,008 | ||||||
Texas Instruments, Inc. |
171,966 | 29,277,211 | ||||||
|
|
|||||||
519,457,346 | ||||||||
|
|
|||||||
Software-23.64% |
||||||||
Adobe, Inc.(b) |
70,359 | 27,858,646 | ||||||
ANSYS, Inc.(b) |
99,775 | 27,506,970 | ||||||
Autodesk, Inc.(b) |
152,339 | 28,834,726 | ||||||
Cadence Design Systems, Inc.(b) |
202,168 | 30,497,043 | ||||||
Ceridian HCM Holding, Inc.(b) |
477,293 | 26,790,456 | ||||||
Citrix Systems, Inc. |
290,004 | 29,029,400 | ||||||
Fortinet, Inc.(b) |
104,955 | 30,333,045 | ||||||
Intuit, Inc. |
66,686 | 27,924,763 | ||||||
Microsoft Corp. |
104,604 | 29,029,702 | ||||||
NortonLifeLock, Inc.(c) |
1,060,689 | 26,559,653 | ||||||
Oracle Corp. |
376,461 | 27,632,237 | ||||||
Paycom Software, Inc.(b) |
96,617 | 27,194,787 | ||||||
PTC, Inc.(b) |
281,858 | 32,191,002 | ||||||
Roper Technologies, Inc. |
67,766 | 31,844,599 | ||||||
salesforce.com, inc.(b) |
148,036 | 26,045,454 | ||||||
ServiceNow, Inc.(b) |
57,203 | 27,348,754 | ||||||
Synopsys, Inc.(b) |
99,752 | 28,607,876 | ||||||
Tyler Technologies, Inc.(b) |
73,550 | 29,030,920 | ||||||
|
|
|||||||
514,260,033 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-8.00% |
|
|||||||
Apple, Inc. |
189,338 | 29,849,136 | ||||||
Hewlett Packard Enterprise Co. |
1,770,166 | 27,278,258 | ||||||
HP, Inc.(c) |
807,280 | 29,570,666 | ||||||
NetApp, Inc. |
348,349 | 25,516,564 | ||||||
Seagate Technology Holdings PLC(c) |
335,466 | 27,521,631 | ||||||
Western Digital Corp.(b) |
646,715 | 34,321,165 | ||||||
|
|
|||||||
174,057,420 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
2,176,081,868 | ||||||
|
|
|||||||
Money Market Funds-0.02% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
360,687 | 360,687 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
2,176,442,555 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.00% | ||||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
32,615,774 | 32,615,774 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)–(continued)
April 30, 2022
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, |
76,062,459 | $ | 76,062,459 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
108,678,233 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-105.05% |
|
|
2,285,120,788 |
| ||||
OTHER ASSETS LESS LIABILITIES-(5.05)% |
|
(109,806,930 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 2,175,313,858 | ||||||
|
|
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 | $ | 367,137 | $ | 37,720,710 | $ | (37,727,160 | ) | $ | - | $ | - | $ | 360,687 | $ | 407 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 20,978,643 | 401,183,197 | (389,546,066 | ) | - | - | 32,615,774 | 18,657 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 31,709,690 | 887,699,196 | (843,316,582 | ) | 5,627 | (35,472 | ) | 76,062,459 | 63,845 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 53,055,470 | $ | 1,326,603,103 | $ | (1,270,589,808 | ) | $ | 5,627 | $ | (35,472 | ) | $ | 109,038,920 | $ | 82,909 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
61 | ||||
|
| |||
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.84% |
| |||||||
Electric Utilities-55.30% |
||||||||
Alliant Energy Corp. |
185,016 | $ | 10,880,791 | |||||
American Electric Power Co., Inc. |
116,628 | 11,559,001 | ||||||
Constellation Energy Corp. |
225,962 | 13,379,210 | ||||||
Duke Energy Corp. |
104,974 | 11,563,936 | ||||||
Edison International |
172,027 | 11,833,737 | ||||||
Entergy Corp. |
102,496 | 12,181,650 | ||||||
Evergy, Inc. |
173,196 | 11,751,349 | ||||||
Eversource Energy |
132,990 | 11,623,326 | ||||||
Exelon Corp. |
255,411 | 11,948,127 | ||||||
FirstEnergy Corp. |
253,433 | 10,976,183 | ||||||
NextEra Energy, Inc. |
140,527 | 9,980,227 | ||||||
NRG Energy, Inc. |
289,598 | 10,396,568 | ||||||
Pinnacle West Capital Corp. |
151,080 | 10,756,896 | ||||||
PPL Corp. |
424,190 | 12,008,819 | ||||||
Southern Co. (The) |
162,226 | 11,905,766 | ||||||
Xcel Energy, Inc. |
158,380 | 11,602,919 | ||||||
|
|
|||||||
184,348,505 | ||||||||
|
|
|||||||
Gas Utilities-3.33% |
||||||||
Atmos Energy Corp.(b) |
97,990 | 11,112,066 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-3.08% |
| |||||||
AES Corp. (The) |
501,967 | 10,250,166 | ||||||
|
|
|||||||
Multi-Utilities-34.74% |
||||||||
Ameren Corp. |
127,380 | 11,833,602 | ||||||
CenterPoint Energy, Inc. |
391,686 | 11,989,508 | ||||||
CMS Energy Corp. |
168,961 | 11,605,931 | ||||||
Consolidated Edison, Inc. |
124,754 | 11,569,686 | ||||||
Dominion Energy, Inc.(b) |
135,456 | 11,058,628 | ||||||
DTE Energy Co. |
87,770 | 11,501,381 | ||||||
NiSource, Inc. |
374,108 | 10,894,025 | ||||||
Public Service Enterprise Group, Inc. |
169,570 | 11,812,246 | ||||||
Sempra Energy |
72,288 | 11,664,392 | ||||||
WEC Energy Group, Inc. |
118,751 | 11,881,037 | ||||||
|
|
|||||||
115,810,436 | ||||||||
|
|
Shares | Value | |||||||
Water Utilities-3.39% |
||||||||
American Water Works Co., Inc. |
73,272 | $ | 11,289,750 | |||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
332,810,923 | ||||||
|
|
|||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(c)(d) |
47,578 | 47,578 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
332,858,501 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-2.86% | ||||||||
Invesco Private Government Fund, |
2,860,309 | 2,860,309 | ||||||
Invesco Private Prime Fund, |
6,674,440 | 6,674,440 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
9,534,749 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.72% |
|
342,393,250 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.72)% |
|
(9,059,771 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 333,333,479 | ||||||
|
|
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) |
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 | $ | 116,957 | $ | 7,308,042 | $ | (7,377,421 | ) | $ | - | $ | - | $ | 47,578 | $ | 121 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62 | ||||
|
| |||
Invesco S&P 500® Equal Weight Utilities ETF (RYU)–(continued)
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 Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 25,833,951 | $ | (22,973,642 | ) | $ | - | $ | - | $ | 2,860,309 | $ | 1,543 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 60,301,042 | (53,627,669 | ) | - | 1,067 | 6,674,440 | 3,965 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 116,957 | $ | 93,443,035 | $ | (83,978,732 | ) | $ | - | $ | 1,067 | $ | 9,582,327 | $ | 5,629 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(e) |
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.
63 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-2.21% |
||||||||
Cable One, Inc. |
217 | $ | 253,065 | |||||
Iridium Communications, Inc.(b) |
8,054 | 287,608 | ||||||
John Wiley & Sons, Inc., Class A |
6,157 | 313,330 | ||||||
New York Times Co. (The), Class A |
6,973 | 267,205 | ||||||
TEGNA, Inc. |
14,188 | 312,846 | ||||||
TripAdvisor, Inc.(b)(c) |
13,431 | 344,774 | ||||||
World Wrestling Entertainment, Inc., Class A(c) |
5,588 | 326,283 | ||||||
Yelp, Inc.(b) |
9,918 | 322,633 | ||||||
Ziff Davis, Inc.(b) |
3,334 | 294,592 | ||||||
|
|
|||||||
2,722,336 | ||||||||
|
|
|||||||
Consumer Discretionary-15.80% |
||||||||
Adient PLC(b) |
9,115 | 311,186 | ||||||
American Eagle Outfitters, Inc.(c) |
18,116 | 273,733 | ||||||
AutoNation, Inc.(b)(c) |
2,860 | 331,503 | ||||||
Boyd Gaming Corp. |
4,929 | 298,599 | ||||||
Brunswick Corp. |
3,527 | 266,676 | ||||||
Callaway Golf Co.(b)(c) |
14,002 | 307,204 | ||||||
Capri Holdings Ltd.(b) |
6,413 | 305,900 | ||||||
Carter’s, Inc.(c) |
3,402 | 286,584 | ||||||
Choice Hotels International, Inc. |
2,335 | 327,974 | ||||||
Churchill Downs, Inc. |
1,473 | 298,931 | ||||||
Columbia Sportswear Co. |
3,697 | 303,746 | ||||||
Cracker Barrel Old Country Store, Inc.(c) |
2,694 | 299,007 | ||||||
Crocs, Inc.(b) |
4,510 | 299,599 | ||||||
Dana, Inc. |
18,672 | 276,532 | ||||||
Deckers Outdoor Corp.(b) |
1,229 | 326,607 | ||||||
Dick’s Sporting Goods, Inc.(c) |
2,939 | 283,378 | ||||||
Five Below, Inc.(b)(c) |
2,062 | 323,940 | ||||||
Foot Locker, Inc. |
10,600 | 310,686 | ||||||
Fox Factory Holding Corp.(b) |
3,114 | 254,974 | ||||||
GameStop Corp., Class A(b)(c) |
3,412 | 426,739 | ||||||
Gap, Inc. (The) |
22,416 | 278,407 | ||||||
Gentex Corp. |
11,220 | 329,307 | ||||||
Goodyear Tire & Rubber Co. (The)(b)(c) |
24,293 | 323,583 | ||||||
Graham Holdings Co., Class B |
543 | 321,657 | ||||||
Grand Canyon Education, Inc.(b)(c) |
3,455 | 331,576 | ||||||
H&R Block, Inc.(c) |
13,039 | 339,927 | ||||||
Hanesbrands, Inc.(c) |
20,406 | 270,584 | ||||||
Harley-Davidson, Inc. |
8,213 | 299,364 | ||||||
Helen of Troy Ltd.(b)(c) |
1,533 | 328,844 | ||||||
KB Home |
8,348 | 270,726 | ||||||
Kohl’s Corp. |
5,867 | 339,582 | ||||||
Lear Corp. |
2,329 | 297,972 | ||||||
Leggett & Platt, Inc. |
8,762 | 312,190 | ||||||
Light & Wonder, Inc.(b) |
5,366 | 300,818 | ||||||
Lithia Motors, Inc., Class A |
988 | 279,732 | ||||||
Macy’s, Inc.(c) |
13,380 | 323,395 | ||||||
Marriott Vacations Worldwide Corp. |
2,089 | 311,950 | ||||||
Mattel, Inc.(b) |
13,979 | 339,829 | ||||||
Murphy USA, Inc. |
1,804 | 421,414 | ||||||
Nordstrom, Inc.(c) |
13,758 | 353,581 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(b)(c) |
8,065 | 387,523 | ||||||
Papa John’s International, Inc. |
3,334 | 303,561 | ||||||
Polaris, Inc.(c) |
2,972 | 282,162 | ||||||
RH(b) |
973 | 327,045 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
Service Corp. International |
5,291 | $ | 347,143 | |||||
Six Flags Entertainment Corp.(b) |
7,818 | 299,195 | ||||||
Skechers U.S.A., Inc., Class A(b) |
8,471 | 324,439 | ||||||
Taylor Morrison Home Corp., Class A(b) |
10,512 | 275,309 | ||||||
Tempur Sealy International, Inc |
10,134 | 274,733 | ||||||
Texas Roadhouse, Inc. |
4,014 | 330,473 | ||||||
Thor Industries, Inc. |
3,740 | 286,297 | ||||||
Toll Brothers, Inc. |
6,250 | 289,812 | ||||||
TopBuild Corp.(b) |
1,464 | 265,189 | ||||||
Travel + Leisure Co. |
5,890 | 326,777 | ||||||
Tri Pointe Homes, Inc.(b) |
14,286 | 295,292 | ||||||
Urban Outfitters, Inc.(b)(c) |
12,241 | 291,336 | ||||||
Victoria’s Secret & Co.(b)(c) |
6,744 | 317,777 | ||||||
Visteon Corp.(b) |
3,102 | 324,810 | ||||||
Wendy’s Co. (The) |
14,878 | 293,989 | ||||||
Williams-Sonoma, Inc.(c) |
2,241 | 292,406 | ||||||
Wingstop, Inc.(c) |
2,570 | 235,823 | ||||||
Wyndham Hotels & Resorts, Inc. |
3,820 | 336,007 | ||||||
YETI Holdings, Inc.(b)(c) |
5,526 | 270,056 | ||||||
|
|
|||||||
19,465,090 | ||||||||
|
|
|||||||
Consumer Staples-4.83% |
||||||||
BellRing Brands, Inc.(b) |
12,900 | 276,447 | ||||||
BJ’s Wholesale Club Holdings, Inc.(b) |
5,183 | 333,526 | ||||||
Boston Beer Co., Inc. (The), Class A(b)(c) |
913 | 342,375 | ||||||
Casey’s General Stores, Inc. |
1,815 | 365,360 | ||||||
Coty, Inc., Class A(b) |
38,526 | 312,446 | ||||||
Darling Ingredients, Inc.(b) |
4,262 | 312,788 | ||||||
Energizer Holdings, Inc.(c) |
10,766 | 326,102 | ||||||
Flowers Foods, Inc. |
13,000 | 344,760 | ||||||
Grocery Outlet Holding Corp.(b)(c) |
10,758 | 362,222 | ||||||
Hain Celestial Group, Inc. (The)(b) |
9,808 | 328,960 | ||||||
Ingredion, Inc. |
3,811 | 324,354 | ||||||
Lancaster Colony Corp.(c) |
2,064 | 320,292 | ||||||
Nu Skin Enterprises, Inc., Class A |
6,744 | 287,564 | ||||||
Performance Food Group Co.(b) |
6,649 | 327,463 | ||||||
Pilgrim’s Pride Corp.(b) |
13,704 | 388,508 | ||||||
Post Holdings, Inc.(b)(c) |
4,741 | 352,683 | ||||||
Sanderson Farms, Inc. |
1,767 | 334,617 | ||||||
Sprouts Farmers Market, Inc.(b) |
10,200 | 303,960 | ||||||
|
|
|||||||
5,944,427 | ||||||||
|
|
|||||||
Energy-3.47% |
||||||||
Antero Midstream Corp. |
31,009 | 318,463 | ||||||
ChampionX Corp. |
12,482 | 263,370 | ||||||
CNX Resources Corp.(b) |
17,276 | 355,022 | ||||||
DT Midstream, Inc. |
5,601 | 301,054 | ||||||
EQT Corp. |
11,717 | 465,751 | ||||||
Equitrans Midstream Corp. |
42,513 | 334,152 | ||||||
HF Sinclair Corp.(b) |
8,865 | 337,047 | ||||||
Matador Resources Co.(c) |
5,963 | 291,114 | ||||||
Murphy Oil Corp. |
8,591 | 327,145 | ||||||
NOV, Inc. |
14,956 | 271,152 | ||||||
PDC Energy, Inc. |
4,731 | 329,940 | ||||||
Range Resources Corp.(b) |
11,493 | 344,100 | ||||||
Targa Resources Corp. |
4,621 | 339,228 | ||||||
|
|
|||||||
4,277,538 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
April 30, 2022
Shares | Value | |||||||
Financials-14.60% |
||||||||
Affiliated Managers Group, Inc. |
2,482 | $ | 311,665 | |||||
Alleghany Corp.(b) |
495 | 414,067 | ||||||
American Financial Group, Inc. |
2,320 | 321,274 | ||||||
Associated Banc-Corp |
13,628 | 271,879 | ||||||
Bank of Hawaii Corp. |
3,772 | 280,410 | ||||||
Bank OZK |
7,271 | 279,352 | ||||||
Brighthouse Financial, Inc.(b) |
6,845 | 351,559 | ||||||
Cadence Bank |
10,639 | 266,401 | ||||||
Cathay General Bancorp |
6,988 | 280,149 | ||||||
CNO Financial Group, Inc. |
13,581 | 327,845 | ||||||
Commerce Bancshares, Inc. |
4,459 | 304,862 | ||||||
Cullen/Frost Bankers, Inc. |
2,292 | 303,209 | ||||||
East West Bancorp, Inc. |
4,127 | 294,255 | ||||||
Essent Group Ltd.(c) |
7,747 | 313,986 | ||||||
Evercore, Inc., Class A |
2,858 | 302,234 | ||||||
F.N.B. Corp. |
24,827 | 286,007 | ||||||
Federated Hermes, Inc., Class B |
10,006 | 284,971 | ||||||
First American Financial Corp. |
4,746 | 276,739 | ||||||
First Financial Bankshares, Inc.(c) |
6,858 | 274,183 | ||||||
First Horizon Corp. |
13,708 | 306,785 | ||||||
FirstCash Holdings, Inc.(c) |
4,918 | 392,358 | ||||||
Fulton Financial Corp. |
18,023 | 273,409 | ||||||
Glacier Bancorp, Inc. |
5,909 | 270,396 | ||||||
Hancock Whitney Corp. |
5,929 | 277,299 | ||||||
Hanover Insurance Group, Inc. (The) |
2,270 | 333,281 | ||||||
Home BancShares, Inc. |
13,681 | 295,783 | ||||||
Interactive Brokers Group, Inc., Class A |
5,192 | 309,236 | ||||||
International Bancshares Corp. |
7,395 | 294,247 | ||||||
Janus Henderson Group PLC(c) |
9,768 | 297,729 | ||||||
Jefferies Financial Group, Inc. |
10,401 | 319,935 | ||||||
Kemper Corp. |
5,960 | 275,114 | ||||||
Kinsale Capital Group, Inc.(c) |
1,511 | 334,974 | ||||||
Mercury General Corp. |
5,918 | 298,445 | ||||||
MGIC Investment Corp. |
22,821 | 298,042 | ||||||
Navient Corp. |
19,020 | 302,228 | ||||||
New York Community Bancorp, Inc.(c) |
28,521 | 263,534 | ||||||
Old National Bancorp |
18,105 | 274,472 | ||||||
Old Republic International Corp. |
12,302 | 270,767 | ||||||
PacWest Bancorp |
7,215 | 237,301 | ||||||
Pinnacle Financial Partners, Inc. |
3,337 | 258,784 | ||||||
Primerica, Inc. |
2,502 | 324,159 | ||||||
Prosperity Bancshares, Inc. |
4,481 | 292,968 | ||||||
Reinsurance Group of America, Inc. |
3,129 | 335,804 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) |
2,243 | 321,915 | ||||||
RLI Corp. |
3,040 | 348,931 | ||||||
SEI Investments Co.(c) |
5,670 | 315,932 | ||||||
Selective Insurance Group, Inc. |
3,801 | 313,050 | ||||||
SLM Corp. |
18,411 | 308,016 | ||||||
Stifel Financial Corp. |
4,951 | 306,219 | ||||||
Synovus Financial Corp. |
6,660 | 276,656 | ||||||
Texas Capital Bancshares, Inc.(b) |
5,120 | 262,963 | ||||||
UMB Financial Corp. |
3,187 | 287,404 | ||||||
Umpqua Holdings Corp. |
15,163 | 250,796 | ||||||
United Bankshares, Inc. |
8,870 | 295,016 | ||||||
Unum Group |
11,690 | 356,779 | ||||||
Valley National Bancorp |
23,412 | 280,476 | ||||||
Voya Financial, Inc. |
5,049 | 318,794 | ||||||
Washington Federal, Inc. |
9,105 | 277,065 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Webster Financial Corp. |
5,709 | $ | 285,393 | |||||
Wintrust Financial Corp. |
3,447 | 300,992 | ||||||
|
|
|||||||
17,988,494 | ||||||||
|
|
|||||||
Health Care-9.27% |
||||||||
Acadia Healthcare Co., Inc.(b) |
4,870 | 330,576 | ||||||
Amedisys, Inc.(b)(c) |
2,110 | 269,341 | ||||||
Arrowhead Pharmaceuticals, Inc.(b)(c) |
7,571 | 311,244 | ||||||
Azenta, Inc. |
4,051 | 303,663 | ||||||
Bruker Corp.(c) |
5,013 | 288,197 | ||||||
Chemed Corp. |
673 | 330,705 | ||||||
Encompass Health Corp. |
4,680 | 322,124 | ||||||
Enovis Corp.(b)(c) |
4,702 | 305,019 | ||||||
Envista Holdings Corp.(b)(c) |
7,023 | 278,251 | ||||||
Exelixis, Inc.(b) |
15,069 | 336,641 | ||||||
Globus Medical, Inc., Class A(b) |
4,610 | 305,274 | ||||||
Haemonetics Corp.(b)(c) |
5,876 | 297,737 | ||||||
Halozyme Therapeutics, Inc.(b)(c) |
9,110 | 363,489 | ||||||
HealthEquity, Inc.(b)(c) |
6,099 | 380,090 | ||||||
ICU Medical, Inc.(b) |
1,413 | 302,368 | ||||||
Integra LifeSciences Holdings Corp.(b)(c) |
4,858 | 297,115 | ||||||
Jazz Pharmaceuticals PLC(b)(c) |
2,045 | 327,650 | ||||||
LHC Group, Inc.(b) |
2,318 | 384,440 | ||||||
LivaNova PLC(b)(c) |
4,422 | 338,990 | ||||||
Masimo Corp.(b) |
2,313 | 261,300 | ||||||
Medpace Holdings, Inc.(b) |
2,240 | 299,197 | ||||||
Neogen Corp.(b)(c) |
9,355 | 246,972 | ||||||
Neurocrine Biosciences, Inc.(b) |
3,542 | 318,886 | ||||||
NuVasive, Inc.(b)(c) |
6,144 | 316,047 | ||||||
Option Care Health, Inc.(b) |
12,283 | 367,016 | ||||||
Patterson Cos., Inc. |
10,206 | 314,039 | ||||||
Penumbra, Inc.(b)(c) |
1,646 | 284,034 | ||||||
Perrigo Co. PLC |
8,372 | 287,160 | ||||||
Progyny, Inc.(b)(c) |
7,275 | 279,724 | ||||||
Quidel Corp.(b)(c) |
3,188 | 320,777 | ||||||
R1 RCM, Inc.(b)(c) |
12,842 | 289,202 | ||||||
Repligen Corp.(b) |
1,894 | 297,813 | ||||||
STAAR Surgical Co.(b)(c) |
4,903 | 279,912 | ||||||
Syneos Health, Inc.(b) |
4,204 | 307,270 | ||||||
Tandem Diabetes Care, Inc.(b) |
2,999 | 289,343 | ||||||
Tenet Healthcare Corp.(b) |
3,556 | 257,846 | ||||||
United Therapeutics Corp.(b) |
1,828 | 324,580 | ||||||
|
|
|||||||
11,414,032 | ||||||||
|
|
|||||||
Industrials-16.86% |
||||||||
Acuity Brands, Inc. |
1,749 | 301,668 | ||||||
AECOM |
4,113 | 290,213 | ||||||
AGCO Corp. |
2,418 | 308,053 | ||||||
ASGN, Inc.(b) |
2,994 | 339,669 | ||||||
Avis Budget Group, Inc.(b)(c) |
1,521 | 407,126 | ||||||
Axon Enterprise, Inc.(b) |
2,537 | 284,651 | ||||||
Brink’s Co. (The) |
4,973 | 293,158 | ||||||
Builders FirstSource, Inc.(b) |
4,255 | 261,980 | ||||||
CACI International, Inc., Class A(b) |
1,049 | 278,300 | ||||||
Carlisle Cos., Inc. |
1,363 | 353,508 | ||||||
Chart Industries, Inc.(b) |
1,817 | 306,746 | ||||||
Clean Harbors, Inc.(b) |
2,995 | 314,265 | ||||||
Crane Co. |
3,084 | 296,773 | ||||||
Curtiss-Wright Corp. |
2,164 | 309,257 | ||||||
Donaldson Co., Inc. |
6,311 | 309,491 | ||||||
Dycom Industries, Inc.(b) |
3,177 | 269,759 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) |
|
|||||||
EMCOR Group, Inc. |
2,711 | $ | 288,667 | |||||
EnerSys |
4,302 | 281,609 | ||||||
Esab Corp.(b) |
7,059 | 331,773 | ||||||
Flowserve Corp. |
9,355 | 306,002 | ||||||
Fluor Corp.(b)(c) |
11,090 | 274,478 | ||||||
FTI Consulting, Inc.(b)(c) |
2,179 | 343,650 | ||||||
GATX Corp.(c) |
2,639 | 272,846 | ||||||
Graco, Inc. |
4,697 | 291,308 | ||||||
GXO Logistics, Inc.(b) |
4,807 | 284,526 | ||||||
Hexcel Corp. |
5,719 | 310,885 | ||||||
Hubbell, Inc. |
1,775 | 346,764 | ||||||
IAA, Inc.(b) |
8,867 | 324,976 | ||||||
Insperity, Inc.(c) |
3,640 | 386,022 | ||||||
ITT, Inc. |
4,145 | 291,062 | ||||||
JetBlue Airways Corp.(b)(c) |
25,123 | 276,604 | ||||||
KBR, Inc. |
5,712 | 281,202 | ||||||
Kennametal, Inc. |
10,914 | 280,817 | ||||||
Kirby Corp.(b) |
4,360 | 284,272 | ||||||
Knight-Swift Transportation Holdings, Inc. |
6,157 | 294,859 | ||||||
Landstar System, Inc. |
2,083 | 322,657 | ||||||
Lennox International, Inc. |
1,234 | 263,076 | ||||||
Lincoln Electric Holdings, Inc. |
2,516 | 338,981 | ||||||
ManpowerGroup, Inc. |
3,606 | 325,261 | ||||||
MasTec, Inc.(b) |
3,705 | 266,797 | ||||||
MDU Resources Group, Inc. |
12,556 | 323,443 | ||||||
Mercury Systems, Inc.(b)(c) |
4,827 | 269,298 | ||||||
Middleby Corp. (The)(b) |
1,903 | 292,853 | ||||||
MillerKnoll, Inc.(c) |
9,262 | 293,883 | ||||||
MSA Safety, Inc. |
2,470 | 298,104 | ||||||
MSC Industrial Direct Co., Inc., Class A |
4,131 | 342,295 | ||||||
nVent Electric PLC |
9,192 | 310,506 | ||||||
Oshkosh Corp. |
2,960 | 273,622 | ||||||
Owens Corning |
3,522 | 320,255 | ||||||
Regal Rexnord Corp. |
2,042 | 259,824 | ||||||
Ryder System, Inc.(c) |
3,994 | 279,181 | ||||||
Saia, Inc.(b) |
1,210 | 249,212 | ||||||
Science Applications International Corp. |
3,565 | 296,715 | ||||||
Simpson Manufacturing Co., Inc. |
2,737 | 283,745 | ||||||
Stericycle, Inc.(b) |
5,705 | 286,334 | ||||||
Sunrun, Inc.(b)(c) |
10,758 | 214,945 | ||||||
Terex Corp. |
8,233 | 279,922 | ||||||
Tetra Tech, Inc. |
1,992 | 277,446 | ||||||
Timken Co. (The) |
5,157 | 297,250 | ||||||
Toro Co. (The) |
3,889 | 311,626 | ||||||
Trex Co., Inc.(b)(c) |
4,272 | 248,588 | ||||||
Trinity Industries, Inc.(c) |
9,693 | 268,884 | ||||||
Univar Solutions, Inc.(b) |
10,320 | 300,518 | ||||||
Valmont Industries, Inc. |
1,386 | 344,851 | ||||||
Vicor Corp.(b) |
4,141 | 250,613 | ||||||
Watsco, Inc. |
1,112 | 296,659 | ||||||
Watts Water Technologies, Inc., Class A |
2,240 | 285,510 | ||||||
Werner Enterprises, Inc. |
7,506 | 297,463 | ||||||
Woodward, Inc.(c) |
2,596 | 286,806 | ||||||
XPO Logistics, Inc.(b) |
4,488 | 241,410 | ||||||
|
|
|||||||
20,775,472 | ||||||||
|
|
|||||||
Information Technology-13.92% |
||||||||
ACI Worldwide, Inc.(b)(c) |
10,006 | 276,366 | ||||||
Amkor Technology, Inc. |
15,192 | 285,762 | ||||||
Arrow Electronics, Inc.(b) |
2,639 | 311,033 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Aspen Technology, Inc.(b) |
2,268 | $ | 359,569 | |||||
Avnet, Inc. |
7,754 | 338,540 | ||||||
Belden, Inc. |
5,634 | 290,883 | ||||||
Blackbaud, Inc.(b)(c) |
5,312 | 308,149 | ||||||
Bread Financial Holdings, Inc. |
5,702 | 312,470 | ||||||
Calix, Inc.(b)(c) |
7,273 | 290,265 | ||||||
CDK Global, Inc. |
6,612 | 359,759 | ||||||
Ciena Corp.(b) |
5,753 | 317,393 | ||||||
Cirrus Logic, Inc.(b) |
3,860 | 292,588 | ||||||
CMC Materials, Inc. |
1,752 | 313,450 | ||||||
Cognex Corp. |
4,798 | 324,489 | ||||||
Coherent, Inc.(b) |
1,225 | 328,178 | ||||||
CommVault Systems, Inc.(b) |
5,236 | 319,396 | ||||||
Concentrix Corp. |
1,613 | 254,015 | ||||||
Digital Turbine, Inc.(b)(c) |
9,071 | 287,097 | ||||||
Envestnet, Inc.(b)(c) |
4,341 | 345,717 | ||||||
Euronet Worldwide, Inc.(b)(c) |
2,790 | 339,403 | ||||||
Fair Isaac Corp.(b) |
683 | 255,107 | ||||||
First Solar, Inc.(b) |
4,195 | 306,361 | ||||||
Genpact Ltd. |
7,666 | 308,710 | ||||||
II-VI Incorporated(b) |
4,815 | 294,726 | ||||||
Jabil, Inc. |
5,685 | 328,195 | ||||||
Kyndryl Holdings, Inc.(b)(c) |
27,432 | 326,166 | ||||||
Lattice Semiconductor Corp.(b) |
5,873 | 282,139 | ||||||
Littelfuse, Inc. |
1,320 | 302,610 | ||||||
LiveRamp Holdings, Inc.(b) |
9,047 | 283,352 | ||||||
Lumentum Holdings, Inc.(b)(c) |
3,459 | 280,905 | ||||||
Manhattan Associates, Inc.(b) |
2,420 | 315,931 | ||||||
Maximus, Inc. |
4,332 | 315,716 | ||||||
Mimecast Ltd.(b) |
3,988 | 317,764 | ||||||
MKS Instruments, Inc. |
2,224 | 253,492 | ||||||
National Instruments Corp. |
8,297 | 299,854 | ||||||
NCR Corp.(b) |
8,441 | 295,688 | ||||||
Paylocity Holding Corp.(b) |
1,669 | 316,492 | ||||||
Power Integrations, Inc. |
3,632 | 290,560 | ||||||
Qualys, Inc.(b) |
2,481 | 338,111 | ||||||
Sabre Corp.(b)(c) |
34,720 | 363,518 | ||||||
SailPoint Technologies Holding, Inc.(b)(c) |
7,225 | 461,172 | ||||||
Semtech Corp.(b) |
5,096 | 303,722 | ||||||
Silicon Laboratories, Inc.(b) |
2,297 | 309,888 | ||||||
SiTime Corp.(b)(c) |
1,684 | 283,872 | ||||||
SunPower Corp.(b)(c) |
15,429 | 254,733 | ||||||
Synaptics, Inc.(b) |
1,538 | 228,301 | ||||||
TD SYNNEX Corp. |
2,880 | 288,259 | ||||||
Teradata Corp.(b) |
7,148 | 295,570 | ||||||
Universal Display Corp. |
2,017 | 257,631 | ||||||
ViaSat, Inc.(b)(c) |
6,225 | 229,142 | ||||||
Vishay Intertechnology, Inc. |
16,969 | 316,132 | ||||||
Vontier Corp. |
13,752 | 352,326 | ||||||
Western Union Co. (The)(c) |
18,379 | 308,032 | ||||||
WEX, Inc.(b) |
1,945 | 323,337 | ||||||
Wolfspeed, Inc.(b)(c) |
3,436 | 315,116 | ||||||
Xerox Holdings Corp. |
16,951 | 294,947 | ||||||
|
|
|||||||
17,152,099 | ||||||||
|
|
|||||||
Materials-6.81% |
||||||||
Alcoa Corp. |
4,004 | 271,471 | ||||||
AptarGroup, Inc. |
2,817 | 323,476 | ||||||
Ashland Global Holdings, Inc. |
3,588 | 376,632 | ||||||
Avient Corp. |
6,466 | 318,386 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-(continued) |
|
|||||||
Cabot Corp. |
4,512 | $ | 297,115 | |||||
Chemours Co. (The)(c) |
11,999 | 396,807 | ||||||
Cleveland-Cliffs, Inc.(b) |
12,235 | 311,870 | ||||||
Commercial Metals Co. |
7,826 | 320,866 | ||||||
Eagle Materials, Inc. |
2,382 | 293,748 | ||||||
Greif, Inc., Class A(c) |
5,380 | 326,458 | ||||||
Ingevity Corp.(b) |
4,972 | 297,823 | ||||||
Louisiana-Pacific Corp. |
4,767 | 307,567 | ||||||
Minerals Technologies, Inc. |
4,914 | 312,580 | ||||||
NewMarket Corp. |
992 | 322,013 | ||||||
Olin Corp. |
6,499 | 373,043 | ||||||
Reliance Steel & Aluminum Co. |
1,683 | 333,655 | ||||||
Royal Gold, Inc.(c) |
2,308 | 301,148 | ||||||
RPM International, Inc. |
4,017 | 333,009 | ||||||
Scotts Miracle-Gro Co. (The)(c) |
2,749 | 285,704 | ||||||
Sensient Technologies Corp. |
4,200 | 355,320 | ||||||
Silgan Holdings, Inc. |
7,392 | 327,983 | ||||||
Sonoco Products Co. |
5,684 | 351,896 | ||||||
Steel Dynamics, Inc. |
4,387 | 376,185 | ||||||
United States Steel Corp. |
9,488 | 289,289 | ||||||
Valvoline, Inc. |
10,722 | 324,126 | ||||||
Worthington Industries, Inc.(c) |
5,403 | 257,021 | ||||||
|
|
| ||||||
8,385,191 | ||||||||
|
|
| ||||||
Real Estate-8.54% |
|
|||||||
American Campus Communities, Inc. |
5,799 | 375,021 | ||||||
Apartment Income REIT Corp. |
6,020 | 296,003 | ||||||
Brixmor Property Group, Inc. |
12,721 | 322,859 | ||||||
Corporate Office Properties Trust |
11,055 | 295,058 | ||||||
Cousins Properties, Inc.(c) |
7,948 | 285,333 | ||||||
Douglas Emmett, Inc. |
9,524 | 280,577 | ||||||
EastGroup Properties, Inc. |
1,691 | 317,063 | ||||||
EPR Properties |
6,016 | 315,960 | ||||||
First Industrial Realty Trust, Inc. |
5,479 | 317,782 | ||||||
Healthcare Realty Trust, Inc.(c) |
11,793 | 319,354 | ||||||
Highwoods Properties, Inc. |
7,158 | 292,333 | ||||||
Hudson Pacific Properties, Inc. |
11,594 | 269,908 | ||||||
JBG SMITH Properties |
10,888 | 287,008 | ||||||
Jones Lang LaSalle, Inc.(b) |
1,415 | 309,503 | ||||||
Kilroy Realty Corp. |
4,320 | 302,400 | ||||||
Kite Realty Group Trust |
14,184 | 316,303 | ||||||
Lamar Advertising Co., Class A |
2,904 | 320,631 | ||||||
Life Storage, Inc. |
2,412 | 319,566 | ||||||
Macerich Co. (The)(c) |
21,996 | 276,050 | ||||||
Medical Properties Trust, Inc. |
15,697 | 288,668 | ||||||
National Retail Properties, Inc. |
7,323 | 321,040 | ||||||
National Storage Affiliates Trust |
5,273 | 298,452 | ||||||
Omega Healthcare Investors, Inc. |
11,009 | 280,509 | ||||||
Park Hotels & Resorts, Inc. |
17,125 | 337,534 | ||||||
Pebblebrook Hotel Trust |
13,698 | 334,505 | ||||||
Physicians Realty Trust |
18,850 | 323,089 | ||||||
PotlatchDeltic Corp. |
5,767 | 319,434 | ||||||
PS Business Parks, Inc. |
2,016 | 377,395 |
Shares | Value | |||||||
Real Estate-(continued) |
|
|||||||
Rayonier, Inc. |
7,430 | $ | 320,976 | |||||
Rexford Industrial Realty, Inc.(c) |
4,595 | 358,594 | ||||||
Sabra Health Care REIT, Inc. |
22,690 | 265,019 | ||||||
SL Green Realty Corp.(c) |
4,003 | 277,088 | ||||||
Spirit Realty Capital, Inc. |
6,808 | 295,808 | ||||||
STORE Capital Corp. |
10,755 | 305,765 | ||||||
|
|
| ||||||
10,522,588 | ||||||||
|
|
| ||||||
Utilities-3.62% |
|
|||||||
ALLETE, Inc. |
4,816 | 285,781 | ||||||
Black Hills Corp.(c) |
4,452 | 326,064 | ||||||
Essential Utilities, Inc. |
6,767 | 302,891 | ||||||
Hawaiian Electric Industries, Inc. |
7,600 | 312,436 | ||||||
IDACORP, Inc. |
2,875 | 302,392 | ||||||
National Fuel Gas Co. |
4,731 | 331,785 | ||||||
New Jersey Resources Corp |
7,186 | 310,148 | ||||||
NorthWestern Corp.(c) |
5,252 | 297,736 | ||||||
OGE Energy Corp.(c) |
8,176 | 316,248 | ||||||
ONE Gas, Inc. |
3,675 | 310,060 | ||||||
PNM Resources, Inc. |
6,918 | 322,794 | ||||||
Southwest Gas Holdings, Inc. |
4,357 | 383,895 | ||||||
Spire, Inc. |
4,609 | 335,305 | ||||||
UGI Corp. |
9,553 | 327,668 | ||||||
|
|
| ||||||
4,465,203 | ||||||||
|
|
| ||||||
Total Common Stocks & Other Equity
Interests |
|
123,112,470 | ||||||
|
|
| ||||||
Money Market Funds-0.06% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
68,915 | 68,915 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.99% |
123,181,385 | |||||||
|
|
| ||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-22.21% |
|
|||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
8,211,304 | 8,211,304 | ||||||
Invesco Private Prime Fund, |
19,147,838 | 19,147,838 | ||||||
|
|
| ||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
27,359,142 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS IN SECURITIES-122.20% |
|
150,540,527 | ||||||
OTHER ASSETS LESS LIABILITIES-(22.20)% |
|
(27,345,654 | ) | |||||
|
|
| ||||||
NET ASSETS-100.00% |
$ | 123,194,873 | ||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(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 | $ | 50,708 | $ | 3,417,527 | $ | (3,399,320 | ) | $ | - | $ | - | $ | 68,915 | $ | 51 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,270,908 | 33,341,158 | (28,400,762 | ) | - | - | 8,211,304 | 5,179 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 5,042,491 | 69,577,284 | (55,467,186 | ) | 2,324 | (7,075 | ) | 19,147,838 | 17,448 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 8,364,107 | $ | 106,335,969 | $ | (87,267,268 | ) | $ | 2,324 | $ | (7,075 | ) | $ | 27,428,057 | $ | 22,678 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
68 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-2.74% |
||||||||
AMC Networks, Inc., Class A(b) |
2,805 | $ | 91,527 | |||||
ATN International, Inc. |
3,066 | 121,107 | ||||||
Cars.com, Inc.(b) |
7,411 | 82,410 | ||||||
Cinemark Holdings, Inc.(b)(c) |
6,998 | 110,988 | ||||||
Cogent Communications Holdings, Inc. |
1,714 | 100,269 | ||||||
Consolidated Communications Holdings, Inc.(b) |
19,456 | 115,763 | ||||||
E.W. Scripps Co. (The), Class A(b) |
5,108 | 84,078 | ||||||
Gannett Co., Inc.(b)(c) |
25,288 | 101,405 | ||||||
Gogo, Inc.(b)(c) |
5,719 | 105,287 | ||||||
Loyalty Ventures, Inc.(b) |
5,704 | 72,954 | ||||||
Marcus Corp. (The)(b)(c) |
6,293 | 98,989 | ||||||
QuinStreet, Inc.(b) |
9,539 | 90,716 | ||||||
Scholastic Corp. |
2,578 | 94,999 | ||||||
Shenandoah Telecommunications Co.(c) |
5,242 | 105,888 | ||||||
TechTarget, Inc.(b)(c) |
1,489 | 100,225 | ||||||
Telephone & Data Systems, Inc.(c) |
5,728 | 104,937 | ||||||
Thryv Holdings, Inc.(b)(c) |
3,782 | 97,689 | ||||||
|
|
|||||||
1,679,231 | ||||||||
|
|
|||||||
Consumer Discretionary-14.48% |
||||||||
Aaron’s Co., Inc. (The) |
4,944 | 101,500 | ||||||
Abercrombie & Fitch Co., Class A(b) |
3,797 | 131,300 | ||||||
Academy Sports & Outdoors, Inc.(c) |
3,408 | 127,323 | ||||||
Adtalem Global Education, Inc.(b)(c) |
4,471 | 131,045 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) |
12,855 | 85,100 | ||||||
American Public Education, Inc.(b) |
4,908 | 95,412 | ||||||
America’s Car-Mart, Inc.(b) |
1,202 | 97,182 | ||||||
Asbury Automotive Group, Inc.(b)(c) |
576 | 105,817 | ||||||
Bed Bath & Beyond, Inc.(b)(c) |
5,402 | 73,521 | ||||||
Big Lots, Inc.(c) |
3,252 | 100,487 | ||||||
BJ’s Restaurants, Inc.(b) |
4,049 | 112,522 | ||||||
Bloomin’ Brands, Inc. |
5,311 | 116,789 | ||||||
Boot Barn Holdings, Inc.(b) |
1,232 | 110,954 | ||||||
Brinker International, Inc.(b)(c) |
3,063 | 111,279 | ||||||
Buckle, Inc. (The)(c) |
2,984 | 92,683 | ||||||
Caleres, Inc. |
5,495 | 126,000 | ||||||
Cato Corp. (The), Class A |
6,458 | 87,506 | ||||||
Cavco Industries, Inc.(b) |
405 | 95,681 | ||||||
Century Communities, Inc. |
1,786 | 94,158 | ||||||
Cheesecake Factory, Inc. (The)(b)(c) |
3,150 | 116,266 | ||||||
Chico’s FAS, Inc.(b) |
26,728 | 141,658 | ||||||
Children’s Place, Inc. (The)(b)(c) |
2,095 | 97,061 | ||||||
Chuy’s Holdings, Inc.(b) |
3,976 | 99,440 | ||||||
Conn’s, Inc.(b)(c) |
5,830 | 91,239 | ||||||
Dave & Buster’s Entertainment, |
2,745 | 124,897 | ||||||
Designer Brands, Inc., Class A(c) |
8,708 | 120,345 | ||||||
Dine Brands Global, Inc. |
1,503 | 107,750 | ||||||
Dorman Products, Inc.(b) |
1,135 | 112,047 | ||||||
El Pollo Loco Holdings, Inc.(b) |
9,464 | 100,792 | ||||||
Ethan Allen Interiors, Inc.(c) |
4,172 | 99,043 | ||||||
Fossil Group, Inc.(b)(c) |
12,412 | 122,631 | ||||||
Genesco, Inc.(b) |
1,589 | 98,566 | ||||||
Gentherm, Inc.(b)(c) |
1,574 | 106,119 | ||||||
G-III Apparel Group Ltd.(b) |
4,499 | 119,134 | ||||||
Golden Entertainment, Inc.(b) |
2,019 | 96,831 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
Group 1 Automotive, Inc. |
576 | $ | 100,305 | |||||
Guess?, Inc. |
6,216 | 139,674 | ||||||
Haverty Furniture Cos.,Inc., (Acquired 03/15/2018 -
03/16/2022; |
3,809 | 94,577 | ||||||
Hibbett, Inc. |
2,383 | 102,898 | ||||||
Installed Building Products, Inc.(c) |
1,086 | 87,390 | ||||||
iRobot Corp.(b)(c) |
1,884 | 95,425 | ||||||
Jack in the Box, Inc.(c) |
1,320 | 109,243 | ||||||
Kontoor Brands, Inc. |
2,471 | 98,173 | ||||||
La-Z-Boy, Inc. |
3,789 | 99,575 | ||||||
LCI Industries(c) |
939 | 91,383 | ||||||
LGI Homes, Inc.(b)(c) |
908 | 85,089 | ||||||
Liquidity Services, Inc.(b) |
6,608 | 95,287 | ||||||
LL Flooring Holdings, Inc.(b)(c) |
7,151 | 98,755 | ||||||
M.D.C. Holdings, Inc. |
2,516 | 92,866 | ||||||
M/I Homes, Inc.(b)(c) |
2,220 | 98,302 | ||||||
MarineMax, Inc.(b)(c) |
2,505 | 102,505 | ||||||
Meritage Homes Corp.(b) |
1,139 | 94,024 | ||||||
Monarch Casino & Resort, Inc.(b) |
1,328 | 93,159 | ||||||
Monro, Inc. |
2,403 | 109,889 | ||||||
Motorcar Parts of America, Inc.(b)(c) |
6,405 | 97,420 | ||||||
Movado Group, Inc. |
3,145 | 113,126 | ||||||
ODP Corp. (The)(b) |
2,541 | 109,339 | ||||||
Oxford Industries, Inc. |
1,296 | 116,122 | ||||||
Patrick Industries, Inc. |
1,674 | 104,206 | ||||||
Perdoceo Education Corp.(b) |
10,063 | 112,504 | ||||||
PetMed Express, Inc.(c) |
4,052 | 88,739 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) |
6,791 | 89,573 | ||||||
Rent-A-Center, Inc. |
4,166 | 100,484 | ||||||
Ruth’s Hospitality Group, Inc. |
4,860 | 101,914 | ||||||
Sally Beauty Holdings, Inc.(b)(c) |
6,513 | 98,477 | ||||||
Shake Shack, Inc., Class A(b)(c) |
1,695 | 98,022 | ||||||
Shoe Carnival, Inc. |
3,698 | 111,643 | ||||||
Shutterstock, Inc. |
1,246 | 94,347 | ||||||
Signet Jewelers Ltd. |
1,643 | 115,339 | ||||||
Sleep Number Corp.(b)(c) |
1,782 | 72,278 | ||||||
Sonic Automotive, Inc., Class A |
2,283 | 97,142 | ||||||
Sonos, Inc.(b) |
3,494 | 79,733 | ||||||
Standard Motor Products, Inc. |
2,512 | 107,212 | ||||||
Steven Madden Ltd. |
2,819 | 115,748 | ||||||
Strategic Education, Inc.(c) |
1,821 | 117,637 | ||||||
Sturm Ruger & Co., Inc.(c) |
1,529 | 104,201 | ||||||
Tupperware Brands Corp.(b)(c) |
6,060 | 106,535 | ||||||
Unifi, Inc.(b) |
6,202 | 90,983 | ||||||
Universal Electronics, Inc.(b) |
3,411 | 100,624 | ||||||
Vera Bradley, Inc.(b)(c) |
15,316 | 94,193 | ||||||
Vista Outdoor, Inc.(b) |
3,020 | 106,395 | ||||||
Winnebago Industries, Inc.(c) |
1,834 | 97,532 | ||||||
Wolverine World Wide, Inc. |
4,823 | 95,592 | ||||||
WW International, Inc.(b)(c) |
11,007 | 107,759 | ||||||
XPEL, Inc.(b)(c)(e) |
1,889 | 81,737 | ||||||
Zumiez, Inc.(b)(c) |
2,695 | 98,718 | ||||||
|
|
|||||||
8,863,871 | ||||||||
|
|
|||||||
Consumer Staples-5.53% |
||||||||
Andersons, Inc. (The) |
2,460 | 123,566 | ||||||
B&G Foods, Inc.(c) |
4,203 | 113,187 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
April 30, 2022
Shares | Value | |||||||
Consumer Staples-(continued) |
||||||||
Calavo Growers, Inc. |
2,989 | $ | 108,321 | |||||
Cal-Maine Foods, Inc. |
2,494 | 134,003 | ||||||
Celsius Holdings, Inc.(b)(c) |
2,392 | 124,384 | ||||||
Central Garden & Pet Co.(b)(c) |
516 | 22,596 | ||||||
Central Garden & Pet Co., Class A(b) |
2,125 | 87,933 | ||||||
Chefs’ Warehouse, Inc. (The)(b)(c) |
3,789 | 138,677 | ||||||
Coca-Cola Consolidated, Inc. |
240 | 105,960 | ||||||
Edgewell Personal Care Co.(c) |
3,015 | 114,992 | ||||||
elf Beauty, Inc.(b) |
4,572 | 111,237 | ||||||
Fresh Del Monte Produce, Inc. |
4,406 | 114,776 | ||||||
Hostess Brands, Inc.(b) |
5,343 | 121,233 | ||||||
Inter Parfums, Inc. |
1,331 | 108,783 | ||||||
J&J Snack Foods Corp. |
705 | 105,538 | ||||||
John B. Sanfilippo & Son, Inc. |
1,362 | 105,746 | ||||||
Medifast, Inc. |
625 | 111,475 | ||||||
MGP Ingredients, Inc.(c) |
1,413 | 129,049 | ||||||
National Beverage Corp.(c) |
2,731 | 120,382 | ||||||
PriceSmart, Inc. |
1,438 | 114,249 | ||||||
Seneca Foods Corp., Class A(b) |
2,212 | 120,001 | ||||||
Simply Good Foods Co. (The)(b) |
2,940 | 122,451 | ||||||
SpartanNash Co. |
3,546 | 121,557 | ||||||
Tootsie Roll Industries, Inc.(c) |
3,271 | 114,583 | ||||||
TreeHouse Foods, Inc.(b)(c) |
3,300 | 103,950 | ||||||
United Natural Foods, Inc.(b)(c) |
3,067 | 131,666 | ||||||
Universal Corp. |
1,970 | 113,964 | ||||||
USANA Health Sciences, Inc.(b) |
1,313 | 100,655 | ||||||
Vector Group Ltd. |
10,659 | 135,582 | ||||||
WD-40 Co.(c) |
568 | 104,501 | ||||||
|
|
|||||||
3,384,997 | ||||||||
|
|
|||||||
Energy-4.95% |
||||||||
Archrock, Inc. |
11,712 | 102,012 | ||||||
Bristow Group, Inc.(b) |
2,812 | 83,854 | ||||||
Callon Petroleum Co.(b)(c) |
1,843 | 94,491 | ||||||
Civitas Resources, Inc.(c) |
1,945 | 114,016 | ||||||
CONSOL Energy, Inc.(b) |
3,246 | 154,347 | ||||||
Core Laboratories N.V.(c) |
3,398 | 88,348 | ||||||
DMC Global, Inc.(b)(c) |
3,262 | 65,207 | ||||||
Dorian LPG Ltd. |
7,724 | 113,697 | ||||||
Dril-Quip, Inc.(b)(c) |
2,682 | 77,456 | ||||||
Green Plains, Inc.(b)(c) |
3,501 | 98,273 | ||||||
Helix Energy Solutions Group, |
21,300 | 87,543 | ||||||
Helmerich & Payne, Inc. |
2,581 | 118,803 | ||||||
Laredo Petroleum, Inc.(b)(c) |
1,479 | 105,320 | ||||||
Nabors Industries Ltd.(b) |
679 | 104,987 | ||||||
Oceaneering International, Inc.(b) |
6,558 | 74,302 | ||||||
Oil States International, Inc.(b)(c) |
14,572 | 98,507 | ||||||
Par Pacific Holdings, Inc.(b) |
8,423 | 123,565 | ||||||
Patterson-UTI Energy, Inc. |
6,704 | 110,214 | ||||||
PBF Energy, Inc., Class A(b) |
4,274 | 124,202 | ||||||
ProPetro Holding Corp.(b) |
7,435 | 105,131 | ||||||
Ranger Oil Corp.(b)(c) |
2,877 | 91,632 | ||||||
Renewable Energy Group, Inc.(b) |
1,773 | 108,259 | ||||||
REX American Resources Corp.(b) |
1,125 | 95,209 | ||||||
RPC, Inc.(b)(c) |
9,422 | 97,424 | ||||||
SM Energy Co. |
2,841 | 100,941 | ||||||
Southwestern Energy Co.(b) |
19,491 | 146,183 | ||||||
Talos Energy, Inc.(b) |
6,882 | 125,046 |
Shares | Value | |||||||
Energy-(continued) |
||||||||
US Silica Holdings, Inc.(b) |
6,790 | $ | 126,158 | |||||
World Fuel Services Corp. |
3,996 | 96,783 | ||||||
|
|
|||||||
3,031,910 | ||||||||
|
|
|||||||
Financials-17.45% |
||||||||
Allegiance Bancshares, Inc. |
2,426 | 99,126 | ||||||
Ambac Financial Group, Inc.(b)(c) |
8,680 | 67,096 | ||||||
American Equity Investment Life Holding Co. |
2,816 | 106,220 | ||||||
Ameris Bancorp |
2,259 | 94,200 | ||||||
AMERISAFE, Inc. |
2,297 | 106,466 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
8,064 | 97,091 | ||||||
ARMOUR Residential REIT, Inc. |
12,600 | 92,484 | ||||||
Assured Guaranty Ltd. |
1,884 | 103,903 | ||||||
Axos Financial, Inc.(b) |
2,224 | 84,245 | ||||||
B. Riley Financial, Inc.(c) |
1,703 | 76,907 | ||||||
Banc of California, Inc. |
5,612 | 101,240 | ||||||
BancFirst Corp.(c) |
1,382 | 112,978 | ||||||
Bancorp, Inc. (The)(b) |
3,960 | 89,852 | ||||||
BankUnited, Inc. |
2,592 | 97,304 | ||||||
Banner Corp. |
1,808 | 97,090 | ||||||
Berkshire Hills Bancorp, Inc. |
3,626 | 89,707 | ||||||
Blucora, Inc.(b) |
5,904 | 119,556 | ||||||
Brightsphere Investment Group, Inc. |
4,570 | 91,583 | ||||||
Brookline Bancorp, Inc. |
6,556 | 94,800 | ||||||
Capitol Federal Financial, Inc. |
9,737 | 93,767 | ||||||
Central Pacific Financial Corp. |
3,855 | 93,214 | ||||||
City Holding Co.(c) |
1,355 | 104,850 | ||||||
Columbia Banking System, Inc. |
3,062 | 85,981 | ||||||
Community Bank System, Inc. |
1,511 | 97,308 | ||||||
Customers Bancorp, Inc.(b) |
1,936 | 81,448 | ||||||
CVB Financial Corp. |
4,601 | 105,915 | ||||||
Dime Community Bancshares, Inc.(c) |
3,207 | 100,828 | ||||||
Donnelley Financial Solutions, Inc.(b)(c) |
3,462 | 101,333 | ||||||
Eagle Bancorp, Inc. |
1,844 | 92,845 | ||||||
eHealth, Inc.(b)(c) |
10,514 | 84,638 | ||||||
Ellington Financial, Inc. |
6,077 | 98,387 | ||||||
Employers Holdings, Inc. |
2,706 | 106,454 | ||||||
Encore Capital Group, Inc.(b)(c) |
1,740 | 100,589 | ||||||
Enova International, Inc.(b) |
3,223 | 120,540 | ||||||
EZCORP, Inc., Class A(b)(c) |
19,282 | 134,974 | ||||||
FB Financial Corp. |
2,424 | 93,397 | ||||||
First Bancorp |
8,476 | 115,358 | ||||||
First Bancorp/Southern Pines NC |
2,481 | 92,938 | ||||||
First Commonwealth Financial Corp. |
6,904 | 93,066 | ||||||
First Financial Bancorp |
4,499 | 92,005 | ||||||
First Hawaiian, Inc.(c) |
3,852 | 90,946 | ||||||
Flagstar Bancorp, Inc. |
2,478 | 87,473 | ||||||
Franklin BSP Realty Trust, Inc. |
8,300 | 110,058 | ||||||
Genworth Financial, Inc., Class A(b) |
29,184 | 108,273 | ||||||
Granite Point Mortgage Trust, Inc. |
9,816 | 95,510 | ||||||
Green Dot Corp., Class A(b) |
4,305 | 113,996 | ||||||
Greenhill & Co., Inc. |
6,678 | 80,871 | ||||||
Hanmi Financial Corp. |
4,365 | 101,050 | ||||||
HCI Group, Inc.(c) |
1,614 | 103,441 | ||||||
Heritage Financial Corp. |
4,275 | 103,540 | ||||||
Hilltop Holdings, Inc. |
3,526 | 89,878 | ||||||
HomeStreet, Inc. |
2,142 | 86,944 | ||||||
Hope Bancorp, Inc. |
6,556 | 93,751 | ||||||
Horace Mann Educators Corp. |
2,644 | 105,363 | ||||||
Independent Bank Corp. |
1,278 | 98,610 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
April 30, 2022
Shares | Value | |||||||
Financials-(continued) |
|
|||||||
Independent Bank Group, Inc. |
1,410 | $ | 95,598 | |||||
Invesco Mortgage Capital, Inc.(f) |
49,306 | 85,792 | ||||||
James River Group Holdings Ltd. |
5,122 | 121,443 | ||||||
KKR Real Estate Finance Trust, Inc.(c) |
5,454 | 103,626 | ||||||
Lakeland Financial Corp.(c) |
1,350 | 98,307 | ||||||
LendingTree, Inc.(b)(c) |
1,110 | 88,156 | ||||||
Meta Financial Group, Inc. |
2,107 | 91,971 | ||||||
Mr. Cooper Group, Inc.(b) |
2,278 | 102,442 | ||||||
National Bank Holdings Corp., Class A |
2,580 | 94,196 | ||||||
NBT Bancorp, Inc. |
2,819 | 99,229 | ||||||
New York Mortgage Trust, Inc. |
29,342 | 94,481 | ||||||
NMI Holdings, Inc., Class A(b) |
5,179 | 95,190 | ||||||
Northfield Bancorp, Inc. |
7,095 | 92,874 | ||||||
Northwest Bancshares, Inc. |
7,707 | 97,725 | ||||||
OFG Bancorp |
3,979 | 105,762 | ||||||
Pacific Premier Bancorp, Inc. |
2,966 | 93,014 | ||||||
Palomar Holdings, Inc.(b) |
1,829 | 99,589 | ||||||
Park National Corp.(c) |
788 | 92,866 | ||||||
PennyMac Mortgage Investment Trust(c) |
6,629 | 101,689 | ||||||
Piper Sandler Cos. |
869 | 99,918 | ||||||
PRA Group, Inc.(b)(c) |
2,498 | 104,991 | ||||||
Preferred Bank |
1,437 | 96,451 | ||||||
ProAssurance Corp. |
4,300 | 105,651 | ||||||
PROG Holdings, Inc.(b)(c) |
3,130 | 82,851 | ||||||
Provident Financial Services, Inc. |
4,601 | 101,820 | ||||||
Ready Capital Corp. |
7,025 | 102,354 | ||||||
Redwood Trust, Inc. |
10,026 | 97,252 | ||||||
Renasant Corp. |
3,035 | 90,413 | ||||||
S&T Bancorp Inc. |
3,501 | 98,938 | ||||||
Safety Insurance Group, Inc.(c) |
1,271 | 109,357 | ||||||
Seacoast Banking Corp. of Florida |
3,090 | 100,425 | ||||||
Selectquote, Inc.(b)(c) |
48,422 | 99,749 | ||||||
ServisFirst Bancshares, Inc.(c) |
1,228 | 98,633 | ||||||
Simmons First National Corp., Class A |
3,789 | 90,443 | ||||||
SiriusPoint Ltd. (Bermuda)(b) |
16,287 | 102,282 | ||||||
Southside Bancshares, Inc.(c) |
2,562 | 100,405 | ||||||
Stewart Information Services Corp. |
1,647 | 84,985 | ||||||
StoneX Group, Inc.(b) |
1,518 | 102,890 | ||||||
Tompkins Financial Corp.(c) |
1,354 | 98,842 | ||||||
Triumph Bancorp Inc.(b)(c) |
1,134 | 78,745 | ||||||
Trupanion, Inc.(b)(c) |
1,367 | 86,969 | ||||||
TrustCo Bank Corp. |
3,203 | 99,773 | ||||||
Trustmark Corp.(c) |
3,390 | 94,513 | ||||||
Two Harbors Investment Corp.(c) |
20,686 | 99,500 | ||||||
United Community Banks, Inc. |
2,856 | 86,080 | ||||||
United Fire Group, Inc. |
3,877 | 113,557 | ||||||
Universal Insurance Holdings, Inc. |
8,836 | 110,980 | ||||||
Veritex Holdings, Inc. |
2,679 | 88,005 | ||||||
Virtus Investment Partners, Inc. |
510 | 90,352 | ||||||
Walker & Dunlop, Inc. |
815 | 97,604 | ||||||
Westamerica Bancorporation |
1,753 | 103,287 | ||||||
WisdomTree Investments, Inc.(c) |
20,846 | 121,532 | ||||||
World Acceptance Corp.(b)(c) |
660 | 124,549 | ||||||
WSFS Financial Corp. |
2,113 | 84,668 | ||||||
|
|
|||||||
10,684,101 | ||||||||
|
|
|||||||
Health Care-13.51% |
||||||||
Addus HomeCare Corp.(b)(c) |
1,382 | 116,475 | ||||||
Allscripts Healthcare Solutions, Inc.(b) |
5,150 | 106,399 | ||||||
AMN Healthcare Services, Inc.(b) |
1,151 | 112,510 |
Shares | Value | |||||||
Health Care-(continued) |
|
|||||||
Amphastar Pharmaceuticals, Inc.(b) |
3,151 | $ | 111,766 | |||||
AngioDynamics, Inc.(b) |
4,746 | 99,903 | ||||||
ANI Pharmaceuticals, Inc.(b) |
2,974 | 87,763 | ||||||
Anika Therapeutics, Inc.(b) |
4,221 | 90,878 | ||||||
Apollo Medical Holdings, Inc.(b)(c) |
2,681 | 97,803 | ||||||
Arcus Biosciences, Inc.(b) |
2,786 | 67,449 | ||||||
Artivion, Inc.(b)(c) |
5,506 | 111,717 | ||||||
Avanos Medical, Inc.(b) |
3,405 | 99,290 | ||||||
Avid Bioservices, Inc.(b)(c) |
5,812 | 78,230 | ||||||
BioLife Solutions, Inc.(b) |
4,709 | 59,663 | ||||||
Cara Therapeutics, Inc.(b)(c) |
8,931 | 77,878 | ||||||
Cardiovascular Systems, Inc.(b) |
5,849 | 109,376 | ||||||
Coherus Biosciences, Inc.(b)(c) |
8,758 | 79,172 | ||||||
Collegium Pharmaceutical, Inc.(b) |
6,278 | 101,076 | ||||||
Community Health Systems, Inc.(b) |
9,253 | 70,971 | ||||||
Computer Programs & Systems, Inc.(b) |
3,173 | 101,282 | ||||||
CONMED Corp.(c) |
782 | 103,975 | ||||||
Corcept Therapeutics, Inc.(b) |
4,440 | 95,504 | ||||||
CorVel Corp.(b) |
689 | 106,850 | ||||||
Covetrus, Inc.(b)(c) |
6,509 | 89,824 | ||||||
Cross Country Healthcare, Inc.(b) |
5,656 | 105,994 | ||||||
Cutera, Inc.(b) |
2,556 | 138,816 | ||||||
Cytokinetics, Inc.(b)(c) |
2,879 | 114,786 | ||||||
Eagle Pharmaceuticals, Inc.(b)(c) |
2,128 | 93,909 | ||||||
Embecta Corp.(b)(c) |
3,484 | 106,018 | ||||||
Emergent BioSolutions, Inc.(b) |
2,960 | 95,845 | ||||||
Enanta Pharmaceuticals, Inc.(b) |
1,661 | 106,968 | ||||||
Endo International PLC(b) |
46,543 | 93,086 | ||||||
Ensign Group, Inc. (The) |
1,273 | 102,260 | ||||||
Fulgent Genetics, Inc.(b)(c) |
1,992 | 109,321 | ||||||
Glaukos Corp.(b)(c) |
2,131 | 100,775 | ||||||
Hanger, Inc.(b) |
5,659 | 93,034 | ||||||
Harmony Biosciences Holdings, |
2,464 | 110,979 | ||||||
HealthStream, Inc.(b) |
5,615 | 107,247 | ||||||
Heska Corp.(b)(c) |
750 | 82,380 | ||||||
Innoviva, Inc.(b)(c) |
5,724 | 97,651 | ||||||
Inogen, Inc.(b)(c) |
3,624 | 91,615 | ||||||
Integer Holdings Corp.(b) |
1,383 | 103,960 | ||||||
iTeos Therapeutics, Inc.(b) |
3,011 | 80,364 | ||||||
Joint Corp. (The)(b)(c) |
3,350 | 102,242 | ||||||
Lantheus Holdings, Inc.(b) |
2,086 | 138,531 | ||||||
LeMaitre Vascular, Inc. |
2,547 | 110,056 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) |
1,048 | 97,317 | ||||||
MEDNAX, Inc.(b) |
4,591 | 85,025 | ||||||
Meridian Bioscience, Inc.(b) |
4,295 | 109,909 | ||||||
Merit Medical Systems, Inc.(b) |
1,725 | 106,967 | ||||||
Mesa Laboratories, Inc. |
435 | 92,929 | ||||||
ModivCare, Inc.(b)(c) |
1,006 | 104,594 | ||||||
Myriad Genetics, Inc.(b) |
4,134 | 84,747 | ||||||
Natus Medical, Inc.(b) |
4,361 | 145,091 | ||||||
Nektar Therapeutics, (Acquired 12/17/2021 - 04/19/2022; Cost $102,206)(b)(c)(d) |
8,371 | 34,572 | ||||||
NeoGenomics, Inc.(b) |
6,795 | 64,213 | ||||||
NextGen Healthcare, Inc.(b) |
5,604 | 105,635 | ||||||
Omnicell, Inc.(b) |
801 | 87,445 | ||||||
OptimizeRx Corp.(b)(c) |
2,872 | 80,732 | ||||||
OraSure Technologies, Inc.(b)(c) |
15,856 | 97,356 | ||||||
Organogenesis Holdings, Inc.(b)(c) |
14,171 | 91,261 | ||||||
Orthofix Medical, Inc.(b) |
3,367 | 104,377 | ||||||
Owens & Minor, Inc.(c) |
2,733 | 96,994 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
71 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Pacira BioSciences, Inc.(b)(c) |
1,523 | $ | 113,570 | |||||
Pennant Group, Inc. (The)(b)(c) |
7,631 | 125,072 | ||||||
Phibro Animal Health Corp., Class A |
5,388 | 96,930 | ||||||
Prestige Consumer Healthcare, |
1,926 | 105,275 | ||||||
RadNet, Inc.(b) |
5,196 | 101,322 | ||||||
REGENXBIO, Inc.(b)(c) |
3,841 | 106,626 | ||||||
Select Medical Holdings Corp.(c) |
4,507 | 101,903 | ||||||
Simulations Plus, Inc.(c) |
2,635 | 122,949 | ||||||
Supernus Pharmaceuticals, Inc.(b)(c) |
3,488 | 97,315 | ||||||
SurModics, Inc.(b)(c) |
2,594 | 100,284 | ||||||
Tactile Systems Technology, |
6,443 | 108,758 | ||||||
Tivity Health, Inc.(b) |
3,571 | 114,736 | ||||||
uniQure N.V. (Netherlands)(b)(c) |
7,194 | 107,478 | ||||||
US Physical Therapy, Inc.(c) |
1,142 | 118,505 | ||||||
Vanda Pharmaceuticals, Inc.(b) |
9,693 | 96,155 | ||||||
Varex Imaging Corp.(b)(c) |
4,427 | 87,876 | ||||||
Vericel Corp.(b)(c) |
3,177 | 90,545 | ||||||
Vir Biotechnology, Inc.(b)(c) |
4,472 | 91,005 | ||||||
Xencor, Inc.(b) |
3,928 | 98,122 | ||||||
Zimvie, Inc.(b) |
4,579 | 103,028 | ||||||
Zynex, Inc.(c) |
20,805 | 132,528 | ||||||
|
|
|||||||
8,270,737 | ||||||||
|
|
|||||||
Industrials-14.55% |
||||||||
AAON, Inc. |
2,006 | 97,772 | ||||||
AAR Corp.(b) |
2,384 | 112,000 | ||||||
ABM Industries, Inc.(c) |
2,347 | 113,290 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) |
2,784 | 111,304 | ||||||
AeroVironment, Inc.(b)(c) |
1,426 | 114,536 | ||||||
Alamo Group, Inc. |
751 | 94,956 | ||||||
Albany International Corp., Class A |
1,284 | 100,435 | ||||||
Allegiant Travel Co.(b) |
770 | 119,496 | ||||||
American Woodmark Corp.(b) |
1,851 | 86,719 | ||||||
Apogee Enterprises, Inc. |
2,299 | 101,156 | ||||||
Applied Industrial Technologies, Inc. |
1,070 | 112,018 | ||||||
ArcBest Corp.(c) |
1,285 | 92,726 | ||||||
Arcosa, Inc. |
1,878 | 100,529 | ||||||
Astec Industries, Inc. |
2,486 | 97,203 | ||||||
Atlas Air Worldwide Holdings, |
1,332 | 91,828 | ||||||
AZZ, Inc. |
2,205 | 100,636 | ||||||
Barnes Group, Inc. |
2,609 | 87,610 | ||||||
Boise Cascade Co. |
1,408 | 106,417 | ||||||
Brady Corp., Class A |
2,578 | 115,366 | ||||||
CIRCOR International, Inc.(b) |
4,469 | 87,816 | ||||||
Comfort Systems USA, Inc. |
1,189 | 100,375 | ||||||
CoreCivic, Inc.(b) |
12,201 | 151,658 | ||||||
Deluxe Corp. |
3,520 | 95,322 | ||||||
DXP Enterprises, Inc.(b) |
3,466 | 81,902 | ||||||
Encore Wire Corp. |
861 | 97,129 | ||||||
Enerpac Tool Group Corp.(c) |
5,566 | 111,765 | ||||||
EnPro Industries, Inc. |
1,067 | 99,455 | ||||||
ESCO Technologies, Inc. |
1,512 | 94,424 | ||||||
Exponent, Inc. |
1,144 | 109,607 | ||||||
Federal Signal Corp.(c) |
3,211 | 109,270 | ||||||
Forrester Research, Inc.(b) |
2,145 | 119,455 | ||||||
Forward Air Corp. |
1,077 | 104,437 | ||||||
Franklin Electric Co., Inc. |
1,320 | 92,321 | ||||||
GEO Group, Inc. (The)(b)(c) |
19,526 | 127,505 | ||||||
Gibraltar Industries, Inc.(b) |
2,317 | 87,675 | ||||||
GMS, Inc.(b) |
2,111 | 101,223 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Granite Construction, Inc.(c) |
3,397 | $ | 100,721 | |||||
Greenbrier Cos., Inc. (The)(c) |
2,108 | 90,033 | ||||||
Griffon Corp. |
4,926 | 92,166 | ||||||
Harsco Corp.(b) |
7,975 | 81,505 | ||||||
Hawaiian Holdings, Inc.(b)(c) |
6,544 | 110,986 | ||||||
Healthcare Services Group, Inc.(c) |
6,267 | 107,103 | ||||||
Heartland Express, Inc. |
7,658 | 105,680 | ||||||
Heidrick & Struggles International, Inc. |
2,881 | 92,077 | ||||||
Hillenbrand, Inc. |
2,419 | 98,744 | ||||||
HNI Corp. |
3,006 | 107,134 | ||||||
Hub Group, Inc., Class A(b) |
1,371 | 92,076 | ||||||
Insteel Industries, Inc. |
2,791 | 118,394 | ||||||
Interface, Inc. |
8,371 | 106,228 | ||||||
John Bean Technologies Corp. |
997 | 117,536 | ||||||
Kaman Corp. |
2,578 | 100,568 | ||||||
KAR Auction Services, Inc.(b)(c) |
6,113 | 89,617 | ||||||
Kelly Services, Inc., Class A |
5,473 | 105,574 | ||||||
Korn Ferry |
1,773 | 108,933 | ||||||
Lindsay Corp. |
736 | 99,470 | ||||||
ManTech International Corp., Class A |
1,220 | 98,015 | ||||||
Marten Transport Ltd. |
5,515 | 95,851 | ||||||
Matson, Inc. |
997 | 85,762 | ||||||
Matthews International Corp., Class A |
3,240 | 96,584 | ||||||
Meritor, Inc.(b)(c) |
3,055 | 109,705 | ||||||
Moog, Inc., Class A |
1,285 | 102,633 | ||||||
Mueller Industries, Inc. |
1,961 | 106,188 | ||||||
MYR Group, Inc.(b) |
1,149 | 90,874 | ||||||
National Presto Industries, Inc. |
1,356 | 96,452 | ||||||
NOW, Inc.(b) |
10,046 | 109,501 | ||||||
NV5 Global, Inc.(b) |
872 | 104,466 | ||||||
Park Aerospace Corp. |
7,865 | 92,021 | ||||||
PGT Innovations, Inc.(b) |
5,127 | 91,107 | ||||||
Pitney Bowes, Inc. |
21,947 | 115,661 | ||||||
Powell Industries, Inc.(c) |
5,084 | 98,121 | ||||||
Proto Labs, Inc.(b) |
2,121 | 90,376 | ||||||
Quanex Building Products Corp. |
4,705 | 90,430 | ||||||
Resideo Technologies, Inc.(b) |
4,273 | 96,100 | ||||||
Resources Connection, Inc. |
6,808 | 117,030 | ||||||
SkyWest, Inc.(b) |
4,263 | 124,267 | ||||||
SPX Corp.(b) |
2,226 | 93,269 | ||||||
Standex International Corp. |
1,033 | 97,143 | ||||||
Tennant Co. |
1,337 | 86,344 | ||||||
Titan International, Inc.(b) |
7,804 | 108,164 | ||||||
Triumph Group, Inc.(b) |
4,686 | 105,622 | ||||||
TrueBlue, Inc.(b) |
4,067 | 103,993 | ||||||
UFP Industries, Inc. |
1,282 | 99,188 | ||||||
UniFirst Corp. |
627 | 108,032 | ||||||
US Ecology, Inc.(b) |
2,279 | 109,369 | ||||||
Veritiv Corp.(b) |
910 | 127,891 | ||||||
Viad Corp.(b) |
3,216 | 105,324 | ||||||
Wabash National Corp. |
6,913 | 98,925 | ||||||
|
|
|||||||
8,906,289 | ||||||||
|
|
|||||||
Information Technology-11.17% |
||||||||
3D Systems Corp.(b)(c) |
7,478 | 84,800 | ||||||
8x8, Inc.(b) |
10,196 | 93,497 | ||||||
A10 Networks, Inc. |
7,563 | 108,000 | ||||||
ADTRAN, Inc. |
5,535 | 96,254 | ||||||
Advanced Energy Industries, Inc. |
1,293 | 98,940 | ||||||
Agilysys, Inc.(b) |
2,725 | 100,307 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
72 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
April 30, 2022
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Alarm.com Holdings, Inc.(b) |
1,676 | $ | 102,370 | |||||
Arlo Technologies, Inc.(b) |
11,086 | 85,806 | ||||||
Axcelis Technologies, Inc.(b) |
1,704 | 92,783 | ||||||
Badger Meter, Inc. |
1,160 | 93,600 | ||||||
Benchmark Electronics, Inc. |
4,182 | 99,364 | ||||||
Bottomline Technologies (DE), Inc.(b) |
1,908 | 108,031 | ||||||
CalAmp Corp.(b)(c) |
14,691 | 80,360 | ||||||
Cerence, Inc.(b) |
3,423 | 100,978 | ||||||
CEVA, Inc.(b) |
2,889 | 104,986 | ||||||
Cohu, Inc.(b) |
3,809 | 101,167 | ||||||
Comtech Telecommunications Corp. |
6,821 | 92,766 | ||||||
Consensus Cloud Solutions, Inc.(b) |
1,921 | 101,275 | ||||||
Corsair Gaming, Inc.(b)(c) |
5,713 | 86,438 | ||||||
CSG Systems International, Inc. |
1,698 | 104,376 | ||||||
CTS Corp. |
3,100 | 109,647 | ||||||
Diebold Nixdorf, Inc.(b)(c) |
14,956 | 61,320 | ||||||
Digi International, Inc.(b) |
5,404 | 102,244 | ||||||
Diodes, Inc.(b) |
1,314 | 95,961 | ||||||
Ebix, Inc.(c) |
2,772 | 82,606 | ||||||
ePlus, Inc.(b) |
2,052 | 115,897 | ||||||
EVERTEC, Inc. |
2,787 | 109,808 | ||||||
ExlService Holdings, Inc.(b) |
863 | 117,497 | ||||||
Extreme Networks, Inc.(b) |
9,763 | 93,725 | ||||||
Fabrinet (Thailand)(b) |
1,114 | 109,384 | ||||||
FARO Technologies, Inc.(b) |
2,109 | 72,318 | ||||||
FormFactor, Inc.(b) |
2,754 | 104,955 | ||||||
Harmonic, Inc.(b)(c) |
12,174 | 101,044 | ||||||
Ichor Holdings Ltd.(b)(c) |
3,238 | 94,258 | ||||||
Insight Enterprises, Inc.(b)(c) |
1,034 | 102,749 | ||||||
InterDigital, Inc. |
1,739 | 98,862 | ||||||
Itron, Inc.(b) |
2,333 | 111,471 | ||||||
Knowles Corp.(b) |
5,089 | 94,248 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore)(c) |
2,114 | 98,111 | ||||||
LivePerson, Inc.(b)(c) |
4,732 | 107,038 | ||||||
MaxLinear, Inc.(b) |
1,983 | 94,926 | ||||||
Methode Electronics, Inc. |
2,486 | 110,900 | ||||||
NETGEAR, Inc.(b) |
4,562 | 98,995 | ||||||
NetScout Systems, Inc.(b) |
3,429 | 105,613 | ||||||
OneSpan, Inc.(b) |
8,502 | 120,133 | ||||||
Onto Innovation, Inc.(b)(c) |
1,386 | 98,600 | ||||||
OSI Systems, Inc.(b) |
1,344 | 106,310 | ||||||
PC Connection, Inc. |
2,126 | 105,216 | ||||||
PDF Solutions, Inc.(b)(c) |
4,046 | 94,069 | ||||||
Perficient, Inc.(b) |
1,065 | 105,872 | ||||||
Photronics, Inc.(b) |
6,326 | 94,827 | ||||||
Plantronics, Inc.(b) |
4,117 | 164,104 | ||||||
Plexus Corp.(b) |
1,309 | 106,212 | ||||||
Progress Software Corp. |
2,462 | 118,127 | ||||||
Rambus, Inc.(b) |
3,896 | 97,049 | ||||||
Rogers Corp.(b) |
396 | 107,205 | ||||||
Sanmina Corp.(b) |
2,704 | 110,567 | ||||||
ScanSource, Inc.(b) |
3,276 | 112,170 | ||||||
SMART Global Holdings, Inc.(b)(c) |
4,270 | 96,758 | ||||||
SPS Commerce, Inc.(b) |
881 | 105,394 | ||||||
TTEC Holdings, Inc. |
1,387 | 102,374 | ||||||
TTM Technologies, Inc.(b) |
8,403 | 117,222 | ||||||
Ultra Clean Holdings, Inc.(b) |
2,700 | 84,159 | ||||||
Unisys Corp.(b) |
4,855 | 68,990 | ||||||
Veeco Instruments, Inc.(b)(c) |
3,898 | 89,342 | ||||||
Viavi Solutions, Inc.(b) |
6,843 | 98,129 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Vonage Holdings Corp.(b) |
5,383 | $ | 107,445 | |||||
Xperi Holding Corp. |
6,470 | 100,932 | ||||||
|
|
|||||||
6,840,881 | ||||||||
|
|
|||||||
Materials-6.22% |
||||||||
AdvanSix, Inc. |
2,270 | 101,106 | ||||||
Allegheny Technologies, Inc.(b) |
4,075 | 110,759 | ||||||
American Vanguard Corp. |
6,202 | 132,723 | ||||||
Arconic Corp.(b) |
4,484 | 112,817 | ||||||
Balchem Corp. |
809 | 99,669 | ||||||
Carpenter Technology Corp. |
3,098 | 118,282 | ||||||
Century Aluminum Co.(b) |
4,512 | 76,117 | ||||||
Clearwater Paper Corp.(b) |
3,692 | 122,242 | ||||||
Compass Minerals International, Inc. |
1,766 | 104,424 | ||||||
FutureFuel Corp. |
12,855 | 122,251 | ||||||
GCP Applied Technologies, Inc.(b) |
3,442 | 107,976 | ||||||
Glatfelter Corp.(c) |
8,543 | 93,973 | ||||||
H.B. Fuller Co. |
1,656 | 110,455 | ||||||
Hawkins, Inc. |
2,330 | 86,862 | ||||||
Haynes International, Inc. |
2,587 | 101,100 | ||||||
Innospec, Inc. |
1,180 | 112,466 | ||||||
Kaiser Aluminum Corp. |
1,239 | 119,563 | ||||||
Koppers Holdings, Inc. |
3,840 | 93,158 | ||||||
Livent Corp.(b)(c) |
4,724 | 100,905 | ||||||
Materion Corp. |
1,241 | 105,671 | ||||||
Mercer International, Inc. (Germany) |
7,432 | 118,986 | ||||||
Myers Industries, Inc. |
6,029 | 132,216 | ||||||
Neenah, Inc.(c) |
3,031 | 107,297 | ||||||
O-I Glass, Inc.(b) |
9,151 | 123,355 | ||||||
Olympic Steel, Inc. |
3,696 | 126,884 | ||||||
Quaker Chemical Corp.(c) |
638 | 103,809 | ||||||
Rayonier Advanced Materials, Inc.(b)(c) |
16,846 | 86,420 | ||||||
Schweitzer-Mauduit International, Inc., Class A |
3,762 | 94,652 | ||||||
Stepan Co. |
1,126 | 114,976 | ||||||
SunCoke Energy, Inc. |
12,413 | 103,276 | ||||||
Sylvamo Corp.(b) |
3,175 | 141,764 | ||||||
TimkenSteel Corp.(b)(c) |
5,689 | 117,592 | ||||||
Tredegar Corp.(c) |
9,205 | 105,397 | ||||||
Trinseo PLC |
2,329 | 110,511 | ||||||
Warrior Met Coal, Inc. |
2,590 | 88,241 | ||||||
|
|
|||||||
3,807,895 | ||||||||
|
|
|||||||
Real Estate-8.05% |
||||||||
Acadia Realty Trust |
5,004 | 104,684 | ||||||
Agree Realty Corp. |
1,684 | 114,377 | ||||||
Alexander & Baldwin, Inc. |
4,664 | 98,877 | ||||||
American Assets Trust, Inc. |
2,967 | 108,592 | ||||||
Armada Hoffler Properties, Inc. |
7,286 | 98,725 | ||||||
Brandywine Realty Trust(c) |
8,101 | 94,539 | ||||||
CareTrust REIT, Inc. |
6,234 | 101,053 | ||||||
Centerspace |
1,083 | 99,918 | ||||||
Chatham Lodging Trust(b) |
7,685 | 110,357 | ||||||
Community Healthcare Trust, Inc. |
2,654 | 97,720 | ||||||
DiamondRock Hospitality Co.(b) |
11,295 | 119,953 | ||||||
Diversified Healthcare Trust |
36,114 | 81,256 | ||||||
Douglas Elliman, Inc. |
16,189 | 98,105 | ||||||
Easterly Government Properties, Inc.(c) |
5,130 | 97,726 | ||||||
Essential Properties Realty Trust, Inc. |
4,354 | 104,496 | ||||||
Four Corners Property Trust, Inc. |
3,999 | 109,813 | ||||||
Franklin Street Properties Corp.(c) |
18,812 | 97,070 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
73 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
April 30, 2022
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
Getty Realty Corp. |
3,861 | $ | 103,900 | |||||
Global Net Lease, Inc. |
7,267 | 101,956 | ||||||
Hersha Hospitality Trust(b)(c) |
12,105 | 118,387 | ||||||
Independence Realty Trust, Inc. |
4,212 | 114,819 | ||||||
Industrial Logistics Properties Trust(c) |
4,910 | 79,346 | ||||||
Innovative Industrial Properties, Inc. |
578 | 83,573 | ||||||
iStar, Inc. |
4,481 | 75,460 | ||||||
LTC Properties, Inc.(c) |
3,016 | 99,528 | ||||||
LXP Industrial Trust |
7,012 | 88,001 | ||||||
Marcus & Millichap, Inc. |
2,383 | 106,735 | ||||||
NexPoint Residential Trust, Inc. |
1,214 | 108,240 | ||||||
Office Properties Income Trust |
4,317 | 93,334 | ||||||
Orion Office REIT, Inc.(c) |
6,431 | 86,304 | ||||||
RE/MAX Holdings, Inc., Class A |
3,758 | 88,163 | ||||||
Realogy Holdings Corp.(b)(c) |
6,971 | 76,402 | ||||||
Retail Opportunity Investments Corp. |
5,774 | 107,570 | ||||||
RPT Realty(c) |
8,125 | 107,981 | ||||||
Safehold, Inc. |
1,955 | 84,163 | ||||||
Saul Centers, Inc. |
2,348 | 121,180 | ||||||
Service Properties Trust(c) |
13,168 | 106,924 | ||||||
SITE Centers Corp. |
6,719 | 106,832 | ||||||
St. Joe Co. (The) |
2,007 | 106,792 | ||||||
Summit Hotel Properties, Inc.(b)(c) |
10,798 | 106,576 | ||||||
Tanger Factory Outlet Centers, Inc. |
6,307 | 101,732 | ||||||
Uniti Group, Inc.(c) |
8,199 | 101,586 | ||||||
Universal Health Realty Income Trust(c) |
1,827 | 91,697 | ||||||
Urban Edge Properties |
5,881 | 109,916 | ||||||
Urstadt Biddle Properties, Inc., Class A |
5,338 | 92,614 | ||||||
Veris Residential, Inc.(b)(c) |
6,199 | 99,246 | ||||||
Washington REIT(c) |
4,416 | 106,381 | ||||||
Whitestone REIT |
8,332 | 101,234 | ||||||
Xenia Hotels & Resorts, Inc.(b) |
5,774 | 111,380 | ||||||
|
|
|||||||
4,925,213 | ||||||||
|
|
|||||||
Utilities-1.30% |
||||||||
American States Water Co. |
1,287 | 101,236 | ||||||
Avista Corp. |
2,374 | 96,313 |
Shares | Value | |||||||
Utilities-(continued) |
||||||||
California Water Service Group |
1,905 | $ | 98,812 | |||||
Chesapeake Utilities Corp. |
768 | 96,131 | ||||||
Middlesex Water Co. |
1,086 | 96,600 | ||||||
Northwest Natural Holding Co. |
1,963 | 93,890 | ||||||
South Jersey Industries, Inc.(c) |
3,101 | 106,023 | ||||||
Unitil Corp. |
2,096 | 106,896 | ||||||
|
|
|||||||
795,901 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
61,191,026 | ||||||
|
|
|||||||
Money Market Funds-0.04% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(f)(g) |
25,492 | 25,492 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.99% |
61,216,518 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-28.35% |
|
|||||||
Invesco Private Government Fund, 0.40%(f)(g)(h) |
5,207,827 | 5,207,827 | ||||||
Invesco Private Prime Fund, |
12,146,569 | 12,146,569 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
17,354,396 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-128.34% |
|
78,570,914 | ||||||
OTHER ASSETS LESS LIABILITIES-(28.34)% |
|
(17,348,505 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 61,222,409 | |||||
|
|
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) |
Restricted security. The aggregate value of these securities at April 30, 2022 was $129,149, which represented less than 1% of the Fund’s Net Assets. |
(e) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets. |
(f) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the 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 Mortgage Capital, Inc. | $ | 103,272 | $ | 133,197 | $ | (80,622 | ) | $(45,372) | $(24,683) | $ | 85,792 | $ | 14,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
74 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
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 | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 58,820 | $ | 2,707,712 | $ | (2,741,040 | ) | $ | - | $ | - | $ | 25,492 | $ | 24 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,391,253 | 16,836,421 | (13,019,847 | ) | - | - | 5,207,827 | 2,765 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 2,086,880 | 36,076,044 | (26,013,226 | ) | 1,149 | (4,278 | ) | 12,146,569 | 9,835 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 3,640,225 | $ | 55,753,374 | $ | (41,854,735 | ) | $ | (44,223 | ) | $ | (28,961 | ) | $ | 17,465,680 | $ | 27,324 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(h) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
75 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2022
Invesco S&P 500® Equal Weight ETF (RSP) |
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) |
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 32,218,670,350 | $ | 38,152,601 | $ | 366,099,469 | $ | 584,166,437 | ||||||||||||
Affiliated investments in securities, at value |
1,290,139,629 | 3,032,898 | 56,075,053 | 25,555,449 | ||||||||||||||||
Cash |
- | - | - | - | ||||||||||||||||
Receivable for: |
||||||||||||||||||||
Dividends |
24,392,485 | 66,036 | 213,398 | 896,622 | ||||||||||||||||
Securities lending |
145,408 | 335 | 5,435 | 470 | ||||||||||||||||
Investments sold |
121,544,134 | - | - | - | ||||||||||||||||
Investments sold - affiliated broker |
- | - | - | - | ||||||||||||||||
Fund shares sold |
90,340,187 | - | - | 3,581,634 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
33,745,232,193 | 41,251,870 | 422,393,355 | 614,200,612 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian |
53,054 | 53,824 | 18,678 | 234,087 | ||||||||||||||||
Payable for: |
||||||||||||||||||||
Investments purchased |
89,943,221 | - | - | 3,599,861 | ||||||||||||||||
Investments purchased - affiliated broker |
- | - | - | - | ||||||||||||||||
Collateral upon return of securities loaned |
1,212,646,444 | 3,032,763 | 56,072,075 | 25,555,449 | ||||||||||||||||
Fund shares repurchased |
122,087,148 | - | - | - | ||||||||||||||||
Accrued unitary management fees |
5,604,202 | 14,752 | 139,095 | 183,800 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total liabilities |
1,430,334,069 | 3,101,339 | 56,229,848 | 29,573,197 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets |
$ | 32,314,898,124 | $ | 38,150,531 | $ | 366,163,507 | $ | 584,627,415 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest |
$ | 34,007,907,725 | $ | 49,566,045 | $ | 489,630,754 | $ | 578,584,131 | ||||||||||||
Distributable earnings (loss) |
(1,693,009,601 | ) | (11,415,514 | ) | (123,467,247 | ) | 6,043,284 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net Assets |
$ | 32,314,898,124 | $ | 38,150,531 | $ | 366,163,507 | $ | 584,627,415 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
219,112,663 | 1,270,001 | 2,860,000 | 3,350,000 | ||||||||||||||||
Net asset value |
$ | 147.48 | $ | 30.04 | $ | 128.03 | $ | 174.52 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Market price |
$ | 147.45 | $ | 30.04 | $ | 127.91 | $ | 174.50 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Unaffiliated investments in securities, at cost |
$ | 31,565,413,140 | $ | 47,140,240 | $ | 449,070,823 | $ | 507,863,264 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Affiliated investments in securities, at cost |
$ | 1,302,851,518 | $ | 3,032,763 | $ | 56,072,075 | $ | 25,555,449 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 1,140,799,617 | $ | 2,856,639 | $ | 53,001,987 | $ | 24,231,628 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
76 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE) |
Invesco S&P 500® Equal Weight Financials ETF (RYF) |
Invesco S&P 500® Equal Weight Health Care ETF (RYH) |
Invesco S&P 500® Equal Weight Industrials ETF (RGI) |
Invesco S&P 500® Equal Weight Materials ETF (RTM) |
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) |
Invesco S&P 500® Equal Weight Technology ETF (RYT) | |||||||||||||||||||||||||||
$543,266,330 | $ | 476,271,974 | $ | 900,848,793 | $ | 410,518,180 | $ | 573,327,582 | $ | 172,140,859 | $ | 2,176,081,868 | |||||||||||||||||||||
50,846,869 | 27,218,975 | 23,482,852 | 30,479,939 | 12,999,278 | 9,252,792 | 109,038,920 | |||||||||||||||||||||||||||
108 | 977 | - | - | - | - | - | |||||||||||||||||||||||||||
937,763 | 510,053 | 413,279 | 175,409 | 382,237 | 58,898 | 138,375 | |||||||||||||||||||||||||||
3,953 | 715 | 2,327 | 2,978 | 1,623 | 1,227 | 8,078 | |||||||||||||||||||||||||||
11,166,949 | - | - | 8,090,614 | - | - | 5,178,935 | |||||||||||||||||||||||||||
- | - | - | - | - | - | 31,408,125 | |||||||||||||||||||||||||||
- | - | - | - | - | 3,490,741 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
606,221,972 | 504,002,694 | 924,747,251 | 449,267,120 | 586,710,720 | 184,944,517 | 2,321,854,301 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
- | - | - | 1,436 | - | - | - | |||||||||||||||||||||||||||
- | - | - | 2,396,026 | - | 3,491,927 | 31,921,337 | |||||||||||||||||||||||||||
- | - | - | 3,676,936 | - | - | - | |||||||||||||||||||||||||||
50,663,831 | 20,178,677 | 23,118,877 | 30,456,564 | 12,862,186 | 9,185,361 | 108,672,606 | |||||||||||||||||||||||||||
11,186,332 | - | - | 1,909,637 | - | - | 5,179,296 | |||||||||||||||||||||||||||
186,928 | 173,373 | 318,872 | 141,404 | 195,501 | 57,112 | 767,204 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
62,037,091 | 20,352,050 | 23,437,749 | 38,582,003 | 13,057,687 | 12,734,400 | 146,540,443 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$544,184,881 | $ | 483,650,644 | $ | 901,309,502 | $ | 410,685,117 | $ | 573,653,033 | $ | 172,210,117 | $ | 2,175,313,858 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$606,596,676 | $ | 531,128,887 | $ | 893,564,234 | $ | 454,722,854 | $ | 571,429,405 | $ | 175,224,701 | $ | 2,283,144,006 | |||||||||||||||||||||
(62,411,795 | ) | (47,478,243 | ) | 7,745,268 | (44,037,737 | ) | 2,223,628 | (3,014,584 | ) | (107,830,148 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$544,184,881 | $ | 483,650,644 | $ | 901,309,502 | $ | 410,685,117 | $ | 573,653,033 | $ | 172,210,117 | $ | 2,175,313,858 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
8,270,005 | 8,400,000 | 3,200,000 | 2,320,000 | 3,200,000 | 4,440,000 | 8,400,000 | |||||||||||||||||||||||||||
$65.80 | $ | 57.58 | $ | 281.66 | $ | 177.02 | $ | 179.27 | $ | 38.79 | $ | 258.97 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$65.79 | $ | 57.53 | $ | 281.64 | $ | 176.94 | $ | 179.25 | $ | 38.88 | $ | 258.95 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$433,058,767 | $ | 486,351,098 | $ | 802,084,330 | $ | 421,667,813 | $ | 545,550,893 | $ | 172,834,390 | $ | 2,129,395,067 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$50,845,069 | $ | 29,934,838 | $ | 23,481,976 | $ | 30,479,939 | $ | 12,999,278 | $ | 9,252,792 | $ | 109,033,293 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ 48,987,635 | $ | 18,963,535 | $ | 21,912,694 | $ | 28,857,614 | $ | 12,311,969 | $ | 8,625,200 | $ | 102,583,971 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77 | ||||
|
| |||
Statements of Assets and Liabilities–(continued)
April 30, 2022
Invesco S&P 500® Equal Weight Utilities ETF (RYU) |
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) |
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 332,810,923 | $ | 123,112,470 | $ | 61,105,234 | |||||||||
Affiliated investments in securities, at value |
9,582,327 | 27,428,057 | 17,465,680 | ||||||||||||
Receivable for: |
|||||||||||||||
Dividends |
576,557 | 49,150 | 24,269 | ||||||||||||
Securities lending |
1,162 | 4,585 | 1,983 | ||||||||||||
Fund shares sold |
6,027,071 | - | - | ||||||||||||
|
|
|
|
|
|
||||||||||
Total assets |
348,998,040 | 150,594,262 | 78,597,166 | ||||||||||||
|
|
|
|
|
|
||||||||||
Liabilities: | |||||||||||||||
Due to custodian |
- | - | 115 | ||||||||||||
Payable for: |
|||||||||||||||
Investments purchased |
6,022,486 | - | - | ||||||||||||
Collateral upon return of securities loaned |
9,534,749 | 27,356,818 | 17,353,247 | ||||||||||||
Accrued unitary management fees |
107,326 | 42,571 | 21,395 | ||||||||||||
|
|
|
|
|
|
||||||||||
Total liabilities |
15,664,561 | 27,399,389 | 17,374,757 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net Assets | $ | 333,333,479 | $ | 123,194,873 | $ | 61,222,409 | |||||||||
|
|
|
|
|
|
||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest |
$ | 338,756,046 | $ | 148,990,123 | $ | 94,637,669 | |||||||||
Distributable earnings (loss) |
(5,422,567 | ) | (25,795,250 | ) | (33,415,260 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net Assets | $ | 333,333,479 | $ | 123,194,873 | $ | 61,222,409 | |||||||||
|
|
|
|
|
|
||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
2,850,000 | 1,440,000 | 830,000 | ||||||||||||
Net asset value |
$ | 116.96 | $ | 85.55 | $ | 73.76 | |||||||||
|
|
|
|
|
|
||||||||||
Market price |
$ | 116.96 | $ | 85.47 | $ | 73.55 | |||||||||
|
|
|
|
|
|
||||||||||
Unaffiliated investments in securities, at cost |
$ | 308,725,878 | $ | 120,466,081 | $ | 71,946,681 | |||||||||
|
|
|
|
|
|
||||||||||
Affiliated investments in securities, at cost |
$ | 9,582,327 | $ | 27,425,733 | $ | 17,517,783 | |||||||||
|
|
|
|
|
|
||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 9,065,535 | $ | 25,948,334 | $ | 16,403,406 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
78 | ||||
|
| |||
(This Page Intentionally Left Blank)
79 | ||||
|
| |||
For the year ended April 30, 2022
Invesco S&P 500® Equal Weight ETF (RSP) |
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) |
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income |
$ | 511,993,817 | $ | 674,006 | $ | 6,535,918 | $ | 13,824,498 | ||||||||||||
Affiliated dividend income |
1,586,587 | 11 | 92 | 193 | ||||||||||||||||
Securities lending income |
1,110,952 | 4,661 | 40,802 | 9,032 | ||||||||||||||||
Foreign withholding tax |
(110,328 | ) | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total investment income |
514,581,028 | 678,678 | 6,576,812 | 13,833,723 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees |
61,140,475 | 177,926 | 2,572,451 | 1,938,038 | ||||||||||||||||
Tax expenses |
- | 278 | - | - | ||||||||||||||||
Professional fees |
167 | - | 442 | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
61,140,642 | 178,204 | 2,572,893 | 1,938,038 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Less: Waivers |
(1,613 | ) | (1 | ) | (10 | ) | (22 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net expenses |
61,139,029 | 178,203 | 2,572,883 | 1,938,016 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income |
453,441,999 | 500,475 | 4,003,929 | 11,895,707 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||
Unaffiliated investment securities |
(266,117,535 | ) | (1,834,179 | ) | (9,948,345 | ) | (1,251,656 | ) | ||||||||||||
Affiliated investment securities |
(789,444 | ) | (590 | ) | (16,200 | ) | (6,835 | ) | ||||||||||||
Unaffiliated in-kind redemptions |
4,294,731,353 | 6,691,390 | 117,990,356 | 25,125,954 | ||||||||||||||||
Affiliated in-kind redemptions |
4,865,614 | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net realized gain |
4,032,689,988 | 4,856,621 | 108,025,811 | 23,867,463 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||
Unaffiliated investment securities |
(4,513,715,637 | ) | (14,693,384 | ) | (181,530,639 | ) | 11,129,654 | |||||||||||||
Affiliated investment securities |
(28,363,029 | ) | 135 | 2,977 | - | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Change in net unrealized appreciation (depreciation) |
(4,542,078,666 | ) | (14,693,249 | ) | (181,527,662 | ) | 11,129,654 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net realized and unrealized gain (loss) |
(509,388,678 | ) | (9,836,628 | ) | (73,501,851 | ) | 34,997,117 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (55,946,679 | ) | $ | (9,336,153 | ) | $ | (69,497,922 | ) | $ | 46,892,824 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
80 | ||||
|
| |||
Invesco S&P 500® ETF (RYE) |
Invesco S&P 500® Equal Weight Financials ETF (RYF) |
Invesco S&P 500® Equal Weight Health Care ETF (RYH) |
Invesco S&P 500® Equal Weight Industrials ETF (RGI) |
Invesco S&P 500® Equal Weight Materials ETF (RTM) |
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) |
Invesco S&P 500® Equal Weight Technology ETF (RYT) | |||||||||||||||||||||||||||
$ 9,808,861 | $ | 9,609,850 | $ | 9,236,433 | $ | 5,919,296 | $ | 9,810,292 | $ | 2,027,198 | $ | 25,371,922 | |||||||||||||||||||||
325 | 183,168 | 194 | 109 | 243 | 71 | 407 | |||||||||||||||||||||||||||
10,216 | 7,674 | 10,038 | 15,322 | 6,625 | 3,350 | 57,077 | |||||||||||||||||||||||||||
- | - | - | - | - | - | (65,415 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
9,819,402 | 9,800,692 | 9,246,665 | 5,934,727 | 9,817,160 | 2,030,619 | 25,363,991 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
1,181,763 | 1,884,628 | 3,750,119 | 1,987,393 | 2,069,764 | 432,956 | 10,874,146 | |||||||||||||||||||||||||||
- | - | - | - | 1,460 | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
1,181,763 | 1,884,628 | 3,750,119 | 1,987,393 | 2,071,224 | 432,956 | 10,874,146 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(30 | ) | (18 | ) | (24 | ) | (10 | ) | (23 | ) | (9 | ) | (58 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
1,181,733 | 1,884,610 | 3,750,095 | 1,987,383 | 2,071,201 | 432,947 | 10,874,088 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
8,637,669 | 7,916,082 | 5,496,570 | 3,947,344 | 7,745,959 | 1,597,672 | 14,489,903 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(14,232,922) | (4,751,036 | ) | (12,406,778 | ) | (3,335,962 | ) | (3,816,386 | ) | 7,571 | (17,470,888 | ) | ||||||||||||||||||||||
(7,092) | (92,445 | ) | (1,500 | ) | (6,958 | ) | (4,077 | ) | (1,304 | ) | (35,472 | ) | |||||||||||||||||||||
44,761,777 | 45,474,198 | 109,589,586 | 89,976,841 | 113,106,656 | 7,916,798 | 544,733,848 | |||||||||||||||||||||||||||
- | 375,376 | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
30,521,763 | 41,006,093 | 97,181,308 | 86,633,921 | 109,286,193 | 7,923,065 | 527,227,488 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
112,998,526 | (69,131,161 | ) | (100,451,564 | ) | (108,913,558 | ) | (78,942,473 | ) | (4,181,810 | ) | (692,886,101 | ) | |||||||||||||||||||||
1,800 | (3,177,837 | ) | 876 | - | - | - | 5,627 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
113,000,326 | (72,308,998 | ) | (100,450,688 | ) | (108,913,558 | ) | (78,942,473 | ) | (4,181,810 | ) | (692,880,474 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
143,522,089 | (31,302,905 | ) | (3,269,380 | ) | (22,279,637 | ) | 30,343,720 | 3,741,255 | (165,652,986 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$152,159,758 | $ | (23,386,823 | ) | $ | 2,227,190 | $ | (18,332,293 | ) | $ | 38,089,679 | $ | 5,338,927 | $ | (151,163,083 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81 | ||||
|
| |||
Statements of Operations–(continued)
For the year ended April 30, 2022
Invesco S&P 500® Equal Weight Utilities ETF (RYU) |
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) |
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated dividend income |
$ | 6,875,592 | $ | 1,812,990 | $ | 962,209 | |||||||||
Affiliated dividend income |
121 | 51 | 14,724 | ||||||||||||
Securities lending income |
2,133 | 19,113 | 16,169 | ||||||||||||
Foreign withholding tax |
- | - | (692 | ) | |||||||||||
|
|
|
|
|
|
||||||||||
Total investment income |
6,877,846 | 1,832,154 | 992,410 | ||||||||||||
|
|
|
|
|
|
||||||||||
Expenses: | |||||||||||||||
Unitary management fees |
928,006 | 520,734 | 280,937 | ||||||||||||
|
|
|
|
|
|
||||||||||
Less: Waivers |
(14 | ) | (5 | ) | (3 | ) | |||||||||
|
|
|
|
|
|
||||||||||
Net expenses |
927,992 | 520,729 | 280,934 | ||||||||||||
|
|
|
|
|
|
||||||||||
Net investment income |
5,949,854 | 1,311,425 | 711,476 | ||||||||||||
|
|
|
|
|
|
||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||
Unaffiliated investment securities |
(1,320,471 | ) | (548,142 | ) | (1,769,577 | ) | |||||||||
Affiliated investment securities |
1,067 | (7,075 | ) | (27,031 | ) | ||||||||||
Unaffiliated in-kind redemptions |
10,533,559 | 16,492,139 | 14,093,540 | ||||||||||||
Affiliated in-kind redemptions |
- | - | (1,930 | ) | |||||||||||
|
|
|
|
|
|
||||||||||
Net realized gain |
9,214,155 | 15,936,922 | 12,295,002 | ||||||||||||
|
|
|
|
|
|
||||||||||
Change in net unrealized appreciation (depreciation) of: |
|||||||||||||||
Unaffiliated investment securities |
6,353,473 | (26,327,558 | ) | (20,871,110 | ) | ||||||||||
Affiliated investment securities |
- | 2,324 | (44,223 | ) | |||||||||||
|
|
|
|
|
|
||||||||||
Change in net unrealized appreciation (depreciation) |
6,353,473 | (26,325,234 | ) | (20,915,333 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net realized and unrealized gain (loss) |
15,567,628 | (10,388,312 | ) | (8,620,331 | ) | ||||||||||
|
|
|
|
|
|
||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 21,517,482 | $ | (9,076,887 | ) | $ | (7,908,855 | ) | |||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
82 | ||||
|
| |||
(This Page Intentionally Left Blank)
83 | ||||
|
| |||
Statements of Changes in Net Assets
For the years ended April 30, 2022 and 2021
Invesco S&P 500® Equal
Weight ETF (RSP) |
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income |
$ | 453,441,999 | $ | 258,782,784 | $ | 500,475 | $ | 345,721 | ||||||||||||
Net realized gain (loss) |
4,032,689,988 | 1,428,792,314 | 4,856,621 | 4,195,900 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(4,542,078,666 | ) | 5,636,848,615 | (14,693,249 | ) | 8,575,532 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(55,946,679 | ) | 7,324,423,713 | (9,336,153 | ) | 13,117,153 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings |
(414,826,419 | ) | (280,652,301 | ) | (492,257 | ) | (305,268 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold |
17,287,255,363 | 15,219,941,599 | 38,761,355 | 23,309,725 | ||||||||||||||||
Value of shares repurchased |
(11,107,088,517 | ) | (6,602,078,748 | ) | (33,782,369 | ) | (11,301,795 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
6,180,166,846 | 8,617,862,851 | 4,978,986 | 12,007,930 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
5,709,393,748 | 15,661,634,263 | (4,849,424 | ) | 24,819,815 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period |
26,605,504,376 | 10,943,870,113 | 42,999,955 | 18,180,140 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 32,314,898,124 | $ | 26,605,504,376 | $ | 38,150,531 | $ | 42,999,955 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold |
111,570,000 | 121,770,000 | 1,070,000 | 680,000 | ||||||||||||||||
Shares repurchased |
(72,000,000 | ) | (56,030,000 | ) | (920,000 | ) | (360,000 | ) | ||||||||||||
Shares outstanding, beginning of period |
179,542,663 | 113,802,663 | 1,120,001 | 800,001 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of period |
219,112,663 | 179,542,663 | 1,270,001 | 1,120,001 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
84 | ||||
|
| |||
Invesco S&P 500® Equal
Weight Consumer Discretionary ETF (RCD) |
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) |
Invesco S&P 500® Equal Weight Energy ETF (RYE) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
$ | 4,003,929 | $ | 1,403,819 | $ | 11,895,707 | $ | 9,533,055 | $ | 8,637,669 | $ | 2,469,642 | |||||||||||||||||
108,025,811 | 63,838,217 | 23,867,463 | 9,207,255 | 30,521,763 | (43,763,473 | ) | ||||||||||||||||||||||
(181,527,662) | 117,527,797 | 11,129,654 | 84,530,376 | 113,000,326 | 61,490,167 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(69,497,922) | 182,769,833 | 46,892,824 | 103,270,686 | 152,159,758 | 20,196,336 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(3,814,408) | (1,486,049 | ) | (9,688,630 | ) | (10,934,630 | ) | (7,745,649 | ) | (2,847,442 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
544,817,140 | 1,048,062,462 | 168,265,330 | 83,915,892 | 424,900,042 | 124,277,512 | |||||||||||||||||||||||
(1,078,796,534) | (304,919,446 | ) | (98,015,506 | ) | (180,158,902 | ) | (181,594,852 | ) | (67,899,355 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(533,979,394) | 743,143,016 | 70,249,824 | (96,243,010 | ) | 243,305,190 | 56,378,157 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(607,291,724) | 924,426,800 | 107,454,018 | (3,906,954 | ) | 387,719,299 | 73,727,051 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
973,455,231 | 49,028,431 | 477,173,397 | 481,080,351 | 156,465,582 | 82,738,531 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 366,163,507 | $ | 973,455,231 | $ | 584,627,415 | $ | 477,173,397 | $ | 544,184,881 | $ | 156,465,582 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
3,720,000 | 8,310,000 | 990,000 | 570,000 | 7,790,000 | 3,600,000 | |||||||||||||||||||||||
(7,400,000) | (2,370,000 | ) | (600,000 | ) | (1,210,000 | ) | (3,360,000 | ) | (2,710,000 | ) | ||||||||||||||||||
6,540,000 | 600,000 | 2,960,000 | 3,600,000 | 3,840,005 | 2,950,005 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2,860,000 | 6,540,000 | 3,350,000 | 2,960,000 | 8,270,005 | 3,840,005 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
85 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the years ended April 30, 2022 and 2021
Invesco S&P 500® Equal Weight Financials ETF (RYF) |
Invesco S&P 500® Equal Weight Health Care ETF (RYH) | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income |
$ | 7,916,082 | $ | 4,463,515 | $ | 5,496,570 | $ | 3,770,010 | ||||||||||||
Net realized gain (loss) |
41,006,093 | (396,842 | ) | 97,181,308 | 64,202,939 | |||||||||||||||
Change in net unrealized appreciation (depreciation) |
(72,308,998 | ) | 104,291,984 | (100,450,688 | ) | 137,216,794 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(23,386,823 | ) | 108,358,657 | 2,227,190 | 205,189,743 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings |
(7,576,669 | ) | (4,598,534 | ) | (5,700,199 | ) | (3,959,289 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold |
291,613,975 | 177,652,506 | 347,594,026 | 106,177,815 | ||||||||||||||||
Value of shares repurchased |
(152,900,425 | ) | (66,714,583 | ) | (256,351,506 | ) | (200,305,554 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
138,713,550 | 110,937,923 | 91,242,520 | (94,127,739 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
107,750,058 | 214,698,046 | 87,769,511 | 107,102,715 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period |
375,900,586 | 161,202,540 | 813,539,991 | 706,437,276 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 483,650,644 | $ | 375,900,586 | $ | 901,309,502 | $ | 813,539,991 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold |
4,570,000 | 3,420,000 | 1,140,000 | 420,000 | ||||||||||||||||
Shares repurchased |
(2,470,000 | ) | (1,670,000 | ) | (840,000 | ) | (820,000 | ) | ||||||||||||
Shares outstanding, beginning of period |
6,300,000 | 4,550,000 | 2,900,000 | 3,300,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of period |
8,400,000 | 6,300,000 | 3,200,000 | 2,900,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
86 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI) |
Invesco S&P 500® Equal
Weight Materials ETF (RTM) |
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
$ | 3,947,344 | $ | 3,000,487 | $ | 7,745,959 | $ | 5,768,223 | $ | 1,597,672 | $ | 510,012 | |||||||||||||||||
86,633,921 | 48,330,095 | 109,286,193 | 41,505,275 | 7,923,065 | (1,464,527 | ) | ||||||||||||||||||||||
(108,913,558) | 125,722,356 | (78,942,473 | ) | 131,431,807 | (4,181,810 | ) | 9,164,368 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(18,332,293) | 177,052,938 | 38,089,679 | 178,705,305 | 5,338,927 | 8,209,853 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(3,744,767) | (3,070,411 | ) | (7,882,048 | ) | (5,559,565 | ) | (2,593,643 | ) | (873,599 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
225,497,806 | 537,764,033 | 340,502,147 | 452,166,650 | 169,321,932 | 22,472,423 | |||||||||||||||||||||||
(350,326,361) | (296,428,381 | ) | (410,473,194 | ) | (120,375,446 | ) | (45,120,196 | ) | (7,629,655 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(124,828,555) | 241,335,652 | (69,971,047 | ) | 331,791,204 | 124,201,736 | 14,842,768 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(146,905,615) | 415,318,179 | (39,763,416 | ) | 504,936,944 | 126,947,020 | 22,179,022 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
557,590,732 | 142,272,553 | 613,416,449 | 108,479,505 | 45,263,097 | 23,084,075 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 410,685,117 | $ | 557,590,732 | $ | 573,653,033 | $ | 613,416,449 | $ | 172,210,117 | $ | 45,263,097 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,180,000 | 3,790,000 | 1,920,000 | 3,350,000 | 4,340,000 | 680,000 | |||||||||||||||||||||||
(1,870,000) | (2,080,000 | ) | (2,430,000 | ) | (790,000 | ) | (1,190,000 | ) | (290,000 | ) | ||||||||||||||||||
3,010,000 | 1,300,000 | 3,710,000 | 1,150,000 | 1,290,000 | 900,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2,320,000 | 3,010,000 | 3,200,000 | 3,710,000 | 4,440,000 | 1,290,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
87 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the years ended April 30, 2022 and 2021
Invesco S&P 500® Equal
Weight Technology ETF (RYT) |
Invesco S&P 500® Equal Weight Utilities ETF (RYU) | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income |
$ | 14,489,903 | $ | 16,551,951 | $ | 5,949,854 | $ | 6,455,813 | ||||||||||||
Net realized gain |
527,227,488 | 198,466,957 | 9,214,155 | 11,357,673 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(692,880,474 | ) | 636,741,544 | 6,353,473 | 24,559,905 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(151,163,083 | ) | 851,760,452 | 21,517,482 | 42,373,391 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings |
(14,410,661 | ) | (25,926,165 | ) | (5,695,196 | ) | (7,025,165 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold |
1,044,687,721 | 893,999,654 | 174,240,285 | 14,519,622 | ||||||||||||||||
Value of shares repurchased |
(1,293,818,623 | ) | (659,158,576 | ) | (65,285,928 | ) | (141,323,667 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
(249,130,902 | ) | 234,841,078 | 108,954,357 | (126,804,045 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
(414,704,646 | ) | 1,060,675,365 | 124,776,643 | (91,455,819 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period |
2,590,018,504 | 1,529,343,139 | 208,556,836 | 300,012,655 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 2,175,313,858 | $ | 2,590,018,504 | $ | 333,333,479 | $ | 208,556,836 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold |
3,550,000 | 3,730,000 | 1,520,000 | 150,000 | ||||||||||||||||
Shares repurchased |
(4,490,000 | ) | (2,740,000 | ) | (600,000 | ) | (1,470,000 | ) | ||||||||||||
Shares outstanding, beginning of period |
9,340,000 | 8,350,000 | 1,930,000 | 3,250,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of period |
8,400,000 | 9,340,000 | 2,850,000 | 1,930,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
88 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) |
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) |
|||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
$ | 1,311,425 | $ | 846,476 | $ | 711,476 | $ | 303,189 | |||||||
15,936,922 | 3,647,091 | 12,295,002 | 1,631,073 | |||||||||||
(26,325,234) | 40,883,567 | (20,915,333 | ) | 16,352,097 | ||||||||||
|
|
|
|
|
|
|
|
|||||||
(9,076,887) | 45,377,134 | (7,908,855 | ) | 18,286,359 | ||||||||||
|
|
|
|
|
|
|
|
|||||||
(1,286,646) | (899,756 | ) | (665,001 | ) | (351,099 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
60,749,853 | 30,866,943 | 64,179,090 | 28,476,495 | |||||||||||
(41,124,909) | (14,505,986 | ) | (52,840,953 | ) | (9,269,618 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||
19,624,944 | 16,360,957 | 11,338,137 | 19,206,877 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
9,261,411 | 60,838,335 | 2,764,281 | 37,142,137 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
113,933,462 | 53,095,127 | 58,458,128 | 21,315,991 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
$ | 123,194,873 | $ | 113,933,462 | $ | 61,222,409 | $ | 58,458,128 | |||||||
|
|
|
|
|
|
|
|
|||||||
660,000 | 420,000 | 770,000 | 370,000 | |||||||||||
(450,000) | (190,000 | ) | (660,000 | ) | (150,000 | ) | ||||||||
1,230,000 | 1,000,000 | 720,000 | 500,000 | |||||||||||
|
|
|
|
|
|
|
|
|||||||
1,440,000 | 1,230,000 | 830,000 | 720,000 | |||||||||||
|
|
|
|
|
|
|
|
89 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 148.18 | $ | 96.17 | $ | 108.20 | $ | 99.87 | $ | 96.58 | $ | 81.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
2.30 | 1.93 | 2.15 | 1.78 | 0.85 | 1.39 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.91 | ) | 52.09 | (11.97 | ) | 8.45 | 3.33 | 14.85 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
1.39 | 54.02 | (9.82 | ) | 10.23 | 4.18 | 16.24 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(2.09 | ) | (2.01 | ) | (2.21 | ) | (1.90 | ) | (0.89 | ) | (1.23 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 147.48 | $ | 148.18 | $ | 96.17 | $ | 108.20 | $ | 99.87 | $ | 96.58 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 147.45 | $ | 148.23 | $ | 96.31 | $ | 108.22 | $ | 99.92 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
0.88 | % | 56.72 | % | (8.98 | )% | 10.45 | % | 4.30 | % | 19.98 | % | ||||||||||||||||||
Market Price Total Return(c) |
0.86 | % | 56.53 | % | (8.89 | )% | 10.43 | % | 4.36 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 32,314,898 | $ | 26,605,504 | $ | 10,943,870 | $ | 16,143,961 | $ | 14,616,057 | $ | 14,226,625 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | %(d) | 0.33 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | %(d) | 0.36 | % | ||||||||||||||||||
Net investment income |
1.48 | % | 1.60 | % | 2.01 | % | 1.74 | % | 1.69 | %(d) | 1.52 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
18 | % | 24 | % | 19 | % | 19 | % | 9 | % | 21 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
For the Period November 5, 2018(a) Through April 30, 2019 | ||||||||||||||||||||
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of period |
$ | 38.39 | $ | 22.73 | $ | 25.39 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income(b) |
0.41 | 0.41 | 0.41 | (c) | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(8.37 | ) | 15.60 | (2.64 | ) | 0.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(7.96 | ) | 16.01 | (2.23 | ) | 0.49 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.39 | ) | (0.35 | ) | (0.40 | ) | (0.10 | ) | ||||||||||||
Net realized gains |
- | - | (0.03 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.39 | ) | (0.35 | ) | (0.43 | ) | (0.10 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value at end of period |
$ | 30.04 | $ | 38.39 | $ | 22.73 | $ | 25.39 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Market price at end of period(d) |
$ | 30.04 | $ | 38.43 | $ | 22.74 | $ | 25.41 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value Total Return(e) |
(20.90 | )% | 70.90 | % | (8.89 | )% | 2.04 | %(f) | ||||||||||||
Market Price Total Return(e) |
(20.98 | )% | 71.00 | % | (8.92 | )% | 2.12 | %(f) | ||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 38,151 | $ | 43,000 | $ | 18,180 | $ | 22,851 | ||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.42 | %(g) | 0.40 | %(h) | ||||||||||||
Net investment income |
1.13 | % | 1.36 | % | 1.65 | %(c)(g) | 1.42 | %(h) | ||||||||||||
Portfolio turnover rate(i) |
29 | % | 20 | % | 30 | % | 10 | % |
(a) |
Commencement of investment operations. |
(b) |
Based on average shares outstanding. |
(c) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.29 and 1.17%, respectively. |
(d) |
The mean between the last bid and ask prices. |
(e) |
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. |
(f) |
The net asset value total return from Fund Inception (November 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 was 0.04%. |
(g) |
Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(h) |
Annualized. |
(i) |
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.
91 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 148.85 | $ | 81.71 | $ | 107.85 | $ | 99.15 | $ | 91.21 | $ | 85.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.92 | 0.56 | 1.83 | 1.49 | 0.68 | 1.27 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(20.78 | ) | 67.17 | (26.05 | ) | 8.80 | 7.98 | 5.84 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(19.86 | ) | 67.73 | (24.22 | ) | 10.29 | 8.66 | 7.11 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.96 | ) | (0.59 | ) | (1.92 | ) | (1.59 | ) | (0.72 | ) | (1.30 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 128.03 | $ | 148.85 | $ | 81.71 | $ | 107.85 | $ | 99.15 | $ | 91.21 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 127.91 | $ | 148.79 | $ | 81.63 | $ | 107.86 | $ | 99.13 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
(13.40 | )% | 83.19 | % | (22.56 | )% | 10.58 | % | 9.49 | % | 8.32 | % | ||||||||||||||||||
Market Price Total Return(c) |
(13.44 | )% | 83.29 | % | (22.64 | )% | 10.61 | % | 9.48 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 366,164 | $ | 973,455 | $ | 49,028 | $ | 113,239 | $ | 84,279 | $ | 72,965 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.41 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | ||||||||||||||||||
Net investment income |
0.62 | % | 0.45 | % | 1.80 | %(d) | 1.45 | % | 1.38 | %(e) | 1.39 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
21 | % | 33 | % | 28 | % | 30 | % | 13 | % | 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) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
92 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 161.21 | $ | 133.63 | $ | 134.95 | $ | 122.87 | $ | 121.67 | $ | 121.52 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
4.02 | 2.79 | 3.19 | 2.87 | 1.32 | 2.30 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
12.63 | 28.05 | (1.34 | ) | 12.30 | 1.14 | 0.13 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
16.65 | 30.84 | 1.85 | 15.17 | 2.46 | 2.43 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(3.34 | ) | (3.26 | ) | (3.17 | ) | (3.09 | ) | (1.26 | ) | (2.28 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 174.52 | $ | 161.21 | $ | 133.63 | $ | 134.95 | $ | 122.87 | $ | 121.67 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 174.50 | $ | 161.11 | $ | 133.58 | $ | 134.97 | $ | 122.84 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
10.51 | % | 23.34 | % | 1.44 | % | 12.63 | % | 1.96 | % | 1.99 | % | ||||||||||||||||||
Market Price Total Return(c) |
10.58 | % | 23.31 | % | 1.37 | % | 12.67 | % | 1.97 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 584,627 | $ | 477,173 | $ | 481,080 | $ | 431,837 | $ | 417,753 | $ | 444,092 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
2.46 | % | 1.91 | % | 2.32 | % | 2.27 | % | 2.06 | %(d) | 1.86 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
13 | % | 14 | % | 22 | % | 19 | % | 9 | % | 20 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
93 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Energy ETF (RYE)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 40.75 | $ | 28.05 | $ | 51.81 | $ | 60.29 | $ | 54.29 | $ | 56.90 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.54 | 0.86 | 1.09 | 0.82 | 0.47 | 1.28 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
24.84 | 12.80 | (23.84 | ) | (8.34 | ) | 5.98 | (2.50 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
26.38 | 13.66 | (22.75 | ) | (7.52 | ) | 6.45 | (1.22 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.33 | ) | (0.96 | ) | (1.01 | ) | (0.96 | ) | (0.45 | ) | (1.39 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 65.80 | $ | 40.75 | $ | 28.05 | $ | 51.81 | $ | 60.29 | $ | 54.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 65.79 | $ | 40.80 | $ | 28.06 | $ | 51.82 | $ | 60.43 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
65.91 | % | 50.01 | % | (44.18 | )% | (12.46 | )% | 11.97 | % | (2.20 | )% | ||||||||||||||||||
Market Price Total Return(c) |
65.68 | % | 50.15 | % | (44.17 | )% | (12.65 | )% | 12.31 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 544,185 | $ | 156,466 | $ | 82,739 | $ | 209,823 | $ | 253,202 | $ | 230,747 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
2.92 | % | 2.75 | % | 2.60 | % | 1.46 | % | 1.69 | %(d) | 2.22 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
50 | % | 37 | % | 34 | % | 31 | % | 10 | % | 34 | % |
(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) |
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, 2022, 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.
94 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Financials ETF (RYF)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 59.67 | $ | 35.43 | $ | 43.78 | $ | 43.94 | $ | 41.93 | $ | 31.41 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.05 | 1.05 | 0.92 | 0.78 | 0.40 | 0.55 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(2.13 | ) | 24.25 | (8.38 | ) | - | 1.91 | 10.45 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(1.08 | ) | 25.30 | (7.46 | ) | 0.78 | 2.31 | 11.00 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.01 | ) | (1.06 | ) | (0.89 | ) | (0.94 | ) | (0.30 | ) | (0.48 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 57.58 | $ | 59.67 | $ | 35.43 | $ | 43.78 | $ | 43.94 | $ | 41.93 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 57.53 | $ | 59.73 | $ | 35.53 | $ | 43.79 | $ | 43.98 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
(1.90 | )% | 72.61 | % | (17.09 | )% | 1.98 | % | 5.50 | % | 35.15 | % | ||||||||||||||||||
Market Price Total Return(c) |
(2.08 | )% | 72.30 | % | (16.88 | )% | 1.91 | % | 5.47 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 483,651 | $ | 375,901 | $ | 161,203 | $ | 291,145 | $ | 441,558 | $ | 358,496 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
1.68 | % | 2.33 | % | 2.15 | % | 1.86 | % | 1.81 | %(d) | 1.44 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
17 | % | 19 | % | 23 | % | 17 | % | 7 | % | 15 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
95 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 280.53 | $ | 214.07 | $ | 193.66 | $ | 178.78 | $ | 175.84 | $ | 143.79 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.76 | 1.25 | 1.31 | 1.05 | 0.44 | 0.78 | ||||||||||||||||||||||||
Net realized and unrealized gain on investments |
1.19 | (b) | 66.53 | 20.36 | 14.87 | 2.93 | 32.02 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
2.95 | 67.78 | 21.67 | 15.92 | 3.37 | 32.80 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.82 | ) | (1.32 | ) | (1.26 | ) | (1.04 | ) | (0.43 | ) | (0.75 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 281.66 | $ | 280.53 | $ | 214.07 | $ | 193.66 | $ | 178.78 | $ | 175.84 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 281.64 | $ | 280.73 | $ | 214.39 | $ | 193.67 | $ | 178.95 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(d) |
1.00 | % | 31.76 | % | 11.27 | % | 8.91 | % | 1.92 | % | 22.85 | % | ||||||||||||||||||
Market Price Total Return(d) |
0.91 | % | 31.66 | % | 11.42 | % | 8.82 | % | 2.06 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 901,310 | $ | 813,540 | $ | 706,437 | $ | 706,845 | $ | 598,911 | $ | 650,617 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(e) | 0.40 | % | ||||||||||||||||||
Net investment income |
0.59 | % | 0.51 | % | 0.64 | % | 0.55 | % | 0.49 | %(e) | 0.48 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
22 | % | 20 | % | 23 | % | 23 | % | 12 | % | 24 | % |
(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) |
Annualized. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
96 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 185.25 | $ | 109.44 | $ | 126.03 | $ | 115.01 | $ | 113.29 | $ | 90.92 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.50 | 1.31 | 1.83 | 1.53 | 0.62 | 1.24 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(8.31 | ) | 75.87 | (16.57 | ) | 11.15 | 1.73 | 22.50 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(6.81 | ) | 77.18 | (14.74 | ) | 12.68 | 2.35 | 23.74 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.42 | ) | (1.37 | ) | (1.85 | ) | (1.66 | ) | (0.63 | ) | (1.37 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 177.02 | $ | 185.25 | $ | 109.44 | $ | 126.03 | $ | 115.01 | $ | 113.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 176.94 | $ | 185.17 | $ | 109.50 | $ | 126.01 | $ | 115.03 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
(3.70 | )% | 70.89 | % | (11.70 | )% | 11.21 | % | 2.05 | % | 26.21 | % | ||||||||||||||||||
Market Price Total Return(c) |
(3.71 | )% | 70.73 | % | (11.64 | )% | 11.17 | % | 2.00 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 410,685 | $ | 557,591 | $ | 142,273 | $ | 245,750 | $ | 281,763 | $ | 226,584 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
0.79 | % | 0.89 | % | 1.46 | % | 1.29 | % | 1.05 | %(d) | 1.18 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
17 | % | 19 | % | 23 | % | 28 | % | 7 | % | 18 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
97 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Materials ETF (RTM)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 165.34 | $ | 94.33 | $ | 108.11 | $ | 106.31 | $ | 107.79 | $ | 84.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
2.58 | 2.48 | 2.10 | 1.79 | 0.70 | 1.49 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
14.03 | 70.77 | (13.65 | ) | 1.97 | (1.50 | ) | 23.28 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
16.61 | 73.25 | (11.55 | ) | 3.76 | (0.80 | ) | 24.77 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(2.68 | ) | (2.24 | ) | (2.23 | ) | (1.96 | ) | (0.68 | ) | (1.44 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 179.27 | $ | 165.34 | $ | 94.33 | $ | 108.11 | $ | 106.31 | $ | 107.79 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 179.25 | $ | 165.42 | $ | 94.49 | $ | 108.16 | $ | 106.31 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
10.18 | % | 78.45 | % | (10.70 | )% | 3.67 | % | (0.77 | )% | 29.52 | % | ||||||||||||||||||
Market Price Total Return(c) |
10.11 | % | 78.24 | % | (10.58 | )% | 3.70 | % | (0.91 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 573,653 | $ | 613,416 | $ | 108,480 | $ | 129,728 | $ | 180,726 | $ | 194,020 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
1.50 | % | 1.83 | % | 1.99 | % | 1.69 | % | 1.28 | %(d) | 1.54 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
15 | % | 18 | % | 25 | % | 23 | % | 6 | % | 22 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
98 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 35.09 | $ | 25.65 | $ | 29.71 | $ | 25.96 | $ | 27.29 | $ | 25.81 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.57 | 0.67 | (b) | 0.72 | 0.69 | 0.44 | 0.54 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
4.04 | 9.93 | (3.62 | ) | 3.97 | (1.20 | ) | 1.59 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
4.61 | 10.60 | (2.90 | ) | 4.66 | (0.76 | ) | 2.13 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.91 | ) | (1.16 | ) | (1.03 | ) | (0.85 | ) | (0.35 | ) | (0.65 | ) | ||||||||||||||||||
Net realized gains |
- | - | (0.13 | ) | (0.06 | ) | (0.22 | ) | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total distributions |
(0.91 | ) | (1.16 | ) | (1.16 | ) | (0.91 | ) | (0.57 | ) | (0.65 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 38.79 | $ | 35.09 | $ | 25.65 | $ | 29.71 | $ | 25.96 | $ | 27.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 38.88 | $ | 35.12 | $ | 25.65 | $ | 29.75 | $ | 25.96 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
13.20 | % | 42.37 | % | (9.59 | )% | 18.35 | % | (2.93 | )% | 8.33 | % | ||||||||||||||||||
Market Price Total Return(d) |
13.37 | % | 42.50 | % | (9.71 | )% | 18.51 | % | (2.35 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 172,210 | $ | 45,263 | $ | 23,084 | $ | 37,143 | $ | 16,873 | $ | 24,561 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.41 | %(e) | 0.40 | % | 0.41 | %(f) | 0.41 | % | ||||||||||||||||||
Net investment income |
1.48 | % | 2.36 | %(b) | 2.37 | %(e) | 2.46 | % | 3.28 | %(f) | 2.00 | % | ||||||||||||||||||
Portfolio turnover rate(g) |
19 | % | 21 | % | 15 | % | 14 | % | 2 | % | 24 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.49 and 1.73%, respectively. |
(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) |
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.
99 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Technology ETF (RYT)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 277.30 | $ | 183.15 | $ | 180.69 | $ | 150.94 | $ | 142.44 | $ | 104.67 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.57 | 1.87 | 3.15 | (b) | 1.57 | 0.56 | 1.16 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(18.32 | ) | 95.21 | 1.50 | 29.78 | 8.56 | 37.61 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(16.75 | ) | 97.08 | 4.65 | 31.35 | 9.12 | 38.77 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.58 | ) | (2.93 | ) | (2.19 | ) | (1.60 | ) | (0.62 | ) | (1.00 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 258.97 | $ | 277.30 | $ | 183.15 | $ | 180.69 | $ | 150.94 | $ | 142.44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 258.95 | $ | 277.24 | $ | 183.44 | $ | 180.66 | $ | 151.10 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(d) |
(6.10 | )% | 53.40 | % | 2.73 | % | 20.92 | % | 6.40 | % | 37.19 | % | ||||||||||||||||||
Market Price Total Return(d) |
(6.08 | )% | 53.12 | % | 2.91 | % | 20.77 | % | 6.48 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 2,175,314 | $ | 2,590,019 | $ | 1,529,343 | $ | 1,788,846 | $ | 1,615,066 | $ | 1,509,833 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(e) | 0.40 | % | ||||||||||||||||||
Net investment income |
0.53 | % | 0.81 | % | 1.73 | %(b) | 0.98 | % | 0.76 | %(e) | 0.95 | %(e) | ||||||||||||||||||
Portfolio turnover rate(f) |
24 | % | 25 | % | 23 | % | 27 | % | 10 | % | 19 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.92 and 1.06%, respectively. |
(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) |
Annualized. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
100 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 108.06 | $ | 92.31 | $ | 97.25 | $ | 84.51 | $ | 88.52 | $ | 81.10 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
2.82 | 2.70 | 2.77 | 2.67 | 1.38 | 2.54 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
8.74 | 16.05 | (4.99 | ) | 12.69 | (3.92 | ) | 7.44 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
11.56 | 18.75 | (2.22 | ) | 15.36 | (2.54 | ) | 9.98 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(2.66 | ) | (3.00 | ) | (2.72 | ) | (2.62 | ) | (1.47 | ) | (2.56 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 116.96 | $ | 108.06 | $ | 92.31 | $ | 97.25 | $ | 84.51 | $ | 88.52 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 116.96 | $ | 107.84 | $ | 92.52 | $ | 97.23 | $ | 84.45 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
10.90 | % | 20.80 | % | (2.28 | )% | 18.54 | % | (2.88 | )% | 12.51 | % | ||||||||||||||||||
Market Price Total Return(c) |
11.15 | % | 20.28 | % | (2.04 | )% | 18.60 | % | (2.92 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 333,333 | $ | 208,557 | $ | 300,013 | $ | 335,499 | $ | 139,434 | $ | 168,180 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | ||||||||||||||||||
Net investment income |
2.56 | % | 2.77 | % | 2.72 | % | 2.96 | % | 3.29 | %(d) | 3.01 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
15 | % | 10 | % | 11 | % | 27 | % | 7 | % | 11 | % |
(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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
101 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 92.63 | $ | 53.10 | $ | 66.18 | $ | 63.30 | $ | 62.00 | $ | 51.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.93 | 0.75 | 0.89 | 0.77 | 0.42 | 0.60 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(7.10 | ) | 39.56 | (12.99 | ) | 2.96 | 1.30 | 10.59 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(6.17 | ) | 40.31 | (12.10 | ) | 3.73 | 1.72 | 11.19 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.91 | ) | (0.78 | ) | (0.98 | ) | (0.85 | ) | (0.42 | ) | (0.59 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 85.55 | $ | 92.63 | $ | 53.10 | $ | 66.18 | $ | 63.30 | $ | 62.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 85.47 | $ | 92.64 | $ | 52.87 | $ | 66.19 | $ | 63.29 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
(6.72 | )% | 76.41 | % | (18.24 | )% | 5.96 | % | 2.76 | % | 21.82 | % | ||||||||||||||||||
Market Price Total Return(c) |
(6.81 | )% | 77.20 | % | (18.60 | )% | 5.99 | % | 2.74 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 123,195 | $ | 113,933 | $ | 53,095 | $ | 105,893 | $ | 104,438 | $ | 114,692 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.41 | %(d) | 0.40 | % | 0.40 | %(e) | 0.41 | % | ||||||||||||||||||
Net investment income |
1.01 | % | 1.06 | % | 1.42 | %(d) | 1.19 | % | 1.33 | %(e) | 1.02 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
28 | % | 33 | % | 32 | % | 30 | % | 9 | % | 26 | % |
(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) |
Annualized. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
102 | ||||
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Financial Highlights–(continued)
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Years Ended April 30, |
Six Months Ended April 30, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
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Net asset value at beginning of period |
$ | 81.19 | $ | 42.63 | $ | 55.83 | $ | 54.92 | $ | 52.78 | $ | 42.47 | ||||||||||||||||||
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Net investment income(a) |
0.83 | 0.59 | 0.62 | 0.59 | 0.29 | 0.47 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(7.48 | ) | 38.62 | (12.84 | ) | 0.80 | 2.15 | 10.27 | ||||||||||||||||||||||
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Total from investment operations |
(6.65 | ) | 39.21 | (12.22 | ) | 1.39 | 2.44 | 10.74 | ||||||||||||||||||||||
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Distributions to shareholders from: |
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Net investment income |
(0.78 | ) | (0.65 | ) | (0.98 | ) | (0.48 | ) | (0.30 | ) | (0.43 | ) | ||||||||||||||||||
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Net asset value at end of period |
$ | 73.76 | $ | 81.19 | $ | 42.63 | $ | 55.83 | $ | 54.92 | $ | 52.78 | ||||||||||||||||||
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Market price at end of period(b) |
$ | 73.55 | $ | 81.20 | $ | 42.39 | $ | 55.63 | $ | 55.02 | ||||||||||||||||||||
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Net Asset Value Total Return(c) |
(8.27 | )% | 92.69 | % | (22.17 | )% | 2.55 | % | 4.62 | % | 25.32 | % | ||||||||||||||||||
Market Price Total Return(c) |
(8.54 | )% | 93.79 | % | (22.33 | )% | 2.00 | % | 4.55 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
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Net assets at end of period (000’s omitted) |
$ | 61,222 | $ | 58,458 | $ | 21,316 | $ | 36,287 | $ | 30,208 | $ | 31,666 | ||||||||||||||||||
Ratio to average net assets of: |
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Expenses |
0.40 | % | 0.40 | % | 0.42 | %(d) | 0.40 | % | 0.40 | %(e) | 0.41 | % | ||||||||||||||||||
Net investment income |
1.01 | % | 0.99 | % | 1.20 | %(d) | 1.05 | % | 1.10 | %(e) | 0.96 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
29 | % | 40 | % | 42 | % | 34 | % | 10 | % | 24 | % |
(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) |
Annualized. |
(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. |
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 S&P 500® Equal Weight ETF (RSP) | “S&P 500® Equal Weight ETF” | |
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | “S&P 500® Equal Weight Communication Services ETF” | |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) | “S&P 500® Equal Weight Consumer Discretionary ETF” | |
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | “S&P 500® Equal Weight Consumer Staples ETF” | |
Invesco S&P 500® Equal Weight Energy ETF (RYE) | “S&P 500® Equal Weight Energy ETF” | |
Invesco S&P 500® Equal Weight Financials ETF (RYF) | “S&P 500® Equal Weight Financials ETF” | |
Invesco S&P 500® Equal Weight Health Care ETF (RYH) | “S&P 500® Equal Weight Health Care ETF” | |
Invesco S&P 500® Equal Weight Industrials ETF (RGI) | “S&P 500® Equal Weight Industrials ETF” | |
Invesco S&P 500® Equal Weight Materials ETF (RTM) | “S&P 500® Equal Weight Materials ETF” | |
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) | “S&P 500® Equal Weight Real Estate ETF” | |
Invesco S&P 500® Equal Weight Technology ETF (RYT) | “S&P 500® Equal Weight Technology ETF” | |
Invesco S&P 500® Equal Weight Utilities ETF (RYU) | “S&P 500® Equal Weight Utilities ETF” | |
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) | “S&P MidCap 400® Equal Weight ETF” | |
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | “S&P SmallCap 600® Equal Weight 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 of the Funds 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 | |
S&P 500® Equal Weight ETF | S&P 500® Equal Weight Index | |
S&P 500® Equal Weight Communication Services ETF | S&P 500® Equal Weight Communication Services Plus Index | |
S&P 500® Equal Weight Consumer Discretionary ETF | S&P 500® Equal Weight Consumer Discretionary Index | |
S&P 500® Equal Weight Consumer Staples ETF | S&P 500® Equal Weight Consumer Staples Index | |
S&P 500® Equal Weight Energy ETF | S&P 500® Equal Weight Energy Plus Index | |
S&P 500® Equal Weight Financials ETF | S&P 500® Equal Weight Financials Index | |
S&P 500® Equal Weight Health Care ETF | S&P 500® Equal Weight Health Care Index | |
S&P 500® Equal Weight Industrials ETF | S&P 500® Equal Weight Industrials Index | |
S&P 500® Equal Weight Materials ETF | S&P 500® Equal Weight Materials Index | |
S&P 500® Equal Weight Real Estate ETF | S&P 500® Equal Weight Real Estate Index | |
S&P 500® Equal Weight Technology ETF | S&P 500® Equal Weight Information Technology Index | |
S&P 500® Equal Weight Utilities ETF | S&P 500® Equal Weight Utilities Plus Index | |
S&P MidCap 400® Equal Weight ETF | S&P MidCap 400® Equal Weight Index | |
S&P SmallCap 600® Equal Weight ETF | S&P SmallCap 600® Equal Weight 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.
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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.
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
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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 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 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 requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to 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 has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, |
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acquired fund fees and expenses, if any, litigation expenses and other 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 excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and 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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “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 | ||||
S&P 500® Equal Weight ETF |
$ | 37,072 | ||
S&P 500® Equal Weight Communication Services ETF |
160 | |||
S&P 500® Equal Weight Consumer Discretionary ETF |
1,486 | |||
S&P 500® Equal Weight Consumer Staples ETF |
259 | |||
S&P 500® Equal Weight Energy ETF |
704 | |||
S&P 500® Equal Weight Financials ETF |
309 | |||
S&P 500® Equal Weight Health Care ETF |
598 | |||
S&P 500® Equal Weight Industrials ETF |
657 | |||
S&P 500® Equal Weight Materials ETF |
242 | |||
S&P 500® Equal Weight Real Estate ETF |
283 | |||
S&P 500® Equal Weight Technology ETF |
2,438 | |||
S&P 500® Equal Weight Utilities ETF |
53 | |||
S&P MidCap 400® Equal Weight ETF |
937 | |||
S&P SmallCap 600® Equal Weight ETF |
551 |
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.
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 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.
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.
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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.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the 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-Diversified Fund Risk. Because S&P 500® Equal Weight Communication Services ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.
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.
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 Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other 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). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||||
S&P 500® Equal Weight ETF |
0.20% | |||
S&P 500® Equal Weight Communication Services ETF |
0.40% | |||
S&P 500® Equal Weight Consumer Discretionary ETF |
0.40% | |||
S&P 500® Equal Weight Consumer Staples ETF |
0.40% | |||
S&P 500® Equal Weight Energy ETF |
0.40% | |||
S&P 500® Equal Weight Financials ETF |
0.40% | |||
S&P 500® Equal Weight Health Care ETF |
0.40% |
109 | ||||
|
| |||
Unitary Management Fees (as a % of average daily net assets) | ||||
S&P 500® Equal Weight Industrials ETF |
0.40% | |||
S&P 500® Equal Weight Materials ETF |
0.40% | |||
S&P 500® Equal Weight Real Estate ETF |
0.40% | |||
S&P 500® Equal Weight Technology ETF |
0.40% | |||
S&P 500® Equal Weight Utilities ETF |
0.40% | |||
S&P MidCap 400® Equal Weight ETF |
0.40% | |||
S&P SmallCap 600® Equal Weight ETF |
0.40% |
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 for each Fund in the following amounts:
S&P 500® Equal Weight ETF |
$ | 1,613 | ||||
S&P 500® Equal Weight Communication Services ETF |
1 | |||||
S&P 500® Equal Weight Consumer Discretionary ETF |
10 | |||||
S&P 500® Equal Weight Consumer Staples ETF |
22 | |||||
S&P 500® Equal Weight Energy ETF |
30 | |||||
S&P 500® Equal Weight Financials ETF |
18 | |||||
S&P 500® Equal Weight Health Care ETF |
24 | |||||
S&P 500® Equal Weight Industrials ETF |
10 | |||||
S&P 500® Equal Weight Materials ETF |
23 | |||||
S&P 500® Equal Weight Real Estate ETF |
9 | |||||
S&P 500® Equal Weight Technology ETF |
58 | |||||
S&P 500® Equal Weight Utilities ETF |
14 | |||||
S&P MidCap 400® Equal Weight ETF |
5 | |||||
S&P SmallCap 600® Equal Weight ETF |
3 |
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 licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the 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 not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes 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:
S&P 500® Equal Weight ETF |
$ | 338,399 | ||||
S&P 500® Equal Weight Communication Services ETF |
2,283 | |||||
S&P 500® Equal Weight Consumer Discretionary ETF |
16,146 | |||||
S&P 500® Equal Weight Consumer Staples ETF |
8,045 | |||||
S&P 500® Equal Weight Energy ETF |
37,999 | |||||
S&P 500® Equal Weight Financials ETF |
7,918 | |||||
S&P 500® Equal Weight Health Care ETF |
11,167 | |||||
S&P 500® Equal Weight Industrials ETF |
8,092 | |||||
S&P 500® Equal Weight Materials ETF |
6,887 | |||||
S&P 500® Equal Weight Real Estate ETF |
1,349 | |||||
S&P 500® Equal Weight Technology ETF |
35,415 | |||||
S&P 500® Equal Weight Utilities ETF |
5,726 |
110 | ||||
|
| |||
S&P MidCap 400® Equal Weight ETF |
$ | 6,083 | ||||
S&P SmallCap 600® Equal Weight ETF |
7,924 |
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 500® Equal Weight ETF |
$22,875,454 | $2,398,775 | $(106,159) | |||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
- | 75,815 | 13,928 | |||||||||||
S&P 500® Equal Weight Energy ETF |
- | 266,070 | (283,631) | |||||||||||
S&P 500® Equal Weight Health Care ETF |
1,666,367 | 487,672 | (9,903) | |||||||||||
S&P 500® Equal Weight Industrials ETF |
1,520,343 | - | - | |||||||||||
S&P 500® Equal Weight Technology ETF |
7,937,397 | - | - | |||||||||||
S&P 500® Equal Weight Utilities ETF |
- | 44,541 | 3,617 | |||||||||||
S&P MidCap 400® Equal Weight ETF |
2,255,405 | 2,045,432 | 203,103 | |||||||||||
S&P SmallCap 600® Equal Weight ETF |
513,660 | 173,419 | 71,534 |
* |
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. 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 | |||||||||||||||||
S&P 500® Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 32,278,229,049 | $ | - | $- | $ | 32,278,229,049 | |||||||||||||
Money Market Funds | 17,804,249 | 1,212,776,681 | - | 1,230,580,930 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments | $ | 32,296,033,298 | $ | 1,212,776,681 | $- | $ | 33,508,809,979 | |||||||||||||
|
|
|
|
|
|
|
|
111 | ||||
|
| |||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
S&P 500® Equal Weight Communication Services ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 38,152,601 | $ | - | $ | - | $ | 38,152,601 | ||||||||||||
Money Market Funds |
- | 3,032,898 | - | 3,032,898 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 38,152,601 | $ | 3,032,898 | $ | - | $ | 41,185,499 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 366,099,469 | $ | - | $ | - | $ | 366,099,469 | ||||||||||||
Money Market Funds |
- | 56,075,053 | - | 56,075,053 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 366,099,469 | $ | 56,075,053 | $ | - | $ | 422,174,522 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Consumer Staples ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 584,166,437 | $ | - | $ | - | $ | 584,166,437 | ||||||||||||
Money Market Funds |
- | 25,555,449 | - | 25,555,449 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 584,166,437 | $ | 25,555,449 | $ | - | $ | 609,721,886 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Energy ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 543,266,330 | $ | - | $ | - | $ | 543,266,330 | ||||||||||||
Money Market Funds |
181,238 | 50,665,631 | - | 50,846,869 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 543,447,568 | $ | 50,665,631 | $ | - | $ | 594,113,199 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Financials ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 483,283,999 | $ | - | $ | - | $ | 483,283,999 | ||||||||||||
Money Market Funds |
28,273 | 20,178,677 | - | 20,206,950 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 483,312,272 | $ | 20,178,677 | $ | - | $ | 503,490,949 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Health Care ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 900,848,793 | $ | - | $ | - | $ | 900,848,793 | ||||||||||||
Money Market Funds |
363,099 | 23,119,753 | - | 23,482,852 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 901,211,892 | $ | 23,119,753 | $ | - | $ | 924,331,645 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Industrials ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 410,518,180 | $ | - | $ | - | $ | 410,518,180 | ||||||||||||
Money Market Funds |
23,375 | 30,456,564 | - | 30,479,939 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 410,541,555 | $ | 30,456,564 | $ | - | $ | 440,998,119 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Materials ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 573,327,582 | $ | - | $ | - | $ | 573,327,582 | ||||||||||||
Money Market Funds |
137,092 | 12,862,186 | - | 12,999,278 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 573,464,674 | $ | 12,862,186 | $ | - | $ | 586,326,860 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Real Estate ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 172,140,859 | $ | - | $ | - | $ | 172,140,859 | ||||||||||||
Money Market Funds |
67,431 | 9,185,361 | - | 9,252,792 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 172,208,290 | $ | 9,185,361 | $ | - | $ | 181,393,651 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P 500® Equal Weight Technology ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 2,176,081,868 | $ | - | $ | - | $ | 2,176,081,868 | ||||||||||||
Money Market Funds |
360,687 | 108,678,233 | - | 109,038,920 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 2,176,442,555 | $ | 108,678,233 | $ | - | $ | 2,285,120,788 | ||||||||||||
|
|
|
|
|
|
|
|
112 | ||||
|
| |||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
S&P 500® Equal Weight Utilities ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 332,810,923 | $ | - | $ | - | $ | 332,810,923 | ||||||||||||
Money Market Funds |
47,578 | 9,534,749 | - | 9,582,327 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 332,858,501 | $ | 9,534,749 | $ | - | $ | 342,393,250 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P MidCap 400® Equal Weight ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 123,112,470 | $ | - | $ | - | $ | 123,112,470 | ||||||||||||
Money Market Funds |
68,915 | 27,359,142 | - | 27,428,057 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 123,181,385 | $ | 27,359,142 | $ | - | $ | 150,540,527 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P SmallCap 600® Equal Weight ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 61,191,026 | $ | - | $ | - | $ | 61,191,026 | ||||||||||||
Money Market Funds |
25,492 | 17,354,396 | - | 17,379,888 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 61,216,518 | $ | 17,354,396 | $ | - | $ | 78,570,914 | ||||||||||||
|
|
|
|
|
|
|
|
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 Income* |
Ordinary Income* |
|||||||
S&P 500® Equal Weight ETF |
$ | 414,826,419 | $ | 280,652,301 | ||||
S&P 500® Equal Weight Communication Services ETF |
492,257 | 305,268 | ||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
3,814,408 | 1,486,049 | ||||||
S&P 500® Equal Weight Consumer Staples ETF |
9,688,630 | 10,934,630 | ||||||
S&P 500® Equal Weight Energy ETF |
7,745,649 | 2,847,442 | ||||||
S&P 500® Equal Weight Financials ETF |
7,576,669 | 4,598,534 | ||||||
S&P 500® Equal Weight Health Care ETF |
5,700,199 | 3,959,289 | ||||||
S&P 500® Equal Weight Industrials ETF |
3,744,767 | 3,070,411 | ||||||
S&P 500® Equal Weight Materials ETF |
7,882,048 | 5,559,565 | ||||||
S&P 500® Equal Weight Real Estate ETF |
2,593,643 | 873,599 | ||||||
S&P 500® Equal Weight Technology ETF |
14,410,661 | 25,926,165 | ||||||
S&P 500® Equal Weight Utilities ETF |
5,695,196 | 7,025,165 | ||||||
S&P MidCap 400® Equal Weight ETF |
1,286,646 | 899,756 | ||||||
S&P SmallCap 600® Equal Weight ETF |
665,001 | 351,099 |
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Net Unrealized Appreciation (Depreciation)- Investments |
Capital
Loss Carryforwards |
Shares
of Beneficial Interest |
Total Net Assets |
||||||||||||||||
S&P 500® Equal Weight ETF |
$38,615,579 | $625,696,598 | $(2,357,321,778) | $34,007,907,725 | $32,314,898,124 | |||||||||||||||
S&P 500® Equal Weight Communication Services ETF |
57,491 | (9,936,110 | ) | (1,536,895 | ) | 49,566,045 | 38,150,531 | |||||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
189,521 | (83,086,759 | ) | (40,570,009 | ) | 489,630,754 | 366,163,507 | |||||||||||||
S&P 500® Equal Weight Consumer Staples ETF |
2,893,698 | 75,004,594 | (71,855,008 | ) | 578,584,131 | 584,627,415 | ||||||||||||||
S&P 500® Equal Weight Energy ETF |
994,439 | 104,137,340 | (167,543,574 | ) | 606,596,676 | 544,184,881 | ||||||||||||||
S&P 500® Equal Weight Financials ETF |
542,768 | (13,231,584 | ) | (34,789,427 | ) | 531,128,887 | 483,650,644 | |||||||||||||
S&P 500® Equal Weight Health Care ETF |
88,027 | 94,340,148 | (86,682,907 | ) | 893,564,234 | 901,309,502 | ||||||||||||||
S&P 500® Equal Weight Industrials ETF |
233,446 | (12,212,209 | ) | (32,058,974 | ) | 454,722,854 | 410,685,117 | |||||||||||||
S&P 500® Equal Weight Materials ETF |
74,029 | 27,532,718 | (25,383,119 | ) | 571,429,405 | 573,653,033 |
113 | ||||
|
| |||
Net | ||||||||||||||||||||
Unrealized | ||||||||||||||||||||
Undistributed | Appreciation | Shares of | ||||||||||||||||||
Ordinary | (Depreciation)- | Capital Loss | Beneficial | Total | ||||||||||||||||
Income | Investments | Carryforwards | Interest | Net Assets | ||||||||||||||||
S&P 500® Equal Weight Real Estate ETF |
$ | - | $ | (1,714,205 | ) | $ | (1,300,379 | ) | $ | 175,224,701 | $ | 172,210,117 | ||||||||
S&P 500® Equal Weight Technology ETF |
131,885 | 40,033,483 | (147,995,516 | ) | 2,283,144,006 | 2,175,313,858 | ||||||||||||||
S&P 500® Equal Weight Utilities ETF |
254,658 | 23,739,413 | (29,416,638 | ) | 338,756,046 | 333,333,479 | ||||||||||||||
S&P MidCap 400® Equal Weight ETF |
24,781 | 2,527,872 | (28,347,903 | ) | 148,990,123 | 123,194,873 | ||||||||||||||
S&P SmallCap 600® Equal Weight ETF |
46,485 | (10,914,574 | ) | (22,547,171 | ) | 94,637,669 | 61,222,409 |
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* | ||||||||||
S&P 500® Equal Weight ETF |
$ | 421,732,928 | $ | 1,935,588,850 | $ | 2,357,321,778 | ||||||
S&P 500® Equal Weight Communication Services ETF |
853,534 | 683,361 | 1,536,895 | |||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
11,079,764 | 29,490,245 | 40,570,009 | |||||||||
S&P 500® Equal Weight Consumer Staples ETF |
9,858,678 | 61,996,330 | 71,855,008 | |||||||||
S&P 500® Equal Weight Energy ETF |
27,995,785 | 139,547,789 | 167,543,574 | |||||||||
S&P 500® Equal Weight Financials ETF |
6,725,173 | 28,064,254 | 34,789,427 | |||||||||
S&P 500® Equal Weight Health Care ETF |
10,032,742 | 76,650,165 | 86,682,907 | |||||||||
S&P 500® Equal Weight Industrials ETF |
8,844,627 | 23,214,347 | 32,058,974 | |||||||||
S&P 500® Equal Weight Materials ETF |
5,973,047 | 19,410,072 | 25,383,119 | |||||||||
S&P 500® Equal Weight Real Estate ETF |
436,802 | 863,577 | 1,300,379 | |||||||||
S&P 500® Equal Weight Technology ETF |
44,346,756 | 103,648,760 | 147,995,516 | |||||||||
S&P 500® Equal Weight Utilities ETF |
11,627,561 | 17,789,077 | 29,416,638 | |||||||||
S&P MidCap 400® Equal Weight ETF |
10,606,463 | 17,741,440 | 28,347,903 | |||||||||
S&P SmallCap 600® Equal Weight ETF |
9,980,801 | 12,566,370 | 22,547,171 |
* |
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 | |||||||
S&P 500® Equal Weight ETF |
$ | 5,381,990,683 | $ | 5,348,664,312 | ||||
S&P 500® Equal Weight Communication Services ETF |
12,606,592 | 12,677,964 | ||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
133,999,280 | 134,352,216 | ||||||
S&P 500® Equal Weight Consumer Staples ETF |
65,169,297 | 64,350,914 | ||||||
S&P 500® Equal Weight Energy ETF |
214,976,298 | 146,601,758 | ||||||
S&P 500® Equal Weight Financials ETF |
79,586,231 | 78,942,734 | ||||||
S&P 500® Equal Weight Health Care ETF |
205,515,677 | 204,690,794 | ||||||
S&P 500® Equal Weight Industrials ETF |
82,288,510 | 82,322,395 | ||||||
S&P 500® Equal Weight Materials ETF |
77,338,703 | 77,956,552 | ||||||
S&P 500® Equal Weight Real Estate ETF |
20,497,840 | 20,269,400 | ||||||
S&P 500® Equal Weight Technology ETF |
652,833,681 | 651,685,110 | ||||||
S&P 500® Equal Weight Utilities ETF |
34,340,334 | 33,987,342 | ||||||
S&P MidCap 400® Equal Weight ETF |
37,276,426 | 36,036,675 | ||||||
S&P SmallCap 600® Equal Weight ETF |
21,419,604 | 20,132,993 |
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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 | |||||||
S&P 500® Equal Weight ETF |
$ | 17,177,852,375 | $ | 10,998,245,231 | ||||
S&P 500® Equal Weight Communication Services ETF |
38,728,223 | 33,631,705 | ||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
544,556,092 | 1,077,701,966 | ||||||
S&P 500® Equal Weight Consumer Staples ETF |
168,097,101 | 98,058,388 | ||||||
S&P 500® Equal Weight Energy ETF |
333,301,427 | 156,940,771 | ||||||
S&P 500® Equal Weight Financials ETF |
291,182,532 | 152,638,599 | ||||||
S&P 500® Equal Weight Health Care ETF |
347,456,124 | 257,721,797 | ||||||
S&P 500® Equal Weight Industrials ETF |
225,363,888 | 350,319,112 | ||||||
S&P 500® Equal Weight Materials ETF |
340,107,411 | 409,997,230 | ||||||
S&P 500® Equal Weight Real Estate ETF |
169,186,168 | 45,087,652 | ||||||
S&P 500® Equal Weight Technology ETF |
1,044,466,384 | 1,294,064,775 | ||||||
S&P 500® Equal Weight Utilities ETF |
174,036,346 | 65,098,198 | ||||||
S&P MidCap 400® Equal Weight ETF |
60,538,252 | 41,933,281 | ||||||
S&P SmallCap 600® Equal Weight ETF |
63,990,342 | 53,722,815 |
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 | |||||||||||||
S&P 500® Equal Weight ETF |
$ | 2,661,255,802 | $ | (2,035,559,204 | ) | $ | 625,696,598 | $ | 32,883,113,381 | |||||||
S&P 500® Equal Weight Communication Services ETF |
316,973 | (10,253,083 | ) | (9,936,110 | ) | 51,121,609 | ||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
4,662,563 | (87,749,322 | ) | (83,086,759 | ) | 505,261,281 | ||||||||||
S&P 500® Equal Weight Consumer Staples ETF |
82,602,987 | (7,598,393 | ) | 75,004,594 | 534,717,292 | |||||||||||
S&P 500® Equal Weight Energy ETF |
110,209,363 | (6,072,023 | ) | 104,137,340 | 489,975,859 | |||||||||||
S&P 500® Equal Weight Financials ETF |
25,363,556 | (38,595,140 | ) | (13,231,584 | ) | 516,722,533 | ||||||||||
S&P 500® Equal Weight Health Care ETF |
146,622,960 | (52,282,812 | ) | 94,340,148 | 829,991,497 | |||||||||||
S&P 500® Equal Weight Industrials ETF |
18,341,444 | (30,553,653 | ) | (12,212,209 | ) | 453,210,328 | ||||||||||
S&P 500® Equal Weight Materials ETF |
46,249,136 | (18,716,418 | ) | 27,532,718 | 558,794,142 | |||||||||||
S&P 500® Equal Weight Real Estate ETF |
5,043,203 | (6,757,408 | ) | (1,714,205 | ) | 183,107,856 | ||||||||||
S&P 500® Equal Weight Technology ETF |
208,371,405 | (168,337,922 | ) | 40,033,483 | 2,245,087,305 | |||||||||||
S&P 500® Equal Weight Utilities ETF |
27,868,337 | (4,128,924 | ) | 23,739,413 | 318,653,837 | |||||||||||
S&P MidCap 400® Equal Weight ETF |
12,010,258 | (9,482,386 | ) | 2,527,872 | 148,012,655 | |||||||||||
S&P SmallCap 600® Equal Weight ETF |
2,085,821 | (13,000,395 | ) | (10,914,574 | ) | 89,485,488 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of taxable overdistributions 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 | Undistributed Net | Shares of | |||||||||||||
Investment Income | Realized Gain (Loss) | Beneficial Interest | |||||||||||||
S&P 500® Equal Weight ETF |
$ | - | $ | (4,286,020,988 | ) | $ | 4,286,020,988 | ||||||||
S&P 500® Equal Weight Communication Services ETF |
- | (6,149,246 | ) | 6,149,246 | |||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF |
- | (117,442,763 | ) | 117,442,763 | |||||||||||
S&P 500® Equal Weight Consumer Staples ETF |
686,621 | (24,969,226 | ) | 24,282,605 | |||||||||||
S&P 500® Equal Weight Energy ETF |
- | (41,642,412 | ) | 41,642,412 | |||||||||||
S&P 500® Equal Weight Financials ETF |
- | (45,354,122 | ) | 45,354,122 | |||||||||||
S&P 500® Equal Weight Health Care ETF |
- | (108,409,360 | ) | 108,409,360 | |||||||||||
S&P 500® Equal Weight Industrials ETF |
- | (89,516,569 | ) | 89,516,569 |
115 | ||||
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Undistributed Net | Undistributed Net | Shares of | |||||||||||||
Investment Income | Realized Gain (Loss) | Beneficial Interest | |||||||||||||
S&P 500® Equal Weight Materials ETF | $ | - | $ | (112,646,563 | ) | $ | 112,646,563 | ||||||||
S&P 500® Equal Weight Real Estate ETF | 995,971 | (7,271,553 | ) | 6,275,582 | |||||||||||
S&P 500® Equal Weight Technology ETF | - | (541,345,074 | ) | 541,345,074 | |||||||||||
S&P 500® Equal Weight Utilities ETF | - | (10,370,043 | ) | 10,370,043 | |||||||||||
S&P MidCap 400® Equal Weight ETF | - | (16,466,325 | ) | 16,466,325 | |||||||||||
S&P SmallCap 600® Equal Weight ETF | 10 | (14,079,693 | ) | 14,079,683 |
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 Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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.
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.
116 | ||||
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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 S&P 500® Equal Weight ETF, Invesco S&P 500® Equal Weight Communication Services ETF, Invesco S&P 500® Equal Weight Consumer Discretionary ETF, Invesco S&P 500® Equal Weight Consumer Staples ETF, Invesco S&P 500® Equal Weight Energy ETF, Invesco S&P 500® Equal Weight Financials ETF, Invesco S&P 500® Equal Weight Health Care ETF, Invesco S&P 500® Equal Weight Industrials ETF, Invesco S&P 500® Equal Weight Materials ETF, Invesco S&P 500® Equal Weight Real Estate ETF, Invesco S&P 500® Equal Weight Technology ETF, Invesco S&P 500® Equal Weight Utilities ETF, Invesco S&P MidCap 400® Equal Weight ETF and Invesco S&P SmallCap 600® Equal Weight ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (fourteen 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 four years in the period ended April 30, 2022 and for the six months ended April 30, 2018 (or for Invesco S&P 500® Equal Weight Communication Services ETF, for each of the three years in the period ended April 30, 2022 and the period November 5, 2018 (commencement of investment operations) through April 30, 2019) (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 four years in the period ended April 30, 2022 and for the six months ended April 30, 2018 (or for Invesco S&P 500® Equal Weight Communication Services ETF, for each of the three years in the period ended April 30, 2022 and the period November 5, 2018 (commencement of investment operations) through April 30, 2019) in conformity with accounting principles generally accepted in the United States of America.
Fund Name |
Predecessor Fund | |
Invesco S&P 500® Equal Weight ETF | Guggenheim S&P 500® Equal Weight ETF | |
Invesco S&P 500® Equal Weight Communication Services ETF | - | |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF | Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF | |
Invesco S&P 500® Equal Weight Consumer Staples ETF | Guggenheim S&P 500® Equal Weight Consumer Staples ETF | |
Invesco S&P 500® Equal Weight Energy ETF | Guggenheim S&P 500® Equal Weight Energy ETF | |
Invesco S&P 500® Equal Weight Financials ETF | Guggenheim S&P 500® Equal Weight Financials ETF | |
Invesco S&P 500® Equal Weight Health Care ETF | Guggenheim S&P 500® Equal Weight Health Care ETF | |
Invesco S&P 500® Equal Weight Industrials ETF | Guggenheim S&P 500® Equal Weight Industrials ETF | |
Invesco S&P 500® Equal Weight Materials ETF | Guggenheim S&P 500® Equal Weight Materials ETF | |
Invesco S&P 500® Equal Weight Real Estate ETF | Guggenheim S&P 500® Equal Weight Real Estate ETF | |
Invesco S&P 500® Equal Weight Technology ETF | Guggenheim S&P 500® Equal Weight Technology ETF | |
Invesco S&P 500® Equal Weight Utilities ETF | Guggenheim S&P 500® Equal Weight Utilities ETF | |
Invesco S&P MidCap 400® Equal Weight ETF | Guggenheim S&P MidCap 400® Equal Weight ETF | |
Invesco S&P SmallCap 600® Equal Weight ETF | Guggenheim S&P SmallCap 600® Equal Weight ETF |
The financial statements and financial highlights of the Predecessor Funds listed in the table above as of and for the year ended October 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated December 21, 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.
117 | ||||
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Report of Independent Registered Public Accounting Firm–(continued)
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, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. 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.
118 | ||||
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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 a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other 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). 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.
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, if these transactional costs 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 S&P 500® Equal Weight ETF (RSP) |
||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 942.10 | 0.20 | % | $ | 0.96 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.80 | 0.20 | 1.00 | ||||||||||||||||
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) |
||||||||||||||||||||
Actual |
1,000.00 | 807.10 | 0.40 | 1.79 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||||||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) |
||||||||||||||||||||
Actual |
1,000.00 | 840.50 | 0.40 | 1.83 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||||||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) |
||||||||||||||||||||
Actual |
1,000.00 | 1,132.90 | 0.40 | 2.12 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||||||
Invesco S&P 500® Equal Weight Energy ETF (RYE) |
||||||||||||||||||||
Actual |
1,000.00 | 1,342.10 | 0.40 | 2.32 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 |
119 | ||||
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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® Equal Weight Financials ETF (RYF) |
||||||||||||||||
Actual |
$1,000.00 | $ 889.00 | 0.40% | $1.87 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Health Care ETF (RYH) |
||||||||||||||||
Actual |
1,000.00 | 917.40 | 0.40 | 1.90 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Industrials ETF (RGI) |
||||||||||||||||
Actual |
1,000.00 | 915.00 | 0.40 | 1.90 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Materials ETF (RTM) |
||||||||||||||||
Actual |
1,000.00 | 1,064.30 | 0.40 | 2.05 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) |
||||||||||||||||
Actual |
1,000.00 | 1,005.90 | 0.40 | 1.99 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Technology ETF (RYT) |
||||||||||||||||
Actual |
1,000.00 | 852.20 | 0.40 | 1.84 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P 500® Equal Weight Utilities ETF (RYU) |
||||||||||||||||
Actual |
1,000.00 | 1,111.60 | 0.40 | 2.09 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) |
||||||||||||||||
Actual |
1,000.00 | 911.70 | 0.40 | 1.90 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 | ||||||||||||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) |
||||||||||||||||
Actual |
1,000.00 | 889.40 | 0.40 | 1.87 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.81 | 0.40 | 2.01 |
(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. |
120 | ||||
|
| |||
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 S&P 500® Equal Weight ETF |
0 | % | 98 | % | 95 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Communication Services ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Consumer Staples ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Energy ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Financials ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Health Care ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Industrials ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Materials ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Real Estate ETF |
54 | % | 2 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Technology ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P 500® Equal Weight Utilities ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P MidCap 400® Equal Weight ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | |||||||||||||||
Invesco S&P SmallCap 600® Equal Weight ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % |
* |
The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
121 | ||||
|
| |||
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. |
122 | ||||
|
| |||
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. |
123 | ||||
|
| |||
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. |
124 | ||||
|
| |||
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. |
125 | ||||
|
| |||
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. |
126 | ||||
|
| |||
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. |
127 | ||||
|
| |||
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. |
128 | ||||
|
| |||
Trustees and Officers–(continued)
Position(s) | Length of | Principal | ||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | |||
of Executive Officers | with Trust | Served* | 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. |
129 | ||||
|
| |||
Trustees and Officers–(continued)
Position(s) | Length of | Principal | ||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | |||
of Executive Officers | with Trust | Served* | 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. |
130 | ||||
|
| |||
Trustees and Officers–(continued)
Position(s) | Length of | Principal | ||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | |||
of Executive Officers | with Trust | Served* | 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.
131 | ||||
|
| |||
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 25 series (each, a “Fund” and collectively, the “Funds”):
Invesco Dow Jones Industrial Average Dividend ETF | Invesco S&P 500® Equal Weight Real Estate ETF | |
Invesco NASDAQ Internet ETF | Invesco S&P 500® Equal Weight Technology ETF | |
Invesco Raymond James SB-1 Equity ETF | Invesco S&P 500® Equal Weight Utilities ETF | |
Invesco S&P 500 BuyWrite ETF | Invesco S&P 500® Pure Growth ETF | |
Invesco S&P 500® Equal Weight Communications Services ETF | Invesco S&P 500® Pure Value ETF | |
Invesco S&P 500® Equal Weight Consumer Discretionary ETF | Invesco S&P 500® Top 50 ETF | |
Invesco S&P 500® Equal Weight Consumer Staples ETF | Invesco S&P MidCap 400® Equal Weight ETF | |
Invesco S&P 500® Equal Weight Energy ETF | Invesco S&P MidCap 400® Pure Growth ETF | |
Invesco S&P 500® Equal Weight ETF | Invesco S&P MidCap 400® Pure Value ETF | |
Invesco S&P 500® Equal Weight Financials ETF | Invesco S&P SmallCap 600® Equal Weight ETF | |
Invesco S&P 500® Equal Weight Health Care ETF | Invesco S&P SmallCap 600® Pure Growth ETF | |
Invesco S&P 500® Equal Weight Industrials ETF | Invesco S&P SmallCap 600® Pure Value ETF | |
Invesco S&P 500® Equal Weight Materials 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 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 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 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.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ 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 net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
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Approval of Investment Advisory Contracts–(continued)
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0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; |
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0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF; |
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0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF; |
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0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF; |
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0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF; |
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0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and |
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0.40% of the Fund’s average daily net assets for each other Fund. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. 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 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 portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund |
Peer Median | Peer Median | Peer Median | |||
Invesco Dow Jones Industrial Average Dividend ETF | X | X | X | |||
Invesco NASDAQ Internet ETF | X | |||||
Invesco Raymond James SB-1 Equity ETF | X | |||||
Invesco S&P 500 BuyWrite ETF | X | X | X | |||
Invesco S&P 500® Equal Weight Communication Services ETF | X | X | ||||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF | X | X | ||||
Invesco S&P 500® Equal Weight Consumer Staples ETF | X | X | ||||
Invesco S&P 500® Equal Weight Energy ETF | X | X | ||||
Invesco S&P 500® Equal Weight ETF | X | X | X | |||
Invesco S&P 500® Equal Weight Financials ETF | X | X | ||||
Invesco S&P 500® Equal Weight Health Care ETF | X | X | ||||
Invesco S&P 500® Equal Weight Industrials ETF | X | X | ||||
Invesco S&P 500® Equal Weight Materials ETF | X | X | ||||
Invesco S&P 500® Equal Weight Real Estate ETF | X | X | ||||
Invesco S&P 500® Equal Weight Technology ETF | X | X | ||||
Invesco S&P 500® Equal Weight Utilities ETF | X | X | X | |||
Invesco S&P 500® Pure Growth ETF | X | X | X | |||
Invesco S&P 500® Pure Value ETF | X | |||||
Invesco S&P 500® Top 50 ETF | X | X | ||||
Invesco S&P MidCap 400® Equal Weight ETF | X | |||||
Invesco S&P MidCap 400® Pure Growth ETF | X | |||||
Invesco S&P MidCap 400® Pure Value ETF | X | X | ||||
Invesco S&P SmallCap 600® Equal Weight ETF | X | |||||
Invesco S&P SmallCap 600® Pure Growth ETF | X | |||||
Invesco S&P SmallCap 600® Pure Value ETF | X | X |
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Approval of Investment Advisory Contracts–(continued)
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund 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 an investment strategy 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.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was 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 the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement 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 and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary 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 Funds’ 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 unitary 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.
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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.
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Downers Grove, IL 60515 | P-TRST1-AR-2 | invesco.com/ETFs |